# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209182
**Filing Date:** 2025-8
**Character Count:** 32778
**Document Hash:** af2958e9d0f7a5ce8f06e1c0a3b9bafd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209182.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209182

**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:** 251264147

**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

### Energy Fund (Series ID: S000003714)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010383 | 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:** Energy Fund

- **b. EDGAR series identifier (if any):** S000003714

- **c. LEI of Series:** 549300U94DM6WS1H2223

**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:** $10296982.12

**Total Liabilities:** $33638.95

**Net Assets:** $10263343.17

**Cash Not Reported:** $1927.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010383 | -12.85%              | 4.77%                | 5.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-210208.31              | $-1490311.59                               |
| Month 2  | $194315.83               | $111447.07                                 |
| Month 3  | $-154304.64              | $537651.83                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Antero Resources Corp          | Antero Resources Corp.                               | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |      2827 | NS      | $113871.56    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp          | Antero Midstream Corp.                               | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4494 | NS      | $85161.30     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp.                                            | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      4430 | NS      | $81024.70     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP plc                                               | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |      5237 | NS      | $156743.41    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co.                                     | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5331 | NS      | $204390.54    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corp             | CNX Resources Corp.                                  | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |      2170 | NS      | $73085.60     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy, Inc.                                 | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      5557 | NS      | $141036.66    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus, Inc.                                         | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      1373 | NS      | $60027.56     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp.                           | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      1377 | NS      | $62887.59     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | Cameco Corp.                                         | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | US        |      1842 | NS      | $136731.66    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd.                      | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | US        |      4167 | NS      | $130843.80    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc             | Cenovus Energy, Inc.                                 | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | US        |      7719 | NS      | $104978.40    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp            | Centrus Energy Corp.                                 | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |       243 | NS      | $44512.74     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                 | ChampionX Corp.                                      | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |      2809 | NS      | $69775.56     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy, Inc.                                | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |       999 | NS      | $243276.48    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp             | Expand Energy Corp.                                  | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      1482 | NS      | $173305.08    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                                        | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3507 | NS      | $502167.33    | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc          | Civitas Resources, Inc.                              | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |      1811 | NS      | $49838.72     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Comstock Resources Inc         | Comstock Resources, Inc.                             | CUSIP: 205768302<br>LEI: I03QQGEA4SS774AURI46 | Long             | EC               | CORP              | US        |      1821 | NS      | $50387.07     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                                       | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      3807 | NS      | $341640.18    | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc     | Core Natural Resources, Inc.                         | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |       871 | NS      | $60743.54     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream, Inc.                                   | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1031 | NS      | $113317.21    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp.                                   | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      4531 | NS      | $144131.11    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy, Inc.                             | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      1178 | NS      | $161857.20    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources, Inc.                                  | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      2221 | NS      | $265653.81    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | Equities Corp.                                       | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      3431 | NS      | $200095.92    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                   | Enbridge, Inc.                                       | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | US        |      2996 | NS      | $135778.72    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc             | Enphase Energy, Inc.                                 | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      1784 | NS      | $70735.60     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor ASA                                          | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      3421 | NS      | $86003.94     | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Exxon Mobil Corp               | Exxon Mobil Corp.                                    | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      6535 | NS      | $704473.00    | 6.86%             |  |  |  | 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        |    227948 | NS      | $227948.50    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar, Inc.                                    | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       819 | NS      | $135577.26    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Plains Inc               | Green Plains, Inc.                                   | CUSIP: 393222104<br>LEI: VJ5WLTHARBSDR14KIZ98 | Long             | EC               | CORP              | US        |      3815 | NS      | $23004.45     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Sinclair Corp               | HF Sinclair Corp.                                    | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |      2136 | NS      | $87746.88     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                 | Halliburton Co.                                      | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      6255 | NS      | $127476.90    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc          | Helmerich & Payne, Inc.                              | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      2293 | NS      | $34761.88     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Corp                      | Hess Corp.                                           | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |      1480 | NS      | $205039.20    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co             | Crescent Energy Co.                                  | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4624 | NS      | $39766.40     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan, Inc.                                  | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |      8797 | NS      | $258631.80    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Energy Inc               | Vital Energy, Inc.                                   | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |      1287 | NS      | $20707.83     | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Liberty Energy Inc             | Liberty Energy, Inc.                                 | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3647 | NS      | $41867.56     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp        | Magnolia Oil & Gas Corp.                             | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2954 | NS      | $66405.92     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp.                             | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1425 | NS      | $236706.75    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co.                                | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |      1602 | NS      | $76447.44     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp.                                     | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |      2448 | NS      | $55080.00     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA, Inc.                                     | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |       177 | NS      | $72003.60     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV, Inc.                                            | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |      5494 | NS      | $68290.42     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| New Fortress Energy Inc        | New Fortress Energy, Inc.                            | CUSIP: 644393100<br>LEI: 254900EICTYTCHA5X705 | Long             | EC               | CORP              | US        |      7652 | NS      | $25404.64     | 0.25%             |  |  |  | No            |                  1 | On Loan: —       |
| Northern Oil and Gas Inc       | Northern Oil & Gas, Inc.                             | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      1846 | NS      | $52334.10     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp.                                   | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |       780 | NS      | $75543.00     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp.                           | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      4199 | NS      | $176399.99    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                      | ONEOK, Inc.                                          | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      2876 | NS      | $234767.88    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                    | Ovintiv, Inc.                                        | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      2635 | NS      | $100261.75    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                 | PBF Energy, Inc.                                     | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |      2100 | NS      | $45507.00     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc       | Patterson-UTI Energy, Inc.                           | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |      8085 | NS      | $47944.05     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp            | Peabody Energy Corp.                                 | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |      3141 | NS      | $42152.22     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp          | Pembina Pipeline Corp.                               | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | US        |      1964 | NS      | $73669.64     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp         | Permian Resources Corp.                              | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |      7433 | NS      | $101237.46    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA         | Petroleo Brasileiro S.A.                             | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     10167 | NS      | $127189.17    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                                          | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      1905 | NS      | $227266.50    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Plug Power Inc                 | Plug Power, Inc.                                     | CUSIP: 72919P202<br>LEI: 549300JPDKRSJ8JSM954 | Long             | EC               | CORP              | US        |     18802 | NS      | $28014.98     | 0.27%             |  |  |  | No            |                  1 | On Loan: —       |
| Range Resources Corp           | Range Resources Corp.                                | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      2534 | NS      | $103057.78    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell plc                                            | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      2072 | NS      | $145889.52    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                   | SM Energy Co.                                        | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |      2142 | NS      | $52928.82     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                | Schlumberger N.V.                                    | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |      6500 | NS      | $219700.00    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SolarEdge Technologies Inc     | SolarEdge Technologies, Inc.                         | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |      4111 | NS      | $83864.40     | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| Suncor Energy Inc              | Suncor Energy, Inc.                                  | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | US        |      3184 | NS      | $119240.80    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrun Inc                     | Sunrun, Inc.                                         | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |      5307 | NS      | $43411.26     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp.                                | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      1185 | NS      | $206284.80    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                 | TC Energy Corp.                                      | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | US        |      2078 | NS      | $101385.62    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                     | Tenaris S.A.                                         | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |      2176 | NS      | $81382.40     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp.                             | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        63 | NS      | $66552.57     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                  | Tidewater, Inc.                                      | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |       984 | NS      | $45391.92     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Uranium Energy Corp            | Uranium Energy Corp.                                 | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               | CORP              | US        |      8709 | NS      | $59221.20     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp.                                  | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      1607 | NS      | $216012.94    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc               | Viper Energy, Inc.                                   | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |      2775 | NS      | $105810.75    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Companies, Inc.                             | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      4724 | NS      | $296714.44    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC  | Weatherford International plc                        | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | US        |      1217 | NS      | $61227.27     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                 | Noble Corporation plc                                | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Long             | EC               | CORP              | US        |      2174 | NS      | $57719.70     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC plc                                       | CUSIP: N/A<br>LEI: 549300D5I93QWCJTCK36       | Long             | EC               | CORP              | US        |      3022 | NS      | $104077.68    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Golar LNG Ltd                  | Golar LNG Ltd.                                       | CUSIP: N/A<br>LEI: 213800C2VSFZG3EZLO34       | Long             | EC               | CORP              | US        |      2468 | NS      | $101656.92    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                    | Valaris Ltd.                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1177 | NS      | $49563.47     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                 | Transocean Ltd.                                      | CUSIP: N/A<br>LEI: 529900QO4W5DQGBGEF32       | Long             | EC               | CORP              | US        |     22427 | NS      | $58085.93     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontline PLC                  | Frontline plc                                        | CUSIP: N/A<br>LEI: 5493004BCIKYU1YL3H63       | Long             | EC               | CORP              | US        |      3950 | NS      | $64819.50     | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |      8687 | PA      | $8686.72      | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |      8996 | PA      | $8995.96      | 0.09%             |  |  |  | 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        |     20848 | PA      | $20848.13     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Scorpio Tankers Inc            | Scorpio Tankers, Inc.                                | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | US        |      1669 | NS      | $65307.97     | 0.64%             |  |  |  | No            |                  1 | 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