# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0000913181-26-000248
**Filing Date:** 2026-3
**Character Count:** 15815
**Document Hash:** f59638873fedcfab40b86d39db7717e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-26-000248.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000913181-26-000248

**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:** 26705226

**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:** 2025-12-31

**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:** $42927688.13

**Total Liabilities:** $146752.23

**Net Assets:** $42780935.90

**Cash Not Reported:** $74.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010412 | -5.41%               | 16.51%               | 4.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $733171.96               | $-2821350.78                               |
| Month 2  | $43504.97                | $5618359.65                                |
| Month 3  | $1547957.27              | $389206.05                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Anglogold Ashanti Plc          | Anglogold Ashanti plc             | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | US        |     21422 | NS      | $1826868.16   | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp.                     | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     33057 | NS      | $3300741.45   | 7.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                 | SSR Mining, Inc.                  | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |     29577 | NS      | $648327.84    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Mining Corp            | Fortuna Mining Corp.              | CUSIP: 349942102<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | US        |     56146 | NS      | $550792.26    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Orla Mining Ltd                | Orla Mining Ltd.                  | CUSIP: 68634K106<br>LEI: 529900DU63EUQ1UZKL30 | Long             | EC               | CORP              | US        |     48448 | NS      | $652594.56    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan, Inc.            | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     55013 | NS      | $2794110.27   | 6.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                 | Royal Gold, Inc.                  | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      4491 | NS      | $998304.39    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp     | First Majestic Silver Corp.       | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | US        |     52715 | NS      | $878231.90    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerra Gold Inc              | Centerra Gold, Inc.               | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | US        |     37731 | NS      | $542194.47    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.             | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    178777 | PA      | $178776.55    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Novagold Resources Inc         | Novagold Resources, Inc.          | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               | CORP              | US        |     55966 | NS      | $521603.12    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp.               | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | US        |      6948 | NS      | $1440181.44   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                | Gold Fields Ltd.                  | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     39092 | NS      | $1706756.72   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                | Hecla Mining Co.                  | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |     55396 | NS      | $1063049.24   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp       | Pan American Silver Corp.         | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | US        |     28847 | NS      | $1494563.07   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercorp Metals Inc          | Silvercorp Metals, Inc.           | CUSIP: 82835P103<br>LEI: 52990092RT3UCQ7G3177 | Long             | EC               | CORP              | US        |     49939 | NS      | $416491.26    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp              | Equinox Gold Corp.                | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | US        |     71920 | NS      | $1009756.80   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp.     | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | US        |     19662 | NS      | $2310678.24   | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Silver Corp          | Endeavour Silver Corp.            | CUSIP: 29258Y103<br>LEI: 549300IF2E29780PPV02 | Long             | EC               | CORP              | US        |     55066 | NS      | $517620.40    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Seabridge Gold Inc             | Seabridge Gold, Inc.              | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               | CORP              | US        |     17624 | NS      | $521494.16    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| New Gold Inc                   | New Gold, Inc.                    | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | US        |     91444 | NS      | $796477.24    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp            | Barrick Mining Corp.              | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |     62474 | NS      | $2720742.70   | 6.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Sibanye Stillwater Ltd         | Sibanye Stillwater Ltd.           | CUSIP: 82575P107<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |     59483 | NS      | $847632.75    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Aura Minerals Inc              | Aura Minerals, Inc.               | CUSIP: N/A<br>LEI: 549300YIRI8PSDM2FV20       | Long             | EC               | CORP              | US        |      3883 | NS      | $195761.45    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Avino Silver & Gold Mines Ltd  | Avino Silver & Gold Mines Ltd.    | CUSIP: 053906103<br>LEI: 549300DZZNDMPML1VJ37 | Long             | EC               | CORP              | US        |     47034 | NS      | $292081.14    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd     | Harmony Gold Mining Company Ltd.  | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |     43497 | NS      | $865590.30    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                | Alamos Gold, Inc.                 | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | US        |     33167 | NS      | $1279582.86   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Mining Corp               | Aris Mining Corp.                 | CUSIP: 04040Y109<br>LEI: 5493001GJ5TILX6L1F82 | Long             | EC               | CORP              | US        |     35848 | NS      | $581813.04    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                   | IAMGOLD Corp.                     | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | US        |     59067 | NS      | $974014.83    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining, Inc.                | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     54565 | NS      | $972893.95    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp.                | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | US        |     58265 | NS      | $1640742.40   | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| McEwen Inc                     | McEwen, Inc.                      | CUSIP: 58039P305<br>LEI: 5493000FX50GEWAF3U70 | Long             | EC               | CORP              | US        |     12050 | NS      | $223045.50    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc               | OR Royalties, Inc.                | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | US        |     23171 | NS      | $820021.69    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                    | B2Gold Corp.                      | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | US        |    152247 | NS      | $686633.97    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp        | Perpetua Resources Corp.          | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | US        |     16007 | NS      | $387529.47    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd.           | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | US        |     17188 | NS      | $2913881.64   | 6.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp             | Eldorado Gold Corp.               | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |     23708 | NS      | $851591.36    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Triple Flag Precious Metals Co | Triple Flag Precious Metals Corp. | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | US        |     10404 | NS      | $345620.88    | 0.81%             |  |  |  | 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        |    178777 | PA      | $178776.55    | 0.42%             |  |  |  | No            |                  2 | 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