<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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SIGNATURE CARL G. VERBONCOEUR
TITLE VICE PRESIDENT
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<TABLE> <S> <C>
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INDEPENDENT AUDITORS' REPORT
To the Trustees of
Rydex Variable Trust:
In planning and performing our audit of the financial statements of Rydex
Variable Trust (the "Trust") including the Nova, Ursa, U.S. Government
Money Market, OTC, Precious Metals, U.S. Government Bond, and Juno
Funds for the year ended December 31, 1999 (on which we have issued our
report dated February 8, 2000), we considered its internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Trust's internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions
or that the degree of compliance with policies or procedures deteriorate.
Our consideration of the Trust's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that misstatements caused by error or fraud
in amounts that would be material in relation to the financial statements
being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the Trust's internal control and
its operation, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees of Rydex Variable Trust, and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.
DELOITTE & TOUCHE LLP
Princeton, New Jersey
February 8, 2000
RYDEX VARIABLE TRUST
6116 Executive Boulevard, Suite 400
Rockville, Maryland, 20852
PRECIOUS METALS FUND
Notice of Special Meeting of Shareholders
to be held on September 24, 1999
Notice is hereby given that a Special Meeting of
Shareholders (the "Meeting")of the Precious Metals Fund (the
"Fund") of the Rydex Variable Trust (the "Trust"), will be held at
the offices of the Trust, 6116 Executive Boulevard, Suite 400,
Rockville, Maryland, 20852 on Friday, September 24, 1999 at 10:00
AM Eastern Time. At the Meeting, you will be asked to consider
and act upon the following:
1. TO APPROVE OR DISAPPROVE A CHANGE OF THE FUND'S INVESTMENT
OBJECTIVE SO THAT THE FUND WOULD SEEK 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, INSTEAD
OF SEEKING TO PROVIDE INVESTMENT RESULTS THAT CORRESPOND TO A
BENCHMARK PRIMARILY FOR PRECIOUS METALS-RELATED SECURITIES. THE
REVISED OBJECTIVE WOULD BE A NON-FUNDAMENTAL POLICY OF THE FUND,
AND COULD BE CHANGED WITHOUT FURTHER SHAREHOLDER APPROVAL.
2. TO TRANSACT SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE
THE MEETING.
The persons named as proxies are authorized to vote on such
other business as may properly come before the Meeting in
accordance with their own discretion.
Shareholders of record at the close of business on August
17, 1999 are entitled to notice of and to vote at the Meeting or
any adjournment thereof.
By Order of the Board of
Trustees
Robert M. Steele, Secretary
August 31, 1999
