Transparent Value Large-Cap Growth Fund Class A (TVGAX)

Fees & Expenses

Annual Fund Operating Expenses

 Class A Shares
Management Fees0.95%
Distribution and Service (12b-1) Fees0.25%
Other Expenses
Shareholder Service Fees 0.15%
Interest Expense0.01%
Other Operating Expenses2.74%
Total Other Expenses2.90%
Total Annual Fund Operating Expenses 4.10%
Less Expense Reimbursements1(2.59%)
Net Annual Fund Operating Expenses1.51%

1 As reported in the most recent prospectus (Dated: 1/28/2016). Guggenheim Partners Investment Management, LLC (“Guggenheim” or the “Adviser”) has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Net Expenses (excluding interest, taxes, acquired fund fees and expenses, brokerage commissions and extraordinary expenses (“Excluded Expenses”)) from exceeding  of the Fund’s average daily net assets of the  Shares, until January 31, 2017 (the "Agreement"). This Agreement may be terminated by the Board, for any reason at any time. If, at any point, Total Annual Fund Operating Expenses (not including Excluded Expenses) are below the contractual caps, the Adviser is entitled to be reimbursed by the Fund in an amount equal to the difference between the Fund’s Total Annual Fund Operating Expenses (not including Excluded Expenses) and the contractual caps to recapture all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this Agreement was in place. No reimbursement shall be paid to the Adviser until reported to the Board.

Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price) of Class A shares is 5.75%. This sales charge varies depending upon how much is invested. A 1.25% deferred sales charge (as a percentage of net asset value) will be imposed on purchases of $1,000,000 or more on Fund shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. See "Sales Charges" of the Prospectus.

Expense Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that Fund operating expenses remain the same. After one year, the Example does not take into consideration the Adviser's agreement to reduce fees or reimburse expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

 1 Year3 Years5 Years10 Years
Class A Shares$720$1,527$2,348$4,464

You would pay the following expenses if you did not redeem your shares :

 1 Year3 Years5 Years10 Years
Class A Shares$720$1,527$2,348$4,464

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over“) its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 136% of the average value of its portfolio.


Investors who wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly. The minimum initial and subsequent investment amounts are shown below. The minimums may be reduced or waived in some cases.

  Class A Shares
Initial Purchase $5,000
Subsequent Investment $100
An investment in the Funds involves risks, including loss of principal. No assurance can be given that the investment objectives described herein will be achieved. The Funds seek to track a quantitative strategy index, meaning that the Funds invest in securities comprising an index created by a proprietary model. The success of the Fund's principal investment strategies depends on the effectiveness of the model in screening securities for inclusion in the Index.

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For more complete information about the Funds, see the prospectus or call 1 (888) 727-6885. Financial Advisors should call 1-855-TV Funds or 1-855-883-8637. Read the prospectus carefully before you invest or send money.

ALPS Distributors, Inc. (ADI) is not affiliated with Guggenheim Partners Investment Management, LLC and/or Guggenheim Partners, LLC. ADI is not affiliated with S&P Dow Jones Indices. Transparent Value Funds are distributed by ALPS Distributors, Inc. ("ADI").

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TVA000283 6/30/2013