# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0000913181-26-000287
**Filing Date:** 2026-3
**Character Count:** 36472
**Document Hash:** ffbdd2444fbad6a0473fd15489e000a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-26-000287.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000913181-26-000287

**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:** 26705270

**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

### Basic Materials (Series ID: S000003759)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010428 | 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:** Basic Materials Fund

- **b. EDGAR series identifier (if any):** S000003759

- **c. LEI of Series:** 549300BS2SEZ4JRDDF86

**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:** $7986021.34

**Total Liabilities:** $31134.52

**Net Assets:** $7954886.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010428 | -3.40%               | 6.68%                | 3.09%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $39077.84                | $-269713.65                                |
| Month 2  | $-7822.59                | $460076.70                                 |
| Month 3  | $380861.88               | $-150339.95                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Silgan Holdings Inc            | Silgan Holdings, Inc.                    | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |      1053 | NS      | $42509.61     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics, Inc.                     | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       625 | NS      | $105906.25    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals, Inc.         | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |       663 | NS      | $163774.26    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc          | RPM International, Inc.                  | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |       760 | NS      | $79040.00     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co.                     | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       464 | NS      | $132342.08    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                 | Royal Gold, Inc.                         | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       432 | NS      | $96029.28     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                | Hecla Mining Co.                         | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |      3807 | NS      | $73056.33     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA               | ArcelorMittal S.A.                       | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | US        |      1576 | NS      | $71818.32     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp.                      | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | US        |       381 | NS      | $78973.68     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries N.V.           | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |      1692 | NS      | $73263.60     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| USA Rare Earth Inc             | USA Rare Earth, Inc.                     | CUSIP: 91733P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1701 | NS      | $20241.90     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co         | International Paper Co.                  | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |      2562 | NS      | $100917.18    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc          | Anglogold Ashanti plc                    | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | US        |       980 | NS      | $83574.40     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto plc                            | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      1114 | NS      | $89153.42     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials In | Solstice Advanced Materials, Inc.        | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |      1245 | NS      | $60482.10     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp.                  | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |       596 | NS      | $48132.96     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours, Inc.                  | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      2224 | NS      | $89404.80     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc               | OR Royalties, Inc.                       | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | US        |      1928 | NS      | $68231.92     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                    | B2Gold Corp.                             | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | US        |     16963 | NS      | $76503.13     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ASP Isotopes Inc               | ASP Isotopes, Inc.                       | CUSIP: 00218A105<br>LEI: 6488WHV94BZ496OZ3219 | Long             | EC               | CORP              | US        |      2693 | NS      | $14407.55     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                   | Innospec, Inc.                           | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |       271 | NS      | $20742.34     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Silver Corp          | Endeavour Silver Corp.                   | CUSIP: 29258Y103<br>LEI: 549300IF2E29780PPV02 | Long             | EC               | CORP              | US        |      7458 | NS      | $70105.20     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp.                            | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |       175 | NS      | $26838.00     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                 | Albemarle Corp.                          | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       704 | NS      | $99573.76     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd     | Axalta Coating Systems Ltd.              | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Long             | EC               | CORP              | US        |      1824 | NS      | $58933.44     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan, Inc.                   | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      3781 | NS      | $192036.99    | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                   | IAMGOLD Corp.                            | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | US        |      4775 | NS      | $78739.75     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                      | Amcor plc                                | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | US        |     10778 | NS      | $89888.52     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TMC the metals co Inc          | TMC the metals co, Inc.                  | CUSIP: 87261Y106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9463 | NS      | $58386.71     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co   | Graphic Packaging Holding Co.            | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3046 | NS      | $45872.76     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The      | Scotts Miracle-Gro Co.                   | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |       627 | NS      | $36585.45     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                  | Huntsman Corp.                           | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      2744 | NS      | $27440.00     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                    | Hawkins, Inc.                            | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |       141 | NS      | $20030.46     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp.                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      2271 | NS      | $226759.35    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp       | Pan American Silver Corp.                | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | US        |      1708 | NS      | $88491.48     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde plc                                | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |       751 | NS      | $320218.89    | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp     | First Majestic Silver Corp.              | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | US        |      4751 | NS      | $79151.66     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance, Inc.                           | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       297 | NS      | $85794.39     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies Inc     | PureCycle Technologies, Inc.             | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2894 | NS      | $24859.46     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Novagold Resources Inc         | Novagold Resources, Inc.                 | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               | CORP              | US        |      7000 | NS      | $65240.00     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp             | Eldorado Gold Corp.                      | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |      2013 | NS      | $72306.96     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co.                    | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |       867 | NS      | $60013.74     | 0.75%             |  |  |  | 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        |     29451 | PA      | $29451.22     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock plc                     | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Long             | EC               | CORP              | US        |      2232 | NS      | $86311.44     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd             | Teck Resources Ltd.                      | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | US        |      1898 | NS      | $90895.22     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co.                     | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |       590 | NS      | $191177.70    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc           | Warrior Met Coal, Inc.                   | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |       538 | NS      | $47435.46     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd     | Harmony Gold Mining Company Ltd.         | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |      3530 | NS      | $70247.00     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                | Sealed Air Corp.                         | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |      1317 | NS      | $54563.31     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Antimony Corp    | US Antimony Corp.                        | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3153 | NS      | $15828.06     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab, Inc.                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       695 | NS      | $182451.40    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow, Inc.                                | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      3770 | NS      | $88142.60     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corporation of America         | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |       462 | NS      | $95278.26     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sibanye Stillwater Ltd         | Sibanye Stillwater Ltd.                  | CUSIP: 82575P107<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |      5416 | NS      | $77178.00     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings, Inc.             | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |       971 | NS      | $75097.14     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                    | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     29451 | PA      | $29451.23     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Hudbay Minerals Inc            | Hudbay Minerals, Inc.                    | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | US        |      3995 | NS      | $79300.75     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining, Inc.                       | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |      3750 | NS      | $66862.50     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva, Inc.                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      2238 | NS      | $150013.14    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp        | Perpetua Resources Corp.                 | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | US        |      1100 | NS      | $26631.00     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp.            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | US        |       746 | NS      | $87669.92     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co.                     | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |       925 | NS      | $59042.75     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                  | Westlake Corp.                           | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |       480 | NS      | $35491.20     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc           | Ramaco Resources, Inc.                   | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |      1177 | NS      | $21186.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                  | BHP Group Ltd.                           | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      1418 | NS      | $85604.66     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                | Alamos Gold, Inc.                        | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | US        |      2044 | NS      | $78857.52     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp.                       | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | US        |      3291 | NS      | $92674.56     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc          | Element Solutions, Inc.                  | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |      2043 | NS      | $51054.57     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp.                           | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |      1140 | NS      | $48199.20     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc  | Martin Marietta Materials, Inc.          | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |       216 | NS      | $134494.56    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Co            | Century Aluminum Co.                     | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |       900 | NS      | $35262.00     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                | Chemours Co.                             | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |      2370 | NS      | $27942.30     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup, Inc.                         | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |       522 | NS      | $63663.12     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TriMas Corp                    | TriMas Corp.                             | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |       720 | NS      | $25524.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                    | Nutrien Ltd.                             | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | US        |      1403 | NS      | $86593.16     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials, Inc.                    | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       193 | NS      | $39889.24     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp            | Barrick Mining Corp.                     | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |      2743 | NS      | $119457.65    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp.                        | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       589 | NS      | $41436.15     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc           | Cleveland-Cliffs, Inc.                   | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |      4416 | NS      | $58644.48     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp.                     | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       456 | NS      | $82937.28     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd.                  | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | US        |       616 | NS      | $104430.48    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp.                              | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       806 | NS      | $131466.66    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp     | Sensient Technologies Corp.              | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |       329 | NS      | $30909.55     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                      | Ball Corp.                               | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |      1622 | NS      | $85917.34     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc             | PPG Industries, Inc.                     | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      1034 | NS      | $105943.64    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp              | Equinox Gold Corp.                       | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | US        |      5461 | NS      | $76672.44     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances, Inc. | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      1429 | NS      | $96300.31     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co.                               | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      2429 | NS      | $58514.61     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH plc                        | CRH plc                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       833 | NS      | $103958.40    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                       | FMC Corp.                                | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      2084 | NS      | $28905.08     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                | Cemex SAB de CV                          | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |      6814 | NS      | $78292.86     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                     | Alcoa Corp.                              | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      1600 | NS      | $85024.00     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp           | Southern Copper Corp.                    | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       543 | NS      | $77904.21     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp.                               | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |      1578 | NS      | $32869.74     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co             | Sonoco Products Co.                      | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |      1071 | NS      | $46738.44     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Mining Corp            | Fortuna Mining Corp.                     | CUSIP: 349942102<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | US        |      7236 | NS      | $70985.16     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| New Gold Inc                   | New Gold, Inc.                           | CUSIP: 644535106<br>LEI: 5493005G0GNCHP0H6L96 | Long             | EC               | CORP              | US        |      8600 | NS      | $74906.00     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC    | James Hardie Industries plc              | CUSIP: N/A<br>LEI: 635400NSGXKTVOO7JU45       | Long             | EC               | CORP              | US        |      4332 | NS      | $89889.00     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc             | Crown Holdings, Inc.                     | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |       765 | NS      | $78772.05     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                 | SSR Mining, Inc.                         | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |      2032 | NS      | $44541.44     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                | Gold Fields Ltd.                         | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      1701 | NS      | $74265.66     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp              | MP Materials Corp.                       | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      1127 | NS      | $56936.04     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                        | Vale S.A.                                | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |      7467 | NS      | $97295.01     | 1.22%             |  |  |  | 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