Transparent Value
Transparent Value Large-Cap Core Fund As of 12/31/2015
Fund Objective Seeks investment results that, before fees and expenses, correspond generally to the total return performance of the Transparent Value Large-Cap Core IndexSM.
Fund Strategy Designed for: • Investors seeking capital appreciation by investing in a portfolio of high RBP® Probability stocks with large-cap core characteristics
RBP® quantifies the probability of whether a stock can perform according to market expectations by measuring the likelihood that the company’s management can achieve the Required Business Performance® to support its current valuation or if investors’ systematic behavioral biases might have caused misalignment between the stock price and management’s ability to deliver. RBP® Probability cannot guarantee nor does it predict profit, performance or future stock prices.
Portfolio Management Gennadiy Khayutin Senior Portfolio Manager Scott Hammond Senior Portfolio Manager Farhan Sharaff Chief Investment Officer
Invests in: • U.S. large-capitalization companies believed to have a high RBP® Probability, while avoiding companies believed to have the most behavioral risk • Generally equal allocations to the largecap growth and large-cap value stock segments Process: • Combines the highest-ranked RBP® Probability stocks from the Transparent Value Large-Cap Growth IndexSM and the Transparent Value Large-Cap Value IndexSM into one portfolio • Applies the deeper research insights of active management with the transparency, consistency and disciplined rules-based methodology of an index-based portfolio
Index Construction The Fund seeks to generally replicate performance of the Transparent Value Large-Cap Core IndexSM. The index consists of 100 stocks, 50 stocks each from the Transparent Value Large-Cap Growth IndexSM and the Transparent Value Large-Cap Value IndexSM with the highest RBP® probabilities.
1
Fund Information Net assets
$7.8 million
Number of holdings
101
Average market cap. $32,515 million Average P/E ratio
18.6x
Beta
0.99
Class A
Class C
Class F-1
Class I
CUSIP
89386C845 89386C837 89386C829 89386C811
Ticker
TVBAX
TVBCX
Transparent Value Large-Cap Growth IndexSM 100 stocks
50 highest RBP® Probabilities
Transparent Value Large-Cap Value IndexSM 100 stocks
50 highest RBP® Probabilities
TVFBX
Transparent Value Large-Cap Core IndexSM 100 stocks
Lower RBP ® Probabilities
Lower RBP Probabilities
DRLCORT
Weight by RBP ® Probability
(Within Industry Group)
(Within Industry Group)
TVBIX
Weight by RBP ® Probability
®
core
Please see important disclosures at the end of this document. The views and strategies described may not be suitable for all investors. www.transparentvalue.com
Transparent Value Large-Cap Core IndexSM
Transparent Value Large-Cap Core Fund As of 12/31/2015
Fund Allocation
Sector Composition (% of Net Assets) Sources: S&P Dow Jones (Industry Classification & Index Holdings)/ALPS Fund Services, Inc. (Fund Holdings)
Domestic Equities (Excluding Exchange-Traded Funds) Cash & Equivalents*
98.6%
n
1.4%
n
Financials
19.9 20.1 17.1
Information Technology
18.6 18.7 20.4
Health Care
14.2 14.6 14.8
Consumer Discretionary
12.6 12.7 13.5
Industrials
10.6 10.7 10.3
Consumer Staples
9.0 9.2 9.5
Utilities
4.2 4.3 3.0
Top 10 Holdings** (% of Net Assets) 1
Avago Technologies Ltd
1.4
Energy
3.7 3.8 6.2
2
Red Hat Inc
1.3
Telecommunication Services
3.0 3.0 2.4
3
Bristol-Myers Squibb
1.3
Materials
4
LinkedIn Corp
1.3
2.9 2.9 2.9
5
First Republic Bank
1.3
Cash & Equivalents*
1.4 0.0 0.0
6
Facebook Inc A
1.3
7
National Retail Properties Inc
1.3
8
Hormel Foods Corp
1.3
9
Cincinnati Financial Corp
1.2
10
Lear Corp
1.2
Total (% of Net Assets)
0 .0 %
2 .0 %
4 .0 %
6 .0 %
8 .0 %
1 0 .0 %
Transparent Value Large-Cap Core Fund Transparent Value Large-Cap Core IndexSM Dow Jones U.S. Large-Cap Total Stock Market IndexSM
13.0
Holdings are subject to change
Performance As of 12/31/2015
Annualized Total Returns 3 Month YTD
Since Class Inception
Class Inception
Net Expense Ratio***
Gross Expense Ratio*** 2.39%
9.29%
8.44%
4/18/2011
1.51%
4.53%
-5.37%
-5.37%
11.46%
9.80%
4/18/2011
1.51%
2.39%
Class I
4.48%
-5.07%
-5.07%
11.90%
9.96%
02/10/2011
1.11%
1.99%
Dow Jones U.S. Large-Cap Total Stock Market IndexSM
6.69%
1.08%
1.08%
14.99%
12.19%
4/18/2011(2)
S&P 500 Index
7.04%
1.38%
1.38%
15.13%
12.38%
4/18/2011(2)
SM
-10.80% -10.80%
3 Year
Class A (without sales charge)
Class A (with max. 5.75% front-end sales charge)(1)
-1.49%
1 Year
Returns for periods less than one year are not annualized. Performance data quoted represents past performance. Past performance is not a guarantee of future results and investment returns, and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please call 1.888.727.6885 for current month-end performance. For the latest performance on Class C and I shares, please visit www.transparentvalue.com. (1) 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
(2) Inception date represents index performance from date of fund class inception. *Includes cash, short-term investments, exchange-traded funds and other assets less liabilities. **Does not include cash, short-term investments or exchange-traded funds.
