Directional Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

	Shares		Value
COMMON STOCKS† - 97.8%
Technology - 23.9%
Microsoft Corp.		46,415	$	15,806,164
Apple, Inc.		62,926		12,205,756
Broadcom, Inc.		4,262		3,696,987
Oracle Corp.		30,798		3,667,734
Accenture plc — Class A		11,333		3,497,137
NVIDIA Corp.		6,261		2,648,528
Adobe, Inc.*		4,755		2,325,148
Salesforce, Inc.*		9,436		1,993,449
Applied Materials, Inc.		9,539		1,378,767
ServiceNow, Inc.*		2,411		1,354,910
Analog Devices, Inc.		6,490		1,264,317
Electronic Arts, Inc.		4,666		605,180
Total Technology				50,444,077
Consumer, Non-cyclical - 22.8%
Procter & Gamble Co.		25,328		3,843,271
Abbott Laboratories		33,201		3,619,573
McKesson Corp.		6,911		2,953,139
Bristol-Myers Squibb Co.		44,700		2,858,565
AmerisourceBergen Corp. — Class A		14,745		2,837,380
Becton Dickinson and Co.		9,912		2,616,867
Constellation Brands, Inc. — Class A		10,579		2,603,809
Merck & Company, Inc.		22,518		2,598,352
Eli Lilly & Co.		5,416		2,539,996
Boston Scientific Corp.*		45,773		2,475,862
US Foods Holding Corp.*		45,366		1,996,104
Incyte Corp.*		31,901		1,985,837
Mondelez International, Inc. — Class A		23,818		1,737,285
Dexcom, Inc.*		13,390		1,720,749
Hershey Co.		6,122		1,528,664
IDEXX Laboratories, Inc.*		2,204		1,106,915
FleetCor Technologies, Inc.*		4,387		1,101,488
Gilead Sciences, Inc.		13,974		1,076,976
Kroger Co.		20,796		977,412
Corteva, Inc.		16,991		973,584
IQVIA Holdings, Inc.*		4,193		942,461
Encompass Health Corp.		13,451		910,767
PepsiCo, Inc.		3,549		657,346
PayPal Holdings, Inc.*		9,121		608,644
Verisk Analytics, Inc. — Class A		2,203		497,944
UnitedHealth Group, Inc.		743		357,115
Bunge Ltd.		3,649		344,283
Regeneron Pharmaceuticals, Inc.*		386		277,357
Sysco Corp.		2,152		159,678
Johnson & Johnson		500		82,760
Monster Beverage Corp.*		858		49,284
Total Consumer, Non-cyclical				48,039,467
Financial - 14.6%
Visa, Inc. — Class A		19,250		4,571,490
Mastercard, Inc. — Class A		11,035		4,340,066
Prologis, Inc. REIT		23,744		2,911,727
Chubb Ltd.		13,225		2,546,606
Cboe Global Markets, Inc.		17,926		2,473,967
Travelers Companies, Inc.		13,827		2,401,197
Marsh & McLennan Companies, Inc.		9,618		1,808,953
Arch Capital Group Ltd.*		20,876		1,562,569
Everest Re Group Ltd.		3,821		1,306,247
Rexford Industrial Realty, Inc. REIT		24,361		1,272,131
American International Group, Inc.		16,775		965,234
American Tower Corp. — Class A REIT		4,974		964,658
Globe Life, Inc.		8,184		897,130
Truist Financial Corp.		26,301		798,235
W R Berkley Corp.		11,325		674,517
Berkshire Hathaway, Inc. — Class B*		1,803		614,823
Voya Financial, Inc.		3,537		253,638
AGNC Investment Corp. REIT		14,788		149,802
Mid-America Apartment Communities, Inc. REIT		876		133,029
JPMorgan Chase & Co.		881		128,133
Total Financial				30,774,152
Communications - 13.5%
Alphabet, Inc. — Class C*		77,741		9,404,329
Amazon.com, Inc.*		26,221		3,418,169
Walt Disney Co.*		34,088		3,043,377
T-Mobile US, Inc.*		21,151		2,937,874
Meta Platforms, Inc. — Class A*		9,125		2,618,692
Arista Networks, Inc.*		10,036		1,626,434
AT&T, Inc.		91,700		1,462,615
Liberty Media Corporation-Liberty Formula One — Class C*		18,081		1,361,138
Palo Alto Networks, Inc.*		5,307		1,355,992
FactSet Research Systems, Inc.		3,225		1,292,096
Total Communications				28,520,716
Consumer, Cyclical - 10.3%
Tesla, Inc.*		23,690		6,201,331
Walmart, Inc.		23,744		3,732,082
TJX Companies, Inc.		36,415		3,087,628
Lululemon Athletica, Inc.*		6,921		2,619,598
Starbucks Corp.		17,420		1,725,625
Southwest Airlines Co.		26,014		941,967
Target Corp.		7,070		932,533
NIKE, Inc. — Class B		6,975		769,831
Costco Wholesale Corp.		1,223		658,439
Hilton Worldwide Holdings, Inc.		3,158		459,647
MGM Resorts International		6,784		297,953
United Airlines Holdings, Inc.*		4,520		248,012
General Motors Co.		594		22,905
Total Consumer, Cyclical				21,697,551
Industrial - 5.7%
Northrop Grumman Corp.		5,134		2,340,077
Illinois Tool Works, Inc.		9,285		2,322,736
Deere & Co.		3,310		1,341,179
Caterpillar, Inc.		5,362		1,319,320
Johnson Controls International plc		17,501		1,192,518
Snap-on, Inc.		3,467		999,155
Keysight Technologies, Inc.*		5,650		946,092
AMETEK, Inc.		3,955		640,235
Fortune Brands Innovations, Inc.		5,524		397,452
Agilent Technologies, Inc.		2,387		287,037
Builders FirstSource, Inc.*		1,375		187,000

Directional Allocation Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

	Shares		Value
COMMON STOCKS† - 97.8% (continued)
Industrial - 5.7% (continued)
Regal Rexnord Corp.		708	$	108,961
Total Industrial				12,081,762
Utilities - 4.7%
NextEra Energy, Inc.		40,733		3,022,389
Evergy, Inc.		35,730		2,087,347
Vistra Corp.		72,691		1,908,139
American Electric Power Company, Inc.		19,106		1,608,725
Constellation Energy Corp.		7,903		723,520
Exelon Corp.		9,298		378,800
Sempra Energy		1,992		290,015
Total Utilities				10,018,935
Energy - 1.5%
Marathon Petroleum Corp.		9,901		1,154,457
Pioneer Natural Resources Co.		4,092		847,781
ConocoPhillips		5,540		573,999
Targa Resources Corp.		6,446		490,541
Exxon Mobil Corp.		1,186		127,198
Total Energy				3,193,976
Basic Materials - 0.8%
FMC Corp.		7,748		808,426
Mosaic Co.		19,229		673,015
Cleveland-Cliffs, Inc.*		11,010		184,528
Total Basic Materials				1,665,969
Total Common Stocks
(Cost $204,823,674)				206,436,605
EXCHANGE-TRADED FUNDS† - 1.9%
SPDR S&P 500 ETF Trust		4,564		2,023,130
Vanguard S&P 500 ETF		4,955		2,018,072
Total Exchange-Traded Funds
(Cost $3,996,386)				4,041,202
MONEY MARKET FUND† - 0.4%
Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 5.00%1		795,241		795,241
Total Money Market Fund
(Cost $795,241)				795,241
Total Investments - 100.1%
(Cost $209,615,301)			$	211,273,048
Other Assets & Liabilities, net - (0.1)%				(202,416	)
Total Net Assets - 100.0%			$	211,070,632

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.
1	Rate indicated is the 7-day yield as of June 30, 2023.

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, 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	$	206,436,605	$	—	$	—	$	206,436,605
Exchange-Traded Funds		4,041,202		—		—		4,041,202
Money Market Fund		795,241		—		—		795,241
Total Assets	$	211,273,048	$	—	$	—	$	211,273,048

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2023

	Shares		Value
COMMON STOCKS† - 99.1%
Technology - 27.4%
Microsoft Corp.		3,839	$	1,307,333
Apple, Inc.		5,657		1,097,288
Broadcom, Inc.		399		346,105
NVIDIA Corp.		661		279,616
Accenture plc — Class A		839		258,899
Intuit, Inc.		523		239,633
Applied Materials, Inc.		1,640		237,046
KLA Corp.		430		208,559
Oracle Corp.		1,685		200,667
Monolithic Power Systems, Inc.		362		195,563
Fidelity National Information Services, Inc.		3,410		186,527
Electronic Arts, Inc.		1,433		185,860
QUALCOMM, Inc.		895		106,541
Analog Devices, Inc.		329		64,092
Total Technology				4,913,729
Financial - 18.6%
Visa, Inc. — Class A		1,488		353,370
Mastercard, Inc. — Class A		830		326,439
American Express Co.		1,269		221,060
Prologis, Inc. REIT		1,802		220,979
Intercontinental Exchange, Inc.		1,814		205,127
Chubb Ltd.		985		189,671
Life Storage, Inc. REIT		1,358		180,560
American International Group, Inc.		3,076		176,993
Mid-America Apartment Communities, Inc. REIT		1,102		167,350
Popular, Inc.		2,656		160,741
Rexford Industrial Realty, Inc. REIT		2,980		155,616
Marsh & McLennan Companies, Inc.		758		142,565
Truist Financial Corp.		4,619		140,187
Annaly Capital Management, Inc. REIT		6,696		133,987
American Tower Corp. — Class A REIT		558		108,218
Rithm Capital Corp. REIT		10,463		97,829
Blackstone Mortgage Trust, Inc. — Class A REIT		3,715		77,309
New York Community Bancorp, Inc.		6,573		73,881
Pinnacle Financial Partners, Inc.		1,140		64,581
Welltower, Inc. REIT		558		45,137
AGNC Investment Corp. REIT		3,820		38,696
JPMorgan Chase & Co.		158		22,979
Comerica, Inc.		411		17,410
American Homes 4 Rent — Class A REIT		482		17,087
Sun Communities, Inc. REIT		67		8,741
Total Financial				3,346,513
Consumer, Non-cyclical - 16.1%
Eli Lilly & Co.		737		345,638
Procter & Gamble Co.		2,203		334,283
Merck & Company, Inc.		2,656		306,476
Abbott Laboratories		2,467		268,952
Bristol-Myers Squibb Co.		3,453		220,819
Becton Dickinson and Co.		810		213,848
Gilead Sciences, Inc.		2,498		192,521
Encompass Health Corp.		2,768		187,421
Bunge Ltd.		1,810		170,774
Kroger Co.		3,332		156,604
Constellation Brands, Inc. — Class A		600		147,678
PepsiCo, Inc.		663		122,801
UnitedHealth Group, Inc.		131		62,964
Automatic Data Processing, Inc.		255		56,047
Global Payments, Inc.		562		55,368
Johnson & Johnson		259		42,870
MarketAxess Holdings, Inc.		34		8,888
Total Consumer, Non-cyclical				2,893,952
Consumer, Cyclical - 13.3%
Home Depot, Inc.		1,010		313,747
Walmart, Inc.		1,728		271,607
TJX Companies, Inc.		2,680		227,237
NIKE, Inc. — Class B		1,969		217,319
Starbucks Corp.		2,190		216,941
Costco Wholesale Corp.		365		196,509
General Motors Co.		5,091		196,309
WW Grainger, Inc.		232		182,953
Watsco, Inc.		458		174,713
Target Corp.		1,276		168,304
Lowe's Companies, Inc.		654		147,608
Tractor Supply Co.		334		73,847
Total Consumer, Cyclical				2,387,094
Energy - 5.6%
Schlumberger N.V.		4,254		208,956
Williams Companies, Inc.		6,202		202,371
Marathon Petroleum Corp.		1,602		186,793
Halliburton Co.		5,118		168,843
Pioneer Natural Resources Co.		800		165,744
ConocoPhillips		344		35,642
Exxon Mobil Corp.		172		18,447
Hess Corp.		93		12,644
Total Energy				999,440
Industrial - 5.2%
Caterpillar, Inc.		957		235,470
Deere & Co.		574		232,579
Regal Rexnord Corp.		1,132		174,215
Agilent Technologies, Inc.		1,327		159,572
Republic Services, Inc. — Class A		456		69,845
Emerson Electric Co.		542		48,991
AMETEK, Inc.		85		13,760
Illinois Tool Works, Inc.		26		6,504
Total Industrial				940,936
Communications - 5.0%
Comcast Corp. — Class A		6,148		255,449
AT&T, Inc.		12,171		194,127
Fox Corp. — Class A		4,662		158,508
Interpublic Group of Companies, Inc.		3,870		149,305
New York Times Co. — Class A		2,966		116,801
Lumen Technologies, Inc.		10,906		24,648
Fox Corp. — Class B		228		7,271
Total Communications				906,109
Utilities - 4.9%
NextEra Energy, Inc.		3,225		239,295
Sempra Energy		1,304		189,850

RBP® Dividend Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2023

	Shares		Value
COMMON STOCKS† - 99.1% (continued)
Utilities - 4.9% (continued)
Exelon Corp.	4,486	$	182,760
DTE Energy Co.	1,162		127,843
National Fuel Gas Co.	1,325		68,052
American Electric Power Company, Inc.	761		64,076
Total Utilities			871,876
Basic Materials - 3.0%
Valvoline, Inc.	4,630		173,671
CF Industries Holdings, Inc.	2,157		149,739
Mosaic Co.	3,456		120,960
Air Products and Chemicals, Inc.	230		68,892
Linde plc	65		24,770
Total Basic Materials			538,032
Total Common Stocks
(Cost $17,001,147)			17,797,681
EXCHANGE-TRADED FUNDS† - 0.5%
Vanguard Dividend Appreciation ETF	267		43,369
iShares Select Dividend ETF	379		42,940
Total Exchange-Traded Funds
(Cost $85,948)			86,309
Total Investments - 99.6%
(Cost $17,087,095)		$	17,883,990
Other Assets & Liabilities, net - 0.4%			68,874
Total Net Assets - 100.0%		$	17,952,864

†	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, 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	$	17,797,681	$	—	$	—	$	17,797,681
Exchange-Traded Funds		86,309		—		—		86,309
Total Assets	$	17,883,990	$	—	$	—	$	17,883,990

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2023

	Shares		Value
COMMON STOCKS† - 98.9%
Consumer, Non-cyclical - 25.8%
Eli Lilly & Co.		402	$	188,530
Procter & Gamble Co.		1,141		173,135
Merck & Company, Inc.		1,442		166,392
Abbott Laboratories		1,434		156,335
McKesson Corp.		313		133,748
Boston Scientific Corp.*		2,454		132,737
AmerisourceBergen Corp. — Class A		670		128,928
Mondelez International, Inc. — Class A		1,753		127,864
Bristol-Myers Squibb Co.		1,950		124,702
US Foods Holding Corp.*		2,750		121,000
Hershey Co.		459		114,612
Constellation Brands, Inc. — Class A		449		110,512
Becton Dickinson and Co.		400		105,604
Dexcom, Inc.*		752		96,640
Incyte Corp.*		1,435		89,329
Regeneron Pharmaceuticals, Inc.*		30		21,556
Verisk Analytics, Inc. — Class A		24		5,425
Monster Beverage Corp.*		64		3,676
PepsiCo, Inc.		13		2,408
Total Consumer, Non-cyclical				2,003,133
Technology - 21.7%
Microsoft Corp.		1,771		603,096
Apple, Inc.		2,242		434,881
Oracle Corp.		1,313		156,365
Accenture plc — Class A		483		149,044
Broadcom, Inc.		142		123,175
NVIDIA Corp.		190		80,374
Adobe, Inc.*		110		53,789
Electronic Arts, Inc.		348		45,136
Salesforce, Inc.*		179		37,815
Total Technology				1,683,675
Financial - 16.7%
Visa, Inc. — Class A		812		192,834
Mastercard, Inc. — Class A		460		180,918
Marsh & McLennan Companies, Inc.		721		135,606
Prologis, Inc. REIT		1,044		128,025
Arch Capital Group Ltd.*		1,584		118,562
Chubb Ltd.		593		114,188
Cboe Global Markets, Inc.		826		113,996
Travelers Companies, Inc.		613		106,454
Everest Re Group Ltd.		288		98,456
Rexford Industrial Realty, Inc. REIT		1,767		92,273
AGNC Investment Corp. REIT		1,153		11,680
Berkshire Hathaway, Inc. — Class B*		17		5,797
Total Financial				1,298,789
Communications - 14.9%
Alphabet, Inc. — Class C*		3,039		367,628
T-Mobile US, Inc.*		961		133,483
Walt Disney Co.*		1,434		128,027
Arista Networks, Inc.*		738		119,600
AT&T, Inc.		6,996		111,586
Amazon.com, Inc.*		821		107,026
Liberty Media Corporation-Liberty Formula One — Class C*		1,313		98,843
FactSet Research Systems, Inc.		240		96,156
Total Communications				1,162,349
Consumer, Cyclical - 9.7%
Tesla, Inc.*		966		252,870
Walmart, Inc.		1,018		160,009
TJX Companies, Inc.		1,579		133,883
Lululemon Athletica, Inc.*		337		127,555
Costco Wholesale Corp.		90		48,454
Starbucks Corp.		327		32,393
Total Consumer, Cyclical				755,164
Utilities - 6.3%
NextEra Energy, Inc.		1,898		140,832
American Electric Power Company, Inc.		1,433		120,659
Evergy, Inc.		1,759		102,761
Vistra Corp.		3,686		96,757
Sempra Energy		149		21,693
Exelon Corp.		126		5,133
Total Utilities				487,835
Industrial - 3.8%
Illinois Tool Works, Inc.		491		122,828
Northrop Grumman Corp.		227		103,467
Snap-on, Inc.		249		71,759
Total Industrial				298,054
Total Common Stocks
(Cost $7,081,884)				7,688,999
EXCHANGE-TRADED FUNDS† - 0.4%
SPDR S&P 500 ETF Trust		34		15,072
Vanguard S&P 500 ETF		36		14,662
Total Exchange-Traded Funds
(Cost $29,268)				29,734
Total Investments - 99.3%
(Cost $7,111,152)			$	7,718,733
Other Assets & Liabilities, net - 0.7%				56,417
Total Net Assets - 100.0%			$	7,775,150

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 3.

plc — Public Limited Company

REIT — Real Estate Investment Trust

RBP® Large-Cap Defensive Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2023

        See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at June 30, 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	$	7,688,999	$	—	$	—	$	7,688,999
Exchange-Traded Funds		29,734		—		—		29,734
Total Assets	$	7,718,733	$	—	$	—	$	7,718,733

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2023

	Shares		Value
COMMON STOCKS† - 98.4%
Technology - 26.3%
Microsoft Corp.		2,456	$	836,366
Apple, Inc.		3,610		700,232
Broadcom, Inc.		255		221,195
Adobe, Inc.*		372		181,904
NVIDIA Corp.		422		178,514
Oracle Corp.		1,437		171,133
Salesforce, Inc.*		788		166,473
Accenture plc — Class A		535		165,090
Applied Materials, Inc.		1,047		151,333
ServiceNow, Inc.*		263		147,798
Analog Devices, Inc.		713		138,900
Total Technology				3,058,938
Consumer, Non-cyclical - 20.4%
Abbott Laboratories		1,575		171,707
Procter & Gamble Co.		1,119		169,797
Becton Dickinson and Co.		521		137,549
Bristol-Myers Squibb Co.		2,138		136,725
McKesson Corp.		317		135,457
AmerisourceBergen Corp. — Class A		672		129,313
IDEXX Laboratories, Inc.*		245		123,046
FleetCor Technologies, Inc.*		479		120,267
Gilead Sciences, Inc.		1,560		120,229
Constellation Brands, Inc. — Class A		477		117,404
Kroger Co.		2,296		107,912
Corteva, Inc.		1,838		105,317
IQVIA Holdings, Inc.*		461		103,619
Encompass Health Corp.		1,477		100,008
Incyte Corp.*		1,442		89,765
Boston Scientific Corp.*		1,442		77,998
PepsiCo, Inc.		369		68,346
PayPal Holdings, Inc.*		1,016		67,798
Dexcom, Inc.*		384		49,348
Verisk Analytics, Inc. — Class A		207		46,788
US Foods Holding Corp.*		1,027		45,188
Merck & Company, Inc.		364		42,002
Bunge Ltd.		428		40,382
UnitedHealth Group, Inc.		77		37,009
Sysco Corp.		196		14,543
Johnson & Johnson		55		9,104
Total Consumer, Non-cyclical				2,366,621
Financial - 12.8%
Visa, Inc. — Class A		944		224,181
Mastercard, Inc. — Class A		535		210,416
Prologis, Inc. REIT		1,122		137,591
Chubb Ltd.		622		119,772
Travelers Companies, Inc.		617		107,148
American International Group, Inc.		1,858		106,909
American Tower Corp. — Class A REIT		542		105,115
Cboe Global Markets, Inc.		721		99,505
Globe Life, Inc.		906		99,316
Truist Financial Corp.		2,808		85,223
W R Berkley Corp.		1,218		72,544
Berkshire Hathaway, Inc. — Class B*		181		61,721
Voya Financial, Inc.		404		28,971
Mid-America Apartment Communities, Inc. REIT		103		15,642
JPMorgan Chase & Co.		77		11,199
Total Financial				1,485,253
Communications - 12.1%
Alphabet, Inc. — Class C*		4,036		488,235
Meta Platforms, Inc. — Class A*		1,010		289,850
Amazon.com, Inc.*		1,656		215,876
Palo Alto Networks, Inc.*		572		146,151
Walt Disney Co.*		1,599		142,759
T-Mobile US, Inc.*		862		119,732
Total Communications				1,402,603
Consumer, Cyclical - 11.0%
Tesla, Inc.*		1,206		315,695
Walmart, Inc.		1,097		172,426
Starbucks Corp.		1,447		143,340
TJX Companies, Inc.		1,670		141,599
Southwest Airlines Co.		2,892		104,719
Lululemon Athletica, Inc.*		275		104,088
Target Corp.		774		102,091
NIKE, Inc. — Class B		781		86,199
Hilton Worldwide Holdings, Inc.		347		50,506
MGM Resorts International		733		32,193
United Airlines Holdings, Inc.*		498		27,325
Total Consumer, Cyclical				1,280,181
Industrial - 7.7%
Deere & Co.		366		148,300
Caterpillar, Inc.		589		144,923
Johnson Controls International plc		1,923		131,033
Northrop Grumman Corp.		240		109,392
Keysight Technologies, Inc.*		623		104,321
Illinois Tool Works, Inc.		313		78,300
AMETEK, Inc.		434		70,256
Fortune Brands Innovations, Inc.		643		46,264
Agilent Technologies, Inc.		274		32,949
Builders FirstSource, Inc.*		156		21,216
Regal Rexnord Corp.		80		12,312
Total Industrial				899,266
Utilities - 3.5%
NextEra Energy, Inc.		1,784		132,373
Constellation Energy Corp.		895		81,937
Evergy, Inc.		1,400		81,788
Vistra Corp.		2,637		69,221
Exelon Corp.		895		36,463
Total Utilities				401,782
Energy - 3.0%
Marathon Petroleum Corp.		1,092		127,327
Pioneer Natural Resources Co.		456		94,474
ConocoPhillips		631		65,378
Targa Resources Corp.		714		54,335
Exxon Mobil Corp.		103		11,047
Total Energy				352,561
Basic Materials - 1.6%
FMC Corp.		852		88,898
Mosaic Co.		2,128		74,480
Cleveland-Cliffs, Inc.*		1,240		20,782
Total Basic Materials				184,160
Total Common Stocks
(Cost $10,413,357)				11,431,365

RBP® Large-Cap Market Fund
SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2023

	Shares		Value
EXCHANGE-TRADED FUNDS† - 1.0%
Vanguard S&P 500 ETF	135	$	54,983
SPDR S&P 500 ETF Trust	124		54,966
Total Exchange-Traded Funds
(Cost $107,573)			109,949
Total Investments - 99.4%
(Cost $10,520,930)		$	11,541,314
Other Assets & Liabilities, net - 0.6%			71,983
Total Net Assets - 100.0%		$	11,613,297

*	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, 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	$	11,431,365	$	—	$	—	$	11,431,365
Exchange-Traded Funds		109,949		—		—		109,949
Total Assets	$	11,541,314	$	—	$	—	$	11,541,314

RBP^® Large-Cap Value Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

	Shares		Value
COMMON STOCKS† - 98.4%
Consumer, Non-cyclical - 21.5%
Merck & Company, Inc.		884	$	102,005
Procter & Gamble Co.		575		87,250
Abbott Laboratories		751		81,874
Bristol-Myers Squibb Co.		974		62,287
Boston Scientific Corp.*		1,074		58,093
Becton Dickinson and Co.		217		57,290
Automatic Data Processing, Inc.		231		50,771
AmerisourceBergen Corp. — Class A		257		49,455
Constellation Brands, Inc. — Class A		198		48,734
Johnson & Johnson		288		47,670
Kroger Co.		980		46,060
Sysco Corp.		591		43,852
Bunge Ltd.		456		43,024
PepsiCo, Inc.		205		37,970
Coca-Cola Co.		536		32,278
Stryker Corp.		100		30,509
AbbVie, Inc.		76		10,239
Pfizer, Inc.		145		5,319
Keurig Dr Pepper, Inc.		92		2,877
Total Consumer, Non-cyclical				897,557
Financial - 20.6%
Berkshire Hathaway, Inc. — Class B*		250		85,250
Prologis, Inc. REIT		519		63,645
Marsh & McLennan Companies, Inc.		325		61,126
Chubb Ltd.		287		55,265
Progressive Corp.		391		51,757
Ameriprise Financial, Inc.		148		49,160
Travelers Companies, Inc.		274		47,583
American International Group, Inc.		820		47,183
JPMorgan Chase & Co.		322		46,832
UDR, Inc. REIT		1,000		42,960
Mid-America Apartment Communities, Inc. REIT		281		42,673
Cboe Global Markets, Inc.		309		42,645
Everest Re Group Ltd.		119		40,681
American Express Co.		222		38,672
Truist Financial Corp.		1,266		38,423
Globe Life, Inc.		262		28,720
Hartford Financial Services Group, Inc.		331		23,838
CME Group, Inc. — Class A		109		20,197
Equity LifeStyle Properties, Inc. REIT		234		15,652
Bank of America Corp.		414		11,878
Intercontinental Exchange, Inc.		59		6,672
American Financial Group, Inc.		12		1,425
First Republic Bank		150		82
Total Financial				862,319
Industrial - 14.6%
Caterpillar, Inc.		276		67,910
Parker-Hannifin Corp.		138		53,825
TE Connectivity Ltd.		376		52,700
Keysight Technologies, Inc.*		283		47,388
AMETEK, Inc.		286		46,298
Northrop Grumman Corp.		100		45,580
Jacobs Solutions, Inc.		368		43,751
Regal Rexnord Corp.		283		43,554
CSX Corp.		1,180		40,238
Fortune Brands Innovations, Inc.		545		39,213
Allegion plc		315		37,806
Illinois Tool Works, Inc.		136		34,022
Amphenol Corp. — Class A		348		29,563
Republic Services, Inc. — Class A		146		22,363
Masco Corp.		88		5,049
Agilent Technologies, Inc.		15		1,804
Total Industrial				611,064
Consumer, Cyclical - 14.3%
Home Depot, Inc.		343		106,549
Walmart, Inc.		550		86,449
Starbucks Corp.		643		63,696
Delta Air Lines, Inc.		1,147		54,528
Target Corp.		409		53,947
General Motors Co.		1,387		53,483
Southwest Airlines Co.		1,217		44,068
TJX Companies, Inc.		510		43,243
Alaska Air Group, Inc.*		578		30,738
Marriott International, Inc. — Class A		164		30,125
MGM Resorts International		473		20,774
Dollar Tree, Inc.*		43		6,170
McDonald's Corp.		12		3,581
Total Consumer, Cyclical				597,351
Technology - 8.5%
Oracle Corp.		681		81,100
Applied Materials, Inc.		467		67,500
Analog Devices, Inc.		322		62,729
Microchip Technology, Inc.		610		54,650
QUALCOMM, Inc.		320		38,093
Electronic Arts, Inc.		184		23,865
Fidelity National Information Services, Inc.		317		17,340
Marvell Technology, Inc.		170		10,162
Broadridge Financial Solutions, Inc.		5		828
Total Technology				356,267
Energy - 6.3%
Chevron Corp.		611		96,141
Marathon Petroleum Corp.		440		51,304
Pioneer Natural Resources Co.		242		50,138
Exxon Mobil Corp.		465		49,871
Occidental Petroleum Corp.		194		11,407
Ovintiv, Inc.		56		2,132
Total Energy				260,993
Utilities - 5.8%
Exelon Corp.		1,198		48,807
NextEra Energy, Inc.		635		47,117
American Electric Power Company, Inc.		532		44,794
FirstEnergy Corp.		1,144		44,479
Evergy, Inc.		714		41,712
CenterPoint Energy, Inc.		482		14,050
Total Utilities				240,959

RBP^® Large-Cap Value Fund 

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

	Shares		Value
COMMON STOCKS† - 98.4% (continued)
Communications - 4.6%
Walt Disney Co.*		811	$	72,406
AT&T, Inc.		3,659		58,361
Comcast Corp. — Class A		1,309		54,389
Omnicom Group, Inc.		49		4,662
Cisco Systems, Inc.		50		2,587
Total Communications				192,405
Basic Materials - 2.2%
FMC Corp.		354		36,937
Mosaic Co.		880		30,800
Ecolab, Inc.		93		17,362
CF Industries Holdings, Inc.		98		6,803
Total Basic Materials				91,902
Total Common Stocks
(Cost $3,905,799)				4,110,817
EXCHANGE-TRADED FUNDS† - 0.6%
iShares S&P 500 Value ETF		157		25,307
Total Exchange-Traded Funds
(Cost $25,029)				25,307
Total Investments - 99.0%
(Cost $3,930,828)			$	4,136,124
Other Assets & Liabilities, net - 1.0%				43,865
Total Net Assets - 100.0%			$	4,179,989

*	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, 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	$	4,110,817	$	—	$	—	$	4,110,817
Exchange-Traded Funds		25,307		—		—		25,307
Total Assets	$	4,136,124	$	—	$	—	$	4,136,124

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”). The U.S. Securities and Exchange Commission (the “SEC”) 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 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 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, the 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.

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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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 June 30, 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	$	209,674,488	$	3,342,386	$	(1,743,826	)	$	1,598,560
RBP® Dividend Fund		17,090,459		1,622,388		(828,857	)		793,531
RBP® Large-Cap Defensive Fund		7,136,849		841,919		(260,035	)		581,884
RBP® Large-Cap Market Fund		10,532,312		1,376,585		(367,583	)		1,009,002
RBP® Large-Cap Value Fund		3,934,957		385,265		(184,098	)		201,167

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 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 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 periods. 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.