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Prior to 5/9/16, the fund’s name was Transparent Value Directional Allocation Fund and Class P shares were named Class F-1 shares.

Performance displayed represents past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than original cost. Current performance may be lower or higher than the performance data quoted. Returns for performance under one year are cumulative, not annualized. With load performance shown reflects maximum sales charges or contingent deferred sales charges (CDSC) as applicable. Class A-shares have a maximum sales charge of 4.75%. Effective 5/9/2016 the A Class maximum front-end sales charge was changed from 5.75% to 4.75%. For performance periods that begin prior to 5/9/2016, a 5.75% load was used and for performance periods that begin 5/9/2016, a 4.75% load was used. A 1.25% deferred sales charge 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. Class C-shares have a maximum CDSC of 1% for shares redeemed within 12 months of purchase.

Data is subject to change on a daily basis. Partial year returns are cumulative, not annualized. Returns reflect the reinvestment of dividends. The securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell.

This fund may not be suitable for all investors. • Stock markets can be volatile. • Investments in securities of small and medium capitalization companies may involve greater risk of loss and more abrupt fluctuations in market price than investments in larger companies. • Unlike many investment companies, the Fund is not “actively managed.” Therefore, the Fund would not sell an equity security because the security’s issuer was in financial trouble unless that security is removed from the Index. • In addition, the Fund’s return may not match or achieve a high degree of correlation with the return of the Index for a number of reasons. • The Index is a quantitative strategy index, meaning that the Fund invests 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. • The factors used in the quantitative analysis and the weight placed on these factors may not be predictive of a security’s value. As a result, the Fund may have a lower return than if the Fund were managed using a fundamental investment strategy or an index based strategy that did not incorporate quantitative analysis. • The fund could become more volatile if the Index concentrates on a particular sector. Please read the prospectus for more detailed information regarding these and other risks.

The Advisor has contractually agreed to waive fees and expenses through February 1, 2025 to limit the ordinary operating expenses of the Fund. The Fund may have net expenses greater than the expense cap as a result of any acquired fund fees and expenses or other expenses that are excluded from the calculation. Total annual operating expenses vary by share class. See the prospectus for information on the fees and expenses that apply to each share class.