# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045006
**Filing Date:** 2023-2
**Character Count:** 24971
**Document Hash:** d9e5163a16ccb076e96403d5ddadd666
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045006.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045006

**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:** 23680308

**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

### Europe 1.25x Strategy Fund (Series ID: S000003749)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010418 | 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:** Europe 1.25x Strategy Fund

- **b. EDGAR series identifier (if any):** S000003749

- **c. LEI of Series:** 54930044GRP1GGC58K12

**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:** $2569996.99

**Total Liabilities:** $30821.76

**Net Assets:** $2539175.23

**Cash Not Reported:** $18180.27

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 51.76380432 | **5-Year:** 29.86904743 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010418 | 10.34%               | 17.37%               | -2.43%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2092.53                | $26225.01                                  |
| Month 2  | $1162.10                 | $48713.94                                  |
| Month 3  | $892.82                  | $-5810.39                                  |

**Designated Index Information**

- **Index Name:** DJ STOXX 50

- **Index Identifier:** STXE50_USD

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Zurich Insurance Group AG                     | Zurich Insurance Group AG                                  | CUSIP: 989825104<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |       114 | NS      | $5454.33      | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                   | Reckitt Benckiser Group plc                                | CUSIP: 756255204<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |       277 | NS      | $3902.93      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV                    | Anheuser-Busch InBev S.A.                                  | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |        68 | NS      | $4082.72      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                                       | ABB Ltd.                                                   | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |       120 | NS      | $3655.20      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                        | SAP SE                                                     | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |        78 | NS      | $8048.82      | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                   | Novartis AG                                                | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |       169 | NS      | $15331.68     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide SA                                | Air Liquide S.A.                                           | CUSIP: 009126202<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |       199 | NS      | $5628.22      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                              | TotalEnergies SE                                           | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |       198 | NS      | $12291.84     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC                             | HSBC Holdings plc                                          | CUSIP: 404280406<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |       307 | NS      | $9566.12      | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EssilorLuxottica SA                           | EssilorLuxottica S.A.                                      | CUSIP: 297284200<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |        46 | NS      | $4166.68      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Allianz SE                                    | Allianz SE                                                 | CUSIP: 018820100<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |       306 | NS      | $6563.70      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Ultra Short Duration Fund - Institutional Class | CUSIP: 40169J523<br>LEI: N/A                  | Long             | EC               | RF                | US        |     23237 | NS      | $224002.25    | 8.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                                 | U.S. Treasury Bills                                        | CUSIP: 912796ZK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    432000 | PA      | $431381.97    | 16.99%            | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BASF SE                                       | BASF SE                                                    | CUSIP: 055262505<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |       278 | NS      | $3422.74      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex                                         | STOXX 50 Index Futures Contracts                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |        78 | NC      | $-85886.94    | -3.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                     | Linde plc                                                  | CUSIP: N/A<br>LEI: 8945002PAZHZLBGKGF02       | Long             | EC               | CORP              | US        |        37 | NS      | $12068.66     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                    | Siemens AG                                                 | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |       112 | NS      | $7704.48      | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                  | British American Tobacco plc                               | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |       154 | NS      | $6156.92      | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                           | Deutsche Telekom AG                                        | CUSIP: 251566105<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |       262 | NS      | $5234.76      | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                                      | Bayer AG                                                   | CUSIP: 072730302<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |       296 | NS      | $3806.56      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                     | Nestle S.A.                                                | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |       208 | NS      | $23990.72     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                                     | Prosus N.V.                                                | CUSIP: 74365P108<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |       321 | NS      | $4407.33      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                  | Glencore plc                                               | CUSIP: 37827X100<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |       404 | NS      | $5381.28      | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| LVMH Moet Hennessy Louis Vuitt                | LVMH Moet Hennessy Louis Vuitton SE                        | CUSIP: 502441306<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |        99 | NS      | $14342.13     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Strategy Fund II                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |      9255 | NS      | $222493.88    | 8.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Kering SA                                     | Kering S.A.                                                | CUSIP: 492089107<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |        55 | NS      | $2786.30      | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                                      | Adyen N.V.                                                 | CUSIP: 00783V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       217 | NS      | $2994.60      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                   | Euro FX Futures Contracts                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |        23 | NC      | $25697.75     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                                        | AXA S.A.                                                   | CUSIP: 054536107<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |       151 | NS      | $4208.37      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercedes-Benz Group AG                        | Mercedes-Benz Group AG                                     | CUSIP: 233825207<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |       238 | NS      | $3891.30      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                     | Shell plc                                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |       268 | NS      | $15262.60     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds                          | First American Government Obligations Fund                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |      4192 | NS      | $4192.40      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                    | L'Oreal S.A.                                               | CUSIP: 502117203<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |        93 | NS      | $6625.79      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.                         | BofA Securities, Inc.                                      | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    287847 | PA      | $287847.29    | 11.34%            |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                             | National Grid plc                                          | CUSIP: 636274409<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |        55 | NS      | $3317.60      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                              | Roche Holding AG                                           | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       426 | NS      | $16677.90     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                                      | Vinci S.A.                                                 | CUSIP: 927320101<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |       171 | NS      | $4263.03      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                              | Deutsche Post AG                                           | CUSIP: 25157Y202<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |        74 | NS      | $2775.00      | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                     | Airbus SE                                                  | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |       176 | NS      | $5220.16      | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                      | Enel SpA                                                   | CUSIP: 29265W207<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |       590 | NS      | $3150.60      | 0.12%             |  |  |  | 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        |    748403 | PA      | $748402.97    | 29.47%            |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                       | GSK plc                                                    | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |       151 | NS      | $5306.14      | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                              | Novo Nordisk A/S                                           | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |       124 | NS      | $16782.16     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA                   | Cie Financiere Richemont S.A.                              | CUSIP: 204319107<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |       395 | NS      | $5091.55      | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                               | AstraZeneca plc                                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       235 | NS      | $15933.00     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                  | UBS Group AG                                               | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | US        |       238 | NS      | $4443.46      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                                        | Sanofi                                                     | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |       174 | NS      | $8426.82      | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider Electric SE                         | Schneider Electric SE                                      | CUSIP: 80687P106<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |       217 | NS      | $6067.32      | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International                          | Hermes International                                       | CUSIP: 42751Q105<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |        27 | NS      | $4179.47      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.                         | Barclays Capital, Inc.                                     | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |    286956 | PA      | $286955.82    | 11.30%            |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                            | Banco Santander S.A.                                       | CUSIP: 05964H105<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |      1280 | NS      | $3776.00      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                                    | Diageo plc                                                 | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |        43 | NS      | $7662.17      | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                  | Unilever plc                                               | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |       199 | NS      | $10019.65     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                 | Rio Tinto plc                                              | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |        80 | NS      | $5696.00      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                               | ASML Holding N.V.                                          | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |        31 | NS      | $16938.40     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                                        | BP plc                                                     | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |       229 | NS      | $7998.97      | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RELX PLC                                      | RELX plc                                                   | CUSIP: 759530108<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |       148 | NS      | $4102.56      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                  | Iberdrola S.A.                                             | CUSIP: 450737101<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |       110 | NS      | $5143.60      | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                                | BNP Paribas S.A.                                           | CUSIP: 05565A202<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |       172 | NS      | $4896.84      | 0.19%             |  |  |  | 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