August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
See
notes
to
schedule
of
investments.
|
1
a
a
Shares
Value
COMMON
STOCKS
-
0
.0
%
Communications
-
0
.0
%
LuxCo
3
SARL
5,658
$
104,948
Figs,
Inc.
—
Class
A*
3,754
57,586
Total
Communications
162,534
Industrial
-
0
.0
%
Targus,
Inc.
†††
35,676
319
YAK
BLOCKER
2
LLC*
,†††
9,974
—
Total
Industrial
319
Consumer,
Cyclical
-
0
.0
%
Accuride
Corp.*
,†††,∞
403,435
40
Accuride
Liquidating
Trust*
,†††,∞
25
—
Total
Consumer,
Cyclical
40
Total
Common
Stocks
(Cost
$169,287)
162,893
PREFERRED
STOCKS
-
2
.8
%
Financial
-
2
.4
%
Equitable
Holdings,
Inc.
4.30%
140,000
2,338,000
Goldman
Sachs
Group,
Inc.
7.50%
1,000,000
1,036,028
6.85%
975,000
999,217
W
R
Berkley
Corp.
4.13%
due
03/30/61
95,975
1,450,182
JPMorgan
Chase
&
Co.
6.50%
1,000,000
1,015,950
State
Street
Corp.
6.35%
(a),(b)
850,000
846,393
PartnerRe
Ltd.
4.88%
46,000
713,000
American
National
Group,
Inc.
7.38%
19,000
440,420
Selective
Insurance
Group,
Inc.
4.60%
20,000
308,800
Keenova
2,561
246,069
Par
Health
2,561
14,406
First
Republic
Bank
4.25%*
31,650
6
4.50%*
17,750
4
Total
Financial
9,408,475
Consumer,
Non-cyclical
-
0
.2
%
Ingenovis
Health,
LP
†††
636
656,831
Energy
-
0
.1
%
Venture
Global
LNG,
Inc.
9.00%
(c)
350,000
354,799
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
2
|
a
a
Shares
Value
PREFERRED
STOCKS
-
2.8%
(continued)
Utilities
-
0
.1
%
NextEra
Energy
Capital
Holdings,
Inc.
6.50%
due
06/01/85
12,550
$
291,913
Government
-
0
.0
%
CoBank
ACB
7.13%
250,000
252,404
Total
Preferred
Stocks
(Cost
$14,936,672)
10,964,422
PRIVATE
FUNDS
(d)
-
0
.4
%
FTAI
Aircraft
Leasing
Offshore
SPV,
LP*
1,463,197
Total
Private
Funds
(Cost
$1,347,967)
1,463,197
WARRANTS
-
0
.0
%
Ginkgo
Bioworks
Holdings,
Inc.
Expiring
09/16/26*
9,372
3
Pershing
Square
Tontine
Holdings,
Ltd.
Expiring
07/24/27*
,†††,(e)
23,730
2
Pershing
Square
SPARC
Holdings,
Ltd.
Expiring
12/31/49*
,†††,(e)
11,865
1
Total
Warrants
(Cost
$21,703)
6
MONEY
MARKET
FUNDS
(f)
-
0
.4
%
BNY
Dreyfus
Treasury
Securities
Cash
Management
Fund
—
Institutional
Shares,
3.59%
(g)
1,401,212
1,401,212
BNY
Dreyfus
Treasury
Obligations
Cash
Management
Fund
—
Institutional
Shares,
3.55%
(g)
12,558
12,558
Total
Money
Market
Funds
(Cost
$1,413,770)
1,413,770
Face
Amount
~
MUNICIPAL
BONDS
-
68
.2
%
California
-
13
.7
%
California
Public
Finance
Authority
Revenue
Bonds
5.40%
due
11/15/31
6,000,000
6,063,778
3.27%
due
10/15/43
4,800,000
3,503,943
5.40%
due
11/15/36
2,000,000
1,955,683
Santa
Ana
Unified
School
District,
California,
General
Obligation
Bonds,
Federal
Taxable
Build
America
Bonds
7.10%
due
08/01/40
(h),(i)
7,785,000
8,484,428
6.80%
due
08/01/30
(i)
2,245,000
2,349,276
Oakland
Unified
School
District,
County
of
Alameda,
California,
Taxable
General
Obligation
Bonds,
Election
of
2006,
Qualified
School
Construction
Bonds
6.88%
due
08/01/33
(h)
10,000,000
10,067,001
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
3
a
a
Face
Amount
~
Value
MUNICIPAL
BONDS
-
68.2%
(continued)
California
-
13.7%
(continued)
University
of
California
College
of
the
Law
San
Francisco
Revenue
Bonds
5.99%
due
08/01/50
(h)
7,650,000
$
7,534,769
6.09%
due
08/01/55
600,000
594,119
California
Statewide
Communities
Development
Authority
Revenue
Bonds
7.14%
due
08/15/47
3,270,000
3,367,302
Marin
Community
College
District
General
Obligation
Unlimited
4.03%
due
08/01/38
2,000,000
1,809,871
Moreno
Valley
Unified
School
District
General
Obligation
Unlimited
3.82%
due
08/01/44
2,000,000
1,564,882
Oxnard
School
District
General
Obligation
Unlimited
2.76%
due
08/01/44
1,990,000
1,346,205
Manteca
Redevelopment
Agency
Successor
Agency
Tax
Allocation
3.21%
due
10/01/42
1,400,000
1,073,396
San
Jose
Evergreen
Community
College
District
General
Obligation
Unlimited
3.06%
due
09/01/45
1,500,000
1,067,820
City
of
El
Monte
Taxable
Pension
Obligation
Bonds
3.77%
due
08/01/45
1,000,000
757,861
Monrovia
Unified
School
District,
Los
Angeles
County,
California,
Election
of
2006
General
Obligation
Bonds,
Build
America
Bonds,
Federally
Taxable
7.25%
due
08/01/28
(i)
435,000
446,090
California
State
University
Revenue
Bonds
3.90%
due
11/01/47
500,000
394,285
Fremont
Unified
School
District,
County
of
Alameda
2.75%
due
08/01/41
400,000
300,476
Norman
Y
Mineta
San
Jose
International
Airport
SJC
Revenue
Bonds
3.27%
due
03/01/40
250,000
196,974
3.29%
due
03/01/41
70,000
54,034
Hillsborough
City
School
District
General
Obligation
Unlimited
due
09/01/40
(j)
500,000
225,648
Riverside
County
Redevelopment
Successor
Agency
Tax
Allocation
3.88%
due
10/01/37
250,000
224,727
Total
California
53,382,568
Texas
-
7
.7
%
Dallas
Convention
Center
Hotel
Development
Corp.,
Hotel
Revenue
Bonds
7.09%
due
01/01/42
(h)
9,810,000
10,586,605
Dallas
Fort
Worth
International
Airport
4.51%
due
11/01/51
(h)
7,200,000
5,993,159
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
4
|
a
a
Face
Amount
~
Value
MUNICIPAL
BONDS
-
68.2%
(continued)
Texas
-
7.7%
(continued)
2.92%
due
11/01/50
(h)
6,500,000
$
4,385,854
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
Revenue
Bonds
3.42%
due
09/01/50
(h)
8,000,000
5,494,619
City
of
Austin
Texas
Rental
Car
Special
Facility
Revenue
Bonds
2.86%
due
11/15/42
2,200,000
1,608,848
City
of
Garland
Texas
Electric
Utility
System
Revenue
Bonds
3.15%
due
03/01/51
2,400,000
1,584,487
Texas
Department
of
Housing
&
Community
Affairs
Revenue
Bonds
6.05%
due
07/01/45
250,000
248,751
Total
Texas
29,902,323
Pennsylvania
-
5
.3
%
School
District
of
Philadelphia,
Pennsylvania,
General
Obligation
Bonds,
Series
2011A,
Qualified
School
Construction
Bonds
–
(Federally
Taxable
–
Direct
Subsidy)
6.00%
due
09/01/30
(h)
10,330,000
10,678,638
Pittsburgh
School
District
Pennsylvania
Taxable
General
Obligation
Bonds
6.85%
due
09/01/29
(h)
6,895,000
7,265,752
Pennsylvania
Housing
Finance
Agency
Revenue
Bonds
5.78%
due
04/01/54
3,000,000
2,899,847
Total
Pennsylvania
20,844,237
Washington
-
5
.3
%
Central
Washington
University
Revenue
Bonds
6.95%
due
05/01/40
5,000,000
5,291,916
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Bonds,
Taxable
Build
America
Bonds
6.79%
due
07/01/40
(h),(i)
4,015,000
4,219,188
Central
Washington
University
Revenue
Bonds
6.50%
due
05/01/30
4,080,000
4,147,511
County
of
Pierce
Washington
Sewer
Revenue
Bonds
2.87%
due
08/01/42
4,300,000
3,169,955
Washington
State
University,
Housing
and
Dining
System
Revenue
Bonds,
Taxable
Build
America
Bonds
7.10%
due
04/01/32
(i)
2,910,000
3,066,036
King
County
Public
Hospital
District
No.
2
General
Obligation
Limited
3.11%
due
12/01/44
1,100,000
780,996
Total
Washington
20,675,602
New
York
-
4
.3
%
Westchester
County
Healthcare
Corp.
8.57%
due
11/01/40
10,010,000
9,198,434
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
5
a
a
Face
Amount
~
Value
MUNICIPAL
BONDS
-
68.2%
(continued)
New
York
-
4.3%
(continued)
City
of
New
York
New
York
General
Obligation
Unlimited
6.39%
due
02/01/55
(h)
4,000,000
$
4,081,226
Port
Authority
of
New
York
&
New
Jersey
Revenue
Bonds
3.14%
due
02/15/51
(h)
5,000,000
3,506,970
Total
New
York
16,786,630
Illinois
-
3
.9
%
City
of
Chicago
Illinois
Wastewater
Transmission
Revenue
Bonds
6.90%
due
01/01/40
5,100,000
5,392,673
State
of
Illinois
General
Obligation
Unlimited
7.35%
due
07/01/35
(h)
3,214,286
3,414,470
6.63%
due
02/01/35
643,846
663,818
6.73%
due
04/01/35
138,462
143,382
City
of
Chicago
Illinois
Waterworks
Revenue
Bonds
6.74%
due
11/01/40
2,990,000
3,156,197
Illinois
Housing
Development
Authority
Revenue
Bonds
6.10%
due
10/01/49
(h)
1,650,000
1,626,240
6.05%
due
10/01/44
650,000
649,623
Chicago
Board
of
Education
General
Obligation
Unlimited
6.14%
due
12/01/39
195,000
176,642
Total
Illinois
15,223,045
Oklahoma
-
3
.7
%
Oklahoma
Development
Finance
Authority
Revenue
Bonds
5.45%
due
08/15/28
10,405,000
10,276,198
Tulsa
Airports
Improvement
Trust
Revenue
Bonds
3.10%
due
06/01/45
3,700,000
2,693,171
University
of
Oklahoma
5.95%
due
07/01/49
1,465,000
1,472,032
Oklahoma
State
University
Revenue
Bonds
4.13%
due
08/01/48
150,000
119,300
Total
Oklahoma
14,560,701
Ohio
-
3
.1
%
County
of
Franklin
Ohio
Revenue
Bonds
2.88%
due
11/01/50
(h)
8,900,000
5,508,433
American
Municipal
Power,
Inc.,
Combined
Hydroelectric
Projects
Revenue
Bonds,
New
Clean
Renewable
Energy
Bonds
7.33%
due
02/15/28
(h)
2,605,000
2,676,083
Madison
Local
School
District,
Richland
County,
Ohio,
School
Improvement,
Taxable
Qualified
School
Construction
Bonds
6.65%
due
12/01/29
2,500,000
2,503,565
Ohio
Housing
Finance
Agency
Residential
Mortgage
Revenue
Bonds
6.23%
due
09/01/55
805,000
811,975
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
6
|
a
a
Face
Amount
~
Value
MUNICIPAL
BONDS
-
68.2%
(continued)
Ohio
-
3.1%
(continued)
Toronto
City
School
District,
Ohio,
Qualified
School
Construction
Bonds
General
Obligation
Bonds
7.00%
due
12/01/28
425,000
$
425,742
Total
Ohio
11,925,798
Indiana
-
3
.0
%
Evansville-Vanderburgh
School
Building
Corp.
6.50%
due
01/15/30
(h)
8,690,000
8,704,008
County
of
Knox
Indiana
Revenue
Bonds
5.90%
due
04/01/34
2,920,000
2,867,030
Total
Indiana
11,571,038
West
Virginia
-
2
.9
%
West
Virginia
Higher
Education
Policy
Commission
Revenue
Bonds
7.65%
due
04/01/40
(h)
10,000,000
11,303,720
Idaho
-
1
.7
%
Idaho
Housing
&
Finance
Association
Revenue
Bonds
5.72%
due
07/01/49
3,695,000
3,561,676
5.55%
due
07/01/49
1,455,000
1,374,397
6.03%
due
07/01/50
1,195,000
1,180,390
6.14%
due
07/01/45
575,000
578,121
Total
Idaho
6,694,584
Michigan
-
1
.6
%
Detroit
City
School
District
General
Obligation
Unlimited
6.65%
due
05/01/29
2,640,000
2,755,771
7.75%
due
05/01/39
2,355,000
2,644,772
Wayne
State
University
Revenue
Bonds
3.47%
due
11/15/49
1,030,000
739,147
Total
Michigan
6,139,690
South
Carolina
-
1
.6
%
County
of
Horry
South
Carolina
Airport
Revenue
Bonds
7.33%
due
07/01/40
(h)
5,000,000
5,592,002
South
Carolina
State
Housing
Finance
&
Development
Authority
5.69%
due
07/01/51
500,000
482,403
Total
South
Carolina
6,074,405
Colorado
-
1
.3
%
State
of
Colorado
6.82%
due
03/15/28
2,500,000
2,577,110
Colorado
Housing
and
Finance
Authority
Revenue
Bonds
5.60%
due
11/01/43
1,380,000
1,372,278
5.50%
due
11/01/39
1,065,000
1,054,988
Total
Colorado
5,004,376
Massachusetts
-
1
.2
%
Massachusetts
Port
Authority
Revenue
Bonds
2.72%
due
07/01/42
(h)
3,400,000
2,492,325
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
7
a
a
Face
Amount
~
Value
MUNICIPAL
BONDS
-
68.2%
(continued)
Massachusetts
-
1.2%
(continued)
2.87%
due
07/01/51
750,000
$
473,896
Massachusetts
Development
Finance
Agency
Revenue
Bonds
3.52%
due
10/01/46
2,250,000
1,530,034
Total
Massachusetts
4,496,255
Nevada
-
1
.1
%
Nevada
Housing
Division
Revenue
Bonds
5.73%
due
10/01/50
4,000,000
3,898,621
5.84%
due
10/01/49
250,000
247,444
Total
Nevada
4,146,065
Georgia
-
1
.0
%
City
of
Atlanta
Georgia
Airport
Customer
Facility
Charge
Revenue
Bonds
5.71%
due
07/01/44
4,000,000
3,964,026
Mississippi
-
0
.9
%
Medical
Center
Educational
Building
Corp.
Revenue
Bonds
2.92%
due
06/01/41
(h)
4,500,000
3,420,404
Maryland
-
0
.8
%
Maryland
Department
of
Housing
&
Community
Development
Revenue
Bonds
6.04%
due
09/01/49
2,255,000
2,257,051
6.20%
due
09/01/45
1,000,000
1,008,266
Total
Maryland
3,265,317
New
Hampshire
-
0
.8
%
New
Hampshire
Business
Finance
Authority
Revenue
Bonds
3.27%
due
05/01/51
4,800,000
3,144,154
Missouri
-
0
.7
%
Curators
of
the
University
of
Missouri
Revenue
Bonds
5.79%
due
11/01/41
1,745,000
1,716,226
Missouri
Housing
Development
Commission
Single
Family
Mortgage
Revenue
Bonds
5.87%
due
11/01/55
1,250,000
1,204,514
Total
Missouri
2,920,740
Virginia
-
0
.7
%
Virginia
Housing
Development
Authority
Revenue
Bonds
5.57%
due
10/01/49
1,700,000
1,627,574
5.95%
due
10/01/54
1,000,000
988,827
Total
Virginia
2,616,401
Connecticut
-
0
.5
%
Connecticut
Housing
Finance
Authority
Revenue
Bonds
5.96%
due
11/15/40
1,000,000
1,010,671
6.09%
due
11/15/49
800,000
800,666
Total
Connecticut
1,811,337
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
8
|
a
a
Face
Amount
~
Value
MUNICIPAL
BONDS
-
68.2%
(continued)
Tennessee
-
0
.4
%
Tennessee
Housing
Development
Agency
Revenue
Bonds
5.98%
due
07/01/54
500,000
$
489,812
5.95%
due
07/01/50
500,000
489,340
5.97%
due
07/01/54
495,000
486,975
Total
Tennessee
1,466,127
District
of
Columbia
-
0
.3
%
District
of
Columbia
Revenue
Bonds
6.73%
due
09/01/47
(c)
1,200,000
1,273,562
Washington
Convention
&
Sports
Authority
Revenue
Bonds
4.31%
due
10/01/40
100,000
89,943
Total
District
of
Columbia
1,363,505
Kentucky
-
0
.3
%
Kentucky
Housing
Corp.
Revenue
Bonds
6.21%
due
07/01/50
500,000
498,581
5.90%
due
01/01/55
430,000
415,242
6.07%
due
07/01/45
250,000
249,218
Total
Kentucky
1,163,041
Florida
-
0
.3
%
Florida
Housing
Finance
Corp.
6.25%
due
07/01/38
1,025,000
1,044,027
New
Mexico
-
0
.1
%
New
Mexico
Mortgage
Finance
Authority
5.88%
due
09/01/51
400,000
395,020
Wisconsin
-
0
.0
%
County
of
Fond
Du
Lac
Wisconsin
Revenue
Bonds
6.20%
due
05/01/54
(c)
200,000
194,705
Arkansas
-
0
.0
%
University
of
Arkansas
Revenue
Bonds
3.10%
due
12/01/41
250,000
191,757
Total
Municipal
Bonds
(Cost
$283,365,191)
265,691,598
CORPORATE
BONDS
-
40
.2
%
Financial
-
13
.2
%
AmFam
Holdings,
Inc.
3.83%
due
03/11/51
(c),(h)
3,197,000
2,213,314
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
†††,(k)
EUR
1,800,000
2,090,520
Blue
Owl
Finance
LLC
4.38%
due
02/15/32
(h)
2,150,000
1,966,819
Wilton
RE
Ltd.
6.00%
(a),(b),(c)
1,924,000
1,816,466
Ares
Finance
Co.
IV
LLC
3.65%
due
02/01/52
(c),(h)
2,650,000
1,754,947
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
9
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
40.2%
(continued)
Financial
-
13.2%
(continued)
Maple
Grove
Funding
Trust
I
4.16%
due
08/15/51
(c),(h)
2,500,000
$
1,749,266
Accident
Fund
Insurance
Co.
of
America
8.50%
due
08/01/32
(c),(h)
1,750,000
1,742,079
Liberty
Mutual
Group,
Inc.
4.30%
due
02/01/61
(c),(h)
2,700,000
1,699,936
Global
Atlantic
Fin
Co.
7.25%
due
03/01/56
(b),(c)
1,155,000
1,114,845
7.95%
due
10/15/54
(b),(c)
300,000
299,569
6.75%
due
03/15/54
(c),(h)
260,000
241,307
American
National
Group,
Inc.
7.00%
due
12/01/55
(b)
675,000
644,857
5.75%
due
10/01/29
(h)
550,000
556,484
6.00%
due
07/15/35
(h)
450,000
434,462
Jefferies
Finance
LLC
/
JFIN
Co-Issuer
Corp.
5.00%
due
08/15/28
(c)
1,244,000
1,204,850
Prudential
Financial,
Inc.
5.13%
due
03/01/52
(b)
1,200,000
1,160,651
National
Life
Insurance
Co.
10.50%
due
09/15/39
(c)
900,000
1,126,330
Sherwood
Financing
plc
7.90%
(3
Month
EURIBOR
+
5.50%)
due
12/15/29
◊
EUR
900,000
1,044,577
Henneman
Trust
6.58%
due
05/15/55
(c),(h)
1,050,000
1,044,190
Fidelis
Insurance
Holdings
Ltd.
7.75%
due
06/15/55
(b)
1,000,000
1,041,021
Jefferies
Financial
Group,
Inc.
6.20%
due
04/14/34
(h)
1,000,000
1,013,518
Nuveen
LLC
5.85%
due
04/15/34
(c),(h)
1,000,000
1,011,998
Allianz
SE
6.55%
(a),(b),(c)
1,000,000
1,002,139
Enstar
Group
Ltd.
7.50%
due
04/01/45
(b),(c),(h)
500,000
518,087
6.69%
due
07/15/37
(b),(c)
475,000
462,030
Old
Republic
International
Corp.
5.70%
due
06/01/36
(h)
1,000,000
979,663
Macquarie
Bank
Ltd.
5.82%
due
06/10/37
(b),(c),(h)
1,000,000
976,053
Nippon
Life
Insurance
Co.
5.95%
due
04/16/54
(b),(c)
950,000
947,508
Horace
Mann
Educators
Corp.
7.25%
due
09/15/28
(h)
900,000
935,143
UWM
Holdings
LLC
6.25%
due
03/15/31
(c),(h)
1,000,000
892,641
Farmers
Insurance
Exchange
7.00%
due
10/15/64
(b),(c),(h)
880,000
881,351
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
10
|
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
40.2%
(continued)
Financial
-
13.2%
(continued)
Corebridge
Financial,
Inc.
6.88%
due
12/15/52
(b)
840,000
$
852,481
LPL
Holdings,
Inc.
4.38%
due
05/15/31
(c),(h)
650,000
618,731
6.00%
due
05/20/34
(h)
220,000
222,022
Safehold
GL
Holdings
LLC
6.10%
due
04/01/34
(h)
788,000
809,198
Nationwide
Financial
Services,
Inc.
6.75%
due
05/15/37
795,000
772,626
Toronto-Dominion
Bank
8.13%
due
10/31/82
(b)
750,000
772,584
CNO
Financial
Group,
Inc.
6.45%
due
06/15/34
(h)
750,000
766,909
Blue
Owl
Capital
GP
LLC
7.21%
due
08/22/43
†††
750,000
754,469
Omnis
Funding
Trust
6.72%
due
05/15/55
(c),(h)
700,000
704,282
Meiji
Yasuda
Life
Insurance
Co.
6.10%
due
06/11/55
(b),(c)
700,000
693,585
Belrose
Funding
Trust
II
6.79%
due
05/15/55
(c),(h)
650,000
642,356
Lincoln
National
Corp.
6.80%
due
07/15/56
(b),(h)
600,000
596,147
Sumitomo
Life
Insurance
Co.
5.88%
due
09/10/55
(b),(c)
600,000
585,486
Dyal
IV
Issuer
A
3.65%
due
02/22/41
†††
650,000
582,977
Bank
of
Nova
Scotia
8.63%
due
10/27/82
(b)
550,000
570,808
Dyal
Capital
Partners
III
(A),
LP
6.55%
due
06/15/44
†††
560,000
554,024
Grand
River
Funding
Trust
II
7.28%
due
02/15/56
(c),(h)
550,000
542,435
Encore
Capital
Group,
Inc.
8.50%
due
05/15/30
(c)
450,000
477,170
Reinsurance
Group
of
America,
Inc.
6.38%
due
09/15/56
(b)
275,000
267,533
6.65%
due
09/15/55
(b)
200,000
198,957
Belvoir
Land
LLC
5.60%
due
12/15/35
(c)
481,058
457,404
Commonwealth
Bank
of
Australia
5.93%
due
03/14/46
(b),(c),(h)
450,000
437,624
Dyal
Capital
Partners
III
(B),
LP
6.55%
due
06/15/44
†††
440,000
435,304
VFH
Parent
LLC
/
Valor
Co-Issuer,
Inc.
7.50%
due
06/15/31
(c)
400,000
414,003
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
11
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
40.2%
(continued)
Financial
-
13.2%
(continued)
Dai-ichi
Life
Insurance
Co.
Ltd.
6.20%
(a),(b),(c)
400,000
$
401,242
Nassau
Companies
of
New
York
7.88%
due
07/15/30
(c)
412,000
389,324
Ascot
Group
Ltd.
6.35%
due
06/15/35
(b),(c)
350,000
348,281
Dyal
IV
Issuer
B
3.65%
due
02/22/41
†††
350,000
313,911
Iron
Mountain
Information
Management
Services,
Inc.
5.00%
due
07/15/32
(c)
300,000
286,160
Fortitude
Group
Holdings
LLC
6.25%
due
04/01/30
(c),(h)
250,000
252,247
American
Express
Co.
6.45%
(a),(b)
250,000
251,778
Beacon
Funding
Trust
6.27%
due
08/15/54
(c),(h)
250,000
245,349
GLP
Capital,
LP
/
GLP
Financing
II,
Inc.
5.63%
due
03/01/36
250,000
238,140
Rocket
Companies,
Inc.
6.38%
due
08/01/33
(c)
150,000
151,928
Symetra
Life
Insurance
Co.
6.55%
due
10/01/55
(c),(h)
150,000
147,279
Total
Financial
51,321,375
Consumer,
Non-cyclical
-
8
.1
%
Children's
Hospital
Corp.
4.12%
due
01/01/47
(h)
8,000,000
6,452,757
Orlando
Health
Obligated
Group
5.48%
due
10/01/35
(h)
4,000,000
3,984,186
Beth
Israel
Lahey
Health,
Inc.
3.08%
due
07/01/51
(h)
4,500,000
2,789,348
OhioHealth
Corp.
3.04%
due
11/15/50
(h)
3,465,000
2,294,289
2.83%
due
11/15/41
300,000
212,876
Providence
St
Joseph
Health
Obligated
Group
5.37%
due
10/01/32
2,500,000
2,505,491
Lifespan
Corp.
5.05%
due
02/15/30
1,250,000
1,244,619
4.65%
due
05/15/31
1,200,000
1,170,861
Flowers
Foods,
Inc.
6.20%
due
03/15/55
(h)
2,050,000
1,637,799
Tufts
Medical
Center,
Inc.
7.00%
due
01/01/38
1,500,000
1,523,162
Universal
Health
Services,
Inc.
2.65%
due
01/15/32
(h)
1,300,000
1,125,601
Reynolds
American,
Inc.
5.70%
due
08/15/35
(h)
1,050,000
1,058,772
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
12
|
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
40.2%
(continued)
Consumer,
Non-cyclical
-
8.1%
(continued)
BCP
V
Modular
Services
Finance
II
plc
6.13%
due
11/30/28
(c)
GBP
750,000
$
950,241
HCA,
Inc.
4.63%
due
03/15/52
(h)
1,200,000
929,750
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
4.38%
due
02/02/52
(h)
1,200,000
870,062
BAT
Capital
Corp.
7.08%
due
08/02/43
(h)
800,000
861,390
Triton
Container
International
Ltd.
3.15%
due
06/15/31
(c)
650,000
580,093
Baylor
College
of
Medicine
5.26%
due
11/15/46
600,000
549,764
CVS
Health
Corp.
7.00%
due
03/10/55
(b)
400,000
412,921
DRI
Healthcare,
LP
5.65%
due
03/24/33
†††
250,000
240,087
Becle
SAB
de
CV
2.50%
due
10/14/31
(c)
200,000
171,065
Total
Consumer,
Non-cyclical
31,565,134
Utilities
-
4
.1
%
Central
Storage
Safety
Project
Trust
4.82%
due
02/01/38
(k)
5,612,128
5,296,612
Brooklyn
Union
Gas
Co.
6.39%
due
09/15/33
(c),(h)
2,000,000
2,088,617
PacifiCorp
7.38%
due
09/15/55
(b)
1,050,000
1,050,403
Alexander
Funding
Trust
II
7.47%
due
07/31/28
(c),(h)
900,000
934,919
Keenan
Fort
Detrick
Energy
LLC
4.17%
due
11/15/48
(c)
1,000,000
770,485
Southwestern
Public
Service
Co.
3.70%
due
08/15/47
(h)
1,000,000
721,179
Dominion
Energy,
Inc.
6.20%
due
02/15/56
(b)
250,000
245,093
6.00%
due
02/15/56
(b)
200,000
198,368
6.25%
due
12/15/56
(b)
120,000
118,329
NiSource,
Inc.
6.25%
due
04/15/57
(b)
500,000
499,157
Entergy
Corp.
6.50%
due
12/15/56
(b)
500,000
498,937
NRG
Energy,
Inc.
7.00%
due
03/15/33
(c),(h)
450,000
477,453
NextEra
Energy
Capital
Holdings,
Inc.
6.38%
due
08/15/55
(b)
336,000
337,819
6.63%
due
10/01/66
(b)
100,000
97,518
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
13
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
40.2%
(continued)
Utilities
-
4.1%
(continued)
CenterPoint
Energy,
Inc.
6.40%
due
08/15/58
(b)
400,000
$
401,711
MN8
Portfolio
IV
LLC
6.31%
due
06/30/45
†††
384,524
376,349
Eversource
Energy
6.35%
due
08/15/56
(b)
350,000
349,017
CMS
Energy
Corp.
6.50%
due
06/01/55
(b)
340,000
342,274
Evergy,
Inc.
6.40%
due
02/15/57
(b)
280,000
281,652
Sierra
Pacific
Power
Co.
6.20%
due
12/15/55
(b)
275,000
270,210
Spire,
Inc.
6.25%
due
06/01/56
(b)
250,000
249,184
Black
Hills
Corp.
5.95%
due
03/15/28
(h)
200,000
203,267
Southern
Co.
3.75%
due
09/15/51
(b)
58,000
57,930
Total
Utilities
15,866,483
Energy
-
3
.9
%
Occidental
Petroleum
Corp.
7.00%
due
11/15/27
2,000,000
2,044,720
ONEOK,
Inc.
5.85%
due
11/01/64
(h)
1,050,000
945,869
6.25%
due
10/15/55
(h)
925,000
907,815
5.60%
due
04/01/44
150,000
137,914
MPLX,
LP
6.20%
due
09/15/55
(h)
1,600,000
1,554,111
5.95%
due
04/01/55
(h)
400,000
375,715
5.65%
due
03/01/53
50,000
45,101
Valero
Energy
Corp.
4.00%
due
06/01/52
(h)
2,450,000
1,756,807
BP
Capital
Markets
plc
6.13%
(a),(b)
1,300,000
1,291,652
ITT
Holdings
LLC
6.50%
due
08/01/29
(c),(h)
1,250,000
1,246,129
HF
Sinclair
Corp.
6.25%
due
01/15/35
(h)
1,000,000
1,025,228
CVR
Energy,
Inc.
7.88%
due
02/15/34
(c)
770,000
798,988
5.75%
due
02/15/28
(c)
55,000
54,914
Venture
Global
LNG,
Inc.
9.88%
due
02/01/32
(c)
750,000
799,547
Greensaif
Pipelines
Bidco
SARL
6.10%
due
08/23/42
(c)
300,000
297,509
6.51%
due
02/23/42
(c)
200,000
204,233
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
14
|
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
40.2%
(continued)
Energy
-
3.9%
(continued)
Global
Partners,
LP
/
GLP
Finance
Corp.
8.25%
due
01/15/32
(c)
450,000
$
470,592
Green
Palm
Bidco
SARL
5.96%
due
06/30/41
(c)
475,000
465,338
Venture
Global
Calcasieu
Pass
LLC
6.25%
due
01/15/30
(c)
200,000
204,208
Energy
Transfer,
LP
6.30%
due
01/15/56
(h)
200,000
194,957
Phillips
66
Co.
6.20%
due
03/15/56
(b)
162,000
160,006
Plains
All
American
Pipeline,
LP
/
PAA
Finance
Corp.
