# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045091
**Filing Date:** 2023-2
**Character Count:** 40568
**Document Hash:** 192bdaff3168fadc8b9bdb78273017ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045091.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045091

**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:** 23680394

**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

### Real Estate Fund (Series ID: S000003726)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010395 | 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:** Real Estate Fund

- **b. EDGAR series identifier (if any):** S000003726

- **c. LEI of Series:** 549300SJ3ZMS4TIS6C34

**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:** $4786933.33

**Total Liabilities:** $19397.68

**Net Assets:** $4767535.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010395 | 4.60%                | 5.98%                | -5.83%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $71911.18                | $146675.97                                 |
| Month 2  | $69500.82                | $214921.89                                 |
| Month 3  | $82728.66                | $-412965.95                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Retail Opportunity Investments | Retail Opportunity Investments Corp.                      | CUSIP: 76131N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1354 | NS      | $20350.62     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc     | Sabra Health Care REIT, Inc.                              | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |      2054 | NS      | $25531.22     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp           | SL Green Realty Corp.                                     | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |       703 | NS      | $23705.16     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Tr | National Storage Affiliates Trust                         | CUSIP: 637870106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       858 | NS      | $30990.96     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent          | American Homes 4 Rent                                     | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |      1574 | NS      | $47440.36     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties, Inc.                                     | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      2448 | NS      | $79315.20     | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust            | Acadia Realty Trust                                       | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1229 | NS      | $17636.15     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties Inc          | Boston Properties, Inc.                                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |       764 | NS      | $51631.12     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp           | AGNC Investment Corp.                                     | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |      3428 | NS      | $35479.80     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc               | Crown Castle, Inc.                                        | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |       850 | NS      | $115294.00    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust                                     | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |       469 | NS      | $52471.72     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc  | Rexford Industrial Realty, Inc.                           | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |       908 | NS      | $49613.12     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc             | CareTrust REIT, Inc.                                      | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      1063 | NS      | $19750.54     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp.                                      | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       723 | NS      | $153174.78    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| KRC Interim Corp               | Kimco Realty Corp.                                        | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               | CORP              | US        |      2410 | NS      | $51043.80     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc             | Douglas Emmett, Inc.                                      | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1698 | NS      | $26624.64     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                        | UDR, Inc.                                                 | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |      1390 | NS      | $53834.70     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential             | Equity Residential                                        | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      1198 | NS      | $70682.00     | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc    | Starwood Property Trust, Inc.                             | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |      1936 | NS      | $35486.88     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc               | Zillow Group, Inc.                                        | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      1354 | NS      | $42258.34     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannon Armstrong Sustainable I | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | CUSIP: 41068X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $23184.00     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co.                                          | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      2352 | NS      | $72912.00     | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                     | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |      3477 | PA      | $3477.30      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Elme Communities               | Elme Communities                                          | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |      1031 | NS      | $18351.80     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc     | Americold Realty Trust, Inc.                              | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |      1479 | NS      | $41870.49     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc           | Invitation Homes, Inc.                                    | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2105 | NS      | $62392.20     | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust, Inc.                                | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |       798 | NS      | $80015.46     | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc       | EastGroup Properties, Inc.                                | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |       257 | NS      | $38051.42     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc        | Extra Space Storage, Inc.                                 | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       441 | NS      | $64906.38     | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group Inc                | Uniti Group, Inc.                                         | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |      3151 | NS      | $17425.03     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Storage Inc               | Life Storage, Inc.                                        | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |       424 | NS      | $41764.00     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust           | Vornado Realty Trust                                      | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1525 | NS      | $31735.25     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp           | Regency Centers Corp.                                     | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |       775 | NS      | $48437.50     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties           | JBG SMITH Properties                                      | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1179 | NS      | $22377.42     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                   | Rayonier, Inc.                                            | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |       997 | NS      | $32861.12     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properti | Innovative Industrial Properties, Inc.                    | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |       237 | NS      | $24019.95     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc       | Simon Property Group, Inc.                                | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |       812 | NS      | $95393.76     | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group, Inc.                                          | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      1002 | NS      | $77113.92     | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc | Omega Healthcare Investors, Inc.                          | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      1361 | NS      | $38039.95     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc            | Sun Communities, Inc.                                     | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |       452 | NS      | $64636.00     | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain, Inc.                                       | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      1120 | NS      | $55832.00     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc       | Highwoods Properties, Inc.                                | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |       957 | NS      | $26776.86     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust              | RLJ Lodging Trust                                         | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1825 | NS      | $19326.75     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Income REIT Corp     | Apartment Income REIT Corp.                               | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       988 | NS      | $33898.28     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC        | Cushman & Wakefield plc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2119 | NS      | $26402.74     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                 | EPR Properties                                            | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |       657 | NS      | $24782.04     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc   | Sunstone Hotel Investors, Inc.                            | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |      2192 | NS      | $21174.72     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc         | Cousins Properties, Inc.                                  | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |      1226 | NS      | $31005.54     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Commonwealth            | Equity Commonwealth                                       | CUSIP: 294628102<br>LEI: 549300YPGVU9PR4L0606 | Long             | EC               | CORP              | US        |      1002 | NS      | $25019.94     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc         | eXp World Holdings, Inc.                                  | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |      1753 | NS      | $19423.24     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc            | STAG Industrial, Inc.                                     | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |      1129 | NS      | $36477.99     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp            | PotlatchDeltic Corp.                                      | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |       638 | NS      | $28065.62     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc      | Host Hotels & Resorts, Inc.                               | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      2882 | NS      | $46256.10     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc             | Outfront Media, Inc.                                      | CUSIP: 69007J106<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |      1560 | NS      | $25864.80     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower, Inc.                                           | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |      1338 | NS      | $87705.90     | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp             | Kilroy Realty Corp.                                       | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |       858 | NS      | $33178.86     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc       | Essex Property Trust, Inc.                                | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       267 | NS      | $56582.64     | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust        | Kite Realty Group Trust                                   | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1535 | NS      | $32311.75     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporate Office Properties Tr | Corporate Office Properties Trust                         | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |      1021 | NS      | $26484.74     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                   | Prologis, Inc.                                            | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      1348 | NS      | $151960.04    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp        | SBA Communications Corp.                                  | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       296 | NS      | $82971.76     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix, Inc.                                             | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       177 | NS      | $115940.31    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| STORE Capital Corp             | STORE Capital Corp.                                       | CUSIP: 862121100<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | EC               | CORP              | US        |      1637 | NS      | $52482.22     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc  | Blackstone Mortgage Trust, Inc.                           | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |      1311 | NS      | $27753.87     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| National Retail Properties Inc | National Retail Properties, Inc.                          | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |       954 | NS      | $43655.04     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc      | Spirit Realty Capital, Inc.                               | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |       884 | NS      | $35298.12     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc  | Hudson Pacific Properties, Inc.                           | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1909 | NS      | $18574.57     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp              | SITE Centers Corp.                                        | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |      1945 | NS      | $26568.70     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In | Equity LifeStyle Properties, Inc.                         | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |       824 | NS      | $53230.40     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                                    | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |      3467 | PA      | $3466.53      | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AvalonBay Communities Inc      | AvalonBay Communities, Inc.                               | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       443 | NS      | $71553.36     | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc       | Broadstone Net Lease, Inc.                                | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |      1529 | NS      | $24785.09     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc        | DigitalBridge Group, Inc.                                 | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |      1803 | NS      | $19724.82     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Chimera Investment Corp        | Chimera Investment Corp.                                  | CUSIP: 16934Q208<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EC               | CORP              | US        |      2643 | NS      | $14536.50     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp             | Rithm Capital Corp.                                       | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |      3269 | NS      | $26707.73     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp            | Terreno Realty Corp.                                      | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       557 | NS      | $31676.59     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc               | Zillow Group, Inc.                                        | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      1318 | NS      | $42452.78     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc         | Jones Lang LaSalle, Inc.                                  | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       264 | NS      | $42073.68     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                     | Ventas, Inc.                                              | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      1446 | NS      | $65142.30     | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties, Inc.                       | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |      1084 | NS      | $56465.56     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                                            | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |       362 | NS      | $101428.78    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc     | Brixmor Property Group, Inc.                              | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |      1766 | NS      | $40035.22     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp              | Agree Realty Corp.                                        | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       529 | NS      | $37521.97     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Physicians Realty Trust        | Physicians Realty Trust                                   | CUSIP: 71943U104<br>LEI: 549300ITOVH0OY7PZC34 | Long             | EC               | CORP              | US        |      1887 | NS      | $27304.89     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc      | Healthpeak Properties, Inc.                               | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |      2226 | NS      | $55805.82     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp             | Realty Income Corp.                                       | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      1494 | NS      | $94764.42     | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc   | Medical Properties Trust, Inc.                            | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |      3254 | NS      | $36249.56     | 0.76%             |  |  |  | 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        |      9041 | PA      | $9040.98      | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Independence Realty Trust Inc  | Independence Realty Trust, Inc.                           | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |      1699 | NS      | $28645.14     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust           | LXP Industrial Trust                                      | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      2488 | NS      | $24929.76     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                   | WP Carey, Inc.                                            | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |       798 | NS      | $62363.70     | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc     | Apple Hospitality REIT, Inc.                              | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |      1772 | NS      | $27962.16     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities, Inc.                     | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |       515 | NS      | $75020.05     | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I | Ryman Hospitality Properties, Inc.                        | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |       380 | NS      | $31076.40     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus | Federal Realty Investment Trust                           | CUSIP: 313745101<br>LEI: 549300LI6XZ51GOCJ427 | Long             | EC               | CORP              | US        |       422 | NS      | $42638.88     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                      | CubeSmart                                                 | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1087 | NS      | $43751.75     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust        | Brandywine Realty Trust                                   | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |      2603 | NS      | $16008.45     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc       | Phillips Edison & Company, Inc.                           | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |       968 | NS      | $30821.12     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                | Macerich Co.                                              | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |      1966 | NS      | $22137.16     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust Inc         | Arbor Realty Trust, Inc.                                  | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             | EC               | CORP              | US        |      1812 | NS      | $23900.28     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc  | Annaly Capital Management, Inc.                           | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |      2258 | NS      | $47598.64     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit | Mid-America Apartment Communities, Inc.                   | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |       407 | NS      | $63894.93     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust, Inc.                   | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      1198 | NS      | $28117.06     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc  | National Health Investors, Inc.                           | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |       424 | NS      | $22141.28     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust  | First Industrial Realty Trust, Inc.                       | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       793 | NS      | $38270.18     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc      | Park Hotels & Resorts, Inc.                               | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |      2098 | NS      | $24735.42     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc    | Healthcare Realty Trust, Inc.                             | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |      2147 | NS      | $41372.69     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co           | Lamar Advertising Co.                                     | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |       515 | NS      | $48616.00     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust        | Pebblebrook Hotel Trust                                   | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |      1424 | NS      | $19067.36     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp/The         | Howard Hughes Corp.                                       | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |       381 | NS      | $29116.02     | 0.61%             |  |  |  | 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