# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045081
**Filing Date:** 2023-2
**Character Count:** 43982
**Document Hash:** 13e97551f7a99f0f7f209a97d7fbb831
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045081.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045081

**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:** 23680386

**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

### NASDAQ-100(R) Fund (Series ID: S000003756)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010425 | 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:** NASDAQ-100 Fund

- **b. EDGAR series identifier (if any):** S000003756

- **c. LEI of Series:** 549300GWYDUL8SVR5L88

**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:** $65539050.51

**Total Liabilities:** $735758.22

**Net Assets:** $64803292.29

**Cash Not Reported:** $0.19

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 2497.87569343 | **5-Year:** 1445.23162630 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010425 | 3.81%                | 5.58%                | -9.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-91357.83               | $1705334.80                                |
| Month 2  | $-105183.35              | $2367885.20                                |
| Month 3  | $-183556.71              | $-3875084.10                               |

**Designated Index Information**

- **Index Name:** NASDAQ-100 Index

- **Index Identifier:** NASDAQ100

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Diamondback Energy Inc                        | Diamondback Energy, Inc.                                   | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       620 | NS      | $84803.60     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                             | Lam Research Corp.                                         | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       481 | NS      | $202164.30    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | NASDAQ-100 Index Mini Futures Contracts                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        47 | NC      | $-762865.91   | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International                   | NASDAQ-100 Index                                           | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DE               |  | US        |       173 | NC      | $-131390.61   | -0.20%            |  |  |  | No            |                  2 | On Loan: No      |
| Verisk Analytics Inc                          | Verisk Analytics, Inc.                                     | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |       551 | NS      | $97207.42     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                           | Gilead Sciences, Inc.                                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      4465 | NS      | $383320.25    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc                          | Keurig Dr Pepper, Inc.                                     | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      4993 | NS      | $178050.38    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                   | Cintas Corp.                                               | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       358 | NS      | $161679.96    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc                        | IDEXX Laboratories, Inc.                                   | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       292 | NS      | $119124.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                                     | ANSYS, Inc.                                                | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |       307 | NS      | $74168.13     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc                | American Electric Power Company, Inc.                      | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      1812 | NS      | $172049.40    | 0.27%             |  |  |  | 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        |   2145038 | PA      | $2145037.61   | 3.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Kraft Heinz Co/The                            | Kraft Heinz Co.                                            | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      4318 | NS      | $175785.78    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                                    | Intel Corp.                                                | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     14548 | NS      | $384503.64    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                            | Meta Platforms, Inc.                                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      7927 | NS      | $953935.18    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Strategy Fund II                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |    430196 | NS      | $10341914.32  | 15.96%            |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                                    | PACCAR, Inc.                                               | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      1227 | NS      | $121436.19    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                                    | Copart, Inc.                                               | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |      1679 | NS      | $102234.31    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                                   | NASDAQ-100 Index                                           | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DE               |  | US        |       632 | NC      | $-299627.49   | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| Adobe Inc                                     | Adobe, Inc.                                                | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      1639 | NS      | $551572.67    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                        | Palo Alto Networks, Inc.                                   | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      1066 | NS      | $148749.64    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                                   | Paychex, Inc.                                              | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1270 | NS      | $146761.20    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                            | Analog Devices, Inc.                                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1796 | NS      | $294597.88    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications Inc                 | Zoom Video Communications, Inc.                            | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |       866 | NS      | $58662.84     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc                        | Marvell Technology, Inc.                                   | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3006 | NS      | $111342.24    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc                     | Warner Bros Discovery, Inc.                                | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      8561 | NS      | $81158.28     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                         | Texas Instruments, Inc.                                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      3199 | NS      | $528538.78    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                            | Enphase Energy, Inc.                                       | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       479 | NS      | $126915.84    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                                   | Fastenal Co.                                               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      2019 | NS      | $95539.08     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                                  | Illumina, Inc.                                             | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       563 | NS      | $113838.60    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions                | Cognizant Technology Solutions Corp.                       | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      1812 | NS      | $103628.28    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                                   | PepsiCo, Inc.                                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      4857 | NS      | $877465.62    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                  | Alphabet, Inc.                                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     16538 | NS      | $1467416.74   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Ultra Short Duration Fund - Institutional Class | CUSIP: 40169J523<br>LEI: N/A                  | Long             | EC               | RF                | US        |   1166612 | NS      | $11246136.72  | 17.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc                       | Lululemon Athletica, Inc.                                  | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       432 | NS      | $138404.16    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp                     | Constellation Energy Corp.                                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1153 | NS      | $99400.13     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                   | Exelon Corp.                                               | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      3503 | NS      | $151434.69    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                | Amazon.com, Inc.                                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     27721 | NS      | $2328564.00   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                  | QUALCOMM, Inc.                                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      3952 | NS      | $434482.88    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                          | Align Technology, Inc.                                     | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       281 | NS      | $59262.90     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                 | Automatic Data Processing, Inc.                            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      1462 | NS      | $349213.32    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc                      | Microchip Technology, Inc.                                 | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      1939 | NS      | $136214.75    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc                         | Micron Technology, Inc.                                    | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      3833 | NS      | $191573.34    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                              | MercadoLibre, Inc.                                         | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       177 | NS      | $149784.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc                       | O'Reilly Automotive, Inc.                                  | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       221 | NS      | $186530.63    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                                 | U.S. Treasury Bills                                        | CUSIP: 912796XR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1600000 | PA      | $1598610.99   | 2.47%             | 2023-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JD.com Inc                                    | JD.com, Inc.                                               | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |      1713 | NS      | $96150.69     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinduoduo Inc                                 | Pinduoduo, Inc.                                            | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      1650 | NS      | $134557.50    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                               | AstraZeneca plc                                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      2185 | NS      | $148143.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                    | Intuit, Inc.                                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       991 | NS      | $385717.02    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                                     | Amgen, Inc.                                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1897 | NS      | $498228.08    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                               | Dollar Tree, Inc.                                          | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |       780 | NS      | $110323.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc                    | Charter Communications, Inc.                               | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       549 | NS      | $186165.90    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                                   | Moderna, Inc.                                              | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      1369 | NS      | $245899.78    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                   | NVIDIA Corp.                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      8672 | NS      | $1267326.08   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Lucid Group Inc                               | Lucid Group, Inc.                                          | CUSIP: 549498103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5924 | NS      | $40460.92     | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Applied Materials Inc                         | Applied Materials, Inc.                                    | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3033 | NS      | $295353.54    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                        | Intuitive Surgical, Inc.                                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1258 | NS      | $333810.30    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                      | KLA Corp.                                                  | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       500 | NS      | $188515.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                   | Honeywell International, Inc.                              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      2370 | NS      | $507891.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                                    | Seagen, Inc.                                               | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       665 | NS      | $85459.15     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                     | Apple, Inc.                                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     34768 | NS      | $4517406.24   | 6.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                                  | Autodesk, Inc.                                             | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       761 | NS      | $142208.07    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                              | CoStar Group, Inc.                                         | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1434 | NS      | $110819.52    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                  | Fortinet, Inc.                                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      2755 | NS      | $134691.95    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                  | Synopsys, Inc.                                             | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       539 | NS      | $172097.31    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                                | Starbucks Corp.                                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      4046 | NS      | $401363.20    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Rivian Automotive Inc                         | Rivian Automotive, Inc.                                    | CUSIP: 76954A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3219 | NS      | $59326.17     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                           | PayPal Holdings, Inc.                                      | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      4019 | NS      | $286233.18    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.                         | BofA Securities, Inc.                                      | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    825014 | PA      | $825014.47    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Micro Devices Inc                    | Advanced Micro Devices, Inc.                               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      5684 | NS      | $368152.68    | 0.57%             |  |  |  | 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        |    173078 | NS      | $173078.43    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                               | T-Mobile US, Inc.                                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      4386 | NS      | $614040.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                                  | Comcast Corp.                                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     15207 | NS      | $531788.79    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc                      | Crowdstrike Holdings, Inc.                                 | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       770 | NS      | $81073.30     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc                  | Walgreens Boots Alliance, Inc.                             | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |      3049 | NS      | $113910.64    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                         | Costco Wholesale Corp.                                     | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      1560 | NS      | $712140.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                 | Old Dominion Freight Line, Inc.                            | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |       390 | NS      | $110674.20    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                                    | Biogen, Inc.                                               | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       515 | NS      | $142613.80    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc                       | Activision Blizzard, Inc.                                  | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      2759 | NS      | $211201.45    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                                 | U.S. Treasury Bills                                        | CUSIP: 912796ZK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    910000 | PA      | $908698.13    | 1.40%             | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Xcel Energy Inc                               | Xcel Energy, Inc.                                          | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      1929 | NS      | $135242.19    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                          | Booking Holdings, Inc.                                     | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       137 | NS      | $276093.36    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                      | CSX Corp.                                                  | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |      7411 | NS      | $229592.78    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                               | Ross Stores, Inc.                                          | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      1223 | NS      | $141953.61    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                                   | Workday, Inc.                                              | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |       712 | NS      | $119138.96    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                  | Broadcom, Inc.                                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1428 | NS      | $798437.64    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                     | Tesla, Inc.                                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      8581 | NS      | $1057007.58   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp                         | Monster Beverage Corp.                                     | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      1840 | NS      | $186815.20    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank plc                             | NASDAQ-100 Index                                           | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DE               |  | US        |       669 | NC      | $-482078.90   | -0.74%            |  |  |  | No            |                  2 | On Loan: No      |
| Dexcom Inc                                    | Dexcom, Inc.                                               | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      1379 | NS      | $156157.96    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                                   | Datadog, Inc.                                              | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      1030 | NS      | $75705.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.                         | Barclays Capital, Inc.                                     | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |    822459 | PA      | $822459.37    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix Inc                                   | Netflix, Inc.                                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1569 | NS      | $462666.72    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                               | ASML Holding N.V.                                          | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       312 | NS      | $170476.80    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                           | Electronic Arts, Inc.                                      | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       974 | NS      | $119003.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                             | Cisco Systems, Inc.                                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     14482 | NS      | $689922.48    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                    | Mondelez International, Inc.                               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |      4814 | NS      | $320853.10    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc                 | Regeneron Pharmaceuticals, Inc.                            | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       378 | NS      | $272723.22    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc                    | Vertex Pharmaceuticals, Inc.                               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       915 | NS      | $264233.70    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                                | Atlassian Corp.                                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |       523 | NS      | $67299.64     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                  | Alphabet, Inc.                                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     16543 | NS      | $1459588.89   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                 | Marriott International, Inc.                               | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      1117 | NS      | $166310.13    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                | Microsoft Corp.                                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     20172 | NS      | $4837649.04   | 7.47%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                                      | eBay, Inc.                                                 | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      1913 | NS      | $79332.11     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                    | Airbnb, Inc.                                               | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      1404 | NS      | $120042.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                    | Fiserv, Inc.                                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      2240 | NS      | $226396.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                               | Baker Hughes Co.                                           | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3531 | NS      | $104270.43    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                                   | Zscaler, Inc.                                              | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |       509 | NS      | $56957.10     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBALFOUNDRIES Inc                           | GLOBALFOUNDRIES, Inc.                                      | CUSIP: N/A<br>LEI: 549300BA76VK784VMX48       | Long             | EC               | CORP              | US        |      1921 | NS      | $103522.69    | 0.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Cadence Design Systems Inc                    | Cadence Design Systems, Inc.                               | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       968 | NS      | $155499.52    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                         | NXP Semiconductor N.V.                                     | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | US        |       913 | NS      | $144281.39    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirius XM Holdings Inc                        | Sirius XM Holdings, Inc.                                   | CUSIP: 82968B103<br>LEI: 54930055RWDMVXAGZK98 | Long             | EC               | CORP              | US        |     13711 | NS      | $80072.24     | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |

### Signature

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

**Name of Applicant:** Rydex Variable Trust

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO