# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045052
**Filing Date:** 2023-2
**Character Count:** 60428
**Document Hash:** bd7bc404d2f7406731c164e111326e32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045052.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045052

**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:** 23680354

**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 D (WORLD EQUITY INCOME SERIES) (Series ID: S000010065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027864 | 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 D (World Equity Income Series)

- **b. EDGAR series identifier (if any):** S000010065

- **c. LEI of Series:** 5493001MQV26KYOSDP36

**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:** $113541253.92

**Total Liabilities:** $140362.98

**Net Assets:** $113400890.94

**Cash Not Reported:** $21570.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027864 | 7.97%                | 7.63%                | -3.59%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2154747.69             | $10223407.36                               |
| Month 2  | $46187.68                | $8092861.78                                |
| Month 3  | $377574.32               | $-4819665.76                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Galp Energia SGPS SA           | Galp Energia SGPS S.A.                                                          | CUSIP: N/A<br>LEI: 2138003319Y7NM75FG53       | Long             | EC               | CORP              | PT        |     46900 | NS      | $633040.60    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                                                        | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2334 | NS      | $1237440.12   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell plc                                                                       | CUSIP: N/A<br>LEI: 21380068P1DRHMJ8KU70       | Long             | EC               | CORP              | GB        |     51000 | NS      | $1437360.22   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works, Inc.                                                       | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |      1345 | NS      | $296303.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                    | Cummins, Inc.                                                                   | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |       849 | NS      | $205704.21    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp.                                                               | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      6100 | NS      | $628239.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo, Inc.                                                                   | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1133 | NS      | $204687.78    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc              | General Mills, Inc.                                                             | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      2300 | NS      | $192855.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Idemitsu Kosan Co Ltd          | Idemitsu Kosan Company Ltd.                                                     | CUSIP: N/A<br>LEI: 549300P0R46FF6DUA630       | Long             | EC               | CORP              | JP        |     22600 | NS      | $529025.29    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd         | ANZ Group Holdings Ltd.                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     62600 | NS      | $1008453.73   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co  | Hewlett Packard Enterprise Co.                                                  | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     32500 | NS      | $518700.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts, Inc.                                                           | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      2000 | NS      | $244360.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The           | Western Union Co.                                                               | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |     18800 | NS      | $258876.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                                                                | CUSIP: N/A<br>LEI: 529900S21EQ1BO4ESM68       | Long             | EC               | CORP              | FR        |     19500 | NS      | $1224715.35   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                        | Eni SpA                                                                         | CUSIP: N/A<br>LEI: BUCRF72VH5RBN7X3VL35       | Long             | EC               | CORP              | IT        |     77900 | NS      | $1108273.79   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Annaly Capital Management Inc  | Annaly Capital Management, Inc.                                                 | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     15850 | NS      | $334118.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor ASA                                                                     | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     22500 | NS      | $808728.03    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| McKesson Corp                  | McKesson Corp.                                                                  | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       746 | NS      | $279839.52    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The             | J M Smucker Co.                                                                 | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |      6622 | NS      | $1049322.12   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co        | Becton Dickinson and Co.                                                        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      3851 | NS      | $979309.30    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Mediobanca Banca di Credito Fi | Mediobanca Banca di Credito Finanziario SpA                                     | CUSIP: N/A<br>LEI: PSNL19R2RXX5U3QWHI44       | Long             | EC               | CORP              | IT        |     35200 | NS      | $338415.37    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Yusen KK                | Nippon Yusen K.K.                                                               | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149       | Long             | EC               | CORP              | JP        |     34100 | NS      | $803983.64    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Principal Financial Group Inc  | Principal Financial Group, Inc.                                                 | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     10940 | NS      | $918084.80    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla, Inc.                                                                     | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2502 | NS      | $308196.36    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA             | Banco Santander S.A.                                                            | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |    301500 | NS      | $901989.39    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Lear Corp                      | Lear Corp.                                                                      | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      3703 | NS      | $459246.06    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corporation of America                                                | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      6968 | NS      | $891276.88    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc    | Jack Henry & Associates, Inc.                                                   | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      2500 | NS      | $438900.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot, Inc.                                                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5025 | NS      | $1587196.50   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Companies, Inc.                                                             | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     11212 | NS      | $892475.20    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Tire Corp Ltd         | Canadian Tire Corporation Ltd.                                                  | CUSIP: 136681202<br>LEI: 549300RLHDA7VQYMUB14 | Long             | EC               | CORP              | CA        |      5300 | NS      | $554061.54    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd            | TE Connectivity Ltd.                                                            | CUSIP: N/A<br>LEI: 894500ZRIX9K13RHXR17       | Long             | EC               | CORP              | US        |      7395 | NS      | $848946.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments, Inc.                                                         | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      7290 | NS      | $1204453.80   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Corp                  | Sumitomo Corp.                                                                  | CUSIP: N/A<br>LEI: V82KK8NH1P0JS71FJC05       | Long             | EC               | CORP              | JP        |     59600 | NS      | $990592.71    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| MetLife Inc                    | MetLife, Inc.                                                                   | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     13653 | NS      | $988067.61    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group, Inc.                                              | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      1200 | NS      | $189528.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SCSK Corp                      | SCSK Corp.                                                                      | CUSIP: N/A<br>LEI: 529900SNGFXMSUBB7864       | Long             | EC               | CORP              | JP        |     29800 | NS      | $451009.52    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Building Fund Inc       | Nippon Building Fund, Inc.                                                      | CUSIP: N/A<br>LEI: 52990053R8NL2MB32172       | Long             | EC               | CORP              | JP        |       180 | NS      | $804809.51    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty, Inc.                                                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      1500 | NS      | $703605.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui OSK Lines Ltd           | Mitsui OSK Lines Ltd.                                                           | CUSIP: N/A<br>LEI: 353800P8O843TMAZ6S09       | Long             | EC               | CORP              | JP        |     24400 | NS      | $609615.12    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com, Inc.                                                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     13738 | NS      | $1153992.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management, Inc.                                                          | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      3100 | NS      | $486328.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Inc/Canada              | Fortis, Inc.                                                                    | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |      8500 | NS      | $340238.63    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies, Inc.                                                         | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |     19723 | NS      | $793259.06    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services, Inc.                                                         | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       900 | NS      | $116091.00    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on, Inc.                                                                   | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      3746 | NS      | $855923.54    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian National Railway Co   | Canadian National Railway Company                                               | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      3000 | NS      | $356484.80    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Toromont Industries Ltd        | Toromont Industries Ltd.                                                        | CUSIP: 891102105<br>LEI: 5493008W5EPRSLQ0B737 | Long             | EC               | CORP              | CA        |      7100 | NS      | $512534.45    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service, Inc.                                                     | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      2800 | NS      | $486752.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Steel Corp              | Nippon Steel Corp.                                                              | CUSIP: N/A<br>LEI: 35380065QWQ4U2V3PA33       | Long             | EC               | CORP              | JP        |     39700 | NS      | $688740.56    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp.                                                          | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      1696 | NS      | $925354.56    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd.                                                                   | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |    553600 | NS      | $322892.28    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| International Paper Co         | International Paper Co.                                                         | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     20053 | NS      | $694435.39    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollarama Inc                  | Dollarama, Inc.                                                                 | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |      4000 | NS      | $234021.65    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp              | Hormel Foods Corp.                                                              | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |      4800 | NS      | $218640.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                     | Hasbro, Inc.                                                                    | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |      5818 | NS      | $354956.18    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen, Inc.                                                                     | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      4054 | NS      | $1064742.56   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd.                                                                      | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | US        |      4934 | NS      | $1088440.40   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp         | AmerisourceBergen Corp.                                                         | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      4128 | NS      | $684050.88    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc        | Consolidated Edison, Inc.                                                       | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      2600 | NS      | $247806.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellogg Co                     | Kellogg Co.                                                                     | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     11014 | NS      | $784637.36    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ampol Ltd                      | Ampol Ltd.                                                                      | CUSIP: N/A<br>LEI: 5493009TD1CGVRZ27U11       | Long             | EC               | CORP              | AU        |     24600 | NS      | $472889.17    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Companies, Inc.                                                | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1727 | NS      | $285783.96    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                                                                  | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     18666 | NS      | $1656234.18   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems, Inc.                                                  | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |       570 | NS      | $228689.70    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                     | PACCAR, Inc.                                                                    | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      9033 | NS      | $893996.01    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                      | Amcor plc                                                                       | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | US        |     64900 | NS      | $772959.00    | 0.68%             |  |  |  | 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        |       138 | NS      | $52775.34     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co.                                                               | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |      5475 | NS      | $949967.25    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ENEOS Holdings Inc             | ENEOS Holdings, Inc.                                                            | CUSIP: N/A<br>LEI: 3538001KQ5SAOZSQTT44       | Long             | EC               | CORP              | JP        |    197900 | NS      | $673834.37    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                         | AXA S.A.                                                                        | CUSIP: N/A<br>LEI: F5WCUMTUM4RKZ1MAIE39       | Long             | EC               | CORP              | FR        |     32700 | NS      | $911350.79    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck & Co Inc                 | Merck & Company, Inc.                                                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     11198 | NS      | $1242418.10   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kikkoman Corp                  | Kikkoman Corp.                                                                  | CUSIP: N/A<br>LEI: 529900T9K5UH9HXOND47       | Long             | EC               | CORP              | JP        |      6500 | NS      | $342088.48    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyera Corp                    | Keyera Corp.                                                                    | CUSIP: 493271100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     24700 | NS      | $539967.49    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties, Inc.                                             | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |     14800 | NS      | $770932.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurizon Holdings Ltd           | Aurizon Holdings Ltd.                                                           | CUSIP: N/A<br>LEI: 5299005PC1O6NOWL3H48       | Long             | EC               | CORP              | AU        |    272800 | NS      | $691146.89    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Companies, Inc.                                                       | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      5478 | NS      | $1027070.22   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp.                                                          | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      4039 | NS      | $1002116.29   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals, Inc.                                                | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |      2183 | NS      | $672931.58    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Seiko Epson Corp               | Seiko Epson Corp.                                                               | CUSIP: N/A<br>LEI: 549300NIOFQDR749W206       | Long             | EC               | CORP              | JP        |     39800 | NS      | $578967.74    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Co Ltd                   | Ricoh Company Ltd.                                                              | CUSIP: N/A<br>LEI: 549300HFIB2GRUMDID72       | Long             | EC               | CORP              | JP        |     73600 | NS      | $560099.26    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| LKQ Corp                       | LKQ Corp.                                                                       | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      4400 | NS      | $235004.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp.                                                           | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      1968 | NS      | $957412.32    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX Corp                      | ORIX Corp.                                                                      | CUSIP: N/A<br>LEI: 35380016EMHNBOVYE123       | Long             | EC               | CORP              | JP        |     23100 | NS      | $369700.19    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares MSCI EAFE ETF          | iShares MSCI EAFE ETF                                                           | CUSIP: 464287465<br>LEI: 549300O0XO3KDQV68404 | Long             | EC               | RF                | US        |       914 | NS      | $59994.96     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Companies, Inc.                                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      5393 | NS      | $1074501.32   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc         | Darden Restaurants, Inc.                                                        | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      1500 | NS      | $207495.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands, Inc.                                                               | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      7600 | NS      | $973408.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP - Energias de Portugal SA  | EDP - Energias de Portugal S.A.                                                 | CUSIP: N/A<br>LEI: 529900CLC3WDMGI9VH80       | Long             | EC               | CORP              | PT        |    116300 | NS      | $580035.19    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Global PLC             | Liberty Global plc                                                              | CUSIP: N/A<br>LEI: 549300BSGXG3QLIQYT84       | Long             | EC               | CORP              | US        |     30367 | NS      | $590030.81    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co.                                                              | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      1000 | NS      | $224970.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                                                                    | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      5733 | NS      | $926510.13    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive, Inc.                                                       | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      1228 | NS      | $1036468.84   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences, Inc.                                                           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      8700 | NS      | $746895.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp.                                                          | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     14800 | NS      | $636844.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                                                     | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     14600 | NS      | $1321577.29   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | CUSIP: N/A<br>LEI: 549300DAH6N80PM31E83       | Long             | STIV             | RF                | US        |    249001 | NS      | $249000.98    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex, Inc.                                                                   | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      6500 | NS      | $751140.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson plc                   | Ferguson plc                                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      6403 | NS      | $812988.91    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co             | SEI Investments Co.                                                             | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      4392 | NS      | $256053.60    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Telstra Group Ltd              | Telstra Group Ltd.                                                              | CUSIP: N/A<br>LEI: 894500WRW54CVN62K416       | Long             | EC               | CORP              | AU        |    124600 | NS      | $336985.52    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Oil Ltd               | Imperial Oil Ltd.                                                               | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |     16100 | NS      | $784452.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc       | Prudential Financial, Inc.                                                      | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      8200 | NS      | $815572.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Westpac Banking Corp           | Westpac Banking Corp.                                                           | CUSIP: N/A<br>LEI: EN5TNI6CI43VEPAMHL14       | Long             | EC               | CORP              | AU        |     60300 | NS      | $954673.90    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai Nippon Printing Co Ltd     | Dai Nippon Printing Company Ltd.                                                | CUSIP: N/A<br>LEI: 529900S7NFNQ4FT6OP83       | Long             | EC               | CORP              | JP        |     30100 | NS      | $604608.54    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| SSE PLC                        | SSE plc                                                                         | CUSIP: N/A<br>LEI: 549300KI75VYLLMSK856       | Long             | EC               | CORP              | GB        |     32700 | NS      | $672313.35    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole SA             | Credit Agricole S.A.                                                            | CUSIP: N/A<br>LEI: 969500TJ5KRTCJQWXH05       | Long             | EC               | CORP              | FR        |     20100 | NS      | $211549.06    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Parkland Corp                  | Parkland Corp.                                                                  | CUSIP: 70137W108<br>LEI: 549300UY5C6HUV0XLS53 | Long             | EC               | CORP              | CA        |     24900 | NS      | $546547.23    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                                                                | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      4988 | NS      | $1314487.64   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp.                                                                     | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     32414 | NS      | $856702.02    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                          | 3M Co.                                                                          | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      6790 | NS      | $814256.80    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Real Estate Investment C | Japan Real Estate Investment Corp.                                              | CUSIP: N/A<br>LEI: 3538003YAIR3CBGJJ928       | Long             | EC               | CORP              | JP        |       200 | NS      | $878331.78    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC            | Imperial Brands plc                                                             | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |     41800 | NS      | $1040737.58   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Aisin Corp                     | Aisin Corp.                                                                     | CUSIP: N/A<br>LEI: 3538004IOK08PDY6I723       | Long             | EC               | CORP              | JP        |     22600 | NS      | $599151.93    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Co/The                | Southern Co.                                                                    | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      7390 | NS      | $527719.90    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| National Australia Bank Ltd    | National Australia Bank Ltd.                                                    | CUSIP: N/A<br>LEI: F8SB4JFBSYQFRQEH3Z21       | Long             | EC               | CORP              | AU        |     44300 | NS      | $899481.71    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries N.V.                                                  | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |      9630 | NS      | $799578.90    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Intesa Sanpaolo SpA            | Intesa Sanpaolo SpA                                                             | CUSIP: N/A<br>LEI: 2W8N8UU78PMDQKZENC08       | Long             | EC               | CORP              | IT        |    276400 | NS      | $612658.94    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      6500 | NS      | $605735.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp.                                                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      2500 | NS      | $275750.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S         | AP Moller - Maersk A/S                                                          | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |       500 | NS      | $1119528.09   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Analog Devices Inc             | Analog Devices, Inc.                                                            | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      5127 | NS      | $840981.81    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc              | Suncor Energy, Inc.                                                             | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     26400 | NS      | $837708.25    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co.                                                           | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     12169 | NS      | $958795.51    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions, Inc.                                                        | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      2886 | NS      | $743751.06    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Brother Industries Ltd         | Brother Industries Ltd.                                                         | CUSIP: 114813108<br>LEI: 549300O5FACQ67KI6R92 | Long             | EC               | CORP              | JP        |     12300 | NS      | $185871.35    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Aflac Inc                      | Aflac, Inc.                                                                     | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |      9800 | NS      | $705012.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd.                                                         | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |     17800 | NS      | $450681.14    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions, Inc.                                            | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      4891 | NS      | $656029.83    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections, Inc.                                                         | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | US        |      6709 | NS      | $889345.04    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc      | AvalonBay Communities, Inc.                                                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      4496 | NS      | $726193.92    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications, Inc.                                                    | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     28580 | NS      | $1126052.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever plc                                                                    | CUSIP: N/A<br>LEI: 549300MKFYEKVRWML317       | Long             | EC               | CORP              | GB        |      5500 | NS      | $277637.86    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     13726 | NS      | $3291769.32   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC              | National Grid plc                                                               | CUSIP: N/A<br>LEI: 8R95QZMKZLJX5Q2XR704       | Long             | EC               | CORP              | GB        |     29100 | NS      | $348514.25    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd                   | Brambles Ltd.                                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     36600 | NS      | $300152.84    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                                             | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2500 | NS      | $274475.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                                               | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11211 | NS      | $1980423.15   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| JFE Holdings Inc               | JFE Holdings, Inc.                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     53700 | NS      | $623017.83    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| CCL Industries Inc             | CCL Industries, Inc.                                                            | CUSIP: 124900309<br>LEI: 549300TD3EMSRRC0YH75 | Long             | EC               | CORP              | CA        |      7500 | NS      | $320490.56    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                                                             | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     10046 | NS      | $478591.44    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                   | Nordson Corp.                                                                   | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |      2248 | NS      | $534394.56    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductor N.V.                                                          | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | US        |      2125 | NS      | $335813.75    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd                    | South32 Ltd.                                                                    | CUSIP: N/A<br>LEI: 213800LAZNPXSBKVHR17       | Long             | EC               | CORP              | AU        |    274800 | NS      | $753426.50    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Apple Inc                      | Apple, Inc.                                                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     24285 | NS      | $3155350.05   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                    | Nutrien Ltd.                                                                    | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      6500 | NS      | $474696.17    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BBVA                           | Banco Bilbao Vizcaya Argentaria S.A.                                            | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    160800 | NS      | $969046.39    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA            | Societe Generale S.A.                                                           | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |     15100 | NS      | $378960.66    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                   | Broadcom, Inc.                                                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1716 | NS      | $959467.08    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing, Inc.                                                 | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      3751 | NS      | $895963.86    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp            | Tourmaline Oil Corp.                                                            | CUSIP: 89156V106<br>LEI: 549300LCHLN94A7Y1572 | Long             | EC               | CORP              | CA        |      6100 | NS      | $307895.53    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                      | Repsol S.A.                                                                     | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |     53400 | NS      | $850411.90    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Willis Towers Watson PLC       | Willis Towers Watson plc                                                        | CUSIP: N/A<br>LEI: 549300WHC56FF48KL350       | Long             | EC               | CORP              | US        |      3250 | NS      | $794885.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets, Inc.                                                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      7812 | NS      | $980171.64    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp.                                                            | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      3700 | NS      | $911125.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon plc                                                                         | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Long             | EC               | CORP              | US        |      3266 | NS      | $980257.24    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto plc                                                                   | CUSIP: N/A<br>LEI: 213800YOEO5OQ72G2R82       | Long             | EC               | CORP              | GB        |     16600 | NS      | $1168122.84   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL Ltd                        | CSL Ltd.                                                                        | CUSIP: N/A<br>LEI: 529900ECSECK5ZDQTE14       | Long             | EC               | CORP              | AU        |      2200 | NS      | $429002.29    | 0.38%             |  |  |  | No            |                  2 | 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