# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045066
**Filing Date:** 2023-2
**Character Count:** 40330
**Document Hash:** 8082c61076d52906ac9c0ceac5fde3e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045066.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045066

**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:** 23680368

**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

### Health Care Fund (Series ID: S000003717)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010386 | 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:** Health Care Fund

- **b. EDGAR series identifier (if any):** S000003717

- **c. LEI of Series:** 5493001VKGTEDLOTHU44

**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:** $17648284.12

**Total Liabilities:** $78308.94

**Net Assets:** $17569975.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010386 | 8.51%                | 5.79%                | -2.49%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-62210.51               | $1452652.14                                |
| Month 2  | $-122016.68              | $1165120.77                                |
| Month 3  | $-96489.43               | $-485567.06                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Doximity Inc                   | Doximity, Inc.                                       | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2068 | NS      | $69402.08     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirati Therapeutics Inc        | Mirati Therapeutics, Inc.                            | CUSIP: 60468T105<br>LEI: 529900GYRW59IDQV6N54 | Long             | EC               | CORP              | US        |      1459 | NS      | $66107.29     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp.                              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      4952 | NS      | $229129.04    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                    | Viatris, Inc.                                        | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      9431 | NS      | $104967.03    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc       | Sarepta Therapeutics, Inc.                           | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |       775 | NS      | $100424.50    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK plc                                              | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      3592 | NS      | $126222.88    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp.                                        | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       480 | NS      | $141307.20    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen, Inc.                                         | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       638 | NS      | $176674.96    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PerkinElmer Inc                | PerkinElmer, Inc.                                    | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |       816 | NS      | $114419.52    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health, Inc.                                | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1595 | NS      | $122607.65    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1142 | NS      | $605465.56    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                    | Incyte Corp.                                         | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      1430 | NS      | $114857.60    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bausch Health Cos Inc          | Bausch Health Companies, Inc.                        | CUSIP: 071734107<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | EC               | CORP              | US        |      6224 | NS      | $39086.72     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I | West Pharmaceutical Services, Inc.                   | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |       502 | NS      | $118145.70    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc    | Inspire Medical Systems, Inc.                        | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |       310 | NS      | $78082.80     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                 | Perrigo Company plc                                  | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | US        |      3457 | NS      | $117849.13    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                    | Hologic, Inc.                                        | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |      1629 | NS      | $121865.49    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |       307 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories Int | Charles River Laboratories International, Inc.       | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |       442 | NS      | $96311.80     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc       | Tandem Diabetes Care, Inc.                           | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |      1051 | NS      | $47242.45     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC             | Royalty Pharma plc                                   | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |      3410 | NS      | $134763.20    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co.                             | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      4614 | NS      | $331977.30    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Fate Therapeutics Inc          | Fate Therapeutics, Inc.                              | CUSIP: 31189P102<br>LEI: 549300L14Q4UHOODLA90 | Long             | EC               | CORP              | US        |      2071 | NS      | $20896.39     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DaVita Inc                     | DaVita, Inc.                                         | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |       960 | NS      | $71683.20     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc            | Guardant Health, Inc.                                | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      1360 | NS      | $36992.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific, Inc.                       | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       731 | NS      | $402554.39    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings, Inc.                         | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |      1126 | NS      | $143565.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis, Inc.                                         | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      1560 | NS      | $228618.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals, Inc.                        | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       632 | NS      | $150194.80    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp               | QuidelOrtho Corp.                                    | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |       743 | NS      | $63652.81     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Novavax Inc                    | Novavax, Inc.                                        | CUSIP: 670002401<br>LEI: 529900J4GJHPEPQ23205 | Long             | EC               | CORP              | US        |      1860 | NS      | $19120.80     | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals, Inc.                      | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       333 | NS      | $240256.17    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen, Inc.                                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1210 | NS      | $317794.40    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nevro Corp                     | Nevro Corp.                                          | CUSIP: 64157F103<br>LEI: 254900SH91I4BOYKUE38 | Long             | EC               | CORP              | US        |       833 | NS      | $32986.80     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                    | BioNTech SE                                          | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |       688 | NS      | $103351.36    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     28762 | PA      | $28761.87     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Elanco Animal Health Inc       | Elanco Animal Health, Inc.                           | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |      5528 | NS      | $67552.16     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc       | Agilent Technologies, Inc.                           | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      1210 | NS      | $181076.50    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp.                           | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      2636 | NS      | $196671.96    | 1.12%             |  |  |  | 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        |     75013 | PA      | $75013.19     | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Natera Inc                     | Natera, Inc.                                         | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1522 | NS      | $61138.74     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp.                               | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      1398 | NS      | $68208.42     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems, Inc.                                  | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       843 | NS      | $136043.34    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp            | Exact Sciences Corp.                                 | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      1724 | NS      | $85355.24     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                   | Illumina, Inc.                                       | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       777 | NS      | $157109.40    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co        | Becton Dickinson and Co.                             | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       961 | NS      | $244382.30    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalent Inc                   | Catalent, Inc.                                       | CUSIP: 148806102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1903 | NS      | $85654.03     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc       | Baxter International, Inc.                           | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |      2743 | NS      | $139810.71    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp.                                       | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |       516 | NS      | $87363.96     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals, Inc.                         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       788 | NS      | $227558.64    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                                         | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      9177 | NS      | $470229.48    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Amedisys Inc                   | Amedisys, Inc.                                       | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               | CORP              | US        |       555 | NS      | $46364.70     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Shockwave Medical Inc          | Shockwave Medical, Inc.                              | CUSIP: 82489T104<br>LEI: 549300LDXO56IC5Y1538 | Long             | EC               | CORP              | US        |       347 | NS      | $71346.67     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom, Inc.                                         | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      1544 | NS      | $174842.56    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                     | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      3144 | NS      | $292989.36    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                     | ResMed, Inc.                                         | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       736 | NS      | $153183.68    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic plc                                        | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | US        |      4062 | NS      | $315698.64    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I | Mettler-Toledo International, Inc.                   | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       109 | NS      | $157554.05    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                                         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      2888 | NS      | $466729.68    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      3417 | NS      | $603613.05    | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The             | Cooper Companies, Inc.                               | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |       351 | NS      | $116065.17    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc     | Neurocrine Biosciences, Inc.                         | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |       802 | NS      | $95790.88     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp                     | Cigna Corp.                                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       838 | NS      | $277662.92    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals plc                             | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | US        |       793 | NS      | $126332.83    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds           | First American Government Obligations Fund - Class X | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |     14148 | NS      | $14148.24     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co.                                      | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1430 | NS      | $523151.20    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc    | Apellis Pharmaceuticals, Inc.                        | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      1328 | NS      | $68670.88     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare, Inc.                                 | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       952 | NS      | $228441.92    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Oak Street Health Inc          | Oak Street Health, Inc.                              | CUSIP: 67181A107<br>LEI: 2549007CJE6GSEURLA30 | Long             | EC               | CORP              | US        |      2984 | NS      | $64185.84     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                     | Seagen, Inc.                                         | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1078 | NS      | $138533.78    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp         | AmerisourceBergen Corp.                              | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       981 | NS      | $162561.51    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       589 | NS      | $302139.33    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| 10X Genomics Inc               | 10X Genomics, Inc.                                   | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |      1601 | NS      | $58340.44     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                          | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      1366 | NS      | $123923.52    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc          | Molina Healthcare, Inc.                              | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       361 | NS      | $119209.42    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc    | BioMarin Pharmaceutical, Inc.                        | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      1192 | NS      | $123360.08    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical, Inc.                             | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1006 | NS      | $266942.10    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc            | Dentsply Sirona, Inc.                                | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |      2395 | NS      | $76256.80     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Hol | Laboratory Corporation of America Holdings           | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |       548 | NS      | $129043.04    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                     | STERIS plc                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       647 | NS      | $119494.43    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA Holdings Inc             | IQVIA Holdings, Inc.                                 | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |       845 | NS      | $173132.05    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp.                                        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      1450 | NS      | $384859.00    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                    | Moderna, Inc.                                        | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      1280 | NS      | $229913.60    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc           | Align Technology, Inc.                               | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       582 | NS      | $122743.80    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana, Inc.                                         | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       424 | NS      | $217168.56    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp.                                        | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      1083 | NS      | $264782.67    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                    | Bruker Corp.                                         | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      1316 | NS      | $89948.60     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc         | IDEXX Laboratories, Inc.                             | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       394 | NS      | $160736.24    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Intellia Therapeutics Inc      | Intellia Therapeutics, Inc.                          | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |      1432 | NS      | $49962.48     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Syneos Health Inc              | Syneos Health, Inc.                                  | CUSIP: 87166B102<br>LEI: 549300F1ZGKDS8P6GU13 | Long             | EC               | CORP              | US        |      1529 | NS      | $56083.72     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     28851 | PA      | $28851.22     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| McKesson Corp                  | McKesson Corp.                                       | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       539 | NS      | $202189.68    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON plc                                             | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |       596 | NS      | $115773.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Company, Inc.                                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      4234 | NS      | $469762.30    | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services, Inc.                      | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |       648 | NS      | $91296.72     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp.                                     | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      1248 | NS      | $103434.24    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                    | Waters Corp.                                         | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |       370 | NS      | $126754.60    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics, Inc.                              | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       772 | NS      | $120771.68    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                    | Masimo Corp.                                         | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |       552 | NS      | $81668.40     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      3609 | NS      | $396232.11    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics Plc       | Horizon Therapeutics plc                             | CUSIP: N/A<br>LEI: 529900P0GSQ79OOZEV53       | Long             | EC               | CORP              | US        |      1396 | NS      | $158864.80    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                    | Avantor, Inc.                                        | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5002 | NS      | $105492.18    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Envista Holdings Corp          | Envista Holdings Corp.                               | CUSIP: 29415F104<br>LEI: 549300BX623VURJZ5269 | Long             | EC               | CORP              | US        |      2021 | NS      | $68047.07     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca plc                                      | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      2814 | NS      | $190789.20    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp.                               | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      1176 | NS      | $70336.56     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp.                            | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       360 | NS      | $100112.40    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences, Inc.                                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      3324 | NS      | $285365.40    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc               | Henry Schein, Inc.                                   | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |      1153 | NS      | $92090.11     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Teladoc Health Inc             | Teladoc Health, Inc.                                 | CUSIP: 87918A105<br>LEI: 549300I2PVFBC9MFAC61 | Long             | EC               | CORP              | US        |      2266 | NS      | $53590.90     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                   | Teleflex, Inc.                                       | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |       388 | NS      | $96856.44     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp.                                        | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      2232 | NS      | $183046.32    | 1.04%             |  |  |  | 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