# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045025
**Filing Date:** 2023-2
**Character Count:** 74203
**Document Hash:** 73f788e32de11a5a6fe2c9e00ebe9a9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045025.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045025

**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:** 23680330

**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

### Guggenheim Long Short Equity Fund (Series ID: S000003729)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010398 | 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:** Long Short Equity Fund

- **b. EDGAR series identifier (if any):** S000003729

- **c. LEI of Series:** 5493000OCWEFVH5WSK57

**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:** $22472089.61

**Total Liabilities:** $93403.60

**Net Assets:** $22378686.01

**Cash Not Reported:** $65279.16

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010398 | 8.55%                | 3.74%                | -2.90%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-207785.74              | $2220271.10                                |
| Month 2  | $-150932.82              | $1390808.65                                |
| Month 3  | $394591.47               | $-1420944.46                               |

**Designated Index Information**

- **Index Name:** S&P 500 Index

- **Index Identifier:** SNP500

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Analog Devices Inc                  | Analog Devices, Inc.                   | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |       286 | NS      | $46912.58     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI Corp                            | UGI Corp.                              | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      4094 | NS      | $151764.58    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                       | Teradata Corp.                         | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |      1290 | NS      | $43421.40     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International         | GS Equity Custom Basket                | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DE               |  | US        |         0 | NC      | $601789.37    | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                      | Eaton Corporation plc                  | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | US        |       704 | NS      | $110492.80    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp             | Magnolia Oil & Gas Corp.               | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2041 | NS      | $47861.45     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                        | Chevron Corp.                          | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       541 | NS      | $97104.09     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                      | Microsoft Corp.                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1205 | NS      | $288983.10    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc               | Quest Diagnostics, Inc.                | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      1154 | NS      | $180531.76    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                            | FMC Corp.                              | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |       644 | NS      | $80371.20     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV               | NXP Semiconductor N.V.                 | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | US        |       286 | NS      | $45196.58     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                     | S&T Bancorp, Inc.                      | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4672 | NS      | $159688.96    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                | National Fuel Gas Co.                  | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |       761 | NS      | $48171.30     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                         | Toro Co.                               | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |       477 | NS      | $53996.40     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                           | Adobe, Inc.                            | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       225 | NS      | $75719.25     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                | Lockheed Martin Corp.                  | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       280 | NS      | $136217.20    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                   | Steven Madden Ltd.                     | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |      2730 | NS      | $87250.80     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                 | Eagle Materials, Inc.                  | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |      1155 | NS      | $153441.75    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                           | Aflac, Inc.                            | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |       583 | NS      | $41941.02     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc                  | SunCoke Energy, Inc.                   | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |      5365 | NS      | $46299.95     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Albany International Corp           | Albany International Corp.             | CUSIP: 012348108<br>LEI: L73WCPNCZIRSQGZTW097 | Long             | EC               | CORP              | US        |      1580 | NS      | $155772.20    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc          | Vishay Intertechnology, Inc.           | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      6133 | NS      | $132288.81    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc                  | PPG Industries, Inc.                   | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |       433 | NS      | $54445.42     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Veradigm Inc                        | Veradigm, Inc.                         | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |      2124 | NS      | $37467.36     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc      | Advanced Energy Industries, Inc.       | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      1155 | NS      | $99075.90     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co                 | Emerson Electric Co.                   | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      1843 | NS      | $177038.58    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc            | Winnebago Industries, Inc.             | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |       848 | NS      | $44689.60     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                | Hilltop Holdings, Inc.                 | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |      1879 | NS      | $56388.79     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings       | Allison Transmission Holdings, Inc.    | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      2377 | NS      | $98883.20     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                      | Hershey Co.                            | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |       745 | NS      | $172519.65    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc          | Vertex Pharmaceuticals, Inc.           | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       356 | NS      | $102805.68    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc              | Mueller Industries, Inc.               | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      1216 | NS      | $71744.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                         | NVIDIA Corp.                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |       319 | NS      | $46618.66     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Financial Services In      | PennyMac Financial Services, Inc.      | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |       876 | NS      | $49634.16     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                   | Cisco Systems, Inc.                    | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      2229 | NS      | $106189.56    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Income REIT Corp          | Apartment Income REIT Corp.            | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1987 | NS      | $68173.97     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp             | Marathon Petroleum Corp.               | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1540 | NS      | $179240.60    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corp                       | Ingevity Corp.                         | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |       745 | NS      | $52477.80     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Holdings Co                   | Crane Holdings Co.                     | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |       548 | NS      | $55046.60     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC                  | Royalty Pharma plc                     | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |      3174 | NS      | $125436.48    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                   | FB Financial Corp.                     | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |      1581 | NS      | $57137.34     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                      | Trustmark Corp.                        | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |      1701 | NS      | $59381.91     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                             | GMS, Inc.                              | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |      2375 | NS      | $118275.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                      | Starbucks Corp.                        | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |      1350 | NS      | $133920.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                      | Buckle, Inc.                           | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      2093 | NS      | $94917.55     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                        | Danaher Corp.                          | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       698 | NS      | $185263.16    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                      | BankUnited, Inc.                       | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |      1999 | NS      | $67906.03     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                           | Tesla, Inc.                            | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |       390 | NS      | $48040.20     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Triton International Ltd            | Triton International Ltd.              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1089 | NS      | $74901.42     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                        | Evercore, Inc.                         | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      1237 | NS      | $134931.96    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co                  | Sonoco Products Co.                    | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |       860 | NS      | $52210.60     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                    | Cirrus Logic, Inc.                     | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      2007 | NS      | $149481.36    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                            | RLI Corp.                              | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |       337 | NS      | $44237.99     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp          | Standex International Corp.            | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      1633 | NS      | $167235.53    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanda Pharmaceuticals Inc           | Vanda Pharmaceuticals, Inc.            | CUSIP: 921659108<br>LEI: 529900AY8VOOQBKJ0O70 | Long             | EC               | CORP              | US        |      4527 | NS      | $33454.53     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp                    | FirstEnergy Corp.                      | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      4181 | NS      | $175351.14    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                     | OSI Systems, Inc.                      | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |       626 | NS      | $49779.52     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                      | MGE Energy, Inc.                       | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1739 | NS      | $122425.60    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc               | Applied Materials, Inc.                | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1469 | NS      | $143051.22    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter Parfums Inc                   | Inter Parfums, Inc.                    | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       732 | NS      | $70652.64     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc       | CSG Systems International, Inc.        | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |       839 | NS      | $47990.80     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                 | Gilead Sciences, Inc.                  | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      1276 | NS      | $109544.60    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                        | Alphabet, Inc.                         | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1486 | NS      | $131852.78    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                   | Kinder Morgan, Inc.                    | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      8696 | NS      | $157223.68    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc                 | Williams-Sonoma, Inc.                  | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       515 | NS      | $59183.80     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc                   | Post Holdings, Inc.                    | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |      1585 | NS      | $143062.10    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                        | Synopsys, Inc.                         | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       478 | NS      | $152620.62    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                             | Dow, Inc.                              | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      1204 | NS      | $60669.56     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                       | Synaptics, Inc.                        | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |       520 | NS      | $49483.20     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitrans Midstream Corp            | Equitrans Midstream Corp.              | CUSIP: 294600101<br>LEI: 549300RH0NLJNZ5SXU64 | Long             | EC               | CORP              | US        |      5392 | NS      | $36126.40     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                         | Incyte Corp.                           | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |       940 | NS      | $75500.80     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                          | U.S. Bancorp                           | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      2150 | NS      | $93761.50     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogo Inc                            | Gogo, Inc.                             | CUSIP: 38046C109<br>LEI: 549300VL3DIHSFHYTO04 | Long             | EC               | CORP              | US        |      8644 | NS      | $127585.44    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc              | Pathward Financial, Inc.               | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |       865 | NS      | $37238.25     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs International         | GS Equity Custom Basket                | CUSIP: N/A<br>LEI: W22LROWP2IHZNBB6K528       | N/A              | DE               |  | US        |         0 | NC      | $178543.02    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Huntsman Corp                       | Huntsman Corp.                         | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      3412 | NS      | $93761.76     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                   | Johnson & Johnson                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       259 | NS      | $45752.35     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc         | AMN Healthcare Services, Inc.          | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |       327 | NS      | $33622.14     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc            | Lamb Weston Holdings, Inc.             | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |       926 | NS      | $82747.36     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                      | ServiceNow, Inc.                       | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       134 | NS      | $52028.18     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc                    | Hope Bancorp, Inc.                     | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |     12908 | NS      | $165351.48    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                 | Otis Worldwide Corp.                   | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      1017 | NS      | $79641.27     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc      | SS&C Technologies Holdings, Inc.       | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |      1061 | NS      | $55235.66     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc        | Wyndham Hotels & Resorts, Inc.         | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      2361 | NS      | $168362.91    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp            | United Therapeutics Corp.              | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       311 | NS      | $86485.99     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc       | Amphastar Pharmaceuticals, Inc.        | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      1809 | NS      | $50688.18     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                          | NetApp, Inc.                           | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1012 | NS      | $60780.72     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp           | Occidental Petroleum Corp.             | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |       992 | NS      | $62486.08     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co              | Columbia Sportswear Co.                | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |      1917 | NS      | $167890.86    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Donaldson Co Inc                    | Donaldson Company, Inc.                | CUSIP: 257651109<br>LEI: OZE6KXY9QQPR8EJ8WL20 | Long             | EC               | CORP              | US        |      2855 | NS      | $168073.85    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc      | Virtus Investment Partners, Inc.       | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |       344 | NS      | $65855.36     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                      | Mastercard, Inc.                       | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       216 | NS      | $75109.68     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Brands Inc                   | Acuity Brands, Inc.                    | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       641 | NS      | $106156.01    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                     | OGE Energy Corp.                       | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      4319 | NS      | $170816.45    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc                | Sturm Ruger & Company, Inc.            | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |      1891 | NS      | $95722.42     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp               | Antero Midstream Corp.                 | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15191 | NS      | $163910.89    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                    | Exxon Mobil Corp.                      | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      2001 | NS      | $220710.30    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc        | Ironwood Pharmaceuticals, Inc.         | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |     12001 | NS      | $148692.39    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc               | Oxford Industries, Inc.                | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |       608 | NS      | $56653.44     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc        | Supernus Pharmaceuticals, Inc.         | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      2629 | NS      | $93776.43     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc              | Marcus & Millichap, Inc.               | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |      1637 | NS      | $56394.65     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp             | Perdoceo Education Corp.               | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |      9967 | NS      | $138541.30    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Avid Technology Inc                 | Avid Technology, Inc.                  | CUSIP: 05367P100<br>LEI: 549300PQGW3DXKJTQ914 | Long             | EC               | CORP              | US        |      1433 | NS      | $38103.47     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                       | Westlake Corp.                         | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |       574 | NS      | $58857.96     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp              | Louisiana-Pacific Corp.                | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      2228 | NS      | $131897.60    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC            | Jazz Pharmaceuticals plc               | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | US        |       657 | NS      | $104666.67    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc             | Methode Electronics, Inc.              | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |      2188 | NS      | $97081.56     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                          | Rambus, Inc.                           | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      2005 | NS      | $71819.10     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co            | American States Water Co.              | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Long             | EC               | CORP              | US        |       646 | NS      | $59787.30     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc           | Minerals Technologies, Inc.            | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |      2259 | NS      | $137166.48    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                         | Phillips 66                            | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      1002 | NS      | $104288.16    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV        | LyondellBasell Industries N.V.         | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |       797 | NS      | $66174.91     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                            | Visa, Inc.                             | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       419 | NS      | $87051.44     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Treasury Obligations P      | Invesco Treasury Obligations Portfolio | CUSIP: 825252505<br>LEI: 549300AX0P1O1RVENL43 | Long             | STIV             | RF                | US        |    305247 | NS      | $305247.09    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PerkinElmer Inc                     | PerkinElmer, Inc.                      | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |       494 | NS      | $69268.68     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EnPro Industries Inc                | EnPro Industries, Inc.                 | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |       394 | NS      | $42823.86     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ONE Gas Inc                         | ONE Gas, Inc.                          | CUSIP: 68235P108<br>LEI: 549300HXDWI0LATTX840 | Long             | EC               | CORP              | US        |      1273 | NS      | $96391.56     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc                      | CVR Energy, Inc.                       | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |      2381 | NS      | $74620.54     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                      | Eli Lilly & Co.                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       297 | NS      | $108654.48    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                        | QUALCOMM, Inc.                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       563 | NS      | $61896.22     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc         | John B Sanfilippo & Son, Inc.          | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |      2064 | NS      | $167844.48    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                  | Valero Energy Corp.                    | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |       917 | NS      | $116330.62    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA            | TowneBank                              | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |      5051 | NS      | $155772.84    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson Inc                 | Harley-Davidson, Inc.                  | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |       800 | NS      | $33280.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                         | Textron, Inc.                          | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |      2341 | NS      | $165742.80    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc                  | Globus Medical, Inc.                   | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |      1400 | NS      | $103978.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA          | Heritage Financial Corp.               | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5271 | NS      | $161503.44    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                     | Sealed Air Corp.                       | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |      2013 | NS      | $100408.44    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corp                     | Otter Tail Corp.                       | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1433 | NS      | $84131.43     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Office Properties Income Trust      | Office Properties Income Trust         | CUSIP: 67623C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5332 | NS      | $71182.20     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                      | Amazon.com, Inc.                       | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       616 | NS      | $51744.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc              | Group 1 Automotive, Inc.               | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |       252 | NS      | $45453.24     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America           | Packaging Corporation of America       | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |       492 | NS      | $62931.72     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc                 | Thor Industries, Inc.                  | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |       469 | NS      | $35404.81     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                     | Tyson Foods, Inc.                      | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      2333 | NS      | $145229.25    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                    | InterDigital, Inc.                     | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1129 | NS      | $55862.92     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Unitil Corp                         | Unitil Corp.                           | CUSIP: 913259107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       860 | NS      | $44169.60     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                                 | International Business Machines Corp.  | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       410 | NS      | $57764.90     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                  | Meta Platforms, Inc.                   | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |       926 | NS      | $111434.84    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc        | Bread Financial Holdings, Inc.         | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      1364 | NS      | $51368.24     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC | MS Equity Custom Basket                | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DE               |  | US        |         0 | NC      | $161498.76    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Arista Networks Inc                 | Arista Networks, Inc.                  | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       255 | NS      | $30944.25     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                         | Dropbox, Inc.                          | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |      2283 | NS      | $51093.54     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                  | Home Depot, Inc.                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       633 | NS      | $199939.38    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp       | International Bancshares Corp.         | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |      1609 | NS      | $73627.84     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                   | ACI Worldwide, Inc.                    | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      1604 | NS      | $36892.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                    | Boyd Gaming Corp.                      | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      1564 | NS      | $85284.92     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                     | T-Mobile US, Inc.                      | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      1035 | NS      | $144900.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                        | VeriSign, Inc.                         | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       303 | NS      | $62248.32     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                       | TopBuild Corp.                         | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |       220 | NS      | $34427.80     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                    | NMI Holdings, Inc.                     | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      2179 | NS      | $45541.10     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc                | NetScout Systems, Inc.                 | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      1576 | NS      | $51235.76     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc              | Insteel Industries, Inc.               | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      1309 | NS      | $36023.68     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                      | Lowe's Companies, Inc.                 | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       882 | NS      | $175729.68    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc          | Casey's General Stores, Inc.           | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |       330 | NS      | $74035.50     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co             | Bristol-Myers Squibb Co.               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      2315 | NS      | $166564.25    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                 | PotlatchDeltic Corp.                   | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |      1114 | NS      | $49004.86     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc            | Par Pacific Holdings, Inc.             | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |      1806 | NS      | $41989.50     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp               | Monster Beverage Corp.                 | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      1591 | NS      | $161534.23    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp      | Central Pacific Financial Corp.        | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      3257 | NS      | $66051.96     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                      | NewMarket Corp.                        | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |       278 | NS      | $86488.58     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                    | Altria Group, Inc.                     | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      3023 | NS      | $138181.33    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                   | Brunswick Corp.                        | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |      2160 | NS      | $155692.80    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                          | Watsco, Inc.                           | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |       297 | NS      | $74071.80     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp           | Chesapeake Utilities Corp.             | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |       959 | NS      | $113334.62    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                           | Graco, Inc.                            | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |      2485 | NS      | $167141.10    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Pharmaceuticals Inc/DE        | Eagle Pharmaceuticals, Inc.            | CUSIP: 269796108<br>LEI: 549300TN20OLYTJVP152 | Long             | EC               | CORP              | US        |      2058 | NS      | $60155.34     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                         | Snap-on, Inc.                          | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       713 | NS      | $162913.37    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                         | NETGEAR, Inc.                          | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |      1645 | NS      | $29790.95     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc              | IDEXX Laboratories, Inc.               | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       407 | NS      | $166039.72    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc           | USANA Health Sciences, Inc.            | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      1349 | NS      | $71766.80     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Varex Imaging Corp                  | Varex Imaging Corp.                    | CUSIP: 92214X106<br>LEI: 549300CWYWPVCT8E9W67 | Long             | EC               | CORP              | US        |      4881 | NS      | $99084.30     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc                         | EVERTEC, Inc.                          | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1237 | NS      | $40054.06     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The                    | Coca-Cola Co.                          | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      3069 | NS      | $195219.09    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The         | Goldman Sachs Group, Inc.              | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       286 | NS      | $98206.68     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp         | REX American Resources Corp.           | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1164 | NS      | $37085.04     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                    | DT Midstream, Inc.                     | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2864 | NS      | $158264.64    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services C      | Stewart Information Services Corp.     | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |      1478 | NS      | $63154.94     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                        | Innoviva, Inc.                         | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      3711 | NS      | $49170.75     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc              | Patrick Industries, Inc.               | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      1055 | NS      | $63933.00     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                         | Maximus, Inc.                          | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |       984 | NS      | $72156.72     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightsphere Investment Group       | Brightsphere Investment Group, Inc.    | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |      2694 | NS      | $55442.52     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                    | Black Hills Corp.                      | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |      2419 | NS      | $170152.46    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                           | Apple, Inc.                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      1901 | NS      | $246996.93    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                       | Renasant Corp.                         | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |      4259 | NS      | $160095.81    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA       | Preferred Bank/Los Angeles CA          | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |      2268 | NS      | $169238.16    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co             | Becton Dickinson and Co.               | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       477 | NS      | $121301.10    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                         | Ameren Corp.                           | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      1000 | NS      | $88920.00     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc       | Academy Sports & Outdoors, Inc.        | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1488 | NS      | $78179.52     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                           | Olin Corp.                             | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |      1336 | NS      | $70727.84     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                            | NIKE, Inc.                             | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |       916 | NS      | $107181.16    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                               | 3M Co.                                 | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |       726 | NS      | $87061.92     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In      | Philip Morris International, Inc.      | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       687 | NS      | $69531.27     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                | Associated Banc-Corp.                  | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |       343 | NS      | $7919.87      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd              | Arch Capital Group Ltd.                | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | US        |      1206 | NS      | $75712.68     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc          | Neurocrine Biosciences, Inc.           | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |       333 | NS      | $39773.52     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                         | Hologic, Inc.                          | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |      2293 | NS      | $171539.33    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                         | Polaris, Inc.                          | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |       439 | NS      | $44339.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc               | Veeco Instruments, Inc.                | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |      2198 | NS      | $40838.84     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc          | Verizon Communications, Inc.           | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      4404 | NS      | $173517.60    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                 | Clearway Energy, Inc.                  | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |      2717 | NS      | $86590.79     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank Holdings Corp         | National Bank Holdings Corp.           | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3931 | NS      | $165377.17    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                          | Diodes, Inc.                           | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |       674 | NS      | $51318.36     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp               | General Dynamics Corp.                 | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |       678 | NS      | $168218.58    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                     | Yum! Brands, Inc.                      | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      1335 | NS      | $170986.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                | Global Net Lease, Inc.                 | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |      7117 | NS      | $89460.69     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                | Williams Companies, Inc.               | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      3199 | NS      | $105247.10    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc       | Regeneron Pharmaceuticals, Inc.        | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |        90 | NS      | $64934.10     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Barnes Group Inc                    | Barnes Group, Inc.                     | CUSIP: 067806109<br>LEI: G1MSYD2DQZX30V5DMX12 | Long             | EC               | CORP              | US        |      1554 | NS      | $63480.90     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Capital Services LLC | MS Equity Custom Basket                | CUSIP: N/A<br>LEI: I7331LVCZKQKX5T7XV54       | N/A              | DE               |  | US        |         0 | NC      | $609265.40    | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Keysight Technologies Inc           | Keysight Technologies, Inc.            | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       672 | NS      | $114959.04    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc           | Haverty Furniture Companies, Inc.      | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |      1951 | NS      | $58334.90     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                        | Balchem Corp.                          | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |      1065 | NS      | $130047.15    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc            | Microchip Technology, Inc.             | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |       541 | NS      | $38005.25     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                           | ONEOK, Inc.                            | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      1284 | NS      | $84358.80     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare I      | Prestige Consumer Healthcare, Inc.     | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2235 | NS      | $139911.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                          | AMETEK, Inc.                           | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      1213 | NS      | $169480.36    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co                   | General Motors Co.                     | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      1768 | NS      | $59475.52     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                      | Dorian LPG Ltd.                        | CUSIP: N/A<br>LEI: 549300WP1W2WGMC7F395       | Long             | EC               | CORP              | US        |      3722 | NS      | $70531.90     | 0.32%             |  |  |  | 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