Transparent Value Trust NPORT-P Guggenheim RBP Dividend Fund (Dec 2020 report)

Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 95.2%
Consumer, Non-cyclical - 21.5%
PayPal Holdings, Inc.*		17,877	$	4,186,793
Thermo Fisher Scientific, Inc.		8,889		4,140,318
DaVita, Inc.*		34,714		4,075,424
Jazz Pharmaceuticals plc*		24,427		4,031,676
IQVIA Holdings, Inc.*		22,478		4,027,383
Corteva, Inc.		99,267		3,843,618
UnitedHealth Group, Inc.		10,651		3,735,093
Vertex Pharmaceuticals, Inc.*		15,741		3,720,228
Intuitive Surgical, Inc.*		4,465		3,652,816
Zoetis, Inc.		21,237		3,514,724
Abbott Laboratories		31,609		3,460,869
Edwards Lifesciences Corp.*		36,972		3,372,956
Merck & Company, Inc.		40,186		3,287,215
Sysco Corp.		44,178		3,280,658
S&P Global, Inc.		9,858		3,240,620
Teleflex, Inc.		7,794		3,207,777
Monster Beverage Corp.*		34,581		3,198,051
Mondelez International, Inc. — Class A		54,040		3,159,719
Estee Lauder Companies, Inc. — Class A		11,001		2,928,356
Procter & Gamble Co.		21,013		2,923,749
CoStar Group, Inc.*		3,145		2,906,861
McCormick & Company, Inc.		28,215		2,697,354
Hershey Co.		17,051		2,597,379
Total Consumer, Non-cyclical				79,189,637
Technology - 18.0%
Teradyne, Inc.		46,040		5,519,736
Zebra Technologies Corp. — Class A*		11,943		4,590,053
Cadence Design Systems, Inc.*		33,034		4,506,829
Qorvo, Inc.*		27,086		4,503,589
MSCI, Inc. — Class A		9,848		4,397,427
Microsoft Corp.		19,088		4,245,553
ServiceNow, Inc.*		7,573		4,168,406
Advanced Micro Devices, Inc.*		43,029		3,946,190
Intuit, Inc.		10,120		3,844,082
HP, Inc.		149,125		3,666,984
Adobe, Inc.*		7,110		3,555,853
Apple, Inc.		26,631		3,533,667
salesforce.com, Inc.*		15,619		3,475,696
Skyworks Solutions, Inc.		21,468		3,282,028
Broadcom, Inc.		7,250		3,174,412
VMware, Inc. — Class A*		21,625		3,033,123
Dell Technologies, Inc. — Class C*		40,754		2,986,861
Total Technology				66,430,489
Communications - 15.2%
Alphabet, Inc. — Class C*		2,889		5,061,181
Twitter, Inc.*		87,983		4,764,280
Walt Disney Co.*		24,692		4,473,696
Facebook, Inc. — Class A*		15,884		4,338,873
Cable One, Inc.		1,832		4,081,183
ViacomCBS, Inc. — Class B		106,803		3,979,480
Charter Communications, Inc. — Class A*		5,954		3,938,869
GoDaddy, Inc. — Class A*		44,182		3,664,897
Comcast Corp. — Class A		67,694		3,547,166
VeriSign, Inc.*		15,990		3,460,236
Amazon.com, Inc.*		1,061		3,455,603
CDW Corp.		24,794		3,267,601
Motorola Solutions, Inc.		18,754		3,189,305
AT&T, Inc.		93,686		2,694,409
Lumen Technologies, Inc.		216,081		2,106,790
Total Communications				56,023,569
Financial - 13.1%
First Republic Bank		30,497		4,480,924
East West Bancorp, Inc.		83,865		4,252,794
Intercontinental Exchange, Inc.		34,303		3,954,793
Progressive Corp.		39,533		3,909,023
Alexandria Real Estate Equities, Inc. REIT		21,910		3,904,800
T. Rowe Price Group, Inc.		24,821		3,757,651
Duke Realty Corp. REIT		93,281		3,728,442
Zions Bancorp North America		82,933		3,602,610
JPMorgan Chase & Co.		27,977		3,555,037
Mastercard, Inc. — Class A		9,947		3,550,482
Visa, Inc. — Class A		15,755		3,446,091
Prologis, Inc. REIT		33,565		3,345,088
Aon plc — Class A		14,283		3,017,570
Total Financial				48,505,305
Consumer, Cyclical - 11.7%
Tesla, Inc.*		8,567		6,045,475
Target Corp.		23,505		4,149,338
Dollar Tree, Inc.*		32,317		3,491,529
DR Horton, Inc.		46,759		3,222,630
Tractor Supply Co.		21,081		2,963,567
Advance Auto Parts, Inc.		18,629		2,934,254
Lowe's Companies, Inc.		17,299		2,776,662
Chipotle Mexican Grill, Inc. — Class A*		1,992		2,762,326
Home Depot, Inc.		10,273		2,728,714
Lululemon Athletica, Inc.*		7,284		2,535,051
Williams-Sonoma, Inc.		24,570		2,502,209
McDonald's Corp.		11,252		2,414,454
Gentex Corp.		70,857		2,404,178
Best Buy Company, Inc.		23,053		2,300,459
Total Consumer, Cyclical				43,230,846
Industrial - 10.5%
Jabil, Inc.		104,477		4,443,407
Keysight Technologies, Inc.*		33,313		4,400,314
Lockheed Martin Corp.		11,225		3,984,651
Amphenol Corp. — Class A		28,025		3,664,829
L3Harris Technologies, Inc.		19,057		3,602,154
Northrop Grumman Corp.		11,351		3,458,877
General Dynamics Corp.		22,948		3,415,121
Berry Global Group, Inc.*		58,404		3,281,721
United Parcel Service, Inc. — Class B		18,289		3,079,867
Old Dominion Freight Line, Inc.		15,316		2,989,377
Fortune Brands Home & Security, Inc.		30,297		2,597,059
Total Industrial				38,917,377
Utilities - 2.3%
Essential Utilities, Inc.		70,054		3,312,854
WEC Energy Group, Inc.		28,634		2,635,187
Dominion Energy, Inc.		34,105		2,564,696
Total Utilities				8,512,737
Energy - 2.0%
Cabot Oil & Gas Corp. — Class A		151,236		2,462,122

Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 95.2% (continued)
Energy - 2.0% (continued)
HollyFrontier Corp.	94,958	$	2,454,664
EOG Resources, Inc.	47,844		2,385,980
Total Energy			7,302,766
Basic Materials - 0.9%
FMC Corp.	29,334		3,371,356
Total Common Stocks
(Cost $298,198,814)			351,484,082
EXCHANGE-TRADED FUNDS† - 4.6%
Vanguard S&P 500 ETF	41,561	$	14,284,100
SPDR S&P 500 ETF Trust	6,952		2,599,214
Total Exchange-Traded Funds
(Cost $16,547,421)			16,883,314
Total Investments - 99.8%
(Cost $314,746,235)		$	368,367,396
Other Assets & Liabilities, net - 0.2%			591,330
Total Net Assets - 100.0%		$	368,958,726

*	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, 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	$	351,484,082	$	—	$	—	$	351,484,082
Exchange-Traded Funds		16,883,314		—		—		16,883,314
Total Assets	$	368,367,396	$	—	$	—	$	368,367,396

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 98.2%
Financial - 33.4%
Iron Mountain, Inc. REIT		18,331	$	540,398
Janus Henderson Group plc		15,885		516,421
Omega Healthcare Investors, Inc. REIT		11,957		434,278
People's United Financial, Inc.		29,850		385,961
Huntington Bancshares, Inc.		29,399		371,310
KeyCorp		21,232		348,417
Citizens Financial Group, Inc.		9,732		348,016
OneMain Holdings, Inc.		6,759		325,514
Fifth Third Bancorp		11,151		307,433
Popular, Inc.		5,088		286,556
Principal Financial Group, Inc.		5,463		271,019
U.S. Bancorp		5,675		264,398
MetLife, Inc.		5,543		260,244
Truist Financial Corp.		5,327		255,323
PNC Financial Services Group, Inc.		1,678		250,022
Western Union Co.		10,504		230,458
Synchrony Financial		6,105		211,905
JPMorgan Chase & Co.		1,529		194,290
Axis Capital Holdings Ltd.		3,288		165,682
Ameriprise Financial, Inc.		780		151,577
First American Financial Corp.		2,863		147,817
Visa, Inc. — Class A		104		22,748
Mastercard, Inc. — Class A		62		22,130
Total Financial				6,311,917
Consumer, Non-cyclical - 18.5%
Altria Group, Inc.		8,294		340,054
Philip Morris International, Inc.		3,356		277,843
AbbVie, Inc.		2,550		273,233
Pfizer, Inc.		5,230		192,516
Cardinal Health, Inc.		3,296		176,534
Sysco Corp.		2,229		165,526
PepsiCo, Inc.		974		144,444
Flowers Foods, Inc.		6,341		143,497
Bristol-Myers Squibb Co.		2,275		141,118
Kellogg Co.		2,254		140,266
Johnson & Johnson		803		126,376
Medtronic plc		1,076		126,043
Merck & Company, Inc.		1,540		125,972
Colgate-Palmolive Co.		1,308		111,847
Kimberly-Clark Corp.		824		111,100
Amgen, Inc.		466		107,143
Procter & Gamble Co.		743		103,381
Quest Diagnostics, Inc.		856		102,009
Eli Lilly & Co.		592		99,953
Kroger Co.		2,652		84,227
Clorox Co.		417		84,201
AmerisourceBergen Corp. — Class A		820		80,163
UnitedHealth Group, Inc.		226		79,254
Abbott Laboratories		554		60,657
Booz Allen Hamilton Holding Corp.		686		59,806
Zoetis, Inc.		115		19,033
Thermo Fisher Scientific, Inc.		22		10,247
Total Consumer, Non-cyclical				3,486,443
Energy - 12.7%
Antero Midstream Corp.		118,785		915,832
Exxon Mobil Corp.		10,452		430,831
Valero Energy Corp.		7,130		403,344
Kinder Morgan, Inc.		25,879		353,766
Chevron Corp.		3,537		298,700
Total Energy				2,402,473
Industrial - 7.6%
nVent Electric plc		8,754		203,881
3M Co.		984		171,993
National Instruments Corp.		3,715		163,237
Caterpillar, Inc.		840		152,897
Eaton Corporation plc		1,219		146,451
Johnson Controls International plc		2,696		125,607
United Parcel Service, Inc. — Class B		681		114,680
Union Pacific Corp.		458		95,365
Waste Management, Inc.		759		89,509
CH Robinson Worldwide, Inc.		914		85,797
Norfolk Southern Corp.		348		82,688
Total Industrial				1,432,105
Consumer, Cyclical - 6.5%
Hasbro, Inc.		1,939		181,374
Leggett & Platt, Inc.		3,996		177,023
Home Depot, Inc.		480		127,498
Watsco, Inc.		547		123,923
Best Buy Company, Inc.		1,133		113,062
Starbucks Corp.		996		106,552
McDonald's Corp.		489		104,930
Yum! Brands, Inc.		938		101,829
Target Corp.		546		96,385
Thor Industries, Inc.		1,032		95,965
Total Consumer, Cyclical				1,228,541
Communications - 6.2%
AT&T, Inc.		10,714		308,135
ViacomCBS, Inc. — Class B		5,527		205,936
Verizon Communications, Inc.		3,178		186,708
Cisco Systems, Inc.		3,902		174,614
Corning, Inc.		3,678		132,408
Comcast Corp. — Class A		2,067		108,311
New York Times Co. — Class A		626		32,408
Cable One, Inc.		13		28,960
Total Communications				1,177,480
Technology - 6.0%
HP, Inc.		8,298		204,048
Broadcom, Inc.		449		196,595
QUALCOMM, Inc.		817		124,462
Analog Devices, Inc.		815		120,400
Intel Corp.		2,352		117,177
KLA Corp.		427		110,554
Broadridge Financial Solutions, Inc.		535		81,962
Skyworks Solutions, Inc.		412		62,986
Jack Henry & Associates, Inc.		273		44,223
Microsoft Corp.		176		39,146
Intuit, Inc.		83		31,528
Total Technology				1,133,081
Utilities - 3.8%
Southern Co.		4,147		254,750
Duke Energy Corp.		2,624		240,254
OGE Energy Corp.		7,140		227,480
Total Utilities				722,484

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 98.2% (continued)
Basic Materials - 3.5%
LyondellBasell Industries N.V. — Class A	3,762	$	344,825
Dow, Inc.	5,486		304,473
Total Basic Materials			649,298
Total Common Stocks
(Cost $16,078,956)			18,543,822
EXCHANGE-TRADED FUNDS† - 1.2%
Vanguard Dividend Appreciation ETF	817		115,336
iShares Select Dividend ETF	1,172	$	112,723
Total Exchange-Traded Funds
(Cost $223,495)			228,059
Total Investments - 99.4%
(Cost $16,302,451)		$	18,771,881
Other Assets & Liabilities, net - 0.6%			114,639
Total Net Assets - 100.0%		$	18,886,520

^† 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, 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	$	18,543,822	$	—	$	—	$	18,543,822
Exchange-Traded Funds		228,059		—		—		228,059
Total Assets	$	18,771,881	$	—	$	—	$	18,771,881

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 98.3%
Consumer, Non-cyclical - 23.6%
Masimo Corp.*		540	$	144,925
Jazz Pharmaceuticals plc*		814		134,351
AbbVie, Inc.		1,250		133,937
West Pharmaceutical Services, Inc.		463		131,173
CVS Health Corp.		1,905		130,111
Eli Lilly & Co.		762		128,656
MarketAxess Holdings, Inc.		224		127,806
Bristol-Myers Squibb Co.		1,987		123,254
Danaher Corp.		551		122,399
Zoetis, Inc.		695		115,022
Merck & Company, Inc.		1,342		109,776
Amgen, Inc.		476		109,442
Verisk Analytics, Inc. — Class A		527		109,400
Booz Allen Hamilton Holding Corp.		1,240		108,103
Teleflex, Inc.		261		107,420
Monster Beverage Corp.*		1,152		106,537
Becton Dickinson and Co.		422		105,593
Mondelez International, Inc. — Class A		1,805		105,539
CoStar Group, Inc.*		105		97,049
Clorox Co.		461		93,085
General Mills, Inc.		1,579		92,845
Church & Dwight Company, Inc.		937		81,734
Conagra Brands, Inc.		2,219		80,461
Kroger Co.		2,516		79,908
Total Consumer, Non-cyclical				2,678,526
Communications - 18.6%
Palo Alto Networks, Inc.*		462		164,190
Alphabet, Inc. — Class C*		85		148,910
Facebook, Inc. — Class A*		516		140,951
Altice USA, Inc. — Class A*		3,585		135,764
Cable One, Inc.		60		133,663
Charter Communications, Inc. — Class A*		199		131,649
F5 Networks, Inc.*		704		123,862
Discovery, Inc. — Class A*		4,111		123,700
Comcast Corp. — Class A		2,261		118,476
eBay, Inc.		2,173		109,193
Arista Networks, Inc.*		367		106,639
Motorola Solutions, Inc.		601		102,206
Fox Corp. — Class A		3,420		99,590
Amazon.com, Inc.*		30		97,708
Verizon Communications, Inc.		1,654		97,173
Ciena Corp.*		1,798		95,024
NortonLifeLock, Inc.		4,476		93,011
AT&T, Inc.		3,129		89,990
Total Communications				2,111,699
Technology - 16.4%
Zscaler, Inc.*		860		171,751
Take-Two Interactive Software, Inc.*		730		151,687
PTC, Inc.*		1,231		147,240
Activision Blizzard, Inc.		1,509		140,111
Synopsys, Inc.*		533		138,175
Tyler Technologies, Inc.*		281		122,662
Black Knight, Inc.*		1,327		117,240
Broadridge Financial Solutions, Inc.		755		115,666
Leidos Holdings, Inc.		1,099		115,527
CDK Global, Inc.		2,217		114,907
Xilinx, Inc.		795		112,707
Akamai Technologies, Inc.*		1,054		110,660
Seagate Technology plc		1,777		110,458
Citrix Systems, Inc.		792		103,039
Jack Henry & Associates, Inc.		582		94,278
Total Technology				1,866,108
Consumer, Cyclical - 13.2%
Scotts Miracle-Gro Co. — Class A		727		144,775
Target Corp.		762		134,516
Costco Wholesale Corp.		310		116,802
Dollar Tree, Inc.*		1,079		116,575
Dollar General Corp.		543		114,193
Pool Corp.		285		106,162
Domino's Pizza, Inc.		260		99,700
Tractor Supply Co.		704		98,968
Advance Auto Parts, Inc.		622		97,971
NIKE, Inc. — Class B		683		96,624
O'Reilly Automotive, Inc.*		187		84,631
McDonald's Corp.		376		80,682
Chipotle Mexican Grill, Inc. — Class A*		57		79,042
Gentex Corp.		2,043		69,319
BorgWarner, Inc.		1,552		59,969
Total Consumer, Cyclical				1,499,929
Industrial - 12.8%
Keysight Technologies, Inc.*		1,113		147,016
Lockheed Martin Corp.		373		132,408
United Parcel Service, Inc. — Class B		759		127,816
L3Harris Technologies, Inc.		636		120,217
FLIR Systems, Inc.		2,700		118,341
Northrop Grumman Corp.		370		112,746
Berry Global Group, Inc.*		1,950		109,570
General Dynamics Corp.		732		108,936
Johnson Controls International plc		2,224		103,616
Jacobs Engineering Group, Inc.		904		98,500
Old Dominion Freight Line, Inc.		498		97,200
Garmin Ltd.		792		94,771
Expeditors International of Washington, Inc.		939		89,308
Total Industrial				1,460,445
Financial - 8.6%
Intercontinental Exchange, Inc.		1,099		126,704
Progressive Corp.		1,272		125,775
Fidelity National Financial, Inc.		3,045		119,029
Equity LifeStyle Properties, Inc. REIT		1,795		113,731
CyrusOne, Inc. REIT		1,487		108,774
Equinix, Inc. REIT		148		105,699
New York Community Bancorp, Inc.		9,807		103,464
Cboe Global Markets, Inc.		1,089		101,407
CME Group, Inc. — Class A		380		69,179
Total Financial				973,762
Utilities - 2.5%
NextEra Energy, Inc.		1,338		103,227
Eversource Energy		1,095		94,728

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 98.3% (continued)
Utilities - 2.5% (continued)
WEC Energy Group, Inc.	956	$	87,981
Total Utilities			285,936
Energy - 1.6%
Cheniere Energy, Inc.*	1,781		106,913
Cabot Oil & Gas Corp. — Class A	4,331		70,509
Total Energy			177,422
Basic Materials - 1.0%
Sherwin-Williams Co.	148		108,767
Total Common Stocks
(Cost $9,063,441)			11,162,594
EXCHANGE-TRADED FUNDS† - 1.1%
SPDR S&P 500 ETF Trust	165	$	61,690
Vanguard S&P 500 ETF	173		59,459
Total Exchange-Traded Funds
(Cost $116,560)			121,149
Total Investments - 99.4%
(Cost $9,180,001)		$	11,283,743
Other Assets & Liabilities, net - 0.6%			80,250
Total Net Assets - 100.0%		$	11,363,993

*	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, 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	$	11,162,594	$	—	$	—	$	11,162,594
Exchange-Traded Funds		121,149		—		—		121,149
Total Assets	$	11,283,743	$	—	$	—	$	11,283,743

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 98.7%
Consumer, Non-cyclical - 22.3%
Thermo Fisher Scientific, Inc.		301	$	140,200
PayPal Holdings, Inc.*		592		138,647
DaVita, Inc.*		1,166		136,888
IQVIA Holdings, Inc.*		747		133,840
Jazz Pharmaceuticals plc*		810		133,690
Corteva, Inc.		3,298		127,699
Intuitive Surgical, Inc.*		154		125,987
UnitedHealth Group, Inc.		351		123,089
Zoetis, Inc.		734		121,477
Abbott Laboratories		1,093		119,673
Vertex Pharmaceuticals, Inc.*		498		117,697
S&P Global, Inc.		341		112,097
Edwards Lifesciences Corp.*		1,220		111,301
Teleflex, Inc.		269		110,712
Monster Beverage Corp.*		1,196		110,606
Mondelez International, Inc. — Class A		1,869		109,281
Merck & Company, Inc.		1,327		108,549
Sysco Corp.		1,458		108,271
Estee Lauder Companies, Inc. — Class A		380		101,152
Procter & Gamble Co.		722		100,459
CoStar Group, Inc.*		108		99,822
McCormick & Company, Inc.		947		90,533
Hershey Co.		589		89,722
Total Consumer, Non-cyclical				2,671,392
Technology - 18.6%
Teradyne, Inc.		1,492		178,876
Zebra Technologies Corp. — Class A*		399		153,348
Qorvo, Inc.*		909		151,139
Cadence Design Systems, Inc.*		1,097		149,664
MSCI, Inc. — Class A		334		149,141
Microsoft Corp.		636		141,459
ServiceNow, Inc.*		252		138,708
Advanced Micro Devices, Inc.*		1,429		131,054
Intuit, Inc.		336		127,630
HP, Inc.		5,158		126,835
Apple, Inc.		921		122,207
Adobe, Inc.*		237		118,528
salesforce.com, Inc.*		521		115,938
Skyworks Solutions, Inc.		742		113,437
Broadcom, Inc.		250		109,462
Dell Technologies, Inc. — Class C*		1,409		103,266
VMware, Inc. — Class A*		714		100,146
Total Technology				2,230,838
Communications - 15.7%
Alphabet, Inc. — Class C*		95		166,429
Twitter, Inc.*		2,801		151,674
Walt Disney Co.*		818		148,205
Facebook, Inc. — Class A*		537		146,687
Cable One, Inc.		61		135,891
Charter Communications, Inc. — Class A*		205		135,618
ViacomCBS, Inc. — Class B		3,544		132,049
GoDaddy, Inc. — Class A*		1,462		121,273
VeriSign, Inc.*		553		119,669
Comcast Corp. — Class A		2,239		117,324
Amazon.com, Inc.*		36		117,249
CDW Corp.		842		110,967
Motorola Solutions, Inc.		648		110,199
AT&T, Inc.		3,240		93,183
Lumen Technologies, Inc.		7,475		72,881
Total Communications				1,879,298
Financial - 13.5%
First Republic Bank		1,017		149,428
East West Bancorp, Inc.		2,785		141,227
Intercontinental Exchange, Inc.		1,157		133,391
Progressive Corp.		1,313		129,830
Alexandria Real Estate Equities, Inc. REIT		696		124,041
Duke Realty Corp. REIT		3,096		123,747
Mastercard, Inc. — Class A		344		122,787
Visa, Inc. — Class A		545		119,208
T. Rowe Price Group, Inc.		787		119,144
Zions Bancorp North America		2,738		118,939
JPMorgan Chase & Co.		935		118,810
Prologis, Inc. REIT		1,161		115,705
Aon plc — Class A		494		104,367
Total Financial				1,620,624
Consumer, Cyclical - 12.2%
Tesla, Inc.*		279		196,882
Target Corp.		806		142,283
Dollar Tree, Inc.*		1,048		113,226
DR Horton, Inc.		1,570		108,205
Tractor Supply Co.		729		102,483
Advance Auto Parts, Inc.		644		101,436
Lowe's Companies, Inc.		598		95,985
Chipotle Mexican Grill, Inc. — Class A*		68		94,296
Home Depot, Inc.		355		94,295
Lululemon Athletica, Inc.*		252		87,704
Williams-Sonoma, Inc.		849		86,462
Gentex Corp.		2,380		80,753
McDonald's Corp.		371		79,609
Best Buy Company, Inc.		797		79,533
Total Consumer, Cyclical				1,463,152
Industrial - 10.9%
Jabil, Inc.		3,480		148,005
Keysight Technologies, Inc.*		1,109		146,488
Lockheed Martin Corp.		357		126,728
Amphenol Corp. — Class A		929		121,485
L3Harris Technologies, Inc.		633		119,650
Northrop Grumman Corp.		392		119,450
General Dynamics Corp.		793		118,014
Berry Global Group, Inc.*		1,929		108,390
United Parcel Service, Inc. — Class B		614		103,398
Old Dominion Freight Line, Inc.		529		103,250
Fortune Brands Home & Security, Inc.		1,048		89,835
Total Industrial				1,304,693
Utilities - 2.5%
Essential Utilities, Inc.		2,423		114,584
WEC Energy Group, Inc.		990		91,109
Dominion Energy, Inc.		1,179		88,661
Total Utilities				294,354
Energy - 2.0%
Cabot Oil & Gas Corp. — Class A		5,080		82,702

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 98.7% (continued)
Energy - 2.0% (continued)
HollyFrontier Corp.	3,190	$	82,462
EOG Resources, Inc.	1,607		80,141
Total Energy			245,305
Basic Materials - 1.0%
FMC Corp.	1,014		116,539
Total Common Stocks
(Cost $8,549,651)			11,826,195
EXCHANGE-TRADED FUNDS† - 0.8%
Vanguard S&P 500 ETF	139	$	47,773
SPDR S&P 500 ETF Trust	115		42,996
Total Exchange-Traded Funds
(Cost $88,794)			90,769
Total Investments - 99.5%
(Cost $8,638,445)		$	11,916,964
Other Assets & Liabilities, net - 0.5%			59,083
Total Net Assets - 100.0%		$	11,976,047

*	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, 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	$	11,826,195	$	—	$	—	$	11,826,195
Exchange-Traded Funds		90,769		—		—		90,769
Total Assets	$	11,916,964	$	—	$	—	$	11,916,964

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 97.0%
Consumer, Non-cyclical - 27.0%
McKesson Corp.		238	$	41,393
AbbVie, Inc.		380		40,717
Quanta Services, Inc.		562		40,475
DaVita, Inc.*		341		40,033
CVS Health Corp.		580		39,614
Eli Lilly & Co.		232		39,171
Pfizer, Inc.		1,046		38,503
Bristol-Myers Squibb Co.		619		38,396
Corteva, Inc.		953		36,900
Johnson & Johnson		234		36,827
Abbott Laboratories		321		35,146
Terminix Global Holdings, Inc.*		674		34,381
Sysco Corp.		450		33,417
Booz Allen Hamilton Holding Corp.		377		32,867
Merck & Company, Inc.		401		32,802
Mondelez International, Inc. — Class A		551		32,217
Colgate-Palmolive Co.		374		31,981
Amgen, Inc.		131		30,120
Procter & Gamble Co.		213		29,637
Clorox Co.		140		28,269
Conagra Brands, Inc.		756		27,413
TransUnion		267		26,492
McCormick & Company, Inc.		277		26,481
Hershey Co.		173		26,353
General Mills, Inc.		439		25,813
Baxter International, Inc.		321		25,757
Archer-Daniels-Midland Co.		506		25,507
Kroger Co.		766		24,328
Service Corporation International		459		22,537
Total Consumer, Non-cyclical				943,547
Financial - 23.7%
Ally Financial, Inc.		1,295		46,180
First Republic Bank		310		45,548
Charles Schwab Corp.		794		42,114
Chubb Ltd.		262		40,327
Intercontinental Exchange, Inc.		349		40,236
Progressive Corp.		402		39,750
Alexandria Real Estate Equities, Inc. REIT		222		39,565
Fifth Third Bancorp		1,434		39,535
Fidelity National Financial, Inc.		1,005		39,285
Duke Realty Corp. REIT		949		37,931
U.S. Bancorp		814		37,924
Synchrony Financial		1,083		37,591
Crown Castle International Corp. REIT		236		37,569
KeyCorp		2,226		36,529
JPMorgan Chase & Co.		284		36,088
Equity LifeStyle Properties, Inc. REIT		548		34,721
American Express Co.		280		33,855
Globe Life, Inc.		356		33,806
Bank of America Corp.		1,115		33,796
Huntington Bancshares, Inc.		2,662		33,621
Ameriprise Financial, Inc.		164		31,870
People's United Financial, Inc.		2,186		28,265
Total Financial				826,106
Industrial - 12.5%
Keysight Technologies, Inc.*		338		44,646
Crown Holdings, Inc.*		414		41,483
Lockheed Martin Corp.		114		40,468
United Parcel Service, Inc. — Class B		231		38,900
Agilent Technologies, Inc.		318		37,680
Parker-Hannifin Corp.		133		36,231
General Dynamics Corp.		233		34,675
Johnson Controls International plc		677		31,541
Norfolk Southern Corp.		124		29,464
Fortune Brands Home & Security, Inc.		308		26,402
Republic Services, Inc. — Class A		264		25,423
FedEx Corp.		95		24,664
Fortive Corp.		334		23,654
Total Industrial				435,231
Technology - 11.1%
Teradyne, Inc.		459		55,030
Applied Materials, Inc.		623		53,765
KLA Corp.		189		48,934
QUALCOMM, Inc.		298		45,397
Advanced Micro Devices, Inc.*		437		40,077
Zynga, Inc. — Class A*		4,010		39,579
Leidos Holdings, Inc.		334		35,110
Akamai Technologies, Inc.*		334		35,066
Broadridge Financial Solutions, Inc.		215		32,938
Total Technology				385,896
Communications - 7.0%
ViacomCBS, Inc. — Class B		1,090		40,613
Comcast Corp. — Class A		686		35,947
eBay, Inc.		677		34,019
Motorola Solutions, Inc.		193		32,822
Verizon Communications, Inc.		470		27,612
Cisco Systems, Inc.		595		26,626
AT&T, Inc.		902		25,942
Lumen Technologies, Inc.		2,297		22,396
Total Communications				245,977
Consumer, Cyclical - 6.5%
Target Corp.		239		42,190
Aptiv plc		235		30,618
DR Horton, Inc.		441		30,394
NIKE, Inc. — Class B		213		30,133
Watsco, Inc.		112		25,374
Gentex Corp.		696		23,615
Yum! Brands, Inc.		212		23,015
McDonald's Corp.		107		22,960
Total Consumer, Cyclical				228,299
Utilities - 5.0%
Duke Energy Corp.		344		31,497
Essential Utilities, Inc.		664		31,400
American Water Works Company, Inc.		195		29,927
DTE Energy Co.		232		28,167
Xcel Energy, Inc.		394		26,268

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2020

	Shares		Value
COMMON STOCKS† - 97.0% (continued)
Utilities - 5.0% (continued)
Pinnacle West Capital Corp.	322	$	25,744
Total Utilities			173,003
Energy - 3.2%
ConocoPhillips	798		31,912
Hess Corp.	574		30,302
Devon Energy Corp.	1,614		25,517
HollyFrontier Corp.	933		24,118
Total Energy			111,849
Basic Materials - 1.0%
FMC Corp.	298		34,249
Total Common Stocks
(Cost $2,843,133)			3,384,157
EXCHANGE-TRADED FUNDS† - 1.8%
iShares S&P 500 Value ETF	500		64,010
Total Exchange-Traded Funds
(Cost $62,961)			64,010
Total Investments - 98.8%
(Cost $2,906,094)		$	3,448,167
Other Assets & Liabilities, net - 1.2%			42,683
Total Net Assets - 100.0%		$	3,490,850

*	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, 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	$	3,384,157	$	—	$	—	$	3,384,157
Exchange-Traded Funds		64,010		—		—		64,010
Total Assets	$	3,448,167	$	—	$	—	$	3,448,167

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 (“NAV”) 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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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 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. 

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 December 31, 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	$	318,015,850	$	53,451,425	$	(3,099,879	)	$	50,351,546
RBP® Dividend Fund		16,473,181		2,627,012		(328,312	)		2,298,700
RBP® Large-Cap Defensive Fund		9,184,358		2,151,167		(51,782	)		2,099,385
RBP® Large-Cap Market Fund		8,647,809		3,336,018		(66,863	)		3,269,155
RBP® Large-Cap Value Fund		2,913,514		578,692		(44,039	)		534,653

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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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.