# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045076
**Filing Date:** 2023-2
**Character Count:** 16152
**Document Hash:** 74fcfb6f17e38d7422baeca8273e3a0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045076.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045076

**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:** 23680378

**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

### Precious Metals Fund (Series ID: S000003743)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010412 | 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:** Precious Metals Fund

- **b. EDGAR series identifier (if any):** S000003743

- **c. LEI of Series:** 5493001NS6LUPX0G6S09

**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:** $25081491.01

**Total Liabilities:** $85026.54

**Net Assets:** $24996464.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010412 | 2.39%                | 18.50%               | -0.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-70036.16               | $449741.83                                 |
| Month 2  | $-92716.73               | $3201495.28                                |
| Month 3  | $-119070.76              | $-46744.70                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Newmont Corp                  | Newmont Corp.                                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     41684 | NS      | $1967484.80   | 7.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                | SSR Mining, Inc.                                     | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |     37144 | NS      | $582046.48    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc          | Freeport-McMoRan, Inc.                               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     60595 | NS      | $2302610.00   | 9.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds          | First American Government Obligations Fund - Class X | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    357007 | NS      | $357007.29    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                | Royal Gold, Inc.                                     | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      7704 | NS      | $868394.88    | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| AngloGold Ashanti Ltd         | AngloGold Ashanti Ltd.                               | CUSIP: 035128206<br>LEI: 378900EF3BA9A5F42A59 | Long             | EC               | CORP              | ZA        |     47056 | NS      | $913827.52    | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp    | First Majestic Silver Corp.                          | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | US        |     54333 | NS      | $453137.22    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Yamana Gold Inc               | Yamana Gold, Inc.                                    | CUSIP: 98462Y100<br>LEI: 54930002VY22NXG01418 | Long             | EC               | CORP              | US        |    131788 | NS      | $731423.40    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.         | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     62879 | PA      | $62879.19     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Novagold Resources Inc        | Novagold Resources, Inc.                             | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               | CORP              | US        |     74928 | NS      | $448069.44    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp            | Franco-Nevada Corp.                                  | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11621 | NS      | $1586034.08   | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd               | Gold Fields Ltd.                                     | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     90674 | NS      | $938475.90    | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co               | Hecla Mining Co.                                     | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |    104419 | NS      | $580569.64    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp      | Pan American Silver Corp.                            | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | US        |     36112 | NS      | $590070.08    | 2.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Silvercorp Metals Inc         | Silvercorp Metals, Inc.                              | CUSIP: 82835P103<br>LEI: 52990092RT3UCQ7G3177 | Long             | EC               | CORP              | US        |     78198 | NS      | $231466.08    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp             | Equinox Gold Corp.                                   | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | US        |     92668 | NS      | $303951.04    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp  | Wheaton Precious Metals Corp.                        | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | US        |     33970 | NS      | $1327547.60   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Silver Corp         | Endeavour Silver Corp.                               | CUSIP: 29258Y103<br>LEI: 549300IF2E29780PPV02 | Long             | EC               | CORP              | US        |     75684 | NS      | $245216.16    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Seabridge Gold Inc            | Seabridge Gold, Inc.                                 | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               | CORP              | US        |     25906 | NS      | $325897.48    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Osisko Gold Royalties Ltd     | Osisko Gold Royalties Ltd.                           | CUSIP: 68827L101<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | US        |     38443 | NS      | $464007.01    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.         | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     62684 | PA      | $62684.45     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Sibanye Stillwater Ltd        | Sibanye Stillwater Ltd.                              | CUSIP: 82575P107<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |     80739 | NS      | $860677.74    | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd    | Harmony Gold Mining Company Ltd.                     | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |    132005 | NS      | $448817.00    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SilverCrest Metals Inc        | SilverCrest Metals, Inc.                             | CUSIP: 828363101<br>LEI: 549300M4CUMXUHSXYQ10 | Long             | EC               | CORP              | US        |     46665 | NS      | $279990.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Junior Gold Miners ETF | VanEck Junior Gold Miners ETF                        | CUSIP: 92189F791<br>LEI: 549300P2HS5GYBL1ME59 | Long             | EC               | RF                | US        |     20590 | NS      | $734033.50    | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc               | Alamos Gold, Inc.                                    | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | US        |     62684 | NS      | $633735.24    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd            | Sandstorm Gold Ltd.                                  | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | US        |     75632 | NS      | $397824.32    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Silver Mines Inc      | Fortuna Silver Mines, Inc.                           | CUSIP: 349915108<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | US        |     86418 | NS      | $324067.50    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                  | IAMGOLD Corp.                                        | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | US        |    153749 | NS      | $396672.42    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc              | Coeur Mining, Inc.                                   | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     90799 | NS      | $305084.64    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp             | Kinross Gold Corp.                                   | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | US        |    173836 | NS      | $710989.24    | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corp             | Barrick Gold Corp.                                   | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |    102654 | NS      | $1763595.72   | 7.06%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                   | B2Gold Corp.                                         | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | US        |    182437 | NS      | $651300.09    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MAG Silver Corp               | MAG Silver Corp.                                     | CUSIP: 55903Q104<br>LEI: 254900LGL904N7F3EL14 | Long             | EC               | CORP              | US        |     25426 | NS      | $397408.38    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd        | Agnico Eagle Mines Ltd.                              | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | US        |     29658 | NS      | $1541919.42   | 6.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp            | Eldorado Gold Corp.                                  | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |     47465 | NS      | $396807.40    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Gatos Silver Inc              | Gatos Silver, Inc.                                   | CUSIP: 368036109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40784 | NS      | $166806.56    | 0.67%             |  |  |  | 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        |    163486 | PA      | $163485.89    | 0.65%             |  |  |  | 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