# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209220
**Filing Date:** 2025-8
**Character Count:** 38070
**Document Hash:** 64ca2ad526952754b550f8126147c5f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209220.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209220

**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:** 251264187

**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 500 Pure Value Fund (Series ID: S000003738)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010407 | 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 500 Pure Value Fund

- **b. EDGAR series identifier (if any):** S000003738

- **c. LEI of Series:** 549300X1VNR3C7SILD97

**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:** $16941509.18

**Total Liabilities:** $61010.01

**Net Assets:** $16880499.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010407 | -4.25%               | 2.42%                | 3.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-770502.49              | $-326744.96                                |
| Month 2  | $158509.43               | $288595.07                                 |
| Month 3  | $5302.34                 | $614465.92                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AES Corp/The                   | AES Corp.                             | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      8763 | NS      | $92186.76     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T Inc                       | AT&T, Inc.                            | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      4522 | NS      | $130866.68    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities, Inc. | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      1098 | NS      | $79747.74     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp.                        | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       487 | NS      | $98037.97     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I | American International Group, Inc.    | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      2613 | NS      | $223646.67    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora, Inc.                         | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       882 | NS      | $264467.70    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                 | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       488 | NS      | $189812.48    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp.                             | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      6938 | NS      | $126896.02    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co      | Archer-Daniels-Midland Co.            | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      7339 | NS      | $387352.42    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                   | Assurant, Inc.                        | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |       453 | NS      | $89462.97     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                 | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      1873 | NS      | $88630.36     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc       | Baxter International, Inc.            | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |      2475 | NS      | $74943.00     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                | Best Buy Company, Inc.                | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      1802 | NS      | $120968.26    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen, Inc.                          | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       605 | NS      | $75981.95     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group                           | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       790 | NS      | $261158.20    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      8141 | NS      | $561566.18    | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy, Inc.                  | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |      2848 | NS      | $72282.24     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment, Inc.           | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |      3373 | NS      | $95759.47     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.           | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |       575 | NS      | $122337.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health, Inc.                 | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |      1767 | NS      | $296856.00    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CarMax Inc                     | CarMax, Inc.                          | CUSIP: 143130102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2395 | NS      | $160967.95    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp.                         | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      7071 | NS      | $383813.88    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       520 | NS      | $74458.80     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                       | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      3460 | NS      | $294515.20    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group, Inc.        | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      3478 | NS      | $155640.50    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                         | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      2276 | NS      | $81230.44     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Conagra Brands Inc             | Conagra Brands, Inc.                  | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |      4680 | NS      | $95799.60     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc        | Consolidated Edison, Inc.             | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       848 | NS      | $85096.80     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton, Inc.                       | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |       470 | NS      | $60592.40     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp.                    | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |      2596 | NS      | $82578.76     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy, Inc.              | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       540 | NS      | $74196.00     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp.                  | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      2927 | NS      | $334790.26    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar Tree Inc                | Dollar Tree, Inc.                     | CUSIP: 256746108<br>LEI: 549300PMSTQITB1WHR43 | Long             | EC               | CORP              | US        |      2480 | NS      | $245619.20    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow, Inc.                             | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      3922 | NS      | $103854.56    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours, Inc.               | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |       914 | NS      | $62691.26     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | Equities Corp.                        | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      1635 | NS      | $95353.20     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co.                  | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |       818 | NS      | $61071.88     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                     | Evergy, Inc.                          | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |      1364 | NS      | $94020.52     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy              | Eversource Energy                     | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | EC               | CORP              | US        |      1195 | NS      | $76025.90     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp.                          | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      2831 | NS      | $122922.02    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp.                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       757 | NS      | $81604.60     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp.                           | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |       348 | NS      | $79103.88     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                  | Ford Motor Co.                        | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     40897 | NS      | $443732.45    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp.                             | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |      1158 | NS      | $64894.32     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp.                             | CUSIP: 35137L204<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |       690 | NS      | $35624.70     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc         | Franklin Resources, Inc.              | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |      8715 | NS      | $207852.75    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co.                    | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      8375 | NS      | $412133.75    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co.                     | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |       752 | NS      | $91225.12     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments, Inc.                 | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |       794 | NS      | $63551.76     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co  | Hewlett Packard Enterprise Co.        | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      8248 | NS      | $168671.60    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana, Inc.                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      1105 | NS      | $270150.40    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH   | Huntington Bancshares, Inc.           | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      4393 | NS      | $73626.68     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Ingalls Industries  | Huntington Ingalls Industries, Inc.   | CUSIP: 446413106<br>LEI: 5TZLZ6WJTBVJ0QWBG121 | Long             | EC               | CORP              | US        |       906 | NS      | $218762.76    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp.                           | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      5577 | NS      | $124924.80    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co         | International Paper Co.               | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |      1389 | NS      | $65046.87     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil, Inc.                           | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |       792 | NS      | $172735.20    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                        | KeyCorp                               | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      4066 | NS      | $70829.72     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The             | Kraft Heinz Co.                       | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |      7404 | NS      | $191171.28    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co.                            | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |      4378 | NS      | $314033.94    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp.                             | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      4511 | NS      | $166952.11    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp.                          | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |       677 | NS      | $74882.97     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Loews Corp                     | Loews Corp.                           | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |      2269 | NS      | $207976.54    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp.                        | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |       400 | NS      | $77596.00     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM Resorts International      | MGM Resorts International             | CUSIP: 552953101<br>LEI: 54930066VBP7DZEGGJ87 | Long             | EC               | CORP              | US        |      2946 | NS      | $101312.94    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp.              | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      1624 | NS      | $269762.64    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp.                        | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       355 | NS      | $260136.90    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                    | MetLife, Inc.                         | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      1529 | NS      | $122962.18    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc          | Mohawk Industries, Inc.               | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      1665 | NS      | $174558.60    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc          | Molina Healthcare, Inc.               | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       612 | NS      | $182314.80    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co.             | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      3539 | NS      | $170190.51    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co.                            | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     12383 | NS      | $451731.84    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp.                           | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       787 | NS      | $101947.98    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Occidental Petroleum Corp      | Occidental Petroleum Corp.            | CUSIP: 674599105<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | EC               | CORP              | US        |      1762 | NS      | $74021.62     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                      | PG&E Corp.                            | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |      4057 | NS      | $56554.58     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                    | Phillips 66                           | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      2183 | NS      | $260431.90    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp     | Pinnacle West Capital Corp.           | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |       924 | NS      | $82670.28     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Principal Financial Group Inc  | Principal Financial Group, Inc.       | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |       953 | NS      | $75696.79     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc       | Prudential Financial, Inc.            | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      1717 | NS      | $184474.48    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp         | Regions Financial Corp.               | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      2983 | NS      | $70160.16     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc               | Henry Schein, Inc.                    | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |      1317 | NS      | $96206.85     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| J M Smucker Co/The             | J M Smucker Co.                       | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |       879 | NS      | $86317.80     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co          | Southwest Airlines Co.                | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |      4336 | NS      | $140659.84    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker, Inc.          | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |      1650 | NS      | $111787.50    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp.                    | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      1165 | NS      | $123886.10    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics, Inc.                  | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       539 | NS      | $68997.39     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp.                           | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |      1517 | NS      | $114897.58    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp.                          | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       981 | NS      | $96775.65     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                    | Textron, Inc.                         | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |       980 | NS      | $78684.20     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Companies, Inc.             | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       321 | NS      | $85880.34     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp.                | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      1927 | NS      | $82841.73     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods, Inc.                     | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      4896 | NS      | $273882.24    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services, Inc.       | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |       645 | NS      | $116841.75    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp             | Valero Energy Corp.                   | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      2362 | NS      | $317500.04    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications, Inc.          | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      1982 | NS      | $85761.14     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Global               | Paramount Global                      | CUSIP: 92556H206<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | EC               | CORP              | US        |     27009 | NS      | $348416.10    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                    | Viatris, Inc.                         | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     19111 | NS      | $170661.23    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties, Inc.                 | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      2597 | NS      | $84662.20     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc   | Walgreens Boots Alliance, Inc.        | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |     23361 | NS      | $268184.28    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros Discovery Inc      | Warner Bros Discovery, Inc.           | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |     21951 | NS      | $251558.46    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd              | Everest Group Ltd.                    | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | US        |       561 | NS      | $190655.85    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                      | Aptiv plc                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      3155 | NS      | $215234.10    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                    | Invesco Ltd.                          | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |     12588 | NS      | $198512.76    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock plc                  | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Long             | EC               | CORP              | US        |      2243 | NS      | $96785.45     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Global SA                | Bunge Global S.A.                     | CUSIP: N/A<br>LEI: 254900IVXSV9K0B7PO26       | Long             | EC               | CORP              | US        |      4535 | NS      | $364069.80    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd.                            | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | US        |       270 | NS      | $78224.40     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries N.V.        | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |      2178 | NS      | $126019.08    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                 | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     11106 | PA      | $11106.47     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     11502 | PA      | $11501.85     | 0.07%             |  |  |  | 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        |     26656 | PA      | $26655.54     | 0.16%             |  |  |  | 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