# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209166
**Filing Date:** 2025-8
**Character Count:** 15046
**Document Hash:** 577d3115e253aa18e0c64e0a4dd74c95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209166.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209166

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**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:** 251264131

**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

### Precious Metals Fund (Series ID: S000003743)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010412 | 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:** Precious Metals Fund

- **b. EDGAR series identifier (if any):** S000003743

- **c. LEI of Series:** 5493001NS6LUPX0G6S09

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $26227813.18

**Total Liabilities:** $77708.76

**Net Assets:** $26150104.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010412 | 5.70%                | 2.15%                | 6.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-157132.59              | $1370680.61                                |
| Month 2  | $40657.51                | $402128.35                                 |
| Month 3  | $138320.24               | $1490337.08                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agnico Eagle Mines Ltd       | Agnico Eagle Mines Ltd.          | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | US        |     17698 | NS      | $2104823.14   | 8.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc              | Alamos Gold, Inc.                | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | US        |     33944 | NS      | $901552.64    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp          | Barrick Mining Corp.             | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |     78440 | NS      | $1633120.80   | 6.25%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                  | B2Gold Corp.                     | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | US        |    115856 | NS      | $418240.16    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerra Gold Inc            | Centerra Gold, Inc.              | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | US        |     47145 | NS      | $339915.45    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc             | Coeur Mining, Inc.               | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     69553 | NS      | $616238.27    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp           | Eldorado Gold Corp.              | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |     27061 | NS      | $550420.74    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Silver Corp        | Endeavour Silver Corp.           | CUSIP: 29258Y103<br>LEI: 549300IF2E29780PPV02 | Long             | EC               | CORP              | US        |     61195 | NS      | $301079.40    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp            | Equinox Gold Corp.               | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | US        |     71711 | NS      | $412338.25    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp   | First Majestic Silver Corp.      | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | US        |     65532 | NS      | $541949.64    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Mining Corp          | Fortuna Mining Corp.             | CUSIP: 349942102<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | US        |     57642 | NS      | $376978.68    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp           | Franco-Nevada Corp.              | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | US        |      6603 | NS      | $1082363.76   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc         | Freeport-McMoRan, Inc.           | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     51653 | NS      | $2239157.55   | 8.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd              | Gold Fields Ltd.                 | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     43784 | NS      | $1036367.28   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd   | Harmony Gold Mining Company Ltd. | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |     43423 | NS      | $606619.31    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co              | Hecla Mining Co.                 | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |     87176 | NS      | $522184.24    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                 | IAMGOLD Corp.                    | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | US        |     74610 | NS      | $548383.50    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp            | Kinross Gold Corp.               | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | US        |     70764 | NS      | $1106041.32   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MAG Silver Corp              | MAG Silver Corp.                 | CUSIP: 55903Q104<br>LEI: 254900LGL904N7F3EL14 | Long             | EC               | CORP              | US        |     18908 | NS      | $399526.04    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| McEwen Mining Inc            | McEwen Mining, Inc.              | CUSIP: 58039P305<br>LEI: 5493000FX50GEWAF3U70 | Long             | EC               | CORP              | US        |     19327 | NS      | $185732.47    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| New Gold Inc                 | New Gold, Inc.                   | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | US        |    101034 | NS      | $500118.30    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                 | Newmont Corp.                    | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     38852 | NS      | $2263517.52   | 8.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Novagold Resources Inc       | Novagold Resources, Inc.         | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               | CORP              | US        |     59340 | NS      | $242700.60    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc             | OR Royalties, Inc.               | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | US        |     23105 | NS      | $594029.55    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp     | Pan American Silver Corp.        | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | US        |     30823 | NS      | $875373.20    | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp      | Perpetua Resources Corp.         | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | US        |     10916 | NS      | $132520.24    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc               | Royal Gold, Inc.                 | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      4023 | NS      | $715450.32    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc               | SSR Mining, Inc.                 | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |     34864 | NS      | $444167.36    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandstorm Gold Ltd           | Sandstorm Gold Ltd.              | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               | CORP              | US        |     48561 | NS      | $456473.40    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Seabridge Gold Inc           | Seabridge Gold, Inc.             | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               | CORP              | US        |     21898 | NS      | $317958.96    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sibanye Stillwater Ltd       | Sibanye Stillwater Ltd.          | CUSIP: 82575P107<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |     65885 | NS      | $475689.70    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercorp Metals Inc        | Silvercorp Metals, Inc.          | CUSIP: 82835P103<br>LEI: 52990092RT3UCQ7G3177 | Long             | EC               | CORP              | US        |     50380 | NS      | $212603.60    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp | Wheaton Precious Metals Corp.    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | US        |     19623 | NS      | $1762145.40   | 6.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc        | Anglogold Ashanti plc            | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | US        |     22659 | NS      | $1032570.63   | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.        | BofA Securities, Inc.            | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     62332 | PA      | $62331.64     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.        | Barclays Capital, Inc.           | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     64551 | PA      | $64550.58     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC   | J.P. Morgan Securities LLC       | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |    149596 | PA      | $149595.94    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Rydex Variable Trust

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO