# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045238
**Filing Date:** 2023-2
**Character Count:** 63848
**Document Hash:** cf8a77686eed18734c8809860855d851
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045238.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045238

**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:** 23680567

**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 X (STYLEPLUS - SMALL GROWTH SERIES) (Series ID: S000010060)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027859 | 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 X (StylePlus-Small Growth Series)

- **b. EDGAR series identifier (if any):** S000010060

- **c. LEI of Series:** 549300RSTGB92L5RU061

**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:** $24472832.76

**Total Liabilities:** $172714.75

**Net Assets:** $24300118.01

**Cash Not Reported:** $185271.17

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -0.00693952 | **1-Year:** 2105.57393156 | **5-Year:** 1118.14309157 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027859 | 9.49%                | 2.97%                | -6.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-87688.58               | $600575.10                                 |
| Month 2  | $-61451.98               | $503609.11                                 |
| Month 3  | $-28757.36               | $-382439.80                                |

**Designated Index Information**

- **Index Name:** Russell 2000 Growth Index

- **Index Identifier:** RS2000G

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Laredo Petroleum Inc                          | Laredo Petroleum, Inc.                                                  | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |       357 | NS      | $18356.94     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc                         | Triumph Financial, Inc.                                                 | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |       345 | NS      | $16860.15     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb Inc                                    | OmniAb, Inc.                                                            | CUSIP: 68218J103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1.86         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                           | Onto Innovation, Inc.                                                   | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |       878 | NS      | $59783.02     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc                | Kulicke & Soffa Industries, Inc.                                        | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |      1403 | NS      | $62096.78     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp                              | Encore Wire Corp.                                                       | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       377 | NS      | $51860.12     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc                       | Methode Electronics, Inc.                                               | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |      1101 | NS      | $48851.37     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TTEC Holdings Inc                             | TTEC Holdings, Inc.                                                     | CUSIP: 89854H102<br>LEI: GTJS1N8S8I28A7L4WG97 | Long             | EC               | CORP              | US        |       759 | NS      | $33494.67     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Variable Insurance Strategy Fund III                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |    282502 | NS      | $6799824.20   | 27.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                          | Ensign Group, Inc.                                                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |       193 | NS      | $18259.73     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                                  | Medifast, Inc.                                                          | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |       273 | NS      | $31490.55     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Technology Inc                           | Avid Technology, Inc.                                                   | CUSIP: 05367P100<br>LEI: 549300PQGW3DXKJTQ914 | Long             | EC               | CORP              | US        |      1355 | NS      | $36029.45     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc                            | First Hawaiian, Inc.                                                    | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |       739 | NS      | $19243.56     | 0.08%             |  |  |  | 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        |    309363 | NS      | $7443273.15   | 30.63%            |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc                                   | EVERTEC, Inc.                                                           | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1974 | NS      | $63918.12     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Mr Cooper Group Inc                           | Mr Cooper Group, Inc.                                                   | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |       448 | NS      | $17978.24     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc                          | Cavco Industries, Inc.                                                  | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       175 | NS      | $39593.75     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                            | CVB Financial Corp.                                                     | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       953 | NS      | $24539.75     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc                  | Collegium Pharmaceutical, Inc.                                          | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |      1473 | NS      | $34173.60     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                    | Rambus, Inc.                                                            | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      2141 | NS      | $76690.62     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc                 | Academy Sports & Outdoors, Inc.                                         | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       850 | NS      | $44659.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CEVA Inc                                      | CEVA, Inc.                                                              | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |      1012 | NS      | $25886.96     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc                 | Dime Community Bancshares, Inc.                                         | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       730 | NS      | $23235.90     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                   | Asbury Automotive Group, Inc.                                           | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |       251 | NS      | $44991.75     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc                 | CSG Systems International, Inc.                                         | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |       742 | NS      | $42442.40     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc                              | Movado Group, Inc.                                                      | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |       913 | NS      | $29444.25     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc                        | Pacira BioSciences, Inc.                                                | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       885 | NS      | $34169.85     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp                        | Progress Software Corp.                                                 | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |      1212 | NS      | $61145.40     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc                        | Mueller Industries, Inc.                                                | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      1457 | NS      | $85963.00     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                             | Steven Madden Ltd.                                                      | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |       737 | NS      | $23554.52     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                          | Hanmi Financial Corp.                                                   | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      2444 | NS      | $60489.00     | 0.25%             |  |  |  | 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        |         4 | NC      | $-12605.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                              | InterDigital, Inc.                                                      | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $39584.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc                      | Axcelis Technologies, Inc.                                              | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |       803 | NS      | $63726.08     | 0.26%             |  |  |  | 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        |         2 | NC      | $-14357.50    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp                         | Antero Midstream Corp.                                                  | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5757 | NS      | $62118.03     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hostess Brands Inc                            | Hostess Brands, Inc.                                                    | CUSIP: 44109J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       916 | NS      | $20555.04     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| South Jersey Industries Inc                   | South Jersey Industries, Inc.                                           | CUSIP: 838518108<br>LEI: 549300DJYWYT5VXLFA46 | Long             | EC               | CORP              | US        |      1036 | NS      | $36809.08     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                                  | Griffon Corp.                                                           | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |       529 | NS      | $18932.91     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                                  | Innoviva, Inc.                                                          | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      3298 | NS      | $43698.50     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc                   | AMN Healthcare Services, Inc.                                           | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |       775 | NS      | $79685.50     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                                  | Exelixis, Inc.                                                          | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      1129 | NS      | $18109.16     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                               | OSI Systems, Inc.                                                       | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |       568 | NS      | $45167.36     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha & Omega Semiconductor Lt                | Alpha & Omega Semiconductor Ltd.                                        | CUSIP: N/A<br>LEI: 5493001FE7J03YOV2V35       | Long             | EC               | CORP              | US        |       690 | NS      | $19713.30     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc                          | NetScout Systems, Inc.                                                  | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |       550 | NS      | $17880.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                                      | CTS Corp.                                                               | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |       683 | NS      | $26923.86     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc                     | USANA Health Sciences, Inc.                                             | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |       752 | NS      | $40006.40     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Veradigm Inc                                  | Veradigm, Inc.                                                          | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |      1304 | NS      | $23002.56     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                      | Fabrinet                                                                | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | US        |       454 | NS      | $58211.88     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc                           | Cal-Maine Foods, Inc.                                                   | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |       316 | NS      | $17206.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                                  | Lindsay Corp.                                                           | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |       217 | NS      | $35338.45     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc                          | Extreme Networks, Inc.                                                  | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |      3016 | NS      | $55222.96     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SMART Global Holdings Inc                     | SMART Global Holdings, Inc.                                             | CUSIP: N/A<br>LEI: 529900RDGHQY8XKXPN14       | Long             | EC               | CORP              | US        |      1876 | NS      | $27914.88     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Golden Entertainment Inc                      | Golden Entertainment, Inc.                                              | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |       689 | NS      | $25768.60     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sleep Number Corp                             | Sleep Number Corp.                                                      | CUSIP: 83125X103<br>LEI: 529900W0TZQLBT2DSS66 | Long             | EC               | CORP              | US        |       808 | NS      | $20991.84     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In                | Installed Building Products, Inc.                                       | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |       523 | NS      | $44768.80     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc                      | Corcept Therapeutics, Inc.                                              | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      1398 | NS      | $28393.38     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Outdoor Inc                             | Vista Outdoor, Inc.                                                     | CUSIP: 928377100<br>LEI: 549300QI2D33ESTJLN81 | Long             | EC               | CORP              | US        |       801 | NS      | $19520.37     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                                  | Innospec, Inc.                                                          | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |       179 | NS      | $18411.94     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc                         | Helmerich & Payne, Inc.                                                 | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |       389 | NS      | $19282.73     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp                  | Six Flags Entertainment Corp.                                           | CUSIP: 83001A102<br>LEI: 549300JYTDUAA4JQ3717 | Long             | EC               | CORP              | US        |      1194 | NS      | $27760.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                                | AutoNation, Inc.                                                        | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       174 | NS      | $18670.