| Directional Allocation Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
| Shares | Value | |||||||
| MONEY MARKET FUND† - 10.0% | ||||||||
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 1.32%1 | 26,767,132 | $ | 26,767,132 | |||||
| Total Money Market Fund | ||||||||
| (Cost $26,767,132) | 26,767,132 | |||||||
| Face Amount | ||||||||
| U.S. TREASURY BILLS†† - 90.3% | ||||||||
| U.S. Treasury Bills | ||||||||
| 1.05% due 07/26/222 | $ | 122,000,000 | 121,913,371 | |||||
| 1.04% due 07/26/222 | 121,000,000 | 120,914,082 | ||||||
| Total U.S. Treasury Bills | ||||||||
| (Cost $242,816,482) | 242,827,453 | |||||||
| Total Investments - 100.3% | ||||||||
| (Cost $269,583,614) | $ | 269,594,585 | ||||||
| Other Assets & Liabilities, net - (0.3)% | (776,051 | ) | ||||||
| Total Net Assets - 100.0% | $ | 268,818,534 |
| † | Value determined based on Level 1 inputs — See Note 3. |
| †† | Value determined based on Level 2 inputs — See Note 3. |
| 1 | Rate indicated is the 7-day yield as of June 30, 2022. |
| 2 | Rate indicated is the effective yield at the time of purchase. |
| See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (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 | ||||||||||||
| Money Market Fund | $ | 26,767,132 | $ | — | $ | — | $ | 26,767,132 | ||||||||
| U.S. Treasury Bills | — | 242,827,453 | — | 242,827,453 | ||||||||||||
| Total Assets | $ | 26,767,132 | $ | 242,827,453 | $ | — | $ | 269,594,585 | ||||||||
| RBP® Dividend Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
| Shares | Value | |||||||
| COMMON STOCKS† - 98.3% | ||||||||
| Technology - 23.0% | ||||||||
| Microsoft Corp. | 5,067 | $ | 1,301,358 | |||||
| Apple, Inc. | 7,310 | 999,423 | ||||||
| NVIDIA Corp. | 2,617 | 396,711 | ||||||
| Accenture plc — Class A | 1,059 | 294,031 | ||||||
| Broadcom, Inc. | 597 | 290,029 | ||||||
| QUALCOMM, Inc. | 2,022 | 258,290 | ||||||
| Applied Materials, Inc. | 2,429 | 220,991 | ||||||
| KLA Corp. | 640 | 204,211 | ||||||
| Electronic Arts, Inc. | 1,671 | 203,277 | ||||||
| Intuit, Inc. | 489 | 188,480 | ||||||
| Monolithic Power Systems, Inc. | 480 | 184,339 | ||||||
| Total Technology | 4,541,140 | |||||||
| Financial - 20.2% | ||||||||
| Visa, Inc. — Class A | 1,950 | 383,935 | ||||||
| Mastercard, Inc. — Class A | 1,092 | 344,504 | ||||||
| Goldman Sachs Group, Inc. | 898 | 266,724 | ||||||
| Prologis, Inc. REIT | 2,142 | 252,006 | ||||||
| Chubb Ltd. | 1,241 | 243,956 | ||||||
| Morgan Stanley | 3,097 | 235,558 | ||||||
American International Group, Inc. | 4,195 | 214,490 | ||||||
Healthcare Realty Trust, Inc. REIT | 7,337 | 199,566 | ||||||
| Ameriprise Financial, Inc. | 832 | 197,750 | ||||||
Equity LifeStyle Properties, Inc. REIT | 2,707 | 190,762 | ||||||
| Equitable Holdings, Inc. | 7,314 | 190,676 | ||||||
| MetLife, Inc. | 2,852 | 179,077 | ||||||
| Fidelity National Financial, Inc. | 4,689 | 173,306 | ||||||
American Tower Corp. — Class A REIT | 678 | 173,290 | ||||||
Annaly Capital Management, Inc. REIT | 28,234 | 166,863 | ||||||
| STAG Industrial, Inc. REIT | 5,170 | 159,650 | ||||||
Blackstone Mortgage Trust, Inc. — Class A REIT | 4,410 | 122,025 | ||||||
New York Community Bancorp, Inc. | 8,045 | 73,451 | ||||||
| Crown Castle International Corp. REIT | 432 | 72,740 | ||||||
| AGNC Investment Corp. REIT | 4,671 | 51,708 | ||||||
| SL Green Realty Corp. REIT | 1,118 | 51,596 | ||||||
| Sun Communities, Inc. REIT | 189 | 30,119 | ||||||
Mid-America Apartment Communities, Inc. REIT | 63 | 11,004 | ||||||
| Total Financial | 3,984,756 | |||||||
| Consumer, Non-cyclical - 18.9% | ||||||||
| Procter & Gamble Co. | 2,790 | 401,174 | ||||||
| Pfizer, Inc. | 7,238 | 379,488 | ||||||
| AbbVie, Inc. | 2,416 | 370,035 | ||||||
| Eli Lilly & Co. | 1,129 | 366,056 | ||||||
| Merck & Company, Inc. | 3,756 | 342,435 | ||||||
| Abbott Laboratories | 2,838 | 308,349 | ||||||
| Philip Morris International, Inc. | 2,855 | 281,903 | ||||||
Estee Lauder Companies, Inc. — Class A | 940 | 239,390 | ||||||
| Sysco Corp. | 2,751 | 233,037 | ||||||
| Bunge Ltd. | 1,971 | 178,750 | ||||||
| Bristol-Myers Squibb Co. | 2,255 | 173,635 | ||||||
| West Pharmaceutical Services, Inc. | 572 | 172,955 | ||||||
| McKesson Corp. | 249 | 81,226 | ||||||
| UnitedHealth Group, Inc. | 119 | 61,122 | ||||||
| Johnson & Johnson | 334 | 59,288 | ||||||
| Baxter International, Inc. | 443 | 28,454 | ||||||
| Elevance Health, Inc. | 57 | 27,507 | ||||||
| Mondelez International, Inc. — Class A | 403 | 25,022 | ||||||
| Total Consumer, Non-cyclical | 3,729,826 | |||||||
| Consumer, Cyclical - 10.1% | ||||||||
| Home Depot, Inc. | 1,287 | 352,986 | ||||||
| Walmart, Inc. | 2,283 | 277,567 | ||||||
| Dollar General Corp. | 994 | 243,967 | ||||||
| Target Corp. | 1,610 | 227,380 | ||||||
| TJX Companies, Inc. | 3,716 | 207,539 | ||||||
| Lowe's Companies, Inc. | 835 | 145,849 | ||||||
| Costco Wholesale Corp. | 288 | 138,033 | ||||||
| Watsco, Inc. | 543 | 129,679 | ||||||
| WW Grainger, Inc. | 280 | 127,241 | ||||||
| Thor Industries, Inc. | 1,428 | 106,714 | ||||||
| Cummins, Inc. | 183 | 35,416 | ||||||
| Total Consumer, Cyclical | 1,992,371 | |||||||
| Communications - 7.0% | ||||||||
| Comcast Corp. — Class A | 7,395 | 290,180 | ||||||
| AT&T, Inc. | 13,140 | 275,415 | ||||||
| eBay, Inc. | 4,872 | 203,016 | ||||||
| Fox Corp. — Class A | 5,588 | 179,710 | ||||||
| Fox Corp. — Class B | 5,965 | 177,160 | ||||||
| Paramount Global — Class B | 6,863 | 169,379 | ||||||
| CDW Corp. | 496 | 78,150 | ||||||
| Total Communications | 1,373,010 | |||||||
| Energy - 6.2% | ||||||||
| Exxon Mobil Corp. | 4,412 | 377,844 | ||||||
| Pioneer Natural Resources Co. | 872 | 194,526 | ||||||
| EOG Resources, Inc. | 1,734 | 191,503 | ||||||
| Valero Energy Corp. | 1,667 | 177,169 | ||||||
| Chevron Corp. | 1,175 | 170,116 | ||||||
| Marathon Petroleum Corp. | 855 | 70,289 | ||||||
| ConocoPhillips | 391 | 35,116 | ||||||
| Total Energy | 1,216,563 | |||||||
| Industrial - 5.6% | ||||||||
| Union Pacific Corp. | 1,313 | 280,037 | ||||||
| United Parcel Service, Inc. — Class B | 1,448 | 264,318 | ||||||
| Caterpillar, Inc. | 1,241 | 221,841 | ||||||
| Garmin Ltd. | 2,104 | 206,718 | ||||||
| Republic Services, Inc. — Class A | 520 | 68,052 | ||||||
| Agilent Technologies, Inc. | 440 | 52,259 | ||||||
| Illinois Tool Works, Inc. | 5 | 911 | ||||||
| Total Industrial | 1,094,136 | |||||||
| Utilities - 5.4% | ||||||||
| NextEra Energy, Inc. | 3,777 | 292,566 | ||||||
| Eversource Energy | 2,486 | 209,992 | ||||||
| Evergy, Inc. | 3,150 | 205,538 | ||||||
| Vistra Corp. | 8,170 | 186,685 | ||||||
| UGI Corp. | 4,375 | 168,919 | ||||||
| Total Utilities | 1,063,700 |
| RBP® Dividend Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
| Shares | Value | |||||||
| COMMON STOCKS† - 98.3% (continued) | ||||||||
| Basic Materials - 1.9% | ||||||||
| International Flavors & Fragrances, Inc. | 1,759 | $ | 209,532 | |||||
| Freeport-McMoRan, Inc. | 5,840 | 170,878 | ||||||
| Total Basic Materials | 380,410 | |||||||
| Total Common Stocks | ||||||||
| (Cost $21,377,200) | 19,375,912 | |||||||
| EXCHANGE-TRADED FUNDS† - 0.6% | ||||||||
| iShares Select Dividend ETF | 483 | 56,834 | ||||||
| Vanguard High Dividend Yield ETF | 554 | 56,342 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $117,405) | 113,176 | |||||||
| Total Investments - 98.9% | ||||||||
| (Cost $21,494,605) | $ | 19,489,088 | ||||||
| Other Assets & Liabilities, net - 1.1% | 223,396 | |||||||
| Total Net Assets - 100.0% | $ | 19,712,484 | ||||||
| † | 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, 2022 (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 | $ | 19,375,912 | $ | — | $ | — | $ | 19,375,912 | ||||||||
| Exchange-Traded Funds | 113,176 | — | — | 113,176 | ||||||||||||
| Total Assets | $ | 19,489,088 | $ | — | $ | — | $ | 19,489,088 | ||||||||
| RBP® Large-Cap Defensive Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
| Shares | Value | |||||||
| COMMON STOCKS† - 98.2% | ||||||||
| Consumer, Non-cyclical - 28.7% | ||||||||
| Procter & Gamble Co. | 1,641 | $ | 235,959 | |||||
| Eli Lilly & Co. | 682 | 221,125 | ||||||
| AbbVie, Inc. | 1,401 | 214,577 | ||||||
| Merck & Company, Inc. | 2,205 | 201,030 | ||||||
| Abbott Laboratories | 1,687 | 183,292 | ||||||
| Pfizer, Inc. | 3,462 | 181,513 | ||||||
| Vertex Pharmaceuticals, Inc.* | 615 | 173,301 | ||||||
| Philip Morris International, Inc. | 1,724 | 170,228 | ||||||
| Mondelez International, Inc. — Class A | 2,587 | 160,627 | ||||||
| Regeneron Pharmaceuticals, Inc.* | 265 | 156,649 | ||||||
| Hershey Co. | 673 | 144,803 | ||||||
| Constellation Brands, Inc. — Class A | 609 | 141,934 | ||||||
| Verisk Analytics, Inc. — Class A | 811 | 140,376 | ||||||
| West Pharmaceutical Services, Inc. | 368 | 111,272 | ||||||
| Estee Lauder Companies, Inc. — Class A | 321 | 81,749 | ||||||
| Waters Corp.* | 215 | 71,161 | ||||||
| S&P Global, Inc. | 190 | 64,041 | ||||||
| Total Consumer, Non-cyclical | 2,653,637 | |||||||
| Technology - 21.9% | ||||||||
| Apple, Inc. | 5,041 | 689,205 | ||||||
| Microsoft Corp. | 2,492 | 640,021 | ||||||
| NVIDIA Corp. | 1,244 | 188,578 | ||||||
| QUALCOMM, Inc. | 1,183 | 151,116 | ||||||
| Adobe, Inc.* | 389 | 142,397 | ||||||
| Electronic Arts, Inc. | 1,089 | 132,477 | ||||||
| Advanced Micro Devices, Inc.* | 1,108 | 84,729 | ||||||
| Total Technology | 2,028,523 | |||||||
| Communications - 13.8% | ||||||||
| Alphabet, Inc. — Class C* | 213 | 465,927 | ||||||
| Amazon.com, Inc.* | 3,296 | 350,068 | ||||||
| Meta Platforms, Inc. — Class A* | 1,149 | 185,276 | ||||||
| FactSet Research Systems, Inc. | 400 | 153,828 | ||||||
| Arista Networks, Inc.* | 1,322 | 123,925 | ||||||
| Total Communications | 1,279,024 | |||||||
| Financial - 10.0% | ||||||||
| Visa, Inc. — Class A | 1,126 | 221,698 | ||||||
| Marsh & McLennan Companies, Inc. | 1,033 | 160,373 | ||||||
| Prologis, Inc. REIT | 1,347 | 158,474 | ||||||
| Public Storage REIT | 452 | 141,327 | ||||||
| Everest Re Group Ltd. | 406 | 113,794 | ||||||
| AGNC Investment Corp. REIT | 5,267 | 58,306 | ||||||
| Mastercard, Inc. — Class A | 179 | 56,471 | ||||||
| Chubb Ltd. | 60 | 11,795 | ||||||
| Berkshire Hathaway, Inc. — Class B* | 17 | 4,641 | ||||||
| Total Financial | 926,879 | |||||||
| Consumer, Cyclical - 8.3% | ||||||||
| Home Depot, Inc. | 734 | 201,314 | ||||||
| O'Reilly Automotive, Inc.* | 230 | 145,305 | ||||||
| Domino's Pizza, Inc. | 365 | 142,244 | ||||||
| Copart, Inc.* | 1,308 | 142,127 | ||||||
| Lululemon Athletica, Inc.* | 447 | 121,857 | ||||||
| Tesla, Inc.* | 26 | 17,509 | ||||||
| Total Consumer, Cyclical | 770,356 | |||||||
| Utilities - 7.8% | ||||||||
| NextEra Energy, Inc. | 2,358 | 182,651 | ||||||
| Duke Energy Corp. | 1,457 | 156,205 | ||||||
| American Electric Power Company, Inc. | 1,513 | 145,157 | ||||||
| Evergy, Inc. | 2,092 | 136,503 | ||||||
| American Water Works Company, Inc. | 704 | 104,734 | ||||||
| Total Utilities | 725,250 | |||||||
| Industrial - 7.7% | ||||||||
| Northrop Grumman Corp. | 318 | 152,185 | ||||||
| Illinois Tool Works, Inc. | 762 | 138,875 | ||||||
| Garmin Ltd. | 1,397 | 137,255 | ||||||
| Old Dominion Freight Line, Inc. | 500 | 128,140 | ||||||
| Union Pacific Corp. | 326 | 69,529 | ||||||
| Snap-on, Inc. | 344 | 67,778 | ||||||
| United Parcel Service, Inc. — Class B | 121 | 22,088 | ||||||
| Total Industrial | 715,850 | |||||||
| Total Common Stocks | ||||||||
| (Cost $10,011,217) | 9,099,519 | |||||||
| EXCHANGE-TRADED FUNDS† - 1.1% | ||||||||
| Vanguard S&P 500 ETF | 144 | 49,950 | ||||||
| SPDR S&P 500 ETF Trust | 128 | 48,288 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $97,713) | 98,238 | |||||||
| Total Investments - 99.3% | ||||||||
| (Cost $10,108,930) | $ | 9,197,757 | ||||||
| Other Assets & Liabilities, net - 0.7% | 69,010 | |||||||
| Total Net Assets - 100.0% | $ | 9,266,767 |
| * | 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) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (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 | $ | 9,099,519 | $ | — | $ | — | $ | 9,099,519 | ||||||||
| Exchange-Traded Funds | 98,238 | — | — | 98,238 | ||||||||||||
| Total Assets | $ | 9,197,757 | $ | — | $ | — | $ | 9,197,757 | ||||||||
| RBP® Large-Cap Market Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
| Shares | Value | |||||||
| COMMON STOCKS† - 98.5% | ||||||||
| Technology - 23.1% | ||||||||
| Microsoft Corp. | 2,939 | $ | 754,824 | |||||
| Apple, Inc. | 4,316 | 590,083 | ||||||
| Broadcom, Inc. | 357 | 173,434 | ||||||
| Adobe, Inc.* | 454 | 166,191 | ||||||
| Salesforce, Inc.* | 969 | 159,924 | ||||||
| QUALCOMM, Inc. | 1,209 | 154,438 | ||||||
| NVIDIA Corp. | 900 | 136,431 | ||||||
| Applied Materials, Inc. | 1,443 | 131,284 | ||||||
| Electronic Arts, Inc. | 971 | 118,122 | ||||||
| Advanced Micro Devices, Inc.* | 1,458 | 111,493 | ||||||
| NXP Semiconductor N.V. | 728 | 107,766 | ||||||
| Accenture plc — Class A | 215 | 59,695 | ||||||
| Total Technology | 2,663,685 | |||||||
| Consumer, Non-cyclical - 21.7% | ||||||||
| Procter & Gamble Co. | 1,621 | 233,084 | ||||||
| Pfizer, Inc. | 4,207 | 220,573 | ||||||
| AbbVie, Inc. | 1,404 | 215,037 | ||||||
| Eli Lilly & Co. | 656 | 212,695 | ||||||
| Abbott Laboratories | 1,662 | 180,576 | ||||||
| Bristol-Myers Squibb Co. | 2,090 | 160,930 | ||||||
| Mondelez International, Inc. — Class A | 2,386 | 148,147 | ||||||
| McKesson Corp. | 422 | 137,660 | ||||||
| Jazz Pharmaceuticals plc* | 843 | 131,516 | ||||||
| Sysco Corp. | 1,492 | 126,387 | ||||||
| Corteva, Inc. | 2,261 | 122,411 | ||||||
| Estee Lauder Companies, Inc. — Class A | 432 | 110,017 | ||||||
| Elevance Health, Inc. | 220 | 106,168 | ||||||
| West Pharmaceutical Services, Inc. | 327 | 98,875 | ||||||
| Constellation Brands, Inc. — Class A | 400 | 93,224 | ||||||
| Equifax, Inc. | 455 | 83,165 | ||||||
| Baxter International, Inc. | 929 | 59,670 | ||||||
| UnitedHealth Group, Inc. | 69 | 35,440 | ||||||
| Johnson & Johnson | 194 | 34,437 | ||||||
| Total Consumer, Non-cyclical | 2,510,012 | |||||||
| Financial - 15.2% | ||||||||
| Visa, Inc. — Class A | 1,107 | 217,957 | ||||||
| Goldman Sachs Group, Inc. | 522 | 155,044 | ||||||
| American Tower Corp. — Class A REIT | 606 | 154,888 | ||||||
| Prologis, Inc. REIT | 1,245 | 146,474 | ||||||
| Crown Castle International Corp. REIT | 852 | 143,460 | ||||||
| Chubb Ltd. | 721 | 141,734 | ||||||
| Travelers Companies, Inc. | 771 | 130,399 | ||||||
| American International Group, Inc. | 2,508 | 128,234 | ||||||
| Equitable Holdings, Inc. | 4,380 | 114,187 | ||||||
| First Republic Bank | 750 | 108,150 | ||||||
| Ameriprise Financial, Inc. | 441 | 104,817 | ||||||
| W R Berkley Corp. | 1,423 | 97,134 | ||||||
| Berkshire Hathaway, Inc. — Class B* | 217 | 59,245 | ||||||
| Fidelity National Financial, Inc. | 943 | 34,853 | ||||||
| MetLife, Inc. | 360 | 22,605 | ||||||
| Total Financial | 1,759,181 | |||||||
| Communications - 13.5% | ||||||||
| Amazon.com, Inc.* | 3,973 | 421,972 | ||||||
| Alphabet, Inc. — Class C* | 148 | 323,743 | ||||||
| Meta Platforms, Inc. — Class A* | 1,444 | 232,845 | ||||||
| Walt Disney Co.* | 1,569 | 148,114 | ||||||
| T-Mobile US, Inc.* | 1,093 | 147,052 | ||||||
| CDW Corp. | 741 | 116,752 | ||||||
| Comcast Corp. — Class A | 2,508 | 98,414 | ||||||
| FactSet Research Systems, Inc. | 165 | 63,454 | ||||||
| Total Communications | 1,552,346 | |||||||
| Consumer, Cyclical - 8.2% | ||||||||
| Tesla, Inc.* | 416 | 280,143 | ||||||
| Home Depot, Inc. | 695 | 190,617 | ||||||
| Walmart, Inc. | 1,365 | 165,957 | ||||||
| Target Corp. | 773 | 109,171 | ||||||
| Advance Auto Parts, Inc. | 621 | 107,489 | ||||||
| Dollar Tree, Inc.* | 576 | 89,769 | ||||||
| Total Consumer, Cyclical | 943,146 | |||||||
| Industrial - 7.9% | ||||||||
| FedEx Corp. | 645 | 146,228 | ||||||
| Northrop Grumman Corp. | 301 | 144,050 | ||||||
| Caterpillar, Inc. | 721 | 128,886 | ||||||
| Keysight Technologies, Inc.* | 740 | 102,009 | ||||||
| Union Pacific Corp. | 448 | 95,549 | ||||||
| Garmin Ltd. | 939 | 92,257 | ||||||
| AGCO Corp. | 807 | 79,651 | ||||||
| Illinois Tool Works, Inc. | 339 | 61,783 | ||||||
| Trex Company, Inc.* | 1,065 | 57,957 | ||||||
| Total Industrial | 908,370 | |||||||
| Energy - 4.6% | ||||||||
| Exxon Mobil Corp. | 2,564 | 219,581 | ||||||
| Cheniere Energy, Inc. | 943 | 125,447 | ||||||
| EOG Resources, Inc. | 740 | 81,726 | ||||||
| ConocoPhillips | 692 | 62,149 | ||||||
| Chevron Corp. | 258 | 37,353 | ||||||
| Total Energy | 526,256 | |||||||
| Utilities - 2.8% | ||||||||
| NextEra Energy, Inc. | 2,195 | 170,025 | ||||||
| Vistra Corp. | 4,338 | 99,123 | ||||||
| Constellation Energy Corp. | 953 | 54,569 | ||||||
| Total Utilities | 323,717 | |||||||
| Basic Materials - 1.5% | ||||||||
| FMC Corp. | 991 | 106,047 | ||||||
| Freeport-McMoRan, Inc. | 1,422 | 41,608 | ||||||
| International Flavors & Fragrances, Inc. | 231 | 27,516 | ||||||
| Total Basic Materials | 175,171 | |||||||
| Total Common Stocks | ||||||||
| (Cost $11,889,268) | 11,361,884 | |||||||
| EXCHANGE-TRADED FUNDS† - 0.7% | ||||||||
| SPDR S&P 500 ETF Trust | 114 | 43,006 |
| RBP® Large-Cap Market Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
| Shares | Value | |||||||
| EXCHANGE-TRADED FUNDS† - 0.7% (continued) | ||||||||
| Vanguard S&P 500 ETF | 119 | $ | 41,279 | |||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $92,638) | 84,285 | |||||||
| Total Investments - 99.2% | ||||||||
| (Cost $11,981,906) | $ | 11,446,169 | ||||||
| Other Assets & Liabilities, net - 0.8% | 93,714 | |||||||
| Total Net Assets - 100.0% | $ | 11,539,883 | ||||||
| * | 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, 2022 (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 | $ | 11,361,884 | $ | — | $ | — | $ | 11,361,884 | ||||||||
| Exchange-Traded Funds | 84,285 | — | — | 84,285 | ||||||||||||
| Total Assets | $ | 11,446,169 | $ | — | $ | — | $ | 11,446,169 | ||||||||
| RBP® Large-Cap Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
| Shares | Value | |||||||
| COMMON STOCKS† - 97.0% | ||||||||
| Consumer, Non-cyclical - 25.0% | ||||||||
| Procter & Gamble Co. | 812 | $ | 116,757 | |||||
| Pfizer, Inc. | 2,048 | 107,377 | ||||||
| Eli Lilly & Co. | 304 | 98,566 | ||||||
| Merck & Company, Inc. | 1,003 | 91,443 | ||||||
| AbbVie, Inc. | 597 | 91,436 | ||||||
| Abbott Laboratories | 737 | 80,075 | ||||||
| Philip Morris International, Inc. | 726 | 71,685 | ||||||
| Mondelez International, Inc. — Class A | 1,012 | 62,835 | ||||||
| Sysco Corp. | 667 | 56,502 | ||||||
| Corteva, Inc. | 953 | 51,595 | ||||||
| Johnson & Johnson | 278 | 49,348 | ||||||
| Jazz Pharmaceuticals plc* | 291 | 45,399 | ||||||
| Constellation Brands, Inc. — Class A | 186 | 43,349 | ||||||
| Elevance Health, Inc. | 82 | 39,572 | ||||||
| Baxter International, Inc. | 270 | 17,342 | ||||||
| Coca-Cola Co. | 127 | 7,990 | ||||||
| PepsiCo, Inc. | 30 | 5,000 | ||||||
| Total Consumer, Non-cyclical | 1,036,271 | |||||||
| Financial - 19.3% | ||||||||
| Berkshire Hathaway, Inc. — Class B* | 238 | 64,979 | ||||||
| Goldman Sachs Group, Inc. | 216 | 64,156 | ||||||
| Prologis, Inc. REIT | 510 | 60,001 | ||||||
| Chubb Ltd. | 301 | 59,171 | ||||||
| Crown Castle International Corp. REIT | 336 | 56,576 | ||||||
| MetLife, Inc. | 802 | 50,357 | ||||||
| Travelers Companies, Inc. | 297 | 50,232 | ||||||
| American International Group, Inc. | 965 | 49,340 | ||||||
| Everest Re Group Ltd. | 158 | 44,284 | ||||||
| Northern Trust Corp. | 455 | 43,899 | ||||||
| Ameriprise Financial, Inc. | 176 | 41,832 | ||||||
| Equitable Holdings, Inc. | 1,541 | 40,174 | ||||||
| First Republic Bank | 254 | 36,627 | ||||||
| Fidelity National Financial, Inc. | 990 | 36,590 | ||||||
| JPMorgan Chase & Co. | 258 | 29,053 | ||||||
| Hartford Financial Services Group, Inc. | 345 | 22,573 | ||||||
| Equity LifeStyle Properties, Inc. REIT | 240 | 16,913 | ||||||
| Bank of America Corp. | 492 | 15,316 | ||||||
| Mid-America Apartment Communities, Inc. REIT | 46 | 8,035 | ||||||
| Synchrony Financial | 242 | 6,684 | ||||||
| Intercontinental Exchange, Inc. | 27 | 2,539 | ||||||
| American Financial Group, Inc. | 12 | 1,666 | ||||||
| Total Financial | 800,997 | |||||||
| Industrial - 12.7% | ||||||||
| United Parcel Service, Inc. — Class B | 368 | 67,175 | ||||||
| Northrop Grumman Corp. | 128 | 61,257 | ||||||
| Caterpillar, Inc. | 310 | 55,416 | ||||||
| FedEx Corp. | 240 | 54,410 | ||||||
| Keysight Technologies, Inc.* | 333 | 45,904 | ||||||
| Parker-Hannifin Corp. | 182 | 44,781 | ||||||
| Garmin Ltd. | 450 | 44,212 | ||||||
| Masco Corp. | 853 | 43,162 | ||||||
| Fortune Brands Home & Security, Inc. | 568 | 34,012 | ||||||
| Allegion plc | 323 | 31,622 | ||||||
| Snap-on, Inc. | 130 | 25,614 | ||||||
| Republic Services, Inc. — Class A | 112 | 14,657 | ||||||
| Agilent Technologies, Inc. | 39 | 4,632 | ||||||
| Total Industrial | 526,854 | |||||||
| Consumer, Cyclical - 10.5% | ||||||||
| Home Depot, Inc. | 322 | 88,315 | ||||||
| Walmart, Inc. | 599 | 72,826 | ||||||
| Dollar Tree, Inc.* | 339 | 52,833 | ||||||
| Cummins, Inc. | 250 | 48,383 | ||||||
| WW Grainger, Inc. | 95 | 43,171 | ||||||
| Target Corp. | 264 | 37,285 | ||||||
| Advance Auto Parts, Inc. | 198 | 34,272 | ||||||
| General Motors Co.* | 961 | 30,521 | ||||||
| TJX Companies, Inc. | 525 | 29,321 | ||||||
| Total Consumer, Cyclical | 436,927 | |||||||
| Technology - 7.8% | ||||||||
| Accenture plc — Class A | 266 | 73,855 | ||||||
| QUALCOMM, Inc. | 512 | 65,403 | ||||||
| Applied Materials, Inc. | 593 | 53,951 | ||||||
| KLA Corp. | 164 | 52,329 | ||||||
| Entegris, Inc. | 369 | 33,996 | ||||||
| Electronic Arts, Inc. | 192 | 23,357 | ||||||
| Microchip Technology, Inc. | 232 | 13,475 | ||||||
| Marvell Technology, Inc. | 174 | 7,574 | ||||||
| Total Technology | 323,940 | |||||||
| Energy - 6.4% | ||||||||
| Chevron Corp. | 643 | 93,094 | ||||||
| Exxon Mobil Corp. | 912 | 78,104 | ||||||
| Pioneer Natural Resources Co. | 201 | 44,839 | ||||||
| EOG Resources, Inc. | 283 | 31,254 | ||||||
| Valero Energy Corp. | 172 | 18,280 | ||||||
| Total Energy | 265,571 | |||||||
| Utilities - 6.3% | ||||||||
| Duke Energy Corp. | 563 | 60,359 | ||||||
| NextEra Energy, Inc. | 662 | 51,279 | ||||||
| Evergy, Inc. | 674 | 43,978 | ||||||
| Vistra Corp. | 1,861 | 42,524 | ||||||
| Public Service Enterprise Group, Inc. | 447 | 28,286 | ||||||
| Constellation Energy Corp. | 353 | 20,213 | ||||||
| UGI Corp. | 229 | 8,842 | ||||||
| AES Corp. | 191 | 4,013 | ||||||
| Total Utilities | 259,494 | |||||||
| Communications - 6.1% | ||||||||
| Walt Disney Co.* | 697 | 65,797 | ||||||
| Comcast Corp. — Class A | 1,364 | 53,523 | ||||||
| CDW Corp. | 275 | 43,329 | ||||||
| AT&T, Inc. | 2,028 | 42,507 | ||||||
| eBay, Inc. | 777 | 32,377 | ||||||
| Paramount Global — Class B | 589 | 14,537 | ||||||
| Verizon Communications, Inc. | 15 | 761 | ||||||
| Total Communications | 252,831 | |||||||
| Basic Materials - 2.9% | ||||||||
| FMC Corp. | 376 | 40,236 | ||||||
| Freeport-McMoRan, Inc. | 1,340 | 39,209 |
