# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045098
**Filing Date:** 2023-2
**Character Count:** 15236
**Document Hash:** 02990539d4bc615a2a5e18bc6f69fcdd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045098.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045098

**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:** 23680406

**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 N (MANAGED ASSET ALLOCATION SERIES) (Series ID: S000010070)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027869 | 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 N (Managed Asset Allocation Series)

- **b. EDGAR series identifier (if any):** S000010070

- **c. LEI of Series:** 549300QJDJXCBA1UXY78

**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:** $36032021.96

**Total Liabilities:** $59197.15

**Net Assets:** $35972824.81

**Cash Not Reported:** $57660.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 561.85833560 | **5-Year:** 307.69363275 | **10-Year:** 1637.22299740 | **30-Year:** 282.14745676

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 155.08910531 | **10-Year:** 17.61591174 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027869 | 4.35%                | 5.47%                | -3.06%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $184215.10               | $1031826.66                                |
| Month 2  | $319469.01               | $1228499.72                                |
| Month 3  | $-51.19                  | $-1180347.54                               |

**Designated Index Information**

- **Index Name:** 60% S&P 500 Index/40% Bloomberg US Aggregate Bond Index

- **Index Identifier:** SPLAGGUSD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chicago Mercantile Exchange                   | British Pound Futures Contracts                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         5 | NC      | $-3262.75     | -0.01%            |  |  |  | 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        |   1630605 | NS      | $1630605.08   | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe Financials                 | FTSE 100 Index Futures Contracts                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |        -1 | NC      | $-103.95      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex                                         | DAX Index Futures Contracts                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |        -1 | NC      | $13191.07     | 0.04%             |  |  |  | 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        |    105191 | NS      | $1014044.22   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Mid-Cap ETF                  | iShares Core S&P Mid-Cap ETF                                            | CUSIP: 464287507<br>LEI: 549300ODQWH5PC0IUZ78 | Long             | EC               | RF                | US        |      9114 | NS      | $2204585.46   | 6.13%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 1-3 Year Treasury Bond                | iShares 1-3 Year Treasury Bond ETF                                      | CUSIP: 464287457<br>LEI: 549300W0WX9TL4G6HM56 | Long             | EC               | RF                | US        |     21409 | NS      | $1737768.53   | 4.83%             |  |  |  | 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        |     42900 | NS      | $1032162.64   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                                 | U.S. Treasury Bills                                                     | CUSIP: 912796ZK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    334000 | PA      | $333522.17    | 0.93%             | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Strategy Fund II                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |     63901 | NS      | $1536184.90   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares TIPS Bond ETF                         | iShares TIPS Bond ETF                                                   | CUSIP: 464287176<br>LEI: 549300EHD1VQKMRQ0829 | Long             | EC               | RF                | US        |      3987 | NS      | $424376.28    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bon                | iShares 7-10 Year Treasury Bond ETF                                     | CUSIP: 464287440<br>LEI: 549300XS1PPZG92M8L16 | Long             | EC               | RF                | US        |     20726 | NS      | $1985136.28   | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 ETF                      | iShares Core S&P 500 ETF                                                | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |         2 | NS      | $768.42       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures US Indices                        | MSCI EAFE Index Futures Contracts                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        32 | NC      | $-60189.28    | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                        | U.S. Treasury 2 Year Note Futures Contracts                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         2 | NC      | $371.92       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | NASDAQ-100 Index Mini Futures Contracts                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -2 | NC      | $29419.16     | 0.08%             |  |  |  | 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        |     45729 | NS      | $1100686.29   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | Russell 2000 Index Mini Futures Contracts                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        17 | NC      | $-42342.69    | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBoxx High Yield Corpo                | iShares iBoxx High Yield Corporate Bond ETF                             | CUSIP: 464288513<br>LEI: N/A                  | Long             | EC               | RF                | US        |      5736 | NS      | $422341.68    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBoxx $ Investment Gra                | iShares iBoxx $ Investment Grade Corporate Bond ETF                     | CUSIP: 464287242<br>LEI: 549300FYCXFXG8POR355 | Long             | EC               | RF                | US        |     21221 | NS      | $2237330.03   | 6.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab U.S. Aggregate Bond ETF                | Schwab U.S. Aggregate Bond ETF                                          | CUSIP: 808524839<br>LEI: N/A                  | Long             | EC               | RF                | US        |    117462 | NS      | $5362140.30   | 14.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | Nikkei 225 (CME) Index Futures Contracts                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $9396.70      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE ETF                         | iShares MSCI EAFE ETF                                                   | CUSIP: 464287465<br>LEI: 549300O0XO3KDQV68404 | Long             | EC               | RF                | US        |     35262 | NS      | $2314597.68   | 6.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | S&P MidCap 400 Index Mini Futures Contracts                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -1 | NC      | $758.11       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                        | U.S. Treasury 10 Year Note Futures Contracts                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |         7 | NC      | $-3293.08     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 1000 Value ETF                | iShares Russell 1000 Value ETF                                          | CUSIP: 464287598<br>LEI: 549300KLSYN5NN4YNM90 | Long             | EC               | RF                | US        |      4533 | NS      | $687429.45    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard S&P 500 ETF                          | Vanguard S&P 500 ETF                                                    | CUSIP: 922908363<br>LEI: 549300D8V8ZP5GRJOC71 | Long             | EC               | RF                | US        |     22530 | NS      | $7915690.20   | 22.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust                        | SPDR S&P 500 ETF Trust                                                  | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |     10501 | NS      | $4015897.43   | 11.16%            |  |  |  | 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        |        -1 | NC      | $-2693.83     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | Euro FX Futures Contracts                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |        -3 | NC      | $-2463.90     | -0.01%            |  |  |  | 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