# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045003
**Filing Date:** 2023-2
**Character Count:** 14730
**Document Hash:** 84dab6031c5077576682401605cf1804
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045003.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045003

**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:** 23680305

**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

### Energy Services Fund (Series ID: S000003715)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010384 | 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:** Energy Services Fund

- **b. EDGAR series identifier (if any):** S000003715

- **c. LEI of Series:** 5493008C68OBZH304M86

**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:** $17637309.37

**Total Liabilities:** $55935.94

**Net Assets:** $17581373.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010384 | 34.88%               | 2.86%                | -0.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-19385.94               | $1982156.32                                |
| Month 2  | $-9325.74                | $380054.97                                 |
| Month 3  | $-110233.51              | $138769.27                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| J.P. MORGAN SECURITIES LLC     | J.P. Morgan Securities LLC              | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |     59268 | PA      | $59268.31     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Archrock Inc                   | Archrock, Inc.                          | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |     34967 | NS      | $314003.66    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrun Inc                     | Sunrun, Inc.                            | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |     22547 | NS      | $541578.94    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                 | Halliburton Co.                         | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     42300 | NS      | $1664505.00   | 9.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Dril-Quip Inc                  | Dril-Quip, Inc.                         | CUSIP: 262037104<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |     10134 | NS      | $275340.78    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                    | Valaris Ltd.                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      9060 | NS      | $612637.20    | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories NV           | Core Laboratories N.V.                  | CUSIP: N/A<br>LEI: 724500MDYY5VBSAF5W50       | Long             | EC               | CORP              | US        |     14524 | NS      | $294401.48    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc          | Helmerich & Payne, Inc.                 | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |     12556 | NS      | $622400.92    | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SolarEdge Technologies Inc     | SolarEdge Technologies, Inc.            | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |      2905 | NS      | $822899.35    | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc       | Patterson-UTI Energy, Inc.              | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     31062 | NS      | $523084.08    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc             | Aspen Aerogels, Inc.                    | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20110 | NS      | $237096.90    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                     | Tenaris S.A.                            | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     12412 | NS      | $436405.92    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                  | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     22725 | PA      | $22724.90     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| MRC Global Inc                 | MRC Global, Inc.                        | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |     21868 | NS      | $253231.44    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NOW Inc                        | NOW, Inc.                               | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     23954 | NS      | $304215.80    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus, Inc.                            | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     10122 | NS      | $508731.72    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co.                        | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48342 | NS      | $1427539.26   | 8.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                 | Noble Corporation plc                   | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Long             | EC               | CORP              | US        |     15677 | NS      | $591179.67    | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV, Inc.                               | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     36427 | NS      | $760960.03    | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Industries Ltd          | Nabors Industries Ltd.                  | CUSIP: N/A<br>LEI: 5493008TXYN3II3PU369       | Long             | EC               | CORP              | US        |      2202 | NS      | $341023.74    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc              | Bristow Group, Inc.                     | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |      8619 | NS      | $233833.47    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Expro Group Holdings NV        | Expro Group Holdings N.V.               | CUSIP: N/A<br>LEI: 724500LJYA8QIT73H017       | Long             | EC               | CORP              | US        |     22678 | NS      | $411152.14    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                 | ChampionX Corp.                         | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |     22122 | NS      | $641316.78    | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DMC Global Inc                 | DMC Global, Inc.                        | CUSIP: 23291C103<br>LEI: 549300CBDXD1Z5MRNG02 | Long             | EC               | CORP              | US        |      8849 | NS      | $172024.56    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                   | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     22796 | PA      | $22795.50     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Tidewater Inc                  | Tidewater, Inc.                         | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     10284 | NS      | $378965.40    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC  | Weatherford International plc           | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | US        |     10119 | NS      | $515259.48    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc  | Oceaneering International, Inc.         | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |     21622 | NS      | $378168.78    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd               | Schlumberger Ltd.                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     42947 | NS      | $2295946.62   | 13.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Oilfield Infrastructur | Solaris Oilfield Infrastructure, Inc.   | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |     18074 | NS      | $179474.82    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc             | Liberty Energy, Inc.                    | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28789 | NS      | $460911.89    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ProFrac Holding Corp           | ProFrac Holding Corp.                   | CUSIP: 74319N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21855 | NS      | $550746.00    | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp          | ProPetro Holding Corp.                  | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28645 | NS      | $297048.65    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| US Silica Holdings Inc         | US Silica Holdings, Inc.                | CUSIP: 90346E103<br>LEI: 529900HOXGPM9F75C193 | Long             | EC               | CORP              | US        |     20983 | NS      | $262287.50    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| National Energy Services Reuni | National Energy Services Reunited Corp. | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     31307 | NS      | $217270.58    | 1.24%             |  |  |  | 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