# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045178
**Filing Date:** 2023-2
**Character Count:** 36364
**Document Hash:** f2332251eefb963f134f5ac309c51896
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045178.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045178

**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:** 23680496

**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

### Leisure Fund (Series ID: S000003719)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010388 | 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:** Leisure Fund

- **b. EDGAR series identifier (if any):** S000003719

- **c. LEI of Series:** 549300JFCHYH0BITLM73

**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:** $3751768.90

**Total Liabilities:** $15296.95

**Net Assets:** $3736471.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010388 | 10.01%               | 6.53%                | -7.31%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $319613.05                                 |
| Month 2  | $2956.73                 | $227420.97                                 |
| Month 3  | $-13459.24               | $-282980.86                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Light & Wonder Inc             | Light & Wonder, Inc.                                 | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Long             | EC               | CORP              | US        |       395 | NS      | $23147.00     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co.                            | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |       677 | NS      | $34879.04     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix, Inc.                                        | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       392 | NS      | $115592.96    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts, Inc.                                | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |       489 | NS      | $59746.02     | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |      6040 | PA      | $6039.92      | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Grand Vacations Inc     | Hilton Grand Vacations, Inc.                         | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |       557 | NS      | $21466.78     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                        | Aramark                                              | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |       829 | NS      | $34270.86     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global               | Paramount Global                                     | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |      2053 | NS      | $34654.64     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc        | Activision Blizzard, Inc.                            | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      1049 | NS      | $80300.95     | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc               | Vail Resorts, Inc.                                   | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |       130 | NS      | $30985.50     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc            | Churchill Downs, Inc.                                | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |       135 | NS      | $28543.05     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| WWE                            | World Wrestling Entertainment, Inc.                  | CUSIP: 98156Q108<br>LEI: 549300WZVLSCS3L4L698 | Long             | EC               | CORP              | US        |       327 | NS      | $22406.04     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc          | Cinemark Holdings, Inc.                              | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |      1057 | NS      | $9153.62      | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                | Shake Shack, Inc.                                    | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |       307 | NS      | $12749.71     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc     | Charter Communications, Inc.                         | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       228 | NS      | $77314.80     | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery, Inc.                          | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |      5002 | NS      | $47418.96     | 1.27%             |  |  |  | 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        |     15704 | PA      | $15703.78     | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| TEGNA Inc                      | TEGNA, Inc.                                          | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |      1081 | NS      | $22906.39     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings, Inc.                               | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |        46 | NS      | $92702.88     | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                  | Cable One, Inc.                                      | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |        28 | NS      | $19932.08     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                    | ROBLOX Corp.                                         | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1452 | NS      | $41323.92     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev S.A.                            | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |       522 | NS      | $31340.88     | 0.84%             |  |  |  | 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        |     46890 | NS      | $46890.19     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                 | Wendy's Co.                                          | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |       972 | NS      | $21996.36     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp   | Six Flags Entertainment Corp.                        | CUSIP: 83001A102<br>LEI: 549300JYTDUAA4JQ3717 | Long             | EC               | CORP              | US        |       679 | NS      | $15786.75     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse, Inc.                                | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |       265 | NS      | $24101.75     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Sto | Cracker Barrel Old Country Store, Inc.               | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |       151 | NS      | $14305.74     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      3625 | NS      | $126766.25    | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co.                                      | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      1482 | NS      | $128756.16    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                     | Hasbro, Inc.                                         | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |       500 | NS      | $30505.00     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc      | Brinker International, Inc.                          | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |       340 | NS      | $10849.40     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C | Marriott Vacations Worldwide Corp.                   | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |       177 | NS      | $23822.43     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc   | Wyndham Hotels & Resorts, Inc.                       | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |       361 | NS      | $25742.91     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc           | Red Rock Resorts, Inc.                               | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       504 | NS      | $20165.04     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc             | Planet Fitness, Inc.                                 | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |       310 | NS      | $24428.00     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza, Inc.                                 | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |       101 | NS      | $34986.40     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill, Inc.                         | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        45 | NS      | $62437.05     | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology S.A.                              | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | US        |       516 | NS      | $40738.20     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Las Vegas Sands Corp           | Las Vegas Sands Corp.                                | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |      1266 | NS      | $60856.62     | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                                     | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       531 | NS      | $139934.43    | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp.                                            | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      1360 | NS      | $41303.20     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                 | Starbucks Corp.                                      | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      1085 | NS      | $107632.00    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Bilibili Inc                   | Bilibili, Inc.                                       | CUSIP: 090040106<br>LEI: 5493008V60M52L3PIS45 | Long             | EC               | CORP              | KY        |      1339 | NS      | $31720.91     | 0.85%             |  |  |  | No            |                  1 | On Loan: —       |
| Brown-Forman Corp              | Brown-Forman Corp.                                   | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Long             | EC               | CORP              | US        |       893 | NS      | $58652.24     | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd               | Wynn Resorts Ltd.                                    | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |       367 | NS      | $30266.49     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc/The     | Cheesecake Factory, Inc.                             | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |       411 | NS      | $13032.81     | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| Constellation Brands Inc       | Constellation Brands, Inc.                           | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |       286 | NS      | $66280.50     | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment, Inc.                          | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |       681 | NS      | $28329.60     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International, Inc.                    | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      1283 | NS      | $129852.43    | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software  | Take-Two Interactive Software, Inc.                  | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |       432 | NS      | $44984.16     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp.                              | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |       430 | NS      | $32796.10     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Peloton Interactive Inc        | Peloton Interactive, Inc.                            | CUSIP: 70614W100<br>LEI: 5493002YS021166W0339 | Long             | EC               | CORP              | US        |      1742 | NS      | $13831.48     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings, Inc.                      | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       464 | NS      | $58631.04     | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp.                                       | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |      3939 | NS      | $31748.34     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SeaWorld Entertainment Inc     | SeaWorld Entertainment, Inc.                         | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |       364 | NS      | $19477.64     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| International Game Technology  | International Game Technology plc                    | CUSIP: N/A<br>LEI: 549300UQ6KHRCZDRGZ76       | Long             | EC               | CORP              | US        |       933 | NS      | $21160.44     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                   | Wingstop, Inc.                                       | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |       146 | NS      | $20092.52     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomin' Brands Inc            | Bloomin' Brands, Inc.                                | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |       655 | NS      | $13178.60     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE              | Brunswick Corp.                                      | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |       328 | NS      | $23642.24     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports C | Madison Square Garden Sports Corp.                   | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       128 | NS      | $23466.24     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AMC Entertainment Holdings Inc | AMC Entertainment Holdings, Inc.                     | CUSIP: 00165C104<br>LEI: 549300ZO77UNR6NRBR11 | Long             | EC               | CORP              | US        |      3605 | NS      | $14672.35     | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Airbnb Inc                     | Airbnb, Inc.                                         | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       863 | NS      | $73786.50     | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                       | Roku, Inc.                                           | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |       578 | NS      | $23524.60     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                    | Polaris, Inc.                                        | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |       253 | NS      | $25553.00     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| News Corp                      | News Corp.                                           | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |      1865 | NS      | $33943.00     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The          | New York Times Co.                                   | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |       723 | NS      | $23468.58     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                    | NetEase, Inc.                                        | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |       527 | NS      | $38276.01     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc         | Darden Restaurants, Inc.                             | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |       301 | NS      | $41637.33     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings | Norwegian Cruise Line Holdings Ltd.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      3806 | NS      | $46585.44     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group, Inc.                                  | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |       441 | NS      | $38631.60     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group, Inc.                                   | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      1991 | NS      | $91008.61     | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corp              | DISH Network Corp.                                   | CUSIP: 25470M109<br>LEI: 529900U350CWHH15G169 | Long             | EC               | CORP              | US        |      1994 | NS      | $27995.76     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack in the Box Inc            | Jack in the Box, Inc.                                | CUSIP: 466367109<br>LEI: 5493002OJW26P0SUUP68 | Long             | EC               | CORP              | US        |       179 | NS      | $12213.17     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp              | Hyatt Hotels Corp.                                   | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |       343 | NS      | $31024.35     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd.                                             | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |       821 | NS      | $42716.63     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson Inc            | Harley-Davidson, Inc.                                | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |       586 | NS      | $24377.60     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd.                         | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |       656 | NS      | $32426.08     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings, Inc.                             | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |       657 | NS      | $35905.05     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Penn Entertainment Inc         | Penn Entertainment, Inc.                             | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       714 | NS      | $21205.80     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group, Inc.                            | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |       146 | NS      | $25554.38     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Topgolf Callaway Brands Corp   | Topgolf Callaway Brands Corp.                        | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |       932 | NS      | $18407.00     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco plc                         | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |       793 | NS      | $31704.14     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Beer Co Inc/The         | Boston Beer Company, Inc.                            | CUSIP: 100557107<br>LEI: 529900Q02MQ0DCQNRM58 | Long             | EC               | CORP              | US        |        61 | NS      | $20100.72     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc              | YETI Holdings, Inc.                                  | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |       460 | NS      | $19002.60     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In | Choice Hotels International, Inc.                    | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |       217 | NS      | $24442.88     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International      | MGM Resorts International                            | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      1044 | NS      | $35005.32     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp               | Boyd Gaming Corp.                                    | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       433 | NS      | $23611.49     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |      6021 | PA      | $6021.21      | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd.                                  | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |      1114 | NS      | $38321.60     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings, Inc.                                     | CUSIP: 26142V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1861 | NS      | $21196.79     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co            | Travel + Leisure Co.                                 | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |       490 | NS      | $17836.00     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment, Inc.                      | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |       593 | NS      | $41355.82     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel Inc                     | Mattel, Inc.                                         | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |      1504 | NS      | $26831.36     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave & Buster's Entertainment  | Dave & Buster's Entertainment, Inc.                  | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |       400 | NS      | $14176.00     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands, Inc.                                    | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |       477 | NS      | $61094.16     | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corp        | Warner Music Group Corp.                             | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1279 | NS      | $44790.58     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa | Restaurant Brands International, Inc.                | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Long             | EC               | CORP              | US        |       501 | NS      | $32399.67     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc  | Papa John's International, Inc.                      | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |       212 | NS      | $17449.72     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International, Inc.                         | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |       462 | NS      | $68787.18     | 1.84%             |  |  |  | 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