# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209230
**Filing Date:** 2025-8
**Character Count:** 24473
**Document Hash:** 0142fd6396b154c62d8818a71e43d4a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209230.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209230

**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:** 251264196

**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

### Retailing Fund (Series ID: S000003720)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010389 | 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:** Retailing Fund

- **b. EDGAR series identifier (if any):** S000003720

- **c. LEI of Series:** 549300JFPNTWR4CMUK44

**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:** $2250680.42

**Total Liabilities:** $8923.18

**Net Assets:** $2241757.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010389 | -0.10%               | 6.39%                | 1.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $23586.00                | $-22216.83                                 |
| Month 2  | $1911.70                 | $156343.04                                 |
| Month 3  | $103263.45               | $-67510.46                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abercrombie & Fitch Co         | Abercrombie & Fitch Co.                              | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |       198 | NS      | $16404.30     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc  | Academy Sports & Outdoors, Inc.                      | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       305 | NS      | $13667.05     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts, Inc.                             | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |       275 | NS      | $12784.75     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd.                           | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |       467 | NS      | $52962.47     | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com, Inc.                                     | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      1032 | NS      | $226410.48    | 10.10%            |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc  | American Eagle Outfitters, Inc.                      | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |      1014 | NS      | $9754.68      | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation, Inc.                                     | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       108 | NS      | $21454.20     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone, Inc.                                       | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        10 | NS      | $37122.30     | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I | BJ's Wholesale Club Holdings, Inc.                   | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |       280 | NS      | $30192.40     | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc          | Bath & Body Works, Inc.                              | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |       731 | NS      | $21900.76     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                | Best Buy Company, Inc.                               | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |       422 | NS      | $28328.86     | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings, Inc.                             | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |       110 | NS      | $16720.00     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc          | Burlington Stores, Inc.                              | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |       132 | NS      | $30708.48     | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                     | CarMax, Inc.                                         | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       389 | NS      | $26144.69     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                     | Carvana Co.                                          | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |       205 | NS      | $69076.80     | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                      | Chewy, Inc.                                          | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |       746 | NS      | $31794.52     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp.                               | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       102 | NS      | $100973.88    | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                    | Coupang, Inc.                                        | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      1953 | NS      | $58511.88     | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc      | Dick's Sporting Goods, Inc.                          | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |       166 | NS      | $32836.46     | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp.                                 | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |       361 | NS      | $41291.18     | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree, Inc.                                    | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |       367 | NS      | $36347.68     | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                       | eBay, Inc.                                           | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |       625 | NS      | $46537.50     | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                       | Etsy, Inc.                                           | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |       333 | NS      | $16703.28     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds           | First American Government Obligations Fund - Class X | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |      5915 | NS      | $5915.00      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                 | Five Below, Inc.                                     | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |       167 | NS      | $21907.06     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings, Inc.                         | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |       297 | NS      | $22560.12     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                | Foot Locker, Inc.                                    | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |       502 | NS      | $12299.00     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| GameStop Corp                  | GameStop Corp.                                       | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Long             | EC               | CORP              | US        |      1266 | NS      | $30877.74     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                    | Gap, Inc.                                            | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |       877 | NS      | $19127.37     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co.                                    | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       273 | NS      | $33117.63     | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot, Inc.                                     | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       253 | NS      | $92759.92     | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                     | JD.com, Inc.                                         | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |      1189 | NS      | $38808.96     | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                    | Kohl's Corp.                                         | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |       902 | NS      | $7648.96      | 0.34%             |  |  |  | No            |                  1 | On Loan: —       |
| LKQ Corp                       | LKQ Corp.                                            | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |       658 | NS      | $24352.58     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc              | Lithia Motors, Inc.                                  | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |        46 | NS      | $15539.72     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Companies, Inc.                               | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |       405 | NS      | $89857.35     | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's Inc                     | Macy's, Inc.                                         | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |      1195 | NS      | $13933.70     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre, Inc.                                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        19 | NS      | $49658.97     | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA, Inc.                                     | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |        45 | NS      | $18306.00     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc   | National Vision Holdings, Inc.                       | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |       485 | NS      | $11159.85     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive, Inc.                            | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       780 | NS      | $70301.40     | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holding | Ollie's Bargain Outlet Holdings, Inc.                | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |       184 | NS      | $24247.52     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings, Inc.                                   | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |       548 | NS      | $57353.68     | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                      | Pool Corp.                                           | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |        88 | NS      | $25650.24     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                             | RH                                                   | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |        75 | NS      | $14175.75     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                | Ross Stores, Inc.                                    | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |       399 | NS      | $50904.42     | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Companies, Inc.                                  | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |       765 | NS      | $94469.85     | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp.                                         | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       545 | NS      | $53764.25     | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ODP Corp/The                   | ODP Corp.                                            | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       319 | NS      | $5783.47      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co.                                   | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |       811 | NS      | $42796.47     | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty, Inc.                                    | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |        80 | NS      | $37425.60     | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc           | Urban Outfitters, Inc.                               | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |       248 | NS      | $17989.92     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                  | Valvoline, Inc.                                      | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |       477 | NS      | $18063.99     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co         | Victoria's Secret & Co.                              | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |       513 | NS      | $9500.76      | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart, Inc.                                        | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      1045 | NS      | $102180.10    | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc   | Walgreens Boots Alliance, Inc.                       | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |      2026 | NS      | $23258.48     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wayfair Inc                    | Wayfair, Inc.                                        | CUSIP: 94419L101<br>LEI: 54930027N9ZAVYFDHK53 | Long             | EC               | CORP              | US        |       416 | NS      | $21274.24     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma, Inc.                                | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       226 | NS      | $36921.62     | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd            | Global-e Online Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       948 | NS      | $31795.92     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd            | Signet Jewelers Ltd.                                 | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |       180 | NS      | $14319.00     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |      3566 | PA      | $3566.09      | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |      3693 | PA      | $3693.04      | 0.16%             |  |  |  | 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        |      8559 | PA      | $8558.61      | 0.38%             |  |  |  | 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