# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045064
**Filing Date:** 2023-2
**Character Count:** 46302
**Document Hash:** ece238ff069da9de7a7e670ab608b975
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045064.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045064

**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:** RYDEX VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0001064046
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08821
- **FILM NUMBER:** 23680365

**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

## Series and Classes Contracts Data

### Technology Fund (Series ID: S000003722)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010391 | Variable Annuity |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Rydex Variable Trust

- **b. Investment Company Act file number:** 811-08821

- **c. CIK number of Registrant:** 0001064046

- **d. LEI of Registrant:** 549300LJH0YR8RY3N305

- **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:** Technology Fund

- **b. EDGAR series identifier (if any):** S000003722

- **c. LEI of Series:** 549300780HPWSSEW7M67

**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:** $15526381.18

**Total Liabilities:** $64914.62

**Net Assets:** $15461466.56

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010391 | 4.73%                | 5.87%                | -7.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $126607.99               | $582372.32                                 |
| Month 2  | $-26230.88               | $1048089.85                                |
| Month 3  | $-244577.14              | $-1104079.78                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Lattice Semiconductor Corp     | Lattice Semiconductor Corp.                          | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |       808 | NS      | $52423.04     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductor N.V.                               | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | US        |       757 | NS      | $119628.71    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv, Inc.                                         | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      1500 | NS      | $151605.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms, Inc.                                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2901 | NS      | $349106.34    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments, Inc.                              | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      1339 | NS      | $221229.58    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc             | Enphase Energy, Inc.                                 | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       392 | NS      | $103864.32    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd            | TE Connectivity Ltd.                                 | CUSIP: N/A<br>LEI: 894500ZRIX9K13RHXR17       | Long             | EC               | CORP              | US        |       958 | NS      | $109978.40    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments, Inc.                                | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |       989 | NS      | $98227.48     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Splunk Inc                     | Splunk, Inc.                                         | CUSIP: 848637104<br>LEI: 549300XGDSGBP6UEI867 | Long             | EC               | CORP              | US        |       807 | NS      | $69474.63     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp        | Zebra Technologies Corp.                             | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |       273 | NS      | $69999.93     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp, Inc.                                         | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1102 | NS      | $66186.12     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies, Inc.                          | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     10415 | NS      | $66864.30     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                    | MongoDB, Inc.                                        | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |       323 | NS      | $63579.32     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                         | HP, Inc.                                             | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      3538 | NS      | $95066.06     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow, Inc.                                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       427 | NS      | $165791.29    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                    | Dropbox, Inc.                                        | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |      2396 | NS      | $53622.48     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                  | Snowflake, Inc.                                      | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |       897 | NS      | $128755.38    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd.                                             | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      1566 | NS      | $81478.98     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies, Inc.                              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      2520 | NS      | $101354.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bill.com Holdings Inc          | Bill.com Holdings, Inc.                              | CUSIP: 090043100<br>LEI: 549300IBF9VZZIGOZW63 | Long             | EC               | CORP              | US        |       573 | NS      | $62434.08     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce, Inc.                                     | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1712 | NS      | $226994.08    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SolarEdge Technologies Inc     | SolarEdge Technologies, Inc.                         | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |       284 | NS      | $80448.68     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts, Inc.                                | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       884 | NS      | $108007.12    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp.                                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2241 | NS      | $327499.74    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices, Inc.                         | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      2925 | NS      | $189452.25    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices, Inc.                                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1015 | NS      | $166490.45    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      3272 | NS      | $784691.04    | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions, Inc.                 | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |       536 | NS      | $71893.68     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceridian HCM Holding Inc       | Ceridian HCM Holding, Inc.                           | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |       928 | NS      | $59531.20     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                      | ANSYS, Inc.                                          | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |       358 | NS      | $86489.22     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                    | Trimble, Inc.                                        | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      1253 | NS      | $63351.68     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Trade Desk Inc/The             | Trade Desk, Inc.                                     | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |      1968 | NS      | $88225.44     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc                      | Five9, Inc.                                          | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Long             | EC               | CORP              | US        |       608 | NS      | $41258.88     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture plc                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       513 | NS      | $136888.92    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple, Inc.                                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      6275 | NS      | $815310.75    | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolfspeed Inc                  | Wolfspeed, Inc.                                      | CUSIP: 977852102<br>LEI: 549300OGU88P3AW3TO93 | Long             | EC               | CORP              | US        |       708 | NS      | $48880.32     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa, Inc.                                           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      1912 | NS      | $397237.12    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block, Inc.                                          | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      1884 | NS      | $118390.56    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp           | Western Digital Corp.                                | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      1778 | NS      | $56095.90     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                       | Okta, Inc.                                           | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |       940 | NS      | $64230.20     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday, Inc.                                        | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |       721 | NS      | $120644.93    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings, Inc.                                | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      2302 | NS      | $163948.44    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                       | Snap, Inc.                                           | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |      8093 | NS      | $72432.35     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp.                | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      1447 | NS      | $203867.83    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                        | PTC, Inc.                                            | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       586 | NS      | $70343.44     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu, Inc.                                          | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |       844 | NS      | $96536.72     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      5406 | NS      | $257541.84    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL | Seagate Technology Holdings plc                      | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | US        |      1124 | NS      | $59133.64     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology, Inc.                              | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      2589 | NS      | $129398.22    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials, Inc.                              | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1639 | NS      | $159605.82    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks, Inc.                                | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       936 | NS      | $113583.60    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks Inc           | Juniper Networks, Inc.                               | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |      1866 | NS      | $59637.36     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks, Inc.                             | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |       824 | NS      | $114980.96    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc         | Tyler Technologies, Inc.                             | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |       221 | NS      | $71252.61     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit, Inc.                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       489 | NS      | $190328.58    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| RingCentral Inc                | RingCentral, Inc.                                    | CUSIP: 76680R206<br>LEI: 549300C8EH0H1614VE84 | Long             | EC               | CORP              | US        |       976 | NS      | $34550.40     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog | Check Point Software Technologies Ltd.               | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | US        |       629 | NS      | $79354.64     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FleetCor Technologies Inc      | FleetCor Technologies, Inc.                          | CUSIP: 339041105<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       381 | NS      | $69982.08     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM, Inc.                                       | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      1812 | NS      | $199211.28    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris, Inc.                                       | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |       873 | NS      | $57260.07     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp.                                          | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      7184 | NS      | $189873.12    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom, Inc.                                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       518 | NS      | $289629.34    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services, Inc.         | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      1758 | NS      | $119280.30    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc | SS&C Technologies Holdings, Inc.                     | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |      1341 | NS      | $69812.46     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                     | VMware, Inc.                                         | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |      1116 | NS      | $137000.16    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys, Inc.                                       | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       408 | NS      | $130270.32    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications Inc  | Zoom Video Communications, Inc.                      | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      1208 | NS      | $81829.92     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                    | ROBLOX Corp.                                         | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2623 | NS      | $74650.58     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp.                 | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      1765 | NS      | $100940.35    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology, Inc.                             | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2768 | NS      | $102526.72    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog, Inc.                                        | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      1212 | NS      | $89082.00     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot, Inc.                                        | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       242 | NS      | $69969.46     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex, Inc.                                        | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1036 | NS      | $119720.16    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| UiPath Inc                     | UiPath, Inc.                                         | CUSIP: 90364P105<br>LEI: 5493000YP61KBELDHT53 | Long             | EC               | CORP              | US        |      4028 | NS      | $51195.88     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe, Inc.                                          | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       702 | NS      | $236244.06    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                    | Zscaler, Inc.                                        | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |       676 | NS      | $75644.40     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding N.V.                                    | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       190 | NS      | $103816.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp.                                       | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      1616 | NS      | $123042.24    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                | Gen Digital, Inc.                                    | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      3184 | NS      | $68233.12     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings, Inc.                           | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       876 | NS      | $92234.04     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                   | Teradyne, Inc.                                       | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |       747 | NS      | $65250.45     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc             | Unity Software, Inc.                                 | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |      2133 | NS      | $60982.47     | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Monolithic Power Systems Inc   | Monolithic Power Systems, Inc.                       | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       205 | NS      | $72490.05     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare, Inc.                                     | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      1512 | NS      | $68357.52     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing, Inc.                      | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |       755 | NS      | $180339.30    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic NV                     | Elastic N.V.                                         | CUSIP: N/A<br>LEI: 2549003I48WHHH937I59       | Long             | EC               | CORP              | US        |       795 | NS      | $40942.50     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk, Inc.                                       | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       621 | NS      | $116046.27    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace, Inc.                                      | CUSIP: 268150109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1657 | NS      | $63463.10     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software  | Take-Two Interactive Software, Inc.                  | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |       781 | NS      | $81325.53     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc    | Jack Henry & Associates, Inc.                        | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |       376 | NS      | $66010.56     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     14839 | PA      | $14839.21     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Skyworks Solutions Inc         | Skyworks Solutions, Inc.                             | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |       758 | NS      | $69076.54     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      7071 | NS      | $623874.33    | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc            | Affirm Holdings, Inc.                                | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3318 | NS      | $32085.06     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc        | Activision Blizzard, Inc.                            | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      1897 | NS      | $145215.35    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp          | ON Semiconductor Corp.                               | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      1445 | NS      | $90124.65     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                    | Infosys Ltd.                                         | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      4380 | NS      | $78883.80     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc      | ZoomInfo Technologies, Inc.                          | CUSIP: 98980F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2226 | NS      | $67024.86     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc       | Microchip Technology, Inc.                           | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      1576 | NS      | $110714.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard, Inc.                                     | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       989 | NS      | $343904.97    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                     | Twilio, Inc.                                         | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |      1213 | NS      | $59388.48     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5, Inc.                                             | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |       373 | NS      | $53529.23     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                | Match Group, Inc.                                    | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      1550 | NS      | $64309.50     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                  | Pinterest, Inc.                                      | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3359 | NS      | $81556.52     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems, Inc.                         | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       778 | NS      | $124977.92    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DocuSign Inc                   | DocuSign, Inc.                                       | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |      1300 | NS      | $72046.00     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     14793 | PA      | $14793.25     | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Qorvo Inc                      | Qorvo, Inc.                                          | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       594 | NS      | $53840.16     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MicroStrategy Inc              | MicroStrategy, Inc.                                  | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |       142 | NS      | $20102.94     | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| First American Funds           | First American Government Obligations Fund - Class X | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |     67938 | NS      | $67938.46     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                | Fair Isaac Corp.                                     | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       116 | NS      | $69435.28     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                    | NetEase, Inc.                                        | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |      1165 | NS      | $84613.95     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC     | J.P. Morgan Securities LLC                           | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |     38582 | PA      | $38581.94     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortinet Inc                   | Fortinet, Inc.                                       | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      2270 | NS      | $110980.30    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp.                                         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3465 | NS      | $283229.10    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                    | GoDaddy, Inc.                                        | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       861 | NS      | $64420.02     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc        | Akamai Technologies, Inc.                            | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |       789 | NS      | $66512.70     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Company Ltd.      | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1976 | NS      | $147192.24    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp.                                   | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       324 | NS      | $136177.20    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar, Inc.                                    | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       508 | NS      | $76093.32     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                   | VeriSign, Inc.                                       | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       436 | NS      | $89571.84     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify, Inc.                                        | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |      2700 | NS      | $93717.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Digital Holdings Inc  | Marathon Digital Holdings, Inc.                      | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |      3104 | NS      | $10615.68     | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Atlassian Corp                 | Atlassian Corp.                                      | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |       810 | NS      | $104230.80    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                    | CDW Corp.                                            | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       505 | NS      | $90182.90     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp.                                            | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       348 | NS      | $131206.44    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Asana Inc                      | Asana, Inc.                                          | CUSIP: 04342Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1849 | NS      | $25460.73     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupa Software Inc             | Coupa Software, Inc.                                 | CUSIP: 22266L106<br>LEI: 549300Q95ICR2GFL2K37 | Long             | EC               | CORP              | US        |       708 | NS      | $56052.36     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning, Inc.                                        | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      2983 | NS      | $95277.02     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Rydex Variable Trust

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO