# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001193125-23-020301
**Filing Date:** 2023-1
**Character Count:** 6011
**Document Hash:** c8fc2577b89e7af8dbf8d454310fdfc6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-020301.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001193125-23-020301

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**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:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-59353
- **FILM NUMBER:** 23572473

**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 E (TOTAL RETURN BOND SERIES) (Series ID: S000010066)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| A          | C000027865 |

---

## Series and Classes Contracts Data

### SERIES E (TOTAL RETURN BOND SERIES) (Series ID: S000010066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027865 | A            |  |

**Guggenheim Variable Funds Trust** 

**702 King Farm Blvd., Suite 200** 

**Rockville, Maryland 20850** 

**Supplement Dated January 31, 2023** 

**to the currently effective Prospectus dated May 1, 2022, as may be supplemented** 

**from time to time, for Series E (Total Return Bond Series) (the "Fund")** 

**This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.** 

Effective immediately, Evan L. Serdensky is added as a portfolio manager of the Fund. Accordingly, the changes to the Prospectus set forth below are also effective immediately.

**The table in the section of the Prospectus entitled "Fund Summaries—Series E (Total Return Bond Series)—Management of the Fund" is deleted in its entirety and replaced as follows to include Mr. Serdensky:** 

---

| | | |
|:---|:---|:---|
| **Name\*** | **Experience with the<br>Fund** | **Primary Title with Investment Manager** |
| Anne B. Walsh | Since 2012 | Managing Partner, Chief Investment Officer and<br> Portfolio Manager |
| Steven H. Brown | Since 2016 | Chief Investment Officer, Total Return and Macro Strategies, and<br> Senior Managing Director and Portfolio Manager |
| Adam J. Bloch | Since 2016 | Managing Director and Portfolio Manager |
| Evan L. Serdensky | Since January 2023 | Director and Portfolio Manager |

---

\* Each portfolio manager is primarily responsible for the day-to-day management of the Fund.

**In the section of the Prospectus entitled "Investment Manager—Portfolio Managers" the information regarding the individuals that serve as Portfolio Managers of Series E (Total Return Bond Series) is deleted in its entirety and replaced as follows to include Mr. Serdensky:** 

**Series E (Total Return Bond Series)—**Anne B. Walsh, Steven H. Brown, Adam J. Bloch and Evan L. Serdensky are primarily responsible for the day-to-day management of the Fund.

**The section of the Prospectus entitled "Investment Manager—Portfolio Managers" is amended by adding the below paragraph regarding Evan Serdensky:** 

**Evan L. Serdensky,** Director and Portfolio Manager of Guggenheim Partners. Mr. Serdensky joined Guggenheim in 2018 and is a Portfolio Manager for Guggenheim's Active Fixed Income and Total Return mandates, specializing in corporate credit. Previously, Mr. Serdensky was a Trader on the Investment Grade Corporate team at Guggenheim Investments, where he was responsible for identifying and executing investment opportunities across corporate securities. Prior to joining Guggenheim, Mr. Serdensky was a Vice President and Portfolio Manager at BlackRock, responsible for actively managing High Yield and Multi-Sector Credit portfolios. Mr. Serdensky started his career at PIMCO supporting Total Return and Alternative strategies. Mr. Serdensky completed his B.S. in Finance from the University of Maryland and earned his M.S. in Finance from the Washington University in St. Louis.

**Please Retain This Supplement for Future Reference** 

VTUSIB-SUP2-0123x0523

------

**Guggenheim Variable Funds Trust** 

**702 King Farm Blvd., Suite 200** 

**Rockville, Maryland 20850** 

**Supplement Dated January 31, 2023** 

**to the currently effective Statement of Additional Information dated May 1, 2022 (the "SAI"), as may be supplemented from time to time, for Series E (Total Return Bond Series) (the "Fund")** 

**This supplement provides updated information beyond that contained in the SAI and should be read in conjunction with the SAI.** 

Effective immediately, Evan L. Serdensky is added as a portfolio manager of the Fund. Accordingly, the change to the SAI set forth below is also effective immediately.

**The section entitled "Portfolio Managers—Other Accounts Managed by Portfolio Managers" of the SAI is amended by adding Evan L. Serdensky's information as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered Investment<br>Companies** | **Registered Investment<br>Companies** | **Other Pooled Investment<br>Vehicles** | **Other Pooled Investment<br>Vehicles** | **Other Accounts** | **Other Accounts** |
|  | **Number** | **Total Assets (in<br>millions)** | **Number** | **Total Assets (in<br>Millions)** | **Number** | **Total Assets (in millions)** |
| &nbsp;&nbsp;&nbsp;Evan L. Serdensky<sup>1</sup> | 1 | $713 | 0 | $0 | 0 | $0 |

---

<sup>1</sup> As of December 31, 2022. The advisory fee for the registered investment company is not based on performance.

**Please Retain This Supplement for Future Reference** 

VTUSIB-SUP2-0123x0523