# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045016
**Filing Date:** 2023-2
**Character Count:** 67053
**Document Hash:** c3bbd9ba0830fabcca7d86f0d4524864
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045016.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045016

**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:** 23680316

**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 Z (ALPHA OPPORTUNITY SERIES) (Series ID: S000010062)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027861 | 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 Z (Alpha Opportunity Series)

- **b. EDGAR series identifier (if any):** S000010062

- **c. LEI of Series:** 549300G2R2MR8TG2ES80

**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:** $3692896.55

**Total Liabilities:** $41428.54

**Net Assets:** $3651468.01

**Cash Not Reported:** $4016.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000027861 | 6.17%                | 1.98%                | -1.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-67330.39               | $421567.59                                 |
| Month 2  | $-16664.16               | $225931.10                                 |
| Month 3  | $61663.96                | $-227512.79                                |

**Designated Index Information**

- **Index Name:** S&P 500 Index

- **Index Identifier:** SNP500

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OGE Energy Corp                     | OGE Energy Corp.                                                                | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |       906 | NS      | $35832.30     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter Parfums Inc                   | Inter Parfums, Inc.                                                             | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       105 | NS      | $10134.60     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                    | Donaldson Company, Inc.                                                         | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |       599 | NS      | $35263.13     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc            | Winnebago Industries, Inc.                                                      | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |       161 | NS      | $8484.70      | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                | Hilltop Holdings, Inc.                                                          | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |       369 | NS      | $11073.69     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                    | InterDigital, Inc.                                                              | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       278 | NS      | $13755.44     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                     | Otter Tail Corp.                                                                | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       257 | NS      | $15088.47     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                     | Tyson Foods, Inc.                                                               | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |       417 | NS      | $25958.25     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc              | Marcus & Millichap, Inc.                                                        | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |       318 | NS      | $10955.10     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc                | NetScout Systems, Inc.                                                          | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |       345 | NS      | $11215.95     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA          | Heritage Financial Corp.                                                        | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1148 | NS      | $35174.72     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                      | Dorian LPG Ltd.                                                                 | CUSIP: N/A<br>LEI: 549300WP1W2WGMC7F395       | Long             | EC               | CORP              | US        |       925 | NS      | $17528.75     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                        | VeriSign, Inc.                                                                  | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |        72 | NS      | $14791.68     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc              | Mueller Industries, Inc.                                                        | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |       309 | NS      | $18231.00     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Technology Inc                 | Avid Technology, Inc.                                                           | CUSIP: 05367P100<br>LEI: 549300PQGW3DXKJTQ914 | Long             | EC               | CORP              | US        |       407 | NS      | $10822.13     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC | MS Equity Custom Basket                                                         | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DE               |  | US        |         0 | NC      | $88943.26     | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Globus Medical Inc                  | Globus Medical, Inc.                                                            | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |       249 | NS      | $18493.23     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                         | Hologic, Inc.                                                                   | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |       476 | NS      | $35609.56     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc             | Methode Electronics, Inc.                                                       | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |       460 | NS      | $20410.20     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                         | ONE Gas, Inc.                                                                   | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |       262 | NS      | $19838.64     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Pharmaceuticals Inc/DE        | Eagle Pharmaceuticals, Inc.                                                     | CUSIP: 269796108<br>LEI: 549300TN20OLYTJVP152 | Long             | EC               | CORP              | US        |       540 | NS      | $15784.20     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp               | Antero Midstream Corp.                                                          | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3189 | NS      | $34409.31     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                       | Westlake Corp.                                                                  | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |        88 | NS      | $9023.52      | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                  | Royalty Pharma plc                                                              | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |       666 | NS      | $26320.32     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp       | International Bancshares Corp.                                                  | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |       394 | NS      | $18029.44     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                          | Rambus, Inc.                                                                    | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |       261 | NS      | $9349.02      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc                      | CVR Energy, Inc.                                                                | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |       555 | NS      | $17393.70     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC            | Jazz Pharmaceuticals plc                                                        | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | US        |       119 | NS      | $18957.89     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                        | Balchem Corp.                                                                   | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |       183 | NS      | $22346.13     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                    | Hope Bancorp, Inc.                                                              | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |      2710 | NS      | $34715.10     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                         | Snap-on, Inc.                                                                   | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       148 | NS      | $33816.52     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                           | Graco, Inc.                                                                     | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |       521 | NS      | $35042.46     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                 | Williams-Sonoma, Inc.                                                           | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |        97 | NS      | $11147.24     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                          | AMETEK, Inc.                                                                    | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |       111 | NS      | $15508.92     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                        | Synopsys, Inc.                                                                  | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |        85 | NS      | $27139.65     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                     | OSI Systems, Inc.                                                               | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |       131 | NS      | $10417.12     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Brands Inc                   | Acuity Brands, Inc.                                                             | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       131 | NS      | $21694.91     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                   | ACI Worldwide, Inc.                                                             | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |       345 | NS      | $7935.00      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services C      | Stewart Information Services Corp.                                              | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |       323 | NS      | $13801.79     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc       | Academy Sports & Outdoors, Inc.                                                 | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       268 | NS      | $14080.72     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp             | Perdoceo Education Corp.                                                        | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |      2340 | NS      | $32526.00     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                      | Buckle, Inc.                                                                    | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |       445 | NS      | $20180.75     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                     | T-Mobile US, Inc.                                                               | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       204 | NS      | $28560.00     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp               | Monster Beverage Corp.                                                          | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |       206 | NS      | $20915.18     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                             | GMS, Inc.                                                                       | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |       589 | NS      | $29332.20     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co              | Columbia Sportswear Co.                                                         | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |       402 | NS      | $35207.16     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc              | Group 1 Automotive, Inc.                                                        | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |        58 | NS      | $10461.46     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                  | Valero Energy Corp.                                                             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       181 | NS      | $22961.66     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC | MS Equity Custom Basket                                                         | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DE               |  | US        |         0 | NC      | $7622.48      | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Maximus Inc                         | Maximus, Inc.                                                                   | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |       218 | NS      | $15985.94     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Office Properties Income Trust      | Office Properties Income Trust                                                  | CUSIP: 67623C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1185 | NS      | $15819.75     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| American Vanguard Corp              | American Vanguard Corp.                                                         | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               | CORP              | US        |       433 | NS      | $9400.43      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                       | Ingevity Corp.                                                                  | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |       142 | NS      | $10002.48     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                         | Dropbox, Inc.                                                                   | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |       889 | NS      | $19895.82     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc               | Applied Materials, Inc.                                                         | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |       286 | NS      | $27850.68     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp              | Louisiana-Pacific Corp.                                                         | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |       491 | NS      | $29067.20     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                      | NewMarket Corp.                                                                 | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |        56 | NS      | $17422.16     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                       | Renasant Corp.                                                                  | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |       912 | NS      | $34282.08     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc      | Virtus Investment Partners, Inc.                                                | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |        61 | NS      | $11677.84     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc        | Supernus Pharmaceuticals, Inc.                                                  | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |       497 | NS      | $17727.99     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp           | Chesapeake Utilities Corp.                                                      | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |       186 | NS      | $21981.48     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                  | SunCoke Energy, Inc.                                                            | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |      1315 | NS      | $11348.45     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp       | Quanex Building Products Corp.                                                  | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |       404 | NS      | $9566.72      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                 | Eagle Materials, Inc.                                                           | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       238 | NS      | $31618.30     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                    | NMI Holdings, Inc.                                                              | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |       367 | NS      | $7670.30      | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                 | Otis Worldwide Corp.                                                            | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |       139 | NS      | $10885.09     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp          | Standex International Corp.                                                     | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |       334 | NS      | $34204.94     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc           | USANA Health Sciences, Inc.                                                     | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |       495 | NS      | $26334.00     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                        | Danaher Corp.                                                                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       105 | NS      | $27869.10     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc       | Amphastar Pharmaceuticals, Inc.                                                 | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |       336 | NS      | $9414.72      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc        | Ironwood Pharmaceuticals, Inc.                                                  | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |      2974 | NS      | $36847.86     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                | Williams Companies, Inc.                                                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |       605 | NS      | $19904.50     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                 | Clearway Energy, Inc.                                                           | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |       623 | NS      | $19855.01     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                        | QUALCOMM, Inc.                                                                  | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |        90 | NS      | $9894.60      | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PGT Innovations Inc                 | PGT Innovations, Inc.                                                           | CUSIP: 69336V101<br>LEI: 549300LRW9WM59C1S579 | Long             | EC               | CORP              | US        |       566 | NS      | $10165.36     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc            | Axcelis Technologies, Inc.                                                      | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |       111 | NS      | $8808.96      | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                  | Meta Platforms, Inc.                                                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       194 | NS      | $23345.96     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc        | MSC Industrial Direct Company, Inc.                                             | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |       273 | NS      | $22304.10     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Triton International Ltd            | Triton International Ltd.                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       321 | NS      | $22078.38     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc       | Regeneron Pharmaceuticals, Inc.                                                 | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |        14 | NS      | $10100.86     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc          | Vishay Intertechnology, Inc.                                                    | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      1250 | NS      | $26962.50     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc           | Minerals Technologies, Inc.                                                     | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |       402 | NS      | $24409.44     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc           | Ethan Allen Interiors, Inc.                                                     | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       302 | NS      | $7978.84      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                         | Phillips 66                                                                     | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |       178 | NS      | $18526.24     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings       | Allison Transmission Holdings, Inc.                                             | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |       645 | NS      | $26832.00     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc                   | Post Holdings, Inc.                                                             | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |       271 | NS      | $24460.46     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                    | Boyd Gaming Corp.                                                               | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       278 | NS      | $15159.34     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                            | UGI Corp.                                                                       | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |       882 | NS      | $32695.74     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp         | REX American Resources Corp.                                                    | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       367 | NS      | $11692.62     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                        | Exelixis, Inc.                                                                  | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |       587 | NS      | $9415.48      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp             | Marathon Petroleum Corp.                                                        | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |       313 | NS      | $36430.07     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc            | Lamb Weston Holdings, Inc.                                                      | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |       152 | NS      | $13582.72     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                      | Microsoft Corp.                                                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |        94 | NS      | $22543.08     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                    | Coca-Cola Co.                                                                   | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |       563 | NS      | $35812.43     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                 | Gilead Sciences, Inc.                                                           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |       212 | NS      | $18200.20     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogo Inc                            | Gogo, Inc.                                                                      | CUSIP: 38046C109<br>LEI: 549300VL3DIHSFHYTO04 | Long             | EC               | CORP              | US        |      1732 | NS      | $25564.32     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc      | Advanced Energy Industries, Inc.                                                | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |       254 | NS      | $21788.12     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                           | ONEOK, Inc.                                                                     | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |       126 | NS      | $8278.20      | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                    | DT Midstream, Inc.                                                              | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       601 | NS      | $33211.26     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                    | Exxon Mobil Corp.                                                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       330 | NS      | $36399.00     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA       | Preferred Bank/Los Angeles CA                                                   | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |       488 | NS      | $36414.56     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                  | Home Depot, Inc.                                                                | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |        89 | NS      | $28111.54     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                           | Adobe, Inc.                                                                     | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |        30 | NS      | $10095.90     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc                | Sturm Ruger & Company, Inc.                                                     | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |       455 | NS      | $23032.10     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International         | GS Equity Custom Basket                                                         | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DE               |  | US        |         0 | NC      | $8712.42      | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Prestige Consumer Healthcare I      | Prestige Consumer Healthcare, Inc.                                              | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       469 | NS      | $29359.40     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                          | Diodes, Inc.                                                                    | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |       166 | NS      | $12639.24     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV        | LyondellBasell Industries N.V.                                                  | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |       178 | NS      | $14779.34     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                            | FMC Corp.                                                                       | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |        92 | NS      | $11481.60     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                     | Sealed Air Corp.                                                                | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |       353 | NS      | $17607.64     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                      | Starbucks Corp.                                                                 | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |       161 | NS      | $15971.20     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc      | Kulicke & Soffa Industries, Inc.                                                | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |       200 | NS      | $8852.00      | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                           | Apple, Inc.                                                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |        81 | NS      | $10524.33     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc            | Par Pacific Holdings, Inc.                                                      | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |       388 | NS      | $9021.00      | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Financial Services In      | PennyMac Financial Services, Inc.                                               | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |       161 | NS      | $9122.26      | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                   | Steven Madden Ltd.                                                              | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |       444 | NS      | $14190.24     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA            | TowneBank                                                                       | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |      1086 | NS      | $33492.24     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                     | S&T Bancorp, Inc.                                                               | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1005 | NS      | $34350.90     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                               | 3M Co.                                                                          | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |       109 | NS      | $13071.28     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc          | Vertex Pharmaceuticals, Inc.                                                    | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |        59 | NS      | $17038.02     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                   | Cisco Systems, Inc.                                                             | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |       396 | NS      | $18865.44     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                   | Kinder Morgan, Inc.                                                             | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      1827 | NS      | $33032.16     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International         | GS Equity Custom Basket                                                         | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DE               |  | US        |         0 | NC      | $89688.58     | 2.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Co             | Bristol-Myers Squibb Co.                                                        | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       442 | NS      | $31801.90     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                   | Brunswick Corp.                                                                 | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |       387 | NS      | $27894.96     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                        | Evercore, Inc.                                                                  | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |       198 | NS      | $21597.84     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitrans Midstream Corp            | Equitrans Midstream Corp.                                                       | CUSIP: 294600101<br>LEI: 549300RH0NLJNZ5SXU64 | Long             | EC               | CORP              | US        |      1265 | NS      | $8475.50      | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc         | Raymond James Financial, Inc.                                                   | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |         0 | NS      | $53.43        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp            | United Therapeutics Corp.                                                       | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |        67 | NS      | $18632.03     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                | National Fuel Gas Co.                                                           | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |       152 | NS      | $9621.60      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                     | Yum! Brands, Inc.                                                               | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       274 | NS      | $35093.92     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                    | Altria Group, Inc.                                                              | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |       580 | NS      | $26511.80     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc           | Haverty Furniture Companies, Inc.                                               | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |       446 | NS      | $13335.40     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                         | Incyte Corp.                                                                    | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |       178 | NS      | $14296.96     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc         | John B Sanfilippo & Son, Inc.                                                   | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |       437 | NS      | $35536.84     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                      | MGE Energy, Inc.                                                                | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       363 | NS      | $25555.20     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                       | Synaptics, Inc.                                                                 | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |       116 | NS      | $11038.56     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                      | Lowe's Companies, Inc.                                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |        62 | NS      | $12352.88     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                      | Eli Lilly & Co.                                                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |        20 | NS      | $7316.80      | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                        | Innoviva, Inc.                                                                  | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      1022 | NS      | $13541.50     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                       | Teradata Corp.                                                                  | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |       361 | NS      | $12151.26     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp      | Central Pacific Financial Corp.                                                 | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |       721 | NS      | $14621.88     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                    | Cirrus Logic, Inc.                                                              | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |       467 | NS      | $34782.16     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                | Lockheed Martin Corp.                                                           | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        54 | NS      | $26270.46     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                        | Alphabet, Inc.                                                                  | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       118 | NS      | $10470.14     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                         | Textron, Inc.                                                                   | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |       498 | NS      | $35258.40     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc           | Vanda Pharmaceuticals, Inc.                                                     | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |      1320 | NS      | $9754.80      | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                      | BankUnited, Inc.                                                                | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |       426 | NS      | $14471.22     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                          | NetApp, Inc.                                                                    | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |       155 | NS      | $9309.30      | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc        | Bread Financial Holdings, Inc.                                                  | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |       269 | NS      | $10130.54     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                    | FirstEnergy Corp.                                                               | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |       866 | NS      | $36320.04     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                           | Olin Corp.                                                                      | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |       288 | NS      | $15246.72     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp           | Albany International Corp.                                                      | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |       318 | NS      | $31351.62     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc               | Oxford Industries, Inc.                                                         | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |       137 | NS      | $12765.66     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc       | CSG Systems International, Inc.                                                 | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |       147 | NS      | $8408.40      | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp               | General Dynamics Corp.                                                          | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       108 | NS      | $26795.88     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc               | Quest Diagnostics, Inc.                                                         | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       239 | NS      | $37389.16     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                          | Watsco, Inc.                                                                    | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |        41 | NS      | $10225.40     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                        | AdvanSix, Inc.                                                                  | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |       264 | NS      | $10037.28     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                            | Visa, Inc.                                                                      | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |        47 | NS      | $9764.72      | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc          | Verizon Communications, Inc.                                                    | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |       832 | NS      | $32780.80     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc        | Wyndham Hotels & Resorts, Inc.                                                  | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |       495 | NS      | $35298.45     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                       | Huntsman Corp.                                                                  | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |       717 | NS      | $19703.16     | 0.54%             |  |  |  | No            |                  1 | 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        |     48920 | NS      | $48919.79     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank Holdings Corp         | National Bank Holdings Corp.                                                    | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       825 | NS      | $34707.75     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc              | Patrick Industries, Inc.                                                        | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |       190 | NS      | $11514.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc               | Veeco Instruments, Inc.                                                         | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |       442 | NS      | $8212.36      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp                  | Varex Imaging Corp.                                                             | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |      1290 | NS      | $26187.00     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                 | Emerson Electric Co.                                                            | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       346 | NS      | $33236.76     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                      | Hershey Co.                                                                     | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       153 | NS      | $35430.21     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc                         | EVERTEC, Inc.                                                                   | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       659 | NS      | $21338.42     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp           | Occidental Petroleum Corp.                                                      | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |       218 | NS      | $13731.82     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc              | IDEXX Laboratories, Inc.                                                        | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |        79 | NS      | $32228.84     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                    | Black Hills Corp.                                                               | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |       508 | NS      | $35732.72     | 0.98%             |  |  |  | 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