# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209180
**Filing Date:** 2025-8
**Character Count:** 52976
**Document Hash:** 6856fd7348dedd4d422790d4ca320687
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209180.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209180

**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:** 251264144

**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

### S&P SmallCap 600 Pure Value Fund (Series ID: S000003740)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010409 | 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:** S&P SmallCap 600 Pure Value Fund

- **b. EDGAR series identifier (if any):** S000003740

- **c. LEI of Series:** 549300MNA0D17ME2RY11

**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:** $8115011.61

**Total Liabilities:** $94224.04

**Net Assets:** $8020787.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010409 | -6.58%               | 6.53%                | 6.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-216583.58              | $-362797.38                                |
| Month 2  | $-11699.80               | $485853.40                                 |
| Month 3  | $-30027.57               | $506750.20                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABM Industries Inc             | ABM Industries, Inc.                                 | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |       941 | NS      | $44424.61     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AMN Healthcare Services Inc    | AMN Healthcare Services, Inc.                        | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |      4043 | NS      | $83568.81     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Angi Inc                       | Angi, Inc.                                           | CUSIP: 00183L201<br>LEI: 5493003ENY577E6SZL06 | Long             | EC               | CORP              | US        |      4365 | NS      | $66609.90     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc  | Academy Sports & Outdoors, Inc.                      | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       723 | NS      | $32397.63     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corp               | AdaptHealth Corp.                                    | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9280 | NS      | $87510.40     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts, Inc.                             | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |      2589 | NS      | $120362.61    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                   | AdvanSix, Inc.                                       | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |      2056 | NS      | $48830.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                 | Air Lease Corp.                                      | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |      1123 | NS      | $65684.27     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Co            | Allegiant Travel Co.                                 | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |       660 | NS      | $36267.00     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc   | Bread Financial Holdings, Inc.                       | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |       716 | NS      | $40897.92     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| American Axle & Manufacturing  | American Axle & Manufacturing Holdings, Inc.         | CUSIP: 024061103<br>LEI: 254900SMQY98VFKNCC32 | Long             | EC               | CORP              | US        |     14491 | NS      | $59123.28     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| American Woodmark Corp         | American Woodmark Corp.                              | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |       372 | NS      | $19853.64     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersons Inc/The              | Andersons, Inc.                                      | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |      2260 | NS      | $83055.00     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate  | Apollo Commercial Real Estate Finance, Inc.          | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |      3526 | NS      | $34131.68     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                   | ArcBest Corp.                                        | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |       262 | NS      | $20176.62     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR Residential REIT Inc    | ARMOUR Residential REIT, Inc.                        | CUSIP: 042315705<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               | CORP              | US        |      2028 | NS      | $34090.68     | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Asbury Automotive Group Inc    | Asbury Automotive Group, Inc.                        | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |       362 | NS      | $86351.48     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Astec Industries Inc           | Astec Industries, Inc.                               | CUSIP: 046224101<br>LEI: 5493002DO2QKHLKB2A48 | Long             | EC               | CORP              | US        |       966 | NS      | $40272.54     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc             | Avanos Medical, Inc.                                 | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |      3463 | NS      | $42387.12     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| B&G Foods Inc                  | B&G Foods, Inc.                                      | CUSIP: 05508R106<br>LEI: 549300TRW1LZMDJZAQ78 | Long             | EC               | CORP              | US        |     17887 | NS      | $75662.01     | 0.94%             |  |  |  | No            |                  1 | On Loan: —       |
| Bloomin' Brands Inc            | Bloomin' Brands, Inc.                                | CUSIP: 094235108<br>LEI: E1UJ2GO305B5FXGV7N04 | Long             | EC               | CORP              | US        |      4197 | NS      | $36136.17     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                 | BorgWarner, Inc.                                     | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |      2677 | NS      | $89625.96     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristow Group Inc              | Bristow Group, Inc.                                  | CUSIP: 11040G103<br>LEI: 5493005Q24EN3UC1PV68 | Long             | EC               | CORP              | US        |      1143 | NS      | $37684.71     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookline Bancorp Inc          | Brookline Bancorp, Inc.                              | CUSIP: 11373M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2345 | NS      | $24739.75     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Energy Inc                 | CVR Energy, Inc.                                     | CUSIP: 12662P108<br>LEI: 529900SOYZIXZBTXB558 | Long             | EC               | CORP              | US        |      3367 | NS      | $90403.95     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                    | Caleres, Inc.                                        | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |      2800 | NS      | $34216.00     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Topgolf Callaway Brands Corp   | Topgolf Callaway Brands Corp.                        | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |     15704 | NS      | $126417.20    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Federal Financial Inc  | Capitol Federal Financial, Inc.                      | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4748 | NS      | $28962.80     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp.                                       | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |      1268 | NS      | $70158.44     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co        | Central Garden & Pet Co.                             | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |       166 | NS      | $5839.88      | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co        | Central Garden & Pet Co.                             | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |       904 | NS      | $28286.16     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc        | Century Communities, Inc.                            | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |       690 | NS      | $38860.80     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                | Chemours Co.                                         | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |      1698 | NS      | $19442.10     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                    | Enovis Corp.                                         | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      1274 | NS      | $39952.64     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Corsair Gaming Inc             | Corsair Gaming, Inc.                                 | CUSIP: 22041X102<br>LEI: 549300Y7YT18L8G0H525 | Long             | EC               | CORP              | US        |      5409 | NS      | $51006.87     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Sto | Cracker Barrel Old Country Store, Inc.               | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |      1154 | NS      | $70486.32     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Co              | DXC Technology Co.                                   | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |      4309 | NS      | $65884.61     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Dana Inc                       | Dana, Inc.                                           | CUSIP: 235825205<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | EC               | CORP              | US        |      8676 | NS      | $148793.40    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Deluxe Corp                    | Deluxe Corp.                                         | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |      2287 | NS      | $36386.17     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp Inc              | Eagle Bancorp, Inc.                                  | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |      1403 | NS      | $27330.44     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewell Personal Care Co      | Edgewell Personal Care Co.                           | CUSIP: 28035Q102<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | EC               | CORP              | US        |      1307 | NS      | $30596.87     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc        | Ellington Financial, Inc.                            | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |      2593 | NS      | $33683.07     | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| Encore Capital Group Inc       | Encore Capital Group, Inc.                           | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |       547 | NS      | $21174.37     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                     | EZCORP, Inc.                                         | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |      6656 | NS      | $92385.28     | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                       | FMC Corp.                                            | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |       707 | NS      | $29517.25     | 0.37%             |  |  |  | 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        |    298690 | NS      | $298689.75    | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                | Foot Locker, Inc.                                    | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |      5298 | NS      | $129801.00    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortrea Holdings Inc           | Fortrea Holdings, Inc.                               | CUSIP: 34965K107<br>LEI: 5493000FIVFABOVCDU97 | Long             | EC               | CORP              | US        |      1986 | NS      | $9810.84      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp       | Fox Factory Holding Corp.                            | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |      1051 | NS      | $27262.94     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin BSP Realty Trust Inc  | Franklin BSP Realty Trust, Inc.                      | CUSIP: 35243J101<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | EC               | CORP              | US        |      2239 | NS      | $23934.91     | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| G-III Apparel Group Ltd        | G-III Apparel Group Ltd.                             | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |      2982 | NS      | $66796.80     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc         | Genworth Financial, Inc.                             | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     15216 | NS      | $118380.48    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc           | Global Net Lease, Inc.                               | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |      5366 | NS      | $40513.30     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp    | Grocery Outlet Holding Corp.                         | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2660 | NS      | $33037.20     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Guess? Inc                     | Guess?, Inc.                                         | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | US        |      5392 | NS      | $65189.28     | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Enviri Corp                    | Enviri Corp.                                         | CUSIP: 415864107<br>LEI: KAO98FK89NPNNPQGUZ43 | Long             | EC               | CORP              | US        |     11937 | NS      | $103613.16    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc  | Healthcare Services Group, Inc.                      | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |      3343 | NS      | $50245.29     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Heartland Express Inc          | Heartland Express, Inc.                              | CUSIP: 422347104<br>LEI: 5299005V45FZIQGLOG39 | Long             | EC               | CORP              | US        |      2477 | NS      | $21401.28     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc           | Hilltop Holdings, Inc.                               | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |      1098 | NS      | $33324.30     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Hope Bancorp Inc               | Hope Bancorp, Inc.                                   | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |      3395 | NS      | $36428.35     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp     | Horace Mann Educators Corp.                          | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |       620 | NS      | $26641.40     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| IAC Inc                        | IAC, Inc.                                            | CUSIP: 44891N208<br>LEI: 549300TO56L57RP6P031 | Long             | EC               | CORP              | US        |      1509 | NS      | $56346.06     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co             | Crescent Energy Co.                                  | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5454 | NS      | $46904.40     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovex International Inc      | Innovex International, Inc.                          | CUSIP: 457651107<br>LEI: 5299007REICYIJNMW197 | Long             | EC               | CORP              | US        |      4565 | NS      | $71305.30     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc        | Insight Enterprises, Inc.                            | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |       154 | NS      | $21265.09     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties           | JBG SMITH Properties                                 | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2237 | NS      | $38700.10     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc          | Jackson Financial, Inc.                              | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |       466 | NS      | $41376.14     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corp           | JetBlue Airways Corp.                                | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |     13291 | NS      | $56220.93     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust  | KKR Real Estate Finance Trust, Inc.                  | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             | EC               | CORP              | US        |      2565 | NS      | $22495.05     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp           | Kaiser Aluminum Corp.                                | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       677 | NS      | $54092.30     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kohl's Corp                    | Kohl's Corp.                                         | CUSIP: 500255104<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | EC               | CORP              | US        |      9955 | NS      | $84418.40     | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Koppers Holdings Inc           | Koppers Holdings, Inc.                               | CUSIP: 50060P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2380 | NS      | $76517.00     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI Homes Inc                  | LGI Homes, Inc.                                      | CUSIP: 50187T106<br>LEI: 549300W02B4WNV8CV109 | Long             | EC               | CORP              | US        |       260 | NS      | $13395.20     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Energy Inc               | Vital Energy, Inc.                                   | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |      3163 | NS      | $50892.67     | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| Lincoln National Corp          | Lincoln National Corp.                               | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |      3407 | NS      | $117882.20    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group, Inc.                            | CUSIP: 552690109<br>LEI: 0T6SBMK3JTBI1JR36794 | Long             | EC               | CORP              | US        |      1717 | NS      | $28622.39     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc            | MGP Ingredients, Inc.                                | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |       688 | NS      | $20619.36     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MarineMax Inc                  | MarineMax, Inc.                                      | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |      4353 | NS      | $109434.42    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                | Masterbrand, Inc.                                    | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |      1504 | NS      | $16438.72     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Matthews International Corp    | Matthews International Corp.                         | CUSIP: 577128101<br>LEI: 549300ZVC5O0ATML6U61 | Long             | EC               | CORP              | US        |      1002 | NS      | $23957.82     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp            | Meritage Homes Corp.                                 | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |       284 | NS      | $19019.48     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                | MillerKnoll, Inc.                                    | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |      2451 | NS      | $47598.42     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc        | Millrose Properties, Inc.                            | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3683 | NS      | $105002.33    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                      | Monro, Inc.                                          | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1563 | NS      | $23304.33     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc   | National Vision Holdings, Inc.                       | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |      6001 | NS      | $138083.01    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corp                   | Navient Corp.                                        | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |      3993 | NS      | $56301.30     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                    | Neogen Corp.                                         | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |      2857 | NS      | $13656.46     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mortgage Trust Inc    | New York Mortgage Trust, Inc.                        | CUSIP: 649604840<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EC               | CORP              | US        |      7332 | NS      | $49124.40     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands Inc              | Newell Brands, Inc.                                  | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |      4269 | NS      | $23052.60     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                  | O-I Glass, Inc.                                      | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6597 | NS      | $97239.78     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens & Minor Inc              | Owens & Minor, Inc.                                  | CUSIP: 690732102<br>LEI: 549300LMT5KQQXCEZ733 | Long             | EC               | CORP              | US        |      6705 | NS      | $61015.50     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc                  | PRA Group, Inc.                                      | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |      3893 | NS      | $57421.75     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc         | Pacira BioSciences, Inc.                             | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1287 | NS      | $30759.30     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc       | Par Pacific Holdings, Inc.                           | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |      8336 | NS      | $221154.08    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc       | Patterson-UTI Energy, Inc.                           | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |      6839 | NS      | $40555.27     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp            | Peabody Energy Corp.                                 | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |      3693 | NS      | $49560.06     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Penn Entertainment Inc         | Penn Entertainment, Inc.                             | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2957 | NS      | $52841.59     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Mortgage Investment T | PennyMac Mortgage Investment Trust                   | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |      3752 | NS      | $48250.72     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                 | PriceSmart, Inc.                                     | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |       328 | NS      | $34453.12     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ProAssurance Corp              | ProAssurance Corp.                                   | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |      5200 | NS      | $118716.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp          | ProPetro Holding Corp.                               | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5077 | NS      | $30309.69     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ready Capital Corp             | Ready Capital Corp.                                  | CUSIP: 75574U101<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EC               | CORP              | US        |      4636 | NS      | $20259.32     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust Inc              | Redwood Trust, Inc.                                  | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |      5670 | NS      | $33509.70     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                  | Renasant Corp.                                       | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |       880 | NS      | $31618.40     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group, Inc.                                  | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |      1183 | NS      | $29693.30     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc       | Resideo Technologies, Inc.                           | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      1723 | NS      | $38009.38     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| REX American Resources Corp    | REX American Resources Corp.                         | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       601 | NS      | $29274.71     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                   | Safehold, Inc.                                       | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |      2503 | NS      | $38946.68     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings, Inc.                          | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |      4836 | NS      | $44781.36     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc                 | ScanSource, Inc.                                     | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |      1556 | NS      | $65056.36     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                | Scholastic Corp.                                     | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3976 | NS      | $83416.48     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Medical Holdings Corp   | Select Medical Holdings Corp.                        | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4250 | NS      | $64515.00     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenandoah Telecommunications  | Shenandoah Telecommunications Co.                    | CUSIP: 82312B106<br>LEI: 549300XH3H4OUKFPHS84 | Long             | EC               | CORP              | US        |      3073 | NS      | $41977.18     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc              | Shoe Carnival, Inc.                                  | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1040 | NS      | $19458.40     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp    | Simmons First National Corp.                         | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |      1216 | NS      | $23055.36     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp              | SITE Centers Corp.                                   | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |      3995 | NS      | $45183.45     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc           | Sonic Automotive, Inc.                               | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |      1137 | NS      | $90880.41     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SpartanNash Co                 | SpartanNash Co.                                      | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |      6869 | NS      | $181959.81    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Motor Products Inc    | Standard Motor Products, Inc.                        | CUSIP: 853666105<br>LEI: THGK1EO5B5HK0JHQVZ90 | Long             | EC               | CORP              | US        |      2160 | NS      | $66355.20     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                      | Stepan Co.                                           | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Long             | EC               | CORP              | US        |       408 | NS      | $22268.64     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services C | Stewart Information Services Corp.                   | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |       355 | NS      | $23110.50     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Country Airlines Holdings  | Sun Country Airlines Holdings, Inc.                  | CUSIP: 866683105<br>LEI: 549300MOHOJN9GH0NJ48 | Long             | EC               | CORP              | US        |      2525 | NS      | $29668.75     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc             | SunCoke Energy, Inc.                                 | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |      4151 | NS      | $35657.09     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrun Inc                     | Sunrun, Inc.                                         | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |      4961 | NS      | $40580.98     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc               | Talos Energy, Inc.                                   | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |      7305 | NS      | $61946.40     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TEGNA Inc                      | TEGNA, Inc.                                          | CUSIP: 87901J105<br>LEI: 549300YC5EDBGX85AO10 | Long             | EC               | CORP              | US        |      2161 | NS      | $36218.36     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Telephone & Data Systems Inc   | Telephone & Data Systems, Inc.                       | CUSIP: 879433829<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1252 | NS      | $44546.16     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus Inc                   | Metallus, Inc.                                       | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |      4008 | NS      | $61763.28     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan International Inc        | Titan International, Inc.                            | CUSIP: 88830M102<br>LEI: 254900CXRGBE7C4B5A06 | Long             | EC               | CORP              | US        |     15162 | NS      | $155713.74    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TreeHouse Foods Inc            | TreeHouse Foods, Inc.                                | CUSIP: 89469A104<br>LEI: 5493007M7EVHE470Q576 | Long             | EC               | CORP              | US        |      1783 | NS      | $34625.86     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc      | USANA Health Sciences, Inc.                          | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |       886 | NS      | $27049.58     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group Inc          | United Fire Group, Inc.                              | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2187 | NS      | $62766.90     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods Inc       | United Natural Foods, Inc.                           | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |      4072 | NS      | $94918.32     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Corp/VA              | Universal Corp.                                      | CUSIP: 913456109<br>LEI: 549300BZXZ66F6DTIF20 | Long             | EC               | CORP              | US        |      1469 | NS      | $85554.56     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                     | Viasat, Inc.                                         | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |     12106 | NS      | $176747.60    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology, Inc.                         | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      2077 | NS      | $32982.76     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc       | Winnebago Industries, Inc.                           | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |       880 | NS      | $25520.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp              | World Kinect Corp.                                   | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |      4661 | NS      | $132139.35    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Xerox Holdings Corp            | Xerox Holdings Corp.                                 | CUSIP: 98421M106<br>LEI: 5493000Y33XDVO2CXC18 | Long             | EC               | CORP              | US        |      3321 | NS      | $17501.67     | 0.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Adient PLC                     | Adient plc                                           | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |      6982 | NS      | $135869.72    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC        | Cushman & Wakefield plc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      4212 | NS      | $46626.84     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc    | Fresh Del Monte Produce, Inc.                        | CUSIP: N/A<br>LEI: 529900I72V9F0FEZR228       | Long             | EC               | CORP              | US        |      3437 | NS      | $111427.54    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Helen of Troy Ltd              | Helen of Troy Ltd.                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       678 | NS      | $19241.64     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd            | Signet Jewelers Ltd.                                 | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |       297 | NS      | $23626.35     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd                | SiriusPoint Ltd.                                     | CUSIP: N/A<br>LEI: 549300OGXFI85N3YZZ51       | Long             | EC               | CORP              | US        |      3073 | NS      | $62658.47     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     13005 | PA      | $13004.53     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     13467 | PA      | $13467.48     | 0.17%             |  |  |  | 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        |     31211 | PA      | $31210.88     | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Dorian LPG Ltd                 | Dorian LPG Ltd.                                      | CUSIP: N/A<br>LEI: 549300WP1W2WGMC7F395       | Long             | EC               | CORP              | US        |      1379 | NS      | $33620.02     | 0.42%             |  |  |  | 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