| RBP® Large-Cap Value Fund | |
| SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
| Shares | Value | |||||||
| COMMON STOCKS† - 97.0% (continued) | ||||||||
| Basic Materials - 2.9% (continued) | ||||||||
| DuPont de Nemours, Inc. | 704 | $ | 39,128 | |||||
| Total Basic Materials | 118,573 | |||||||
| Total Common Stocks | ||||||||
| (Cost $3,988,171) | 4,021,458 | |||||||
| EXCHANGE-TRADED FUNDS† - 1.7% | ||||||||
| iShares S&P 500 Value ETF | 501 | 68,867 | ||||||
| Total Exchange-Traded Funds | ||||||||
| (Cost $73,534) | 68,867 | |||||||
| Total Investments - 98.7% | ||||||||
| (Cost $4,061,705) | $ | 4,090,325 | ||||||
| Other Assets & Liabilities, net - 1.3% | 54,087 | |||||||
| Total Net Assets - 100.0% | $ | 4,144,412 | ||||||
| * | Non-income producing security. |
| † | Value determined based on Level 1 inputs — See Note 3. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
| See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (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 | $ | 4,021,458 | $ | — | $ | — | $ | 4,021,458 | ||||||||
| Exchange-Traded Funds | 68,867 | — | — | 68,867 | ||||||||||||
| Total Assets | $ | 4,090,325 | $ | — | $ | — | $ | 4,090,325 | ||||||||
| 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 GI, 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 June 30, 2022, 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 | $ | 269,583,614 | $ | 10,971 | $ | – | $ | 10,971 | |||
| RBP® Dividend Fund | 21,623,849 | 636,222 | (2,770,983) | (2,134,761) | |||||||
| RBP® Large-Cap Defensive Fund | 10,149,542 | 387,141 | (1,338,926) | (951,785) | |||||||
| RBP® Large-Cap Market Fund | 12,002,683 | 788,045 | (1,344,559) | (556,514) | |||||||
| RBP® Large-Cap Value Fund | 4,067,729 | 349,806 | (327,210) | 22,596 |
Note 3 – Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.
Note 4 – COVID-19 and Other Market Risks
The outbreak of COVID-19 and the recovery response has caused and continues to cause at times reduced consumer demand and economic output, supply chain disruptions, and market closures, travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators have responded in recent years to this situation with significant fiscal and monetary policy changes. These included providing direct capital infusions into companies, introducing new monetary programs, and lowering interest rates. In some cases, these responses resulted in high inflation, low interest rates, and negative interest rates. Recently, the United States 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 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 high degree of correlation 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.
The value of, or income generated by, the investments held by a Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates, changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political, social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Changing economic, political, geopolitical, social, or, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by a Fund in a different country or geographic region and economies, markets and issuers generally because of the increasingly interconnected global economies and financial markets.
| 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.