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          <ticker value="LBH3"/>
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          <ticker value="BOH3"/>
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        <name>Chicago Board of Trade</name>
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          <ticker value="W H3"/>
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        <name>ICE Futures Europe Commodities</name>
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          <ticker value="QSG3"/>
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        <name>Guggenheim Partners Investment Management LLC</name>
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        <name>Guggenheim Partners Investment Management LLC</name>
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        <name>New York Mercantile Exchange</name>
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        <name>ICE Endex</name>
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        <name>New York Mercantile Exchange</name>
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        <name>Commodity Exchange, Inc.</name>
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        <name>New York Mercantile Exchange</name>
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          <ticker value="LHG3"/>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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          <ticker value="SBH3"/>
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          <ticker value="CNH3"/>
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        <name>Euronext Derivatives Amsterdam</name>
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          <ticker value="EOF3"/>
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        <name>Chicago Mercantile Exchange</name>
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          <ticker value="SFH3"/>
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        <name>New York Mercantile Exchange</name>
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          <ticker value="PLJ3"/>
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        <name>Chicago Mercantile Exchange</name>
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        <name>Eurex</name>
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          <ticker value="OEH3"/>
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        <name>Cboe Futures Exchange</name>
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          <ticker value="UXH3"/>
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        <name>London Metal Exchange</name>
        <lei>N/A</lei>
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          <ticker value="LNG3"/>
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        <isRestrictedSec>N</isRestrictedSec>

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        <name>ASX Trade24</name>
        <lei>N/A</lei>
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          <ticker value="XMH3"/>
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      <invstOrSec>
        <name>Minneapolis Grain Exchange</name>
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          <ticker value="MWH3"/>
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      <invstOrSec>
        <name>Commodity Exchange, Inc.</name>
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          <ticker value="GCG3"/>
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        <name>Singapore Exchange (was SIMEX)</name>
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          <ticker value="TWTF3"/>
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          <ticker value="UXG3"/>
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          <ticker value="RTYH3"/>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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        <name>Eurex</name>
        <lei>N/A</lei>
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          <ticker value="VGH3"/>
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        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>ICE Futures Europe Financials</name>
        <lei>N/A</lei>
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          <ticker value="G H3"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
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          <ticker value="RXH3"/>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>ICE Futures Europe Commodities</name>
        <lei>N/A</lei>
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          <ticker value="COH3"/>
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              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
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      <invstOrSec>
        <name>Eurex</name>
        <lei>N/A</lei>
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          <ticker value="IKH3"/>
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      <invstOrSec>
        <name>London Metal Exchange</name>
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      <invstOrSec>
        <name>Eurex</name>
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          <ticker value="UBH3"/>
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            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Euro 30yr 4% Bond</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Interest Rate Future" value="Euro 30yr 4% Bond"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-03-08</expDate>
            <notionalAmt>440934.04000000</notionalAmt>
            <curCd>EUR</curCd>
            <unrealizedAppr>-11221.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Guggenheim Partners Investment Management LLC</name>
        <lei>N/A</lei>
        <title>Guggenheim Variable Insurance Strategy Fund III</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="GFSVX"/>
        </identifiers>
        <balance>134485.60200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3237068.44000000</valUSD>
        <pctVal>15.38332871907</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE Futures US-Canadian Grains</name>
        <lei>N/A</lei>
        <title>Canadian Canola (WCE) Futures Contracts</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RSH3"/>
        </identifiers>
        <balance>10.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.35355000"/>
        <valUSD>1216.96000000</valUSD>
        <pctVal>0.005783286966</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerConditional desc="Derivative" issuerCat="OTHER"/>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>Goldman Sachs &amp; Co. LLC</counterpartyName>
              <counterpartyLei>FOR8UP27PHTHYVLBNG30</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>Canola WCE</issueTitle>
                <identifiers>
                  <cusip value="N/A"/>
                  <other otherDesc="Physical Asset" value="Canola WCE"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-03-14</expDate>
            <notionalAmt>126561.12000000</notionalAmt>
            <curCd>CAD</curCd>
            <unrealizedAppr>1216.96000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BARCLAYS CAPITAL INC.</name>
        <lei>AC28XWWI3WIBK2824319</lei>
        <title>Barclays Capital, Inc.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="REPO-BARC"/>
        </identifiers>
        <balance>2691639.79000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2691639.79000000</valUSD>
        <pctVal>12.79132043402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="AC28XWWI3WIBK2824319" name="BARCLAYS CAPITAL INC."/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.21000000</repurchaseRt>
          <maturityDt>2023-01-03</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2712279.62000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2745480.50000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-01-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>Jim Howley</ncom:signature>
      <ncom:signerName>Jim Howley</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
