| Directional Allocation Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| Shares | Value | |||
| COMMON STOCKS† - 98.8% | ||||
| Technology - 26.2% | ||||
| Apple, Inc. | 154,624 | $ | 27,456,584 | |
| Microsoft Corp. | 75,368 | 25,347,766 | ||
| Broadcom, Inc. | 9,434 | 6,277,478 | ||
| salesforce.com, Inc.* | 21,854 | 5,553,757 | ||
| Adobe, Inc.* | 9,772 | 5,541,310 | ||
| QUALCOMM, Inc. | 29,308 | 5,359,554 | ||
| Advanced Micro Devices, Inc.* | 36,555 | 5,260,264 | ||
| Roper Technologies, Inc. | 8,613 | 4,236,390 | ||
| NXP Semiconductor N.V. | 18,388 | 4,188,419 | ||
| Zebra Technologies Corp. — Class A* | 6,402 | 3,810,470 | ||
| Qorvo, Inc.* | 20,256 | 3,167,836 | ||
| NVIDIA Corp. | 8,900 | 2,617,579 | ||
| Total Technology | 98,817,407 | |||
| Consumer, Non-cyclical - 19.2% | ||||
| Pfizer, Inc. | 118,639 | 7,005,633 | ||
| Procter & Gamble Co. | 42,481 | 6,949,042 | ||
| Thermo Fisher Scientific, Inc. | 9,201 | 6,139,275 | ||
| Abbott Laboratories | 42,889 | 6,036,198 | ||
| Eli Lilly & Co. | 21,440 | 5,922,157 | ||
| McKesson Corp. | 16,429 | 4,083,756 | ||
| PerkinElmer, Inc. | 19,462 | 3,913,030 | ||
| Corteva, Inc. | 82,405 | 3,896,108 | ||
| Jazz Pharmaceuticals plc* | 30,325 | 3,863,405 | ||
| West Pharmaceutical Services, Inc. | 8,165 | 3,829,467 | ||
| HCA Healthcare, Inc. | 14,596 | 3,750,004 | ||
| Estee Lauder Companies, Inc. — Class A | 9,237 | 3,419,537 | ||
| Equifax, Inc. | 11,410 | 3,340,734 | ||
| Sysco Corp. | 37,091 | 2,913,498 | ||
| Philip Morris International, Inc. | 30,043 | 2,854,085 | ||
| Constellation Brands, Inc. — Class A | 10,096 | 2,533,793 | ||
| Dexcom, Inc.* | 2,280 | 1,224,246 | ||
| Mondelez International, Inc. — Class A | 12,423 | 823,769 | ||
| UnitedHealth Group, Inc. | 267 | 134,072 | ||
| Total Consumer, Non-cyclical | 72,631,809 | |||
| Communications - 16.1% | ||||
| Amazon.com, Inc.* | 4,831 | 16,108,197 | ||
| Alphabet, Inc. — Class C* | 3,847 | 11,131,641 | ||
| Meta Platforms, Inc. — Class A* | 31,601 | 10,628,996 | ||
| Netflix, Inc.* | 9,646 | 5,811,136 | ||
| Trade Desk, Inc. — Class A* | 42,558 | 3,900,015 | ||
| CDW Corp. | 18,650 | 3,819,147 | ||
| Twitter, Inc.* | 87,018 | 3,760,918 | ||
| T-Mobile US, Inc.* | 31,375 | 3,638,873 | ||
| FactSet Research Systems, Inc. | 4,347 | 2,112,685 | ||
| Total Communications | 60,911,608 | |||
| Financial - 13.1% | ||||
| JPMorgan Chase & Co. | 47,829 | 7,573,722 | ||
| Prologis, Inc. REIT | 28,179 | 4,744,217 | ||
| Duke Realty Corp. REIT | 62,599 | 4,108,998 | ||
| Alexandria Real Estate Equities, Inc. REIT | 18,393 | 4,100,903 | ||
| Travelers Companies, Inc. | 25,783 | 4,033,235 | ||
| American International Group, Inc. | 70,784 | 4,024,778 | ||
| First Republic Bank | 19,012 | 3,926,168 | ||
| Equitable Holdings, Inc. | 116,249 | 3,811,805 | ||
| Synchrony Financial | 77,991 | 3,618,003 | ||
| Ameriprise Financial, Inc. | 10,967 | 3,308,305 | ||
| Goldman Sachs Group, Inc. | 7,987 | 3,055,427 | ||
| Fidelity National Financial, Inc. | 25,381 | 1,324,380 | ||
| Chubb Ltd. | 5,225 | 1,010,045 | ||
| Berkshire Hathaway, Inc. — Class B* | 2,701 | 807,599 | ||
| Total Financial | 49,447,585 | |||
| Consumer, Cyclical - 9.3% | ||||
| Tesla, Inc.* | 10,640 | 11,244,139 | ||
| Walmart, Inc. | 35,641 | 5,156,896 | ||
| TJX Companies, Inc. | 59,061 | 4,483,911 | ||
| Home Depot, Inc. | 10,342 | 4,292,034 | ||
| Target Corp. | 18,287 | 4,232,343 | ||
| Advance Auto Parts, Inc. | 15,641 | 3,751,963 | ||
| Dollar Tree, Inc.* | 14,913 | 2,095,575 | ||
| Total Consumer, Cyclical | 35,256,861 | |||
| Industrial - 8.7% | ||||
| Caterpillar, Inc. | 22,527 | 4,657,232 | ||
| Northrop Grumman Corp. | 11,040 | 4,273,253 | ||
| FedEx Corp. | 15,503 | 4,009,696 | ||
| Keysight Technologies, Inc.* | 18,807 | 3,883,834 | ||
| Trex Company, Inc.* | 26,789 | 3,617,319 | ||
| Garmin Ltd. | 21,348 | 2,906,957 | ||
| CH Robinson Worldwide, Inc. | 23,169 | 2,493,679 | ||
| AGCO Corp. | 20,272 | 2,351,958 | ||
| Republic Services, Inc. — Class A | 14,183 | 1,977,819 | ||
| L3Harris Technologies, Inc. | 7,214 | 1,538,313 | ||
| Johnson Controls International plc | 12,826 | 1,042,882 | ||
| Emerson Electric Co. | 1,311 | 121,884 | ||
| Total Industrial | 32,874,826 | |||
| Utilities - 2.9% | ||||
| Exelon Corp. | 76,083 | 4,394,554 | ||
| Sempra Energy | 31,536 | 4,171,582 | ||
| Vistra Corp. | 111,530 | 2,539,538 | ||
| Total Utilities | 11,105,674 | |||
| Energy - 2.3% | ||||
| Chevron Corp. | 47,117 | 5,529,180 | ||
| Cheniere Energy, Inc. | 29,249 | 2,966,434 | ||
| Total Energy | 8,495,614 | |||
| Basic Materials - 1.0% | ||||
| FMC Corp. | 24,627 | 2,706,261 | ||
| International Flavors & Fragrances, Inc. | 6,477 | 975,760 | ||
| Total Basic Materials | 3,682,021 | |||
| Total Common Stocks | ||||
| (Cost $324,244,357) | 373,223,405 | |||
| EXCHANGE-TRADED FUNDS† - 1.1% | ||||
| SPDR S&P 500 ETF Trust | 4,401 | 2,090,299 | ||
| Directional Allocation Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| Shares | Value | |||
| EXCHANGE-TRADED FUNDS† - 1.1% (continued) | ||||
| Vanguard S&P 500 ETF | 4,754 | $ | 2,075,454 | |
| Total Exchange-Traded Funds | ||||
| (Cost $3,998,668) | 4,165,753 | |||
| Total Investments - 99.9% | ||||
| (Cost $328,243,025) | $ | 377,389,158 | ||
| Other Assets & Liabilities, net - 0.1% | 437,432 | |||
| Total Net Assets - 100.0% | $ | 377,826,590 | ||
| * | 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, 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 | $ | 373,223,405 | $ | — | $ | — | $ | 373,223,405 | |||
| Exchange-Traded Funds | 4,165,753 | — | — | 4,165,753 | |||||||
| Total Assets | $ | 377,389,158 | $ | — | $ | — | $ | 377,389,158 | |||
| RBP® Dividend Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| Shares | Value | |||
| COMMON STOCKS† - 99.9% | ||||
| Technology - 26.2% | ||||
| Apple, Inc. | 11,193 | $ | 1,987,541 | |
| Microsoft Corp. | 5,455 | 1,834,626 | ||
| NVIDIA Corp. | 2,449 | 720,275 | ||
| Broadcom, Inc. | 683 | 454,475 | ||
| QUALCOMM, Inc. | 2,166 | 396,096 | ||
| Intuit, Inc. | 574 | 369,208 | ||
| Applied Materials, Inc. | 2,254 | 354,690 | ||
| KLA Corp. | 752 | 323,443 | ||
| Activision Blizzard, Inc. | 4,650 | 309,365 | ||
| Monolithic Power Systems, Inc. | 564 | 278,238 | ||
| Electronic Arts, Inc. | 1,586 | 209,193 | ||
| Broadridge Financial Solutions, Inc. | 69 | 12,615 | ||
| Total Technology | 7,249,765 | |||
| Financial - 20.9% | ||||
| JPMorgan Chase & Co. | 3,494 | 553,275 | ||
| Mastercard, Inc. — Class A | 1,283 | 461,008 | ||
| Prologis, Inc. REIT | 2,159 | 363,489 | ||
| Morgan Stanley | 3,639 | 357,204 | ||
| BlackRock, Inc. — Class A | 381 | 348,828 | ||
| Alexandria Real Estate Equities, Inc. REIT | 1,374 | 306,347 | ||
| Duke Realty Corp. REIT | 4,628 | 303,782 | ||
| American International Group, Inc. | 5,254 | 298,743 | ||
| Ameriprise Financial, Inc. | 977 | 294,722 | ||
| STAG Industrial, Inc. REIT | 6,075 | 291,357 | ||
| Fidelity National Financial, Inc. | 5,552 | 289,703 | ||
| Equitable Holdings, Inc. | 8,594 | 281,797 | ||
| Equity LifeStyle Properties, Inc. REIT | 3,167 | 277,619 | ||
| Huntington Bancshares, Inc. | 17,917 | 276,280 | ||
| First American Financial Corp. | 3,355 | 262,462 | ||
| Annaly Capital Management, Inc. REIT | 33,177 | 259,444 | ||
| Blackstone Mortgage Trust, Inc. — Class A REIT | 5,235 | 160,296 | ||
| T. Rowe Price Group, Inc. | 613 | 120,540 | ||
| Visa, Inc. — Class A | 425 | 92,102 | ||
| AGNC Investment Corp. REIT | 5,586 | 84,014 | ||
| Sun Communities, Inc. REIT | 223 | 46,823 | ||
| Goldman Sachs Group, Inc. | 94 | 35,960 | ||
| Total Financial | 5,765,795 | |||
| Consumer, Non-cyclical - 16.8% | ||||
| Procter & Gamble Co. | 3,243 | 530,490 | ||
| Pfizer, Inc. | 8,612 | 508,539 | ||
| Eli Lilly & Co. | 1,601 | 442,228 | ||
| Abbott Laboratories | 3,120 | 439,109 | ||
| Thermo Fisher Scientific, Inc. | 658 | 439,044 | ||
| Philip Morris International, Inc. | 3,493 | 331,835 | ||
| HCA Healthcare, Inc. | 1,259 | 323,462 | ||
| West Pharmaceutical Services, Inc. | 672 | 315,174 | ||
| Sysco Corp. | 3,989 | 313,336 | ||
| Estee Lauder Companies, Inc. — Class A | 813 | 300,972 | ||
| Merck & Company, Inc. | 3,904 | 299,203 | ||
| Bunge Ltd. | 3,199 | 298,659 | ||
| McKesson Corp. | 306 | 76,062 | ||
| UnitedHealth Group, Inc. | 19 | 9,541 | ||
| Total Consumer, Non-cyclical | 4,627,654 | |||
| Consumer, Cyclical - 10.9% | ||||
| Home Depot, Inc. | 1,306 | 542,003 | ||
| Walmart, Inc. | 2,763 | 399,779 | ||
| TJX Companies, Inc. | 4,366 | 331,467 | ||
| Dollar General Corp. | 1,361 | 320,965 | ||
| Target Corp. | 1,366 | 316,147 | ||
| Lowe's Companies, Inc. | 980 | 253,310 | ||
| Best Buy Company, Inc. | 2,449 | 248,818 | ||
| Watsco, Inc. | 633 | 198,053 | ||
| Thor Industries, Inc. | 1,694 | 175,786 | ||
| WW Grainger, Inc. | 329 | 170,501 | ||
| Costco Wholesale Corp. | 116 | 65,853 | ||
| Total Consumer, Cyclical | 3,022,682 | |||
| Communications - 7.3% | ||||
| Comcast Corp. — Class A | 8,416 | 423,577 | ||
| AT&T, Inc. | 16,280 | 400,488 | ||
| Fox Corp. — Class A | 7,544 | 278,374 | ||
| ViacomCBS, Inc. — Class B | 9,040 | 272,827 | ||
| Fox Corp. — Class B | 7,818 | 267,923 | ||
| eBay, Inc. | 3,947 | 262,475 | ||
| CDW Corp. | 591 | 121,025 | ||
| Total Communications | 2,026,689 | |||
| Industrial - 7.3% | ||||
| United Parcel Service, Inc. — Class B | 1,722 | 369,093 | ||
| Caterpillar, Inc. | 1,606 | 332,025 | ||
| Waste Management, Inc. | 1,904 | 317,777 | ||
| Republic Services, Inc. — Class A | 2,126 | 296,471 | ||
| CH Robinson Worldwide, Inc. | 2,663 | 286,619 | ||
| Garmin Ltd. | 2,081 | 283,370 | ||
| Agilent Technologies, Inc. | 527 | 84,135 | ||
| Johnson Controls International plc | 658 | 53,502 | ||
| Total Industrial | 2,022,992 | |||
| Energy - 5.0% | ||||
| Chevron Corp. | 3,483 | 408,730 | ||
| ConocoPhillips | 4,500 | 324,810 | ||
| Phillips 66 | 4,001 | 289,913 | ||
| Williams Companies, Inc. | 10,907 | 284,018 | ||
| Marathon Petroleum Corp. | 1,005 | 64,310 | ||
| Total Energy | 1,371,781 | |||
| Utilities - 4.4% | ||||
| Exelon Corp. | 5,624 | 324,842 | ||
| Sempra Energy | 2,331 | 308,345 | ||
| Vistra Corp. | 12,929 | 294,393 | ||
| Evergy, Inc. | 4,046 | 277,596 | ||
| Total Utilities | 1,205,176 | |||
| Basic Materials - 1.1% | ||||
| International Flavors & Fragrances, Inc. | 1,982 | 298,588 | ||
| Total Common Stocks | ||||
| (Cost $24,662,538) | 27,591,122 | |||
| RBP® Dividend Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| Shares | Value | |||
| EXCHANGE-TRADED FUNDS† - 0.4% | ||||
| iShares Select Dividend ETF | 842 | $ | 103,221 | |
| Total Exchange-Traded Funds | ||||
| (Cost $100,501) | 103,221 | |||
| Total Investments - 100.3% | ||||
| (Cost $24,763,039) | $ | 27,694,343 | ||
| Other Assets & Liabilities, net - (0.3)% | (90,717 ) | |||
| Total Net Assets - 100.0% | $ | 27,603,626 | ||
| † | 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, 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 | $ | 27,591,122 | $ | — | $ | — | $ | 27,591,122 | |||
| Exchange-Traded Funds | 103,221 | — | — | 103,221 | |||||||
| Total Assets | $ | 27,694,343 | $ | — | $ | — | $ | 27,694,343 | |||
| RBP® Large-Cap Defensive Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| Shares | Value | |||
| COMMON STOCKS† - 98.5% | ||||
| Technology - 22.9% | ||||
| Apple, Inc. | 5,136 | $ | 912,000 | |
| Microsoft Corp. | 2,515 | 845,845 | ||
| NVIDIA Corp. | 1,245 | 366,167 | ||
| Adobe, Inc.* | 393 | 222,854 | ||
| QUALCOMM, Inc. | 1,192 | 217,981 | ||
| Advanced Micro Devices, Inc.* | 1,141 | 164,190 | ||
| Total Technology | 2,729,037 | |||
| Consumer, Non-cyclical - 21.8% | ||||
| Procter & Gamble Co. | 1,767 | 289,046 | ||
| Abbott Laboratories | 1,714 | 241,228 | ||
| Philip Morris International, Inc. | 2,352 | 223,440 | ||
| Pfizer, Inc. | 3,367 | 198,822 | ||
| Estee Lauder Companies, Inc. — Class A | 534 | 197,687 | ||
| Thermo Fisher Scientific, Inc. | 284 | 189,496 | ||
| Hershey Co. | 971 | 187,859 | ||
| Verisk Analytics, Inc. — Class A | 792 | 181,154 | ||
| Laboratory Corporation of America Holdings* | 565 | 177,529 | ||
| Eli Lilly & Co. | 642 | 177,333 | ||
| HCA Healthcare, Inc. | 686 | 176,247 | ||
| West Pharmaceutical Services, Inc. | 372 | 174,472 | ||
| Equifax, Inc. | 411 | 120,337 | ||
| Constellation Brands, Inc. — Class A | 248 | 62,240 | ||
| Total Consumer, Non-cyclical | 2,596,890 | |||
| Communications - 17.3% | ||||
| Alphabet, Inc. — Class C* | 213 | 616,334 | ||
| Amazon.com, Inc.* | 161 | 536,829 | ||
| Meta Platforms, Inc. — Class A* | 1,160 | 390,166 | ||
| Arista Networks, Inc.* | 1,394 | 200,387 | ||
| FactSet Research Systems, Inc. | 384 | 186,628 | ||
| eBay, Inc. | 1,900 | 126,350 | ||
| Total Communications | 2,056,694 | |||
| Financial - 12.8% | ||||
| Visa, Inc. — Class A | 1,173 | 254,201 | ||
| Prologis, Inc. REIT | 1,293 | 217,690 | ||
| BlackRock, Inc. — Class A | 215 | 196,845 | ||
| Duke Realty Corp. REIT | 2,932 | 192,456 | ||
| T. Rowe Price Group, Inc. | 948 | 186,415 | ||
| Equity LifeStyle Properties, Inc. REIT | 1,977 | 173,304 | ||
| American Homes 4 Rent — Class A REIT | 2,800 | 122,108 | ||
| Everest Re Group Ltd. | 399 | 109,294 | ||
| Mastercard, Inc. — Class A | 179 | 64,318 | ||
| Coinbase Global, Inc. — Class A* | 3 | 757 | ||
| Total Financial | 1,517,388 | |||
| Consumer, Cyclical - 11.4% | ||||
| Home Depot, Inc. | 701 | 290,922 | ||
| O'Reilly Automotive, Inc.* | 273 | 192,801 | ||
| Copart, Inc.* | 1,225 | 185,734 | ||
| Target Corp. | 798 | 184,689 | ||
| Lululemon Athletica, Inc.* | 445 | 174,195 | ||
| Domino's Pizza, Inc. | 205 | 115,688 | ||
| Dollar General Corp. | 442 | 104,237 | ||
| Gentex Corp. | 1,742 | 60,709 | ||
| Tesla, Inc.* | 45 | 47,555 | ||
| Total Consumer, Cyclical | 1,356,530 | |||
| Utilities - 7.4% | ||||
| Duke Energy Corp. | 1,810 | 189,869 | ||
| American Water Works Company, Inc. | 926 | 174,884 | ||
| Sempra Energy | 1,310 | 173,287 | ||
| Evergy, Inc. | 2,480 | 170,153 | ||
| UGI Corp. | 3,679 | 168,903 | ||
| Total Utilities | 877,096 | |||
| Industrial - 4.9% | ||||
| Old Dominion Freight Line, Inc. | 514 | 184,207 | ||
| Garmin Ltd. | 1,321 | 179,881 | ||
| Northrop Grumman Corp. | 321 | 124,250 | ||
| Snap-on, Inc. | 335 | 72,152 | ||
| United Parcel Service, Inc. — Class B | 121 | 25,935 | ||
| Total Industrial | 586,425 | |||
| Total Common Stocks | ||||
| (Cost $10,070,398) | 11,720,060 | |||
| EXCHANGE-TRADED FUNDS† - 0.8% | ||||
| SPDR S&P 500 ETF Trust | 93 | 44,171 | ||
| Vanguard S&P 500 ETF | 101 | 44,094 | ||
| Total Exchange-Traded Funds | ||||
| (Cost $88,845) | 88,265 | |||
| Total Investments - 99.3% | ||||
| (Cost $10,159,243) | $ | 11,808,325 | ||
| Other Assets & Liabilities, net - 0.7% | 85,807 | |||
| Total Net Assets - 100.0% | $ | 11,894,132 | ||
| * | 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. | |
| RBP® Large-Cap Defensive Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 11,720,060 | $ | — | $ | — | $ | 11,720,060 | |||
| Exchange-Traded Funds |
| 88,265 |
| — |
| — | 88,265 | ||||
| Total Assets | $ | 11,808,325 | $ | — | $ | — | $ | 11,808,325 | |||
| RBP® Large-Cap Market Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| Shares | Value | |||
| COMMON STOCKS† - 99.1% | ||||
| Technology - 26.1% | ||||
| Apple, Inc. | 6,215 | $ | 1,103,598 | |
| Microsoft Corp. | 3,029 | 1,018,713 | ||
| Broadcom, Inc. | 379 | 252,190 | ||
| salesforce.com, Inc.* | 893 | 226,938 | ||
| Adobe, Inc.* | 393 | 222,855 | ||
| QUALCOMM, Inc. | 1,203 | 219,993 | ||
| Advanced Micro Devices, Inc.* | 1,500 | 215,850 | ||
| Roper Technologies, Inc. | 353 | 173,627 | ||
| NXP Semiconductor N.V. | 754 | 171,746 | ||
| Zebra Technologies Corp. — Class A* | 257 | 152,966 | ||
| Qorvo, Inc.* | 836 | 130,742 | ||
| NVIDIA Corp. | 365 | 107,350 | ||
| Total Technology | 3,996,568 | |||
| Consumer, Non-cyclical - 19.3% | ||||
| Pfizer, Inc. | 4,782 | 282,377 | ||
| Procter & Gamble Co. | 1,710 | 279,722 | ||
| Thermo Fisher Scientific, Inc. | 362 | 241,541 | ||
| Abbott Laboratories | 1,703 | 239,680 | ||
| Eli Lilly & Co. | 867 | 239,483 | ||
| McKesson Corp. | 678 | 168,530 | ||
| PerkinElmer, Inc. | 803 | 161,451 | ||
| Corteva, Inc. | 3,382 | 159,901 | ||
| Jazz Pharmaceuticals plc* | 1,244 | 158,486 | ||
| HCA Healthcare, Inc. | 599 | 153,895 | ||
| West Pharmaceutical Services, Inc. | 327 | 153,366 | ||
| Estee Lauder Companies, Inc. — Class A | 381 | 141,046 | ||
| Equifax, Inc. | 478 | 139,954 | ||
| Sysco Corp. | 1,583 | 124,345 | ||
| Philip Morris International, Inc. | 1,266 | 120,270 | ||
| Constellation Brands, Inc. — Class A | 424 | 106,411 | ||
| Dexcom, Inc.* | 94 | 50,473 | ||
| Mondelez International, Inc. — Class A | 510 | 33,818 | ||
| Total Consumer, Non-cyclical | 2,954,749 | |||
| Communications - 16.0% | ||||
| Amazon.com, Inc.* | 194 | 646,862 | ||
| Alphabet, Inc. — Class C* | 154 | 445,613 | ||
| Meta Platforms, Inc. — Class A* | 1,271 | 427,501 | ||
| Netflix, Inc.* | 388 | 233,747 | ||
| Trade Desk, Inc. — Class A* | 1,747 | 160,095 | ||
| CDW Corp. | 770 | 157,680 | ||
| Twitter, Inc.* | 3,572 | 154,382 | ||
| T-Mobile US, Inc.* | 1,246 | 144,511 | ||
| FactSet Research Systems, Inc. | 178 | 86,510 | ||
| Total Communications | 2,456,901 | |||
| Financial - 13.3% | ||||
| JPMorgan Chase & Co. | 1,929 | 305,457 | ||
| Prologis, Inc. REIT | 1,156 | 194,624 | ||
| Alexandria Real Estate Equities, Inc. REIT | 759 | 169,227 | ||
| Duke Realty Corp. REIT | 2,569 | 168,629 | ||
| Travelers Companies, Inc. | 1,058 | 165,503 | ||
| American International Group, Inc. | 2,905 | 165,178 | ||
| First Republic Bank | 780 | 161,078 | ||
| Equitable Holdings, Inc. | 4,772 | 156,474 | ||
| Synchrony Financial | 3,221 | 149,422 | ||
| Ameriprise Financial, Inc. | 460 | 138,764 | ||
| Goldman Sachs Group, Inc. | 335 | 128,154 | ||
| Fidelity National Financial, Inc. | 1,048 | 54,685 | ||
| Chubb Ltd. | 214 | 41,368 | ||
| Berkshire Hathaway, Inc. — Class B* | 120 | 35,880 | ||
| Total Financial | 2,034,443 | |||
| Consumer, Cyclical - 9.3% | ||||
| Tesla, Inc.* | 423 | 447,018 | ||
| Walmart, Inc. | 1,428 | 206,617 | ||
| TJX Companies, Inc. | 2,424 | 184,030 | ||
| Home Depot, Inc. | 427 | 177,209 | ||
| Target Corp. | 740 | 171,266 | ||
| Advance Auto Parts, Inc. | 646 | 154,963 | ||
| Dollar Tree, Inc.* | 612 | 85,998 | ||
| Total Consumer, Cyclical | 1,427,101 | |||
| Industrial - 8.8% | ||||
| Caterpillar, Inc. | 924 | 191,028 | ||
| Northrop Grumman Corp. | 453 | 175,343 | ||
| FedEx Corp. | 640 | 165,530 | ||
| Keysight Technologies, Inc.* | 772 | 159,425 | ||
| Trex Company, Inc.* | 1,121 | 151,369 | ||
| Garmin Ltd. | 881 | 119,966 | ||
| CH Robinson Worldwide, Inc. | 951 | 102,356 | ||
| AGCO Corp. | 850 | 98,617 | ||
| Republic Services, Inc. — Class A | 585 | 81,578 | ||
| L3Harris Technologies, Inc. | 296 | 63,119 | ||
| Johnson Controls International plc | 529 | 43,013 | ||
| Total Industrial | 1,351,344 | |||
| Utilities - 3.0% | ||||
| Exelon Corp. | 3,204 | 185,063 | ||
| Sempra Energy | 1,294 | 171,171 | ||
| Vistra Corp. | 4,338 | 98,776 | ||
| Total Utilities | 455,010 | |||
| Energy - 2.3% | ||||
| Chevron Corp. | 1,934 | 226,955 | ||
| Cheniere Energy, Inc. | 1,208 | 122,515 | ||
| Total Energy | 349,470 | |||
| Basic Materials - 1.0% | ||||
| FMC Corp. | 1,039 | 114,176 | ||
| International Flavors & Fragrances, Inc. | 267 | 40,223 | ||
| Total Basic Materials | 154,399 | |||
| Total Common Stocks | ||||
| (Cost $12,287,469) | 15,179,985 | |||
| EXCHANGE-TRADED FUNDS† - 0.3% | ||||
| SPDR S&P 500 ETF Trust | 45 | 21,373 | ||
| Vanguard S&P 500 ETF | 47 | 20,519 | ||
| Total Exchange-Traded Funds | ||||
| (Cost $40,160) | 41,892 | |||
| Total Investments - 99.4% | ||||
| (Cost $12,327,629) | $ | 15,221,877 | ||
| Other Assets & Liabilities, net - 0.6% | 95,522 | |||
| Total Net Assets - 100.0% | $ | 15,317,399 | ||
| RBP® Large-Cap Market Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| * | 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, 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 | $ | 15,179,985 | $ | — | $ | — | $ | 15,179,985 | |||
| Exchange-Traded Funds | 41,892 |
| — |
| — |
| 41,892 | ||||
| Total Assets | $ | 15,221,877 | $ | — | $ | — | $ | 15,221,877 | |||
| RBP® Large-Cap Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| Shares | Value | |||
| COMMON STOCKS† - 98.2% | ||||
| Financial - 22.3% | ||||
| JPMorgan Chase & Co. | 853 | $ | 135,073 | |
| Prologis, Inc. REIT | 427 | 71,890 | ||
| Berkshire Hathaway, Inc. — Class B* | 209 | 62,491 | ||
| Chubb Ltd. | 317 | 61,279 | ||
| Alexandria Real Estate Equities, Inc. REIT | 248 | 55,294 | ||
| American International Group, Inc. | 965 | 54,870 | ||
| Ameriprise Financial, Inc. | 176 | 53,092 | ||
| Travelers Companies, Inc. | 337 | 52,717 | ||
| First Republic Bank | 254 | 52,453 | ||
| Duke Realty Corp. REIT | 799 | 52,446 | ||
| Fidelity National Financial, Inc. | 990 | 51,658 | ||
| Equitable Holdings, Inc. | 1,541 | 50,530 | ||
| Everest Re Group Ltd. | 177 | 48,484 | ||
| Equity LifeStyle Properties, Inc. REIT | 550 | 48,213 | ||
| Synchrony Financial | 1,029 | 47,735 | ||
| Goldman Sachs Group, Inc. | 123 | 47,054 | ||
| Huntington Bancshares, Inc. | 2,820 | 43,484 | ||
| Lamar Advertising Co. — Class A REIT | 280 | 33,964 | ||
| Bank of America Corp. | 382 | 16,995 | ||
| Intercontinental Exchange, Inc. | 27 | 3,693 | ||
| American Financial Group, Inc. | 12 | 1,648 | ||
| Total Financial | 1,045,063 | |||
| Consumer, Non-cyclical - 21.6% | ||||
| Procter & Gamble Co. | 779 | 127,429 | ||
| Pfizer, Inc. | 1,951 | 115,206 | ||
| Abbott Laboratories | 686 | 96,548 | ||
| Eli Lilly & Co. | 337 | 93,086 | ||
| Merck & Company, Inc. | 1,090 | 83,538 | ||
| Philip Morris International, Inc. | 726 | 68,970 | ||
| Mondelez International, Inc. — Class A | 905 | 60,010 | ||
| Constellation Brands, Inc. — Class A | 236 | 59,229 | ||
| HCA Healthcare, Inc. | 217 | 55,752 | ||
| Sysco Corp. | 667 | 52,393 | ||
| Corteva, Inc. | 1,087 | 51,393 | ||
| Jazz Pharmaceuticals plc* | 375 | 47,775 | ||
| Johnson & Johnson | 240 | 41,057 | ||
| Laboratory Corporation of America Holdings* | 86 | 27,022 | ||
| Baxter International, Inc. | 270 | 23,177 | ||
| Hologic, Inc.* | 147 | 11,254 | ||
| Total Consumer, Non-cyclical | 1,013,839 | |||
| Industrial - 14.7% | ||||
| United Parcel Service, Inc. — Class B | 368 | 78,877 | ||
| Caterpillar, Inc. | 319 | 65,950 | ||
| 3M Co. | 349 | 61,993 | ||
| Northrop Grumman Corp. | 152 | 58,835 | ||
| Johnson Controls International plc | 718 | 58,380 | ||
| FedEx Corp. | 217 | 56,125 | ||
| Waste Management, Inc. | 327 | 54,576 | ||
| Republic Services, Inc. — Class A | 390 | 54,386 | ||
| Keysight Technologies, Inc.* | 257 | 53,073 | ||
| Parker-Hannifin Corp. | 165 | 52,490 | ||
| Garmin Ltd. | 310 | 42,213 | ||
| Snap-on, Inc. | 130 | 27,999 | ||
| AGCO Corp. | 198 | 22,972 | ||
| Total Industrial | 687,869 | |||
| Consumer, Cyclical - 11.3% | ||||
| Home Depot, Inc. | 315 | 130,728 | ||
| Walmart, Inc. | 562 | 81,316 | ||
| TJX Companies, Inc. | 833 | 63,241 | ||
| Target Corp. | 261 | 60,406 | ||
| Dollar Tree, Inc.* | 359 | 50,447 | ||
| WW Grainger, Inc. | 95 | 49,233 | ||
| Advance Auto Parts, Inc. | 198 | 47,496 | ||
| Best Buy Company, Inc. | 434 | 44,094 | ||
| Total Consumer, Cyclical | 526,961 | |||
| Communications - 8.8% | ||||
| Walt Disney Co.* | 595 | 92,160 | ||
| Motorola Solutions, Inc. | 214 | 58,144 | ||
| Match Group, Inc.* | 398 | 52,635 | ||
| CDW Corp. | 246 | 50,376 | ||
| AT&T, Inc. | 2,028 | 49,889 | ||
| eBay, Inc. | 686 | 45,619 | ||
| Cisco Systems, Inc. | 710 | 44,993 | ||
| ViacomCBS, Inc. — Class B | 589 | 17,776 | ||
| Verizon Communications, Inc. | 15 | 779 | ||
| Total Communications | 412,371 | |||
| Technology - 7.7% | ||||
| QUALCOMM, Inc. | 464 | 84,852 | ||
| Applied Materials, Inc. | 497 | 78,208 | ||
| KLA Corp. | 138 | 59,355 | ||
| Broadridge Financial Solutions, Inc. | 278 | 50,824 | ||
| Entegris, Inc. | 330 | 45,731 | ||
| Black Knight, Inc.* | 290 | 24,038 | ||
| Zynga, Inc. — Class A* | 3,052 | 19,533 | ||
| Total Technology | 362,541 | |||
| Utilities - 5.6% | ||||
| Exelon Corp. | 1,062 | 61,341 | ||
| Duke Energy Corp. | 571 | 59,898 | ||
| Sempra Energy | 390 | 51,589 | ||
| American Water Works Company, Inc. | 270 | 50,992 | ||
| Vistra Corp. | 1,626 | 37,024 | ||
| Total Utilities | 260,844 | |||
| Energy - 3.4% | ||||
| Chevron Corp. | 756 | 88,716 | ||
| Hess Corp. | 654 | 48,416 | ||
| Schlumberger N.V. | 484 | 14,496 | ||
| Exxon Mobil Corp. | 125 | 7,649 | ||
| Total Energy | 159,277 | |||
| Basic Materials - 2.8% | ||||
| DuPont de Nemours, Inc. | 640 | 51,699 | ||
| FMC Corp. | 467 | 51,319 | ||
| Eastman Chemical Co. | 248 | 29,986 | ||
| Total Basic Materials | 133,004 | |||
| Total Common Stocks | ||||
| (Cost $3,908,169) | 4,601,769 | |||
| RBP® Large-Cap Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
| Shares | Value | |||
| EXCHANGE-TRADED FUNDS† - 0.8% | ||||
| iShares S&P 500 Value ETF | 234 | $ | 36,651 | |
| Total Exchange-Traded Funds | ||||
| (Cost $35,957) | 36,651 | |||
Total Investments - 99.0% | ||||
| (Cost $3,944,126) | $ | 4,638,420 | ||
| Other Assets & Liabilities, net - 1.0% | 48,015 | |||
| Total Net Assets - 100.0% | $ | 4,686,435 | ||
| * | 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, 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 | $ | 4,601,769 | $ | — | $ | — | $ | 4,601,769 | |||
| Exchange-Traded Funds | 36,651 |
| — | — | 36,651 | ||||||
| Total Assets | $ | 4,638,420 | $ | — | $ | — | $ | 4,638,420 | |||
| 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.
| 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 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.
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, 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 | $ | 328,383,741 | $ | 50,474,360 | $ | (1,468,943 | ) | $ | 49,005,417 | |||||||
| RBP® Dividend Fund | 24,790,369 | 3,186,071 | (282,097 | ) | 2,903,974 | |||||||||||
| RBP® Large-Cap Defensive Fund | 10,161,185 | 1,693,218 | (46,078 | ) | 1,647,140 | |||||||||||
| RBP® Large-Cap Market Fund | 12,328,110 | 2,935,970 | (42,203 | ) | 2,893,767 | |||||||||||
| RBP® Large-Cap Value Fund | 3,944,968 | 746,263 | (52,811 | ) | 693,452 | |||||||||||
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 outbreak of COVID-19 and the recovery response causes at times disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators have responded to this situation with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. Recently, the U.S. and other governments have also made investments and engaged in infrastructure modernization projects that have also increased public debt and spending. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds' investments and the performance of the Funds. These actions also contribute to a risk that asset prices have a higher degree of correlation than historically seen across markets and asset classes. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
| 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.