Month End Performance Class C



As of Month-Ended 03/31/2014


Directional Allocation Funds       Annualized ReturnsExpense Ratio
3 MonthYTD1 Year3 Year5 Year10 YearSince
Incp.
NetGross

Transparent Value Directional Allocation Fund Class C (No Load)

Fund Inception: 06/18/2012 Class Inception: 06/18/2012 (TVRCX)
0.57% 0.57% 23.07% NA NA NA 23.65% 2.10%12.25%1

Transparent Value Directional Allocation Fund Class C (Load)3

Fund Inception: 06/18/2012 Class Inception: 06/18/2012 (TVRCX)
-0.43% -0.43% 22.07% NA NA NA 23.65% 2.10%12.25%1
Directional Equity Funds       Annualized ReturnsExpense Ratio
3 MonthYTD1 Year3 Year5 Year10 YearSince
Incp.
NetGross

Transparent Value Large-Cap Aggressive Fund Class C (No Load)

Fund Inception: 04/27/2010 Class Inception: 04/18/2011 (TVCAX)
1.48% 1.48% 24.17% NA NA NA 9.38% 2.11%12.48%1

Transparent Value Large-Cap Aggressive Fund Class C (Load)3

Fund Inception: 04/27/2010 Class Inception: 04/18/2011 (TVCAX)
0.48% 0.48% 23.17% NA NA NA 9.38% 2.11%12.48%1

Transparent Value Large-Cap Market Fund Class C (No Load)

Fund Inception: 04/27/2010 Class Inception: 04/18/2011 (TVMCX)
0.63% 0.63% 22.20% NA NA NA 13.92% 2.11%12.37%1

Transparent Value Large-Cap Market Fund Class C (Load)3

Fund Inception: 04/27/2010 Class Inception: 04/18/2011 (TVMCX)
-0.37% -0.37% 21.21% NA NA NA 13.92% 2.11%12.37%1

Transparent Value Large-Cap Defensive Fund Class C (No Load)

Fund Inception: 04/27/2010 Class Inception: 04/18/2011 (TVDCX)
0.89% 0.89% 18.14% NA NA NA 13.73% 2.11%12.45%1

Transparent Value Large-Cap Defensive Fund Class C (Load)3

Fund Inception: 04/27/2010 Class Inception: 04/18/2011 (TVDCX)
-0.11% -0.11% 17.14% NA NA NA 13.73% 2.11%12.45%1
Style Equity Funds       Annualized ReturnsExpense Ratio
3 MonthYTD1 Year3 Year5 Year10 YearSince
Incp.
NetGross

Transparent Value Large-Cap Core Fund Class C (No Load)

Fund Inception: 02/10/2011 Class Inception: 04/18/2011 (TVBCX)
1.48% 1.48% 23.37% NA NA NA 15.19% 2.11%13.22%1

Transparent Value Large-Cap Core Fund Class C (Load)3

Fund Inception: 02/10/2011 Class Inception: 04/18/2011 (TVBCX)
0.48% 0.48% 22.37% NA NA NA 15.19% 2.11%13.22%1

Transparent Value Large-Cap Growth Fund Class C (No Load)

Fund Inception: 02/10/2011 Class Inception: 04/18/2011 (TVGCX)
1.18% 1.18% 25.28% NA NA NA 15.11% 2.11%15.12%1

Transparent Value Large-Cap Growth Fund Class C (Load)3

Fund Inception: 02/10/2011 Class Inception: 04/18/2011 (TVGCX)
0.18% 0.18% 24.28% NA NA NA 15.11% 2.11%15.12%1

Transparent Value Large-Cap Value Fund Class C (No Load)

Fund Inception: 02/10/2011 Class Inception: 04/18/2011 (TVVCX)
2.47% 2.47% 20.28% NA NA NA 14.21% 2.11%16.21%1

Transparent Value Large-Cap Value Fund Class C (Load)3

Fund Inception: 02/10/2011 Class Inception: 04/18/2011 (TVVCX)
1.47% 1.47% 19.28% NA NA NA 14.21% 2.11%16.21%1

Transparent Value Small-Cap Fund Class C (No Load)

Fund Inception: 04/01/2014 Class Inception: 04/01/2014 (TVSCX)
NA NA NA NA NA NA NA 2.30%22.59%2

Transparent Value Small-Cap Fund Class C (Load)3

Fund Inception: 04/01/2014 Class Inception: 04/01/2014 (TVSCX)
NA NA NA NA NA NA NA 2.30%22.59%2
Dividend Funds       Annualized ReturnsExpense Ratio
3 MonthYTD1 Year3 Year5 Year10 YearSince
Incp.
NetGross

Transparent Value Dividend Fund Class C (No Load)

Fund Inception: 02/10/2011 Class Inception: 04/18/2011 (TVECX)
4.28% 4.28% 15.77% NA NA NA 13.78% 2.11%12.73%1

Transparent Value Dividend Fund Class C (Load)3

Fund Inception: 02/10/2011 Class Inception: 04/18/2011 (TVECX)
3.28% 3.28% 14.77% NA NA NA 13.78% 2.11%12.73%1

The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The returns assume reinvestment of dividends and distributions, if any. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Funds are new and have limited operating history. 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.

* For less than a year period returns are not annualized

1 As reported in the most recent prospectus (Dated: 1/28/2014). 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, 2015 (the "Agreement"). To the extent Excluded Expenses are incurred (see Prospectus for full information), Net Annual Fund Operating Expenses may be higher than the contractual caps. 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.

2 As reported in the most recent prospectus (Dated: 1/28/2014). 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, 2015 (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.

3 Maximum Deferred Sales Charge (Load) of (as a percentage of net asset value) 1.00% will be imposed if Fund shares are redeemed within 12 months of purchase. This sales charge applies only to Class C Shares. See "Sales Charges" of the Prospectus.

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 is not affiliated with Guggenheim Investment Management, LLC, Transparent Value Advisors, LLC (“TVA”) and/or Guggenheim Partners, LLC. TVA and ADI are 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