Form 497K Guggenheim Variable Fund

January 31, 2023 4:03 PM EST

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Guggenheim Variable Funds Trust

702 King Farm Blvd., Suite 200

Rockville, Maryland 20850

Supplement Dated January 31, 2023

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

from time to time, for Series E (Total Return Bond Series) (the “Fund”)

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

Effective immediately, Evan L. Serdensky is added as a portfolio manager of the Fund. Accordingly, the table in the section of the Summary Prospectus entitled “Management of the Fund” is deleted in its entirety and replaced as follows to include Mr. Serdensky:



Experience with the


   Primary Title with Investment Manager
Anne B. Walsh    Since 2012   

Managing Partner, Chief Investment Officer and

Portfolio Manager

Steven H. Brown    Since 2016   

Chief Investment Officer, Total Return and Macro Strategies, and

Senior Managing Director and Portfolio Manager

Adam J. Bloch    Since 2016    Managing Director and Portfolio Manager
Evan L. Serdensky    Since January 2023    Director and Portfolio Manager



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

Please Retain This Supplement for Future Reference


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