# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0000913181-26-000260
**Filing Date:** 2026-3
**Character Count:** 20386
**Document Hash:** 4e11fa386306213caa6719bc58746994
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-26-000260.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000913181-26-000260

**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:** 26705237

**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

### Utilities Fund (Series ID: S000003725)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010394 | 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:** Utilities Fund

- **b. EDGAR series identifier (if any):** S000003725

- **c. LEI of Series:** 549300EBPUQN2OLJFP29

**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:** $9946595.87

**Total Liabilities:** $49231.47

**Net Assets:** $9897364.40

**Cash Not Reported:** $1862.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010394 | 1.57%                | 1.72%                | -5.03%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $56096.59                | $157794.29                                 |
| Month 2  | $10825.69                | $144826.82                                 |
| Month 3  | $341761.00               | $-900105.19                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Otter Tail Corp                | Otter Tail Corp.                      | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       536 | NS      | $43314.16     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                   | Entergy Corp.                         | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      2822 | NS      | $260837.46    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc            | Clearway Energy, Inc.                 | CUSIP: 18539C204<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |      3165 | NS      | $105267.90    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                | Southern Co.                          | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |      4640 | NS      | $404608.00    | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortis Inc/Canada              | Fortis, Inc.                          | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | US        |      2915 | NS      | $151405.10    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                    | IDACORP, Inc.                         | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |       843 | NS      | $106690.08    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corp      | Brookfield Renewable Corp.            | CUSIP: 11285B108<br>LEI: 894500N9AWD5I1YNP231 | Long             | EC               | CORP              | US        |      3684 | NS      | $141244.56    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy, Inc.                  | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      6510 | NS      | $522622.80    | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                                | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |      3506 | NS      | $309544.74    | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc    | American Water Works Company, Inc.    | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |      1573 | NS      | $205276.50    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                  | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |      3327 | NS      | $199686.54    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Talen Energy Corp              | Talen Energy Corp.                    | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       412 | NS      | $154434.08    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Grou | Public Service Enterprise Group, Inc. | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |      3230 | NS      | $259369.00    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp               | Black Hills Corp.                     | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |      1310 | NS      | $90940.20     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co Inc | American Electric Power Company, Inc. | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      2781 | NS      | $320677.11    | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                 | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     39509 | PA      | $39508.53     | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| UGI Corp                       | UGI Corp.                             | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      3037 | NS      | $113674.91    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy, Inc.                 | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      4940 | NS      | $289434.60    | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc           | WEC Energy Group, Inc.                | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |      2287 | NS      | $241187.02    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC              | National Grid plc                     | CUSIP: 636274409<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |      1932 | NS      | $149440.20    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp              | Atmos Energy Corp.                    | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |      1268 | NS      | $212554.84    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                      | PG&E Corp.                            | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     15837 | NS      | $254500.59    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                  | DTE Energy Co.                        | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      1521 | NS      | $196178.58    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp                    | Vistra Corp.                          | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      1778 | NS      | $286844.74    | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                | TXNM Energy, Inc.                     | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |      1753 | NS      | $103216.64    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp               | FirstEnergy Corp.                     | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      4544 | NS      | $203434.88    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc         | Ormat Technologies, Inc.              | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |       884 | NS      | $97655.48     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp.                     | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      3365 | NS      | $394411.65    | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                | Xcel Energy, Inc.                     | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      3635 | NS      | $268481.10    | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy, Inc.                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1371 | NS      | $218318.04    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                   | NiSource, Inc.                        | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |      4349 | NS      | $181614.24    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy              | Eversource Energy                     | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      3043 | NS      | $204885.19    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc        | Consolidated Edison, Inc.             | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      2507 | NS      | $248995.24    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co.                 | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      1343 | NS      | $107520.58    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp            | Alliant Energy Corp.                  | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      2562 | NS      | $166555.62    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| MGE Energy Inc                 | MGE Energy, Inc.                      | CUSIP: 55277P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       431 | NS      | $33799.02     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc        | Essential Utilities, Inc.             | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |      3514 | NS      | $134797.04    | 1.36%             |  |  |  | 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        |     39509 | PA      | $39508.53     | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Oklo Inc                       | Oklo, Inc.                            | CUSIP: 02156V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1431 | NS      | $102688.56    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                       | PPL Corp.                             | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      5939 | NS      | $207983.78    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O America                    | H2O America                           | CUSIP: 784305104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1061 | NS      | $51978.39     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp/The                   | AES Corp.                             | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      9128 | NS      | $130895.52    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp.            | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1169 | NS      | $412972.63    | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                | CMS Energy Corp.                      | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |      2705 | NS      | $189160.65    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Co   | Portland General Electric Co.         | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      1992 | NS      | $95596.08     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                     | Evergy, Inc.                          | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      2255 | NS      | $163464.95    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                    | Ameren Corp.                          | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      2147 | NS      | $214399.42    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwestern Energy Group Inc  | Northwestern Energy Group, Inc.       | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |      1221 | NS      | $78803.34     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group, Inc.             | CUSIP: 552690109<br>LEI: 0T6SBMK3JTBI1JR36794 | Long             | EC               | CORP              | US        |      4248 | NS      | $82920.96     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp.                          | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      6269 | NS      | $273265.71    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp     | Pinnacle West Capital Corp.           | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |      1514 | NS      | $134291.80    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                | OGE Energy Corp.                      | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      2865 | NS      | $122335.50    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc         | CenterPoint Energy, Inc.              | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |      5388 | NS      | $206575.92    | 2.09%             |  |  |  | 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