0001628280-15-003072 Sample Contracts

AMENDED AND RESTATED FUND OF FUNDS WAIVER AGREEMENT— SECURITY INVESTORS, LLC
Fund of Funds Waiver Agreement • April 30th, 2015 • Guggenheim Variable Funds Trust

THIS AGREEMENT, dated as of February 10, 2015, is made and entered into by and between Security Investors, LLC (the “Adviser”) and each of the registered investment companies set forth in Schedule A (each being referred to herein as a “Fund”), as may be amended from time to time. This Agreement shall apply to each investment portfolio of a Fund as set forth in Schedule A (the “Series”).

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AMENDED AND RESTATED FUND OF FUNDS WAIVER AGREEMENT—GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC
Fund of Funds Waiver Agreement • April 30th, 2015 • Guggenheim Variable Funds Trust

THIS AGREEMENT, dated as of February 10, 2015, is made and entered into by and between Guggenheim Partners Investment Management, LLC (the “Adviser”) and each of the registered investment companies set forth in Schedule A (each being referred to herein as a “Fund”), as may be amended from time to time. This Agreement shall apply to each investment portfolio of a Fund as set forth in Schedule A (the “Series”).

UNDERLYING SERIES WAIVER AGREEMENT—SECURITY INVESTORS, LLC
Underlying Series Waiver Agreement • April 30th, 2015 • Guggenheim Variable Funds Trust

THIS AGREEMENT, dated as of November 11, 2014, is made and entered into by and between Security Investors, LLC (the “Adviser”) and Guggenheim Variable Funds Trust (the “Fund”), on behalf of the investment portfolio(s) of the Fund set forth in Schedule A hereto (the “Series”), as may be amended from time to time.

AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 30th, 2015 • Guggenheim Variable Funds Trust

THIS AGREEMENT, dated as of February 10, 2015 is made and entered into by and between Security Investors, LLC (the “Adviser”) and each of the registered investment companies set forth on Schedule A (each being referred to herein as a “Fund”). This Agreement shall apply to each investment portfolio of a Fund as set forth in Schedule A (the “Series”).

AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • April 30th, 2015 • Guggenheim Variable Funds Trust

THIS AGREEMENT, dated as of February 10, 2015 is made and entered into by and between Guggenheim Partners Investment Management, LLC (the “Adviser”) and each of the registered investment companies set forth on Schedule A (each being referred to herein as a “Fund”). This Agreement shall apply to each investment portfolio of a Fund as set forth in Schedule A (the “Series”).

UNDERLYING SERIES WAIVER AGREEMENT—GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT, LLC
Underlying Series Waiver Agreement • April 30th, 2015 • Guggenheim Variable Funds Trust

THIS AGREEMENT, dated as of November 11, 2014, is made and entered into by and between Guggenheim Partners Investment Management, LLC (the “Adviser”) and Guggenheim Variable Funds Trust (the “Fund”), on behalf of the investment portfolio(s) of the Fund set forth in Schedule A hereto (the “Series”), as may be amended from time to time.

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