# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0000940400-26-023136
**Filing Date:** 2026-6
**Character Count:** 41031
**Document Hash:** 87e57816918e1c8b46eb0f19fc41dc82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-023136.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000940400-26-023136

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**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:** 261049135

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

## Series and Classes Contracts Data

### Basic Materials (Series ID: S000003759)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010428 | Variable Annuity |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Rydex Variable Trust

- **b. Investment Company Act file number:** 811-08821

- **c. CIK number of Registrant:** 0001064046

- **d. LEI of Registrant:** 549300LJH0YR8RY3N305

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 702 KING FARM BOULEVARD

  - **City:** ROCKVILLE

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 301-296-5100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Basic Materials

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

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

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $10005706.46

**Total Liabilities:** $32568.13

**Net Assets:** $9973138.33

**Cash Not Reported:** $1.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010428 | 10.06%               | 12.53%               | -11.48%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1034.02                 | $722242.54                                 |
| Month 2  | $-56894.65               | $1423299.74                                |
| Month 3  | $-133522.93              | $-1386426.35                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Eastman Chemical Company                           | Eastman Chemical Company COM                                 | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      1050 | NS      | $80136.00     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                            | CRH PLC ORD EUR 0.32                                         | CUSIP: 000000000<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |      1305 | NS      | $137181.60    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ASP Isotopes Inc.                                  | ASP Isotopes Inc. COM                                        | CUSIP: 00218A105<br>LEI: 6488WHV94BZ496OZ3219 | Long             | EC               | CORP              | US        |      3655 | NS      | $16155.10     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| The Scotts Miracle-Gro Company                     | The Scotts Miracle-Gro Company CL A                          | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |       747 | NS      | $45425.07     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings, Inc.                       | CF Industries Holdings, Inc. COM                             | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |       843 | NS      | $109455.12    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp                                 | Eldorado Gold Corp COM                                       | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |      2351 | NS      | $80709.83     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc.                             | RPM International Inc. COM                                   | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |       963 | NS      | $95722.20     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                                          | Amcor PLC COM NEW                                            | CUSIP: 000000000<br>LEI: 549300GSODGFCDQ3DI89 | Long             | EC               | CORP              | JE        |      2654 | NS      | $105496.50    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corporation                                   | Olin Corporation COM PAR $1                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |      1689 | NS      | $50213.97     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products & Chemicals, Inc.                     | Air Products & Chemicals, Inc. COM                           | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |       723 | NS      | $210024.27    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Company                           | Vulcan Materials Company COM                                 | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       598 | NS      | $162835.40    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PURECYCLE TECHNOLOGIES INC                         | PureCycle Technologies Inc. COM                              | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4499 | NS      | $23349.81     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp.                                          | FMC Corp. COM NEW                                            | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |      2480 | NS      | $42705.60     | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| International Paper Co.                            | International Paper Co. COM                                  | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |      3394 | NS      | $121165.80    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                                      | Rio Tinto PLC SPONSORED ADR                                  | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      1175 | NS      | $109615.75    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                              | Element Solutions Inc COM                                    | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |      2486 | NS      | $84872.04     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corporation                                   | Ball Corporation COM                                         | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |      1755 | NS      | $103738.05    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| OR Royalties Inc.                                  | OR Royalties Inc. COM SHS                                    | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |      2114 | NS      | $80374.28     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corporation                                  | Nucor Corporation COM                                        | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       994 | NS      | $168085.40    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Company                            | Sonoco Products Company COM                                  | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |      1156 | NS      | $62528.04     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                          | Linde PLC COM EUR0.001                                       | CUSIP: 000000000<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       813 | NS      | $403052.88    | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corporation                | Wheaton Precious Metals Corporation COM                      | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |       764 | NS      | $100091.64    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                             | Agnico Eagle Mines Ltd COM                                   | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |       592 | NS      | $120164.16    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                         | J.P. MORGAN SECURITIES LLC TRI PARTY                         | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |     20604 | PA      | $20603.58     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal S.A.                                 | ArcelorMittal S.A. NY REGISTRY SH                            | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |      1699 | NS      | $88314.02     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                                            | Dow Inc COM                                                  | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      3506 | NS      | $146024.90    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc                               | Cleveland-Cliffs Inc COM                                     | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |      6868 | NS      | $58034.60     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp                         | Sensient Technologies Corp COM                               | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |       483 | NS      | $41750.52     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAPHIC PACKAGING HOLDING CO                       | Graphic Packaging Holding Company COM                        | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4718 | NS      | $46896.92     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                        | Corteva Inc COM                                              | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      2438 | NS      | $204084.98    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc.                                        | Ecolab Inc. COM                                              | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       812 | NS      | $216008.24    | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc.                               | Silgan Holdings Inc. COM                                     | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |      1254 | NS      | $48655.20     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp.                                       | B2Gold Corp. COM                                             | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |     19950 | NS      | $90373.50     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| The Chemours Company LLC                           | The Chemours Company LLC COM                                 | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |      2468 | NS      | $54370.04     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc.                                   | Alamos Gold Inc. COM CL A                                    | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |      2024 | NS      | $89926.32     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| The Sherwin-Williams Company                       | The Sherwin-Williams Company COM                             | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |       727 | NS      | $233039.85    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                       | Reliance Inc COM                                             | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       356 | NS      | $108195.52    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| USA RARE EARTH INC                                 | USA Rare Earth Inc. COM                                      | CUSIP: 91733P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2784 | NS      | $42135.84     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corporation                               | Westlake Corporation COM                                     | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |       453 | NS      | $52919.46     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana Pacific Corporation                      | Louisiana Pacific Corporation COM                            | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |       783 | NS      | $56963.25     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC                        | James Hardie Industries PLC COM EUR0.59                      | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |      5321 | NS      | $100779.74    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                              | Anglogold Ashanti PLC COM SHS                                | CUSIP: 000000000<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |       998 | NS      | $97165.28     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Company                               | Hecla Mining Company COM                                     | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |      4764 | NS      | $88753.32     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                        | Nutrien Ltd COM                                              | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      1272 | NS      | $95985.12     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                                       | Innospec Inc COM                                             | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |       507 | NS      | $37021.14     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                                     | Albemarle Corp COM                                           | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       704 | NS      | $126389.12    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corporation                        | Southern Copper Corporation COM                              | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       595 | NS      | $102375.70    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                       | LyondellBasell Industries NV COM EUR0.04 CLASS 'A'           | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | NL        |      1499 | NS      | $120759.44    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco Nevada Corp                                 | Franco Nevada Corp COM                                       | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |       391 | NS      | $96596.55     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc                                   | Coeur Mining Inc COM NEW                                     | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |      8986 | NS      | $168667.22    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corporation                               | Huntsman Corporation COM                                     | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      2896 | NS      | $38545.76     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Dupont De Nemours Inc                              | Dupont De Nemours Inc COM                                    | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      2559 | NS      | $117202.20    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc                               | Warrior Met Coal Inc COM                                     | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |       656 | NS      | $61106.40     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp.                        | First Majestic Silver Corp. COM                              | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | CA        |      4377 | NS      | $94017.96     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Antimony Corp                        | United States Antimony Corp COM                              | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3132 | NS      | $27342.36     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Amrize Ltd.                                        | Amrize Ltd. USD0.01                                          | CUSIP: 000000000<br>LEI: 529900SLCCO6K43P8146 | Long             | EC               | CORP              | CH        |      1900 | NS      | $106438.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                                    | Aptargroup Inc. COM                                          | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |       604 | NS      | $76116.08     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials Inc.                   | Solstice Advanced Materials Inc. COM SHS                     | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |      1262 | NS      | $96113.92     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Company                          | Commercial Metals Company COM                                | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      1172 | NS      | $71995.96     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                                       | IAMGOLD Corp COM                                             | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |      4669 | NS      | $87870.58     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp                                  | Equinox Gold Corp COM                                        | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |      6689 | NS      | $96722.94     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Silver Corp.                             | Endeavour Silver Corp. COM                                   | CUSIP: 29258Y103<br>LEI: 549300IF2E29780PPV02 | Long             | EC               | CORP              | CA        |      8592 | NS      | $79991.52     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                          | Vale S.A. SPONSORED ADS                                      | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |      8521 | NS      | $135569.11    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                                       | Balchem Corp COM                                             | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |       188 | NS      | $31862.24     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                | Newmont Corporation COM                                      | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      2621 | NS      | $283723.25    | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc.                              | Ramaco Resources Inc. COM CL A                               | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |      1535 | NS      | $23731.10     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| International Flavors & Fragrances Inc.            | International Flavors & Fragrances Inc. COM                  | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |      1575 | NS      | $114266.25    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc.                              | Freeport-McMoRan Inc. CL B                                   | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      4245 | NS      | $249521.10    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd                         | Harmony Gold Mining Co Ltd SPONSORED ADR                     | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |      5813 | NS      | $89345.81     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Sibanye-Stillwater Limited                         | Sibanye-Stillwater Limited SPONSORED ADR                     | CUSIP: 82575P107<br>LEI: 378900F238434B74D281 | Long             | EC               | CORP              | ZA        |      6666 | NS      | $82125.12     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock plc                               | Smurfit WestRock plc COM USD0.001                            | CUSIP: 000000000<br>LEI: 635400EGSEOPDW2EXS14 | Long             | EC               | CORP              | IE        |      2659 | NS      | $105961.15    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CRITICAL METALS CORP                               | Critical Metals Corp. PUBCO ORD SHS                          | CUSIP: 000000000<br>LEI: 984500158752F66VAE27 | Long             | EC               | CORP              | VG        |      2305 | NS      | $18301.70     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp                                  | MP Materials Corp COM CL A                                   | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      1397 | NS      | $67419.22     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AXALTA COATING SYSTEMS LTD                         | Axalta Coating Systems Limited COM USD1.00                   | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |      2358 | NS      | $65316.60     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                                 | The Mosaic Company COM                                       | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      2595 | NS      | $66172.50     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp.                                 | Kinross Gold Corp. COM                                       | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |      3582 | NS      | $109322.64    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                     | BHP Group Ltd. SPONSORED ADS                                 | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      1525 | NS      | $110928.50    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED TRI PARTY | CUSIP: 000000000<br>LEI: 8NAV47T0Y26Q87Y0QP81 | Long             | RA               | CORP              | US        |     18724 | PA      | $18724.08     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Trimas Corporation                                 | Trimas Corporation COM NEW                                   | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |       834 | NS      | $29973.96     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                                 | Crown Holdings Inc COM                                       | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |       882 | NS      | $88420.50     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corporation                                  | Alcoa Corporation COM                                        | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      1697 | NS      | $112562.01    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Mining Corp.                               | Fortuna Mining Corp. COM NEW                                 | CUSIP: 349942102<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | CA        |      8175 | NS      | $81177.75     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HudBay Minerals Inc                                | HudBay Minerals Inc COM                                      | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |      4349 | NS      | $90894.10     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp                            | Perpetua Resources Corp COM                                  | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | CA        |      1401 | NS      | $39396.12     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Company                           | Century Aluminum Company COM                                 | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |       920 | NS      | $53994.80     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corporation                               | Celanese Corporation COM                                     | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |      1080 | NS      | $71031.60     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX S.A.B. de C.V.                               | CEMEX S.A.B. de C.V. SPON ADR NEW                            | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |      9076 | NS      | $103829.44    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc.                               | Eagle Materials Inc. COM                                     | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       351 | NS      | $66496.95     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corporation of America                   | Packaging Corporation of America COM                         | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |       553 | NS      | $117357.66    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                                        | Hawkins Inc COM                                              | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |       129 | NS      | $19814.40     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| KNIFE RIVER CORP                                   | Knife River Corp. COMMON STOCK                               | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       727 | NS      | $59359.55     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                                   | Royal Gold, Inc. COM                                         | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       480 | NS      | $122155.20    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Tmc The Metals Company Inc                         | Tmc The Metals Company Inc COM                               | CUSIP: 87261Y106<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     14377 | NS      | $67140.59     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited                             | Teck Resources Limited CL B                                  | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      2038 | NS      | $105466.50    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp.                                   | Sealed Air Corp. COM                                         | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |      1583 | NS      | $66565.15     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics, Inc.                               | Steel Dynamics, Inc. COM                                     | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       763 | NS      | $137340.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                          | Pan American Silver Corp. COM                                | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |      1919 | NS      | $104834.97    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Novagold Resources, Inc.                           | Novagold Resources, Inc. COM NEW                             | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               | CORP              | CA        |      7862 | NS      | $70600.76     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                               | Barrick Mining Corp. COM SHS                                 | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      3439 | NS      | $140276.81    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries, Inc.                               | PPG Industries, Inc. COM                                     | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |      1283 | NS      | $137127.04    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                                    | Gold Fields Ltd SPONSORED ADR                                | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      1913 | NS      | $86850.20     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                                     | SSR Mining Inc COM                                           | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | CA        |      2229 | NS      | $65532.60     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                         | Avery Dennison Corporation COM                               | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       571 | NS      | $98600.28     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials Inc                      | Martin Marietta Materials Inc COM                            | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |       272 | NS      | $160120.96    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-01

**Name of Applicant:** Rydex Variable Trust

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** Chief Financial Officer