# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045136
**Filing Date:** 2023-2
**Character Count:** 28849
**Document Hash:** 42b9e86b235f6e635e93b9af9d69a462
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045136.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045136

**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:** 23680448

**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

### S&P MidCap 400 Pure Value Fund (Series ID: S000003742)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010411 | 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:** S&P MidCap 400 Pure Value Fund

- **b. EDGAR series identifier (if any):** S000003742

- **c. LEI of Series:** 549300G7PIXHUXRFK191

**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:** $12131732.19

**Total Liabilities:** $49730.27

**Net Assets:** $12082001.92

**Cash Not Reported:** $157.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010411 | 14.51%               | 7.02%                | -7.01%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9961.74                 | $1262933.50                                |
| Month 2  | $-53006.62               | $899979.29                                 |
| Month 3  | $934172.08               | $-1945632.98                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Greif Inc                      | Greif, Inc.                          | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      1584 | NS      | $106223.04    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp.                            | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      2663 | NS      | $98717.41     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The  | Goodyear Tire & Rubber Co.           | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |     36485 | NS      | $370322.75    | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc      | Brighthouse Financial, Inc.          | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      6275 | NS      | $321719.25    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                        | KB Home                              | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      9797 | NS      | $312034.45    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd               | Essent Group Ltd.                    | CUSIP: N/A<br>LEI: 254900QUO860OUT6ZF83       | Long             | EC               | CORP              | US        |      1976 | NS      | $76826.88     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                       | Dana, Inc.                           | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |     12491 | NS      | $188988.83    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                    | FNB Corp.                            | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |      5775 | NS      | $75363.75     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson Cos Inc              | Patterson Companies, Inc.            | CUSIP: 703395103<br>LEI: YM48Q2087CUE26GWEK09 | Long             | EC               | CORP              | US        |      3998 | NS      | $112063.94    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp           | MGIC Investment Corp.                | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      7224 | NS      | $93912.00     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology, Inc.         | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      2826 | NS      | $60956.82     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands Inc                | Hanesbrands, Inc.                    | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |     23528 | NS      | $149638.08    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp.               | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      3825 | NS      | $186621.75    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent | Frontier Communications Parent, Inc. | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2828 | NS      | $72057.44     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                     | Alcoa Corp.                          | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      1763 | NS      | $80163.61     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corp           | JetBlue Airways Corp.                | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |     37676 | NS      | $244140.48    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                    | Kohl's Corp.                         | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |     11423 | NS      | $288430.75    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordstrom Inc                  | Nordstrom, Inc.                      | CUSIP: 655664100<br>LEI: 549300S3IZB5P35KNV16 | Long             | EC               | CORP              | US        |      8614 | NS      | $139029.96    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc              | Post Holdings, Inc.                  | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |       794 | NS      | $71666.44     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc        | CNO Financial Group, Inc.            | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |      3377 | NS      | $77164.45     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics, Inc.              | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |      2448 | NS      | $255987.36    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                    | Avient Corp.                         | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |      2897 | NS      | $97802.72     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                    | Gap, Inc.                            | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     13279 | NS      | $149787.12    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc         | Jones Lang LaSalle, Inc.             | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       891 | NS      | $141998.67    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                     | Unum Group                           | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |      4242 | NS      | $174049.26    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc      | Park Hotels & Resorts, Inc.          | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |     15638 | NS      | $184372.02    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Community Bancorp Inc | New York Community Bancorp, Inc.     | CUSIP: 649445103<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     16752 | NS      | $144067.20    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                 | Perrigo Company plc                  | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | US        |      3542 | NS      | $120746.78    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                    | Enovis Corp.                         | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      3073 | NS      | $164466.96    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp           | SL Green Realty Corp.                | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      3832 | NS      | $129215.04    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc            | MKS Instruments, Inc.                | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |       934 | NS      | $79137.82     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp           | Associated Banc-Corp.                | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |      3232 | NS      | $74626.88     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties           | JBG SMITH Properties                 | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4292 | NS      | $81462.16     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's Inc                     | Macy's, Inc.                         | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |      9815 | NS      | $202679.75    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Steel Corp       | United States Steel Corp.            | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     14580 | NS      | $365229.00    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                        | RXO, Inc.                            | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |      7977 | NS      | $137204.40    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Syneos Health Inc              | Syneos Health, Inc.                  | CUSIP: 87166B102<br>LEI: 549300F1ZGKDS8P6GU13 | Long             | EC               | CORP              | US        |      4896 | NS      | $179585.28    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp  | First American Financial Corp.       | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |      2372 | NS      | $124150.48    | 1.03%             |  |  |  | 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        |     52983 | PA      | $52982.89     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Old Republic International Cor | Old Republic International Corp.     | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      4271 | NS      | $103144.65    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp.                       | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      2391 | NS      | $83924.10     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC      | Janus Henderson Group plc            | CUSIP: N/A<br>LEI: 2138009WPYMWJN3RVF44       | Long             | EC               | CORP              | US        |      3920 | NS      | $92198.40     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co             | Graham Holdings Co.                  | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |       309 | NS      | $186700.89    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corp                   | Navient Corp.                        | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |     10803 | NS      | $177709.35    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp             | Kilroy Realty Corp.                  | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |      1849 | NS      | $71500.83     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                      | Lear Corp.                           | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      1013 | NS      | $125632.26    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Topgolf Callaway Brands Corp   | Topgolf Callaway Brands Corp.        | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |      5195 | NS      | $102601.25    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     20378 | PA      | $20378.04     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp.           | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     10583 | NS      | $321194.05    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers, Inc.                  | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      4051 | NS      | $202225.92    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc               | Ryder System, Inc.                   | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |      2260 | NS      | $188868.20    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc         | Cousins Properties, Inc.             | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |      3747 | NS      | $94761.63     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc   | Medical Properties Trust, Inc.       | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |      8161 | NS      | $90913.54     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                     | Fluor Corp.                          | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |      3401 | NS      | $117878.66    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc           | Cleveland-Cliffs, Inc.               | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     18062 | NS      | $290978.82    | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Skechers USA Inc               | Skechers USA, Inc.                   | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               | CORP              | US        |      1530 | NS      | $64183.50     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc              | ManpowerGroup, Inc.                  | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |      2470 | NS      | $205528.70    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet, Inc.                          | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |      6801 | NS      | $282785.58    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Gas Holdings Inc     | Southwest Gas Holdings, Inc.         | CUSIP: 844895102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1110 | NS      | $68686.80     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                    | Kemper Corp.                         | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |      1603 | NS      | $78867.60     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     20315 | PA      | $20314.93     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Univar Solutions Inc           | Univar Solutions, Inc.               | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               | CORP              | US        |      4849 | NS      | $154198.20    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc            | Thor Industries, Inc.                | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |      3277 | NS      | $247380.73    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                | Foot Locker, Inc.                    | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |      6237 | NS      | $235696.23    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp.                            | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |      3736 | NS      | $263724.24    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America, Inc.   | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |       508 | NS      | $72181.72     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                     | Viasat, Inc.                         | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |      3484 | NS      | $110268.60    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                     | Adient plc                           | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |      5495 | NS      | $190621.55    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                        | XPO, Inc.                            | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |      5523 | NS      | $183860.67    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc              | GXO Logistics, Inc.                  | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |      2170 | NS      | $92637.30     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust        | Pebblebrook Hotel Trust              | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |      9257 | NS      | $123951.23    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                 | TD SYNNEX Corp.                      | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      2567 | NS      | $243120.57    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pilgrim's Pride Corp           | Pilgrim's Pride Corp.                | CUSIP: 72147K108<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | EC               | CORP              | US        |      7353 | NS      | $174486.69    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc           | Kyndryl Holdings, Inc.               | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     10934 | NS      | $121586.08    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil, Inc.                          | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      2375 | NS      | $161975.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corp            | Xerox Holdings Corp.                 | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Long             | EC               | CORP              | US        |     13693 | NS      | $199917.80    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| PacWest Bancorp                | PacWest Bancorp                      | CUSIP: 695263103<br>LEI: 549300YI8VMFO7G36V04 | Long             | EC               | CORP              | US        |      4264 | NS      | $97858.80     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc     | Sabra Health Care REIT, Inc.         | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |      4826 | NS      | $59987.18     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc              | Lithia Motors, Inc.                  | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      1180 | NS      | $241593.20    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Corp                       | NCR Corp.                            | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |      6817 | NS      | $159585.97    | 1.32%             |  |  |  | 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