Directional Allocation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
MONEY MARKET FUND† - 1.8%
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.17%1		4,379,076	$	4,379,076
Total Money Market Fund
(Cost $4,379,076)				4,379,076

	Face Amount
U.S. TREASURY BILLS†† - 98.4%
U.S. Treasury Bills
3.71% due 01/26/232	$	120,000,000		119,702,494
3.70% due 01/26/232		115,000,000		114,714,892
Total U.S. Treasury Bills
(Cost $234,380,660)				234,417,386
Total Investments - 100.2%
(Cost $238,759,736)			$	238,796,462
Other Assets & Liabilities, net - (0.2)%				(405,410)
Total Net Assets - 100.0%			$	238,391,052

† 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 December 31, 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 December 31, 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	$	4,379,076	$	—	$	—	$	4,379,076
U.S. Treasury Bills		—		234,417,386		—		234,417,386
Total Assets	$	4,379,076	$	234,417,386	$	—	$	238,796,462

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 97.0%
Financial - 22.7%
Visa, Inc. — Class A		1,634	$	339,480
Mastercard, Inc. — Class A		917		318,869
Morgan Stanley		2,685		228,279
Chubb Ltd.		1,021		225,232
Prologis, Inc. REIT		1,983		223,543
American Express Co.		1,448		213,942
Truist Financial Corp.		4,869		209,513
Intercontinental Exchange, Inc.		1,992		204,359
American International Group, Inc.		3,203		202,558
Apollo Global Management, Inc.		3,032		193,411
MetLife, Inc.		2,546		184,254
Rexford Industrial Realty, Inc. REIT		3,340		182,498
Mid-America Apartment Communities, Inc. REIT		1,152		180,852
Equitable Holdings, Inc.		6,111		175,386
Life Storage, Inc. REIT		1,692		166,662
First Republic Bank		1,253		152,728
Annaly Capital Management, Inc. REIT		6,996		147,476
American Tower Corp. — Class A REIT		595		126,057
Rithm Capital Corp. REIT		11,326		92,533
Blackstone Mortgage Trust, Inc. — Class A REIT		4,056		85,865
New York Community Bancorp, Inc.		7,401		63,649
American Homes 4 Rent — Class A REIT		1,870		56,362
AGNC Investment Corp. REIT		4,128		42,725
Comerica, Inc.		409		27,342
JPMorgan Chase & Co.		126		16,896
Sun Communities, Inc. REIT		71		10,153
Total Financial				4,070,624
Technology - 20.1%
Microsoft Corp.		4,447		1,066,480
Apple, Inc.		6,418		833,891
Broadcom, Inc.		533		298,016
Accenture plc — Class A		934		249,229
QUALCOMM, Inc.		2,047		225,047
Applied Materials, Inc.		2,079		202,453
KLA Corp.		508		191,531
Electronic Arts, Inc.		1,536		187,668
Intuit, Inc.		436		169,700
Monolithic Power Systems, Inc.		428		151,345
NVIDIA Corp.		203		29,667
Total Technology				3,605,027
Consumer, Non-cyclical - 17.8%
Procter & Gamble Co.		2,324		352,225
Eli Lilly & Co.		871		318,647
Merck & Company, Inc.		2,849		316,097
Pfizer, Inc.		6,134		314,306
Danaher Corp.		945		250,822
Bristol-Myers Squibb Co.		3,308		238,011
Gilead Sciences, Inc.		2,639		226,558
Amgen, Inc.		797		209,324
Bunge Ltd.		1,947		194,252
Sysco Corp.		2,413		184,474
Constellation Brands, Inc. — Class A		630		146,003
PepsiCo, Inc.		711		128,449
Humana, Inc.		188		96,292
McKesson Corp.		229		85,902
UnitedHealth Group, Inc.		138		73,165
Johnson & Johnson		299		52,818
Mondelez International, Inc. — Class A		158		10,531
Total Consumer, Non-cyclical				3,197,876
Consumer, Cyclical - 12.6%
Home Depot, Inc.		1,048		331,021
Walmart, Inc.		1,889		267,841
NIKE, Inc. — Class B		2,255		263,857
Starbucks Corp.		2,312		229,350
TJX Companies, Inc.		2,785		221,686
Dollar General Corp.		845		208,081
Target Corp.		1,218		181,531
Lowe's Companies, Inc.		756		150,626
WW Grainger, Inc.		238		132,388
Costco Wholesale Corp.		263		120,060
Watsco, Inc.		458		114,225
Cummins, Inc.		179		43,370
Total Consumer, Cyclical				2,264,036
Energy - 7.1%
Exxon Mobil Corp.		3,719		410,206
EOG Resources, Inc.		1,748		226,401
Phillips 66		2,042		212,531
Pioneer Natural Resources Co.		873		199,385
Valero Energy Corp.		1,422		180,395
ConocoPhillips		411		48,498
Total Energy				1,277,416
Utilities - 5.3%
NextEra Energy, Inc.		2,981		249,212
Evergy, Inc.		2,951		185,706
Vistra Corp.		7,053		163,630
DTE Energy Co.		1,223		143,739
UGI Corp.		3,708		137,455
FirstEnergy Corp.		1,310		54,941
AES Corp.		852		24,504
Total Utilities				959,187
Communications - 5.2%
AT&T, Inc.		12,835		236,292
Comcast Corp. — Class A		6,601		230,837
eBay, Inc.		4,294		178,072
Fox Corp. — Class A		4,989		151,516
Interpublic Group of Companies, Inc.		4,010		133,573
Fox Corp. — Class B		228		6,487
Total Communications				936,777
Industrial - 4.8%
Caterpillar, Inc.		1,038		248,663
Deere & Co.		544		233,245
Eaton Corporation plc		1,285		201,681
Republic Services, Inc. — Class A		478		61,657
Agilent Technologies, Inc.		399		59,710
Emerson Electric Co.		542		52,065
Illinois Tool Works, Inc.		36		7,931
Total Industrial				864,952

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 97.0% (continued)
Basic Materials - 1.4%
Freeport-McMoRan, Inc.		4,550	$	172,900
Air Products and Chemicals, Inc.		240		73,982
Total Basic Materials				246,882
Total Common Stocks
(Cost $18,007,174)				17,422,777
EXCHANGE-TRADED FUNDS† - 2.0%
Vanguard Dividend Appreciation ETF		1,099		166,883
iShares Select Dividend ETF*		1,382		166,669
Vanguard High Dividend Yield ETF		250		27,053
Total Exchange-Traded Funds
(Cost $357,364)				360,605
Total Investments - 99.0%
(Cost $18,364,538)			$	17,783,382
Other Assets & Liabilities, net - 1.0%				181,543
Total Net Assets - 100.0%			$	17,964,925

* 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, 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	$	17,422,777	$	—	$	—	$	17,422,777
Exchange-Traded Funds		360,605		—		—		360,605
Total Assets	$	17,783,382	$	—	$	—	$	17,783,382

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 94.9%
Consumer, Non-cyclical - 27.7%
Procter & Gamble Co.		1,222	$	185,206
Eli Lilly & Co.		469		171,579
Merck & Company, Inc.		1,540		170,863
Abbott Laboratories		1,372		150,632
Pfizer, Inc.		2,679		137,272
Bristol-Myers Squibb Co.		1,840		132,388
Mondelez International, Inc. — Class A		1,927		128,434
AbbVie, Inc.		780		126,056
McKesson Corp.		326		122,289
Regeneron Pharmaceuticals, Inc.*		169		121,932
Vertex Pharmaceuticals, Inc.*		406		117,244
AmerisourceBergen Corp. — Class A		700		115,997
Hershey Co.		496		114,859
Constellation Brands, Inc. — Class A		479		111,008
US Foods Holding Corp.*		3,193		108,626
Waters Corp.*		165		56,526
Monster Beverage Corp.*		51		5,178
PepsiCo, Inc.		28		5,059
Total Consumer, Non-cyclical				2,081,148
Technology - 17.2%
Apple, Inc.		3,844		499,451
Microsoft Corp.		2,011		482,278
Electronic Arts, Inc.		868		106,052
QUALCOMM, Inc.		941		103,453
Accenture plc — Class A		221		58,972
Adobe, Inc.*		116		39,038
Total Technology				1,289,244
Financial - 16.3%
Visa, Inc. — Class A		859		178,466
Mastercard, Inc. — Class A		492		171,083
Chubb Ltd.		593		130,816
Progressive Corp.		974		126,337
Travelers Companies, Inc.		642		120,369
Prologis, Inc. REIT		1,036		116,788
Equitable Holdings, Inc.		3,783		108,572
Everest Re Group Ltd.		317		105,013
Public Storage REIT		352		98,627
Bank of America Corp.		1,486		49,216
AGNC Investment Corp. REIT		1,153		11,934
Berkshire Hathaway, Inc. — Class B*		17		5,251
Total Financial				1,222,472
Communications - 13.6%
Alphabet, Inc. — Class C*		3,520		312,330
AT&T, Inc.		7,254		133,546
Walt Disney Co.*		1,371		119,112
Arista Networks, Inc.*		913		110,793
eBay, Inc.		2,639		109,439
FactSet Research Systems, Inc.		253		101,506
Liberty Media Corporation-Liberty Formula One — Class C*		1,382		82,616
Amazon.com, Inc.*		604		50,736
Total Communications				1,020,078
Consumer, Cyclical - 8.1%
Home Depot, Inc.		556		175,618
Walmart, Inc.		1,052		149,163
Tesla, Inc.*		1,008		124,165
Lululemon Athletica, Inc.*		351		112,454
Costco Wholesale Corp.		96		43,824
Total Consumer, Cyclical				605,224
Utilities - 7.8%
NextEra Energy, Inc.		1,680		140,448
Duke Energy Corp.		1,161		119,571
American Electric Power Company, Inc.		1,245		118,213
Evergy, Inc.		1,842		115,917
Vistra Corp.		3,878		89,970
Total Utilities				584,119
Industrial - 4.2%
Northrop Grumman Corp.		238		129,855
Illinois Tool Works, Inc.		552		121,606
Snap-on, Inc.		272		62,149
Total Industrial				313,610
Total Common Stocks
(Cost $7,349,473)				7,115,895
EXCHANGE-TRADED FUNDS† - 4.4%
SPDR S&P 500 ETF Trust		430		164,445
Vanguard S&P 500 ETF		467		164,076
Total Exchange-Traded Funds
(Cost $330,962)				328,521
Total Investments - 99.3%
(Cost $7,680,435)			$	7,444,416
Other Assets & Liabilities, net - 0.7%				49,155
Total Net Assets - 100.0%			$	7,493,571

* 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.

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 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	$	7,115,895	$	—	$	—	$	7,115,895
Exchange-Traded Funds		328,521		—		—		328,521
Total Assets	$	7,444,416	$	—	$	—	$	7,444,416

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 95.6%
Consumer, Non-cyclical - 22.2%
Procter & Gamble Co.		1,435	$	217,489
Eli Lilly & Co.		543		198,651
Danaher Corp.		591		156,863
Bristol-Myers Squibb Co.		2,064		148,505
Gilead Sciences, Inc.		1,606		137,875
McKesson Corp.		338		126,790
Pfizer, Inc.		2,404		123,181
AmerisourceBergen Corp. — Class A		701		116,163
Jazz Pharmaceuticals plc*		728		115,978
Constellation Brands, Inc. — Class A		495		114,716
Corteva, Inc.		1,928		113,328
Sysco Corp.		1,343		102,672
AbbVie, Inc.		634		102,461
IQVIA Holdings, Inc.*		465		95,274
Equifax, Inc.		418		81,243
PayPal Holdings, Inc.*		1,006		71,647
Mondelez International, Inc. — Class A		1,054		70,249
PepsiCo, Inc.		369		66,664
Amgen, Inc.		199		52,265
UnitedHealth Group, Inc.		87		46,126
Merck & Company, Inc.		409		45,378
Dexcom, Inc.*		384		43,484
US Foods Holding Corp.*		1,027		34,939
Johnson & Johnson		192		33,917
FleetCor Technologies, Inc.*		117		21,491
Centene Corp.*		63		5,166
Total Consumer, Non-cyclical				2,442,515
Technology - 20.7%
Microsoft Corp.		2,707		649,193
Apple, Inc.		4,030		523,618
Broadcom, Inc.		321		179,481
Adobe, Inc.*		423		142,352
QUALCOMM, Inc.		1,246		136,985
Applied Materials, Inc.		1,266		123,283
Salesforce, Inc.*		894		118,535
Electronic Arts, Inc.		903		110,329
ServiceNow, Inc.*		279		108,327
NXP Semiconductor N.V.		677		106,986
Accenture plc — Class A		215		57,370
NVIDIA Corp.		124		18,122
Total Technology				2,274,581
Financial - 15.9%
Visa, Inc. — Class A		1,014		210,669
Mastercard, Inc. — Class A		421		146,394
Chubb Ltd.		622		137,213
Prologis, Inc. REIT		1,207		136,065
Truist Financial Corp.		2,964		127,541
American International Group, Inc.		1,950		123,318
Travelers Companies, Inc.		652		122,243
American Tower Corp. — Class A REIT		562		119,065
Globe Life, Inc.		952		114,763
Equitable Holdings, Inc.		3,711		106,506
W R Berkley Corp.		1,324		96,083
First Republic Bank		755		92,027
Apollo Global Management, Inc.		1,326		84,586
Berkshire Hathaway, Inc. — Class B*		202		62,398
Citigroup, Inc.		528		23,881
MetLife, Inc.		289		20,915
Mid-America Apartment Communities, Inc. REIT		103		16,170
JPMorgan Chase & Co.		77		10,326
Total Financial				1,750,163
Consumer, Cyclical - 10.9%
Home Depot, Inc.		648		204,677
Tesla, Inc.*		1,429		176,024
Walmart, Inc.		1,171		166,036
NIKE, Inc. — Class B		1,368		160,070
Starbucks Corp.		1,408		139,674
TJX Companies, Inc.		1,734		138,026
Target Corp.		774		115,357
Southwest Airlines Co.		3,016		101,549
Total Consumer, Cyclical				1,201,413
Communications - 8.2%
Alphabet, Inc. — Class C*		4,378		388,460
Walt Disney Co.*		1,542		133,969
T-Mobile US, Inc.*		943		132,020
Amazon.com, Inc.*		1,491		125,244
Comcast Corp. — Class A		2,313		80,886
FactSet Research Systems, Inc.		62		24,875
eBay, Inc.		456		18,910
Total Communications				904,364
Industrial - 7.0%
Caterpillar, Inc.		639		153,079
Northrop Grumman Corp.		248		135,311
Eaton Corporation plc		802		125,874
Keysight Technologies, Inc.*		651		111,366
Axon Enterprise, Inc.*		660		109,514
Illinois Tool Works, Inc.		335		73,800
Fortune Brands Innovations, Inc.		643		36,722
Deere & Co.		59		25,297
Total Industrial				770,963
Energy - 5.9%
Exxon Mobil Corp.		2,294		253,028
Cheniere Energy, Inc.		766		114,870
Pioneer Natural Resources Co.		480		109,627
EOG Resources, Inc.		688		89,110
ConocoPhillips		631		74,458
Total Energy				641,093
Utilities - 3.8%
NextEra Energy, Inc.		1,851		154,744
Vistra Corp.		4,104		95,213
Evergy, Inc.		1,463		92,066
Constellation Energy Corp.		895		77,158
Total Utilities				419,181
Basic Materials - 1.0%
FMC Corp.		881		109,949
Total Common Stocks
(Cost $10,590,633)				10,514,222
EXCHANGE-TRADED FUNDS† - 3.5%
SPDR S&P 500 ETF Trust		511		195,422

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
EXCHANGE-TRADED FUNDS† - 3.5% (continued)
Vanguard S&P 500 ETF		555	$	194,993
Total Exchange-Traded Funds
(Cost $392,475)				390,415
Total Investments – 99.1%
(Cost $10,983,108)			$	10,904,637
Other Assets & Liabilities, net - 0.9%				98,101
Total Net Assets - 100.0%			$	11,002,738

* 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, 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	$	10,514,222	$	—	$	—	$	10,514,222
Exchange-Traded Funds		390,415		—		—		390,415
Total Assets	$	10,904,637	$	—	$	—	$	10,904,637

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 96.6%
Consumer, Non-cyclical - 21.7%
Procter & Gamble Co.		760	$	115,186
Merck & Company, Inc.		914		101,408
Abbott Laboratories		737		80,915
Philip Morris International, Inc.		726		73,479
Bristol-Myers Squibb Co.		992		71,374
Amgen, Inc.		266		69,862
Gilead Sciences, Inc.		749		64,302
Mondelez International, Inc. — Class A		923		61,518
Johnson & Johnson		308		54,408
AbbVie, Inc.		314		50,746
Constellation Brands, Inc. — Class A		213		49,363
Sysco Corp.		608		46,482
PepsiCo, Inc.		213		38,480
AmerisourceBergen Corp. — Class A		161		26,679
Pfizer, Inc.		348		17,832
Coca-Cola Co.		164		10,432
Keurig Dr Pepper, Inc.		138		4,921
Total Consumer, Non-cyclical				937,387
Financial - 21.5%
Berkshire Hathaway, Inc. — Class B*		248		76,607
Prologis, Inc. REIT		561		63,241
Chubb Ltd.		283		62,430
Progressive Corp.		454		58,888
Truist Financial Corp.		1,290		55,509
American International Group, Inc.		836		52,869
MetLife, Inc.		699		50,587
Travelers Companies, Inc.		268		50,247
Ameriprise Financial, Inc.		154		47,951
Globe Life, Inc.		382		46,050
Crown Castle, Inc. REIT		336		45,575
Mid-America Apartment Communities, Inc. REIT		286		44,899
Everest Re Group Ltd.		129		42,734
Equitable Holdings, Inc.		1,431		41,070
JPMorgan Chase & Co.		296		39,693
First Republic Bank		310		37,786
American Express Co.		226		33,392
Hartford Financial Services Group, Inc.		345		26,161
Apollo Global Management, Inc.		244		15,565
Equity LifeStyle Properties, Inc. REIT		240		15,504
Bank of America Corp.		422		13,977
Intercontinental Exchange, Inc.		60		6,155
Public Storage REIT		10		2,802
American Financial Group, Inc.		12		1,647
Total Financial				931,339
Industrial - 12.5%
Caterpillar, Inc.		297		71,149
Eaton Corporation plc		352		55,246
Northrop Grumman Corp.		99		54,015
TE Connectivity Ltd.		415		47,642
Parker-Hannifin Corp.		161		46,851
Keysight Technologies, Inc.*		272		46,531
CSX Corp.		1,225		37,951
Masco Corp.		794		37,056
Allegion plc		323		33,999
Fortune Brands Innovations, Inc.		568		32,439
Snap-on, Inc.		129		29,475
Amphenol Corp. — Class A		354		26,953
Republic Services, Inc. — Class A		158		20,381
Agilent Technologies, Inc.		15		2,245
Total Industrial				541,933
Consumer, Cyclical - 12.4%
Home Depot, Inc.		351		110,867
Walmart, Inc.		599		84,932
Cummins, Inc.		207		50,154
NIKE, Inc. — Class B		414		48,442
Dollar Tree, Inc.*		308		43,563
TJX Companies, Inc.		525		41,790
Southwest Airlines Co.		1,240		41,751
Target Corp.		264		39,347
General Motors Co.		961		32,328
Advance Auto Parts, Inc.		198		29,112
Starbucks Corp.		124		12,301
Delta Air Lines, Inc.*		60		1,972
Total Consumer, Cyclical				536,559
Energy - 7.3%
Chevron Corp.		630		113,079
Exxon Mobil Corp.		872		96,181
Pioneer Natural Resources Co.		248		56,641
Marathon Petroleum Corp.		242		28,166
Valero Energy Corp.		172		21,820
Total Energy				315,887
Technology - 6.3%
QUALCOMM, Inc.		595		65,414
Analog Devices, Inc.		361		59,215
Applied Materials, Inc.		593		57,746
Microchip Technology, Inc.		675		47,419
Electronic Arts, Inc.		192		23,458
NXP Semiconductor N.V.		89		14,065
Marvell Technology, Inc.		174		6,445
Total Technology				273,762
Utilities - 6.1%
NextEra Energy, Inc.		662		55,343
FirstEnergy Corp.		1,136		47,644
Evergy, Inc.		727		45,750
CenterPoint Energy, Inc.		1,524		45,705
Vistra Corp.		1,667		38,675
Duke Energy Corp.		166		17,096
UGI Corp.		229		8,489
AES Corp.		191		5,493
Total Utilities				264,195
Communications - 5.2%
Walt Disney Co.*		844		73,327
AT&T, Inc.		3,744		68,927
Comcast Corp. — Class A		1,364		47,699
eBay, Inc.		729		30,232
Omnicom Group, Inc.		50		4,078
Total Communications				224,263
Basic Materials - 3.6%
Freeport-McMoRan, Inc.		1,340		50,920
FMC Corp.		376		46,925

RBP® Large-Cap Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 96.6% (continued)
Basic Materials - 3.6% (continued)
DuPont de Nemours, Inc.		650	$	44,610
Air Products and Chemicals, Inc.		36		11,097
Total Basic Materials				153,552
Total Common Stocks
(Cost $3,978,391)				4,178,877
EXCHANGE-TRADED FUNDS† - 2.4%
iShares S&P 500 Value ETF		734		106,481
Total Exchange-Traded Funds
(Cost $105,681)				106,481
Total Investments - 99.0%
(Cost $4,084,072)			$	4,285,358
Other Assets & Liabilities, net - 1.0%				42,136
Total Net Assets - 100.0%			$	4,327,494

* 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, 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	$	4,178,877	$	—	$	—	$	4,178,877
Exchange-Traded Funds		106,481		—		—		106,481
Total Assets	$	4,285,358	$	—	$	—	$	4,285,358

NOTES TO FINANCIAL STATEMENTS (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”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. 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 has 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/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee 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/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 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 for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed 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 Adviser.

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.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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 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 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, 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:

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Directional Allocation Fund	$	238,759,736	$	36,726	$	-		$	36,726
RBP® Dividend Fund		18,436,882		949,839		(1,603,339	)		(653,500	)
RBP® Large-Cap Defensive Fund		7,722,114		449,246		(726,944	)		(277,698	)
RBP® Large-Cap Market Fund		10,995,511		841,612		(932,486	)		(90,874	)
RBP® Large-Cap Value Fund		4,089,450		370,737		(174,829	)		195,908

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. 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 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 FINANCIAL STATEMENTS (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 have since risen and may continue to rise), 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 (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 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 period. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and 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.