Transparent Value Trust NPORT-P Guggenheim RBP Large-Cap Defensive Fund (Dec 2023 report)

Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS† - 97.1%
Technology - 23.4%
Microsoft Corp.		39,366	$	14,803,191
Apple, Inc.		53,504		10,301,125
Broadcom, Inc.		4,185		4,671,506
Accenture plc — Class A		9,173		3,218,897
NVIDIA Corp.		6,448		3,193,179
Salesforce, Inc.*		9,579		2,520,618
Oracle Corp.		16,619		1,752,141
Adobe, Inc.*		2,533		1,511,188
ServiceNow, Inc.*		2,012		1,421,458
Applied Materials, Inc.		7,872		1,275,815
Roper Technologies, Inc.		696		379,438
Intuit, Inc.		441		275,638
Synopsys, Inc.*		524		269,813
Cadence Design Systems, Inc.*		912		248,402
CACI International, Inc. — Class A*		275		89,062
Fair Isaac Corp.*		40		46,560
Total Technology				45,978,031
Consumer, Non-cyclical - 23.0%
Procter & Gamble Co.		23,352		3,422,002
Abbott Laboratories		29,896		3,290,653
Merck & Company, Inc.		29,013		3,162,997
Eli Lilly & Co.		5,343		3,114,542
Cencora, Inc. — Class A		12,214		2,508,511
PepsiCo, Inc.		14,703		2,497,158
Becton Dickinson & Co.		9,675		2,359,055
S&P Global, Inc.		5,152		2,269,559
Dexcom, Inc.*		18,027		2,236,971
Constellation Brands, Inc. — Class A		9,228		2,230,869
Verisk Analytics, Inc. — Class A		8,275		1,976,566
Stryker Corp.		6,325		1,894,085
US Foods Holding Corp.*		38,390		1,743,290
Cigna Group		5,200		1,557,140
Mondelez International, Inc. — Class A		20,859		1,510,817
Boston Scientific Corp.*		21,041		1,216,380
IDEXX Laboratories, Inc.*		2,066		1,146,733
FleetCor Technologies, Inc.*		3,984		1,125,918
Encompass Health Corp.		15,131		1,009,540
Kroger Co.		17,917		818,986
Centene Corp.*		9,406		698,019
Insulet Corp.*		2,909		631,195
Vertex Pharmaceuticals, Inc.*		1,294		526,516
Global Payments, Inc.		3,418		434,086
Edwards Lifesciences Corp.*		5,619		428,449
Intuitive Surgical, Inc.*		1,193		402,470
GE HealthCare Technologies, Inc.		4,825		373,069
UnitedHealth Group, Inc.		382		201,112
Hologic, Inc.*		2,458		175,624
Gartner, Inc.*		146		65,862
Quanta Services, Inc.		261		56,324
Monster Beverage Corp.*		744		42,862
WillScot Mobile Mini Holdings Corp.*		962		42,809
WEX, Inc.*		172		33,463
Paylocity Holding Corp.*		185		30,497
Booz Allen Hamilton Holding Corp.		213		27,245
Total Consumer, Non-cyclical				45,261,374
Financial - 15.2%
Mastercard, Inc. — Class A		9,314		3,972,514
Intercontinental Exchange, Inc.		21,503		2,761,630
Prologis, Inc. REIT		20,410		2,720,653
Travelers Companies, Inc.		13,786		2,626,095
Visa, Inc. — Class A		9,438		2,457,183
Marsh & McLennan Companies, Inc.		10,647		2,017,287
Chubb Ltd.		7,894		1,784,044
Arch Capital Group Ltd.*		18,606		1,381,868
Everest Group Ltd.		3,746		1,324,511
Rexford Industrial Realty, Inc. REIT		21,489		1,205,533
American Tower Corp. — Class A REIT		5,502		1,187,772
American International Group, Inc.		14,472		980,478
Willis Towers Watson plc		3,980		959,976
Globe Life, Inc.		6,612		804,813
Berkshire Hathaway, Inc. — Class B*		1,575		561,739
Alexandria Real Estate Equities, Inc. REIT		4,192		531,420
Realty Income Corp. REIT		8,312		477,275
Ameriprise Financial, Inc.		1,154		438,324
Equity Residential REIT		5,715		349,529
CME Group, Inc. — Class A		1,420		299,052
Tradeweb Markets, Inc. — Class A		2,824		256,645
Voya Financial, Inc.		3,002		219,026
American Homes 4 Rent — Class A REIT		4,887		175,736
JPMorgan Chase & Co.		620		105,462
Equinix, Inc. REIT		99		79,734
Interactive Brokers Group, Inc. — Class A		902		74,776
RenaissanceRe Holdings Ltd.		325		63,700
Erie Indemnity Co. — Class A		123		41,195
Welltower, Inc. REIT		429		38,683
Unum Group		785		35,498
Simon Property Group, Inc. REIT		108		15,405
Total Financial				29,947,556
Communications - 13.7%
Alphabet, Inc. — Class C*		64,975		9,156,927
Meta Platforms, Inc. — Class A*		13,468		4,767,133
Amazon.com, Inc.*		24,939		3,789,232
T-Mobile US, Inc.		16,865		2,703,965
Walt Disney Co.		25,582		2,309,799
Arista Networks, Inc.*		6,760		1,592,048
Palo Alto Networks, Inc.*		3,795		1,119,069
Airbnb, Inc. — Class A*		3,665		498,953
Motorola Solutions, Inc.		1,513		473,705
Netflix, Inc.*		663		322,801
Booking Holdings, Inc.*		53		188,003
Total Communications				26,921,635
Consumer, Cyclical - 9.6%
Walmart, Inc.		20,963		3,304,817
TJX Companies, Inc.		29,564		2,773,399

Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS† - 97.1% (continued)
Consumer, Cyclical - 9.6% (continued)
Lululemon Athletica, Inc.*		5,240	$	2,679,160
Tesla, Inc.*		9,910		2,462,437
McDonald’s Corp.		5,541		1,642,962
Starbucks Corp.		16,194		1,554,786
Target Corp.		7,877		1,121,842
Hilton Worldwide Holdings, Inc.		4,441		808,662
Chipotle Mexican Grill, Inc. — Class A*		314		718,105
Southwest Airlines Co.		16,329		471,582
Costco Wholesale Corp.		471		310,898
United Airlines Holdings, Inc.*		6,374		262,991
O’Reilly Automotive, Inc.*		214		203,317
Domino’s Pizza, Inc.		296		122,020
Yum! Brands, Inc.		917		119,815
Marriott International, Inc. — Class A		324		73,065
Darden Restaurants, Inc.		296		48,633
Cummins, Inc.		172		41,206
BJ’s Wholesale Club Holdings, Inc.*		579		38,596
Deckers Outdoor Corp.*		49		32,753
General Motors Co.		505		18,139
Total Consumer, Cyclical				18,809,185
Industrial - 5.1%
Northrop Grumman Corp.		5,124		2,398,749
Illinois Tool Works, Inc.		7,828		2,050,467
Caterpillar, Inc.		4,271		1,262,806
Johnson Controls International plc		18,023		1,038,846
RTX Corp.		11,735		987,383
Lockheed Martin Corp.		1,823		826,256
Keysight Technologies, Inc.*		2,148		341,725
Boeing Co.*		1,063		277,082
AMETEK, Inc.		1,630		268,771
Fortive Corp.		2,668		196,445
Vulcan Materials Co.		372		84,448
Parker-Hannifin Corp.		99		45,609
AECOM		470		43,442
Jacobs Solutions, Inc.		322		41,796
Martin Marietta Materials, Inc.		61		30,433
TransDigm Group, Inc.		30		30,348
FedEx Corp.		106		26,815
Westinghouse Air Brake Technologies Corp.		163		20,685
Total Industrial				9,972,106
Utilities - 4.2%
American Electric Power Company, Inc.		31,405		2,550,714
Vistra Corp.		57,944		2,232,003
Constellation Energy Corp.		9,638		1,126,586
FirstEnergy Corp.		25,658		940,622
Entergy Corp.		5,582		564,842
Sempra		7,144		533,871
CMS Energy Corp.		6,909		401,206
Total Utilities				8,349,844
Energy - 1.7%
Pioneer Natural Resources Co.		3,560		800,573
EOG Resources, Inc.		5,988		724,248
Targa Resources Corp.		5,531		480,478
Phillips 66		2,556		340,306
Occidental Petroleum Corp.		5,670		338,556
Antero Resources Corp.*		13,263		300,805
ONEOK, Inc.		3,047		213,961
HF Sinclair Corp.		906		50,346
Total Energy				3,249,273
Basic Materials - 1.2%
Air Products and Chemicals, Inc.		3,025		828,245
Mosaic Co.		16,478		588,759
Cleveland-Cliffs, Inc.*		9,223		188,334
Ecolab, Inc.		949		188,234
Steel Dynamics, Inc.		1,406		166,048
Sherwin-Williams Co.		446		139,107
International Paper Co.		3,359		121,428
PPG Industries, Inc.		810		121,136
Total Basic Materials				2,341,291
Total Common Stocks
(Cost $177,988,393)				190,830,295
EXCHANGE-TRADED FUNDS† - 2.6%
SPDR S&P 500 ETF Trust		5,275		2,507,260
Vanguard S&P 500 ETF		5,740		2,507,232
Total Exchange-Traded Funds
(Cost $4,979,205)				5,014,492
Total Investments - 99.7%
(Cost $182,967,598)			$	195,844,787
Other Assets & Liabilities, net - 0.3%				673,288
Total Net Assets - 100.0%			$	196,518,075

*	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, 2023 (See Note 3 in the Notes to Schedule of Investments):

Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	190,830,295	$	—	$	—	$	190,830,295
Exchange-Traded Funds		5,014,492		—		—		5,014,492
Total Assets	$	195,844,787	$	—	$	—	$	195,844,787

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS† - 96.1%
Technology - 25.8%
Microsoft Corp.		3,061	$	1,151,058
Apple, Inc.		4,462		859,069
NVIDIA Corp.		1,195		591,788
Broadcom, Inc.		314		350,502
Accenture plc — Class A		659		231,250
Intuit, Inc.		356		222,511
Applied Materials, Inc.		1,283		207,936
KLA Corp.		323		187,760
Electronic Arts, Inc.		1,092		149,397
Oracle Corp.		1,366		144,017
Total Technology				4,095,288
Financial - 17.2%
Mastercard, Inc. — Class A		648		276,379
Prologis, Inc. REIT		1,483		197,684
Intercontinental Exchange, Inc.		1,466		188,278
CME Group, Inc. — Class A		823		173,324
American International Group, Inc.		2,468		167,207
Welltower, Inc. REIT		1,847		166,544
Rexford Industrial Realty, Inc. REIT		2,800		157,080
Popular, Inc.		1,901		156,015
Simon Property Group, Inc. REIT		958		136,649
Annaly Capital Management, Inc. REIT		6,780		131,329
Marsh & McLennan Companies, Inc.		660		125,050
Chubb Ltd.		447		101,022
American Tower Corp. — Class A REIT		456		98,441
Pinnacle Financial Partners, Inc.		1,043		90,970
Rithm Capital Corp. REIT		8,308		88,729
Corebridge Financial, Inc.		4,086		88,503
Blackstone Mortgage Trust, Inc. — Class A REIT		3,061		65,107
New York Community Bancorp, Inc.		5,585		57,134
Visa, Inc. — Class A		217		56,496
Unum Group		1,155		52,229
Erie Indemnity Co. — Class A		118		39,521
AGNC Investment Corp. REIT		3,369		33,050
Alexandria Real Estate Equities, Inc. REIT		189		23,960
Prosperity Bancshares, Inc.		293		19,845
JPMorgan Chase & Co.		98		16,670
American Homes 4 Rent — Class A REIT		388		13,953
Kimco Realty Corp. REIT		356		7,586
Digital Realty Trust, Inc. REIT		50		6,729
Everest Group Ltd.		14		4,950
Total Financial				2,740,434
Consumer, Non-cyclical - 16.1%
Eli Lilly & Co.		531		309,531
Procter & Gamble Co.		1,797		263,332
Merck & Company, Inc.		2,319		252,817
Abbott Laboratories		2,025		222,892
Cigna Group		606		181,467
Global Payments, Inc.		1,317		167,259
Becton Dickinson & Co.		648		158,002
Encompass Health Corp.		2,114		141,046
Stryker Corp.		450		134,757
Kroger Co.		2,687		122,823
Constellation Brands, Inc. — Class A		473		114,348
PepsiCo, Inc.		521		88,486
Amgen, Inc.		294		84,678
Rollins, Inc.		1,648		71,968
Philip Morris International, Inc.		750		70,560
Bunge Global S.A.		561		56,633
Automatic Data Processing, Inc.		207		48,225
S&P Global, Inc.		86		37,885
UnitedHealth Group, Inc.		56		29,482
Total Consumer, Non-cyclical				2,556,191
Consumer, Cyclical - 13.2%
Walmart, Inc.		1,394		219,764
McDonald’s Corp.		726		215,266
Costco Wholesale Corp.		293		193,403
TJX Companies, Inc.		1,995		187,151
Starbucks Corp.		1,899		182,323
Cummins, Inc.		688		164,824
Target Corp.		1,133		161,362
DR Horton, Inc.		1,059		160,947
General Motors Co.		4,106		147,488
Darden Restaurants, Inc.		815		133,905
NIKE, Inc. — Class B		1,016		110,307
WW Grainger, Inc.		75		62,152
Tractor Supply Co.		270		58,058
Southwest Airlines Co.		1,437		41,501
Lennar Corp. — Class A		226		33,683
Brunswick Corp.		182		17,608
Gentex Corp.		198		6,467
Columbia Sportswear Co.		54		4,295
Total Consumer, Cyclical				2,100,504
Energy - 6.1%
EOG Resources, Inc.		1,325		160,259
Williams Companies, Inc.		4,504		156,874
Schlumberger N.V.		2,921		152,009
Pioneer Natural Resources Co.		659		148,196
Halliburton Co.		3,833		138,563
ONEOK, Inc.		1,304		91,567
HF Sinclair Corp.		1,381		76,742
Phillips 66		331		44,069
Total Energy				968,279
Communications - 5.2%
Comcast Corp. — Class A		4,675		204,999
AT&T, Inc.		9,632		161,625
New York Times Co. — Class A		3,099		151,820
Fox Corp. — Class A		4,713		139,834
Interpublic Group of Companies, Inc.		3,080		100,531
Motorola Solutions, Inc.		207		64,810
Total Communications				823,619
Utilities - 4.6%
NextEra Energy, Inc.		2,898		176,024
Sempra		2,236		167,096
Constellation Energy Corp.		988		115,487
DTE Energy Co.		937		103,314
American Electric Power Company, Inc.		1,217		98,845

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS† - 96.1% (continued)
Utilities - 4.6% (continued)
National Fuel Gas Co.		1,347	$	67,579
Total Utilities				728,345
Industrial - 4.2%
Caterpillar, Inc.		748		221,161
RTX Corp.		1,825		153,556
Oshkosh Corp.		1,068		115,782
Snap-on, Inc.		239		69,033
Lockheed Martin Corp.		105		47,590
Regal Rexnord Corp.		230		34,044
AMETEK, Inc.		65		10,718
Illinois Tool Works, Inc.		26		6,810
Parker-Hannifin Corp.		13		5,989
Total Industrial				664,683
Basic Materials - 3.7%
International Paper Co.		4,118		148,866
CF Industries Holdings, Inc.		1,749		139,046
Air Products and Chemicals, Inc.		478		130,876
Mosaic Co.		2,791		99,722
PPG Industries, Inc.		492		73,579
Total Basic Materials				592,089
Total Common Stocks
(Cost $13,891,495)				15,269,432
EXCHANGE-TRADED FUNDS† - 3.2%
Vanguard Dividend Appreciation ETF		1,482		252,533
iShares Select Dividend ETF		2,147		251,671
Total Exchange-Traded Funds
(Cost $498,061)				504,204
Total Investments - 99.3%
(Cost $14,389,556)			$	15,773,636
Other Assets & Liabilities, net - 0.7%				118,388
Total Net Assets - 100.0%			$	15,892,024

^† 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, 2023 (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	$	15,269,432	$	—	$	—	$	15,269,432
Exchange-Traded Funds		504,204		—		—		504,204
Total Assets	$	15,773,636	$	—	$	—	$	15,773,636

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS† - 98.1%
Consumer, Non-cyclical - 27.1%
Eli Lilly & Co.		305	$	177,791
Procter & Gamble Co.		1,162		170,280
Merck & Company, Inc.		1,494		162,876
PepsiCo, Inc.		889		150,988
Abbott Laboratories		1,347		148,264
Stryker Corp.		445		133,260
Verisk Analytics, Inc. — Class A		503		120,146
Mondelez International, Inc. — Class A		1,625		117,699
Cencora, Inc. — Class A		557		114,397
US Foods Holding Corp.*		2,483		112,753
Becton Dickinson & Co.		452		110,211
Constellation Brands, Inc. — Class A		426		102,985
Dexcom, Inc.*		684		84,877
Boston Scientific Corp.*		1,461		84,460
S&P Global, Inc.		184		81,056
Vertex Pharmaceuticals, Inc.*		103		41,910
Intuitive Surgical, Inc.*		80		26,989
Cigna Group		61		18,266
Encompass Health Corp.		223		14,878
FleetCor Technologies, Inc.*		34		9,609
Edwards Lifesciences Corp.*		120		9,150
Hologic, Inc.*		90		6,430
IDEXX Laboratories, Inc.*		11		6,106
Centene Corp.*		80		5,937
Monster Beverage Corp.*		64		3,687
Total Consumer, Non-cyclical				2,015,005
Technology - 21.7%
Microsoft Corp.		1,579		593,767
Apple, Inc.		1,999		384,867
Broadcom, Inc.		176		196,460
Accenture plc — Class A		393		137,908
NVIDIA Corp.		199		98,549
Salesforce, Inc.*		282		74,206
Oracle Corp.		447		47,127
Intuit, Inc.		35		21,876
Roper Technologies, Inc.		32		17,445
Synopsys, Inc.*		26		13,388
Cadence Design Systems, Inc.*		49		13,346
ServiceNow, Inc.*		18		12,717
CACI International, Inc. — Class A*		23		7,449
Total Technology				1,619,105
Financial - 18.0%
Visa, Inc. — Class A		720		187,452
Mastercard, Inc. — Class A		413		176,149
Intercontinental Exchange, Inc.		1,038		133,310
Marsh & McLennan Companies, Inc.		638		120,882
Prologis, Inc. REIT		902		120,237
Travelers Companies, Inc.		609		116,008
Arch Capital Group Ltd.*		1,454		107,988
Everest Group Ltd.		265		93,699
Rexford Industrial Realty, Inc. REIT		1,657		92,958
Willis Towers Watson plc		228		54,994
Chubb Ltd.		206		46,556
Equity Residential REIT		369		22,568
CME Group, Inc. — Class A		91		19,165
Tradeweb Markets, Inc. — Class A		206		18,721
American Homes 4 Rent — Class A REIT		264		9,493
Equinix, Inc. REIT		8		6,443
Realty Income Corp. REIT		105		6,029
Berkshire Hathaway, Inc. — Class B*		10		3,567
Erie Indemnity Co. — Class A		9		3,014
Total Financial				1,339,233
Communications - 14.4%
Alphabet, Inc. — Class C*		2,685		378,397
Meta Platforms, Inc. — Class A*		449		158,928
Amazon.com, Inc.*		837		127,174
Arista Networks, Inc.*		526		123,878
T-Mobile US, Inc.		769		123,294
Walt Disney Co.		1,294		116,835
Netflix, Inc.*		42		20,449
Motorola Solutions, Inc.		46		14,402
Booking Holdings, Inc.*		3		10,642
Total Communications				1,073,999
Consumer, Cyclical - 7.6%
Walmart, Inc.		995		156,862
TJX Companies, Inc.		1,383		129,739
Lululemon Athletica, Inc.*		240		122,710
McDonald’s Corp.		249		73,831
Starbucks Corp.		330		31,683
O’Reilly Automotive, Inc.*		17		16,151
Chipotle Mexican Grill, Inc. — Class A*		5		11,435
Hilton Worldwide Holdings, Inc.		54		9,833
Tesla, Inc.*		39		9,691
Costco Wholesale Corp.		1		660
Total Consumer, Cyclical				562,595
Utilities - 5.4%
American Electric Power Company, Inc.		1,428		115,982
Vistra Corp.		2,941		113,287
FirstEnergy Corp.		1,984		72,734
Sempra		510		38,112
CMS Energy Corp.		472		27,409
Constellation Energy Corp.		189		22,092
Entergy Corp.		132		13,357
Total Utilities				402,973
Industrial - 3.0%
Illinois Tool Works, Inc.		421		110,277
Northrop Grumman Corp.		221		103,459
Vulcan Materials Co.		29		6,583
Total Industrial				220,319
Basic Materials - 0.9%
Air Products and Chemicals, Inc.		216		59,141
Ecolab, Inc.		45		8,925
Total Basic Materials				68,066
Total Common Stocks
(Cost $6,415,803)				7,301,295
EXCHANGE-TRADED FUNDS† - 0.9%
SPDR S&P 500 ETF Trust		75		35,648

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

Vanguard S&P 500 ETF	81	$	35,381
Total Exchange-Traded Funds
(Cost $70,627)			71,029
Total Investments - 99.0%
(Cost $6,486,430)		$	7,372,324
Other Assets & Liabilities, net - 1.0%			73,656
Total Net Assets - 100.0%		$	7,445,980

*	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, 2023 (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	$	7,301,295	$	—	$	—	$	7,301,295
Exchange-Traded Funds		71,029		—		—		71,029
Total Assets	$	7,372,324	$	—	$	—	$	7,372,324

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS† - 97.1%
Technology - 25.6%
Microsoft Corp.		2,327	$	875,045
Apple, Inc.		3,412		656,912
Broadcom, Inc.		241		269,016
NVIDIA Corp.		479		237,211
Salesforce, Inc.*		716		188,408
Adobe, Inc.*		309		184,349
Accenture plc — Class A		508		178,262
Applied Materials, Inc.		961		155,749
ServiceNow, Inc.*		210		148,363
Oracle Corp.		1,292		136,216
Roper Technologies, Inc.		37		20,171
Synopsys, Inc.*		24		12,358
Cadence Design Systems, Inc.*		39		10,623
Total Technology				3,072,683
Consumer, Non-cyclical - 19.4%
Abbott Laboratories		1,555		171,159
Cigna Group		516		154,516
Procter & Gamble Co.		1,051		154,014
S&P Global, Inc.		332		146,253
Dexcom, Inc.*		1,072		133,025
Merck & Company, Inc.		1,217		132,677
IDEXX Laboratories, Inc.*		235		130,437
Cencora, Inc. — Class A		605		124,255
Becton Dickinson & Co.		486		118,502
FleetCor Technologies, Inc.*		417		117,848
Constellation Brands, Inc. — Class A		456		110,238
Eli Lilly & Co.		184		107,257
Kroger Co.		2,182		99,739
Encompass Health Corp.		1,397		93,208
Centene Corp.*		1,027		76,214
Insulet Corp.*		348		75,509
PepsiCo, Inc.		369		62,671
Verisk Analytics, Inc. — Class A		253		60,432
Global Payments, Inc.		389		49,403
GE HealthCare Technologies, Inc.		589		45,541
US Foods Holding Corp.*		954		43,321
Edwards Lifesciences Corp.*		526		40,107
Stryker Corp.		97		29,048
UnitedHealth Group, Inc.		37		19,479
Boston Scientific Corp.*		240		13,874
Hologic, Inc.*		164		11,718
Quanta Services, Inc.		33		7,121
WillScot Mobile Mini Holdings Corp.*		117		5,206
Paylocity Holding Corp.*		23		3,792
Total Consumer, Non-cyclical				2,336,564
Communications - 13.2%
Alphabet, Inc. — Class C*		3,740		527,078
Meta Platforms, Inc. — Class A*		945		334,492
Amazon.com, Inc.*		1,695		257,538
T-Mobile US, Inc.		862		138,204
Palo Alto Networks, Inc.*		447		131,811
Walt Disney Co.		1,093		98,687
Airbnb, Inc. — Class A*		467		63,578
Motorola Solutions, Inc.		118		36,945
Total Communications				1,588,333
Financial - 12.4%
Mastercard, Inc. — Class A		494		210,696
American Tower Corp. — Class A REIT		672		145,071
Chubb Ltd.		618		139,668
Prologis, Inc. REIT		1,022		136,233
Travelers Companies, Inc.		660		125,723
Intercontinental Exchange, Inc.		974		125,090
American International Group, Inc.		1,774		120,188
Globe Life, Inc.		797		97,011
Alexandria Real Estate Equities, Inc. REIT		512		64,906
Berkshire Hathaway, Inc. — Class B*		176		62,772
Marsh & McLennan Companies, Inc.		312		59,115
Realty Income Corp. REIT		856		49,152
Ameriprise Financial, Inc.		129		48,998
Willis Towers Watson plc		123		29,668
Voya Financial, Inc.		404		29,476
Visa, Inc. — Class A		54		14,059
JPMorgan Chase & Co.		75		12,757
Interactive Brokers Group, Inc. — Class A		110		9,119
RenaissanceRe Holdings Ltd.		39		7,644
Everest Group Ltd.		13		4,597
Arch Capital Group Ltd.*		33		2,451
Total Financial				1,494,394
Consumer, Cyclical - 11.5%
Tesla, Inc.*		1,132		281,280
Walmart, Inc.		1,065		167,897
Target Corp.		962		137,008
TJX Companies, Inc.		1,441		135,180
Lululemon Athletica, Inc.*		262		133,958
Starbucks Corp.		1,392		133,646
Hilton Worldwide Holdings, Inc.		481		87,585
McDonald’s Corp.		273		80,947
Chipotle Mexican Grill, Inc. — Class A*		27		61,748
Southwest Airlines Co.		1,995		57,616
Costco Wholesale Corp.		57		37,625
United Airlines Holdings, Inc.*		778		32,100
Domino’s Pizza, Inc.		36		14,840
Marriott International, Inc. — Class A		41		9,246
Yum! Brands, Inc.		69		9,016
BJ’s Wholesale Club Holdings, Inc.*		73		4,866
Total Consumer, Cyclical				1,384,558
Industrial - 7.2%
Caterpillar, Inc.		524		154,931
Northrop Grumman Corp.		274		128,270
Johnson Controls International plc		2,202		126,923
RTX Corp.		1,433		120,573
Lockheed Martin Corp.		232		105,152
Illinois Tool Works, Inc.		298		78,058
Keysight Technologies, Inc.*		262		41,682
Boeing Co.*		135		35,189
AMETEK, Inc.		207		34,132
Fortive Corp.		340		25,034

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS† - 97.1% (continued)
Industrial - 7.2% (continued)
Parker-Hannifin Corp.		12	$	5,529
AECOM		59		5,453
TransDigm Group, Inc.		3		3,035
Total Industrial				863,961
Energy - 3.3%
Pioneer Natural Resources Co.		432		97,148
EOG Resources, Inc.		731		88,414
Targa Resources Corp.		651		56,552
Occidental Petroleum Corp.		723		43,170
Phillips 66		312		41,540
Antero Resources Corp.*		1,620		36,742
ONEOK, Inc.		372		26,122
HF Sinclair Corp.		110		6,113
Total Energy				395,801
Utilities - 3.1%
American Electric Power Company, Inc.		1,563		126,947
Vistra Corp.		2,502		96,377
Constellation Energy Corp.		815		95,265
Entergy Corp.		481		48,673
Total Utilities				367,262
Basic Materials - 1.4%
Mosaic Co.		1,980		70,746
Cleveland-Cliffs, Inc.*		1,240		25,321
Steel Dynamics, Inc.		171		20,195
Sherwin-Williams Co.		56		17,466
International Paper Co.		410		14,821
PPG Industries, Inc.		65		9,721
Ecolab, Inc.		49		9,719
Air Products and Chemicals, Inc.		15		4,107
Total Basic Materials				172,096
Total Common Stocks
(Cost $10,013,824)				11,675,652
EXCHANGE-TRADED FUNDS† - 2.1%
Vanguard S&P 500 ETF		295		128,856
SPDR S&P 500 ETF Trust		271		128,809
Total Exchange-Traded Funds
(Cost $255,852)				257,665
Total Investments - 99.2%
(Cost $10,269,676)			$	11,933,317
Other Assets & Liabilities, net - 0.8%				92,185
Total Net Assets - 100.0%			$	12,025,502

*	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, 2023 (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	$	11,675,652	$	—	$	—	$	11,675,652
Exchange-Traded Funds		257,665		—		—		257,665
Total Assets	$	11,933,317	$	—	$	—	$	11,933,317

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS† - 97.8%
Financial - 22.2%
Berkshire Hathaway, Inc. — Class B*		263	$	93,802
JPMorgan Chase & Co.		508		86,411
Prologis, Inc. REIT		502		66,917
Intercontinental Exchange, Inc.		470		60,362
Chubb Ltd.		263		59,438
Marsh & McLennan Companies, Inc.		299		56,651
American Tower Corp. — Class A REIT		261		56,345
CME Group, Inc. — Class A		263		55,388
American International Group, Inc.		785		53,184
Travelers Companies, Inc.		268		51,051
Ameriprise Financial, Inc.		134		50,897
American Express Co.		227		42,526
Globe Life, Inc.		252		30,673
Hartford Financial Services Group, Inc.		331		26,606
Unum Group		383		17,319
Equity LifeStyle Properties, Inc. REIT		234		16,506
Arch Capital Group Ltd.*		221		16,414
Bank of America Corp.		414		13,939
Alexandria Real Estate Equities, Inc. REIT		101		12,804
AvalonBay Communities, Inc. REIT		68		12,731
Simon Property Group, Inc. REIT		89		12,695
Willis Towers Watson plc		49		11,819
Welltower, Inc. REIT		96		8,656
Equity Residential REIT		125		7,645
UDR, Inc. REIT		185		7,084
Corebridge Financial, Inc.		207		4,484
Erie Indemnity Co. — Class A		10		3,349
Iron Mountain, Inc. REIT		40		2,799
Total Financial				938,495
Consumer, Non-cyclical - 21.7%
Merck & Company, Inc.		881		96,047
Procter & Gamble Co.		589		86,312
Abbott Laboratories		740		81,452
PepsiCo, Inc.		427		72,522
Boston Scientific Corp.*		1,020		58,966
Automatic Data Processing, Inc.		223		51,952
Becton Dickinson & Co.		204		49,741
Global Payments, Inc.		387		49,149
Cencora, Inc. — Class A		233		47,854
Sysco Corp.		604		44,171
Kroger Co.		944		43,150
Bunge Global S.A.		379		38,260
Johnson & Johnson		229		35,893
Stryker Corp.		117		35,037
Amgen, Inc.		118		33,986
Coca-Cola Co.		554		32,647
GE HealthCare Technologies, Inc.		282		21,804
AbbVie, Inc.		88		13,637
Verisk Analytics, Inc. — Class A		51		12,182
Hologic, Inc.*		92		6,573
Keurig Dr Pepper, Inc.		92		3,065
Agilent Technologies, Inc.		15		2,086
Quanta Services, Inc.		8		1,727
Total Consumer, Non-cyclical				918,213
Consumer, Cyclical - 15.2%
Home Depot, Inc.		329		114,015
Walmart, Inc.		524		82,609
NIKE, Inc. — Class B		595		64,599
Starbucks Corp.		620		59,526
Target Corp.		394		56,113
TJX Companies, Inc.		520		48,781
General Motors Co.		1,336		47,989
Delta Air Lines, Inc.		1,089		43,810
Southwest Airlines Co.		1,336		38,584
MGM Resorts International*		473		21,134
Aptiv plc*		168		15,073
United Airlines Holdings, Inc.*		295		12,172
McDonald’s Corp.		40		11,860
BJ’s Wholesale Club Holdings, Inc.*		166		11,066
Yum! Brands, Inc.		48		6,272
Dollar Tree, Inc.*		43		6,108
Cummins, Inc.		17		4,073
Total Consumer, Cyclical				643,784
Industrial - 14.8%
Caterpillar, Inc.		240		70,961
Parker-Hannifin Corp.		121		55,745
Northrop Grumman Corp.		113		52,900
Boeing Co.*		199		51,871
TE Connectivity Ltd.		360		50,580
Keysight Technologies, Inc.*		314		49,954
AMETEK, Inc.		276		45,510
Lockheed Martin Corp.		96		43,511
Jacobs Solutions, Inc.		325		42,185
Regal Rexnord Corp.		266		39,373
Illinois Tool Works, Inc.		140		36,671
RTX Corp.		392		32,983
Republic Services, Inc. — Class A		146		24,077
Johnson Controls International plc		295		17,004
Fortive Corp.		93		6,848
FedEx Corp.		17		4,300
AECOM		27		2,496
Snap-on, Inc.		7		2,022
Total Industrial				628,991
Energy - 6.0%
Phillips 66		395		52,590
Pioneer Natural Resources Co.		210		47,225
Occidental Petroleum Corp.		733		43,767
Exxon Mobil Corp.		411		41,092
Antero Resources Corp.*		1,248		28,304
HF Sinclair Corp.		228		12,670
Chevron Corp.		79		11,784
Marathon Oil Corp.		436		10,534
Schlumberger N.V.		130		6,765
Total Energy				254,731
Communications - 5.7%
Walt Disney Co.		781		70,516
AT&T, Inc.		3,711		62,271

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS† - 97.8% (continued)
Communications - 5.7% (continued)
Motorola Solutions, Inc.		157	$	49,155
Comcast Corp. — Class A		1,056		46,306
Cisco Systems, Inc.		120		6,062
Match Group, Inc.*		166		6,059
Total Communications				240,369
Technology - 5.4%
Applied Materials, Inc.		433		70,176
Oracle Corp.		624		65,788
Akamai Technologies, Inc.*		269		31,836
Microchip Technology, Inc.		342		30,842
Analog Devices, Inc.		102		20,253
Electronic Arts, Inc.		58		7,935
SS&C Technologies Holdings, Inc.		34		2,078
Total Technology				228,908
Utilities - 4.3%
NextEra Energy, Inc.		841		51,082
American Electric Power Company, Inc.		611		49,626
Entergy Corp.		421		42,601
FirstEnergy Corp.		1,102		40,399
Total Utilities				183,708
Basic Materials - 2.5%
Mosaic Co.		848		30,299
Ecolab, Inc.		123		24,397
Nucor Corp.		79		13,749
PPG Industries, Inc.		71		10,618
Steel Dynamics, Inc.		83		9,803
International Paper Co.		220		7,953
CF Industries Holdings, Inc.		98		7,791
Total Basic Materials				104,610
Total Common Stocks
(Cost $3,891,109)				4,141,809
EXCHANGE-TRADED FUNDS† - 1.0%
iShares S&P 500 Value ETF		251		43,646
Total Exchange-Traded Funds
(Cost $43,406)				43,646
Total Investments - 98.8%
(Cost $3,934,515)			$	4,185,455
Other Assets & Liabilities, net - 1.2%				51,256
Total Net Assets - 100.0%			$	4,236,711

*	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, 2023 (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	$	4,141,809	$	—	$	—	$	4,141,809
Exchange-Traded Funds		43,646		—		—		43,646
Total Assets	$	4,185,455	$	—	$	—	$	4,185,455

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 U.S. Securities and Exchange Commission (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”) adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board designated Guggenheim Partners Investment Management, LLC (“GPIM” or the “Adviser”) as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing service providers appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing service provider.

If the pricing service provider cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will 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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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 generally 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 the Adviser. 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 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 of 1986, as amended (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, 2023, 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	$	183,003,090	$	14,049,046	$	(1,207,349	)	$	12,841,697
RBP® Dividend Fund		14,463,085		1,804,036		(493,485	)		1,310,551
RBP® Large-Cap Defensive Fund		6,508,731		948,170		(84,577	)		863,593
RBP® Large-Cap Market Fund		10,285,620		1,810,035		(162,338	)		1,647,697
RBP® Large-Cap Value Fund		3,939,938		381,813		(136,296	)		245,517

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 between market participants at the measurement date. 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 — unadjusted 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.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. 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 selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 4 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), 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 ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

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.