# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045156
**Filing Date:** 2023-2
**Character Count:** 34645
**Document Hash:** 5b2532a2871d43467f25841586e84847
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045156.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045156

**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:** 23680466

**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 B (LARGE CAP VALUE SERIES) (Series ID: S000010063)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027862 | 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 B (Large Cap Value Series)

- **b. EDGAR series identifier (if any):** S000010063

- **c. LEI of Series:** 549300SQROIN3EN8OJ78

**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:** $212692661.77

**Total Liabilities:** $213852.77

**Net Assets:** $212478809.00

**Cash Not Reported:** $26.10

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027862 | 11.39%               | 6.09%                | -4.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $299034.22               | $21462370.12                               |
| Month 2  | $2528601.95              | $9946440.00                                |
| Month 3  | $1771517.16              | $-11566316.73                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Duke Energy Corp               | Duke Energy Corp.                                                       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |     19722 | NS      | $2031168.78   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp.                                                            | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     61531 | NS      | $2659985.13   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc          | Euronet Worldwide, Inc.                                                 | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     12016 | NS      | $1134070.08   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                                                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    147817 | NS      | $4895699.04   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                                                            | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     29771 | NS      | $1525466.04   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances, Inc.                                | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      6793 | NS      | $712178.12    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                                                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     35652 | NS      | $4206936.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties, Inc.                                     | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     12532 | NS      | $652791.88    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                                         | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     11629 | NS      | $2788866.78   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics, Inc.                                                 | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     23274 | NS      | $3640984.56   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology, Inc.                                                 | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     69952 | NS      | $3496200.96   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp            | Curtiss-Wright Corp.                                                    | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     20865 | NS      | $3484246.35   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc             | Voya Financial, Inc.                                                    | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     27419 | NS      | $1685994.31   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy, Inc.                                                    | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     91049 | NS      | $2237073.93   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                  | Huntsman Corp.                                                          | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |    105501 | NS      | $2899167.48   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                                                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     50992 | NS      | $6838027.20   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc         | T. Rowe Price Group, Inc.                                               | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      8571 | NS      | $934753.26    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                                                       | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     62015 | NS      | $2560599.35   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic plc                                                           | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | US        |     33173 | NS      | $2578205.56   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co   | Reliance Steel & Aluminum Co.                                           | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     10519 | NS      | $2129466.36   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan, Inc.                                                  | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     52034 | NS      | $1977292.00   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Ltd                      | Bunge Ltd.                                                              | CUSIP: N/A<br>LEI: 5493007M0RIN8HY3MM77       | Long             | EC               | CORP              | US        |     24190 | NS      | $2413436.30   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours, Inc.                                                 | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      8550 | NS      | $586786.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc | Advanced Energy Industries, Inc.                                        | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     12693 | NS      | $1088805.54   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare, Inc.                                                    | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      6743 | NS      | $1618050.28   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                                                    | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |     42789 | NS      | $2722236.18   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc               | Henry Schein, Inc.                                                      | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |     29932 | NS      | $2390668.84   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                     | PACCAR, Inc.                                                            | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     20253 | NS      | $2004439.41   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard, Inc.                                                        | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      6610 | NS      | $2298495.30   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol | MACOM Technology Solutions Holdings, Inc.                               | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9152 | NS      | $576392.96    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp               | Black Hills Corp.                                                       | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     26749 | NS      | $1881524.66   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co          | Southwest Airlines Co.                                                  | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     47188 | NS      | $1588819.96   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow, Inc.                                                               | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      9877 | NS      | $497702.03    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp              | Ralph Lauren Corp.                                                      | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     11569 | NS      | $1222496.23   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US, Inc.                                                       | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      7508 | NS      | $1051120.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International | Johnson Controls International plc                                      | CUSIP: N/A<br>LEI: 549300XQ6S1GYKGBL205       | Long             | EC               | CORP              | US        |     46562 | NS      | $2979968.00   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                 | Whirlpool Corp.                                                         | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |     11825 | NS      | $1672764.50   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc            | STAG Industrial, Inc.                                                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     34679 | NS      | $1120478.49   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                  | Ingredion, Inc.                                                         | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     31921 | NS      | $3126023.53   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 1000 Value ETF | iShares Russell 1000 Value ETF                                          | CUSIP: 464287598<br>LEI: 549300KLSYN5NN4YNM90 | Long             | EC               | RF                | US        |     42314 | NS      | $6416918.10   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp.                                                  | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     31362 | NS      | $1875761.22   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp.                                                          | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4051 | NS      | $1519611.12   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp.                                                               | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      6419 | NS      | $2420155.57   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp.                                                               | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |     14248 | NS      | $1005766.32   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications, Inc.                                            | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     94596 | NS      | $3727082.40   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc            | Leidos Holdings, Inc.                                                   | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     23089 | NS      | $2428731.91   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Company, Inc.                                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     29200 | NS      | $3239740.00   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway, Inc.                                                | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     18930 | NS      | $5847477.00   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp.                                                             | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |     14162 | NS      | $1866693.22   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                   | Teradyne, Inc.                                                          | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     22246 | NS      | $1943188.10   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     30481 | NS      | $5384468.65   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co   | Pioneer Natural Resources Co.                                           | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |      9045 | NS      | $2065787.55   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                   | NiSource, Inc.                                                          | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     65351 | NS      | $1791924.42   | 0.84%             |  |  |  | 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        |   5655817 | NS      | $5655817.28   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot, Inc.                                                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      4980 | NS      | $1572982.80   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc      | Teledyne Technologies, Inc.                                             | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      3621 | NS      | $1448074.11   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                                                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     46985 | NS      | $2238365.40   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp.                                                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |      4618 | NS      | $978369.48    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp.                                                               | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |     51667 | NS      | $1469926.15   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp              | Marathon Oil Corp.                                                      | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |     69368 | NS      | $1877791.76   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc            | Delta Air Lines, Inc.                                                   | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     57154 | NS      | $1878080.44   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy, Inc.                                                | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     13241 | NS      | $1811103.98   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co.                                                | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     16678 | NS      | $1199982.10   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group, Inc.                                               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5570 | NS      | $1912626.60   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan, Inc.                                                     | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     95042 | NS      | $1718359.36   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd.                                                             | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |     15609 | NS      | $1418858.10   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                       | PPL Corp.                                                               | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     33862 | NS      | $989447.64    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp.                                                             | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     10893 | NS      | $1886667.60   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart, Inc.                                                           | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     23914 | NS      | $3390766.06   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                                                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34320 | NS      | $6160096.80   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv, Inc.                                                            | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     17379 | NS      | $1756495.53   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods, Inc.                                                       | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     57068 | NS      | $3552483.00   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                                                           | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     66547 | NS      | $2327148.59   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc         | Valmont Industries, Inc.                                                | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      6927 | NS      | $2290551.09   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks Inc           | Juniper Networks, Inc.                                                  | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |     43590 | NS      | $1393136.40   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana, Inc.                                                            | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      9178 | NS      | $4700879.82   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                    | Moderna, Inc.                                                           | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      8817 | NS      | $1583709.54   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                  | Westlake Corp.                                                          | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     30967 | NS      | $3175356.18   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp.                                                    | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     34239 | NS      | $2850739.14   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co.                                                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     20667 | NS      | $1795548.96   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                                                          | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     41560 | NS      | $3666838.80   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                | OGE Energy Corp.                                                        | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |    102359 | NS      | $4048298.45   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | Equities Corp.                                                          | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     26222 | NS      | $887090.26    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The             | J M Smucker Co.                                                         | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     17762 | NS      | $2814566.52   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho | Knight-Swift Transportation Holdings, Inc.                              | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46371 | NS      | $2430304.11   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp     | Pinnacle West Capital Corp.                                             | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |     34050 | NS      | $2589162.00   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies, Inc.                                             | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     10969 | NS      | $2283855.49   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co      | Archer-Daniels-Midland Co.                                              | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     33763 | NS      | $3134894.55   | 1.48%             |  |  |  | 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