# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045105
**Filing Date:** 2023-2
**Character Count:** 23078
**Document Hash:** 4175ae6ca09f820d0445b05e0aa31740
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045105.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045105

**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:** 23680415

**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

### Biotechnology Fund (Series ID: S000003711)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010380 | 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:** Biotechnology Fund

- **b. EDGAR series identifier (if any):** S000003711

- **c. LEI of Series:** 549300XTVUV4IZ56ON16

**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:** $16602560.29

**Total Liabilities:** $66817.55

**Net Assets:** $16535742.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010380 | 7.83%                | 6.37%                | -4.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $106826.76               | $1016338.12                                |
| Month 2  | $-209223.88              | $1219646.24                                |
| Month 3  | $101658.66               | $-845497.78                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CareDx Inc                    | CareDx, Inc.                                         | CUSIP: 14167L103<br>LEI: 549300NQOFKL9NON0U06 | Long             | EC               | CORP              | US        |      5458 | NS      | $62275.78     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                   | Viatris, Inc.                                        | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     28069 | NS      | $312407.97    | 1.89%             |  |  |  | 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        |     27008 | NS      | $27008.44     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Fate Therapeutics Inc         | Fate Therapeutics, Inc.                              | CUSIP: 31189P102<br>LEI: 549300L14Q4UHOODLA90 | Long             | EC               | CORP              | US        |      6165 | NS      | $62204.85     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc           | Gilead Sciences, Inc.                                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      9894 | NS      | $849399.90    | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc     | Halozyme Therapeutics, Inc.                          | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      4067 | NS      | $231412.30    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagen Inc                    | Seagen, Inc.                                         | CUSIP: 81181C104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3205 | NS      | $411874.55    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Maravai LifeSciences Holdings | Maravai LifeSciences Holdings, Inc.                  | CUSIP: 56600D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11793 | NS      | $168757.83    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc      | Sarepta Therapeutics, Inc.                           | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |      2309 | NS      | $299200.22    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Karuna Therapeutics Inc       | Karuna Therapeutics, Inc.                            | CUSIP: 48576A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1163 | NS      | $228529.50    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc    | Vertex Pharmaceuticals, Inc.                         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      2345 | NS      | $677189.10    | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                   | Corteva, Inc.                                        | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      9034 | NS      | $531018.52    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Syneos Health Inc             | Syneos Health, Inc.                                  | CUSIP: 87166B102<br>LEI: 549300F1ZGKDS8P6GU13 | Long             | EC               | CORP              | US        |      4553 | NS      | $167004.04    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                   | Moderna, Inc.                                        | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      3809 | NS      | $684172.58    | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Beam Therapeutics Inc         | Beam Therapeutics, Inc.                              | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3397 | NS      | $132856.67    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                  | Illumina, Inc.                                       | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      2312 | NS      | $467486.40    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC      | Jazz Pharmaceuticals plc                             | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | US        |      1614 | NS      | $257126.34    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.         | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     31781 | PA      | $31781.32     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                    | AbbVie, Inc.                                         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      8595 | NS      | $1389037.95   | 8.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                  | Veracyte, Inc.                                       | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |      4445 | NS      | $105479.85    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc     | Ionis Pharmaceuticals, Inc.                          | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      5244 | NS      | $198065.88    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Emergent BioSolutions Inc     | Emergent BioSolutions, Inc.                          | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               | CORP              | US        |      5036 | NS      | $59475.16     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC               | AstraZeneca plc                                      | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      7150 | NS      | $484770.00    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.         | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     31683 | PA      | $31682.89     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Cytokinetics Inc              | Cytokinetics, Inc.                                   | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      4457 | NS      | $204219.74    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                    | Natera, Inc.                                         | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4530 | NS      | $181970.10    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Iovance Biotherapeutics Inc   | Iovance Biotherapeutics, Inc.                        | CUSIP: 462260100<br>LEI: 549300220Z2GHH33XL82 | Long             | EC               | CORP              | US        |     11899 | NS      | $76034.61     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Intellia Therapeutics Inc     | Intellia Therapeutics, Inc.                          | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |      4261 | NS      | $148666.29    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc | Ultragenyx Pharmaceutical, Inc.                      | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |      3353 | NS      | $155344.49    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc | Regeneron Pharmaceuticals, Inc.                      | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       988 | NS      | $712832.12    | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp      | Blueprint Medicines Corp.                            | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |      3040 | NS      | $133182.40    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                     | Amgen, Inc.                                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      3601 | NS      | $945766.64    | 5.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc    | Neurocrine Biosciences, Inc.                         | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      2389 | NS      | $285342.16    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                  | Biohaven Ltd.                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      3450 | NS      | $47886.00     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp               | Bio-Techne Corp.                                     | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |      3714 | NS      | $307816.32    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc  | Ironwood Pharmaceuticals, Inc.                       | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |      9590 | NS      | $118820.10    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc   | Alnylam Pharmaceuticals, Inc.                        | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      1886 | NS      | $448207.90    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                  | Exelixis, Inc.                                       | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |     11909 | NS      | $191020.36    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc       | Denali Therapeutics, Inc.                            | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |      5744 | NS      | $159740.64    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Editas Medicine Inc           | Editas Medicine, Inc.                                | CUSIP: 28106W103<br>LEI: 5299000AON4Q9NT2JE42 | Long             | EC               | CORP              | US        |      6992 | NS      | $62019.04     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics Plc      | Horizon Therapeutics plc                             | CUSIP: N/A<br>LEI: 529900P0GSQ79OOZEV53       | Long             | EC               | CORP              | US        |      4152 | NS      | $472497.60    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp           | Exact Sciences Corp.                                 | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      5133 | NS      | $254134.83    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc   | Apellis Pharmaceuticals, Inc.                        | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      3950 | NS      | $204254.50    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc           | Guardant Health, Inc.                                | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      4045 | NS      | $110024.00    | 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        |     82631 | PA      | $82631.43     | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| CRISPR Therapeutics AG        | CRISPR Therapeutics AG                               | CUSIP: N/A<br>LEI: 506700O6IRRIQLT3W370       | Long             | EC               | CORP              | US        |      4390 | NS      | $178453.50    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                      | ICON plc                                             | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |      1212 | NS      | $235431.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc          | Medpace Holdings, Inc.                               | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      1017 | NS      | $216020.97    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc  | BioCryst Pharmaceuticals, Inc.                       | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |     11974 | NS      | $137461.52    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Novavax Inc                   | Novavax, Inc.                                        | CUSIP: 670002401<br>LEI: 529900J4GJHPEPQ23205 | Long             | EC               | CORP              | US        |      5538 | NS      | $56930.64     | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| Incyte Corp                   | Incyte Corp.                                         | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      4258 | NS      | $342002.56    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirati Therapeutics Inc       | Mirati Therapeutics, Inc.                            | CUSIP: 60468T105<br>LEI: 529900GYRW59IDQV6N54 | Long             | EC               | CORP              | US        |      4339 | NS      | $196600.09    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC            | Royalty Pharma plc                                   | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |     10149 | NS      | $401088.48    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc | Arrowhead Pharmaceuticals, Inc.                      | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |      4917 | NS      | $199433.52    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp         | Twist Bioscience Corp.                               | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |      3982 | NS      | $94811.42     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                    | Biogen, Inc.                                         | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      1899 | NS      | $525871.08    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp      | United Therapeutics Corp.                            | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      1071 | NS      | $297834.39    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                   | BioNTech SE                                          | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |      1382 | NS      | $207604.04    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc   | BioMarin Pharmaceutical, Inc.                        | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      3545 | NS      | $366872.05    | 2.22%             |  |  |  | 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