# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0000913181-26-000341
**Filing Date:** 2026-3
**Character Count:** 19088
**Document Hash:** 7a79d6e64b7843664779b13f483e6309
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-26-000341.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000913181-26-000341

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0001064046

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08821
- **FILM NUMBER:** 26705334

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $3934808.33

**Total Liabilities:** $19609.99

**Net Assets:** $3915198.34

**Cash Not Reported:** $92.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010392 | 4.90%                | -3.73%               | 4.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $120444.29               | $160021.77                                 |
| Month 2  | $100914.35               | $-409643.11                                |
| Month 3  | $159093.35               | $13904.00                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AST SpaceMobile Inc            | AST SpaceMobile, Inc.                | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Long             | EC               | CORP              | US        |      1116 | NS      | $81055.08     | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                | GCI Liberty, Inc.                    | CUSIP: 36164V800<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       720 | NS      | $26791.20     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      7061 | NS      | $211053.29    | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone & Data Systems Inc   | Telephone & Data Systems, Inc.       | CUSIP: 879433829<br>LEI: 5299003YZW5BE2NNLO37 | Long             | EC               | CORP              | US        |      1237 | NS      | $50717.00     | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global Ltd             | Liberty Global Ltd.                  | CUSIP: N/A<br>LEI: 213800HRMKKTYH7SKA24       | Long             | EC               | CORP              | US        |      4890 | NS      | $54474.60     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks, Inc.                | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      1690 | NS      | $221440.70    | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE Inc                        | BCE, Inc.                            | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | US        |      2572 | NS      | $61265.04     | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                       | Roku, Inc.                           | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |       886 | NS      | $96122.14     | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS Corp                     | TELUS Corp.                          | CUSIP: 87971M103<br>LEI: 894500WE70KKZRQMBU11 | Long             | EC               | CORP              | US        |      4535 | NS      | $59725.95     | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogo Inc                       | Gogo, Inc.                           | CUSIP: 38046C109<br>LEI: 549300VL3DIHSFHYTO04 | Long             | EC               | CORP              | US        |      2847 | NS      | $13267.02     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Globalstar Inc                 | Globalstar, Inc.                     | CUSIP: 378973507<br>LEI: 549300NEX8I0MSOW0R64 | Long             | EC               | CORP              | US        |       372 | NS      | $22706.88     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc    | Applied Optoelectronics, Inc.        | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |       993 | NS      | $34615.98     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc            | ADTRAN Holdings, Inc.                | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |      2324 | NS      | $20195.56     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                   | Harmonic, Inc.                       | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |      2466 | NS      | $24388.74     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ubiquiti Inc                   | Ubiquiti, Inc.                       | CUSIP: 90353W103<br>LEI: 5299007MITA4DMQCU747 | Long             | EC               | CORP              | US        |        23 | NS      | $12727.05     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                  | EchoStar Corp.                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |      1173 | NS      | $127505.10    | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                      | Calix, Inc.                          | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |       785 | NS      | $41550.05     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc            | Viavi Solutions, Inc.                | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |      2525 | NS      | $44995.50     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellula | Millicom International Cellular S.A. | CUSIP: N/A<br>LEI: 549300CTHC1CP86P2G96       | Long             | EC               | CORP              | US        |      1134 | NS      | $62868.96     | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ericsson                       | Telefonaktiebolaget LM Ericsson      | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |      6728 | NS      | $64925.20     | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Latin America Ltd      | Liberty Latin America Ltd.           | CUSIP: N/A<br>LEI: 213800YWQHEAX7CAVO83       | Long             | EC               | CORP              | US        |      3253 | NS      | $24267.38     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      4111 | NS      | $316670.33    | 8.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications, Inc.         | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      5954 | NS      | $242506.42    | 6.19%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV        | America Movil SAB de CV              | CUSIP: 02390A101<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |      2543 | NS      | $52563.81     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent | Frontier Communications Parent, Inc. | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1948 | NS      | $74160.36     | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                     | Viasat, Inc.                         | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |      1330 | NS      | $45831.80     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital, Inc.                   | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       124 | NS      | $39479.12     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5, Inc.                             | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |       360 | NS      | $91893.60     | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc           | NetScout Systems, Inc.               | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      1205 | NS      | $32607.30     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc     | Iridium Communications, Inc.         | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |      1700 | NS      | $29546.00     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group Inc                | Uniti Group, Inc.                    | CUSIP: 912932100<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |      4353 | NS      | $30514.53     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CommScope Holding Co Inc       | CommScope Holding Company, Inc.      | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |      2436 | NS      | $44164.68     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     17096 | PA      | $17095.93     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| KT Corp                        | KT Corp.                             | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | CORP              | KR        |      2903 | NS      | $55069.91     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Nokia OYJ                      | Nokia Oyj                            | CUSIP: 654902204<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |      9639 | NS      | $62364.33     | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications Inc     | Charter Communications, Inc.         | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |       513 | NS      | $107088.75    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumen Technologies Inc         | Lumen Technologies, Inc.             | CUSIP: 550241103<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | EC               | CORP              | US        |      8047 | NS      | $62525.19     | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions, Inc.             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       438 | NS      | $167894.16    | 4.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group plc                   | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |      4585 | NS      | $60567.85     | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Communications Inc      | Rogers Communications, Inc.          | CUSIP: 775109200<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | EC               | CORP              | US        |      1522 | NS      | $57425.06     | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US, Inc.                    | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       960 | NS      | $194918.40    | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc          | Lumentum Holdings, Inc.              | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |       327 | NS      | $120528.93    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T, Inc.                           | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     10407 | NS      | $258509.88    | 6.60%             |  |  |  | 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        |     17096 | PA      | $17095.92     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Ciena Corp                     | Ciena Corp.                          | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |       564 | NS      | $131902.68    | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                    | NETGEAR, Inc.                        | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |       642 | NS      | $15748.26     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ondas Holdings Inc             | Ondas Holdings, Inc.                 | CUSIP: 68236H204<br>LEI: 549300JWLHDUB82V8607 | Long             | EC               | CORP              | US        |      4726 | NS      | $46125.76     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings | Cogent Communications Holdings, Inc. | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1064 | NS      | $22939.84     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Extreme Networks Inc           | Extreme Networks, Inc.               | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |      2111 | NS      | $35148.15     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Rydex Variable Trust

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO