# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045241
**Filing Date:** 2023-2
**Character Count:** 44400
**Document Hash:** 51d30f0f7eda74640a851688cbd574eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045241.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045241

**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:** 23680569

**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 SmallCap 600 Pure Growth Fund (Series ID: S000003741)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010410 | 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 SmallCap 600 Pure Growth Fund

- **b. EDGAR series identifier (if any):** S000003741

- **c. LEI of Series:** 549300S628MMMITB8137

**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:** $5918479.43

**Total Liabilities:** $24679.64

**Net Assets:** $5893799.79

**Cash Not Reported:** $95.63

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010410 | 10.50%               | 5.48%                | -8.77%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26082.23                | $615482.55                                 |
| Month 2  | $-24816.45               | $349322.88                                 |
| Month 3  | $116164.87               | $-691568.53                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMN Healthcare Services Inc    | AMN Healthcare Services, Inc.         | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |       658 | NS      | $67655.56     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RPC Inc                        | RPC, Inc.                             | CUSIP: 749660106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3197 | NS      | $28421.33     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                | Hillenbrand, Inc.                     | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |       603 | NS      | $25730.01     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENXBIO Inc                  | REGENXBIO, Inc.                       | CUSIP: 75901B107<br>LEI: 549300EOES47LATSET33 | Long             | EC               | CORP              | US        |      2242 | NS      | $50848.56     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc           | Cavco Industries, Inc.                | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       202 | NS      | $45702.50     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha & Omega Semiconductor Lt | Alpha & Omega Semiconductor Ltd.      | CUSIP: N/A<br>LEI: 5493001FE7J03YOV2V35       | Long             | EC               | CORP              | US        |      1590 | NS      | $45426.30     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| EnPro Industries Inc           | EnPro Industries, Inc.                | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |       306 | NS      | $33259.14     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Xencor Inc                     | Xencor, Inc.                          | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |       909 | NS      | $23670.36     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hostess Brands Inc             | Hostess Brands, Inc.                  | CUSIP: 44109J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1137 | NS      | $25514.28     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                   | Lindsay Corp.                         | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |       342 | NS      | $55694.70     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield Inc                 | Clearfield, Inc.                      | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |       853 | NS      | $80301.42     | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc            | Stellar Bancorp, Inc.                 | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |      1251 | NS      | $36854.46     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                 | Photronics, Inc.                      | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |      3307 | NS      | $55656.81     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                   | Innoviva, Inc.                        | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      3849 | NS      | $50999.25     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NextGen Healthcare Inc         | NextGen Healthcare, Inc.              | CUSIP: 65343C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1392 | NS      | $26141.76     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc           | Extreme Networks, Inc.                | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |      1229 | NS      | $22502.99     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc          | Civitas Resources, Inc.               | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      1538 | NS      | $89096.34     | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR Residential REIT Inc    | ARMOUR Residential REIT, Inc.         | CUSIP: 042315507<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               | CORP              | US        |     16625 | NS      | $93598.75     | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Laredo Petroleum Inc           | Laredo Petroleum, Inc.                | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |      1543 | NS      | $79341.06     | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                     | Stride, Inc.                          | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      1106 | NS      | $34595.68     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp                 | BancFirst Corp.                       | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |       397 | NS      | $35007.46     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co               | Boise Cascade Co.                     | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      1054 | NS      | $72378.18     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| South Jersey Industries Inc    | South Jersey Industries, Inc.         | CUSIP: 838518108<br>LEI: 549300DJYWYT5VXLFA46 | Long             | EC               | CORP              | US        |       785 | NS      | $27891.05     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc             | UFP Industries, Inc.                  | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |       805 | NS      | $63796.25     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SJW Group                      | SJW Group                             | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       364 | NS      | $29553.16     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOL Energy Inc              | CONSOL Energy, Inc.                   | CUSIP: 20854L108<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |       476 | NS      | $30940.00     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc         | Marcus & Millichap, Inc.              | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |      1160 | NS      | $39962.00     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                   | Medifast, Inc.                        | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |       286 | NS      | $32990.10     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA LIGAND PHARMACE- NPV    | Ligand Pharmaceuticals Inc            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       169 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CONTRA LIGAND PHARMACE- NPV    | Ligand Pharmaceuticals Inc            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       169 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Heritage Financial Corp/WA     | Heritage Financial Corp.              | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       870 | NS      | $26656.80     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc  | Amphastar Pharmaceuticals, Inc.       | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      1598 | NS      | $44775.96     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares, Inc.          | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       396 | NS      | $27288.36     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack in the Box Inc            | Jack in the Box, Inc.                 | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |       694 | NS      | $47351.62     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA, Inc.             | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |       494 | NS      | $56849.52     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MaxLinear Inc                  | MaxLinear, Inc.                       | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |       769 | NS      | $26107.55     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Zynex Inc                      | Zynex, Inc.                           | CUSIP: 98986M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5193 | NS      | $72234.63     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc         | Mueller Industries, Inc.              | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |       974 | NS      | $57466.00     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp.                             | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |       714 | NS      | $28145.88     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| iTeos Therapeutics Inc         | iTeos Therapeutics, Inc.              | CUSIP: 46565G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6057 | NS      | $118293.21    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ATN International Inc          | ATN International, Inc.               | CUSIP: 00215F107<br>LEI: 54930013NP7VEU877V56 | Long             | EC               | CORP              | US        |      1173 | NS      | $53148.63     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Veradigm Inc                   | Veradigm, Inc.                        | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |      1730 | NS      | $30517.20     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc | Advanced Energy Industries, Inc.      | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |       797 | NS      | $68366.66     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                       | AAON, Inc.                            | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       594 | NS      | $44740.08     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Vir Biotechnology Inc          | Vir Biotechnology, Inc.               | CUSIP: 92764N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4349 | NS      | $110073.19    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TRIUMPH GROUP INC              | Triumph Group, Inc.                   | CUSIP: 896818119<br>LEI: 5493007L6S47Q14SL582 | N/A              | DE               |  | US        |         0 | NS      | $0.27         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| uniQure NV                     | uniQure N.V.                          | CUSIP: N/A<br>LEI: 724500RPCTZLFYJZ3S98       | Long             | EC               | CORP              | US        |      1991 | NS      | $45135.97     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc   | Collegium Pharmaceutical, Inc.        | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |      1138 | NS      | $26401.60     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos              | Piper Sandler Cos.                    | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |       379 | NS      | $49342.01     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc           | Palomar Holdings, Inc.                | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |       852 | NS      | $38476.32     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                    | Hawkins, Inc.                         | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |      1512 | NS      | $58363.20     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc            | Onto Innovation, Inc.                 | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |       433 | NS      | $29482.97     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                 | Dorian LPG Ltd.                       | CUSIP: N/A<br>LEI: 549300WP1W2WGMC7F395       | Long             | EC               | CORP              | US        |      3716 | NS      | $70418.20     | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| American Vanguard Corp         | American Vanguard Corp.               | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               | CORP              | US        |      1685 | NS      | $36581.35     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc               | Badger Meter, Inc.                    | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |       257 | NS      | $28020.71     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico      | First BanCorp                         | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3566 | NS      | $45359.52     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc | Kulicke & Soffa Industries, Inc.      | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |      1286 | NS      | $56918.36     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                   | Harmonic, Inc.                        | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |      3167 | NS      | $41487.70     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc               | StoneX Group, Inc.                    | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |       845 | NS      | $80528.50     | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education, Inc.        | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      1588 | NS      | $56374.00     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp         | Progress Software Corp.               | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |       674 | NS      | $34003.30     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort, Inc.         | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |       839 | NS      | $64510.71     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc            | Cal-Maine Foods, Inc.                 | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      1151 | NS      | $62671.95     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp               | Encore Wire Corp.                     | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       584 | NS      | $80335.04     | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PGT Innovations Inc            | PGT Innovations, Inc.                 | CUSIP: 69336V101<br>LEI: 549300LRW9WM59C1S579 | Long             | EC               | CORP              | US        |      2736 | NS      | $49138.56     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The       | Simply Good Foods Co.                 | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1388 | NS      | $52785.64     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc   | Catalyst Pharmaceuticals, Inc.        | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |      5278 | NS      | $98170.80     | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc           | NetScout Systems, Inc.                | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |       685 | NS      | $22269.35     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| XPEL Inc                       | XPEL, Inc.                            | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               | CORP              | US        |       824 | NS      | $49489.44     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc       | Corcept Therapeutics, Inc.            | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      1973 | NS      | $40071.63     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd           | Marten Transport Ltd.                 | CUSIP: 573075108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2393 | NS      | $47333.54     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc            | MGP Ingredients, Inc.                 | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |       490 | NS      | $52126.20     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcus Biosciences Inc          | Arcus Biosciences, Inc.               | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1346 | NS      | $27835.28     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp      | Dynavax Technologies Corp.            | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |      6324 | NS      | $67287.36     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                    | Unitil Corp.                          | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       529 | NS      | $27169.44     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                     | Diodes, Inc.                          | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |       405 | NS      | $30836.70     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc                 | NV5 Global, Inc.                      | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       271 | NS      | $35858.72     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc       | Green Brick Partners, Inc.            | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |      2852 | NS      | $69103.96     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The           | Ensign Group, Inc.                    | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |       609 | NS      | $57617.49     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                | City Holding Co.                      | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       320 | NS      | $29788.80     | 0.51%             |  |  |  | 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        |     24127 | PA      | $24126.55     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| REX American Resources Corp    | REX American Resources Corp.          | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2937 | NS      | $93572.82     | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                 | elf Beauty, Inc.                      | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |       982 | NS      | $54304.60     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                   | Agilysys, Inc.                        | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |       455 | NS      | $36008.70     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                 | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |      9279 | PA      | $9279.44      | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Tootsie Roll Industries Inc    | Tootsie Roll Industries, Inc.         | CUSIP: 890516107<br>LEI: 529900SBKOV9XX4M4Q35 | Long             | EC               | CORP              | US        |       891 | NS      | $37929.87     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologie | Applied Industrial Technologies, Inc. | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       249 | NS      | $31381.47     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Oil Corp                | Ranger Oil Corp.                      | CUSIP: 70788V102<br>LEI: 5493003S4AVU6OSXB118 | Long             | EC               | CORP              | US        |      1348 | NS      | $54499.64     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc         | Digi International, Inc.              | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |       849 | NS      | $31030.95     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Aerojet Rocketdyne Holdings In | Aerojet Rocketdyne Holdings, Inc.     | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |       469 | NS      | $26231.17     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                    | OFG Bancorp                           | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | US        |      2301 | NS      | $63415.56     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc         | Pacira BioSciences, Inc.              | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       509 | NS      | $19652.49     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Forward Air Corp               | Forward Air Corp.                     | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       461 | NS      | $48354.29     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan International Inc        | Titan International, Inc.             | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |      3906 | NS      | $59839.92     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp            | Addus HomeCare Corp.                  | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |       237 | NS      | $23579.13     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp             | CVB Financial Corp.                   | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       856 | NS      | $22042.00     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Myers Industries Inc           | Myers Industries, Inc.                | CUSIP: 628464109<br>LEI: 549300I2H9XMVTCW4Q51 | Long             | EC               | CORP              | US        |      2206 | NS      | $49039.38     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Blucora Inc                    | Blucora, Inc.                         | CUSIP: 095229100<br>LEI: 5299001IO03J69IP6L77 | Long             | EC               | CORP              | US        |      1803 | NS      | $46030.59     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc   | Supernus Pharmaceuticals, Inc.        | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      1133 | NS      | $40414.11     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp           | Hanmi Financial Corp.                 | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |      1968 | NS      | $48708.00     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |      9251 | PA      | $9250.70      | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Meridian Bioscience Inc        | Meridian Bioscience, Inc.             | CUSIP: 589584101<br>LEI: 549300ELSRZEFFFRX195 | Long             | EC               | CORP              | US        |      1866 | NS      | $61969.86     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                    | Plexus Corp.                          | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |       345 | NS      | $35510.85     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc       | Axcelis Technologies, Inc.            | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      1154 | NS      | $91581.44     | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc   | Cross Country Healthcare, Inc.        | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |      3145 | NS      | $83562.65     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp           | Kaiser Aluminum Corp.                 | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       664 | NS      | $50437.44     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc               | Cytokinetics, Inc.                    | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      1837 | NS      | $84171.34     | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                   | SM Energy Co.                         | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      2695 | NS      | $93866.85     | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Mr Cooper Group Inc            | Mr Cooper Group, Inc.                 | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |      1947 | NS      | $78133.11     | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                  | St. Joe Co.                           | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |      1281 | NS      | $49510.65     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                | NBT Bancorp, Inc.                     | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       771 | NS      | $33476.82     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                   | Innospec, Inc.                        | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |       312 | NS      | $32092.32     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | Bancorp, Inc.                         | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       919 | NS      | $26081.22     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corp               | AdaptHealth Corp.                     | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2104 | NS      | $40438.88     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment, Inc.                   | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |       286 | NS      | $24498.76     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                     | Rambus, Inc.                          | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      1939 | NS      | $69454.98     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc               | SPS Commerce, Inc.                    | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |       173 | NS      | $22218.39     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                    | Banner Corp.                          | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       351 | NS      | $22183.20     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Livent Corp                    | Livent Corp.                          | CUSIP: 53814L108<br>LEI: 254900OOLQ2VNMZTJL47 | Long             | EC               | CORP              | US        |      1130 | NS      | $22453.10     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc          | Veeco Instruments, Inc.               | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |      1405 | NS      | $26104.90     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc               | A10 Networks, Inc.                    | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |      1413 | NS      | $23498.19     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc       | Franklin Electric Company, Inc.       | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |       321 | NS      | $25599.75     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings  | Sun Country Airlines Holdings, Inc.   | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |      2243 | NS      | $35573.98     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cars.com Inc                   | Cars.com, Inc.                        | CUSIP: 14575E105<br>LEI: 5493002G6J07LNGX4M98 | Long             | EC               | CORP              | US        |      3030 | NS      | $41723.10     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc      | Ethan Allen Interiors, Inc.           | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1360 | NS      | $35931.20     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc  | Dime Community Bancshares, Inc.       | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1186 | NS      | $37750.38     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                       | Fabrinet                              | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | US        |       352 | NS      | $45133.44     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA  | Preferred Bank/Los Angeles CA         | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |       502 | NS      | $37459.24     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson, Inc.                          | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      1242 | NS      | $77637.42     | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Rydex Variable Trust

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO