# EDGAR Filing Document

**Accession Number:** 0000217087
**File Stem:** 0001752724-23-045083
**Filing Date:** 2023-2
**Character Count:** 33554
**Document Hash:** 68a1187a1bb867da3fbf414cadb59338
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045083.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045083

**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:** 23680383

**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 Y (STYLEPLUS - LARGE GROWTH SERIES) (Series ID: S000010061)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027860 | 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 Y (StylePlus-Large Growth Series)

- **b. EDGAR series identifier (if any):** S000010061

- **c. LEI of Series:** 5493008QP6PWS1VNJM21

**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:** $37114043.08

**Total Liabilities:** $61027.14

**Net Assets:** $37053015.94

**Cash Not Reported:** $97855.58

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -0.02731528 | **1-Year:** 3462.10171714 | **5-Year:** 1869.48269526 | **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 C000027860 | 5.52%                | 5.02%                | -7.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-147913.84              | $448188.73                                 |
| Month 2  | $-80990.86               | $659773.27                                 |
| Month 3  | $148022.05               | $-669784.22                                |

**Designated Index Information**

- **Index Name:** Russell 1000 Growth Index

- **Index Identifier:** RS1000G

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| McDonald's Corp                               | McDonald's Corp.                                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       485 | NS      | $127812.05    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                         | Applied Materials, Inc.                                    | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1108 | NS      | $107897.04    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp                     | Occidental Petroleum Corp.                                 | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      1408 | NS      | $88689.92     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                                   | Hologic, Inc.                                              | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |      1206 | NS      | $90220.86     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                               | Sealed Air Corp.                                           | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |      1627 | NS      | $81154.76     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                                   | Incyte Corp.                                               | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      1060 | NS      | $85139.20     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc                    | CF Industries Holdings, Inc.                               | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |       878 | NS      | $74805.60     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                     | Tesla, Inc.                                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       704 | NS      | $86718.72     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp                         | ON Semiconductor Corp.                                     | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      1224 | NS      | $76340.88     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                 | Regeneron Pharmaceuticals, Inc.                            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       166 | NS      | $119767.34    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                       | Bristol-Myers Squibb Co.                                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       648 | NS      | $46623.60     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                | Amazon.com, Inc.                                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      1253 | NS      | $105252.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                            | Meta Platforms, Inc.                                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       335 | NS      | $40313.90     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                      | Microchip Technology, Inc.                                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      1131 | NS      | $79452.75     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                                  | VeriSign, Inc.                                             | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       442 | NS      | $90804.48     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                    | Pfizer, Inc.                                               | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      3548 | NS      | $181799.52    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                                   | Pentair plc                                                | CUSIP: N/A<br>LEI: 549300EVR9D56WPSRP15       | Long             | EC               | CORP              | US        |      1868 | NS      | $84022.64     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                    | Vertex Pharmaceuticals, Inc.                               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       344 | NS      | $99340.32     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                         | NXP Semiconductor N.V.                                     | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | US        |       536 | NS      | $84704.08     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo Bank, N.A.                        | Russell 1000 Growth Index                                  | CUSIP: N/A<br>LEI: KB1H1DSPRFMYMCUFXT09       | N/A              | DE               |  | US        |     12763 | NC      | $532587.23    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                       | Procter & Gamble Co.                                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       536 | NS      | $81236.16     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL                | Seagate Technology Holdings plc                            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | US        |      1356 | NS      | $71339.16     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                         | Bath & Body Works, Inc.                                    | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |      1430 | NS      | $60260.20     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | NASDAQ-100 Index Mini Futures Contracts                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         2 | NC      | $-32335.50    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                      | APA Corp.                                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      1895 | NS      | $88458.60     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                     | Apple, Inc.                                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      6511 | NS      | $845974.23    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                     | Qorvo, Inc.                                                | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       812 | NS      | $73599.68     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                  | Thermo Fisher Scientific, Inc.                             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |        55 | NS      | $30287.95     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                              | Exxon Mobil Corp.                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      1767 | NS      | $194900.10    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                                    | Nucor Corp.                                                | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       373 | NS      | $49165.13     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                                | Hershey Co.                                                | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       396 | NS      | $91701.72     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                  | Broadcom, Inc.                                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       124 | NS      | $69332.12     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                                        | HP, Inc.                                                   | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      2247 | NS      | $60376.89     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                  | Alphabet, Inc.                                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6029 | NS      | $534953.17    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                         | Quest Diagnostics, Inc.                                    | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       592 | NS      | $92612.48     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                                  | AutoZone, Inc.                                             | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        40 | NS      | $98647.20     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                                    | Masco Corp.                                                | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |      1390 | NS      | $64871.30     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                | Mastercard, Inc.                                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       263 | NS      | $91452.99     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                       | NVR, Inc.                                                  | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        15 | NS      | $69188.70     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                        | UnitedHealth Group, Inc.                                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       299 | NS      | $158523.82    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                           | Elevance Health, Inc.                                      | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       111 | NS      | $56939.67     | 0.15%             |  |  |  | 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        |    410883 | NS      | $9889955.28   | 26.69%            |  |  |  | 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        |    425438 | NS      | $10236044.42  | 27.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                  | Prologis, Inc.                                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |       300 | NS      | $33819.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                                  | Chevron Corp.                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       817 | NS      | $146643.33    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                               | Caterpillar, Inc.                                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |       105 | NS      | $25153.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                  | Danaher Corp.                                              | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |        90 | NS      | $23887.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc                | Fortune Brands Innovations, Inc.                           | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |      1163 | NS      | $66418.93     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                           | Otis Worldwide Corp.                                       | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |       954 | NS      | $74707.74     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                  | Nordson Corp.                                              | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |       367 | NS      | $87243.24     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc                        | Skyworks Solutions, Inc.                                   | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       794 | NS      | $72357.22     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                           | Gilead Sciences, Inc.                                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |       584 | NS      | $50136.40     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                             | Johnson & Johnson                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       593 | NS      | $104753.45    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                          | Lockheed Martin Corp.                                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        50 | NS      | $24324.50     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                             | Cisco Systems, Inc.                                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      1686 | NS      | $80321.04     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                | Eli Lilly & Co.                                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       186 | NS      | $68046.24     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc                            | United Rentals, Inc.                                       | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       214 | NS      | $76059.88     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                                | Lowe's Companies, Inc.                                     | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       493 | NS      | $98225.32     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc                         | Molina Healthcare, Inc.                                    | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       231 | NS      | $76280.82     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                               | Yum! Brands, Inc.                                          | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       724 | NS      | $92729.92     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                   | PepsiCo, Inc.                                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       475 | NS      | $85813.50     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                               | Masterbrand, Inc.                                          | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |      1163 | NS      | $8780.65      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                      | KLA Corp.                                                  | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       226 | NS      | $85208.78     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                                    | NetApp, Inc.                                               | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1105 | NS      | $66366.30     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                | ConocoPhillips                                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |       359 | NS      | $42362.00     | 0.11%             |  |  |  | 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        |    386694 | NS      | $3727732.37   | 10.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                | Merck & Company, Inc.                                      | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       960 | NS      | $106512.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                     | Adobe, Inc.                                                | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |        74 | NS      | $24903.22     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | S&P 500 Index Mini Futures Contracts                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         4 | NC      | $-32655.00    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                     | Amgen, Inc.                                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       413 | NS      | $108470.32    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                   | Goldman Sachs Group, Inc.                                  | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       110 | NS      | $37771.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                          | Targa Resources Corp.                                      | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1188 | NS      | $87318.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                  | QUALCOMM, Inc.                                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1273 | NS      | $139953.62    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                   | NVIDIA Corp.                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       721 | NS      | $105366.94    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                    | AbbVie, Inc.                                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1065 | NS      | $172114.65    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                          | Progressive Corp.                                          | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       190 | NS      | $24644.90     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                      | Visa, Inc.                                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1114 | NS      | $231444.64    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                     | ONEOK, Inc.                                                | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      1363 | NS      | $89549.10     | 0.24%             |  |  |  | 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        |    192661 | NS      | $4631563.25   | 12.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                            | Home Depot, Inc.                                           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       230 | NS      | $72647.80     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                                | A O Smith Corp.                                            | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      1439 | NS      | $82368.36     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                              | Coca-Cola Co.                                              | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      1170 | NS      | $74423.70     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                | Microsoft Corp.                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1689 | NS      | $405055.98    | 1.09%             |  |  |  | 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