4.70%
due
06/15/44
100,000
83,795
Venture
Global
Plaquemines
LNG
LLC
6.50%
due
06/15/34
(c)
75,000
77,558
Total
Energy
15,142,706
Communications
-
3
.4
%
Sopaipilla
Investor
LLC
7.53%
due
11/30/48
(c)
1,750,000
1,792,704
Space
Exploration
Technologies
Corp.
5.35%
due
07/15/31
(c),(h)
1,075,000
1,050,759
5.88%
due
07/15/36
(c),(h)
450,000
424,111
TELUS
Corp.
6.38%
due
06/09/56
(b)
1,350,000
1,323,069
AMC
Networks,
Inc.
10.50%
due
07/15/32
(c)
950,000
1,004,410
McGraw-Hill
Education,
Inc.
8.00%
due
08/01/29
(c)
850,000
850,429
5.75%
due
08/01/28
(c)
150,000
149,543
Rogers
Communications,
Inc.
4.50%
due
03/15/42
(h)
1,150,000
945,575
Altice
France
S.A.
6.88%
due
07/15/32
(c)
685,976
672,604
6.50%
due
04/15/32
(c)
266,769
259,373
Verizon
Communications,
Inc.
6.75%
due
02/15/57
(b)
850,000
847,535
Vodafone
Group
plc
5.13%
due
06/04/81
(b)
1,100,000
811,207
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.13%
due
07/01/49
686,000
681,019
Sunrise
FinCo
I
B.V.
4.88%
due
07/15/31
(c)
700,000
660,079
RD
Michigan
Property
Owner
I
LLC
7.50%
due
03/30/45
(c),(h)
570,000
543,425
HUT
8
DC
LLC
6.19%
due
11/15/42
(c),(h)
550,000
534,154
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
15
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
40.2%
(continued)
Communications
-
3.4%
(continued)
Meta
Platforms,
Inc.
6.30%
due
05/15/56
(h)
250,000
$
230,170
Cox
Communications,
Inc.
2.95%
due
10/01/50
(c),(h)
185,000
93,860
5.80%
due
12/15/53
(c)
100,000
79,172
Telenet
Finance
Luxembourg
Notes
SARL
5.50%
due
03/01/28
(c)
167,466
164,704
CSC
Holdings
LLC
11.25%
due
05/15/28
(c)
250,000
138,923
Discovery
Global
Holdings,
Inc.
5.14%
due
03/15/52
161,000
108,071
Total
Communications
13,364,896
Industrial
-
3
.3
%
LBJ
Infrastructure
Group
LLC
3.80%
due
12/31/57
(c),(h)
10,285,000
7,055,993
GXO
Logistics,
Inc.
6.50%
due
05/06/34
(h)
1,000,000
1,032,857
Fortune
Brands
Innovations,
Inc.
4.50%
due
03/25/52
(h)
1,300,000
1,027,250
Boeing
Co.
6.53%
due
05/01/34
(h)
510,000
544,130
6.86%
due
05/01/54
(h)
225,000
241,029
3.75%
due
02/01/50
(h)
329,000
228,155
Homestead
Spe
Issuer
LLC
7.21%
due
04/01/55
†††
1,000,000
982,032
TD
SYNNEX
Corp.
6.10%
due
04/12/34
(h)
850,000
864,215
New
Enterprise
Stone
&
Lime
Company,
Inc.
9.75%
due
07/15/28
(c)
575,000
576,418
GrafTech
Global
Enterprises,
Inc.
9.88%
due
12/23/29
(c)
322,000
233,212
FedEx
Corp.
4.10%
due
02/01/45
70,000
56,298
Amsted
Industries,
Inc.
6.38%
due
03/15/33
(c)
50,000
50,617
Total
Industrial
12,892,206
Consumer,
Cyclical
-
1
.8
%
Flutter
Treasury
DAC
6.38%
due
04/29/29
(c)
1,000,000
1,011,185
LKQ
Corp.
6.25%
due
06/15/33
(h)
950,000
972,816
Intralot
Capital
Luxembourg
S.A.
7.06%
(3
Month
EURIBOR
+
4.50%)
due
10/15/31
◊,(c)
EUR
500,000
577,972
6.75%
due
10/15/31
(c)
EUR
250,000
292,602
Air
Canada
4.63%
due
08/15/29
(c)
CAD
1,050,000
762,898
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
16
|
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
40.2%
(continued)
Consumer,
Cyclical
-
1.8%
(continued)
AZ
Battery
Property
LLC
6.73%
due
02/20/46
†††
677,243
$
655,896
AS
Mileage
Plan
IP
Ltd.
5.31%
due
10/20/31
(c),(h)
600,000
581,675
Wabash
National
Corp.
4.50%
due
10/15/28
(c)
500,000
471,353
Polaris,
Inc.
6.95%
due
03/15/29
(h)
450,000
467,821
Hasbro,
Inc.
6.05%
due
05/14/34
(h)
350,000
360,161
Scientific
Games
Holdings,
LP
/
Scientific
Games
US
FinCo,
Inc.
6.63%
due
03/01/30
(c)
450,000
295,679
Whirlpool
Corp.
4.50%
due
06/01/46
200,000
113,227
4.70%
due
05/14/32
100,000
79,909
4.60%
due
05/15/50
50,000
28,267
Suburban
Propane
Partners,
LP
/
Suburban
Energy
Finance
Corp.
5.00%
due
06/01/31
(c)
222,000
210,110
New
Flyer
Holdings,
Inc.
9.25%
due
07/01/30
(c)
100,000
107,330
Total
Consumer,
Cyclical
6,988,901
Transportation
-
0
.8
%
Terminal
Investment
Limited
Holding
6.23%
due
10/01/40
†††
2,000,000
1,917,429
AITX
Finco
LLC
6.00%
due
10/23/35
†††
900,000
874,135
Stolthaven
Houston,
Inc.
5.98%
due
07/17/34
†††
384,000
377,518
Total
Transportation
3,169,082
Basic
Materials
-
0
.6
%
Steel
Dynamics,
Inc.
5.75%
due
05/15/55
(h)
1,000,000
954,653
ArcelorMittal
S.A.
6.55%
due
11/29/27
(h)
900,000
918,313
Corp.
Nacional
del
Cobre
de
Chile
6.78%
due
01/13/55
(c)
300,000
308,760
Dow
Chemical
Co.
5.60%
due
02/15/54
235,000
204,730
Mirabela
Nickel
Ltd.
due
06/24/19*
,†††,β,(k)
96,316
241
Total
Basic
Materials
2,386,697
Technology
-
0
.5
%
Foundry
JV
Holdco
LLC
6.40%
due
01/25/38
(c),(h)
550,000
569,843
6.20%
due
01/25/37
(c),(h)
400,000
409,812
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
17
a
a
Face
Amount
~
Value
CORPORATE
BONDS
-
40.2%
(continued)
Technology
-
0.5%
(continued)
TeamSystem
SpA
6.50%
due
07/01/32
(c)
EUR
700,000
$
814,201
Oracle
Corp.
5.95%
due
09/26/55
(h)
175,000
139,030
5.88%
due
09/26/45
69,000
56,900
6.10%
due
09/26/65
50,000
39,471
Total
Technology
2,029,257
Government
-
0
.5
%
Amazon
Conservation
DAC
6.03%
due
01/16/42
(c)
2,000,000
1,969,480
Total
Corporate
Bonds
(Cost
$163,964,721)
156,696,217
ASSET-BACKED
SECURITIES
-
17
.0
%
Financial
-
6
.2
%
Lightning
A
5.50%
due
03/01/37
†††
7,000,000
6,647,913
Thunderbird
A
5.50%
due
03/01/37
†††
7,000,000
6,647,913
Blackstone
Strategic
Cap
Holding
II
5.94%
(1
Month
Term
SOFR
+
2.25%)
due
12/31/33
◊,†††
1,700,000
1,699,992
KKR
Core
Holding
Co.
LLC
4.00%
due
08/12/31
†††
1,280,997
1,183,992
HV
Eight
LLC
5.79%
due
12/31/27
†††
EUR
959,069
1,111,175
Project
Onyx
I
6.33%
(3
Month
Term
SOFR
+
2.63%)
due
06/26/30
◊,†††
1,030,047
1,030,550
Endo
Luxembourg
Finance
Co
I
SARL
/
Endo
US,
Inc.
7.40%
due
09/30/45
†††
980,626
977,072
Metis
Issuer
LLC
6.89%
due
05/15/55
†††
900,000
884,195
LVNV
Funding
LLC
7.80%
due
11/05/28
†††
650,000
663,970
6.84%
due
06/12/29
†††
200,000
200,280
Ceamer
Finance
LLC
6.92%
due
11/15/37
†††
580,429
585,107
6.79%
due
11/15/39
†††
243,894
244,416
Obsidian
Issuer
LLC
2025-1A,
6.93%
due
05/15/55
†††,(c)
850,000
819,017
HarbourVest
Partners
LLC
6.28%
(3
Month
Term
SOFR
+
2.58%)
due
09/15/30
◊,†††
665,576
659,473
Eagle
Point
CFO
6.99%
due
07/30/41
†††
462,849
462,849
Project
Onyx
II
6.24%
(3
Month
Term
SOFR
+
2.63%)
due
06/15/30
◊,†††
266,382
266,499
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
18
|
a
a
Face
Amount
~
Value
ASSET-BACKED
SECURITIES
-
17.0%
(continued)
Financial
-
6.2%
(continued)
Pilatus
Bank
plc
6.31%
due
03/31/40
†††
250,000
$
243,544
Total
Financial
24,327,957
Collateralized
Loan
Obligations
-
5
.5
%
Golub
Capital
Partners
CLO
69M
2023-69A
DR,
6.81%
(3
Month
Term
SOFR
+
3.05%,
Rate
Floor:
3.05%)
due
11/09/38
◊,(c)
1,650,000
1,648,797
Cerberus
Loan
Funding
XLIV
LLC
2023-5A
CR,
6.25%
(3
Month
Term
SOFR
+
2.50%,
Rate
Floor:
2.50%)
due
01/15/36
◊,(c)
1,400,000
1,394,408
Owl
Rock
CLO
XXIV
LLC
2026-24A
C,
5.63%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
01/22/38
◊,(c)
1,400,000
1,388,836
Cerberus
Loan
Funding
52
LLC
2025-3A
C,
5.95%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/15/37
◊,(c)
1,250,000
1,241,053
BDS
LLC
2025-FL16
C,
5.75%
(1
Month
Term
SOFR
+
2.10%,
Rate
Floor:
2.10%)
due
06/19/43
◊,(c)
700,000
694,986
2025-FL15
C,
5.80%
(1
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
03/19/43
◊,(c)
500,000
500,355
Cerberus
Loan
Funding
XLVII
LLC
2024-3A
C,
6.30%
(3
Month
Term
SOFR
+
2.55%,
Rate
Floor:
2.55%)
due
07/15/36
◊,(c)
1,200,000
1,192,492
Ares
Direct
Lending
CLO
9,
LP
2026-1A
D,
7.16%
(3
Month
Term
SOFR
+
3.45%,
Rate
Floor:
3.45%)
due
10/20/34
◊,(c)
1,000,000
1,000,000
Ares
Direct
Lending
CLO
6
LLC
2025-2A
D,
7.09%
(3
Month
Term
SOFR
+
3.30%,
Rate
Floor:
3.30%)
due
10/16/37
◊,(c)
1,000,000
999,900
JCP
Direct
Lending
CLO
LLC
2023-1A
BR,
5.68%
(3
Month
Term
SOFR
+
1.95%,
Rate
Floor:
1.95%)
due
07/20/37
◊,(c)
1,000,000
999,189
Cerberus
Loan
Funding
XLV
LLC
2024-1A
C,
6.90%
(3
Month
Term
SOFR
+
3.15%,
Rate
Floor:
3.15%)
due
04/15/36
◊,(c)
1,000,000
996,398
Owl
Rock
CLO
XXII
LLC
2025-22A
C,
5.93%
(3
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
10/20/37
◊,(c)
1,000,000
992,829
Cerberus
Loan
Funding
XLVI,
LP
2024-2A
C,
6.80%
(3
Month
Term
SOFR
+
3.05%,
Rate
Floor:
3.05%)
due
07/15/36
◊,(c)
950,000
945,263
TRTX
Issuer
Ltd.
2025-FL6
B,
5.69%
(1
Month
Term
SOFR
+
2.05%,
Rate
Floor:
2.05%)
due
09/18/42
◊,(c)
900,000
900,448
Carlyle
Direct
Lending
CLO
LLC
2015-1A
BR,
6.50%
(3
Month
Term
SOFR
+
2.75%,
Rate
Floor:
2.75%)
due
07/15/36
◊,(c)
800,000
795,350
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
19
a
a
Face
Amount
~
Value
ASSET-BACKED
SECURITIES
-
17.0%
(continued)
Collateralized
Loan
Obligations
-
5.5%
(continued)
Cerberus
Loan
Funding
XL
LLC
2023-1A
CR,
6.40%
(3
Month
Term
SOFR
+
2.65%,
Rate
Floor:
2.65%)
due
03/22/35
◊,(c)
750,000
$
745,490
Fortress
Credit
BSL
XV
Ltd.
2022-2A
CR,
6.33%
(3
Month
Term
SOFR
+
2.60%,
Rate
Floor:
2.60%)
due
10/18/33
◊,(c)
650,000
652,676
HPS
Private
Credit
CLO
LLC
2024-2A
D1R,
7.51%
(3
Month
Term
SOFR
+
3.85%,
Rate
Floor:
3.85%)
due
08/15/39
◊,(c)
350,000
350,701
2025-3A
D,
7.73%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
4.00%)
due
07/20/37
◊,(c)
250,000
250,429
Owl
Rock
CLO
XVI
LLC
2024-16A
C,
7.03%
(3
Month
Term
SOFR
+
3.30%,
Rate
Floor:
3.30%)
due
04/20/36
◊,(c)
600,000
598,110
Owl
Rock
CLO
XXI
LLC
2025-21A
C,
6.18%
(3
Month
Term
SOFR
+
2.40%,
Rate
Floor:
2.40%)
due
07/24/34
◊,(c)
600,000
596,400
FS
Rialto
Issuer
LLC
2024-FL9
C,
6.29%
(1
Month
Term
SOFR
+
2.64%,
Rate
Floor:
2.65%)
due
10/19/39
◊,(c)
600,000
595,000
Golub
Capital
Partners
CLO
46M
Ltd.
2019-46A
CR2,
5.88%
(3
Month
Term
SOFR
+
2.15%,
Rate
Floor:
2.15%)
due
04/20/37
◊,(c)
500,000
498,502
GoldenTree
Loan
Management
US
CLO
24
Ltd.
2025-24A
E,
8.33%
(3
Month
Term
SOFR
+
4.60%,
Rate
Floor:
4.60%)
due
10/20/38
◊,(c)
450,000
442,204
BSPRT
Issuer
LLC
2025-FL12
C,
5.84%
(1
Month
Term
SOFR
+
2.20%,
Rate
Floor:
2.20%)
due
01/17/43
◊,(c)
350,000
350,528
OHA
Credit
Partners
VII
Ltd.
2012-7A
ER4,
8.23%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
4.50%)
due
02/20/38
◊,(c)
300,000
292,240
Ares
Direct
Lending
CLO
1
LLC
2024-1A
BR,
5.66%
(3
Month
Term
SOFR
+
1.90%,
Rate
Floor:
1.90%)
due
07/25/38
◊,(c)
250,000
249,851
KREF
Ltd.
2021-FL2
AS,
5.05%
(1
Month
Term
SOFR
+
1.41%,
Rate
Floor:
1.30%)
due
02/15/39
◊,(c)
11,319
11,299
Total
Collateralized
Loan
Obligations
21,323,734
Infrastructure
-
1
.5
%
Hotwire
Funding
LLC
2023-1A,
8.84%
due
05/20/53
(c)
1,900,000
1,913,664
2024-1A,
6.67%
due
06/20/54
(c)
100,000
101,071
Switch
ABS
Issuer
LLC
2024-2A,
5.44%
due
06/25/54
(c)
850,000
838,603
2025-1A,
5.04%
due
03/25/55
(c)
500,000
481,968
2024-1A,
6.28%
due
03/25/54
(c)
150,000
150,427
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
20
|
a
a
Face
Amount
~
Value
ASSET-BACKED
SECURITIES
-
17.0%
(continued)
Infrastructure
-
1.5%
(continued)
QTS
Issuer
ABS
I
LLC
2025-1A,
5.44%
due
05/25/55
(c)
1,000,000
$
985,896
Stack
Infrastructure
Issuer
LLC
2025-1A,
5.00%
due
05/25/50
(c)
550,000
529,541
Surf
Internet
5.49%
due
03/20/56
†††
450,000
435,609
QTS
Issuer
ABS
II
LLC
2025-1A,
5.04%
due
10/05/55
(c)
350,000
339,052
Total
Infrastructure
5,775,831
Transport-Aircraft
-
1
.4
%
MAPS
Trust
2026-1A,
5.20%
due
01/15/51
(c)
909,695
888,675
2026-2A,
5.52%
due
06/15/51
(c)
247,024
244,496
Castlelake
Aircraft
Structured
Trust
2025-2A,
5.47%
due
08/15/50
(c)
891,108
884,798
Navigator
Aviation
Ltd.
2024-1,
6.09%
due
08/15/49
(c)
728,571
714,957
Navigator
Aircraft
ABS
Ltd.
2021-1,
2.77%
due
11/15/46
(c)
728,933
692,748
AASET
Ltd.
2024-2A,
5.93%
due
09/16/49
(c)
690,557
689,779
Gilead
Aviation
LLC
2025-1A,
5.79%
due
03/15/50
(c)
417,645
416,922
AASET
Trust
2024-1A,
6.26%
due
05/16/49
(c)
401,055
403,600
ALTDE
Trust
2025-1A,
5.90%
due
08/15/50
(c)
348,255
347,595
Sprite
Ltd.
2021-1,
3.75%
due
11/15/46
(c)
168,652
165,551
Labrador
Aviation
Finance
Ltd.
2016-1A,
4.30%
due
01/15/42
(c)
93,890
96,935
Total
Transport-Aircraft
5,546,056
Insurance
-
1
.0
%
Obra
Longevity
8.48%
due
06/30/39
†††
1,950,000
2,031,621
Dogwood
State
Bank
6.45%
due
06/24/32
†††
1,619,768
1,607,321
CHEST
7.13%
due
03/23/43
†††
425,000
431,276
Total
Insurance
4,070,218
Net
Lease
-
0
.7
%
SVC
ABS
LLC
2023-1A,
5.55%
due
02/20/53
(c)
991,250
982,977
2026-1A,
5.80%
due
03/20/56
(c)
99,896
95,891
CARS-DB7,
LP
2023-1A,
6.50%
due
09/15/53
(c)
974,167
974,595
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
21
a
a
Face
Amount
~
Value
ASSET-BACKED
SECURITIES
-
17.0%
(continued)
Net
Lease
-
0.7%
(continued)
CARS-DB4,
LP
2020-1A,
4.95%
due
02/15/50
(c)
500,000
$
466,012
Total
Net
Lease
2,519,475
Whole
Business
-
0
.6
%
Subway
Funding
LLC
2024-1A,
6.51%
due
07/30/54
(c)
933,375
920,762
2024-3A,
5.91%
due
07/30/54
(c)
540,375
515,175
Sonic
Capital
LLC
2021-1A,
2.64%
due
08/20/51
(c)
701,715
598,762
Five
Guys
Holdings,
Inc.
2023-1A,
7.55%
due
01/26/54
(c)
394,000
396,512
SERVPRO
Master
Issuer
LLC
2021-1A,
2.39%
due
04/25/51
(c)
47,375
45,092
Total
Whole
Business
2,476,303
Unsecured
Consumer
Loans
-
0
.1
%
Service
Experts
Issuer
LLC
2024-1A,
6.39%
due
11/20/35
(c)
196,177
198,637
Total
Asset-Backed
Securities
(Cost
$66,950,744)
66,238,211
SENIOR
FLOATING
RATE
INTERESTS
-
8
.7
%
Consumer,
Cyclical
-
2
.6
%
FR
Refuel
LLC
8.55%
(1
Month
Term
SOFR
+
4.75%,
Rate
Floor:
1.75%)
due
11/08/28
◊
1,247,633
1,235,157
MB2
Dental
Solutions
LLC
9.19%
(1
Month
Term
SOFR
+
5.50%,
Rate
Floor:
0.75%)
due
02/13/31
◊,†††
1,032,112
1,022,819
9.19%
(1
Month
Term
SOFR
+
5.50%,
Rate
Floor:
1.00%)
due
02/13/31
◊,†††
131,685
129,950
Recess
Holdings,
Inc.
7.56%
(3
Month
Term
SOFR
+
3.75%,
Rate
Floor:
1.00%)
due
02/20/30
◊
1,030,319
1,030,319
Pacific
Bells
LLC
7.23%
(3
Month
Term
SOFR
+
3.50%,
Rate
Floor:
0.50%)
due
11/13/28
◊
1,026,060
1,028,625
Boots
Group
Finco
LP
6.92%
(3
Month
Term
SOFR
+
3.25%)
due
08/30/32
◊
995,000
998,313
NFM
&
J
LLC
9.61%
(3
Month
Term
SOFR
+
5.85%,
Rate
Floor:
1.00%)
due
11/30/28
◊,†††
482,629
476,504
9.69%
(3
Month
Term
SOFR
+
5.85%,
Rate
Floor:
1.00%)
due
11/30/28
◊,†††
474,756
468,732
LaserAway
Intermediate
Holdings
II
LLC
9.74%
(3
Month
Term
SOFR
+
6.01%,
Rate
Floor:
0.75%)
due
10/14/27
◊
759,322
753,627
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
22
|
a
a
Face
Amount
~
Value
SENIOR
FLOATING
RATE
INTERESTS
-
8.7%
(continued)
Consumer,
Cyclical
-
2.6%
(continued)
Vista
Management
Holding,
Inc.
7.48%
(3
Month
Term
SOFR
+
3.75%)
due
04/01/31
◊
643,450
$
645,728
Accuride
Intermediate
Co.,
Inc.
8.15%
(3
Month
Term
SOFR
+
4.50%)
(in-kind
rate
was
8.15%)
due
03/07/30
◊,†††,∞,(l)
313,701
609,158
Park
River
Holdings,
Inc.
8.23%
(3
Month
Term
SOFR
+
4.50%,
Rate
Floor:
0.75%)
due
03/17/31
◊
577,100
578,387
Scientific
Games
Holdings,
LP
6.75%
(3
Month
Term
SOFR
+
3.00%,
Rate
Floor:
0.50%)
due
04/04/29
◊
589,500
532,271
Gibson
Brands,
Inc.
8.99%
(3
Month
Term
SOFR
+
5.26%,
Rate
Floor:
0.75%)
due
08/11/28
◊
477,500
457,545
Total
Consumer,
Cyclical
9,967,135
Financial
-
1
.5
%
Kroll,
Inc.
9.48%
(3
Month
Term
SOFR
+
5.75%)
(in-kind
rate
was
2.75%)
due
09/10/32
◊,†††,(l)
1,017,067
1,013,643
8.94%
(1
Month
Term
SOFR
+
5.25%,
Rate
Floor:
1.00%)
due
09/13/32
◊,†††
28,333
28,333
HIG
Operations
Holdings,
Inc.
8.19%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
1.00%)
due
06/11/31
◊,†††
1,008,938
999,119
Citadel
Securities
Global
Holdings
LLC
5.66%
(3
Month
Term
SOFR
+
2.00%)
due
06/10/33
◊
965,378
967,038
Aretec
Group,
Inc.
6.69%
(1
Month
Term
SOFR
+
3.00%)
due
08/09/30
◊
839,407
840,171
Asurion
LLC
8.07%
(3
Month
Term
SOFR
+
4.25%)
due
09/19/30
◊
792,000
784,737
Vacation
Rental
Brands
Holdings
8.98%
(3
Month
Term
SOFR
+
5.25%,
Rate
Floor:
1.00%)
due
05/06/32
◊,†††
295,523
292,963
8.73%
(1
Month
Term
SOFR
+
5.00%,
Rate
Floor:
1.00%)
due
05/06/32
◊,†††
287,926
285,432
Hightower
Holding
LLC
6.51%
(3
Month
Term
SOFR
+
2.75%)
due
02/03/32
◊
340,299
339,449
Cliffwater
LLC
8.19%
(1
Month
Term
SOFR
+
4.50%,
Rate
Floor:
0.75%)
due
04/22/32
◊,†††
266,625
257,981
Tegra118
Wealth
Solutions,
Inc.
7.82%
(3
Month
Term
SOFR
+
4.00%)
due
01/27/33
◊
149,625
149,906
Total
Financial
5,958,772
Industrial
-
1
.4
%
OEP
Glass
Purchaser
LLC
7.73%
(3
Month
Term
SOFR
+
4.00%)
due
03/07/33
◊
1,012,188
1,010,295
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
23
a
a
Face
Amount
~
Value
SENIOR
FLOATING
RATE
INTERESTS
-
8.7%
(continued)
Industrial
-
1.4%
(continued)
East
West
Manufacturing
LLC
9.31%
(1
Month
Term
SOFR
+
5.50%)
due
07/01/32
◊
1,000,000
$
980,000
Capstone
Acquisition
Holdings,
Inc.
8.29%
(1
Month
Term
SOFR
+
4.60%,
Rate
Floor:
1.00%)
due
11/13/29
◊,†††
908,598
905,377
SunSource
Borrower
LLC
7.79%
(1
Month
Term
SOFR
+
4.10%)
due
03/25/31
◊
746,183
748,825
Integrated
Power
Services
Holdings,
Inc.
8.55%
(1
Month
Term
SOFR
+
4.86%,
Rate
Floor:
0.75%)
due
11/22/28
◊,†††
295,772
294,999
8.55%
(1
Month
Term
SOFR
+
4.86%,
Rate
Floor:
1.75%)
due
11/22/31
◊,†††
191,164
190,665
GrafTech
Global
Enterprises,
Inc.
9.81%
(3
Month
Term
SOFR
+
6.00%,
Rate
Floor:
2.00%)
due
12/21/29
◊
316,054
304,894
9.73%
(3
Month
Term
SOFR
+
6.00%,
Rate
Floor:
3.75%)
due
12/21/29
◊
180,602
174,225
Michael
Baker
International
LLC
7.82%
(3
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
due
12/01/28
◊
392,030
393,010
LSF12
Phoenix
Holdco
LLC
8.19%
(1
Month
Term
SOFR
+
4.50%)
due
03/25/33
◊
300,000
300,375
Ilpea
Parent,
Inc.
7.69%
(1
Month
Term
SOFR
+
4.00%,
Rate
Floor:
0.75%)
due
06/22/28
◊,†††
96,074
95,353
Total
Industrial
5,398,018
Communications
-
1
.2
%
Zephyr
Bidco
Ltd.
8.23%
(1
Month
SONIA
+
4.50%)
due
07/20/28
◊
GBP
900,000
1,209,090
Firstdigital
Communications
LLC
8.55%
(1
Month
Term
SOFR
+
4.86%,
Rate
Floor:
0.75%)
(in-kind
rate
was
0.50%)
due
12/17/26
◊,†††,(l)
1,220,523
1,192,968
Total
Webhosting
Solutions
BV
6.28%
(1
Month
EURIBOR
+
4.00%)
due
11/04/31
◊
EUR
1,000,000
1,070,811
Salsa
Holding
4
SARL
6.35%
(6
Month
EURIBOR
+
3.75%)
due
11/29/32
◊,†††
EUR
900,000
1,033,543
Total
Communications
4,506,412
Technology
-
0
.9
%
Sitecore
Holding
III
AS
10.07%
(6
Month
Term
SOFR
+
6.25%,
Rate
Floor:
0.50%)
due
03/12/29
◊,†††
1,013,808
959,638
8.69%
(6
Month
EURIBOR
+
6.00%)
due
03/12/29
◊,†††
EUR
817,642
898,870
10.07%
(6
Month
Term
SOFR
+
6.25%)
due
03/12/29
◊,†††
110,775
104,856
Polaris
Newco
LLC
7.51%
(3
Month
Term
SOFR
+
3.76%,
Rate
Floor:
1.00%)
due
03/03/28
◊,†††
874,007
874,007
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
24
|
a
a
Face
Amount
~
Value
SENIOR
FLOATING
RATE
INTERESTS
-
8.7%
(continued)
Technology
-
0.9%
(continued)
Datix
Bidco
Ltd.
8.76%
(6
Month
SONIA
+
5.00%)
due
04/30/31
◊,†††
GBP
472,000
$
636,017
8.73%
(6
Month
Term
SOFR
+
5.00%,
Rate
Floor:
0.50%)
due
04/30/31
◊,†††
140,000
139,245
Total
Technology
3,612,633
Consumer,
Non-cyclical
-
0
.9
%
Inspired
Finco
Holdings
Ltd.
5.25%
(1
Month
EURIBOR
+
3.00%)
due
02/28/31
◊
EUR
961,585
1,115,970
Auxey
Midco
Ltd.
9.76%
(1
Month
Term
SOFR
+
6.10%)
due
06/29/27
◊
972,500
963,991
Blue
Ribbon
LLC
10.02%
(3
Month
Term
SOFR
+
6.26%,
Rate
Floor:
0.75%)
due
05/08/28
◊
941,026
486,981
Florida
Food
Products
LLC
8.99%
(3
Month
Term
SOFR
+
5.26%,
Rate
Floor:
1.00%)
due
10/15/30
◊,†††
366,924
288,035
9.23%
(3
Month
Term
SOFR
+
5.50%,
Rate
Floor:
2.00%)
due
10/15/30
◊,†††
141,238
139,825
Pabst
Financing
Newco
LLC
11.76%
(3
Month
Term
SOFR
+
8.00%,
Rate
Floor:
0.75%)
due
05/08/28
◊,†††
376,101
349,774
Ingenovis
Health,
Inc.
9.02%
(3
Month
Term
SOFR
+
5.25%)
due
05/27/32
◊
213,735
148,973
Grant
Thornton
Advisors
LLC
6.44%
(1
Month
Term
SOFR
+
2.75%)
due
06/02/31
◊
84,876
80,806
Total
Consumer,
Non-cyclical
3,574,355
Basic
Materials
-
0
.2
%
SCIL
US
Holdings
LLC
7.76%
(3
Month
Term
SOFR
+
4.00%)
due
11/08/32
◊
496,250
499,351
INEOS
US
Finance
LLC
8.69%
(1
Month
Term
SOFR
+
5.00%)
due
06/25/32
◊
400,000
370,000
Total
Basic
Materials
869,351
Total
Senior
Floating
Rate
Interests
(Cost
$34,315,378)
33,886,676
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
4
.0
%
Residential
Mortgage-Backed
Securities
-
2
.0
%
NLT
Trust
2025-NQM1,
7.46%
(WAC)
due
10/25/70
◊,(c)
2,479,822
2,561,808
Easy
Street
Mortgage
Loan
Trust
2025-RTL2,
5.61%
due
10/25/40
(c),(m)
1,050,000
1,045,718
RCKT
Mortgage
Trust
2025-CES8,
5.50%
(WAC)
due
08/25/55
◊,(c)
1,000,000
989,682
OBX
Trust
2024-NQM5,
6.51%
due
01/25/64
(c)
750,000
750,850
2024-NQM6,
6.85%
due
02/25/64
(c),(m)
164,996
165,594
CAFL
Issuer,
LP
2025-RRTL2,
5.62%
due
11/28/40
(c),(m)
650,000
646,560
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
25
a
a
Face
Amount
~
Value
COLLATERALIZED
MORTGAGE
OBLIGATIONS
-
4.0%
(continued)
Residential
Mortgage-Backed
Securities
-
2.0%
(continued)
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
(c),(m)
438,290
$
421,518
2024-RS2,
3.00%
due
08/01/69
(c),(m)
137,115
131,168
GCAT
Trust
2022-NQM5,
5.71%
due
08/25/67
(c),(m)
394,090
388,350
New
Residential
Mortgage
Loan
Trust
2025-NQM3,
5.99%
due
05/25/65
(c)
376,790
375,422
FIGRE
Trust
2024-HE1,
6.17%
(WAC)
due
03/25/54
◊,(c)
157,036
158,399
LSTAR
Securities
Investment
Ltd.
2024-1,
7.72%
(30
Day
Average
SOFR
+
4.10%,
Rate
Floor:
3.10%)
due
01/01/29
◊,(c)
95,824
95,740
Total
Residential
Mortgage-Backed
Securities
7,730,809
Government
Agency
-
1
.0
%
Fannie
Mae
5.50%
due
10/01/56
2,710,403
2,678,392
5.50%
due
11/01/54
1,089,597
1,074,901
Total
Government
Agency
3,753,293
Commercial
Mortgage-Backed
Securities
-
0
.8
%
BX
Trust
2024-VLT4,
6.08%
(1
Month
Term
SOFR
+
2.44%,
Rate
Floor:
2.44%)
due
06/15/41
◊,(c)
1,103,425
1,089,632
KELR
Trust
2026-MF,
6.45%
(1
Month
Term
SOFR
+
2.80%,
Rate
Floor:
2.80%)
due
08/15/43
◊,(c)
1,050,000
1,049,991
BXHPP
Trust
2021-FILM,
4.85%
(1
Month
Term
SOFR
+
1.21%,
Rate
Floor:
1.10%)
due
08/15/36
◊,(c)
1,250,000
1,031,250
Total
Commercial
Mortgage-Backed
Securities
3,170,873
Military
Housing
-
0
.2
%
Freddie
Mac
Military
Housing
Bonds
Resecuritization
Trust
Certificates
2015-R1,
0.70%
(WAC)
due
10/25/52
◊,δ,(c)
8,871,299
456,608
2015-R1,
0.70%
(WAC)
due
11/25/55
◊,δ,(c)
6,445,273
329,174
2015-R1,
5.95%
(WAC)
due
11/25/52
◊,(c)
77,652
63,700
Total
Military
Housing
849,482
Total
Collateralized
Mortgage
Obligations
(Cost
$15,989,392)
15,504,457
FEDERAL
AGENCY
BONDS
-
0
.9
%
Tennessee
Valley
Authority
4.25%
due
09/15/65
(h)
4,800,000
3,740,626
Total
Federal
Agency
Bonds
(Cost
$3,685,946)
3,740,626
FOREIGN
GOVERNMENT
DEBT
-
0
.4
%
Panama
Government
International
Bond
4.50%
due
01/19/63
1,250,000
913,125
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
26
|
a
a
Face
Amount
~
Value
FOREIGN
GOVERNMENT
DEBT
-
0.4%
(continued)
Eagle
Funding
Luxco
SARL
5.50%
due
08/17/30
(c)
500,000
$
499,250
Total
Foreign
Government
Debt
(Cost
$1,741,504)
1,412,375
Contracts/
Notional
Value
LISTED
OPTIONS
PURCHASED
-
0
.0
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$97.50
(Notional
Value
$44,540,025)
186
8,138
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$97.50
(Notional
Value
$62,481,250)
260
1,625
Total
Listed
Options
Purchased
(Cost
$201,253)
9,763
Total
Investments
-
143.0%
(Cost
$588,103,528)
$
557,184,211
LISTED
OPTIONS
WRITTEN
-
(
0
.0
)
%
Call
Options
on
:
Interest
Rate
Options
3-Month
SOFR
Futures
Contracts
Expiring
September
2026
with
strike
price
of
$98.00
(Notional
Value
$62,481,250)
260
(
1,625
)
3-Month
SOFR
Futures
Contracts
Expiring
March
2027
with
strike
price
of
$98.00
(Notional
Value
$44,540,025)
186
(
5,813
)
Total
Listed
Options
Written
(Premium
received
$100,678)
(
7,438
)
Other
Assets
&
Liabilities,
net
-
(43.0)%
(
167,463,311
)
Total
Net
Assets
-
100.0%
$
389,713,462
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
*
Non-income
producing
security.
◊
Variable
rate
security.
Rate
indicated
is
the
rate
effective
at
August
31,
2026.
In
some
instances,
the
effective
rate
is
limited
by
a
minimum
rate
floor
or
a
maximum
rate
cap
established
by
the
issuer.
The
settlement
status
of
a
position
may
also
impact
the
effective
rate
indicated.
In
some
cases,
a
position
may
be
unsettled
at
period
end
and
may
not
have
a
stated
effective
rate.
In
instances
where
multiple
underlying
reference
rates
and
spread
amounts
are
shown,
the
effective
rate
is
based
on
a
weighted
average.
†††
Value
determined
based
on
Level
3
inputs
—
See
Note
2
.
δ
Security
is
an
interest-only
strip.
β
Security
is
in
default
of
interest
and/or
principal
obligations.
∞
Affiliated
issuer.
(a)
Perpetual
maturity.
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
27
See
Sector
Classification
in
Other
Information
section.
(b)
Security
has
a
fixed
rate
coupon
which
will
convert
to
a
floating
or
variable
rate
coupon
on
a
future
date.
(c)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
liquid
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
liquid
securities
is
$118,099,995
(cost
$121,706,052),
or
30.3%
of
total
net
assets.
(d)
Fair
value
is
determined
using
the
net
asset
value
of
the
respective
underlying
funds
as
a
practical
expedient
in
accordance
with
ASC
Topic
820,
Fair
Value
Measurement
-
See
Note
2
.
(e)
Special
Purpose
Acquisition
Company
(SPAC).
(f)
A
copy
of
each
underlying
unaffiliated
fund’s
financial
statements
is
available
at
the
SEC’s
website
at
www.sec.gov.
(g)
Rate
indicated
is
the
7-day
yield
as
of
August
31,
2026.
(h)
All
or
a
portion
of
these
securities
have
been
physically
segregated
in
connection
with
the
unfunded
loan
commitments
and
reverse
repurchase
agreements.
As
of
August
31,
2026,
the
total
value
of
securities
segregated
was
$176,357,417.
(i)
Taxable
municipal
bond
issued
as
part
of
the
Build
America
Bond
program.
(j)
Zero
coupon
rate
security.
(k)
Security
is
a
144A
or
Section
4(a)(2)
security.
These
securities
have
been
determined
to
be
illiquid
and
restricted
under
guidelines
established
by
the
Board
of
Trustees.
The
total
market
value
of
144A
or
Section
4(a)(2)
illiquid
and
restricted
securities
is
$7,387,373
(cost
$7,878,014),
or
1.9%
of
total
net
assets
-
See
Note
5
.
(l)
Payment-in-kind
security.
(m)
Security
is
a
step
up/down
bond.
The
coupon
increases
or
decreases
at
regular
intervals
until
the
bond
reaches
full
maturity.
Rate
indicated
is
the
rate
at
August
31,
2026.
See
table
below
for
additional
step
information
for
each
security.
CAD
—
Canadian
Dollar
EUR
—
Euro
EURIBOR
—
European
Interbank
Offered
Rate
GBP
—
British
Pound
LLC
—
Limited
Liability
Company
plc
—
Public
Limited
Company
SARL  —
Société
à
Responsabilité
Limitée
SOFR
—
Secured
Overnight
Financing
Rate
SONIA
—
Sterling
Overnight
Index
Average
WAC
—
Weighted
Average
Coupon
–
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
See
notes
to
schedule
of
investments.
28
|
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Purchased
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
~
Value
Upfront
Premiums
Received
Unrealized
Depreciation
¥
Bank
of
America
Securities,
Inc.
ICE
ITRAXX.
EUR.45.V1
1.00%
Quarterly
06/20/31
EUR
3,400,000
$
(
93,760
)
$
(
64,921
)
$
(
28,839
)
Centrally
Cleared
Credit
Default
Swap
Agreements
Protection
Sold
Counterparty
Exchange
Index
Protection
Premium
Rate
Payment
Frequency
Maturity
Date
Notional
Amount
Value
Upfront
Premiums
Paid
Unrealized
Appreciation
¥
Bank
of
America
Securities,
Inc.
ICE
CDX.
NA.IG.46.V1
1.00%
Quarterly
06/20/31
$
3,900,000
$
91,096
$
71,451
$
19,645
Forward
Foreign
Currency
Exchange
Contracts
Counterparty
Currency
Type
Quantity
Contract
Amount
Settlement
Date
Unrealized
Appreciation
(Depreciation)
The
Toronto-Dominion
Bank
EUR
Buy
34,000
39,399
USD
09/16/26
$
113
JPMorgan
Chase
Bank,
N.A.
CAD
Buy
23,000
16,695
USD
09/16/26
(
86
)
JPMorgan
Chase
Bank,
N.A.
CAD
Sell
1,082,000
776,958
USD
09/16/26
(
4,376
)
Bank
of
America,
N.A.
GBP
Sell
2,082,000
2,808,478
USD
09/16/26
(
12,220
)
Bank
of
America,
N.A.
EUR
Sell
8,853,000
10,214,715
USD
09/16/26
(
73,494
)
$
(
90,063
)
~
The
face
amount
is
denominated
in
U.S.
dollars
unless
otherwise
indicated.
¥
Includes
cumulative
appreciation
(depreciation).
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
|
29
CAD
—
Canadian
Dollar
CDX.NA.IG.46.V1
—
Credit
Default
Swap
North
American
Investment
Grade
Series
46
Index
Version 1
EUR
—
Euro
GBP
—
British
Pound
ICE
—
Intercontinental
Exchange
ITRAXX.EUR.45.V1
—
iTraxx
Credit
Default
Swap
European
Investment
Grade
Series
45
Index
Version 1
LLC
—
Limited
Liability
Company
The
following
table
summarizes
the
inputs
used
to
value
the
Trust’s
investments
at
August
31,
2026
(See
Note
2
in
the
Notes
to
Schedule
of
Investments):
Investments
in
Securities
(Assets)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Common
Stocks
$
57,586
$
104,948
$
359
$
162,893
Preferred
Stocks
5,542,319
4,765,272
656,831
10,964,422
Warrants
3
—
3
6
Money
Market
Funds
1,413,770
—
—
1,413,770
Municipal
Bonds
—
265,691,598
—
265,691,598
Corporate
Bonds
—
146,541,325
10,154,892
156,696,217
Asset-Backed
Securities
—
37,404,427
28,833,784
66,238,211
Senior
Floating
Rate
Interests
—
20,198,870
13,687,806
33,886,676
Collateralized
Mortgage
Obligations
—
15,504,457
—
15,504,457
Federal
Agency
Bonds
—
3,740,626
—
3,740,626
Foreign
Government
Debt
—
1,412,375
—
1,412,375
Options
Purchased
9,763
—
—
9,763
Credit
Default
Swap
Agreements
(a)
—
19,645
—
19,645
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
113
—
113
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
12,741
12,741
Total
Assets
$
7,023,441
$
495,383,656
$
53,346,416
$
555,753,513
–
–
–
–
Investments
in
Securities
(Liabilities)
Level
1
Quoted
Prices
Level
2
Significant
Observable
Inputs
Level
3
Significant
Unobservable
Inputs
Total
Options
Written
$
7,438
$
—
$
—
$
7,438
Credit
Default
Swap
Agreements
(a)
—
28,839
—
28,839
Forward
Foreign
Currency
Exchange
Contracts
(a)
—
90,176
—
90,176
Unfunded
Loan
Commitments
(
Note
4
)
(a)
—
—
1,246
1,246
Total
Liabilities
$
7,438
$
119,015
$
1,246
$
127,699
(a)
Reported
as
unrealized
appreciation/(depreciation)
at
period
end.
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
30
|
Please
refer
to
the
detailed
Schedule
of
Investments
for
a
breakdown
of
investment
type
by
industry
category.
The
Trust may
hold
assets
and/or
liabilities
in
which
the
fair
value
approximates
the
carrying
amount
for
financial
statement
purposes.
As
of
the
period
end,
reverse
repurchase
agreements
of
$172,839,160
are
categorized
as
Level
2
within
the
disclosure
hierarchy
—
See
Note
3.
The Trust
held
an
investment
in
a
private
fund
with
a
fair
value
of
$1,463,197,
which
is
excluded
from
the
fair
value
hierarchy
as
of August
31,
2026,
in
accordance
with
subtopic
820-10
as
investments
in
Investment
Funds
valued
at
net
asset
value,
as
a
"practical
expedient"
are
not
required
to
be
included
in
the
fair
value
hierarchy
— See
Note
2. 
The
following
is
a
summary
of
significant
unobservable
inputs
used
in
the
fair
valuation
of
assets
and
liabilities
categorized
within
Level
3
of
the
fair
value
hierarchy:
Category
Ending
Balance
at
August
31,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Assets:
Asset-Backed
Securities
$
17,475,336
Yield
Analysis
Yield
6.0%-7.5%
7.3%
Asset-Backed
Securities
10,629,100
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Asset-Backed
Securities
462,849
Third
Party
Pricing
Trade
Price
—
—
Asset-Backed
Securities
266,499
Third
Party
Pricing
Broker
Quote
—
—
Common
Stocks
359
Model
Price
Liquidation
Value
—
—
Corporate
Bonds
8,064,131
Option
adjusted
spread
off
prior
month
end
broker
quote
Broker
Quote
—
—
Corporate
Bonds
2,090,761
Third
Party
Pricing
Broker
Quote
—
—
Preferred
Stocks
656,831
Yield
Analysis
Yield
7.2%
—
Senior
Floating
Rate
Interests
8,944,454
Yield
Analysis
Yield
8.3%-16.3%
10.7%
Senior
Floating
Rate
Interests
3,870,365
Model
Price
Purchase
Price
—
—
Senior
Floating
Rate
Interests
872,987
Third
Party
Pricing
Vendor
Price
—
—
Unfunded
Loan
Commitments
12,741
Model
Price
Purchase
Price
—
—
Warrants
3
Model
Price
Liquidation
Value
—
—
Total
Assets
$
53,346,416
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
See
notes
to
schedule
of
investments.
|
31
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
Significant
changes
in
a
quote,
yield
or
liquidation
value
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Any
remaining
Level
3
securities
held
by
the
Trust
and
excluded
from
the
table
above,
if
any,
were
not
considered
material
to
the
Trust.
The
Trust's
fair
valuation
leveling
guidelines
classify
a
single
daily
broker
quote,
or
a
vendor
price
based
on
a
single
daily
or
monthly
broker
quote,
as
Level
3,
if
such
a
quote
or
price
cannot
be
supported
with
other
available
market
information.
Transfers
between
Level
2
and
Level
3
may
occur
as
markets
fluctuate
and/or
the
availability
of
data
used
in
an
investment’s
valuation
changes.
For
the period
ended
August
31,
2026,
the
Trust
had
securities
with
a
total
value
of
$944,866
transfer
into
Level
3
from
Level
2
due
to
a
lack
of
observable
inputs
and
did
not
have
any
securities
transfer
out
of
Level
3
into
Level
2.
Summary
of
Fair
Value
Level
3
Activity
Following
is
a
reconciliation
of
Level
3
assets
for
which
significant
unobservable
inputs
were
used
to
determine
fair
value
for
the
period
ended
August
31,
2026:
Category
Ending
Balance
at
August
31,
2026
Valuation
Technique
Unobservable
Inputs
Input
Range
Weighted
Average
(a)
Liabilities:
Unfunded
Loan
Commitments
$
1,246
Model
Price
Purchase
Price
—
—
(a)
Inputs
are
weighted
by
the
fair
value
of
the
instruments.
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Total
realized
gains
(losses)
included
in
earnings
Assets
Asset-Backed
Securities
$
28,971,454
$
2,162,849
$
(
2,235,665
)
$
—
$
11,147
Corporate
Bonds
10,301,047
—
(
15,234
)
—
—
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
See
notes
to
schedule
of
investments.
32
|
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
Beginning
Balance
Purchases/
(Receipts)
(Sales,
maturities
and
paydowns)/
Fundings
Amortization
of
premiums/
discounts
Total
realized
gains
(losses)
included
in
earnings
Assets
Senior
Floating
Rate
Interests
13,002,995
1,371,972
(
1,058,616
)
6,296
39
Warrants
3
—
—
—
—
Common
Stocks
7,624
—
(
1,562
)
—
(
3,953
)
Preferred
Stocks
—
—
—
—
—
Unfunded
Loan
Commitments
10,284
—
—
—
—
Total
Assets
$
52,293,407
$
3,534,821
$
(
3,311,077
)
$
6,296
$
7,233
Liabilities
Unfunded
Loan
Commitments
$
(
33,868
)
$
—
$
—
$
—
$
—
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
See
notes
to
schedule
of
investments.
|
33
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
Total
change
in
unrealized
appreciation
(depreciation)
included
in
earnings
Transfers
into
Level
3
Ending
Balance
Net
change
in
unrealized
appreciation
(depreciation)
for
investments
in
Level
3
securities
still
held
at
August
31,
2026
Assets
Asset-Backed
Securities
$
(
76,001
)
$
—
$
28,833,784
$
(
75,243
)
Corporate
Bonds
(
130,921
)
—
10,154,892
(
130,921
)
Senior
Floating
Rate
Interests
77,085
288,035
13,687,806
82,629
Warrants
—
—
3
—
Common
Stocks
(
1,750
)
—
359
—
Preferred
Stocks
—
656,831
656,831
—
Unfunded
Loan
Commitments
2,457
—
12,741
2,457
Total
Assets
$
(
129,130
)
$
944,866
$
53,346,416
$
(
121,078
)
Liabilities
Unfunded
Loan
Commitments
$
32,622
$
—
$
(
1,246
)
$
32,622
See
notes
to
schedule
of
investments.
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
34
|
Step
Coupon
Bonds
The
following
table
discloses
additional
information
related
to
step
coupon
bonds
held
by
the
Trust.
Certain
securities
may
be
subject
to
multiple
rate
changes
prior
to
maturity.
For
those
securities,
a
range
of
rates
and
corresponding
dates
have
been
provided.
Rates
for
all
step
coupon
bonds
held
by
the
Trust
are
scheduled
to
increase,
none
are
scheduled
to
decrease.
Name
Coupon
Rate
at
Next
Reset
Date
Next
Rate
Reset
Date
CAFL
Issuer,
LP
2025-RRTL2,
5.62%
due
11/28/40
6.52%
06/28/28
Easy
Street
Mortgage
Loan
Trust
2025-RTL2,
5.61%
due
10/25/40
7.50%
12/25/27
GCAT
Trust
2022-NQM5,
5.71%
due
08/25/67
6.71%
10/01/26
Mill
City
Securities
Ltd.
2024-RS1,
3.00%
due
11/01/69
6.00%
10/01/27
Mill
City
Securities
Ltd.
2024-RS2,
3.00%
due
08/01/69
6.00%
12/01/27
OBX
Trust
2024-NQM6,
6.85%
due
02/25/64
7.85%
04/01/28
August
31,
2026
SCHEDULE
OF
INVESTMENTS
(Unaudited)
(continued)
See
notes
to
schedule
of
investments.
|
35
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
Affiliated
Transactions
Investments
representing
5%
or
more
of
the
outstanding
voting
shares
of
a
company,
or
control
of
or
by,
or
common
control
under
Guggenheim
Investments
("GI"),
result
in
that
company
being
considered
an
affiliated
person,
as
defined
in
the
Investment
Company
Act
of
1940
(“affiliated
issuer”).
Transactions
during
the
period
ended
August
31,
2026,
in
which
the
company
is
an
affiliated
issuer,
were
as
follows:
Security
Name
Value
05/31/26
Additions
Reductions
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
08/31/26
Shares
/Face
Amount
08/31/26
Investment
Income
Common
Stocks
Accuride
Corp.*
$
40
$
—
$
—
$
—
$
—
$
40
403,435
$
—
Accuride
Liquidating
Trust*
—
—
—
—
—
—
25
—
BP
Holdco
LLC
7,265
—
(
1,562
)
(
3,953
)
(
1,750
)
—
—
—
Senior
Floating
Rate
Interests
Accuride
Intermediate
Co.,
Inc.,
8.15%
(3
Month
Term
SOFR
+
4.50%)
(in-kind
rate
was
8.15%)
due
03/07/30
571,593
6,675
—
—
30,890
609,158
313,701
260
$
578,898
$
6,675
$
(
1,562
)
$
(
3,953
)
$
29,140
$
609,198
$
260
*
Non-income
producing
security.
INVESTMENTS
(Unaudited)
NOTES
TO
SCHEDULE
OF
36
|
August
31,
2026
Note
1
‒
Organization
and
Significant
Accounting
Policies 
Organization 
Guggenheim
Taxable
Municipal
Bond
&
Investment
Grade
Debt
Trust
(the
“Trust”)
was
organized
as
a
Delaware
statutory
trust
on
June
30,
2010.
The
Trust
is
registered
as
a
diversified,
closed-end
management
investment
company
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
Trust’s
primary
investment
objective
is
to
provide
current
income
with
a
secondary
objective
of
long-term
capital
appreciation.
There
can
be
no
assurance
that
the
Trust
will
achieve
its
investment
objectives.
The
Trust’s
investment
objectives
are
considered
fundamental
and
may
not
be
changed
without
shareholder
approval.
For
information
on
the
Trust’s
other
significant
accounting
policies,
please
refer
to
the
Trust’s
most
recent
semi-annual
or
annual
shareholder
report.
Significant
Accounting
Policies 
The Trust
operates
as
an
investment
company
and,
accordingly,
follows
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
Topic
946
Financial
Services
–
Investment
Companies.
The
following
significant
accounting
policies
are
in
conformity
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
are
consistently
followed
by
the
Trust.
This
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amount
of
assets
and
liabilities,
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
these
estimates.
All
time
references
are
based
on
Eastern
Time.
(a)
Valuation
of
Investments
The
Board
of
Trustees
of
the
Trust  (the
“Board”)
has
adopted
policies
and
procedures
for
the
valuation
of
the
Trust’s
investments
(the
“Trust
Valuation
Procedures”).
Pursuant
to
Rule
2a-5
under
the
1940
Act,
the
Board
designated
Guggenheim
Funds
Investment
Advisors,
LLC
(“GFIA” or
the
“Adviser”)
as
the
valuation
designee
to
perform
fair
valuation
determinations
for
the Trust
with
respect
to
all Trust
investments
and/or
other
assets.
As
the
Trust’s
valuation
designee
pursuant
to
Rule
2a-5,
the
Adviser
has
adopted
separate
procedures
(the
“Valuation
Designee
Procedures”
and collectively
with
the Trust
Valuation
Procedures,
the
“Valuation
Procedures”)
reasonably
designed
to
prevent
violations
of
the
requirements
of
Rule
2a-5
and
Rule
31a-4
under
the
1940
Act.
The
Adviser,
in
its
role
as
valuation
designee,
utilizes
the
assistance
of
a
valuation
committee,
consisting
of
representatives
from
Guggenheim's
investment
management,
fund
administration,
legal
and
compliance
departments
(the
“Valuation
Committee”),
in determining
the
fair
value
of
the
Trust’s
securities
and/or
other
assets.
The
Valuation
Procedures
may
be
amended
and
potentially
adversely
affected
as
the
Trust
seeks
to
comply
with
regulations
that
apply
to
the
valuation
practices
of
registered
investment
companies. 
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
|
37
August
31,
2026
Valuations
of
the
Trust’s
securities
and
other
assets
are
supplied
primarily
by
independent
third-party
pricing
services
appointed
pursuant
to
the
processes
set
forth
in
the
Valuation
Procedures. The
Adviser,
with
the
assistance
of
the
Valuation
Committee,
convenes
monthly,
or
more
frequently
as
needed,
to
review
the
valuation
of
all
assets
which
have
been
fair
valued.
The
Adviser,
consistent
with
the
monitoring
and
review
responsibilities
set
forth
in
the
Valuation
Procedures,
regularly
reviews
the
appropriateness
of
the
inputs,
methods,
models
and
assumptions
employed
by
the
independent
third-party
pricing
services.
If
the
independent
third-party
pricing
service
cannot
or
does
not
provide
a
valuation
for
a
particular
investment
or
such
valuation
is
deemed
unreliable,
such
investment
is
fair
valued
by
the
Adviser.
In
general,
portfolio
securities
and
assets
of
the Trust
will
be
valued
on
the
basis
of
readily
available
market
quotations
at
their
current
market
value.
With
respect
to
portfolio
securities
and
assets
of
the
Trust
for
which
market
quotations
are
not
readily
available,
or
deemed
unreliable
by
the
Adviser,
the
Trust
will
fair
value
those
securities
and
assets
in
good
faith
in
accordance
with
the
Valuation
Procedures.
Valuations
in
accordance
with
these
methods
are
intended
to
reflect
each
security’s
(or
asset’s
or
liability’s)
“fair
value”.
Fair
value
represents
a
good
faith
approximation
of
the
value
of
a
security.
Fair
value
determinations
may
be
based
on
limited
inputs
and
involve
the
consideration
of
a
number
of
subjective
factors,
an
analysis
of
applicable
facts
and
circumstances,
and
the
exercise
of
judgment.
Each
such
determination
is
based
on
a
consideration
of
all
relevant
factors,
which
are
likely
to
vary
from
one
pricing
context
to
another.
Examples
of
such
factors
may
include,
but
are
not
limited
to
market
prices;
sale
prices;
broker
quotes;
and
models
which
derive
prices
based
on
inputs
such
as
prices
of
securities
with
comparable
maturities
and
characteristics,
or
based
on
inputs
such
as
anticipated
cash
flows
or
collateral,
spread
over
U.S.
Treasury
securities,
and
other
information
and
analysis.
As
a
result,
it
is
possible
that
the
fair
value
for
a
security
determined
in
good
faith
in
accordance
with
the
Valuation
Procedures
may
differ
from
valuations
for
the
same
security
determined
by
other
funds
using
their
own
valuation
procedures.
Although
the
Valuation
Procedures
are
designed
to
value
a
portfolio
security
or
asset
at
the
price
the
Trust
may
reasonably
expect
to
receive
upon
its
sale
in
an
orderly
transaction,
there
can
be
no
assurance
that
any
fair
value
determination
thereunder
would,
in
fact,
approximate
the
amount
that
the
Trust
could
reasonably
expect
to
receive
upon
the
sale
of
the
portfolio
security
or
asset.
Equity
securities
listed
or
traded
on
a
recognized
U.S.
securities
exchange
or
the
Nasdaq
Stock
Market
(“NASDAQ”)
will
generally
be
valued
on
the
basis
of
the
last
sale
price
on
the
primary
U.S.
exchange
or
market
on
which
the
security
is
listed
or
traded;
provided,
however,
that
securities
listed
on
NASDAQ
will
be
valued
at
the
NASDAQ
official
closing
price,
which
may
not
necessarily
represent
the
last
sale
price.
Open-end
investment
companies
are
valued
at
their
net
asset
value
(“NAV”)
as
of
the
close
of business,
on
the
valuation
date.
Exchange-traded
funds
and closed-end
investment
companies
are
generally
valued
at
the
last
quoted
sale
price.
Note
1
‒
Organization
and
Significant
Accounting
Policies 
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
38
|
August
31,
2026
Generally,
trading
in
foreign
securities
markets
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
the
New
York
Stock
Exchange
(“NYSE”).
The
values
of
foreign
securities
are
determined
as
of
the
close
of
such
foreign
markets
or
the
close
of
the
NYSE,
if
earlier.
All
investments
quoted
in
foreign
currencies
are
valued
in
U.S.
dollars
on
the
basis
of
the
foreign
currency
exchange
rates
prevailing
at
the
close
of
U.S.
business
at
4:00
p.m. Investments
in
foreign
securities
may
involve
risks
not
present
in
domestic
investments.
The
Adviser
will
determine
the
current
value
of
such
foreign
securities
by
taking
into
consideration
certain
factors
which
may
include
those
discussed
above,
as
well
as
the
following
factors,
among
others:
the
value
of
the
securities
traded
on
other
foreign
markets,
American
Depositary
Receipts
(“ADRs”)
trading,
closed-end
fund
trading,
foreign
currency
exchange
activity,
and
the
trading
prices
of
financial
products
that
are
tied
to
foreign
securities.
In
addition,
under
the
Valuation
Procedures,
the
Adviser
is
authorized
to
use
prices
and
other
information
supplied
by
an
independent
third-party
pricing
service
in
valuing
foreign
securities.
Commercial
paper
and
discount
notes
with
a
maturity
of
greater
than
60
days
at
acquisition
are
valued
at
prices
that
reflect
broker-dealer
supplied
valuations
or
are
obtained
from
independent
third-party
pricing
services,
which
may
consider
the
trade
activity,
treasury
spreads,
yields
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Commercial
paper
and
discount
notes
with
a
maturity
of
60
days
or
less
at
acquisition
are
valued
at
amortized
cost,
unless
the
Adviser
concludes
that
amortized
cost
does
not
represent
the
fair
value
of
the
applicable
asset
in
which
case
it
will
be
valued
using
an
independent
third-party
pricing
service.
U.S.
Government
securities
are
valued
by
independent
third-party
pricing
services,
using
the
last
traded
fill
price,
or
at
the
reported
bid
price
at
the
close
of
business
on
the
valuation
date.
CLOs,
CDOs,
MBS,
ABS,
and
other
structured
finance
securities
are
generally
valued
using
an
independent
third-party
pricing
service.
Typically,
loans
are
valued
using
information
provided
by independent
third-party
pricing
services
that use
broker
quotes,
among
other
inputs.
If
the
independent
third-party
pricing
service
cannot
or
does
not
provide
a
valuation
for
a
particular
loan,
or
such
valuation
is
deemed
unreliable,
such
investment
is
valued
based
on
a
quote
from
a
broker-dealer
or
is
fair
valued
by
the
Adviser.
Repurchase
agreements
are
generally
valued
at
amortized
cost,
provided
such
amounts
approximate
market
value.
Exchange-traded
options
are
valued
at
the
mean
of
the
bid
and
ask
prices
on
the
principal
exchange
on
which
they
are
traded.
Over-the-counter
(“OTC”)
options
and
options
on
swaps
(“swaptions”)
are
valued
using
a
price
provided
by
a
pricing
service.
Futures
contracts
are
valued
on
the
basis
of
the
last
sale
price
as
of
4:00
p.m.
on
the
valuation
date.
In
the
event
that
the
exchange
for
a
specific
futures
contract
closes
earlier
than
4:00
p.m.,
the
futures
contract
is
valued
at
the
official
settlement
price
of
the
exchange.
Note
1
‒
Organization
and
Significant
Accounting
Policies 
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
|
39
August
31,
2026
However,
the
underlying
securities
from
which
the
futures
contract
value
is
derived
are
monitored
until
4:00
p.m.
to
determine
if
fair
valuation
of
the
underlying
securities
would
provide
a
more
accurate
valuation
of
the
futures
contract.
Forward
foreign
currency
exchange
contracts
are
valued
daily
based
on
the
applicable
exchange
rate
of
the
underlying
currency.
Interest
rate
swap
agreements
entered
into
by a
Fund
are
valued
on
the
basis
of
the
last
sale
price
on
the
primary
exchange
on
which
the
swap
is
traded.
Other
swap
agreements
entered
into
by
a
Fund
are
generally
valued
using
an
evaluated
price
provided
by
an
independent
third-party
pricing
service.
The
Trust
may
also
fair
value
securities
and
assets
when
a
significant
event
is
deemed
to
have
occurred
after
the
time
of
a
market
quotation
including
for
securities
and
assets
traded
on
foreign
markets
and
securities
and
assets
for
which
market
quotations
are
provided
by
independent
third-party
pricing
services
as
of
a
time
that
is
prior
to
the
time
when
the
Trust
determines
its
NAV.
There
can
be
no
assurance
in
each
case
that
significant
events
will
be
identified.
Valuations
of
the
Trust’s
securities
and
other
assets
are
supplied
primarily
by
independent
third-party
pricing
services
pursuant
to
the
processes
set
forth
in
the
Valuation
Designee
Procedures.
Valuations
provided
by
the
independent
third-party
pricing
services
are
generally
based
on
methods
designed
to
approximate
the
amount
that
the
Trust
could
reasonably
expect
to
receive
upon
the
sale
of
the
portfolio
security
or
asset.
When
providing
valuations
to
the
Trust,
independent
third-party
pricing
services
use
various
inputs,
methods,
models
and
assumptions,
which
may
include
information
provided
by
broker-dealers
and
other
market
makers.
Independent
third-party
pricing
services
face
the
same
challenges
as
the
Trust
in
valuing
securities
and
assets
and
may
rely
on
limited
available
information.
If
the
independent
third-party
pricing
service
cannot
or
does
not
provide
a
valuation
for
a
particular
investment,
or
such
valuation
is
deemed
unreliable,
such
investment
is
fair
valued
by
the
Adviser.
The
Trust
may
also
use
third-party
service
providers
to
model
certain
securities
to
determine
fair
market
value.
While
the
Trust’s
use
of
fair
valuation
is
intended
to
result
in
calculation
of
NAV
that
fairly
reflects
values
of
the
Trust’s
portfolio
securities
as
of
the
time
of
pricing,
the
Trust
cannot
guarantee
that
any
fair
valuation
will,
in
fact,
approximate
the
amount
the
Trust
would
actually
realize
upon
the
sale
of
the
securities
in
question.
Quotes
from
broker-dealers
(i.e.,
prices
provided
by
a
broker-dealer
or
other
market
participant,
which
may
or
may
not
be
committed
to
trade
at
that
price),
adjusted
for
fluctuations
in
criteria
such
as
credit
spreads
and
interest
rates,
may
also
be
used
to
value
the
Trust’s
assets.
Quotes
from
broker-dealers
and
vendor
prices
based
on
broker
quotes
can
vary
in
terms
of
depth
(e.g.,
provided
by
a
single
broker-dealer)
and
frequency
(e.g.,
provided
on
a
daily,
weekly,
or
monthly
basis,
or
any
other
regular
or
irregular
interval).
Although
quotes
from
broker-dealers
and
vendor
prices
based
on
broker
quotes
are
typically
received
from
established
market
participants,
the
Trust
may
not
have
the
transparency
to
view
the
underlying
inputs
which
support
such
quotes.
Significant
changes
in
a
quote
from
a
broker-dealer
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Note
1
‒
Organization
and
Significant
Accounting
Policies 
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
40
|
August
31,
2026
The Trust
may
acquire
an
interest
in
a
special
purpose
acquisition
company
(“SPAC”)
in
an
initial
public
offering
or
a
secondary
market
transaction.
SPAC
investments
carry
many
of
the
same
risks
as
investments
in
initial
public
offering
securities,
such
as
erratic
price
movements,
greater
risk
of
loss,
lack
of
information
about
the
issuer,
limited
operating
and
little
public
or
no
trading
history,
and
higher
transaction
costs.
An
investment
in
a
SPAC
is
typically
subject
to
a
higher
risk
of
dilution
by
additional
later
offerings
of
interests
in
the
SPAC
or
by
other
investors
exercising
existing
rights
to
purchase
shares
of
the
SPAC
and
interests
in
SPACs
may
be
illiquid
and/or
be
subject
to
restrictions
on
resale.
A
SPAC
is
a
publicly
traded
company
that
raises
investment
capital
for
the
purpose
of
acquiring
the
equity
securities
of
one
or
more
existing
companies
(or
interests
therein)
via
merger,
combination,
acquisition
or
other
similar
transactions.
Unless
and
until an
acquisition
is
completed,
a
SPAC
generally
invests
its
assets
(less
a
portion
retained
to
cover
expenses)
in
U.S.
government
securities,
money
market
securities
and
cash
and
does
not
typically
pay
dividends
in
respect
of
its
common
stock.
SPAC
investments
are
also
subject
to
the
risk
that
a
significant
portion
of
the
funds
raised
by
the
SPAC
may
be
expended
during
the
search
for
a
target
acquisition
or
merger
and
that
the
SPAC
may
have
limited
time
in
which
to
conduct
due
diligence
on
potential
business
combination
targets.
Because
SPACs
are
in
essence
blank
check
companies
without
operating
history
or
ongoing
business
other
than
seeking
acquisitions,
the
value
of
their
securities
is
particularly
dependent
on
the
ability
of
the
entity’s
management
to
identify
and
complete
a
profitable
acquisition.
Among
other
conflicts
of
interest,
the
economic
interests
of
the
management,
directors,
officers
and
related
parties
of
a
SPAC
can
differ
from
the
economic
interests
of
public
shareholders,
which
may
lead
to
conflicts
as
they
evaluate,
negotiate
and
recommend
business
combination
transactions
to
shareholders.
This
risk
may
become
more
acute
as
the
deadline
for
the
completion
of
a
business
combination
nears.
There
is
no
guarantee
that
the
SPACs
in
which
the Trust
invests
will
complete
an
acquisition
or
that
any
acquisitions
that
are
completed
will
be
profitable.
Note
2
‒
Fair
Value
Measurement
In
accordance
with
U.S.
GAAP,
fair
value
is
defined
as
the
price
that
the Trust
would
receive
to
sell
an
investment
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
U.S.
GAAP
establishes
a
three-tier
fair
value
hierarchy
based
on
the
types
of
inputs
used
to
value
assets
and
liabilities
and
requires
corresponding
disclosure.
The
hierarchy
and
the
corresponding
inputs
are
summarized
below:
Level
1
—
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities.
Level
2
—
significant
other
observable
inputs
(for
example
quoted
prices
for
securities
that
are
similar
based
on
characteristics
such
as
interest
rates,
prepayment
speeds,
credit
risk,
etc.).
Level
3
—
significant
unobservable
inputs
based
on
the
best
information
available
under
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
which
may
include
assumptions.
Rule
2a-5
sets
forth
a
definition
of
“readily
available
market
quotations,”
which
is
consistent
with
the
definition
of
a
Level
1
input
under
U.S.
GAAP.
Rule
2a-5
provides
that
“a
market
Note
1
‒
Organization
and
Significant
Accounting
Policies 
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
|
41
August
31,
2026
quotation
is
readily
available
only
when
that
quotation
is
a
quoted
price
(unadjusted)
in
active
markets
for
identical
investments
that
the Trust
can
access
at
the
measurement
date,
provided
that
a
quotation
will
not
be
readily
available
if
it
is
not
reliable.”
Securities for
which
market
quotations
are
not
readily
available
must
be
valued
at
fair
value
as
determined
in
good
faith.
Accordingly,
any
security
priced
using
inputs
other
than
Level
1
inputs
will
be
subject
to
fair
value
requirements.
The
types
of
inputs
available
depend
on
a
variety
of
factors,
such
as
the
type
of
security
and
the
characteristics
of
the
markets
in
which
it
trades,
if
any.
Fair
valuation
determinations
that
rely
on
fewer
or
no
observable
inputs
require
greater
judgment.
Accordingly,
fair
value
determinations
for
Level
3
securities
require
the
greatest
amount
of
judgment.
Independent
third-party
pricing
services
are
used
to
value
a
majority
of
the
Trust’s
investments.
When
values
are
not
available
from
an
independent
third-party
pricing
service,
they
will
be
determined
using
a
variety
of
sources
and
techniques,
including:
market
prices;
broker
quotes;
and
models
which
derive
prices
based
on
inputs
such
as
prices
of
securities
with
comparable
maturities
and
characteristics
or
based
on
inputs
such
as
anticipated
cash
flows
or
collateral,
spread
over
U.S.
Treasury
securities,
and
other
information
and
analysis.
A
significant
portion
of
the
Trust’s
assets
and
liabilities
are
categorized
as
Level
2,
as
indicated
in
this
report.
Quotes
from
broker-dealers,
adjusted
for
fluctuations
in
criteria
such
as
credit
spreads
and
interest
rates,
may
also
be
used
to
value
the
Trust’s
assets.
Quotes
from
broker-dealers
and
vendor
prices
based
on
broker
quotes
can
vary
in
terms
of
depth
(e.g.,
provided
by
a
single
broker-dealer)
and
frequency
(e.g.,
provided
on
a
daily,
weekly,
or
monthly
basis,
or
any
other
regular
or
irregular
interval).
Although
quotes
from
broker-dealers
and
vendor
prices
based
on
broker
quotes
are
typically
received
from
established
market
participants,
the Trust
may
not
have
the
transparency
to
view
the
underlying
inputs
which
support
such
quotes.
Significant
changes
in
a
quote
from
a
broker-dealer
would
generally
result
in
significant
changes
in
the
fair
value
of
the
security.
Certain
fixed
income
securities
are
valued
by
obtaining
a
monthly
quote
from
a
broker-dealer,
adjusted
for
fluctuations
in
criteria
such
as
credit
spreads
and
interest
rates.
Certain
loans
and
other
securities
are
valued
using
a
single
daily
broker
quote
or
a
price
from
an
independent
third-party
pricing
service
based
on
a
single
daily
or
monthly
broker
quote.
Private
funds
are
valued
using
the
net
asset
value
(or
its
equivalent)
as
a
practical
expedient
to
estimate
fair
value
of
investments
in
private
funds,
provided
certain
conditions
are
met.
As
such,
the
Trust’s
investments
in
private
funds
are
carried
at
fair
value
which
generally
represents
the
Trust’s
pro-rata
interest
in
the
net
assets
of
each
private
fund
as
reported
by
the
administrators
and/or
investment
managers
of
the
underlying
private
funds. As
needed,
the
reported
net
asset
value
is
adjusted
for
investment
activity
subsequent
to
the
most
recent
net
asset
value
provided
by
the
private
funds'
management.
The
inputs
or
methodologies
selected
and
applied
for
valuing
securities
or
other
assets
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
Note
2
‒
Fair
Value
Measurement
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
42
|
August
31,
2026
suitability,
appropriateness
and
accuracy
of
the
techniques,
methodologies
and
sources
employed
to
determine
fair
valuation
are
periodically
reviewed
and
subject
to
change.
Note
3
‒
Derivatives
As
part
of
its
investment
strategy,
the Trust
utilizes
a
variety
of
derivative
instruments.
These
investments
involve,
to
varying
degrees,
elements
of
market
risk. Valuation
and
accounting
treatment
of
these
instruments
can
be
found
under
Significant
Accounting
Policies
in
Note
1
of
these
Notes
to
Schedule
of
Investments.
Derivatives
are
instruments
whose
values
depend
on,
or
are
derived
from,
in
whole
or
in
part,
the
value
of
one
or
more
other
assets,
such
as
securities,
currencies,
commodities
or
indices.
Derivative
instruments
may
be
used
for
investment
purposes
(including
to
maintain
cash
reserves
while
maintaining
exposure
to
certain
other
assets),
for
risk
management
(hedging)
purposes,
for
diversification
purposes,
to
change
the
duration
of
the
Trust,
for
leverage
purposes,
to
facilitate
trading,
to
reduce
transaction
costs
and
to
pursue
higher
investment
returns.
Derivative
instruments
may
also
be
used
to
seek
to
mitigate
certain
investment
risks,
such
as
foreign
currency
exchange
rate
risk,
interest
rate
risk
and
credit
risk.
U.S.
GAAP
requires
disclosures
to
enable
investors
to
better
understand
how
and
why
the
Trust
uses
derivative
instruments,
how
these
derivative
instruments
are
accounted
for
and
their
effects
on
the
Trust’s
financial
position
and
results
of
operations.
The Trust
utilized
derivatives
for
the
following
purposes:
Duration
:
the
use
of
an
instrument
to
manage
the
interest
rate
risk
of
a
portfolio. 
Hedge
:
an
investment
made
in
order
to
reduce
the
risk
of
adverse
price
movements
in
a
security,
by
taking
an
offsetting
position
to
protect
against
broad
market
moves.
Speculation
:
the
use
of
an
instrument
to
express
macro-economic
and
other
investment
views.
To
the
extent
the
Trust’s
investment
strategy
consistently
involves
applying
leverage,
the
value
of
the
Trust’s
shares
will
tend
to
increase
or
decrease
more
than
the
value
of
any
increase
or
decrease
in
the
underlying
index
or
other
asset.
In
addition,
because
an
investment
in
derivative
instruments
generally
requires
a
small
investment
relative
to
the
amount
of
investment
exposure
assumed,
an
opportunity
for
increased
net
income
is
created;
but,
at
the
same
time,
leverage
risk
will
increase.
The
Trust’s
use
of
leverage,
through
borrowings
or
instruments
such
as
derivatives,
may
cause
an
investment
in
the Trust
to
be
more
volatile
and
riskier
than
if
the Trust
had
not
been
leveraged.
Options
Purchased
and
Written
A
call
option
on
a
security
gives
the
purchaser
of
the
option
the
right
to
buy,
and
the
writer
of
a
call
option
the
obligation
to
sell,
the
underlying
security.
The
purchaser
of
a
put
option
has
the
right
to
sell,
and
the
writer
of
the
put
option
the
obligation
to
buy,
the
underlying
security
at
any
time
during
the
option
period.
The
risk
associated
with
purchasing
options
is
limited
to
the
premium
originally
paid.
Note
2
‒
Fair
Value
Measurement
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
|
43
August
31,
2026
Swap
Agreements
A
swap
is
an
agreement
that
obligates
two
parties
to
exchange
a
series
of
cash
flows
at
specified
intervals
based
upon
or
calculated
by
reference
to
changes
in
specified
prices
or
rates
for
a
specified
amount
of
an
underlying
asset.
When
utilizing
OTC
swaps,
the
Trust
bears
the
risk
of
loss
of
the
amount
expected
to
be
received
under
a
swap
agreement
in
the
event
of
the
default
or
bankruptcy
of
a
swap
agreement
counterparty
or
if
the
underlying
asset
declines
in
value.
Certain
standardized
swaps
are
subject
to
mandatory
central
clearing
and
are
executed
on
a
multi-lateral
or
other
trade
facility
platform,
such
as
a
registered
exchange.
There
is
limited
counterparty
credit
risk
with
respect
to
centrally-cleared
swaps
as
the
transaction
is
facilitated
through
a
central
clearinghouse,
much
like
exchange-traded
futures
contracts.
If
the
Trust
utilizes
centrally-cleared
swaps,
the
exchange
bears
the
risk
of
loss
resulting
from
a
counterparty
not
being
able
to
pay.
There
is
no
guarantee
that
the
Trust
or
an
underlying
fund
could
eliminate
its
exposure
under
an
outstanding
swap
agreement
by
entering
into
an
offsetting
swap
agreement
with
the
same
or
another
party. 
Credit
default
swaps
are
instruments
which
allow
for
the
full
or
partial
transfer
of
third-party
credit
risk,
with
respect
to
a
particular
entity
or
entities,
from
one
counterparty
to
the
other.
The Trust
enters
into
credit
default
swaps
as
a
“seller”
or
“buyer”
of
protection
primarily
to
gain
or
reduce
exposure
to
the
investment
grade
and/or
high
yield
bond
market.
A
seller
of
credit
default
swaps
is
selling
credit
protection
or
assuming
credit
risk
with
respect
to
the
underlying
entity
or
entities.
The
buyer
in
a
credit
default
swap
is
obligated
to
pay
the
seller
a
periodic
stream
of
payments
over
the
term
of
the
contract
provided
that
no
event
of
default
on
an
underlying
reference
obligation
has
occurred.
If
a
credit
event
occurs,
as
defined
under
the
terms
of
the
swap
agreement,
the
seller
will
either
(i)
pay
to
the
buyer
of
protection
an
amount
equal
to
the
notional
amount
of
the
swap
and
take
delivery
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index
or
(ii)
pay
a
net
settlement
amount
in
the
form
of
cash
or
securities
equal
to
the
notional
amount
of
the
swap
less
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
The
notional
amount
reflects
the
maximum
potential
amount
the
seller
of
credit
protection
could
be
required
to
pay
to
the
buyer
if
a
credit
event
occurs.
The
seller
of
protection
receives
periodic
premium
payments
from
the
buyer
and
may
also
receive
or
pay
an
upfront
premium
adjustment
to
the
stated
periodic
payments.
In
the
event
a
credit
default
occurs
on
a
credit
default
swap
referencing
an
index,
a
factor
adjustment
will
take
place
and
the
buyer
of
protection
will
receive
a
payment
reflecting
the
par
less
the
default
recovery
rate
of
the
defaulted
index
component
based
on
its
weighting
in
the
index.
If
no
default
occurs,
the
counterparty
will
pay
the
stream
of
payments
and
have
no
further
obligations
to
the Trust if
the
Trust is
selling
the
credit
protection.
If
the Trust
utilizes
centrally
cleared
credit
default
swaps,
the
exchange
bears
the
risk
of
loss
resulting
from
a
counterparty
not
being
able
to
pay.
For
OTC
credit
default
swaps,
the Trust
bears
the
risk
of
loss
of
the
amount
expected
to
be
received
under
a
swap
agreement
in
the
event
of
the
default
or
bankruptcy
of
a
swap
agreement
counterparty,
or
in
the
case
of
a
credit
default
swap
in
which
the Trust
is
selling
credit
protection,
the
default
of
a
third-party
issuer. 
Note
3
‒
Derivatives
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
44
|
August
31,
2026
The
quoted
market
prices
and
resulting
market
values
for
credit
default
swap
agreements
on
securities
and
credit
indices
serve
as
an
indicator
of
the
current
status
of
the
payment/
performance
risk
and
represent
the
likelihood
of
an
expected
liability
(or
profit)
for
the
credit
derivative
had
the
notional
amount
of
the
swap
agreement
been
closed/sold
as
of
the
period
end.
Increasing
market
values,
in
absolute
terms
when
compared
to
the
notional
amount
of
the
swap,
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement. 
Forward
Foreign
Currency
Exchange
Contracts 
A
forward
foreign
currency
exchange
contract
is
an
agreement
between
two
parties
to
exchange
two
designated
currencies
at
a
specific
time
in
the
future.
Certain
types
of
contracts
may
be
cash
settled,
in
an
amount
equal
to
the
change
in
exchange
rates
during
the
term
of
the
contract.
The
contracts
can
be
used
to hedge
or
manage
exposure
to
foreign
currency
risks
with
portfolio
investments
or
to gain
exposure
to
foreign
currencies.
The
market
value
of
a
forward
foreign
currency
exchange
contract
changes
with
fluctuations
in
foreign
currency
exchange
rates.
Furthermore,
the Trust
may
be
exposed
to
risk
if
the
counterparties
cannot
meet
the
contract
terms
or
if
the
currency
value
changes
unfavorably
as
compared
to
the
U.S.
dollar.
In
conjunction
with the
use
of
derivative
instruments,
the Trust
is
required
to
maintain
collateral
in
various
forms.
Depending
on
the
financial
instrument
utilized
and
the
broker
involved,
the Trust
uses
margin
deposits
at
the
broker,
cash
and/or
securities
segregated
at
the
custodian
bank,
discount
notes
or
repurchase
agreements
allocated
to
the Trust
as
collateral.
The Trust
has
established
counterparty
credit
guidelines
and
enters
into
transactions
only
with
financial
institutions
rated/identified
as
investment
grade
or
better.
The Trust
monitors
the
counterparty
credit
risk
associated
with
each
such
financial
institution.
Foreign
Investments 
There
are
several
risks
associated
with
exposure
to
foreign
currencies,
foreign
issuers
and
emerging
markets.
The
Trust’s
indirect
and
direct
exposure
to
foreign
currencies
subjects
the Trust
to
the
risk
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar,
or
in
the
case
of
short
positions,
that
the
U.S.
dollar
will
decline
in
value
relative
to
the
currency
being
hedged.
Currency
rates
in
foreign
countries
may
fluctuate
significantly
over
short
periods
of
time
for
a
number
of
reasons,
including
changes
in
interest
rates
and
the
imposition
of
currency
controls
or
other
political
developments
in
the
U.S.
or
abroad.
In
addition,
the Trust
may
incur
transaction
costs
in
connection
with
conversions
between
various
currencies.
The Trust
may,
but
is
not
obligated
to,
engage
in
currency
hedging
transactions,
which
generally
involve
buying
currency
forward,
options
or
futures
contracts.
However,
not
all
currency
risks
may
be
effectively
hedged,
and
in
some
cases
the
costs
of
hedging
techniques
may
outweigh
expected
benefits.
In
such
instances,
the
value
of
securities
denominated
in
foreign
currencies
can
change
significantly
when
foreign
currencies
strengthen
or
weaken
relative
to
the
U.S.
dollar.
Note
3
‒
Derivatives
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
|
45
August
31,
2026
The Trust
may
invest
in
securities
of
foreign
companies
directly,
or
in
financial
instruments,
such
as
ADRs
and
exchange-traded
funds,
which
are
indirectly
linked
to
the
performance
of
foreign
issuers.
Foreign
markets
can
be
more
volatile
than
the
U.S.
market
due
to
increased
risks
of
adverse
issuer,
political,
regulatory,
market,
or
economic
developments
and
can
perform
differently
from
the
U.S.
market.
Investing
in
securities
of
foreign
companies
directly,
or
in
financial
instruments
that
are
indirectly
linked
to
the
performance
of
foreign
issuers,
may
involve risks
not
typically
associated
with
investing
in
U.S.
issuers.
The
value
of
securities
denominated
in
foreign
currencies,
and
of
dividends
from
such
securities,
can
change
significantly
when
foreign
currencies
strengthen
or
weaken
relative
to
the
U.S.
dollar.
Foreign
securities
markets
generally
have
less
trading
volume
and
less
liquidity
than
U.S.
markets,
and
prices
in
some
foreign
markets
may
fluctuate
more
than
those
of
securities
traded
on
U.S.
markets.
Many
foreign
countries
lack
accounting
and
disclosure
standards
comparable
to
those
that
apply
to
U.S.
companies,
and
it
may
be
more
difficult
to
obtain
reliable
information
regarding
a
foreign
issuer’s
financial
condition
and
operations.
Transaction
costs
and
costs
associated
with
custody
services
are
generally
higher
for
foreign
securities
than
they
are
for
U.S.
securities.
Some
foreign
governments
levy
withholding
taxes
against
dividend
and
interest
income.
Although
in
some
countries
portions
of
these
taxes
are
recoverable,
the
non-recovered
portion
will
reduce
the
income
received
by
the
Trust.
Reverse
Repurchase
Agreements
The Trust
may
enter
into
reverse
repurchase
agreements
as
part
of
its
financial
leverage
strategy.
Under
a
reverse
repurchase
agreement,
the Trust
temporarily
transfers
possession
of
a
portfolio
instrument
to
another
party,
such
as
a
bank
or
broker-dealer,
in
return
for
cash.
At
the
same
time,
the Trust
agrees
to
repurchase
the
instrument
at
an
agreed
upon
time
and
price,
which
reflects
an
interest
payment.
Such
agreements
have
the
economic
effect
of
borrowings.
The Trust
may
enter
into
such
agreements to
seek to
invest
the
cash
acquired
at
a
rate
higher
than
the
cost
of
the
agreement,
which
would
increase
earned
income.
When
the Trust
enters
into
a
reverse
repurchase
agreement,
any
fluctuations
in
the
market
value
of
either
the
instruments
transferred
to
another
party
or
the
instruments
in
which
the
proceeds
may
be
invested
would
affect
the
market
value
of
the
Trust's
assets.
As
a
result,
such
transactions
may
increase
fluctuations
in
the
market
value
of
the
Trust's
assets.
Note
4 ‒
Unfunded
Loan
Commitments
and
Other
Commitments 
Pursuant
to
the
terms
of
certain
loan
agreements,
the Trust
held
unfunded
loan
commitments
as
of August
31,
2026.
The Trust
is
obligated
to
fund
these
loan
commitments
at
the
borrower’s
discretion.
The
unfunded
loan
commitments
as
of August
31,
2026,
were
as
follows:
Borrower
Maturity
Date
Face
Amount
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Cliffwater
LLC
10/07/30
$
30,000
$
27,942
$
28,011
$
69
Datix
Bidco
Ltd.
10/30/30
123,500
106,396
112,779
6,383
Datix
Bidco
Ltd.
04/30/31
140,000
140,000
139,245
(
755
)
HIG
Operations
Holdings,
Inc.
06/11/31
54,899
54,779
54,365
(
414
)
Note
3
‒
Derivatives
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
46
|
August
31,
2026
As
of August
31,
2026,
the Trust has
committed
to
invest
additional
capital
in
the
future
and
is
obligated
to
fund
the
following
commitments
for
each
respective
private
fund:
Note
5
‒
Restricted
Securities
The
securities
below
are
considered
illiquid
and
restricted
under
guidelines
established
by
the
Board:
Note
6
‒
Market
Risks
The
value
of,
or
income
generated
by,
the
investments
held
by
the Trust
are
subject
to
the
possibility
of
rapid
and
unpredictable
fluctuation,
and
loss
that
may
result
from
various
factors.
These
factors
include,
among
others,
developments
affecting
(or
perceived
to
affect)
individual
companies,
or
issuers
or
particular
industries,
or
from
broader
influences,
including
real
or
perceived
changes
in
prevailing
interest
rates
(which
may
change
at
any
time
based
on
changes
in
monetary
policies
and
various
market
and
other
economic
conditions),
changes
in
inflation
rates
or
expectations
about
inflation
rates,
deflation,
adverse
investor
confidence
or
sentiment,
general
outlook
for
corporate
earnings,
changing
economic,
Borrower
Maturity
Date
Face
Amount
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Kroll,
Inc.
09/13/32
$
71,667
$
66,945
$
71,667
$
4,722
MB2
Dental
Solutions
LLC
02/13/31
52,200
46,488
48,055
1,567
Polaris
Newco
LLC
03/03/28
94,000
94,000
94,000
—
Vacation
Rental
Brands
Holdings
05/06/32
180,758
179,268
179,191
(
77
)
$11,495
Private
Funds
Commitment
Amount
FTAI
Aircraft
Leasing
Offshore
SPV,
LP1
$112,500
Restricted
Securities
Acquisition
Date
Cost
Value
Central
Storage
Safety
Project
Trust
4.82%
due
02/01/38
02/02/18
$
5,703,157
$
5,296,612
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
10/29/25
2,087,640
2,090,520
Mirabela
Nickel
Ltd.
due
06/24/19*
,β
12/31/13
87,217
241
$
7,878,014
$
7,387,373
*
Non-income
producing
security.
β
Security
is
in
default
of
interest
and/or
principal
obligations.
Note
4 ‒
Unfunded
Loan
Commitments
and
Other
Commitments 
(continued)
INVESTMENTS
(Unaudited)
(continued)
NOTES
TO
SCHEDULE
OF
|
47
August
31,
2026
As
of August
31,
2026,
the Trust has
committed
to
invest
additional
capital
in
the
future
and
is
obligated
to
fund
the
following
commitments
for
each
respective
private
fund:
Note
5
‒
Restricted
Securities
The
securities
below
are
considered
illiquid
and
restricted
under
guidelines
established
by
the
Board:
Note
6
‒
Market
Risks
The
value
of,
or
income
generated
by,
the
investments
held
by
the Trust
are
subject
to
the
possibility
of
rapid
and
unpredictable
fluctuation,
and
loss
that
may
result
from
various
factors.
These
factors
include,
among
others,
developments
affecting
(or
perceived
to
affect)
individual
companies,
or
issuers
or
particular
industries,
or
from
broader
influences,
including
real
or
perceived
changes
in
prevailing
interest
rates
(which
may
change
at
any
time
based
on
changes
in
monetary
policies
and
various
market
and
other
economic
conditions),
changes
in
inflation
rates
or
expectations
about
inflation
rates,
deflation,
adverse
investor
confidence
or
sentiment,
general
outlook
for
corporate
earnings,
changing
economic,
Borrower
Maturity
Date
Face
Amount
Commitment
Amount
Value
Unrealized
Appreciation
(Depreciation)
Kroll,
Inc.
09/13/32
$
71,667
$
66,945
$
71,667
$
4,722
MB2
Dental
Solutions
LLC
02/13/31
52,200
46,488
48,055
1,567
Polaris
Newco
LLC
03/03/28
94,000
94,000
94,000
—
Vacation
Rental
Brands
Holdings
05/06/32
180,758
179,268
179,191
(
77
)
$11,495
Private
Funds
Commitment
Amount
FTAI
Aircraft
Leasing
Offshore
SPV,
LP1
$112,500
Restricted
Securities
Acquisition
Date
Cost
Value
Central
Storage
Safety
Project
Trust
4.82%
due
02/01/38
02/02/18
$
5,703,157
$
5,296,612
Insured
Lending
1
Ltd.
6.50%
due
02/04/32
10/29/25
2,087,640
2,090,520
Mirabela
Nickel
Ltd.
due
06/24/19*
,β
12/31/13
87,217
241
$
7,878,014
$
7,387,373
*
Non-income
producing
security.
β
Security
is
in
default
of
interest
and/or
principal
obligations.
political
(including
geopolitical),
social
or
financial
market
conditions,
bank
failures,
increased
instability
or
general
uncertainty,
extreme
weather,
natural/environmental
or
man-made
disasters,
or
geological
events,
governmental
actions, tariffs
(which
may
be
imposed
by
U.S.
and
foreign
governments)
and
trade
disruptions,
public
health
emergencies
(such
as
the
spread
of
infectious
diseases,
pandemics
and
epidemics),
debt
crises,
terrorism,
actual
or
threatened
wars
or
other
armed
conflicts
(such
as
the
conflict
in
the
Middle
East
and
the
ongoing
Russia-Ukraine
conflict
and
its
collateral
economic
and
other
effects,
including,
but
not
limited
to,
sanctions
and
other
international
trade
barriers)
or
ratings
downgrades,
and
other
similar
events,
each
of
which
may
be
temporary
or
last
for
extended
periods.
Different
sectors,
industries
and
security
types
may
react
differently
to
such
developments.
Moreover,
changing
economic,
political,
geopolitical,
social,
financial
market
or
other
conditions
in
one
country,
geographic
region
or
industry
could
adversely
affect
the
value,
yield
and
return
of
the
investments
held
by
the Trust
in
a
different
country,
geographic
region,
economy,
industry
or
market
because
of
the
increasingly
interconnected
global
economies
and
financial
markets.
The
duration
and
extent
of
the
foregoing
types
of
factors
or
conditions
are
highly
uncertain
and
difficult
to
predict
and
have
in
the
past,
and
may
in
the
future,
cause
volatility
and
distress
in
economies
and
financial
markets
or
other
adverse
circumstances,
which
may
negatively
affect
the
value of
the
Trust’s
investments
and
performance
of
the
Trust.
Note
6
‒
Market
Risks
(continued)
OTHER
INFORMATION
(Unaudited)
48
|
August
31,
2026
Sector
Classification
Information
in
the
“Schedule
of
Investments”
is
categorized
by
sectors
using
sector-level
classifications
used
by
Bloomberg
Industry
Classification
System,
a
widely
recognized
industry
classification
system
provider.
In
the
Trust’s
registration
statement,
the
Trust
has
investment
policies
relating
to
concentration
in
specific
industries.
For
purposes
of
these
investment
policies,
the
Trust
usually
classifies
industries
based
on
industry-level
classifications
used
by
widely
recognized
industry
classification
system
providers
such
as
Bloomberg
Industry
Classification
System,
Global
Industry
Classification
Standards
and
Barclays
Global
Classification
Scheme.