# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-23-045189
**Filing Date:** 2023-2
**Character Count:** 19206
**Document Hash:** b0ad99cd3e45f43b6e9da1c72387f5be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045189.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045189

**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:** 23680507

**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

### Telecommunications Fund (Series ID: S000003723)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010392 | 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:** Telecommunications Fund

- **b. EDGAR series identifier (if any):** S000003723

- **c. LEI of Series:** 549300J0GWL34DCN7G96

**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:** $2060240.09

**Total Liabilities:** $8425.12

**Net Assets:** $2051814.97

**Cash Not Reported:** $1667.96

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010392 | 11.56%               | 2.82%                | -6.34%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-49078.87               | $284434.20                                 |
| Month 2  | $7664.26                 | $54243.70                                  |
| Month 3  | $-14624.12               | $-123212.86                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Juniper Networks Inc           | Juniper Networks, Inc.                               | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |      1407 | NS      | $44967.72     | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      4951 | NS      | $173136.47    | 8.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone & Data Systems Inc   | Telephone & Data Systems, Inc.                       | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1506 | NS      | $15797.94     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE Inc                        | BCE, Inc.                                            | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | US        |       632 | NS      | $27776.40     | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                       | Roku, Inc.                                           | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |       787 | NS      | $32030.90     | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS Corp                     | TELUS Corp.                                          | CUSIP: 87971M103<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | EC               | CORP              | US        |      1271 | NS      | $24543.01     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks, Inc.                                | CUSIP: 040413106<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       705 | NS      | $85551.75     | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearfield Inc                 | Clearfield, Inc.                                     | CUSIP: 18482P103<br>LEI: 529900M4S2OQ1ADPR537 | Long             | EC               | CORP              | US        |       172 | NS      | $16192.08     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogo Inc                       | Gogo, Inc.                                           | CUSIP: 38046C109<br>LEI: 549300VL3DIHSFHYTO04 | Long             | EC               | CORP              | US        |      1272 | NS      | $18774.72     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |      2807 | PA      | $2807.29      | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ADTRAN Holdings Inc            | ADTRAN Holdings, Inc.                                | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |       873 | NS      | $16403.67     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Bandwidth Inc                  | Bandwidth, Inc.                                      | CUSIP: 05988J103<br>LEI: 549300QC70JB7MUGXM66 | Long             | EC               | CORP              | US        |       439 | NS      | $10075.05     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| DISH Network Corp              | DISH Network Corp.                                   | CUSIP: 25470M109<br>LEI: 529900U350CWHH15G169 | Long             | EC               | CORP              | US        |      2716 | NS      | $38132.64     | 1.86%             |  |  |  | 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        |     18793 | NS      | $18793.21     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ubiquiti Inc                   | Ubiquiti, Inc.                                       | CUSIP: 90353W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       208 | NS      | $56894.24     | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cable One Inc                  | Cable One, Inc.                                      | CUSIP: 12685J105<br>LEI: 549300648QS85T0XSH18 | Long             | EC               | CORP              | US        |        40 | NS      | $28474.40     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                  | EchoStar Corp.                                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      1003 | NS      | $16730.04     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                      | Calix, Inc.                                          | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |       415 | NS      | $28398.45     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc            | Viavi Solutions, Inc.                                | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |      2015 | NS      | $21177.65     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Latin America Ltd      | Liberty Latin America Ltd.                           | CUSIP: N/A<br>LEI: 213800YWQHEAX7CAVO83       | Long             | EC               | CORP              | US        |      2612 | NS      | $19851.20     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      3398 | NS      | $161880.72    | 7.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Ltd                       | Nice Ltd.                                            | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |       133 | NS      | $25575.90     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications, Inc.                         | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      4335 | NS      | $170799.00    | 8.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent | Frontier Communications Parent, Inc.                 | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1424 | NS      | $36283.52     | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                     | Viasat, Inc.                                         | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |       766 | NS      | $24243.90     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital, Inc.                                   | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       351 | NS      | $17367.48     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5, Inc.                                             | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |       280 | NS      | $40182.80     | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc           | NetScout Systems, Inc.                               | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |       650 | NS      | $21131.50     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc     | Iridium Communications, Inc.                         | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |       709 | NS      | $36442.60     | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Holding Co Inc       | CommScope Holding Company, Inc.                      | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |      2323 | NS      | $17074.05     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |      2816 | PA      | $2816.02      | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| America Movil SAB de CV        | America Movil SAB de CV                              | CUSIP: 02364W105<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |      1497 | NS      | $27245.40     | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc     | Charter Communications, Inc.                         | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       248 | NS      | $84096.80     | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc         | Lumen Technologies, Inc.                             | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |      6181 | NS      | $32264.82     | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions, Inc.                             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       350 | NS      | $90198.50     | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group plc                                   | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |      2795 | NS      | $28285.40     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc      | Rogers Communications, Inc.                          | CUSIP: 775109200<br>LEI: 54930030NVF3Y2OL0A78 | Long             | EC               | CORP              | US        |       552 | NS      | $25855.68     | 1.26%             |  |  |  | No            |                  1 | On Loan: —       |
| T-Mobile US Inc                | T-Mobile US, Inc.                                    | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      1331 | NS      | $186340.00    | 9.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc          | Lumentum Holdings, Inc.                              | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |       483 | NS      | $25198.11     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T, Inc.                                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      8481 | NS      | $156135.21    | 7.61%             |  |  |  | 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        |      7322 | PA      | $7321.64      | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Global PLC             | Liberty Global plc                                   | CUSIP: N/A<br>LEI: 549300BSGXG3QLIQYT84       | Long             | EC               | CORP              | US        |      1464 | NS      | $28445.52     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp.                              | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |       587 | NS      | $44770.49     | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                     | Ciena Corp.                                          | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |       693 | NS      | $35329.14     | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                    | NETGEAR, Inc.                                        | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |       515 | NS      | $9326.65      | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings | Cogent Communications Holdings, Inc.                 | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       412 | NS      | $23516.96     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc           | Extreme Networks, Inc.                               | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |      1116 | NS      | $20433.96     | 1.00%             |  |  |  | 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