RYDEX VARIABLE TRUST, 497, 1999-09-10

RYDEX VARIABLE TRUST
497, 1999-09-10

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                              RYDEX VARIABLE TRUST
                              PRECIOUS METALS FUND

             SUPPLEMENT DATED SEPTEMBER 9, 1999 TO THE PROSPECTUS
                                DATED MAY 1, 1999


This supplement provides new and additional information beyond that contained
in the Prospectus and should be read in conjunction with the Prospectus.

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At a meeting scheduled for September 24, 1999, shareholders of the Precious
Metals Fund of Rydex Variable Trust will be asked to vote to approve a change
in the Fund's objective.  If shareholders approve the change, the Fund's new
objective will be capital appreciation by investing in U.S. and foreign
companies involved in the precious metals industry, including exploration,
mining, production and development, and other precious metals-related
services.  The Fund will not seek to provide investment results that
correspond to a benchmark primarily for precious metals-related securities.
In addition, the Fund's new objective would be non-fundamental and could be
changed without further shareholder approval.

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                     PLEASE RETAIN FOR FUTURE REFERENCE