# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045012
**Filing Date:** 2023-2
**Character Count:** 30266
**Document Hash:** e062ed468f2d0f4e2490fa04949ae554
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045012.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045012

**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:** 23680312

**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 Fund (Series ID: S000003714)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010383 | 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 Fund

- **b. EDGAR series identifier (if any):** S000003714

- **c. LEI of Series:** 549300U94DM6WS1H2223

**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:** $23590704.91

**Total Liabilities:** $101408.72

**Net Assets:** $23489296.19

**Cash Not Reported:** $33.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010383 | 19.54%               | 2.42%                | -6.55%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-53289.44               | $5151961.31                                |
| Month 2  | $977403.41               | $-399722.61                                |
| Month 3  | $1065442.98              | $-2960079.42                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Plug Power Inc                 | Plug Power, Inc.                | CUSIP: 72919P202<br>LEI: 549300JPDKRSJ8JSM954 | Long             | EC               | CORP              | US        |     15372 | NS      | $190151.64    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Denbury Inc                    | Denbury, Inc.                   | CUSIP: 24790A101<br>LEI: 549300KCWA5W52MS5559 | Long             | EC               | CORP              | US        |      1751 | NS      | $152372.02    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corp             | CNX Resources Corp.             | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |      7692 | NS      | $129533.28    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| World Fuel Services Corp       | World Fuel Services Corp.       | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |      3419 | NS      | $93441.27     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp.                       | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      6212 | NS      | $289976.16    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                 | Halliburton Co.                 | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     11801 | NS      | $464369.35    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PDC Energy Inc                 | PDC Energy, Inc.                | CUSIP: 69327R101<br>LEI: 5493008W8H2T511J5Y59 | Long             | EC               | CORP              | US        |      2833 | NS      | $179838.84    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp.           | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      4220 | NS      | $310170.00    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp         | Chesapeake Energy Corp.         | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      2696 | NS      | $254421.52    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp        | Magnolia Oil & Gas Corp.        | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7259 | NS      | $170223.55    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                  | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      7632 | NS      | $900576.00    | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SolarEdge Technologies Inc     | SolarEdge Technologies, Inc.    | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |       888 | NS      | $251543.76    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Companies, Inc.        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     13893 | NS      | $457079.70    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | Equities Corp.                  | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      7452 | NS      | $252101.16    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Resources Inc             | Arch Resources, Inc.            | CUSIP: 03940R107<br>LEI: W47HVZ7Q6FXL86RELH91 | Long             | EC               | CORP              | US        |       785 | NS      | $112090.15    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy, Inc.           | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      2810 | NS      | $421387.60    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                     | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      4873 | NS      | $507181.84    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                      | Hess Corp.                      | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |      3467 | NS      | $491689.94    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp               | HF Sinclair Corp.               | CUSIP: 403949100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4649 | NS      | $241236.61    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                      | ONEOK, Inc.                     | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      5961 | NS      | $391637.70    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp.               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     14135 | NS      | $1559090.50   | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp.             | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      4144 | NS      | $525707.84    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC  | Weatherford International plc   | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | US        |      2821 | NS      | $143645.32    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                 | ChampionX Corp.                 | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |      6150 | NS      | $178288.50    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy, Inc.            | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     13001 | NS      | $319434.57    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                    | Ovintiv, Inc.                   | CUSIP: 69047Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5292 | NS      | $268357.32    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co.           | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      3382 | NS      | $193585.68    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Ltd               | Schlumberger Ltd.               | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     11959 | NS      | $639328.14    | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc       | Patterson-UTI Energy, Inc.      | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |      8698 | NS      | $146474.32    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Enviva Inc                     | Enviva, Inc.                    | CUSIP: 29415B103<br>LEI: 549300WH5VXDEFM5KR81 | Long             | EC               | CORP              | US        |      2477 | NS      | $131206.69    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV, Inc.                       | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |     10162 | NS      | $212284.18    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp            | Peabody Energy Corp.            | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |      5102 | NS      | $134794.84    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Plains Inc               | Green Plains, Inc.              | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               | CORP              | US        |      3418 | NS      | $104249.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan, Inc.             | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     25822 | NS      | $466861.76    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                     | Tenaris S.A.                    | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |      4161 | NS      | $146300.76    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Callon Petroleum Co            | Callon Petroleum Co.            | CUSIP: 13123X508<br>LEI: 549300EFOWPEB0WLZW21 | Long             | EC               | CORP              | US        |      3085 | NS      | $114422.65    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp              | Marathon Oil Corp.              | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |     11219 | NS      | $303698.33    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrun Inc                     | Sunrun, Inc.                    | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |      6271 | NS      | $150629.42    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp.      | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      3081 | NS      | $134054.31    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                   | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7564 | NS      | $1357662.36   | 5.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc              | Suncor Energy, Inc.             | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | US        |      6904 | NS      | $219063.92    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources, Inc.             | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      5031 | NS      | $651615.12    | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp.        | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      4736 | NS      | $551223.04    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA         | Petroleo Brasileiro S.A.        | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     30035 | NS      | $319872.75    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc          | Civitas Resources, Inc.         | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      2893 | NS      | $167591.49    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA, Inc.                | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |       609 | NS      | $170239.86    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar, Inc.               | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      1919 | NS      | $287447.01    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc       | Par Pacific Holdings, Inc.      | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |      3935 | NS      | $91488.75     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                   | Enbridge, Inc.                  | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | US        |      5159 | NS      | $201716.90    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream, Inc.              | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2973 | NS      | $164287.98    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy, Inc.        | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      2681 | NS      | $366707.18    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources Inc         | Comstock Resources, Inc.        | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |     10517 | NS      | $144188.07    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                   | SM Energy Co.                   | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      4350 | NS      | $151510.50    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | Cameco Corp.                    | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | US        |      8805 | NS      | $199609.35    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell plc                       | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      4319 | NS      | $245967.05    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp           | Range Resources Corp.           | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      7122 | NS      | $178192.44    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Pioneer Natural Resources Co   | Pioneer Natural Resources Co.   | CUSIP: 723787107<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | EC               | CORP              | US        |      2355 | NS      | $537858.45    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     35857 | PA      | $35856.89     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| New Fortress Energy Inc        | New Fortress Energy, Inc.       | CUSIP: 644393100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4958 | NS      | $210318.36    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc                 | CVR Energy, Inc.                | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |      4368 | NS      | $136893.12    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc             | Enphase Energy, Inc.            | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      1481 | NS      | $392405.76    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus, Inc.                    | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      2821 | NS      | $141783.46    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                 | TC Energy Corp.                 | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | US        |      3942 | NS      | $157128.12    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOL Energy Inc              | CONSOL Energy, Inc.             | CUSIP: 20854L108<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      1580 | NS      | $102700.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp.        | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       133 | NS      | $311782.59    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc               | Talos Energy, Inc.              | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |      4767 | NS      | $90000.96     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp.              | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      1297 | NS      | $177442.57    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd. | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | US        |      3387 | NS      | $188080.11    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TPI Composites Inc             | TPI Composites, Inc.            | CUSIP: 87266J104<br>LEI: 549300TI9H56OIY0QE39 | Long             | EC               | CORP              | US        |      4944 | NS      | $50132.16     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp.      | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      8743 | NS      | $550721.57    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil and Gas Inc       | Northern Oil and Gas, Inc.      | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      3645 | NS      | $112338.90    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Laredo Petroleum Inc           | Laredo Petroleum, Inc.          | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |      1391 | NS      | $71525.22     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                    | Valaris Ltd.                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2527 | NS      | $170875.74    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                 | PBF Energy, Inc.                | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |      4659 | NS      | $189994.02    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp.              | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      7305 | NS      | $449330.55    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| EnerSys                        | EnerSys                         | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |      1667 | NS      | $123091.28    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC     | J.P. Morgan Securities LLC      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |     93228 | PA      | $93227.90     | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Helmerich & Payne Inc          | Helmerich & Payne, Inc.         | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      3499 | NS      | $173445.43    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co.                | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13488 | NS      | $398300.64    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp.                | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      4410 | NS      | $189674.10    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameresco Inc                   | Ameresco, Inc.                  | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |      2078 | NS      | $118736.92    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP plc                          | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |      8898 | NS      | $310807.14    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                 | Noble Corporation plc           | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Long             | EC               | CORP              | US        |      4371 | NS      | $164830.41    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Delek US Holdings Inc          | Delek US Holdings, Inc.         | CUSIP: 24665A103<br>LEI: 5493003O53JMENV1N385 | Long             | EC               | CORP              | US        |      3736 | NS      | $100872.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor ASA                     | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      4678 | NS      | $167519.18    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.          | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     35746 | PA      | $35745.84     | 0.15%             |  |  |  | No            |                  2 | 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