***As reported in the Fund’s most recent prospectus (Dated 01/28/2015) 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 1.50%, 2.10%, 1.35% and 1.10% of the Fund’s average daily net assets of the Class A, Class C, Class F-1 and Class I Shares, respectively, until January 31, 2016 (the “Agreement”). To the extent Excluded Expenses are incurred (e.g., the estimated interest expense of 0.01%), 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.
Please see important disclosures at the end of this document. The views and strategies described may not be suitable for all investors. www.transparentvalue.com
2
RISKS: The Funds seek to track quantitative strategy indexes and,
as a result, may have lower returns than other types of index-based strategies. An investment in the Transparent Value Funds involves risk, including loss of principal. Since the Funds invest in securities comprising an index created by a proprietary model the Funds may have a lower return than if the Funds were managed using a fundamental or index-based strategy that did not incorporate quantitative analysis. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. The large capitalization companies in which the Fund invests may underperform other segments of the equity market or the equity market as a whole. The Fund’s assets will only be concentrated in an industry or group of industries to the extent that the Index concentrates in a particular industry or group of industries. By concentrating its assets in a single industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of industries. The Fund is subject to risks related to investments in REITs, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. The Fund may also invest in derivative instruments, investments whose values depend on the performance of an underlying security, asset, interest rate, index or currency and entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Interest Rate Risk - The Fund may invest in fixed income securities that change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Indexes Transparent Value Large-Cap Core IndexSM focuses on companies in the Dow Jones U.S. Large-Cap Growth Total Stock Market IndexSM and the Dow Jones U.S. Large-Cap Value Total Stock Market IndexSM that are believed to have the highest fundamental growth and value scores and the highest RBP® probabilities. Transparent Value Large-Cap Growth IndexSM focuses on companies in the Dow Jones U.S. Large-Cap Growth Total Stock Market IndexSM that are believed to have the highest fundamental growth scores and the highest RBP® probabilities. Dow Jones U.S. Large-Cap Growth Total Stock Market IndexSM — a subset of the Dow Jones U.S. Large-Cap Total Stock Market IndexSM, which, in turn, comprises the largest 750 constituents of the Dow Jones U.S. Total Stock Market IndexSM. Transparent Value Large-Cap Value IndexSM focuses on companies in the Dow Jones U.S. Large-Cap Value Total Stock Market IndexSM that are believed to have the highest fundamental value scores and the highest RBP® probabilities. Dow Jones U.S. Large-Cap Value Total Stock Market IndexSM — a subset of the Dow Jones U.S. Large-Cap Total Stock Market IndexSM, which,
in turn, comprises the largest 750 constituents of the Dow Jones U.S. Total Stock Market IndexSM. Terms Market cap: Current market cap is the sum of the market capitalization of all classes of common stock, in millions. P/E Ratio (Price-to-Earnings Ratio): The price of a stock divided by its historical earnings per share. Beta: A measure of a given stock’s volatility in relation to the volatility of a specific market. A stock that is more volatile than the market over time tends to have a beta above 1.0. If a stock is less volatile than the market over time, the stock’s beta tends to be less than 1.0. For the purpose of this report, beta is calculated over the prior two years using daily total returns compared to the total returns of the Dow Jones U.S. Total Stock Market IndexSM. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Aviation Partners, LLC, Guggenheim Real Estate, LLC, Transparent Value Advisors, LLC, GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited and Guggenheim Partners India Management. This material is intended to inform you of services available through Guggenheim Investments’ affiliate businesses. Transparent Value Large-Cap Core Index, Transparent Value Large-Cap Growth Index and Transparent Value Large-Cap Value Index (the “Indexes”) are the property of Transparent Value, LLC, which has contracted with S&P Dow Jones Indices LLC or its affiliate (“S&PDJI”) to maintain and calculate the Indexes. The Dow Jones U.S. Large-Cap Total Stock Market Index and S&P 500 Index are the property of S&PDJI and/or their third party licensors and has been licensed by S&PDJI for use by Transparent Value, LLC in connection with the Indexes. S&PDJI shall have no liability for any errors or omissions in calculating the Indexes. The Transparent Value Large-Cap Core Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, its affiliates or their third party licensors and neither S&P Dow Jones Indices LLC, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in the Transparent Value Large-Cap Core Fund. Transparent Value Mutual Funds are distributed by ALPS Distributors, Inc. Guggenheim Funds Distributors, LLC is the marketing agent for Transparent Value Mutual Funds. Transparent Value, LLC, and Guggenheim Funds Distributors, LLC are subsidiaries of Guggenheim Partners, LLC. The S&P 500 Index is a broad-based index including reinvestment of dividends and is widely regarded as an indicator of domestic stock performance.
Investors should consider the investment objectives, risks, charges and expenses of the Transparent Value Funds carefully before investing. To obtain a prospectus containing this and other information on Transparent Value Funds, please contact 1.888.727.6885 or visit www. transparentvalue.com. Read the prospectus carefully before investing. Required Business Performance® is the revenue growth necessary to support the current stock price. Required Business Performance® is used as a benchmark against which to measure management’s ability to perform in the future. It is calculated using a reverse discounted cash flow valuation model that uses the current stock price as the primary input. Required Business Performance® Probability – Measures the likelihood that management will deliver the Required Business Performance® to support the stock price. There is no assurance the RBP® methodology will successfully identify companies that will achieve their RBP® or outperform the performance of other indices.
Contact Us Transparent Value, LLC 330 Madison Avenue, 10th Floor, New York, NY 10017 Phone: 1-888-727-6885 Website: www.transparentvalue.com © 2016 Transparent Value, LLC. All rights reserved.
TVA000832 SKU TV-CORF-FC 04/30/2016
Fund Objective Seeks investment results that, before fees and expenses, correspond generally to the total return performance of the Transparent Value Large-Cap Core IndexSM.
Fund Strategy Designed for: • Investors seeking capital appreciation by investing in a portfolio of high RBP® Probability stocks with large-cap core characteristics
RBP® quantifies the probability of whether a stock can perform according to market expectations by measuring the likelihood that the company’s management can achieve the Required Business Performance® to support its current valuation or if investors’ systematic behavioral biases might have caused misalignment between the stock price and management’s ability to deliver. RBP® Probability cannot guarantee nor does it predict profit, performance or future stock prices.
Portfolio Management Gennadiy Khayutin Senior Portfolio Manager Scott Hammond Senior Portfolio Manager Farhan Sharaff Chief Investment Officer
Invests in: • U.S. large-capitalization companies believed to have a high RBP® Probability, while avoiding companies believed to have the most behavioral risk • Generally equal allocations to the largecap growth and large-cap value stock segments Process: • Combines the highest-ranked RBP® Probability stocks from the Transparent Value Large-Cap Growth IndexSM and the Transparent Value Large-Cap Value IndexSM into one portfolio • Applies the deeper research insights of active management with the transparency, consistency and disciplined rules-based methodology of an index-based portfolio
Index Construction The Fund seeks to generally replicate performance of the Transparent Value Large-Cap Core IndexSM. The index consists of 100 stocks, 50 stocks each from the Transparent Value Large-Cap Growth IndexSM and the Transparent Value Large-Cap Value IndexSM with the highest RBP® probabilities.
1
Fund Information Net assets
$7.8 million
Number of holdings
101
Average market cap. $32,515 million Average P/E ratio
18.6x
Beta
0.99
Class A
Class C
Class F-1
Class I
CUSIP
89386C845 89386C837 89386C829 89386C811
Ticker
TVBAX
TVBCX
Transparent Value Large-Cap Growth IndexSM 100 stocks
50 highest RBP® Probabilities
Transparent Value Large-Cap Value IndexSM 100 stocks
50 highest RBP® Probabilities
TVFBX
Transparent Value Large-Cap Core IndexSM 100 stocks
Lower RBP ® Probabilities
Lower RBP Probabilities
DRLCORT
Weight by RBP ® Probability
(Within Industry Group)
(Within Industry Group)
TVBIX
Weight by RBP ® Probability
®
core
Please see important disclosures at the end of this document. The views and strategies described may not be suitable for all investors. www.transparentvalue.com
Transparent Value Large-Cap Core IndexSM
Transparent Value Large-Cap Core Fund As of 12/31/2015
Fund Allocation
Sector Composition (% of Net Assets) Sources: S&P Dow Jones (Industry Classification & Index Holdings)/ALPS Fund Services, Inc. (Fund Holdings)
Domestic Equities (Excluding Exchange-Traded Funds) Cash & Equivalents*
98.6%
n
1.4%
n
Financials
19.9 20.1 17.1
Information Technology
18.6 18.7 20.4
Health Care
14.2 14.6 14.8
Consumer Discretionary
12.6 12.7 13.5
Industrials
10.6 10.7 10.3
Consumer Staples
9.0 9.2 9.5
Utilities
4.2 4.3 3.0
Top 10 Holdings** (% of Net Assets) 1
Avago Technologies Ltd
1.4
Energy
3.7 3.8 6.2
2
Red Hat Inc
1.3
Telecommunication Services
3.0 3.0 2.4
3
Bristol-Myers Squibb
1.3
Materials
4
LinkedIn Corp
1.3
2.9 2.9 2.9
5
First Republic Bank
1.3
Cash & Equivalents*
1.4 0.0 0.0
6
Facebook Inc A
1.3
7
National Retail Properties Inc
1.3
8
Hormel Foods Corp
1.3
9
Cincinnati Financial Corp
1.2
10
Lear Corp
1.2
Total (% of Net Assets)
0 .0 %
2 .0 %
4 .0 %
6 .0 %
8 .0 %
1 0 .0 %
Transparent Value Large-Cap Core Fund Transparent Value Large-Cap Core IndexSM Dow Jones U.S. Large-Cap Total Stock Market IndexSM
13.0
Holdings are subject to change
Performance As of 12/31/2015
Annualized Total Returns 3 Month YTD
Since Class Inception
Class Inception
Net Expense Ratio***
Gross Expense Ratio*** 2.39%
9.29%
8.44%
4/18/2011
1.51%
4.53%
-5.37%
-5.37%
11.46%
9.80%
4/18/2011
1.51%
2.39%
Class I
4.48%
-5.07%
-5.07%
11.90%
9.96%
02/10/2011
1.11%
1.99%
Dow Jones U.S. Large-Cap Total Stock Market IndexSM
6.69%
1.08%
1.08%
14.99%
12.19%
4/18/2011(2)
S&P 500 Index
7.04%
1.38%
1.38%
15.13%
12.38%
4/18/2011(2)
SM
-10.80% -10.80%
3 Year
Class A (without sales charge)
Class A (with max. 5.75% front-end sales charge)(1)
-1.49%
1 Year
Returns for periods less than one year are not annualized. Performance data quoted represents past performance. Past performance is not a guarantee of future results and investment returns, and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please call 1.888.727.6885 for current month-end performance. For the latest performance on Class C and I shares, please visit www.transparentvalue.com. (1) 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
(2) Inception date represents index performance from date of fund class inception. *Includes cash, short-term investments, exchange-traded funds and other assets less liabilities. **Does not include cash, short-term investments or exchange-traded funds.
***As reported in the Fund’s most recent prospectus (Dated 01/28/2015) 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 1.50%, 2.10%, 1.35% and 1.10% of the Fund’s average daily net assets of the Class A, Class C, Class F-1 and Class I Shares, respectively, until January 31, 2016 (the “Agreement”). To the extent Excluded Expenses are incurred (e.g., the estimated interest expense of 0.01%), 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.
Please see important disclosures at the end of this document. The views and strategies described may not be suitable for all investors. www.transparentvalue.com
2
RISKS: The Funds seek to track quantitative strategy indexes and,
as a result, may have lower returns than other types of index-based strategies. An investment in the Transparent Value Funds involves risk, including loss of principal. Since the Funds invest in securities comprising an index created by a proprietary model the Funds may have a lower return than if the Funds were managed using a fundamental or index-based strategy that did not incorporate quantitative analysis. The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. The large capitalization companies in which the Fund invests may underperform other segments of the equity market or the equity market as a whole. The Fund’s assets will only be concentrated in an industry or group of industries to the extent that the Index concentrates in a particular industry or group of industries. By concentrating its assets in a single industry or group of industries, the Fund is subject to the risk that economic, political or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if the Fund’s assets were invested in a wider variety of industries. The Fund is subject to risks related to investments in REITs, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, lack of diversification, heavy cash flow dependency, self-liquidation, and potential failure to qualify for tax-free pass through of income and exemption from registration as an investment company. The Fund may also invest in derivative instruments, investments whose values depend on the performance of an underlying security, asset, interest rate, index or currency and entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. Interest Rate Risk - The Fund may invest in fixed income securities that change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Indexes Transparent Value Large-Cap Core IndexSM focuses on companies in the Dow Jones U.S. Large-Cap Growth Total Stock Market IndexSM and the Dow Jones U.S. Large-Cap Value Total Stock Market IndexSM that are believed to have the highest fundamental growth and value scores and the highest RBP® probabilities. Transparent Value Large-Cap Growth IndexSM focuses on companies in the Dow Jones U.S. Large-Cap Growth Total Stock Market IndexSM that are believed to have the highest fundamental growth scores and the highest RBP® probabilities. Dow Jones U.S. Large-Cap Growth Total Stock Market IndexSM — a subset of the Dow Jones U.S. Large-Cap Total Stock Market IndexSM, which, in turn, comprises the largest 750 constituents of the Dow Jones U.S. Total Stock Market IndexSM. Transparent Value Large-Cap Value IndexSM focuses on companies in the Dow Jones U.S. Large-Cap Value Total Stock Market IndexSM that are believed to have the highest fundamental value scores and the highest RBP® probabilities. Dow Jones U.S. Large-Cap Value Total Stock Market IndexSM — a subset of the Dow Jones U.S. Large-Cap Total Stock Market IndexSM, which,
in turn, comprises the largest 750 constituents of the Dow Jones U.S. Total Stock Market IndexSM. Terms Market cap: Current market cap is the sum of the market capitalization of all classes of common stock, in millions. P/E Ratio (Price-to-Earnings Ratio): The price of a stock divided by its historical earnings per share. Beta: A measure of a given stock’s volatility in relation to the volatility of a specific market. A stock that is more volatile than the market over time tends to have a beta above 1.0. If a stock is less volatile than the market over time, the stock’s beta tends to be less than 1.0. For the purpose of this report, beta is calculated over the prior two years using daily total returns compared to the total returns of the Dow Jones U.S. Total Stock Market IndexSM. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Aviation Partners, LLC, Guggenheim Real Estate, LLC, Transparent Value Advisors, LLC, GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited and Guggenheim Partners India Management. This material is intended to inform you of services available through Guggenheim Investments’ affiliate businesses. Transparent Value Large-Cap Core Index, Transparent Value Large-Cap Growth Index and Transparent Value Large-Cap Value Index (the “Indexes”) are the property of Transparent Value, LLC, which has contracted with S&P Dow Jones Indices LLC or its affiliate (“S&PDJI”) to maintain and calculate the Indexes. The Dow Jones U.S. Large-Cap Total Stock Market Index and S&P 500 Index are the property of S&PDJI and/or their third party licensors and has been licensed by S&PDJI for use by Transparent Value, LLC in connection with the Indexes. S&PDJI shall have no liability for any errors or omissions in calculating the Indexes. The Transparent Value Large-Cap Core Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, its affiliates or their third party licensors and neither S&P Dow Jones Indices LLC, its affiliates nor their its third party licensors make any representation regarding the advisability of investing in the Transparent Value Large-Cap Core Fund. Transparent Value Mutual Funds are distributed by ALPS Distributors, Inc. Guggenheim Funds Distributors, LLC is the marketing agent for Transparent Value Mutual Funds. Transparent Value, LLC, and Guggenheim Funds Distributors, LLC are subsidiaries of Guggenheim Partners, LLC. The S&P 500 Index is a broad-based index including reinvestment of dividends and is widely regarded as an indicator of domestic stock performance.
Investors should consider the investment objectives, risks, charges and expenses of the Transparent Value Funds carefully before investing. To obtain a prospectus containing this and other information on Transparent Value Funds, please contact 1.888.727.6885 or visit www. transparentvalue.com. Read the prospectus carefully before investing. Required Business Performance® is the revenue growth necessary to support the current stock price. Required Business Performance® is used as a benchmark against which to measure management’s ability to perform in the future. It is calculated using a reverse discounted cash flow valuation model that uses the current stock price as the primary input. Required Business Performance® Probability – Measures the likelihood that management will deliver the Required Business Performance® to support the stock price. There is no assurance the RBP® methodology will successfully identify companies that will achieve their RBP® or outperform the performance of other indices.
Contact Us Transparent Value, LLC 330 Madison Avenue, 10th Floor, New York, NY 10017 Phone: 1-888-727-6885 Website: www.transparentvalue.com © 2016 Transparent Value, LLC. All rights reserved.
TVA000832 SKU TV-CORF-FC 04/30/2016
