# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209249
**Filing Date:** 2025-8
**Character Count:** 35070
**Document Hash:** a435c93ff539ddeb0f4c6739bd7e5c14
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209249.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209249

**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:** 251264214

**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

### Real Estate Fund (Series ID: S000003726)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010395 | 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:** Real Estate Fund

- **b. EDGAR series identifier (if any):** S000003726

- **c. LEI of Series:** 549300SJ3ZMS4TIS6C34

**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:** $3668963.43

**Total Liabilities:** $12948.12

**Net Assets:** $3656015.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010395 | -3.53%               | 0.76%                | 1.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10634.38               | $-137619.13                                |
| Month 2  | $-8218.69                | $28576.90                                  |
| Month 3  | $26094.66                | $-643.53                                   |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Acadia Realty Trust            | Acadia Realty Trust                                  | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |      1002 | NS      | $18607.14     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp              | Agree Realty Corp.                                   | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       468 | NS      | $34192.08     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities, Inc.                | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |       595 | NS      | $43214.85     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent          | American Homes 4 Rent                                | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |      1138 | NS      | $41047.66     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp.                                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |       570 | NS      | $125981.40    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc     | Americold Realty Trust, Inc.                         | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |      1572 | NS      | $26142.36     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc     | Apple Hospitality REIT, Inc.                         | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |      1655 | NS      | $19313.85     | 0.53%             |  |  |  | No            |                  1 | On Loan: —       |
| AvalonBay Communities Inc      | AvalonBay Communities, Inc.                          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       319 | NS      | $64916.50     | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                        | BXP, Inc.                                            | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |       569 | NS      | $38390.43     | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Brixmor Property Group Inc     | Brixmor Property Group, Inc.                         | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |      1329 | NS      | $34607.16     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc       | Broadstone Net Lease, Inc.                           | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |      1309 | NS      | $21009.45     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group, Inc.                                     | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |       564 | NS      | $79027.68     | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust                                | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |       367 | NS      | $41357.23     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc             | CareTrust REIT, Inc.                                 | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |       998 | NS      | $30538.80     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                    | Compass, Inc.                                        | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |      3555 | NS      | $22325.40     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties        | COPT Defense Properties                              | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |       767 | NS      | $21153.86     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group, Inc.                                   | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |       863 | NS      | $69385.20     | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc         | Cousins Properties, Inc.                             | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |       909 | NS      | $27297.27     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc               | Crown Castle, Inc.                                   | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |       809 | NS      | $83108.57     | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                      | CubeSmart                                            | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       888 | NS      | $37740.00     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co     | DiamondRock Hospitality Co.                          | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |      1985 | NS      | $15205.10     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust, Inc.                           | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |       536 | NS      | $93440.88     | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc             | Douglas Emmett, Inc.                                 | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1267 | NS      | $19055.68     | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| EPR Properties                 | EPR Properties                                       | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |       440 | NS      | $25634.40     | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| EastGroup Properties Inc       | EastGroup Properties, Inc.                           | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |       164 | NS      | $27407.68     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix, Inc.                                        | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |       105 | NS      | $83524.35     | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In | Equity LifeStyle Properties, Inc.                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |       642 | NS      | $39592.14     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential             | Equity Residential                                   | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |       887 | NS      | $59863.63     | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust, Inc.              | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |       964 | NS      | $30761.24     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc       | Essex Property Trust, Inc.                           | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |       121 | NS      | $34291.40     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc         | eXp World Holdings, Inc.                             | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |      1147 | NS      | $10437.70     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc        | Extra Space Storage, Inc.                            | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       459 | NS      | $67674.96     | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trus | Federal Realty Investment Trust                      | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |       366 | NS      | $34766.34     | 0.95%             |  |  |  | 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        |    157132 | NS      | $157132.25    | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust  | First Industrial Realty Trust, Inc.                  | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       630 | NS      | $30321.90     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties, Inc.                  | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |       916 | NS      | $42758.88     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc   | American Healthcare REIT, Inc.                       | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |       820 | NS      | $30126.80     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc    | Healthcare Realty Trust, Inc.                        | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |      1884 | NS      | $29880.24     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc      | Healthpeak Properties, Inc.                          | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |      2448 | NS      | $42864.48     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc       | Highwoods Properties, Inc.                           | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |       707 | NS      | $21980.63     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc      | Host Hotels & Resorts, Inc.                          | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      2566 | NS      | $39413.76     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc  | Independence Realty Trust, Inc.                      | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |      1372 | NS      | $24270.68     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc           | Invitation Homes, Inc.                               | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1589 | NS      | $52119.20     | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain, Inc.                                  | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |       653 | NS      | $66978.21     | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc         | Jones Lang LaSalle, Inc.                             | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       129 | NS      | $32995.62     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp             | Kilroy Realty Corp.                                  | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |       700 | NS      | $24017.00     | 0.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Kimco Realty Corp              | Kimco Realty Corp.                                   | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |      2175 | NS      | $45718.50     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust        | Kite Realty Group Trust                              | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1206 | NS      | $27315.90     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co           | Lamar Advertising Co.                                | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |       355 | NS      | $43082.80     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust           | LXP Industrial Trust                                 | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      2235 | NS      | $18461.10     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                    | Lineage, Inc.                                        | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       440 | NS      | $19148.80     | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Macerich Co/The                | Macerich Co.                                         | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |      1535 | NS      | $24836.30     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc   | Medical Properties Trust, Inc.                       | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |      3740 | NS      | $16119.40     | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Mid-America Apartment Communit | Mid-America Apartment Communities, Inc.              | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |       340 | NS      | $50323.40     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                   | NNN REIT, Inc.                                       | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |       814 | NS      | $35148.52     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Tr | National Storage Affiliates Trust                    | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |       727 | NS      | $23256.73     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc              | Newmark Group, Inc.                                  | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1726 | NS      | $20970.90     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc | Omega Healthcare Investors, Inc.                     | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      1092 | NS      | $40021.80     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc      | Opendoor Technologies, Inc.                          | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |     12515 | NS      | $6670.50      | 0.18%             |  |  |  | No            |                  1 | On Loan: —       |
| Outfront Media Inc             | Outfront Media, Inc.                                 | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |      1168 | NS      | $19061.76     | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Park Hotels & Resorts Inc      | Park Hotels & Resorts, Inc.                          | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |      1631 | NS      | $16685.13     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust        | Pebblebrook Hotel Trust                              | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |      1367 | NS      | $13656.33     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc       | Phillips Edison & Company, Inc.                      | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |       767 | NS      | $26868.01     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp            | PotlatchDeltic Corp.                                 | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |       540 | NS      | $20719.80     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                   | Prologis, Inc.                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      1148 | NS      | $120677.76    | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                                       | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |       284 | NS      | $83331.28     | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp             | Realty Income Corp.                                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      1531 | NS      | $88200.91     | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Redfin Corp                    | Redfin Corp.                                         | CUSIP: 75737F108<br>LEI: 549300HXWD3JEMZU3O57 | Long             | EC               | CORP              | US        |      1295 | NS      | $14491.05     | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| Regency Centers Corp           | Regency Centers Corp.                                | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |       628 | NS      | $44732.44     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc  | Rexford Industrial Realty, Inc.                      | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |       979 | NS      | $34823.03     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I | Ryman Hospitality Properties, Inc.                   | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |       304 | NS      | $29995.68     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp        | SBA Communications Corp.                             | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |       246 | NS      | $57770.64     | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp           | SL Green Realty Corp.                                | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |       406 | NS      | $25131.40     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc     | Sabra Health Care REIT, Inc.                         | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |      1387 | NS      | $25576.28     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc       | Simon Property Group, Inc.                           | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |       546 | NS      | $87774.96     | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp              | SITE Centers Corp.                                   | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |       798 | NS      | $9025.38      | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc            | STAG Industrial, Inc.                                | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |       883 | NS      | $32035.24     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc            | Sun Communities, Inc.                                | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |       389 | NS      | $49204.61     | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc   | Sunstone Hotel Investors, Inc.                       | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |      1822 | NS      | $15814.96     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                     | Tanger, Inc.                                         | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |       746 | NS      | $22812.68     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp            | Terreno Realty Corp.                                 | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       508 | NS      | $28483.56     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                        | UDR, Inc.                                            | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |      1088 | NS      | $44423.04     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group Inc                | Uniti Group, Inc.                                    | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |      2643 | NS      | $11417.76     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties          | Urban Edge Properties                                | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1006 | NS      | $18771.96     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                     | Ventas, Inc.                                         | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      1031 | NS      | $65107.65     | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties, Inc.                                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      2211 | NS      | $72078.60     | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust           | Vornado Realty Trust                                 | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       804 | NS      | $30744.96     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                   | WP Carey, Inc.                                       | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |       717 | NS      | $44726.46     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower, Inc.                                      | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |       803 | NS      | $123445.19    | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                | Weyerhaeuser Co.                                     | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |      2000 | NS      | $51380.00     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc               | Zillow Group, Inc.                                   | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |       671 | NS      | $47003.55     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC        | Cushman & Wakefield plc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1774 | NS      | $19638.18     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |      5986 | PA      | $5985.87      | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |      6199 | PA      | $6198.96      | 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        |     14366 | PA      | $14366.07     | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Rydex Variable Trust

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO