Transparent Value Trust NPORT-P Guggenheim RBP Large-Cap Value Fund (Jun 2020 report)

Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 96.9%
Consumer, Non-cyclical - 24.2%
Monster Beverage Corp.*		72,080	$	4,996,586
Zoetis, Inc.		34,946		4,789,000
UnitedHealth Group, Inc.		15,994		4,717,430
Teleflex, Inc.		12,765		4,646,205
Merck & Company, Inc.		46,520		3,597,392
Vertex Pharmaceuticals, Inc.*		11,948		3,468,624
PayPal Holdings, Inc.*		18,979		3,306,711
Mondelez International, Inc. — Class A		63,221		3,232,490
PepsiCo, Inc.		23,205		3,069,093
Regeneron Pharmaceuticals, Inc.*		4,838		3,017,219
Jazz Pharmaceuticals plc*		26,297		2,901,611
Eli Lilly & Co.		17,605		2,890,389
Danaher Corp.		15,374		2,718,585
AbbVie, Inc.		27,353		2,685,517
Intuitive Surgical, Inc.*		4,239		2,415,509
Booz Allen Hamilton Holding Corp.		30,822		2,397,643
Thermo Fisher Scientific, Inc.		6,498		2,354,485
S&P Global, Inc.		6,851		2,257,268
Amgen, Inc.		9,464		2,232,179
Corteva, Inc.		80,393		2,153,728
Abbott Laboratories		23,191		2,120,353
Estee Lauder Companies, Inc. — Class A		11,169		2,107,367
Masimo Corp.*		9,181		2,093,176
CVS Health Corp.		31,914		2,073,453
IHS Markit Ltd.		27,072		2,043,936
Global Payments, Inc.		11,868		2,013,050
Bristol-Myers Squibb Co.		33,651		1,978,679
Becton Dickinson and Co.		8,002		1,914,638
Edwards Lifesciences Corp.*		26,648		1,841,643
IQVIA Holdings, Inc.*		12,747		1,808,545
Clorox Co.		7,550		1,656,243
Procter & Gamble Co.		13,727		1,641,337
CoStar Group, Inc.*		2,207		1,568,449
General Mills, Inc.		24,329		1,499,883
Church & Dwight Company, Inc.		18,410		1,423,093
Kimberly-Clark Corp.		9,110		1,287,699
Sysco Corp.		23,346		1,276,092
Total Consumer, Non-cyclical				94,195,300
Financial - 15.8%
Progressive Corp.		58,515		4,687,636
Alexandria Real Estate Equities, Inc. REIT		26,327		4,271,556
Intercontinental Exchange, Inc.		45,064		4,127,862
JPMorgan Chase & Co.		39,284		3,695,053
Zions Bancorp North America		93,928		3,193,552
Fifth Third Bancorp		144,406		2,784,148
Equinix, Inc. REIT		3,918		2,751,611
First Republic Bank		23,124		2,450,913
Mastercard, Inc. — Class A		7,688		2,273,342
Visa, Inc. — Class A		11,622		2,245,022
Prologis, Inc. REIT		24,022		2,241,973
Equity LifeStyle Properties, Inc. REIT		35,435		2,213,979
Aon plc — Class A		11,483		2,211,626
Mid-America Apartment Communities, Inc. REIT		16,236		1,861,782
T. Rowe Price Group, Inc.		14,765		1,823,477
Bank of America Corp.		68,201		1,619,774
CME Group, Inc. — Class A		9,485		1,541,692
Douglas Emmett, Inc. REIT		49,274		1,510,741
Citigroup, Inc.		29,430		1,503,873
U.S. Bancorp		39,919		1,469,817
Arch Capital Group Ltd.*		50,918		1,458,801
Huntington Bancshares, Inc.		160,089		1,446,404
CBRE Group, Inc. — Class A*		31,857		1,440,574
Fidelity National Financial, Inc.		45,932		1,408,275
Synchrony Financial		60,392		1,338,287
People's United Financial, Inc.		114,019		1,319,200
KeyCorp		105,619		1,286,439
Ally Financial, Inc.		56,889		1,128,109
Total Financial				61,305,518
Technology - 14.5%
Microsoft Corp.		16,339		3,325,150
Cadence Design Systems, Inc.*		31,804		3,051,912
MSCI, Inc. — Class A		8,344		2,785,394
Tyler Technologies, Inc.*		7,783		2,699,767
salesforce.com, Inc.*		13,577		2,543,379
Citrix Systems, Inc.		16,577		2,451,904
Teradyne, Inc.		28,597		2,416,732
Black Knight, Inc.*		33,041		2,397,455
Jack Henry & Associates, Inc.		12,782		2,352,271
Fidelity National Information Services, Inc.		17,214		2,308,225
Skyworks Solutions, Inc.		17,984		2,299,434
Intuit, Inc.		7,474		2,213,724
Leidos Holdings, Inc.		23,443		2,195,906
Activision Blizzard, Inc.		28,802		2,186,072
Dell Technologies, Inc. — Class C*		38,161		2,096,565
Qorvo, Inc.*		18,760		2,073,543
Apple, Inc.		5,526		2,015,885
Akamai Technologies, Inc.*		18,210		1,950,109
Adobe, Inc.*		4,349		1,893,163
Broadridge Financial Solutions, Inc.		14,888		1,878,717
VMware, Inc. — Class A*		11,559		1,790,027
Broadcom, Inc.		5,072		1,600,774
KLA Corp.		8,229		1,600,376
CDK Global, Inc.		37,192		1,540,493
Seagate Technology plc		29,278		1,417,348
Fiserv, Inc.*		14,276		1,393,623
Total Technology				56,477,948
Communications - 14.5%
IAC/InterActiveCorp*		16,595		5,366,823
Facebook, Inc. — Class A*		22,087		5,015,295
Charter Communications, Inc. — Class A*		7,854		4,005,854
GoDaddy, Inc. — Class A*		50,876		3,730,737
Walt Disney Co.		30,474		3,398,156
Cable One, Inc.		1,891		3,356,241
Comcast Corp. — Class A		80,372		3,132,901
Motorola Solutions, Inc.		19,934		2,793,351
FactSet Research Systems, Inc.		8,449		2,775,243
AT&T, Inc.		91,314		2,760,422
Alphabet, Inc. — Class C*		1,938		2,739,576
Amazon.com, Inc.*		757		2,088,427
VeriSign, Inc.*		9,955		2,058,993

Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 96.9% (continued)
Communications - 14.5% (continued)
CDW Corp.		16,574	$	1,925,567
Cisco Systems, Inc.		36,039		1,680,859
F5 Networks, Inc.*		11,721		1,634,845
Verizon Communications, Inc.		28,654		1,579,695
Discovery, Inc. — Class A*		64,284		1,356,392
Altice USA, Inc. — Class A*		57,986		1,307,005
Fox Corp. — Class A		47,301		1,268,613
CenturyLink, Inc.		117,918		1,182,718
Juniper Networks, Inc.		46,394		1,060,567
Total Communications				56,218,280
Consumer, Cyclical - 11.6%
Williams-Sonoma, Inc.		54,985		4,509,320
Target Corp.		30,748		3,687,608
Home Depot, Inc.		14,059		3,521,920
TJX Companies, Inc.		68,748		3,475,899
Costco Wholesale Corp.		11,016		3,340,161
Dollar Tree, Inc.*		35,727		3,311,178
Lululemon Athletica, Inc.*		9,935		3,099,819
Chipotle Mexican Grill, Inc. — Class A*		2,411		2,537,240
McDonald's Corp.		13,058		2,408,809
Dollar General Corp.		12,260		2,335,653
DR Horton, Inc.		40,200		2,229,090
Walmart, Inc.		16,766		2,008,232
Tesla, Inc.*		1,728		1,865,912
Allison Transmission Holdings, Inc.		42,111		1,548,842
Best Buy Company, Inc.		17,064		1,489,175
Domino's Pizza, Inc.		3,857		1,424,930
Ross Stores, Inc.		14,304		1,219,273
Yum! Brands, Inc.		12,293		1,068,385
Total Consumer, Cyclical				45,081,446
Industrial - 8.1%
Allegion plc		39,093		3,996,087
Lockheed Martin Corp.		10,912		3,982,007
L3Harris Technologies, Inc.		22,256		3,776,175
Northrop Grumman Corp.		12,158		3,737,856
Keysight Technologies, Inc.*		21,358		2,152,459
Old Dominion Freight Line, Inc.		11,789		1,999,296
Fortune Brands Home & Security, Inc.		29,770		1,903,196
Jabil, Inc.		56,566		1,814,637
United Parcel Service, Inc. — Class B		15,842		1,761,314
Expeditors International of Washington, Inc.		22,635		1,721,165
Kansas City Southern		10,703		1,597,851
FLIR Systems, Inc.		36,251		1,470,703
Gentex Corp.		53,533		1,379,546
Total Industrial				31,292,292
Utilities - 3.1%
Essential Utilities, Inc.		75,619		3,194,146
Xcel Energy, Inc.		26,191		1,636,937
NextEra Energy, Inc.		6,652		1,597,611
WEC Energy Group, Inc.		17,297		1,516,082
Dominion Energy, Inc.		18,500		1,501,830
Pinnacle West Capital Corp.		19,085		1,398,740
NRG Energy, Inc.		37,819		1,231,387
Total Utilities				12,076,733
Energy - 2.7%
Concho Resources, Inc.		30,188		1,554,682
Williams Companies, Inc.		77,205		1,468,439
Kinder Morgan, Inc.		95,130		1,443,122
Chevron Corp.		16,083		1,435,086
Schlumberger Ltd.		70,774		1,301,534
ConocoPhillips		30,210		1,269,424
EOG Resources, Inc.		23,404		1,185,647
ONEOK, Inc.		25,898		860,332
Total Energy				10,518,266
Basic Materials - 2.4%
International Flavors & Fragrances, Inc.		28,090		3,439,901
Royal Gold, Inc.		18,016		2,239,749
Newmont Corp.		34,771		2,146,762
FMC Corp.		16,798		1,673,417
Total Basic Materials				9,499,829
Total Common Stocks
(Cost $362,053,556)				376,665,612

EXCHANGE-TRADED FUNDS† - 3.7%
SPDR S&P 500 ETF Trust	23,679		7,301,656
Vanguard S&P 500 ETF	25,642		7,267,712
Total Exchange-Traded Funds
(Cost $14,615,462)			14,569,368
Total Investments - 100.6%
(Cost $376,669,018)		$	391,234,980
Other Assets & Liabilities, net - (0.6)%			(2,461,444	)
Total Net Assets - 100.0%		$	388,773,536

*	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)	June 30, 2020

The following table summarizes the inputs used to value the Fund's investments at June 30, 2020 (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	$	376,665,612	$	—	$	—	$	376,665,612
Exchange-Traded Funds		14,569,368		—		—		14,569,368
Total Assets	$	391,234,980	$	—	$	—	$	391,234,980

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 98.0%
Consumer, Non-cyclical - 28.0%
AbbVie, Inc.		5,350	$	525,263
Altria Group, Inc.		10,038		393,991
Philip Morris International, Inc.		4,875		341,543
General Mills, Inc.		3,792		233,777
Bristol-Myers Squibb Co.		3,973		233,612
Kellogg Co.		3,102		204,918
Amgen, Inc.		867		204,491
Eli Lilly & Co.		1,206		198,001
Johnson & Johnson		1,353		190,272
Colgate-Palmolive Co.		2,569		188,205
Flowers Foods, Inc.		8,024		179,417
Kimberly-Clark Corp.		1,246		176,122
PepsiCo, Inc.		1,218		161,093
H&R Block, Inc.		10,926		156,023
Merck & Company, Inc.		1,834		141,823
Pfizer, Inc.		4,282		140,022
UnitedHealth Group, Inc.		470		138,626
Procter & Gamble Co.		1,111		132,842
Cardinal Health, Inc.		2,372		123,795
AmerisourceBergen Corp. — Class A		1,151		115,986
Insperity, Inc.		1,781		115,284
Clorox Co.		464		101,788
Medtronic plc		1,086		99,586
Abbott Laboratories		1,011		92,436
Booz Allen Hamilton Holding Corp.		995		77,401
Kroger Co.		2,058		69,663
HCA Healthcare, Inc.		577		56,004
Thermo Fisher Scientific, Inc.		56		20,291
Zoetis, Inc.		136		18,638
Total Consumer, Non-cyclical				4,830,913
Financial - 19.0%
Simon Property Group, Inc. REIT		5,641		385,731
People's United Financial, Inc.		18,423		213,154
Janus Henderson Group plc		9,063		191,773
KeyCorp		15,080		183,674
Principal Financial Group, Inc.		4,338		180,201
MetLife, Inc.		4,866		177,706
Ameriprise Financial, Inc.		1,146		171,946
Huntington Bancshares, Inc.		18,905		170,807
PNC Financial Services Group, Inc.		1,572		165,390
OneMain Holdings, Inc.		6,677		163,854
Truist Financial Corp.		4,242		159,287
Citizens Financial Group, Inc.		6,296		158,911
JPMorgan Chase & Co.		1,674		157,457
Axis Capital Holdings Ltd.		3,693		149,788
Fifth Third Bancorp		7,680		148,070
First American Financial Corp.		2,797		134,312
U.S. Bancorp		3,074		113,185
Synchrony Financial		4,672		103,531
Popular, Inc.		2,414		89,728
Visa, Inc. — Class A		139		26,851
Mastercard, Inc. — Class A		70		20,699
Total Financial				3,266,055
Energy - 12.3%
Antero Midstream Corp.		264,494		1,348,919
Kinder Morgan, Inc.		14,552		220,754
Valero Energy Corp.		3,327		195,694
Chevron Corp.		2,027		180,869
Exxon Mobil Corp.		4,011		179,372
Total Energy				2,125,608
Industrial - 8.6%
Eaton Corporation plc		2,417		211,439
Emerson Electric Co.		3,101		192,355
Caterpillar, Inc.		1,454		183,931
United Parcel Service, Inc. — Class B		1,480		164,546
Hubbell, Inc.		1,170		146,671
National Instruments Corp.		3,230		125,034
3M Co.		796		124,168
Johnson Controls International plc		3,266		111,501
CH Robinson Worldwide, Inc.		1,062		83,962
Union Pacific Corp.		450		76,082
Norfolk Southern Corp.		386		67,770
Total Industrial				1,487,459
Technology - 8.2%
Broadcom, Inc.		719		226,923
QUALCOMM, Inc.		2,360		215,256
HP, Inc.		11,147		194,292
KLA Corp.		785		152,667
Maxim Integrated Products, Inc.		2,169		131,463
Microsoft Corp.		565		114,983
Broadridge Financial Solutions, Inc.		754		95,147
Skyworks Solutions, Inc.		623		79,657
Intel Corp.		1,301		77,839
Jack Henry & Associates, Inc.		421		77,477
Intuit, Inc.		170		50,352
Total Technology				1,416,056
Consumer, Cyclical - 7.6%
Autoliv, Inc.		2,821		181,982
Leggett & Platt, Inc.		4,832		169,845
Target Corp.		1,340		160,706
Walgreens Boots Alliance, Inc.		3,297		139,760
Watsco, Inc.		765		135,940
Genuine Parts Co.		1,454		126,440
Walmart, Inc.		939		112,473
Hasbro, Inc.		1,264		94,737
McDonald's Corp.		470		86,701
Starbucks Corp.		915		67,335
Casey's General Stores, Inc.		261		39,025
Total Consumer, Cyclical				1,314,944
Communications - 6.6%
AT&T, Inc.		8,291		250,637
Verizon Communications, Inc.		4,008		220,961
Interpublic Group of Companies, Inc.		10,809		185,483
Cisco Systems, Inc.		3,633		169,443
Corning, Inc.		5,947		154,027
ViacomCBS, Inc. — Class B		6,418		149,668
Total Communications				1,130,219
Utilities - 4.8%
Dominion Energy, Inc.		3,460		280,883
Southern Co.		3,949		204,756
Duke Energy Corp.		2,420		193,334
OGE Energy Corp.		5,090		154,532
Total Utilities				833,505

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 98.0% (continued)
Basic Materials - 2.9%
Dow, Inc.		7,213	$	294,002
LyondellBasell Industries N.V. — Class A		3,018		198,343
Total Basic Materials				492,345
Total Common Stocks
(Cost $16,538,166)				16,897,104

EXCHANGE-TRADED FUNDS† - 1.5%
Vanguard Dividend Appreciation ETF	1,221		143,077
iShares Select Dividend ETF	1,485		119,869
Total Exchange-Traded Funds
(Cost $267,835)			262,946
Total Investments - 99.5%
(Cost $16,806,001)		$	17,160,050
Other Assets & Liabilities, net - 0.5%			90,332
Total Net Assets - 100.0%		$	17,250,382

^† 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 June 30, 2020 (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	$	16,897,104	$	—	$	—	$	16,897,104
Exchange-Traded Funds		262,946		—		—		262,946
Total Assets	$	17,160,050	$	—	$	—	$	17,160,050

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 97.4%
Consumer, Non-cyclical - 24.8%
Eli Lilly & Co.		1,011	$	165,986
Monster Beverage Corp.*		2,340		162,209
Danaher Corp.		882		155,964
Zoetis, Inc.		1,125		154,170
UnitedHealth Group, Inc.		522		153,964
AbbVie, Inc.		1,567		153,848
Teleflex, Inc.		415		151,052
Booz Allen Hamilton Holding Corp.		1,904		148,112
S&P Global, Inc.		429		141,347
Amgen, Inc.		583		137,506
IHS Markit Ltd.		1,707		128,879
Masimo Corp.*		560		127,674
CVS Health Corp.		1,948		126,561
Bristol-Myers Squibb Co.		2,063		121,304
Becton Dickinson and Co.		496		118,678
Merck & Company, Inc.		1,514		117,078
Clorox Co.		466		102,227
Mondelez International, Inc. — Class A		1,975		100,982
Jazz Pharmaceuticals plc*		850		93,789
General Mills, Inc.		1,485		91,550
PepsiCo, Inc.		684		90,466
Church & Dwight Company, Inc.		1,124		86,885
Kimberly-Clark Corp.		552		78,025
Total Consumer, Non-cyclical				2,908,256
Financial - 16.1%
Equinix, Inc. REIT		242		169,957
Progressive Corp.		1,884		150,927
First Republic Bank		1,321		140,013
Intercontinental Exchange, Inc.		1,475		135,110
Alexandria Real Estate Equities, Inc. REIT		778		126,230
Equity LifeStyle Properties, Inc. REIT		2,008		125,460
JPMorgan Chase & Co.		1,255		118,045
Mid-America Apartment Communities, Inc. REIT		989		113,409
Zions Bancorp North America		3,093		105,162
CME Group, Inc. — Class A		578		93,948
Arch Capital Group Ltd.*		3,218		92,196
U.S. Bancorp		2,479		91,277
Fifth Third Bancorp		4,671		90,057
Huntington Bancshares, Inc.		9,956		89,952
Fidelity National Financial, Inc.		2,768		84,867
Synchrony Financial		3,698		81,948
People's United Financial, Inc.		7,065		81,742
Total Financial				1,890,300
Communications - 15.7%
FactSet Research Systems, Inc.		523		171,790
IAC/InterActiveCorp*		462		149,411
Facebook, Inc. — Class A*		626		142,146
Charter Communications, Inc. — Class A*		251		128,020
Amazon.com, Inc.*		46		126,906
GoDaddy, Inc. — Class A*		1,607		117,841
Cable One, Inc.		63		111,815
Walt Disney Co.		978		109,057
F5 Networks, Inc.*		727		101,402
Motorola Solutions, Inc.		720		100,893
Verizon Communications, Inc.		1,792		98,793
AT&T, Inc.		2,992		90,448
Comcast Corp. — Class A		2,307		89,927
Fox Corp. — Class A		3,119		83,651
Discovery, Inc. — Class A*		3,949		83,324
Altice USA, Inc. — Class A*		3,522		79,386
Juniper Networks, Inc.		2,831		64,717
Total Communications				1,849,527
Consumer, Cyclical - 12.2%
Williams-Sonoma, Inc.		1,796		147,290
Dollar General Corp.		754		143,645
DR Horton, Inc.		2,507		139,013
Home Depot, Inc.		497		124,503
Walmart, Inc.		1,025		122,774
TJX Companies, Inc.		2,230		112,749
Target Corp.		907		108,777
Costco Wholesale Corp.		349		105,820
Dollar Tree, Inc.*		1,054		97,685
Allison Transmission Holdings, Inc.		2,570		94,524
Domino's Pizza, Inc.		235		86,818
Chipotle Mexican Grill, Inc. — Class A*		71		74,718
McDonald's Corp.		385		71,021
Total Consumer, Cyclical				1,429,337
Technology - 11.7%
Tyler Technologies, Inc.*		486		168,584
Jack Henry & Associates, Inc.		787		144,832
Fidelity National Information Services, Inc.		1,059		142,001
Citrix Systems, Inc.		943		139,479
Black Knight, Inc.*		1,880		136,413
Leidos Holdings, Inc.		1,442		135,072
Akamai Technologies, Inc.*		1,111		118,977
Broadridge Financial Solutions, Inc.		933		117,735
CDK Global, Inc.		2,294		95,017
Seagate Technology plc		1,787		86,509
Fiserv, Inc.*		880		85,906
Total Technology				1,370,525
Industrial - 7.4%
Allegion plc		1,506		153,943
Lockheed Martin Corp.		321		117,139
L3Harris Technologies, Inc.		656		111,304
Expeditors International of Washington, Inc.		1,416		107,672
United Parcel Service, Inc. — Class B		966		107,400
Northrop Grumman Corp.		334		102,685
FLIR Systems, Inc.		2,212		89,741
Gentex Corp.		3,257		83,933
Total Industrial				873,817
Basic Materials - 3.4%
Royal Gold, Inc.		1,109		137,871
Newmont Corp.		2,191		135,272
International Flavors & Fragrances, Inc.		1,051		128,706
Total Basic Materials				401,849
Utilities - 3.4%
Essential Utilities, Inc.		2,483		104,882

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 97.4% (continued)
Utilities - 3.4% (continued)
Xcel Energy, Inc.		1,660	$	103,750
NextEra Energy, Inc.		416		99,911
Pinnacle West Capital Corp.		1,178		86,335
Total Utilities				394,878
Energy - 2.7%
Kinder Morgan, Inc.		5,984		90,778
Williams Companies, Inc.		4,758		90,497
Chevron Corp.		988		88,159
ONEOK, Inc.		1,545		51,325
Total Energy				320,759
Total Common Stocks
(Cost $10,212,248)				11,439,248

EXCHANGE-TRADED FUNDS† - 2.1%
Vanguard S&P 500 ETF	463		131,228
SPDR S&P 500 ETF Trust	371		114,402
Total Exchange-Traded Funds
(Cost $243,881)			245,630
Total Investments - 99.5%
(Cost $10,456,129)		$	11,684,878
Other Assets & Liabilities, net - 0.5%			63,534
Total Net Assets - 100.0%		$	11,748,412

*	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 June 30, 2020 (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	$	11,439,248	$	—	$	—	$	11,439,248
Exchange-Traded Funds		245,630		—		—		245,630
Total Assets	$	11,684,878	$	—	$	—	$	11,684,878

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 99.1%
Consumer, Non-cyclical - 24.2%
PayPal Holdings, Inc.*		1,061	$	184,858
Vertex Pharmaceuticals, Inc.*		622		180,573
Regeneron Pharmaceuticals, Inc.*		250		155,912
Thermo Fisher Scientific, Inc.		361		130,805
Zoetis, Inc.		929		127,310
UnitedHealth Group, Inc.		426		125,649
Intuitive Surgical, Inc.*		217		123,653
Teleflex, Inc.		339		123,389
Monster Beverage Corp.*		1,760		122,003
Abbott Laboratories		1,308		119,590
Estee Lauder Companies, Inc. — Class A		630		118,869
Corteva, Inc.		4,430		118,680
Global Payments, Inc.		664		112,628
Edwards Lifesciences Corp.*		1,491		103,043
IQVIA Holdings, Inc.*		708		100,451
Merck & Company, Inc.		1,248		96,508
Procter & Gamble Co.		760		90,873
Mondelez International, Inc. — Class A		1,752		89,579
PepsiCo, Inc.		660		87,292
CoStar Group, Inc.*		121		85,991
Jazz Pharmaceuticals plc*		704		77,679
Sysco Corp.		1,286		70,293
Total Consumer, Non-cyclical				2,545,628
Technology - 17.7%
Microsoft Corp.		849		172,780
Cadence Design Systems, Inc.*		1,647		158,046
MSCI, Inc. — Class A		471		157,229
salesforce.com, Inc.*		769		144,057
Teradyne, Inc.		1,596		134,878
Skyworks Solutions, Inc.		1,002		128,116
Intuit, Inc.		421		124,696
Activision Blizzard, Inc.		1,619		122,882
Dell Technologies, Inc. — Class C*		2,170		119,220
Apple, Inc.		304		110,899
Qorvo, Inc.*		944		104,340
Adobe, Inc.*		239		104,039
VMware, Inc. — Class A*		656		101,588
Broadcom, Inc.		277		87,424
KLA Corp.		449		87,322
Total Technology				1,857,516
Financial - 15.9%
Visa, Inc. — Class A		654		126,333
Mastercard, Inc. — Class A		427		126,264
Progressive Corp.		1,565		125,372
Aon plc — Class A		645		124,227
Prologis, Inc. REIT		1,331		124,222
Alexandria Real Estate Equities, Inc. REIT		707		114,711
Intercontinental Exchange, Inc.		1,212		111,019
T. Rowe Price Group, Inc.		817		100,900
Bank of America Corp.		3,894		92,482
JPMorgan Chase & Co.		935		87,946
Zions Bancorp North America		2,503		85,102
Citigroup, Inc.		1,659		84,775
Douglas Emmett, Inc. REIT		2,724		83,518
CBRE Group, Inc. — Class A*		1,800		81,396
Fifth Third Bancorp		3,899		75,173
KeyCorp		5,953		72,508
Ally Financial, Inc.		3,035		60,184
Total Financial				1,676,132
Communications - 13.5%
IAC/InterActiveCorp*		480		155,232
Facebook, Inc. — Class A*		666		151,229
Alphabet, Inc. — Class C*		99		139,947
VeriSign, Inc.*		552		114,170
CDW Corp.		925		107,466
GoDaddy, Inc. — Class A*		1,438		105,449
Charter Communications, Inc. — Class A*		189		96,398
Cisco Systems, Inc.		1,989		92,767
Walt Disney Co.		830		92,553
Cable One, Inc.		48		85,193
Comcast Corp. — Class A		2,153		83,924
AT&T, Inc.		2,420		73,157
CenturyLink, Inc.		6,499		65,185
Motorola Solutions, Inc.		440		61,657
Total Communications				1,424,327
Consumer, Cyclical - 11.4%
Lululemon Athletica, Inc.*		553		172,542
Williams-Sonoma, Inc.		1,490		122,195
Target Corp.		875		104,939
Tesla, Inc.*		95		102,582
Dollar Tree, Inc.*		1,017		94,256
Costco Wholesale Corp.		296		89,750
TJX Companies, Inc.		1,631		82,463
Home Depot, Inc.		329		82,418
Best Buy Company, Inc.		940		82,034
Chipotle Mexican Grill, Inc. — Class A*		68		71,560
McDonald's Corp.		371		68,438
Ross Stores, Inc.		788		67,169
Yum! Brands, Inc.		677		58,838
Total Consumer, Cyclical				1,199,184
Industrial - 9.0%
Keysight Technologies, Inc.*		1,203		121,238
Northrop Grumman Corp.		369		113,445
Old Dominion Freight Line, Inc.		654		110,912
Fortune Brands Home & Security, Inc.		1,681		107,466
L3Harris Technologies, Inc.		633		107,401
Lockheed Martin Corp.		293		106,922
Jabil, Inc.		3,216		103,169
Kansas City Southern		590		88,081
Allegion plc		852		87,092
Total Industrial				945,726
Utilities - 3.0%
WEC Energy Group, Inc.		953		83,531
Dominion Energy, Inc.		1,019		82,722
Essential Utilities, Inc.		1,934		81,692
NRG Energy, Inc.		2,128		69,288
Total Utilities				317,233
Energy - 2.8%
Concho Resources, Inc.		1,663		85,645
Schlumberger Ltd.		3,940		72,456
ConocoPhillips		1,655		69,543

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 99.1% (continued)
Energy - 2.8% (continued)
EOG Resources, Inc.		1,279	$	64,794
Total Energy				292,438
Basic Materials - 1.6%
FMC Corp.		925		92,148
International Flavors & Fragrances, Inc.		593		72,619
Total Basic Materials				164,767
Total Common Stocks
(Cost $8,517,855)				10,422,951

EXCHANGE-TRADED FUNDS† - 0.5%
SPDR S&P 500 ETF Trust	75		23,127
Vanguard S&P 500 ETF	81		22,958
Total Exchange-Traded Funds
(Cost $46,232)			46,085
Total Investments - 99.6%
(Cost $8,564,087)		$	10,469,036
Other Assets & Liabilities, net - 0.4%			45,448
Total Net Assets - 100.0%		$	10,514,484

*	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 June 30, 2020 (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	$	10,422,951	$	—	$	—	$	10,422,951
Exchange-Traded Funds		46,085		—		—		46,085
Total Assets	$	10,469,036	$	—	$	—	$	10,469,036

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 97.9%
Consumer, Non-cyclical - 27.7%
Eli Lilly & Co.		316	$	51,881
AbbVie, Inc.		463		45,457
Booz Allen Hamilton Holding Corp.		564		43,873
Baxter International, Inc.		466		40,123
Bristol-Myers Squibb Co.		619		36,397
Abbott Laboratories		393		35,932
Philip Morris International, Inc.		508		35,590
Gilead Sciences, Inc.		460		35,392
Johnson & Johnson		234		32,908
Procter & Gamble Co.		275		32,882
McKesson Corp.		204		31,298
Merck & Company, Inc.		401		31,009
Amgen, Inc.		131		30,898
PepsiCo, Inc.		233		30,817
Campbell Soup Co.		607		30,125
Mondelez International, Inc. — Class A		551		28,173
Colgate-Palmolive Co.		374		27,399
General Mills, Inc.		439		27,064
Kimberly-Clark Corp.		190		26,856
CVS Health Corp.		395		25,663
Corteva, Inc.		953		25,531
Clorox Co.		116		25,447
Altria Group, Inc.		644		25,277
Kellogg Co.		358		23,650
Kroger Co.		593		20,073
Pfizer, Inc.		541		17,691
Total Consumer, Non-cyclical				817,406
Financial - 21.0%
Progressive Corp.		548		43,900
Duke Realty Corp. REIT		1,139		40,309
JPMorgan Chase & Co.		385		36,213
Globe Life, Inc.		448		33,255
Bank of America Corp.		1,382		32,822
Citigroup, Inc.		600		30,660
Blackstone Group, Inc. — Class A		534		30,256
Douglas Emmett, Inc. REIT		932		28,575
Huntington Bancshares, Inc.		3,073		27,765
Fifth Third Bancorp		1,434		27,647
KeyCorp		2,226		27,113
American Express Co.		280		26,656
People's United Financial, Inc.		2,186		25,292
Chubb Ltd.		198		25,071
Regions Financial Corp.		2,222		24,709
Citizens Financial Group, Inc.		978		24,685
Synchrony Financial		1,083		23,999
U.S. Bancorp		627		23,086
Charles Schwab Corp.		662		22,336
Ally Financial, Inc.		1,111		22,031
Fidelity National Financial, Inc.		695		21,309
Boston Properties, Inc. REIT		223		20,155
Total Financial				617,844
Industrial - 12.2%
Keysight Technologies, Inc.*		425		42,831
United Parcel Service, Inc. — Class B		329		36,578
Agilent Technologies, Inc.		363		32,078
Jacobs Engineering Group, Inc.		374		31,715
Raytheon Technologies Corp.		466		28,715
Garmin Ltd.		293		28,568
General Dynamics Corp.		190		28,397
Masco Corp.		565		28,369
Honeywell International, Inc.		185		26,749
Expeditors International of Washington, Inc.		349		26,538
Republic Services, Inc. — Class A		313		25,682
Union Pacific Corp.		139		23,501
Total Industrial				359,721
Technology - 8.6%
Advanced Micro Devices, Inc.*		1,080		56,819
Teradyne, Inc.		506		42,762
Leidos Holdings, Inc.		425		39,810
KLA Corp.		189		36,757
Applied Materials, Inc.		469		28,351
International Business Machines Corp.		218		26,328
QUALCOMM, Inc.		251		22,893
Total Technology				253,720
Consumer, Cyclical - 8.3%
Target Corp.		301		36,099
Allison Transmission Holdings, Inc.		929		34,169
Walmart, Inc.		255		30,544
Fastenal Co.		664		28,446
TJX Companies, Inc.		522		26,392
McDonald's Corp.		131		24,166
Autoliv, Inc.		354		22,836
Yum! Brands, Inc.		239		20,772
Darden Restaurants, Inc.		259		19,624
Total Consumer, Cyclical				243,048
Communications - 6.3%
ViacomCBS, Inc. — Class B		1,235		28,800
Cisco Systems, Inc.		595		27,751
AT&T, Inc.		902		27,267
Motorola Solutions, Inc.		193		27,045
Comcast Corp. — Class A		686		26,741
Verizon Communications, Inc.		470		25,911
CenturyLink, Inc.		2,297		23,039
Total Communications				186,554
Energy - 5.9%
Kinder Morgan, Inc.		1,668		25,304
ConocoPhillips		590		24,792
Chevron Corp.		271		24,181
EOG Resources, Inc.		457		23,152
Marathon Petroleum Corp.		614		22,951
Phillips 66		271		19,485
Exxon Mobil Corp.		428		19,140
Targa Resources Corp.		788		15,815
Total Energy				174,820
Utilities - 5.7%
Xcel Energy, Inc.		468		29,250
DTE Energy Co.		271		29,133
Essential Utilities, Inc.		664		28,047
Pinnacle West Capital Corp.		322		23,599
Duke Energy Corp.		289		23,088

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2020

	Shares		Value
COMMON STOCKS† - 97.9% (continued)
Utilities - 5.7% (continued)
American Water Works Company, Inc.		145	$	18,656
Consolidated Edison, Inc.		217		15,609
Total Utilities				167,382
Basic Materials - 2.2%
FMC Corp.		407		40,545
International Flavors & Fragrances, Inc.		197		24,125
Total Basic Materials				64,670
Total Common Stocks
(Cost $2,851,767)				2,885,165

EXCHANGE-TRADED FUNDS† - 0.6%
iShares S&P 500 Value ETF	148		16,015
Total Exchange-Traded Funds
(Cost $16,152)			16,015
Total Investments - 98.5%
(Cost $2,867,919)		$	2,901,180
Other Assets & Liabilities, net - 1.5%			45,009
Total Net Assets - 100.0%		$	2,946,189

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

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 June 30, 2020 (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	$	2,885,165	$	—	$	—	$	2,885,165
Exchange-Traded Funds		16,015		—		—		16,015
Total Assets	$	2,901,180	$	—	$	—	$	2,901,180

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 may issue an unlimited number of authorized 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 net asset value per share as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies 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, which operates under the name of Guggenheim Investments, 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-than-not” 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 ("IRS") for a period of three years after they are filed.

At June 30, 2020, 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 Tax Unrealized Appreciation/ (Depreciation)
Directional Allocation Fund	$	379,841,603	$	18,368,791	$	(6,975,414	)	$	11,393,377
RBP® Dividend Fund		16,917,259		1,806,521		(1,563,730	)		242,791
RBP® Large-Cap Defensive Fund		10,465,338		1,762,833		(543,293	)		1,219,540
RBP® Large-Cap Market Fund		8,578,948		2,239,542		(349,454	)		1,890,088
RBP® Large-Cap Value Fund		2,877,858		261,919		(238,597	)		23,322

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.

Note 4 – COVID-19 and Recent Developments

The global ongoing crisis caused by the outbreak of COVID-19 is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines, and adversely impacting local and global economies. Investors should be aware that in light of the current uncertainty, volatility and distress in economies, financial markets, and labor and health conditions all over the world, the Funds’ investments and a shareholder’s investment in a Fund are subject to sudden and substantial losses, increased volatility and other adverse events. Firms through which investors invest with the Funds, the Funds, their service providers, the markets in which they invest and market intermediaries are also impacted by quarantines and similar measures intended to contain the ongoing pandemic, which can obstruct their functioning and subject them to heightened operational risks.

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.