Transparent Value Trust NPORT-P Guggenheim RBP Large-Cap Market Fund (Jun 2021 report)

Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.5%
Consumer, Non-cyclical - 19.8%
IQVIA Holdings, Inc.*		20,182	$	4,890,502
PayPal Holdings, Inc.*		15,901		4,634,823
Corteva, Inc.		88,018		3,903,598
UnitedHealth Group, Inc.		9,567		3,831,009
Sysco Corp.		38,105		2,962,664
Align Technology, Inc.*		4,114		2,513,654
Avantor, Inc.*		65,199		2,315,216
Charles River Laboratories International, Inc.*		6,062		2,242,455
Quanta Services, Inc.		23,001		2,083,201
HCA Healthcare, Inc.		10,064		2,080,631
AbbVie, Inc.		18,073		2,035,743
West Pharmaceutical Services, Inc.		5,654		2,030,351
Thermo Fisher Scientific, Inc.		3,967		2,001,233
Syneos Health, Inc.*		22,150		1,982,204
Jazz Pharmaceuticals plc*		10,902		1,936,631
Centene Corp.*		26,245		1,914,048
Catalent, Inc.*		16,913		1,828,634
Elanco Animal Health, Inc.*		49,950		1,732,765
Laboratory Corporation of America Holdings*		6,274		1,730,683
Edwards Lifesciences Corp.*		16,499		1,708,801
Hologic, Inc.*		24,788		1,653,855
Abbott Laboratories		14,106		1,635,309
Chegg, Inc.*		19,576		1,626,961
Philip Morris International, Inc.		15,971		1,582,886
Estee Lauder Companies, Inc. — Class  A		4,909		1,561,455
TransUnion		13,991		1,536,352
PRA Health Sciences, Inc.*		9,100		1,503,411
Equifax, Inc.		6,065		1,452,628
Vertex Pharmaceuticals, Inc.*		7,025		1,416,451
Global Payments, Inc.		7,520		1,410,301
Teleflex, Inc.		3,478		1,397,426
Boston Beer Company, Inc. — Class  A*		1,282		1,308,665
Cintas Corp.		3,335		1,273,970
Constellation Brands, Inc. — Class  A		5,366		1,255,054
Herbalife Nutrition Ltd.*		23,186		1,222,598
US Foods Holding Corp.*		30,791		1,181,143
Total Consumer, Non-cyclical				73,377,311
Technology - 19.6%
Zebra Technologies Corp. — Class  A*		10,623		5,624,772
Teradyne, Inc.		39,414		5,279,900
Qorvo, Inc.*		24,046		4,704,600
Microsoft Corp.		17,142		4,643,768
Intuit, Inc.		9,062		4,441,921
Adobe, Inc.*		7,072		4,141,646
HP, Inc.		133,921		4,043,075
Cadence Design Systems, Inc.*		29,304		4,009,373
ServiceNow, Inc.*		6,805		3,739,688
Dell Technologies, Inc. — Class  C*		36,594		3,647,324
Advanced Micro Devices, Inc.*		37,112		3,485,930
salesforce.com, Inc.*		14,018		3,424,177
Lam Research Corp.		5,254		3,418,778
Apple, Inc.		22,971		3,146,108
KLA Corp.		7,456		2,417,310
EPAM Systems, Inc.*		4,228		2,160,339
Western Digital Corp.*		29,831		2,123,072
Skyworks Solutions, Inc.		9,581		1,837,157
QUALCOMM, Inc.		12,197		1,743,317
VMware, Inc. — Class  A*		9,650		1,543,710
Broadcom, Inc.		3,235		1,542,577
Fiserv, Inc.*		13,210		1,412,017
Total Technology				72,530,559
Financial - 17.1%
East West Bancorp, Inc.		74,634		5,350,511
First Republic Bank		27,381		5,124,902
T. Rowe Price Group, Inc.		22,294		4,413,543
Duke Realty Corp. REIT		83,741		3,965,136
Prologis, Inc. REIT		30,137		3,602,276
Alexandria Real Estate Equities, Inc. REIT		19,667		3,578,214
Visa, Inc. — Class  A		13,589		3,177,380
Mastercard, Inc. — Class  A		8,580		3,132,472
Signature Bank		12,712		3,122,703
Goldman Sachs Group, Inc.		8,070		3,062,807
Morgan Stanley		28,255		2,590,701
Ally Financial, Inc.		51,716		2,577,526
Allstate Corp.		16,443		2,144,825
Zions Bancorp North America		37,010		1,956,349
JPMorgan Chase & Co.		12,485		1,941,917
Bank of America Corp.		45,627		1,881,201
Intercontinental Exchange, Inc.		15,309		1,817,178
Invitation Homes, Inc. REIT		47,979		1,789,137
Progressive Corp.		17,642		1,732,620
Chubb Ltd.		10,719		1,703,678
Equitable Holdings, Inc.		51,400		1,565,130
Aon plc — Class  A		6,375		1,522,095
Ameriprise Financial, Inc.		5,829		1,450,722
Total Financial				63,203,023
Communications - 14.1%
Alphabet, Inc. — Class  C*		2,078		5,208,133
Twitter, Inc.*		74,937		5,156,415
Facebook, Inc. — Class  A*		14,694		5,109,251
Walt Disney Co.*		22,164		3,895,766
CDW Corp.		22,254		3,886,661
ViacomCBS, Inc. — Class  B		79,604		3,598,101
GoDaddy, Inc. — Class  A*		39,671		3,449,790
Etsy, Inc.*		9,701		1,996,854
Charter Communications, Inc. — Class  A*		2,656		1,916,171
Motorola Solutions, Inc.		8,369		1,814,817
News Corp. — Class  A		68,572		1,767,100
Comcast Corp. — Class  A		30,210		1,722,574
Palo Alto Networks, Inc.*		4,627		1,716,848
VeriSign, Inc.*		7,135		1,624,568
Amazon.com, Inc.*		472		1,623,756
Cable One, Inc.		818		1,564,679
Trade Desk, Inc. — Class  A*		16,309		1,261,664
Altice USA, Inc. — Class  A*		36,350		1,240,989
AT&T, Inc.		41,809		1,203,263
DISH Network Corp. — Class  A*		27,767		1,160,661
Interpublic Group of Companies, Inc.		34,432		1,118,696
Total Communications				52,036,757

Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.5% (continued)
Consumer, Cyclical - 11.4%
Tesla, Inc.*		7,347	$	4,993,756
Williams-Sonoma, Inc.		21,191		3,383,143
Lowe's Companies, Inc.		14,920		2,894,032
Home Depot, Inc.		8,862		2,826,003
Aptiv plc*		17,312		2,723,697
Wyndham Hotels & Resorts, Inc.		37,346		2,699,742
Target Corp.		10,489		2,535,611
Best Buy Company, Inc.		19,883		2,286,147
Tractor Supply Co.		9,407		1,750,267
Advance Auto Parts, Inc.		8,314		1,705,534
NIKE, Inc. — Class  B		9,709		1,499,944
Burlington Stores, Inc.*		4,504		1,450,243
Dollar Tree, Inc.*		14,421		1,434,890
Chipotle Mexican Grill, Inc. — Class  A*		889		1,378,252
Ross Stores, Inc.		11,045		1,369,580
Mohawk Industries, Inc.*		6,669		1,281,715
TJX Companies, Inc.		18,962		1,278,418
Polaris, Inc.		9,141		1,251,951
Darden Restaurants, Inc.		8,412		1,228,068
Starbucks Corp.		9,543		1,067,003
Walgreens Boots Alliance, Inc.		20,140		1,059,565
Total Consumer, Cyclical				42,097,561
Industrial - 10.7%
Jabil, Inc.		92,906		5,399,697
Amphenol Corp. — Class  A		48,344		3,307,213
AGCO Corp.		22,893		2,984,789
Trex Company, Inc.*		28,535		2,916,562
Keysight Technologies, Inc.*		14,866		2,295,459
Lockheed Martin Corp.		5,009		1,895,155
Northrop Grumman Corp.		5,065		1,840,773
L3Harris Technologies, Inc.		8,505		1,838,356
Old Dominion Freight Line, Inc.		6,835		1,734,723
Crown Holdings, Inc.		16,936		1,731,029
Berry Global Group, Inc.*		26,064		1,699,894
United Parcel Service, Inc. — Class  B		8,161		1,697,243
Parker-Hannifin Corp.		5,468		1,679,278
Garmin Ltd.		11,585		1,675,654
Generac Holdings, Inc.*		3,848		1,597,497
Kansas City Southern		5,454		1,545,500
XPO Logistics, Inc.*		9,759		1,365,187
Pentair plc		18,485		1,247,553
FedEx Corp.		4,164		1,242,246
Total Industrial				39,693,808
Energy - 2.5%
HollyFrontier Corp.		84,087		2,766,462
ConocoPhillips		32,664		1,989,237
Hess Corp.		21,356		1,864,806
Cheniere Energy, Inc.*		15,548		1,348,634
Phillips 66		12,880		1,105,362
Total Energy				9,074,501
Utilities - 1.6%
DTE Energy Co.		19,449		2,520,590
NextEra Energy, Inc.		17,127		1,255,067
AES Corp.		44,286		1,154,536
Dominion Energy, Inc.		15,220		1,119,735
Total Utilities				6,049,928
Basic Materials - 0.7%
FMC Corp.		25,301		2,737,568
Total Common Stocks
(Cost $293,217,796)				360,801,016

EXCHANGE-TRADED FUNDS† - 2.3%
SPDR S&P 500 ETF Trust	11,850		5,072,511
Vanguard S&P 500 ETF	9,379		3,690,824
Total Exchange-Traded Funds
(Cost $8,560,314)			8,763,335
Total Investments - 99.8%
(Cost $301,778,110)		$	369,564,351
Other Assets & Liabilities, net - 0.2%			595,320
Total Net Assets - 100.0%		$	370,159,671

*	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, 2021 (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	$	360,801,016	$	—	$	—	$	360,801,016
Exchange-Traded Funds		8,763,335		—		—		8,763,335
Total Assets	$	369,564,351	$	—	$	—	$	369,564,351

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.6%
Financial - 32.6%
Iron Mountain, Inc. REIT		21,589	$	913,646
Janus Henderson Group plc		18,856		731,801
People's United Financial, Inc.		34,576		592,633
Citizens Financial Group, Inc.		11,508		527,872
KeyCorp		24,921		514,619
Omega Healthcare Investors, Inc. REIT		13,917		505,048
Fifth Third Bancorp		12,844		491,026
Huntington Bancshares, Inc.		34,292		489,347
OneMain Holdings, Inc.		8,064		483,114
Popular, Inc.		6,138		460,657
Bank of New York Mellon Corp.		8,857		453,744
MetLife, Inc.		6,694		400,636
U.S. Bancorp		6,595		375,717
Synchrony Financial		7,403		359,194
Truist Financial Corp.		6,397		355,033
JPMorgan Chase & Co.		1,918		298,326
Western Union Co.		12,667		290,961
First American Financial Corp.		3,394		211,616
Axis Capital Holdings Ltd.		3,774		184,963
Mastercard, Inc. — Class A		75		27,382
Visa, Inc. — Class A		113		26,422
Total Financial				8,693,757
Consumer, Non-cyclical - 16.7%
Altria Group, Inc.		9,594		457,442
Amgen, Inc.		1,849		450,694
Philip Morris International, Inc.		3,884		384,943
AbbVie, Inc.		2,996		337,469
Pfizer, Inc.		6,276		245,768
Cardinal Health, Inc.		4,273		243,946
Becton Dickinson and Co.		829		201,605
Sysco Corp.		2,555		198,651
Bristol-Myers Squibb Co.		2,584		172,663
Kellogg Co.		2,664		171,375
PepsiCo, Inc.		1,109		164,320
Johnson & Johnson		964		158,809
Medtronic plc		1,263		156,776
Eli Lilly & Co.		660		151,483
Quest Diagnostics, Inc.		1,033		136,325
Kimberly-Clark Corp.		995		133,111
Colgate-Palmolive Co.		1,574		128,045
Procter & Gamble Co.		901		121,572
AmerisourceBergen Corp. — Class A		926		106,018
UnitedHealth Group, Inc.		256		102,513
Clorox Co.		457		82,219
Abbott Laboratories		616		71,413
Booz Allen Hamilton Holding Corp.		772		65,759
Zoetis, Inc.		129		24,040
Thermo Fisher Scientific, Inc.		10		5,045
Total Consumer, Non-cyclical				4,472,004
Consumer, Cyclical - 10.8%
Walgreens Boots Alliance, Inc.		9,734		512,106
Genuine Parts Co.		3,770		476,792
Leggett & Platt, Inc.		4,593		237,963
Hasbro, Inc.		2,207		208,606
Thor Industries, Inc.		1,674		189,162
Home Depot, Inc.		592		188,783
Watsco, Inc.		652		186,889
Gentex Corp.		5,280		174,715
Target Corp.		651		157,373
Best Buy Company, Inc.		1,331		153,038
Starbucks Corp.		1,200		134,172
McDonald's Corp.		562		129,816
Yum! Brands, Inc.		1,128		129,754
Total Consumer, Cyclical				2,879,169
Industrial - 10.4%
Amcor plc		47,927		549,243
Lockheed Martin Corp.		1,317		498,287
Huntington Ingalls Industries, Inc.		1,990		419,393
3M Co.		1,129		224,253
Eaton Corporation plc		1,465		217,084
United Parcel Service, Inc. — Class B		795		165,336
CSX Corp.		5,031		161,394
Waste Management, Inc.		907		127,080
Knight-Swift Transportation Holdings, Inc.		2,558		116,287
CH Robinson Worldwide, Inc.		1,128		105,660
Kansas City Southern		356		100,880
Agilent Technologies, Inc.		593		87,651
Total Industrial				2,772,548
Communications - 9.0%
NortonLifeLock, Inc.		17,454		475,098
Interpublic Group of Companies, Inc.		13,931		452,618
AT&T, Inc.		12,642		363,837
ViacomCBS, Inc. — Class B		6,382		288,467
Cisco Systems, Inc.		4,545		240,885
Verizon Communications, Inc.		3,719		208,376
Corning, Inc.		4,365		178,528
Comcast Corp. — Class A		2,411		137,475
New York Times Co. — Class A		762		33,185
Cable One, Inc.		15		28,692
Total Communications				2,407,161
Energy - 7.0%
Exxon Mobil Corp.		12,506		788,878
Valero Energy Corp.		8,411		656,731
Chevron Corp.		4,078		427,130
Total Energy				1,872,739
Technology - 6.3%
HP, Inc.		9,794		295,681
Broadcom, Inc.		527		251,295
KLA Corp.		527		170,859
Analog Devices, Inc.		948		163,208
Intel Corp.		2,723		152,869
Microchip Technology, Inc.		968		144,948
QUALCOMM, Inc.		960		137,213
Broadridge Financial Solutions, Inc.		661		106,771
Skyworks Solutions, Inc.		504		96,642
Microsoft Corp.		201		54,451
Jack Henry & Associates, Inc.		319		52,160
Intuit, Inc.		102		49,997
Total Technology				1,676,094
Utilities - 3.3%
Duke Energy Corp.		3,111		307,118
Southern Co.		4,920		297,709

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.6% (continued)
Utilities - 3.3% (continued)
OGE Energy Corp.		8,559	$	288,011
Total Utilities				892,838
Basic Materials - 1.5%
Dow, Inc.		6,348		401,701
Total Common Stocks
(Cost $21,759,522)				26,068,011

EXCHANGE-TRADED FUNDS† - 1.8%
Vanguard Dividend Appreciation ETF	1,568		242,711
iShares Select Dividend ETF	2,007		234,056
Total Exchange-Traded Funds
(Cost $484,343)			476,767
Total Investments - 99.4%
(Cost $22,243,865)		$	26,544,778
Other Assets & Liabilities, net - 0.6%			153,665
Total Net Assets - 100.0%		$	26,698,443

† 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, 2021 (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	$	26,068,011	$	—	$	—	$	26,068,011
Exchange-Traded Funds		476,767		—		—		476,767
Total Assets	$	26,544,778	$	—	$	—	$	26,544,778

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.5%
Consumer, Non-cyclical - 21.6%
Thermo Fisher Scientific, Inc.		310	$	156,386
Eli Lilly & Co.		680		156,074
Hologic, Inc.*		2,213		147,651
West Pharmaceutical Services, Inc.		410		147,231
Danaher Corp.		507		136,059
Jazz Pharmaceuticals plc*		724		128,611
Pfizer, Inc.		3,225		126,291
AbbVie, Inc.		1,109		124,918
Bristol-Myers Squibb Co.		1,829		122,214
Masimo Corp.*		477		115,649
Philip Morris International, Inc.		1,129		111,895
Equifax, Inc.		429		102,750
Chegg, Inc.*		1,207		100,314
Estee Lauder Companies, Inc. — Class A		307		97,651
Becton Dickinson and Co.		401		97,519
Morningstar, Inc.		377		96,930
Teleflex, Inc.		236		94,822
MarketAxess Holdings, Inc.		204		94,572
Boston Beer Company, Inc. — Class A*		90		91,872
Constellation Brands, Inc. — Class A		387		90,515
Tyson Foods, Inc. — Class A		1,193		87,996
Church & Dwight Company, Inc.		874		74,482
Total Consumer, Non-cyclical				2,502,402
Communications - 19.2%
Alphabet, Inc. — Class C*		82		205,518
Facebook, Inc. — Class A*		477		165,858
Palo Alto Networks, Inc.*		419		155,470
eBay, Inc.		1,993		139,928
Charter Communications, Inc. — Class A*		182		131,304
Motorola Solutions, Inc.		573		124,255
F5 Networks, Inc.*		651		121,516
Arista Networks, Inc.*		334		121,012
Fox Corp. — Class A		3,220		119,558
Comcast Corp. — Class A		2,067		117,860
NortonLifeLock, Inc.		4,248		115,631
Discovery, Inc. — Class A*		3,729		114,406
Altice USA, Inc. — Class A*		3,294		112,457
Amazon.com, Inc.*		32		110,085
Cable One, Inc.		53		101,379
Ciena Corp.*		1,702		96,827
Verizon Communications, Inc.		1,479		82,868
AT&T, Inc.		2,750		79,145
Total Communications				2,215,077
Technology - 15.1%
PTC, Inc.*		1,120		158,211
Fortinet, Inc.*		586		139,579
Seagate Technology Holdings plc		1,587		139,545
Synopsys, Inc.*		472		130,173
Activision Blizzard, Inc.		1,339		127,794
Tyler Technologies, Inc.*		258		116,711
Take-Two Interactive Software, Inc.*		646		114,355
Zoom Video Communications, Inc. — Class A*		291		112,626
Broadridge Financial Solutions, Inc.		686		110,810
Akamai Technologies, Inc.*		934		108,904
Fidelity National Information Services, Inc.		762		107,953
CDK Global, Inc.		2,022		100,473
Black Knight, Inc.*		1,202		93,732
Aspen Technology, Inc.*		664		91,327
Leidos Holdings, Inc.		900		90,990
Total Technology				1,743,183
Financial - 12.1%
Intercontinental Exchange, Inc.		1,054		125,110
Equity LifeStyle Properties, Inc. REIT		1,635		121,497
Progressive Corp.		1,214		119,227
Cboe Global Markets, Inc.		970		115,479
American Homes 4 Rent — Class A REIT		2,917		113,326
First Republic Bank		605		113,238
Signature Bank		442		108,577
Everest Re Group Ltd.		418		105,340
Charles Schwab Corp.		1,441		104,919
New York Community Bancorp, Inc.		9,407		103,665
Medical Properties Trust, Inc. REIT		5,134		103,193
JPMorgan Chase & Co.		613		95,346
CME Group, Inc. — Class A		353		75,076
Total Financial				1,403,993
Industrial - 11.9%
Keysight Technologies, Inc.*		1,008		155,645
United Parcel Service, Inc. — Class B		696		144,747
Lockheed Martin Corp.		343		129,774
L3Harris Technologies, Inc.		581		125,583
Northrop Grumman Corp.		335		121,749
Berry Global Group, Inc.*		1,777		115,896
Old Dominion Freight Line, Inc.		449		113,956
Expeditors International of Washington, Inc.		836		105,838
Garmin Ltd.		713		103,129
Huntington Ingalls Industries, Inc.		461		97,156
Caterpillar, Inc.		408		88,793
Snap-on, Inc.		359		80,211
Total Industrial				1,382,477
Consumer, Cyclical - 11.9%
Target Corp.		708		171,152
Scotts Miracle-Gro Co. — Class A		652		125,132
Tractor Supply Co.		624		116,101
Advance Auto Parts, Inc.		564		115,699
Costco Wholesale Corp.		282		111,579
Dollar General Corp.		492		106,464
Domino's Pizza, Inc.		214		99,829
Dollar Tree, Inc.*		983		97,809
Chipotle Mexican Grill, Inc. — Class A*		61		94,571
NIKE, Inc. — Class B		611		94,393
O'Reilly Automotive, Inc.*		164		92,858
Walgreens Boots Alliance, Inc.		1,575		82,861

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.5% (continued)
Consumer, Cyclical - 11.9% (continued)
Gentex Corp.		1,902	$	62,937
Total Consumer, Cyclical				1,371,385
Energy - 2.5%
Cheniere Energy, Inc.*		1,632		141,560
Kinder Morgan, Inc.		4,126		75,217
Cabot Oil & Gas Corp. — Class A		3,976		69,421
Total Energy				286,198
Utilities - 2.3%
NextEra Energy, Inc.		1,276		93,505
Xcel Energy, Inc.		1,408		92,759
Eversource Energy		979		78,555
Total Utilities				264,819
Basic Materials - 0.9%
Sherwin-Williams Co.		401		109,252
Total Common Stocks
(Cost $8,898,215)				11,278,786

EXCHANGE-TRADED FUNDS† - 2.0%
SPDR S&P 500 ETF Trust	270		115,576
Vanguard S&P 500 ETF	293		115,301
Total Exchange-Traded Funds
(Cost $225,345)			230,877
Total Investments - 99.5%
(Cost $9,123,560)		$	11,509,663
Other Assets & Liabilities, net - 0.5%			53,407
Total Net Assets - 100.0%		$	11,563,070

*	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, 2021 (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	$	11,278,786	$	—	$	—	$	11,278,786
Exchange-Traded Funds		230,877		—		—		230,877
Total Assets	$	11,509,663	$	—	$	—	$	11,509,663

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.9%
Consumer, Non-cyclical - 19.8%
IQVIA Holdings, Inc.*		796	$	192,887
PayPal Holdings, Inc.*		642		187,130
AbbVie, Inc.		1,426		160,624
West Pharmaceutical Services, Inc.		446		160,159
Thermo Fisher Scientific, Inc.		316		159,412
Corteva, Inc.		3,557		157,753
Jazz Pharmaceuticals plc*		873		155,080
UnitedHealth Group, Inc.		380		152,167
Edwards Lifesciences Corp.*		1,303		134,952
Hologic, Inc.*		2,004		133,707
Abbott Laboratories		1,121		129,957
Chegg, Inc.*		1,545		128,405
Philip Morris International, Inc.		1,266		125,473
Sysco Corp.		1,583		123,078
Equifax, Inc.		478		114,486
Estee Lauder Companies, Inc. — Class A		355		112,919
Vertex Pharmaceuticals, Inc.*		555		111,905
Teleflex, Inc.		276		110,894
Boston Beer Company, Inc. — Class A*		101		103,101
Constellation Brands, Inc. — Class A		424		99,169
Herbalife Nutrition Ltd.*		1,830		96,496
Total Consumer, Non-cyclical				2,849,754
Technology - 17.5%
Zebra Technologies Corp. — Class A*		400		211,796
Teradyne, Inc.		1,581		211,791
Qorvo, Inc.*		972		190,172
Microsoft Corp.		682		184,754
Intuit, Inc.		364		178,422
HP, Inc.		5,323		160,702
Cadence Design Systems, Inc.*		1,088		148,860
ServiceNow, Inc.*		269		147,829
Skyworks Solutions, Inc.		755		144,771
Advanced Micro Devices, Inc.*		1,526		143,337
Dell Technologies, Inc. — Class C*		1,437		143,226
salesforce.com, Inc.*		563		137,524
Adobe, Inc.*		233		136,454
Apple, Inc.		944		129,290
VMware, Inc. — Class A*		763		122,057
Broadcom, Inc.		254		121,117
Total Technology				2,512,102
Financial - 16.5%
East West Bancorp, Inc.		2,970		212,919
First Republic Bank		1,079		201,956
T. Rowe Price Group, Inc.		879		174,016
Duke Realty Corp. REIT		3,303		156,397
JPMorgan Chase & Co.		1,002		155,851
Zions Bancorp North America		2,944		155,620
Intercontinental Exchange, Inc.		1,219		144,695
Alexandria Real Estate Equities, Inc. REIT		788		143,369
Prologis, Inc. REIT		1,190		142,241
Progressive Corp.		1,432		140,637
Visa, Inc. — Class A		554		129,536
Mastercard, Inc. — Class A		349		127,416
Goldman Sachs Group, Inc.		335		127,143
Equitable Holdings, Inc.		4,058		123,566
Aon plc — Class A		508		121,290
Ameriprise Financial, Inc.		460		114,485
Total Financial				2,371,137
Communications - 15.1%
Alphabet, Inc. — Class C*		98		245,619
Twitter, Inc.*		3,000		206,430
Facebook, Inc. — Class A*		569		197,847
ViacomCBS, Inc. — Class B		3,858		174,382
Charter Communications, Inc. — Class A*		214		154,390
Walt Disney Co.*		874		153,623
Motorola Solutions, Inc.		666		144,422
CDW Corp.		813		141,990
GoDaddy, Inc. — Class A*		1,561		135,745
Comcast Corp. — Class A		2,379		135,650
VeriSign, Inc.*		563		128,190
Amazon.com, Inc.*		37		127,286
Cable One, Inc.		65		124,333
AT&T, Inc.		3,341		96,154
Total Communications				2,166,061
Consumer, Cyclical - 12.3%
Target Corp.		832		201,128
Tesla, Inc.*		292		198,472
Williams-Sonoma, Inc.		868		138,576
Advance Auto Parts, Inc.		675		138,469
Tractor Supply Co.		741		137,870
Home Depot, Inc.		374		119,265
Dollar Tree, Inc.*		1,165		115,918
Aptiv plc*		730		114,851
Chipotle Mexican Grill, Inc. — Class A*		71		110,074
Lowe's Companies, Inc.		556		107,847
NIKE, Inc. — Class B		688		106,289
Wyndham Hotels & Resorts, Inc.		1,463		105,760
Best Buy Company, Inc.		822		94,514
Walgreens Boots Alliance, Inc.		1,614		84,913
Total Consumer, Cyclical				1,773,946
Industrial - 11.8%
Jabil, Inc.		3,502		203,536
Keysight Technologies, Inc.*		1,188		183,439
Lockheed Martin Corp.		400		151,340
Old Dominion Freight Line, Inc.		550		139,590
Berry Global Group, Inc.*		2,103		137,158
L3Harris Technologies, Inc.		626		135,310
Amphenol Corp. — Class A		1,973		134,973
Northrop Grumman Corp.		371		134,832
Garmin Ltd.		913		132,057
United Parcel Service, Inc. — Class B		594		123,534
Trex Company, Inc.*		1,121		114,577
AGCO Corp.		850		110,823
Total Industrial				1,701,169
Energy - 2.1%
HollyFrontier Corp.		3,358		110,478
Cheniere Energy, Inc.*		1,269		110,073
Phillips 66		1,026		88,052
Total Energy				308,603

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.9% (continued)
Utilities - 2.0%
NextEra Energy, Inc.		1,358	$	99,514
DTE Energy Co.		739		95,774
Dominion Energy, Inc.		1,215		89,388
Total Utilities				284,676
Basic Materials - 0.8%
FMC Corp.		1,039		112,420
Total Common Stocks
(Cost $9,844,694)				14,079,868

EXCHANGE-TRADED FUNDS† - 1.5%
SPDR S&P 500 ETF Trust	245		104,875
Vanguard S&P 500 ETF	264		103,889
Total Exchange-Traded Funds
(Cost $203,641)			208,764
Total Investments - 99.4%
(Cost $10,048,335)		$	14,288,632
Other Assets & Liabilities, net - 0.6%			86,109
Total Net Assets - 100.0%		$	14,374,741

*	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, 2021 (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	$	14,079,868	$	—	$	—	$	14,079,868
Exchange-Traded Funds		208,764		—		—		208,764
Total Assets	$	14,288,632	$	—	$	—	$	14,288,632

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.0%
Financial - 23.7%
Ally Financial, Inc.		1,397	$	69,627
First Republic Bank		338		63,263
Charles Schwab Corp.		836		60,869
Fifth Third Bancorp		1,394		53,293
KeyCorp		2,469		50,985
Bank of America Corp.		1,235		50,919
Duke Realty Corp. REIT		1,051		49,765
Crown Castle International Corp. REIT		252		49,165
JPMorgan Chase & Co.		316		49,151
People's United Financial, Inc.		2,858		48,986
Chubb Ltd.		294		46,728
Intercontinental Exchange, Inc.		393		46,649
U.S. Bancorp		814		46,373
Equity LifeStyle Properties, Inc. REIT		614		45,627
American Express Co.		274		45,273
Alexandria Real Estate Equities, Inc. REIT		248		45,121
Ameriprise Financial, Inc.		176		43,803
Goldman Sachs Group, Inc.		108		40,989
Huntington Bancshares, Inc.		2,818		40,213
Progressive Corp.		402		39,480
Everest Re Group Ltd.		151		38,054
Total Financial				1,024,333
Consumer, Non-cyclical - 22.0%
Eli Lilly & Co.		255		58,528
Quanta Services, Inc.		613		55,519
Hologic, Inc.*		802		53,509
Jazz Pharmaceuticals plc*		271		48,140
AbbVie, Inc.		425		47,872
Corteva, Inc.		1,064		47,188
McKesson Corp.		238		45,515
Pfizer, Inc.		1,126		44,094
Philip Morris International, Inc.		440		43,608
Anthem, Inc.		110		41,998
Bristol-Myers Squibb Co.		619		41,362
Johnson & Johnson		234		38,549
Abbott Laboratories		321		37,214
Church & Dwight Company, Inc.		416		35,452
Sysco Corp.		450		34,988
Mondelez International, Inc. — Class A		551		34,404
McCormick & Company, Inc.		375		33,120
Booz Allen Hamilton Holding Corp.		377		32,113
Tyson Foods, Inc. — Class A		432		31,864
Herbalife Nutrition Ltd.*		595		31,374
Archer-Daniels-Midland Co.		506		30,664
Colgate-Palmolive Co.		374		30,425
Constellation Brands, Inc. — Class A		130		30,406
Baxter International, Inc.		321		25,841
Total Consumer, Non-cyclical				953,747
Industrial - 13.8%
Keysight Technologies, Inc.*		372		57,441
United Parcel Service, Inc. — Class B		256		53,241
Agilent Technologies, Inc.		335		49,516
Crown Holdings, Inc.		464		47,425
Garmin Ltd.		317		45,851
Lockheed Martin Corp.		120		45,402
Kansas City Southern		149		42,222
Parker-Hannifin Corp.		133		40,846
FedEx Corp.		119		35,501
Caterpillar, Inc.		148		32,209
Stanley Black & Decker, Inc.		151		30,953
Fortune Brands Home & Security, Inc.		309		30,780
Johnson Controls International plc		437		29,991
Snap-on, Inc.		130		29,046
AGCO Corp.		198		25,815
Total Industrial				596,239
Technology - 12.9%
Applied Materials, Inc.		660		93,984
Teradyne, Inc.		499		66,846
KLA Corp.		189		61,276
QUALCOMM, Inc.		336		48,025
Zynga, Inc. — Class A*		4,464		47,452
Accenture plc — Class A		153		45,103
Concentrix Corp.*		279		44,863
Akamai Technologies, Inc.*		368		42,909
Advanced Micro Devices, Inc.*		437		41,047
Broadridge Financial Solutions, Inc.		215		34,729
Leidos Holdings, Inc.		334		33,767
Total Technology				560,001
Consumer, Cyclical - 8.5%
Target Corp.		261		63,094
Scotts Miracle-Gro Co. — Class A		270		51,818
Aptiv plc*		235		36,973
NIKE, Inc. — Class B		213		32,906
Wyndham Hotels & Resorts, Inc.		454		32,820
General Motors Co.*		548		32,425
Watsco, Inc.		106		30,384
Walgreens Boots Alliance, Inc.		571		30,040
McDonald's Corp.		129		29,798
Darden Restaurants, Inc.		198		28,906
Total Consumer, Cyclical				369,164
Communications - 7.8%
ViacomCBS, Inc. — Class B		1,213		54,828
eBay, Inc.		752		52,798
Walt Disney Co.*		255		44,821
Comcast Corp. — Class A		775		44,191
Motorola Solutions, Inc.		193		41,852
Cisco Systems, Inc.		706		37,418
AT&T, Inc.		1,065		30,651
Verizon Communications, Inc.		514		28,799
Total Communications				335,358
Energy - 3.9%
Hess Corp.		631		55,099
Schlumberger N.V.		961		30,761
Marathon Petroleum Corp.		480		29,002
Phillips 66		314		26,947
Baker Hughes Co.		1,172		26,804
Total Energy				168,613

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2021

	Shares		Value
COMMON STOCKS† - 97.0% (continued)
Utilities - 3.7%
NextEra Energy, Inc.		493	$	36,127
Duke Energy Corp.		344		33,960
DTE Energy Co.		249		32,270
American Water Works Company, Inc.		195		30,055
Xcel Energy, Inc.		394		25,957
Total Utilities				158,369
Basic Materials - 0.7%
FMC Corp.		298		32,244
Total Common Stocks
(Cost $3,283,607)				4,198,068

EXCHANGE-TRADED FUNDS† - 1.5%
iShares S&P 500 Value ETF	426		62,895
Total Exchange-Traded Funds
(Cost $62,484)			62,895
Total Investments - 98.5%
(Cost $3,346,091)		$	4,260,963
Other Assets & Liabilities, net - 1.5%			65,256
Total Net Assets - 100.0%		$	4,326,219

*	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, 2021 (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	$	4,198,068	$	—	$	—	$	4,198,068
Exchange-Traded Funds		62,895		—		—		62,895
Total Assets	$	4,260,963	$	—	$	—	$	4,260,963

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 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 for a period of three years after they are filed.

At June 30, 2021, 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	$	303,460,234	$	67,111,913	$	(1,007,796	)	$	66,104,117
RBP® Dividend Fund		22,418,551		4,212,366		(86,139	)		4,126,227
RBP® Large-Cap Defensive Fund		9,127,562		2,429,323		(47,222	)		2,382,101
RBP® Large-Cap Market Fund		10,056,665		4,264,929		(32,962	)		4,231,967
RBP® Large-Cap Value Fund		3,349,514		920,365		(8,916	)		911,449

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

The global ongoing crisis caused by the outbreak of COVID-19 and the current recovery underway is causing disruption to consumer demand and economic output and supply chains. There are still travel restrictions and quarantines, and adverse impacts on 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 public health conditions around 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 respond to and contain the ongoing pandemic, which can obstruct their functioning and subject them to heightened operational and other 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.