# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045151
**Filing Date:** 2023-2
**Character Count:** 32359
**Document Hash:** 388ffc0aec8fcaa150eb87296cae5f23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045151.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045151

**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:** 23680461

**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 500 Pure Value Fund (Series ID: S000003738)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010407 | 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 500 Pure Value Fund

- **b. EDGAR series identifier (if any):** S000003738

- **c. LEI of Series:** 549300X1VNR3C7SILD97

**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:** $33370829.87

**Total Liabilities:** $127635.36

**Net Assets:** $33243194.51

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010407 | 12.82%               | 5.17%                | -5.58%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-92971.89               | $3581219.45                                |
| Month 2  | $-65051.61               | $1629578.19                                |
| Month 3  | $4327229.64              | $-6294917.42                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kraft Heinz Co/The             | Kraft Heinz Co.                              | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      7612 | NS      | $309884.52    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp           | Western Digital Corp.                        | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |     15607 | NS      | $492400.85    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health, Inc.                        | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      4745 | NS      | $364748.15    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp.                               | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |      1752 | NS      | $179124.48    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc            | Delta Air Lines, Inc.                        | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      7812 | NS      | $256702.32    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                             | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      4847 | NS      | $451691.93    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp.                               | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      1067 | NS      | $154779.02    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial            | Synchrony Financial                          | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |      6379 | NS      | $209613.94    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                      | News Corp.                                   | CUSIP: 65249B208<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |      3756 | NS      | $69260.64     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc           | Alaska Air Group, Inc.                       | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |      7600 | NS      | $326344.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc         | Franklin Resources, Inc.                     | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |     11012 | NS      | $290496.56    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co.                                   | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     11411 | NS      | $508702.38    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global               | Paramount Global                             | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |     55350 | NS      | $934308.00    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery, Inc.                  | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     54196 | NS      | $513778.08    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corp              | DISH Network Corp.                           | CUSIP: 25470M109<br>LEI: 529900U350CWHH15G169 | Long             | EC               | CORP              | US        |     63777 | NS      | $895429.08    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                    | Invesco Ltd.                                 | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |     26298 | NS      | $473101.02    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                     | Evergy, Inc.                                 | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      2652 | NS      | $166890.36    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                    | Viatris, Inc.                                | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     58974 | NS      | $656380.62    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc   | United Airlines Holdings, Inc.               | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     10208 | NS      | $384841.60    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                        | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      5671 | NS      | $187823.52    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker, Inc.                 | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      4905 | NS      | $368463.60    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp.                                    | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      2408 | NS      | $68507.60     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Westrock Co                    | Westrock Co.                                 | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |     21685 | NS      | $762444.60    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                  | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      5136 | NS      | $477442.56    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                | Best Buy Company, Inc.                       | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      5756 | NS      | $461688.76    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                            | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      5775 | NS      | $238449.75    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife, Inc.                                | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      2447 | NS      | $177089.39    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp.                       | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      5787 | NS      | $249014.61    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan, Inc.                          | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      9857 | NS      | $178214.56    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp.                                  | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      2581 | NS      | $447029.20    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                     | CarMax, Inc.                                 | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9829 | NS      | $598487.81    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                 | BorgWarner, Inc.                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |      9464 | NS      | $380926.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                  | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      6641 | NS      | $691195.28    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group            | SVB Financial Group                          | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |      1321 | NS      | $304014.94    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow, Inc.                                    | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      7161 | NS      | $360842.79    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                      | News Corp.                                   | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |     12133 | NS      | $220820.60    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology, Inc.                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      4355 | NS      | $217662.90    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp     | Pinnacle West Capital Corp.                  | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |      2455 | NS      | $186678.20    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup, Inc.                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10576 | NS      | $481525.28    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway, Inc.                     | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      1557 | NS      | $480957.30    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                         | HP, Inc.                                     | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      8755 | NS      | $235246.85    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DaVita Inc                     | DaVita, Inc.                                 | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |      2418 | NS      | $180552.06    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group, Inc.           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      6943 | NS      | $439075.32    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Co              | DXC Technology Co.                           | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |     21178 | NS      | $561217.00    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                              | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     14198 | NS      | $642175.54    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co.                           | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     22025 | NS      | $740921.00    | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications, Inc.                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      5428 | NS      | $213863.20    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc         | Lumen Technologies, Inc.                     | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |    206984 | NS      | $1080456.48   | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Gr | Hartford Financial Services Group, Inc.      | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      2605 | NS      | $197537.15    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods, Inc.                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      9918 | NS      | $617395.50    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co  | Hewlett Packard Enterprise Co.               | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     32406 | NS      | $517199.76    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust           | Vornado Realty Trust                         | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15011 | NS      | $312378.91    | 0.94%             |  |  |  | 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        |     94035 | PA      | $94034.95     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Southwest Airlines Co          | Southwest Airlines Co.                       | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      4466 | NS      | $150370.22    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp.                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      2953 | NS      | $229064.21    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group, Inc.               | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      8052 | NS      | $317007.24    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group, Inc.                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      2426 | NS      | $186704.96    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc    | American Airlines Group, Inc.                | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23329 | NS      | $296744.88    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp.                                  | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      9014 | NS      | $238240.02    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services, Inc. | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |      5144 | NS      | $349020.40    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                   | Assurant, Inc.                               | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |      2561 | NS      | $320278.66    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                        | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     36167 | PA      | $36167.29     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                       | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     36055 | PA      | $36055.28     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Signature Bank/New York NY     | Signature Bank                               | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EC               | CORP              | US        |      2291 | NS      | $263969.02    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T | Bank of New York Mellon Corp.                | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      6320 | NS      | $287686.40    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co         | International Paper Co.                      | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     12562 | NS      | $435022.06    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc   | Walgreens Boots Alliance, Inc.               | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |     18706 | NS      | $698856.16    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc          | Mohawk Industries, Inc.                      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      6863 | NS      | $701535.86    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services, Inc.              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |      2593 | NS      | $365327.77    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp.                                 | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      5280 | NS      | $477840.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp.                                    | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      5226 | NS      | $158713.62    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp.                                | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      6475 | NS      | $531014.75    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp.                               | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1641 | NS      | $222519.60    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp          | Lincoln National Corp.                       | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |      9521 | NS      | $292485.12    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries N.V.               | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |      4985 | NS      | $413904.55    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                     | Loews Corp.                                  | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |      7438 | NS      | $433858.54    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours, Inc.                      | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      2434 | NS      | $167045.42    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co.                         | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      2733 | NS      | $222575.52    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp         | AmerisourceBergen Corp.                      | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      2540 | NS      | $420903.40    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc              | Newell Brands, Inc.                          | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |     35248 | NS      | $461043.84    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp.                          | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      5021 | NS      | $636964.06    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group, Inc.                    | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       565 | NS      | $194009.70    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                  | Ford Motor Co.                               | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     52520 | NS      | $610807.60    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments, Inc.                        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      1710 | NS      | $169837.20    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc       | Prudential Financial, Inc.                   | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      2288 | NS      | $227564.48    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T, Inc.                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     22083 | NS      | $406548.03    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                 | Whirlpool Corp.                              | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |      3445 | NS      | $487329.70    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co.                    | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      8190 | NS      | $421948.80    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp.                                 | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      5730 | NS      | $247707.90    | 0.75%             |  |  |  | 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