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack in the Box Inc                           | Jack in the Box, Inc.                                                   | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |       481 | NS      | $32818.63     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                                | Dorian LPG Ltd.                                                         | CUSIP: N/A<br>LEI: 549300WP1W2WGMC7F395       | Long             | EC               | CORP              | US        |      3034 | NS      | $57494.30     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                                    | Diodes, Inc.                                                            | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      1046 | NS      | $79642.44     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                      | Cohu, Inc.                                                              | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |      1110 | NS      | $35575.50     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp                            | Varex Imaging Corp.                                                     | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |      1590 | NS      | $32277.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HB Fuller Co                                  | HB Fuller Co.                                                           | CUSIP: 359694106<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | EC               | CORP              | US        |       825 | NS      | $59086.50     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Bank, N.A.                        | Russell 2000 Growth Index                                               | CUSIP: N/A<br>LEI: KB1H1DSPRFMYMCUFXT09       | N/A              | DE               |  | US        |      2276 | NC      | $455885.08    | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Synaptics Inc                                 | Synaptics, Inc.                                                         | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |       392 | NS      | $37302.72     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc                | Virtus Investment Partners, Inc.                                        | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |       160 | NS      | $30630.40     | 0.13%             |  |  |  | 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        |    579212 | NS      | $579211.55    | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc                  | Catalyst Pharmaceuticals, Inc.                                          | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |      2271 | NS      | $42240.60     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                         | Civitas Resources, Inc.                                                 | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |       663 | NS      | $38407.59     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc                     | Sally Beauty Holdings, Inc.                                             | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |      3224 | NS      | $40364.48     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                              | Boise Cascade Co.                                                       | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |       496 | NS      | $34060.32     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Livent Corp                                   | Livent Corp.                                                            | CUSIP: 53814L108<br>LEI: 254900OOLQ2VNMZTJL47 | Long             | EC               | CORP              | US        |      2863 | NS      | $56887.81     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                                 | MaxLinear, Inc.                                                         | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |      1104 | NS      | $37480.80     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc                          | Myers Industries, Inc.                                                  | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |      1464 | NS      | $32544.72     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Southside Bancshares Inc                      | Southside Bancshares, Inc.                                              | CUSIP: 84470P109<br>LEI: 549300TC83207VQA2K65 | Long             | EC               | CORP              | US        |      1591 | NS      | $57260.09     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                             | Shoe Carnival, Inc.                                                     | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1199 | NS      | $28668.09     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                              | DT Midstream, Inc.                                                      | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1087 | NS      | $60067.62     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                                       | GMS, Inc.                                                               | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |       975 | NS      | $48555.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                              | HealthStream, Inc.                                                      | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |      1728 | NS      | $42923.52     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc                         | Oxford Industries, Inc.                                                 | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |       481 | NS      | $44819.58     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                                   | Plexus Corp.                                                            | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |       174 | NS      | $17909.82     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                       | Enova International, Inc.                                               | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |       514 | NS      | $19722.18     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                                    | Matson, Inc.                                                            | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |       701 | NS      | $43819.51     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                           | Eagle Materials, Inc.                                                   | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       375 | NS      | $49818.75     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Turbine Inc                           | Digital Turbine, Inc.                                                   | CUSIP: 25400W102<br>LEI: 549300D0WZR1VI2QGB24 | Long             | EC               | CORP              | US        |      1825 | NS      | $27813.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                                | Ameris Bancorp                                                          | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |       829 | NS      | $39079.06     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                    | Arcosa, Inc.                                                            | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |       331 | NS      | $17986.54     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                                | Buckle, Inc.                                                            | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |       895 | NS      | $40588.25     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Perficient Inc                                | Perficient, Inc.                                                        | CUSIP: 71375U101<br>LEI: 549300HTBXKL2755T650 | Long             | EC               | CORP              | US        |       373 | NS      | $26046.59     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                               | NBT Bancorp, Inc.                                                       | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       438 | NS      | $19017.96     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                     | First BanCorp                                                           | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4622 | NS      | $58791.84     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                                 | Teradata Corp.                                                          | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |       564 | NS      | $18984.24     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Aerospace Corp                           | Park Aerospace Corp.                                                    | CUSIP: 70014A104<br>LEI: 5299004AG0G7IB636095 | Long             | EC               | CORP              | US        |      4570 | NS      | $61283.70     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CommVault Systems Inc                         | CommVault Systems, Inc.                                                 | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |       293 | NS      | $18412.12     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                  | Balchem Corp.                                                           | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |       416 | NS      | $50797.76     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I                | Prestige Consumer Healthcare, Inc.                                      | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1189 | NS      | $74431.40     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                              | Cirrus Logic, Inc.                                                      | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |       455 | NS      | $33888.40     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank Holdings Corp                   | National Bank Holdings Corp.                                            | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1641 | NS      | $69036.87     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Pharmaceuticals Inc/DE                  | Eagle Pharmaceuticals, Inc.                                             | CUSIP: 269796108<br>LEI: 549300TN20OLYTJVP152 | Long             | EC               | CORP              | US        |       822 | NS      | $24027.06     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp                     | Dynavax Technologies Corp.                                              | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |      2775 | NS      | $29526.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Dine Brands Global Inc                        | Dine Brands Global, Inc.                                                | CUSIP: 254423106<br>LEI: 529900HKM8OWSHLKJY75 | Long             | EC               | CORP              | US        |       469 | NS      | $30297.40     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc                 | Amphastar Pharmaceuticals, Inc.                                         | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |       925 | NS      | $25918.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc                          | Sturm Ruger & Company, Inc.                                             | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |      1007 | NS      | $50974.34     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EnPro Industries Inc                          | EnPro Industries, Inc.                                                  | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |       173 | NS      | $18803.37     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                             | Agree Realty Corp.                                                      | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       259 | NS      | $18370.87     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightsphere Investment Group                 | Brightsphere Investment Group, Inc.                                     | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |      2690 | NS      | $55360.20     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp                        | Louisiana-Pacific Corp.                                                 | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |       616 | NS      | $36467.20     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                            | UFP Industries, Inc.                                                    | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |      1331 | NS      | $105481.75    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENXBIO Inc                                 | REGENXBIO, Inc.                                                         | CUSIP: 75901B107<br>LEI: 549300EOES47LATSET33 | Long             | EC               | CORP              | US        |       939 | NS      | $21296.52     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc                      | Winnebago Industries, Inc.                                              | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |       683 | NS      | $35994.10     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                             | FB Financial Corp.                                                      | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |      1461 | NS      | $52800.54     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                             | ACI Worldwide, Inc.                                                     | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |       904 | NS      | $20792.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc                  | Ironwood Pharmaceuticals, Inc.                                          | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |      4667 | NS      | $57824.13     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                       | Comfort Systems USA, Inc.                                               | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       499 | NS      | $57424.92     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc                      | Patterson-UTI Energy, Inc.                                              | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |      1108 | NS      | $18658.72     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                                | LCI Industries                                                          | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |       398 | NS      | $36795.10     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA LIGAND PHARMACE- NPV                   | Ligand Pharmaceuticals Inc                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        89 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA LIGAND PHARMACE- NPV                   | Ligand Pharmaceuticals Inc                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |        89 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Albany International Corp                     | Albany International Corp.                                              | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |       816 | NS      | $80449.44     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc                        | Alarm.com Holdings, Inc.                                                | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      1136 | NS      | $56209.28     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc                     | Vanda Pharmaceuticals, Inc.                                             | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |      3326 | NS      | $24579.14     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp                    | Standex International Corp.                                             | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |       670 | NS      | $68614.70     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc                        | Patrick Industries, Inc.                                                | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |       667 | NS      | $40420.20     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                  | Wyndham Hotels & Resorts, Inc.                                          | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |       895 | NS      | $63822.45     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                              | A10 Networks, Inc.                                                      | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |      2090 | NS      | $34756.70     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Children's Place Inc/The                      | Children's Place, Inc.                                                  | CUSIP: 168905107<br>LEI: 549300BGVK2OO5O7TC19 | Long             | EC               | CORP              | US        |       830 | NS      | $30228.60     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                               | Hillenbrand, Inc.                                                       | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |      1372 | NS      | $58543.24     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc                | Advanced Energy Industries, Inc.                                        | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |       814 | NS      | $69824.92     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                  | Agilysys, Inc.                                                          | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |       403 | NS      | $31893.42     | 0.13%             |  |  |  | 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        |     29808 | NS      | $287349.10    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulgent Genetics Inc                          | Fulgent Genetics, Inc.                                                  | CUSIP: 359664109<br>LEI: 549300CL6P01M68QJ404 | Long             | EC               | CORP              | US        |       941 | NS      | $28022.98     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc                     | Merit Medical Systems, Inc.                                             | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |       255 | NS      | $18008.10     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcus Biosciences Inc                         | Arcus Biosciences, Inc.                                                 | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1148 | NS      | $23740.64     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                          | Hilltop Holdings, Inc.                                                  | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |      1320 | NS      | $39613.20     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp                | Central Pacific Financial Corp.                                         | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      2975 | NS      | $60333.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc                  | Supernus Pharmaceuticals, Inc.                                          | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      1418 | NS      | $50580.06     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                              | UniFirst Corp.                                                          | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |       100 | NS      | $19299.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Strategy Fund II                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |    107052 | NS      | $2573530.01   | 10.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                              | Boyd Gaming Corp.                                                       | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       446 | NS      | $24320.38     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie                | Applied Industrial Technologies, Inc.                                   | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       437 | NS      | $55075.11     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                           | Viavi Solutions, Inc.                                                   | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |      3481 | NS      | $36585.31     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc                        | Insteel Industries, Inc.                                                | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      1204 | NS      | $33134.08     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA                 | Preferred Bank/Los Angeles CA                                           | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      1011 | NS      | $75440.82     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Xencor Inc                                    | Xencor, Inc.                                                            | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |      1705 | NS      | $44398.20     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                                 | Ingevity Corp.                                                          | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |       502 | NS      | $35360.88     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                      | Ultra Clean Holdings, Inc.                                              | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |      1065 | NS      | $35304.75     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                              | SPS Commerce, Inc.                                                      | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |       459 | NS      | $58949.37     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                                  | SM Energy Co.                                                           | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      1960 | NS      | $68266.80     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PGT Innovations Inc                           | PGT Innovations, Inc.                                                   | CUSIP: 69336V101<br>LEI: 549300LRW9WM59C1S579 | Long             | EC               | CORP              | US        |      2851 | NS      | $51203.96     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                              | Cytokinetics, Inc.                                                      | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      1479 | NS      | $67767.78     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Vir Biotechnology Inc                         | Vir Biotechnology, Inc.                                                 | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1558 | NS      | $39432.98     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                                  | AdvanSix, Inc.                                                          | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |       877 | NS      | $33343.54     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW Group                                     | SJW Group                                                               | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       237 | NS      | $19242.03     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Simpson Manufacturing Co Inc                  | Simpson Manufacturing Company, Inc.                                     | CUSIP: 829073105<br>LEI: 529900EJUNNL15LZ8056 | Long             | EC               | CORP              | US        |       458 | NS      | $40606.28     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc                         | Veeco Instruments, Inc.                                                 | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |      2518 | NS      | $46784.44     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                           | ADTRAN Holdings, Inc.                                                   | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |      1047 | NS      | $19673.13     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                                  | Harmonic, Inc.                                                          | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |      2652 | NS      | $34741.20     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Brands Inc                             | Acuity Brands, Inc.                                                     | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       213 | NS      | $35274.93     | 0.15%             |  |  |  | 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