Transparent Value Trust NPORT-P Guggenheim RBP Large-Cap Market Fund (Dec 2019 report)

Directional Allocation Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.9%
Consumer, Non-cyclical - 24.0%
Teleflex, Inc.		17,651	$	6,644,542
UnitedHealth Group, Inc.		22,117		6,501,956
Zoetis, Inc.		48,320		6,395,152
Monster Beverage Corp.*		99,668		6,333,901
Medtronic plc		52,434		5,948,637
Merck & Company, Inc.		64,325		5,850,359
Jazz Pharmaceuticals plc*		36,361		5,427,970
Post Holdings, Inc.*		47,763		5,210,943
US Foods Holding Corp.*		122,625		5,136,761
Procter & Gamble Co.		40,278		5,030,722
Constellation Brands, Inc. — Class A		25,414		4,822,307
Vertex Pharmaceuticals, Inc.*		16,826		3,684,052
Intuitive Surgical, Inc.*		5,971		3,529,757
AbbVie, Inc.		37,184		3,292,271
Estee Lauder Companies, Inc. — Class A		15,728		3,248,461
Danaher Corp.		21,018		3,225,843
Eli Lilly & Co.		23,932		3,145,383
Amgen, Inc.		12,888		3,106,910
Global Payments, Inc.		16,713		3,051,125
Booz Allen Hamilton Holding Corp.		41,899		2,980,276
Thermo Fisher Scientific, Inc.		9,147		2,971,586
Becton Dickinson and Co.		10,879		2,958,761
Bristol-Myers Squibb Co.		45,478		2,919,233
Edwards Lifesciences Corp.*		12,508		2,917,991
PayPal Holdings, Inc.*		26,727		2,891,060
Stryker Corp.		13,598		2,854,764
MarketAxess Holdings, Inc.		7,503		2,844,462
Abbott Laboratories		32,658		2,836,674
Illumina, Inc.*		8,093		2,684,772
S&P Global, Inc.		9,587		2,617,730
Regeneron Pharmaceuticals, Inc.*		6,804		2,554,766
Verisk Analytics, Inc. — Class A		16,706		2,494,874
Tyson Foods, Inc. — Class A		26,689		2,429,767
FleetCor Technologies, Inc.*		8,419		2,422,315
Mondelez International, Inc. — Class A		43,444		2,392,896
Herbalife Nutrition Ltd.*		46,182		2,201,496
Bright Horizons Family Solutions, Inc.*		14,533		2,184,165
Total Consumer, Non-cyclical				137,744,640
Financial - 18.7%
JPMorgan Chase & Co.		54,318		7,571,929
Zions Bancorp North America		129,879		6,743,318
Fifth Third Bancorp		199,675		6,138,009
Alexandria Real Estate Equities, Inc. REIT		36,403		5,881,997
Progressive Corp.		80,910		5,857,075
Intercontinental Exchange, Inc.		62,312		5,766,976
American Financial Group, Inc.		46,517		5,100,589
First Republic Bank		31,435		3,692,041
Equity LifeStyle Properties, Inc. REIT		48,169		3,390,616
Bank of America Corp.		96,040		3,382,529
Aon plc		16,170		3,368,049
Citigroup, Inc.		41,443		3,310,881
Huntington Bancshares, Inc.		217,619		3,281,694
Mastercard, Inc. — Class A		10,828		3,233,132
Credit Acceptance Corp.*		7,304		3,230,778
U.S. Bancorp		54,264		3,217,313
Equinix, Inc. REIT		5,327		3,109,370
Visa, Inc. — Class A		16,366		3,075,171
Douglas Emmett, Inc. REIT		69,388		3,046,133
Prologis, Inc. REIT		33,827		3,015,339
KeyCorp		148,730		3,010,295
Arch Capital Group Ltd.*		69,215		2,968,632
Synchrony Financial		82,094		2,956,205
Mid-America Apartment Communities, Inc. REIT		22,071		2,910,282
CBRE Group, Inc. — Class A*		44,860		2,749,469
People's United Financial, Inc.		154,992		2,619,365
T. Rowe Price Group, Inc.		20,756		2,528,911
Ally Financial, Inc.		80,110		2,448,162
Total Financial				107,604,260
Consumer, Cyclical - 14.8%
Alaska Air Group, Inc.		96,288		6,523,512
LKQ Corp.*		180,141		6,431,034
TJX Companies, Inc.		95,061		5,804,425
CarMax, Inc.*		65,790		5,767,809
Williams-Sonoma, Inc.		76,031		5,583,717
Lennar Corp. — Class A		76,399		4,262,300
Darden Restaurants, Inc.		38,410		4,187,074
Delta Air Lines, Inc.		56,011		3,275,523
Lululemon Athletica, Inc.*		13,991		3,241,295
Allison Transmission Holdings, Inc.		64,230		3,103,594
Burlington Stores, Inc.*		13,594		3,099,840
Hilton Worldwide Holdings, Inc.		27,599		3,061,005
JetBlue Airways Corp.*		163,265		3,056,321
DR Horton, Inc.		54,646		2,882,577
Ross Stores, Inc.		24,035		2,798,155
Live Nation Entertainment, Inc.*		39,099		2,794,406
Walmart, Inc.		22,791		2,708,482
Starbucks Corp.		30,003		2,637,864
Dollar General Corp.		16,667		2,599,719
Copart, Inc.*		28,373		2,580,240
Aptiv plc		25,421		2,414,232
Home Depot, Inc.		10,996		2,401,306
Costco Wholesale Corp.		7,447		2,188,822
Tractor Supply Co.		21,321		1,992,234
Total Consumer, Cyclical				85,395,486
Communications - 11.2%
Walt Disney Co.		42,790		6,188,718
IAC/InterActiveCorp*		22,991		5,727,288
Charter Communications, Inc. — Class A*		10,861		5,268,454
Comcast Corp. — Class A		111,134		4,997,696
AT&T, Inc.		126,262		4,934,319
Alphabet, Inc. — Class C*		2,731		3,651,402
Facebook, Inc. — Class A*		16,645		3,416,386
CDW Corp.		23,341		3,334,029
FactSet Research Systems, Inc.		11,487		3,081,962
Discovery, Inc. — Class A*		87,386		2,861,018
VeriSign, Inc.*		14,007		2,698,869
Motorola Solutions, Inc.		16,107		2,595,482
GoDaddy, Inc. — Class A*		35,708		2,425,287
Cisco Systems, Inc.		50,565		2,425,097
Verizon Communications, Inc.		38,952		2,391,653

Directional Allocation Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.9% (continued)
Communications - 11.2% (continued)
Omnicom Group, Inc.		26,965	$	2,184,704
Altice USA, Inc. — Class A*		79,271		2,167,269
ViacomCBS, Inc. — Class B		51,412		2,157,761
Cable One, Inc.		1,398		2,080,881
Total Communications				64,588,275
Technology - 11.2%
Microsoft Corp.		23,009		3,628,519
Fidelity National Information Services, Inc.		23,401		3,254,845
Tyler Technologies, Inc.*		10,581		3,174,512
Leidos Holdings, Inc.		31,868		3,119,558
Cadence Design Systems, Inc.*		44,787		3,106,426
salesforce.com, Inc.*		19,050		3,098,292
Qorvo, Inc.*		26,418		3,070,564
Skyworks Solutions, Inc.		25,325		3,061,286
MSCI, Inc. — Class A		11,751		3,033,873
Black Knight, Inc.*		44,915		2,896,119
Genpact Ltd.		66,081		2,786,636
CDK Global, Inc.		50,559		2,764,566
Dell Technologies, Inc. — Class C*		53,738		2,761,596
Intuit, Inc.		10,526		2,757,075
Teradyne, Inc.		40,230		2,743,284
Jack Henry & Associates, Inc.		17,377		2,531,308
Broadridge Financial Solutions, Inc.		20,239		2,500,326
Citrix Systems, Inc.		22,535		2,499,132
VMware, Inc. — Class A*		16,265		2,468,865
Activision Blizzard, Inc.		40,410		2,401,162
Oracle Corp.		42,668		2,260,551
Broadcom, Inc.		7,143		2,257,331
Analog Devices, Inc.		18,098		2,150,766
Total Technology				64,326,592
Industrial - 10.4%
Martin Marietta Materials, Inc.		21,933		6,133,344
Carlisle Companies, Inc.		36,468		5,901,981
Lockheed Martin Corp.		15,089		5,875,355
FLIR Systems, Inc.		98,017		5,103,745
Allegion plc		32,960		4,104,838
TransDigm Group, Inc.		6,285		3,519,600
Dover Corp.		29,481		3,397,980
Jabil, Inc.		79,656		3,292,183
HEICO Corp.		28,389		3,240,604
Keysight Technologies, Inc.*		30,076		3,086,700
L3Harris Technologies, Inc.		14,927		2,953,605
Sealed Air Corp.		72,588		2,891,180
Waste Management, Inc.		24,109		2,747,462
Fortune Brands Home & Security, Inc.		41,923		2,739,249
Northrop Grumman Corp.		7,412		2,549,506
Gentex Corp.		73,184		2,120,872
Total Industrial				59,658,204
Energy - 4.1%
ONEOK, Inc.		68,698		5,198,377
Baker Hughes Co.		111,179		2,849,518
ConocoPhillips		42,542		2,766,506
EOG Resources, Inc.		32,958		2,760,562
Kinder Morgan, Inc.		130,051		2,753,180
Chevron Corp.		21,863		2,634,710
Exxon Mobil Corp.		33,041		2,305,601
Cabot Oil & Gas Corp. — Class A		131,169		2,283,653
Total Energy				23,552,107
Utilities - 3.2%
AES Corp.		134,239		2,671,356
Aqua America, Inc.		55,072		2,585,080
Pinnacle West Capital Corp.		26,216		2,357,605
Xcel Energy, Inc.		35,603		2,260,434
NextEra Energy, Inc.		9,094		2,202,203
Edison International		28,353		2,138,100
NRG Energy, Inc.		53,060		2,109,135
National Fuel Gas Co.		44,903		2,089,786
Total Utilities				18,413,699
Basic Materials - 1.3%
Sherwin-Williams Co.		12,421		7,248,150
Total Common Stocks
(Cost $532,732,138)				568,531,413
EXCHANGE-TRADED FUNDS† - 0.9%
SPDR S&P 500 ETF Trust		9,118		2,934,720
Vanguard S&P 500 ETF		7,469		2,209,330
Total Exchange-Traded Funds
(Cost $5,071,833)				5,144,050
Total Investments - 99.8%
(Cost $537,803,971)			$	573,675,463
Other Assets & Liabilities, net - 0.2%				1,242,404
Total Net Assets - 100.0%			$	574,917,867

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Directional Allocation Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 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	$	568,531,413	$	—	$	—	$	568,531,413
Exchange-Traded Funds		5,144,050		—		—		5,144,050
Total Assets	$	573,675,463	$	—	$	—	$	573,675,463

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.0%
Financial - 24.5%
Park Hotels & Resorts, Inc. REIT		23,695	$	612,990
Invesco Ltd.		31,855		572,753
Gaming and Leisure Properties, Inc. REIT		11,953		514,576
People's United Financial, Inc.		20,611		348,326
KeyCorp		17,015		344,384
Huntington Bancshares, Inc.		21,197		319,651
PNC Financial Services Group, Inc.		1,789		285,578
Citizens Financial Group, Inc.		7,007		284,554
MetLife, Inc.		5,544		282,578
Truist Financial Corp.		4,880		274,842
Fifth Third Bancorp		8,854		272,172
Principal Financial Group, Inc.		4,801		264,055
JPMorgan Chase & Co.		1,874		261,235
First Horizon National Corp.		14,633		242,322
Ameriprise Financial, Inc.		1,392		231,879
U.S. Bancorp		3,390		200,993
Synchrony Financial		5,475		197,155
First American Financial Corp.		3,191		186,099
Popular, Inc.		2,725		160,094
Visa, Inc. — Class A		192		36,077
Mastercard, Inc. — Class A		105		31,352
Total Financial				5,923,665
Consumer, Non-cyclical - 21.8%
Altria Group, Inc.		11,429		570,421
AbbVie, Inc.		6,302		557,979
Philip Morris International, Inc.		5,565		473,526
Bristol-Myers Squibb Co.		4,569		293,284
Kellogg Co.		3,649		252,365
General Mills, Inc.		4,407		236,039
Amgen, Inc.		953		229,740
Johnson & Johnson		1,503		219,243
Flowers Foods, Inc.		9,496		206,443
Kimberly-Clark Corp.		1,464		201,373
Colgate-Palmolive Co.		2,823		194,335
Merck & Company, Inc.		2,024		184,083
PepsiCo, Inc.		1,345		183,821
Eli Lilly & Co.		1,309		172,042
Procter & Gamble Co.		1,306		163,120
UnitedHealth Group, Inc.		514		151,105
Sysco Corp.		1,755		150,122
Quest Diagnostics, Inc.		1,306		139,468
Medtronic plc		1,194		135,459
Automatic Data Processing, Inc.		759		129,410
Allergan plc		643		122,922
Abbott Laboratories		1,164		101,105
HCA Healthcare, Inc.		654		96,668
Booz Allen Hamilton Holding Corp.		1,171		83,293
Thermo Fisher Scientific, Inc.		59		19,168
Total Consumer, Non-cyclical				5,266,534
Consumer, Cyclical - 13.1%
Kohl's Corp.		8,981		457,582
Wynn Resorts Ltd.		2,192		304,403
Cinemark Holdings, Inc.		8,699		294,461
Hanesbrands, Inc.		19,734		293,050
Autoliv, Inc.		3,144		265,385
Cummins, Inc.		1,415		253,228
Royal Caribbean Cruises Ltd.		1,786		238,449
Fastenal Co.		5,888		217,562
Target Corp.		1,467		188,084
Delta Air Lines, Inc.		3,087		180,528
Darden Restaurants, Inc.		1,495		162,970
Hasbro, Inc.		1,363		143,946
Walmart, Inc.		1,047		124,425
Casey's General Stores, Inc.		345		54,852
Total Consumer, Cyclical				3,178,925
Industrial - 10.2%
Westrock Co.		9,291		398,677
Emerson Electric Co.		3,403		259,513
Caterpillar, Inc.		1,748		258,145
Eaton Corporation plc		2,717		257,354
Packaging Corporation of America		1,959		219,388
United Parcel Service, Inc. — Class B		1,759		205,909
Hubbell, Inc.		1,283		189,653
Union Pacific Corp.		962		173,920
National Instruments Corp.		3,610		152,848
Johnson Controls International plc		3,620		147,370
Republic Services, Inc. — Class A		1,556		139,464
Agilent Technologies, Inc.		827		70,551
Total Industrial				2,472,792
Technology - 8.0%
NetApp, Inc.		4,852		302,037
Broadcom, Inc.		885		279,678
HP, Inc.		12,271		252,169
QUALCOMM, Inc.		2,739		241,662
Lam Research Corp.		596		174,270
KLA Corp.		856		152,514
Analog Devices, Inc.		1,254		149,025
Broadridge Financial Solutions, Inc.		877		108,344
Microsoft Corp.		647		102,032
Jack Henry & Associates, Inc.		498		72,544
Genpact Ltd.		1,284		54,147
Intuit, Inc.		169		44,266
Total Technology				1,932,688
Energy - 6.7%
Valero Energy Corp.		3,850		360,552
Kinder Morgan, Inc.		16,231		343,610
ONEOK, Inc.		4,352		329,316
Exxon Mobil Corp.		4,646		324,198
Chevron Corp.		2,213		266,689
Total Energy				1,624,365
Utilities - 6.6%
PPL Corp.		12,140		435,583
Dominion Energy, Inc.		3,957		327,719
AES Corp.		15,000		298,500
Southern Co.		4,558		290,344
Duke Energy Corp.		2,781		253,655
Total Utilities				1,605,801
Communications - 5.4%
AT&T, Inc.		9,837		384,430
Verizon Communications, Inc.		4,716		289,562
Omnicom Group, Inc.		3,032		245,653
Cisco Systems, Inc.		4,006		192,128

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.0% (continued)
Communications - 5.4% (continued)
Corning, Inc.		6,446	$	187,643
Total Communications				1,299,416
Basic Materials - 1.7%
LyondellBasell Industries N.V. — Class A		4,449		420,341
Total Common Stocks
(Cost $21,001,233)				23,724,527
EXCHANGE-TRADED FUNDS† - 1.2%
Vanguard Dividend Appreciation ETF		1,200		149,592
iShares Select Dividend ETF		1,332		140,739
Total Exchange-Traded Funds
(Cost $288,208)				290,331
Total Investments - 99.2%
(Cost $21,289,441)			$	24,014,858
Other Assets & Liabilities, net - 0.8%				200,170
Total Net Assets - 100.0%			$	24,215,028

^† Value determined based on Level 1 inputs — See Note 3.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 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	$	23,724,527	$	—	$	—	$	23,724,527
Exchange-Traded Funds		290,331		—		—		290,331
Total Assets	$	24,014,858	$	—	$	—	$	24,014,858

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.0%
Consumer, Non-cyclical - 25.7%
Teleflex, Inc.		484	$	182,197
UnitedHealth Group, Inc.		614		180,504
Monster Beverage Corp.*		2,825		179,528
Zoetis, Inc.		1,348		178,408
AbbVie, Inc.		1,992		176,372
Danaher Corp.		1,119		171,744
Medtronic plc		1,507		170,969
Eli Lilly & Co.		1,277		167,836
Becton Dickinson and Co.		601		163,454
Amgen, Inc.		677		163,204
Booz Allen Hamilton Holding Corp.		2,274		161,750
Merck & Company, Inc.		1,761		160,163
Stryker Corp.		752		157,875
Bristol-Myers Squibb Co.		2,400		154,056
MarketAxess Holdings, Inc.		400		151,644
Jazz Pharmaceuticals plc*		1,009		150,623
US Foods Holding Corp.*		3,476		145,610
Post Holdings, Inc.*		1,304		142,266
Constellation Brands, Inc. — Class A		749		142,123
Procter & Gamble Co.		1,129		141,012
S&P Global, Inc.		504		137,617
Tyson Foods, Inc. — Class A		1,462		133,101
Verisk Analytics, Inc. — Class A		890		132,913
FleetCor Technologies, Inc.*		453		130,337
Herbalife Nutrition Ltd.*		2,488		118,603
Bright Horizons Family Solutions, Inc.*		783		117,677
Total Consumer, Non-cyclical				4,011,586
Financial - 17.5%
JPMorgan Chase & Co.		1,472		205,197
First Republic Bank		1,691		198,608
Zions Bancorp North America		3,625		188,210
Equity LifeStyle Properties, Inc. REIT		2,610		183,718
Fifth Third Bancorp		5,661		174,019
Huntington Bancshares, Inc.		11,465		172,892
U.S. Bancorp		2,913		172,712
Equinix, Inc. REIT		294		171,608
Alexandria Real Estate Equities, Inc. REIT		1,032		166,751
Progressive Corp.		2,293		165,990
Arch Capital Group Ltd.*		3,829		164,226
Synchrony Financial		4,541		163,522
Intercontinental Exchange, Inc.		1,728		159,926
Mid-America Apartment Communities, Inc. REIT		1,183		155,990
People's United Financial, Inc.		8,574		144,900
American Financial Group, Inc.		1,269		139,146
Total Financial				2,727,415
Consumer, Cyclical - 13.5%
Alaska Air Group, Inc.		2,609		176,760
LKQ Corp.*		4,863		173,609
JetBlue Airways Corp.*		9,032		169,079
TJX Companies, Inc.		2,695		164,557
DR Horton, Inc.		3,023		159,463
CarMax, Inc.*		1,775		155,614
Williams-Sonoma, Inc.		2,084		153,049
Ross Stores, Inc.		1,309		152,394
Walmart, Inc.		1,260		149,738
Starbucks Corp.		1,659		145,859
Dollar General Corp.		891		138,978
Home Depot, Inc.		586		127,971
Darden Restaurants, Inc.		1,088		118,603
Lennar Corp. — Class A		2,054		114,593
Total Consumer, Cyclical				2,100,267
Communications - 11.5%
Walt Disney Co.		1,194		172,688
FactSet Research Systems, Inc.		635		170,370
Discovery, Inc. — Class A*		4,736		155,057
IAC/InterActiveCorp*		598		148,968
Charter Communications, Inc. — Class A*		295		143,099
Comcast Corp. — Class A		3,150		141,656
AT&T, Inc.		3,579		139,867
Motorola Solutions, Inc.		856		137,936
Verizon Communications, Inc.		2,071		127,160
ViacomCBS, Inc. — Class B		2,844		119,363
Altice USA, Inc. — Class A*		4,272		116,796
Omnicom Group, Inc.		1,425		115,453
Cable One, Inc.		75		111,635
Total Communications				1,800,048
Industrial - 11.3%
Allegion plc		1,775		221,059
Dover Corp.		1,581		182,226
Lockheed Martin Corp.		427		166,265
Martin Marietta Materials, Inc.		579		161,911
Carlisle Companies, Inc.		998		161,516
L3Harris Technologies, Inc.		807		159,681
Sealed Air Corp.		3,831		152,589
Waste Management, Inc.		1,333		151,909
FLIR Systems, Inc.		2,778		144,650
Northrop Grumman Corp.		409		140,684
Gentex Corp.		3,944		114,297
Total Industrial				1,756,787
Technology - 9.6%
Fidelity National Information Services, Inc.		1,248		173,584
Tyler Technologies, Inc.*		565		169,511
Leidos Holdings, Inc.		1,699		166,315
Black Knight, Inc.*		2,380		153,462
Genpact Ltd.		3,561		150,168
CDK Global, Inc.		2,695		147,363
Jack Henry & Associates, Inc.		961		139,989
Broadridge Financial Solutions, Inc.		1,077		133,053
Citrix Systems, Inc.		1,197		132,747
Oracle Corp.		2,360		125,033
Total Technology				1,491,225
Energy - 4.4%
Kinder Morgan, Inc.		7,154		151,450
ONEOK, Inc.		1,875		141,881
Chevron Corp.		1,166		140,515
Cabot Oil & Gas Corp. — Class A		7,069		123,071
Exxon Mobil Corp.		1,754		122,394
Total Energy				679,311
Utilities - 3.3%
Aqua America, Inc.		3,046		142,979
Pinnacle West Capital Corp.		1,406		126,442

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.0% (continued)
Utilities - 3.3% (continued)
Xcel Energy, Inc.		1,969	$	125,012
NextEra Energy, Inc.		490		118,658
Total Utilities				513,091
Basic Materials - 1.2%
Sherwin-Williams Co.		335		195,486
Total Common Stocks
(Cost $13,084,124)				15,275,216
EXCHANGE-TRADED FUNDS† - 1.2%
Vanguard S&P 500 ETF		328		97,022
SPDR S&P 500 ETF Trust		281		90,443
Total Exchange-Traded Funds
(Cost $181,661)				187,465
Total Investments - 99.2%
(Cost $13,265,785)			$	15,462,681
Other Assets & Liabilities, net - 0.8%				116,983
Total Net Assets - 100.0%			$	15,579,664

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 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	$	15,275,216	$	—	$	—	$	15,275,216
Exchange-Traded Funds		187,465		—		—		187,465
Total Assets	$	15,462,681	$	—	$	—	$	15,462,681

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.7%
Consumer, Non-cyclical - 21.9%
Vertex Pharmaceuticals, Inc.*		875	$	191,581
Intuitive Surgical, Inc.*		309		182,665
Teleflex, Inc.		466		175,421
UnitedHealth Group, Inc.		584		171,684
Estee Lauder Companies, Inc. — Class A		828		171,015
Zoetis, Inc.		1,277		169,011
Monster Beverage Corp.*		2,574		163,578
Thermo Fisher Scientific, Inc.		496		161,136
Global Payments, Inc.		878		160,288
Edwards Lifesciences Corp.*		678		158,171
Merck & Company, Inc.		1,701		154,706
Abbott Laboratories		1,771		153,829
Medtronic plc		1,340		152,023
PayPal Holdings, Inc.*		1,402		151,654
Illumina, Inc.*		433		143,644
Jazz Pharmaceuticals plc*		961		143,458
Post Holdings, Inc.*		1,263		137,793
Regeneron Pharmaceuticals, Inc.*		363		136,299
US Foods Holding Corp.*		3,243		135,849
Mondelez International, Inc. — Class A		2,356		129,769
Procter & Gamble Co.		1,031		128,772
Constellation Brands, Inc. — Class A		580		110,055
Total Consumer, Non-cyclical				3,382,401
Financial - 19.7%
JPMorgan Chase & Co.		1,377		191,954
Bank of America Corp.		4,983		175,501
Aon plc		839		174,755
Citigroup, Inc.		2,148		171,604
Zions Bancorp North America		3,283		170,454
Mastercard, Inc. — Class A		570		170,196
Credit Acceptance Corp.*		377		166,759
Douglas Emmett, Inc. REIT		3,764		165,239
Prologis, Inc. REIT		1,834		163,483
KeyCorp		8,068		163,296
Fifth Third Bancorp		5,280		162,307
Visa, Inc. — Class A		859		161,406
Alexandria Real Estate Equities, Inc. REIT		962		155,440
Progressive Corp.		2,139		154,842
CBRE Group, Inc. — Class A*		2,433		149,118
Intercontinental Exchange, Inc.		1,592		147,340
T. Rowe Price Group, Inc.		1,130		137,679
American Financial Group, Inc.		1,230		134,870
Ally Financial, Inc.		4,345		132,783
Total Financial				3,049,026
Consumer, Cyclical - 16.2%
Lululemon Athletica, Inc.*		758		175,606
LKQ Corp.*		4,764		170,075
Delta Air Lines, Inc.		2,905		169,884
Alaska Air Group, Inc.		2,501		169,443
Allison Transmission Holdings, Inc.		3,484		168,347
Burlington Stores, Inc.*		737		168,058
Hilton Worldwide Holdings, Inc.		1,450		160,819
TJX Companies, Inc.		2,514		153,505
CarMax, Inc.*		1,706		149,565
Williams-Sonoma, Inc.		2,010		147,614
Live Nation Entertainment, Inc.*		2,050		146,513
Copart, Inc.*		1,538		139,866
Aptiv plc		1,378		130,869
Costco Wholesale Corp.		403		118,450
Lennar Corp. — Class A		1,997		111,413
Darden Restaurants, Inc.		1,015		110,645
Tractor Supply Co.		1,157		108,110
Total Consumer, Cyclical				2,498,782
Technology - 12.7%
Microsoft Corp.		1,215		191,605
Qorvo, Inc.*		1,433		166,558
Skyworks Solutions, Inc.		1,373		165,968
salesforce.com, Inc.*		1,020		165,893
MSCI, Inc. — Class A		637		164,461
Cadence Design Systems, Inc.*		2,355		163,343
Dell Technologies, Inc. — Class C*		2,915		149,802
Teradyne, Inc.		2,184		148,927
Intuit, Inc.		550		144,061
VMware, Inc. — Class A*		883		134,031
Activision Blizzard, Inc.		2,164		128,585
Broadcom, Inc.		387		122,300
Analog Devices, Inc.		947		112,541
Total Technology				1,958,075
Communications - 10.7%
Alphabet, Inc. — Class C*		141		188,520
Facebook, Inc. — Class A*		863		177,131
CDW Corp.		1,229		175,550
Walt Disney Co.		1,114		161,118
IAC/InterActiveCorp*		637		158,683
VeriSign, Inc.*		733		141,235
Charter Communications, Inc. — Class A*		276		133,882
GoDaddy, Inc. — Class A*		1,936		131,493
AT&T, Inc.		3,339		130,488
Cisco Systems, Inc.		2,709		129,924
Comcast Corp. — Class A		2,824		126,995
Total Communications				1,655,019
Industrial - 9.4%
TransDigm Group, Inc.		331		185,360
HEICO Corp.		1,500		171,225
Jabil, Inc.		4,132		170,776
Martin Marietta Materials, Inc.		598		167,225
Keysight Technologies, Inc.*		1,584		162,566
Carlisle Companies, Inc.		964		156,014
Lockheed Martin Corp.		399		155,362
Fortune Brands Home & Security, Inc.		2,274		148,583
FLIR Systems, Inc.		2,592		134,965
Total Industrial				1,452,076
Energy - 3.8%
Baker Hughes Co.		5,956		152,652
ConocoPhillips		2,307		150,024
EOG Resources, Inc.		1,787		149,679
ONEOK, Inc.		1,816		137,417
Total Energy				589,772
Utilities - 3.1%
AES Corp.		7,282		144,912
NRG Energy, Inc.		2,842		112,969

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 98.7% (continued)
Utilities - 3.1% (continued)
National Fuel Gas Co.		2,405	$	111,929
Edison International		1,469		110,777
Total Utilities				480,587
Basic Materials - 1.2%
Sherwin-Williams Co.		314		183,232
Total Common Stocks
(Cost $12,163,505)				15,248,970
EXCHANGE-TRADED FUNDS† - 0.6%
SPDR S&P 500 ETF Trust		285		91,730
Total Exchange-Traded Funds
(Cost $91,513)				91,730
Total Investments - 99.3%
(Cost $12,255,018)			$	15,340,700
Other Assets & Liabilities, net - 0.7%				106,066
Total Net Assets - 100.0%			$	15,446,766

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 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	$	15,248,970	$	—	$	—	$	15,248,970
Exchange-Traded Funds		91,730		—		—		91,730
Total Assets	$	15,340,700	$	—	$	—	$	15,340,700

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 97.7%
Financial - 23.7%
JPMorgan Chase & Co.		379	$	52,832
Bank of America Corp.		1,351		47,582
Citigroup, Inc.		574		45,857
Zions Bancorp North America		878		45,586
Globe Life, Inc.		426		44,837
Huntington Bancshares, Inc.		2,871		43,295
U.S. Bancorp		716		42,452
KeyCorp		2,062		41,735
Fifth Third Bancorp		1,350		41,499
Douglas Emmett, Inc. REIT		932		40,915
Citizens Financial Group, Inc.		978		39,716
Progressive Corp.		547		39,597
Synchrony Financial		1,083		38,999
Duke Realty Corp. REIT		1,123		38,934
Regions Financial Corp.		2,222		38,129
Discover Financial Services		449		38,084
Realty Income Corp. REIT		514		37,846
People's United Financial, Inc.		2,102		35,524
Ally Financial, Inc.		1,111		33,952
Fidelity National Financial, Inc.		695		31,518
Charles Schwab Corp.		662		31,485
Chubb Ltd.		198		30,821
Total Financial				881,195
Consumer, Non-cyclical - 22.3%
AbbVie, Inc.		497		44,004
Philip Morris International, Inc.		499		42,460
Eli Lilly & Co.		323		42,452
Medtronic plc		359		40,728
Booz Allen Hamilton Holding Corp.		572		40,687
Bristol-Myers Squibb Co.		622		39,926
Merck & Company, Inc.		434		39,472
Abbott Laboratories		452		39,261
Altria Group, Inc.		703		35,087
Amgen, Inc.		143		34,473
Johnson & Johnson		234		34,134
Procter & Gamble Co.		272		33,973
Herbalife Nutrition Ltd.*		697		33,226
Mondelez International, Inc. — Class A		602		33,158
CVS Health Corp.		435		32,316
Sysco Corp.		366		31,307
Coca-Cola Co.		555		30,719
Conagra Brands, Inc.		874		29,926
Mylan N.V.*		1,464		29,427
Kimberly-Clark Corp.		209		28,748
Colgate-Palmolive Co.		417		28,706
General Mills, Inc.		523		28,012
Allergan plc		141		26,955
McCormick & Company, Inc.		156		26,478
Total Consumer, Non-cyclical				825,635
Industrial - 11.5%
United Technologies Corp.		295		44,179
Keysight Technologies, Inc.*		417		42,797
United Parcel Service, Inc. — Class B		354		41,439
Agilent Technologies, Inc.		465		39,669
Eaton Corporation plc		406		38,456
Sealed Air Corp.		962		38,316
Emerson Electric Co.		491		37,444
Caterpillar, Inc.		253		37,363
Jacobs Engineering Group, Inc.		408		36,651
Waste Management, Inc.		307		34,986
FLIR Systems, Inc.		662		34,470
Total Industrial				425,770
Consumer, Cyclical - 11.0%
Delta Air Lines, Inc.		776		45,381
Allison Transmission Holdings, Inc.		908		43,875
VF Corp.		428		42,655
Target Corp.		296		37,950
Williams-Sonoma, Inc.		514		37,748
PACCAR, Inc.		474		37,493
Walmart, Inc.		300		35,652
Aramark		813		35,284
Aptiv plc		352		33,429
Yum! Brands, Inc.		307		30,924
Darden Restaurants, Inc.		259		28,234
Total Consumer, Cyclical				408,625
Energy - 8.5%
ConocoPhillips		590		38,368
EOG Resources, Inc.		457		38,278
Marathon Petroleum Corp.		614		36,994
Phillips 66		329		36,654
Kinder Morgan, Inc.		1,668		35,312
ONEOK, Inc.		439		33,219
Chevron Corp.		271		32,658
Targa Resources Corp.		788		32,174
Exxon Mobil Corp.		453		31,610
Total Energy				315,267
Technology - 7.0%
Advanced Micro Devices, Inc.*		1,044		47,878
Leidos Holdings, Inc.		420		41,114
Teradyne, Inc.		595		40,573
KLA Corp.		218		38,841
International Business Machines Corp.		238		31,901
Analog Devices, Inc.		248		29,472
Applied Materials, Inc.		469		28,628
Total Technology				258,407
Communications - 6.5%
AT&T, Inc.		881		34,429
Motorola Solutions, Inc.		211		34,001
Comcast Corp. — Class A		751		33,773
Verizon Communications, Inc.		513		31,498
ViacomCBS, Inc. — Class B		700		29,379
Cisco Systems, Inc.		595		28,536
Omnicom Group, Inc.		323		26,169
CenturyLink, Inc.		1,771		23,395
Total Communications				241,180
Utilities - 5.1%
DTE Energy Co.		271		35,195
Aqua America, Inc.		726		34,079
Xcel Energy, Inc.		506		32,126
Pinnacle West Capital Corp.		353		31,745
Entergy Corp.		245		29,351
Duke Energy Corp.		316		28,822
Total Utilities				191,318

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS(Unaudited)	December 31, 2019

	Shares		Value
COMMON STOCKS† - 97.7% (continued)
Basic Materials - 2.1%
FMC Corp.		402	$	40,128
CF Industries Holdings, Inc.		779		37,189
Total Basic Materials				77,317
Total Common Stocks
(Cost $3,135,610)				3,624,714
EXCHANGE-TRADED FUNDS† - 0.9%
iShares S&P 500 Value ETF		248		32,263
Total Exchange-Traded Funds
(Cost $32,013)				32,263
Total Investments - 98.6%
(Cost $3,167,623)			$	3,656,977
Other Assets & Liabilities, net - 1.4%				51,689
Total Net Assets - 100.0%			$	3,708,666

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2019 (See Note 3 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	$	3,624,714	$	—	$	—	$	3,624,714
Exchange-Traded Funds		32,263		—		—		32,263
Total Assets	$	3,656,977	$	—	$	—	$	3,656,977

NOTES TO SCHEDULE OF INVESTMENTS(Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Transparent Value Trust (the "Trust"), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate Fund (each, a "Fund"). The Trust is authorized to issue an unlimited number of shares. The Trust accounts for the assets of each Fund separately.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Directional Allocation Fund	Diversified
RBP® Dividend Fund	Diversified
RBP® Large-Cap Defensive Fund	Diversified
RBP® Large-Cap Market Fund	Diversified
RBP®Large-Cap Value Fund	Diversified

For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow 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 Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds' securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

If the 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 Valuation Committee.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall 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. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds are valued at the last quoted sale price.

Investments for which market quotations are not readily available are fair-valued as determined in good faith by Guggenheim Partners Investment Management, LLC, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". 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 analysis.

NOTES TO SCHEDULE OF INVESTMENTS(Unaudited)

Note 2 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are “more-likely-thannot” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

At December 31, 2019, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation
Directional Allocation Fund	$	538,104,646	$	38,937,313	$	(3,366,496	)	$	35,570,817
RBP® Dividend Fund		21,368,787		2,747,043		(100,972	)		2,646,071
RBP® Large-Cap Defensive Fund		13,275,900		2,272,444		(85,663	)		2,186,781
RBP® Large-Cap Market Fund		12,268,584		3,152,898		(80,782	)		3,072,116
RBP® Large-Cap Value Fund		3,171,795		504,102		(18,920	)		485,182

Note 3 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

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.

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

OTHER INFORMATION (Unaudited)

Sector Classification

Information in the "Schedule of Investments" is categorized by sectors using sector-level classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund's registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/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.