# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045170
**Filing Date:** 2023-2
**Character Count:** 41954
**Document Hash:** 9b9fa103f841be28b19480c79c0f44b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045170.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045170

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Variable Funds Trust
- **CENTRAL INDEX KEY:** 0000217087
- **IRS NUMBER:** 480873454
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02753
- **FILM NUMBER:** 23680484

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBL FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### SERIES A (STYLEPLUS - LARGE CORE SERIES) (Series ID: S000010053)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027852 | A            |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Guggenheim Variable Funds Trust

- **b. Investment Company Act file number:** 811-02753

- **c. CIK number of Registrant:** 0000217087

- **d. LEI of Registrant:** 549300QDJHZ1HF5UC735

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 702 King Farm Blvd., Suite 200

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 301-296-5100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Series A (StylePlus-Large Core Series)

- **b. EDGAR series identifier (if any):** S000010053

- **c. LEI of Series:** 5493002EPLDHVX7IVS94

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $205420981.50

**Total Liabilities:** $8966795.82

**Net Assets:** $196454185.68

**Cash Not Reported:** $8020116.84

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -0.94096397 | **1-Year:** 18719.84723600 | **5-Year:** 10155.00820034 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027852 | 7.95%                | 5.96%                | -5.51%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-380410.71              | $2807515.36                                |
| Month 2  | $-470427.74              | $3426065.55                                |
| Month 3  | $384213.08               | $-2198939.37                               |

**Designated Index Information**

- **Index Name:** S&P 500 Index

- **Index Identifier:** SNP500

### Schedule of Portfolio Investments

| Name                                          | Title                                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FirstEnergy Corp                              | FirstEnergy Corp.                                                       | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |     10472 | NS      | $439195.68    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Campbell Soup Co                              | Campbell Soup Co.                                                       | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |      3720 | NS      | $211110.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                            | Meta Platforms, Inc.                                                    | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2523 | NS      | $303617.82    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In                | Philip Morris International, Inc.                                       | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      5778 | NS      | $584791.38    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                               | Sealed Air Corp.                                                        | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |      7939 | NS      | $395997.32    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                                  | Allegion plc                                                            | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | US        |      2562 | NS      | $269676.12    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                  | Chevron Corp.                                                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1581 | NS      | $283773.69    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                  | Alphabet, Inc.                                                          | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     13814 | NS      | $1225716.22   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                      | KLA Corp.                                                               | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       846 | NS      | $318967.38    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                        | Skyworks Solutions, Inc.                                                | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |      4143 | NS      | $377551.59    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                   | PepsiCo, Inc.                                                           | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       671 | NS      | $121222.86    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                                           | International Business Machines Corp.                                   | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2306 | NS      | $324892.34    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                                | A O Smith Corp.                                                         | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      2367 | NS      | $135487.08    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                    | Masco Corp.                                                             | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      6800 | NS      | $317356.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                         | Micron Technology, Inc.                                                 | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      3314 | NS      | $165633.72    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                            | Home Depot, Inc.                                                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2243 | NS      | $708473.98    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                   | Incyte Corp.                                                            | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      5212 | NS      | $418627.84    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                    | Vertex Pharmaceuticals, Inc.                                            | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1490 | NS      | $430282.20    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                                   | Textron, Inc.                                                           | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      5908 | NS      | $418286.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                     | Occidental Petroleum Corp.                                              | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      7011 | NS      | $441622.89    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                     | Qorvo, Inc.                                                             | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      2279 | NS      | $206568.56    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                         | Applied Materials, Inc.                                                 | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3884 | NS      | $378223.92    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                         | Bath & Body Works, Inc.                                                 | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |      3337 | NS      | $140621.18    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                               | Tyson Foods, Inc.                                                       | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      6035 | NS      | $375678.75    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                  | Prologis, Inc.                                                          | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      1126 | NS      | $126933.98    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                         | ON Semiconductor Corp.                                                  | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      3388 | NS      | $211309.56    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Strategy Fund II                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |    873071 | NS      | $20988637.18  | 10.68%            |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                        | UnitedHealth Group, Inc.                                                | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       538 | NS      | $285236.84    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                             | Johnson & Johnson                                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2473 | NS      | $436855.45    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                    | CF Industries Holdings, Inc.                                            | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      1194 | NS      | $101728.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                            | Valero Energy Corp.                                                     | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      3771 | NS      | $478389.06    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FleetCor Technologies Inc                     | FleetCor Technologies, Inc.                                             | CUSIP: 339041105<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      1316 | NS      | $241722.88    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                     | Keysight Technologies, Inc.                                             | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |      2047 | NS      | $350180.29    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                           | Gilead Sciences, Inc.                                                   | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6165 | NS      | $529265.25    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                    | Pfizer, Inc.                                                            | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      8702 | NS      | $445890.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL                | Seagate Technology Holdings plc                                         | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | US        |      4868 | NS      | $256105.48    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T                | Bank of New York Mellon Corp.                                           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      5426 | NS      | $246991.52    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                        | Berkshire Hathaway, Inc.                                                | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      1152 | NS      | $355852.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                                | Hershey Co.                                                             | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      1948 | NS      | $451098.36    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                             | Kinder Morgan, Inc.                                                     | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     19253 | NS      | $348094.24    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Strategy Fund III                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |   2267077 | NS      | $54545879.65  | 27.77%            |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                 | Regeneron Pharmaceuticals, Inc.                                         | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       394 | NS      | $284267.06    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                                      | FMC Corp.                                                               | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      1013 | NS      | $126422.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                    | AbbVie, Inc.                                                            | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1710 | NS      | $276353.10    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                     | Amgen, Inc.                                                             | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1320 | NS      | $346684.80    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Organon & Co                                  | Organon & Co.                                                           | CUSIP: 68622V106<br>LEI: 549300AMCKY57OK2CO56 | Long             | EC               | CORP              | US        |     13366 | NS      | $373312.38    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                           | JPMorgan Chase & Co.                                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2560 | NS      | $343296.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                                 | Mosaic Co.                                                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      2527 | NS      | $110859.49    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc                | Fortune Brands Innovations, Inc.                                        | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |      2393 | NS      | $136664.23    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                              | Exxon Mobil Corp.                                                       | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      8900 | NS      | $981670.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                   | Goldman Sachs Group, Inc.                                               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1094 | NS      | $375657.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co                 | Hewlett Packard Enterprise Co.                                          | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     21387 | NS      | $341336.52    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | S&P 500 Index Mini Futures Contracts                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        50 | NC      | $-92880.36    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                     | Tesla, Inc.                                                             | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      1302 | NS      | $160380.36    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                               | Masterbrand, Inc.                                                       | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |      2393 | NS      | $18067.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                                  | VeriSign, Inc.                                                          | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      1913 | NS      | $393006.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America                     | Packaging Corporation of America                                        | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      3126 | NS      | $399846.66    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                  | QUALCOMM, Inc.                                                          | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      4079 | NS      | $448445.26    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                       | Bristol-Myers Squibb Co.                                                | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      7681 | NS      | $552647.95    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                         | NXP Semiconductor N.V.                                                  | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | US        |      2289 | NS      | $361730.67    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                     | Adobe, Inc.                                                             | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       704 | NS      | $236917.12    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                              | Coca-Cola Co.                                                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      1937 | NS      | $123212.57    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                | Mastercard, Inc.                                                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1257 | NS      | $437096.61    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                               | McDonald's Corp.                                                        | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      2404 | NS      | $633526.12    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                | Eli Lilly & Co.                                                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       556 | NS      | $203407.04    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The                       | Procter & Gamble Co.                                                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       827 | NS      | $125340.12    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                     | Apple, Inc.                                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     18333 | NS      | $2382006.69   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Ultra Short Duration Fund - Institutional Class              | CUSIP: 40169J523<br>LEI: N/A                  | Long             | EC               | RF                | US        |   2678710 | NS      | $25822761.52  | 13.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                   | Walmart, Inc.                                                           | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       796 | NS      | $112864.84    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                           | Emerson Electric Co.                                                    | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      4997 | NS      | $480011.82    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                       | Marathon Petroleum Corp.                                                | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      4137 | NS      | $481505.43    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                                         | 3M Co.                                                                  | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      3937 | NS      | $472125.04    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp                         | General Dynamics Corp.                                                  | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      1893 | NS      | $469672.23    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                       | Dow, Inc.                                                               | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      6830 | NS      | $344163.70    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                    | NetApp, Inc.                                                            | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      5274 | NS      | $316756.44    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                              | Altria Group, Inc.                                                      | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      9113 | NS      | $416555.23    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                               | Yum! Brands, Inc.                                                       | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      3545 | NS      | $454043.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                          | Lockheed Martin Corp.                                                   | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1116 | NS      | $542922.84    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                        | HP, Inc.                                                                | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     10930 | NS      | $293689.10    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Bank, N.A.                        | S&P 500 Total Return Index                                              | CUSIP: N/A<br>LEI: KB1H1DSPRFMYMCUFXT09       | N/A              | DE               |  | US        |     18159 | NC      | $2201633.48   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Quest Diagnostics Inc                         | Quest Diagnostics, Inc.                                                 | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      2903 | NS      | $454145.32    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                   | Hologic, Inc.                                                           | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |      5732 | NS      | $428810.92    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                           | Otis Worldwide Corp.                                                    | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      5708 | NS      | $446993.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                  | LyondellBasell Industries N.V.                                          | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |      4432 | NS      | $367988.96    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                                   | Snap-on, Inc.                                                           | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      1759 | NS      | $401913.91    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                    | PACCAR, Inc.                                                            | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      3784 | NS      | $374502.48    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                             | Cisco Systems, Inc.                                                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     13380 | NS      | $637423.20    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                            | United Rentals, Inc.                                                    | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       718 | NS      | $255191.56    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                | Lowe's Companies, Inc.                                                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      2700 | NS      | $537948.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                   | Phillips 66                                                             | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      2730 | NS      | $284138.40    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                   | NVIDIA Corp.                                                            | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       984 | NS      | $143801.76    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                | Merck & Company, Inc.                                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      3071 | NS      | $340727.45    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                | Microsoft Corp.                                                         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     10019 | NS      | $2402756.58   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                       | NVR, Inc.                                                               | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        74 | NS      | $341330.92    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                                   | Cummins, Inc.                                                           | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      1332 | NS      | $322730.28    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                      | Microchip Technology, Inc.                                              | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      5113 | NS      | $359188.25    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                | Amazon.com, Inc.                                                        | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      7483 | NS      | $628572.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                  | Broadcom, Inc.                                                          | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       498 | NS      | $278446.74    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Variable Insurance Strategy Fund III                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |   2210613 | NS      | $53209452.07  | 27.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                         | Texas Instruments, Inc.                                                 | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      2147 | NS      | $354727.34    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Securities Ca                | Dreyfus Treasury Securities Cash Management Fund - Institutional Shares | CUSIP: N/A<br>LEI: 549300U78VESCW509025       | Long             | STIV             | RF                | US        |   1137805 | NS      | $1137805.40   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                             | General Mills, Inc.                                                     | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      3500 | NS      | $293475.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                      | Visa, Inc.                                                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      3448 | NS      | $716356.48    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Guggenheim Variable Funds Trust

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO