# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209178
**Filing Date:** 2025-8
**Character Count:** 36429
**Document Hash:** fffea944ae7b8bd07d81e1a028fc52f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209178.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209178

**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:** 251264140

**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 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:** Basic Materials Fund

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

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

**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:** $5546831.42

**Total Liabilities:** $19171.61

**Net Assets:** $5527659.81

**Cash Not Reported:** $124.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010428 | -0.78%               | 2.66%                | 3.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $42482.23                | $-93068.11                                 |
| Month 2  | $46073.79                | $93168.47                                  |
| Month 3  | $210666.86               | $-18463.24                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd.                              | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | US        |       605 | NS      | $71952.65     | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals, Inc.                     | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |       466 | NS      | $131439.96    | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                | Alamos Gold, Inc.                                    | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | US        |      2090 | NS      | $55510.40     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                 | Albemarle Corp.                                      | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EC               | CORP              | US        |       704 | NS      | $44119.68     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                     | Alcoa Corp.                                          | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |      1598 | NS      | $47156.98     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ATI Inc                        | ATI, Inc.                                            | CUSIP: 01741R102<br>LEI: ZW1LRE7C3H17O2ZN9B45 | Long             | EC               | CORP              | US        |       693 | NS      | $59833.62     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources  | Alpha Metallurgical Resources, Inc.                  | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       123 | NS      | $13835.04     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup, Inc.                                     | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |       345 | NS      | $53968.35     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA               | ArcelorMittal S.A.                                   | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | US        |      1802 | NS      | $56907.16     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                    | Ashland, Inc.                                        | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |       503 | NS      | $25290.84     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc             | Aspen Aerogels, Inc.                                 | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1897 | NS      | $11230.24     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp.                                 | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |       352 | NS      | $61765.44     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                    | Avient Corp.                                         | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |       852 | NS      | $27528.12     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp.                                        | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |       153 | NS      | $24357.60     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                      | Ball Corp.                                           | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |      1191 | NS      | $66803.19     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp            | Barrick Mining Corp.                                 | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | US        |      3752 | NS      | $78116.64     | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                  | BHP Group Ltd.                                       | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      1231 | NS      | $59198.79     | 1.07%             |  |  |  | No            |                  1 | On Loan: —       |
| B2Gold Corp                    | B2Gold Corp.                                         | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | US        |     15143 | NS      | $54666.23     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| CF Industries Holdings Inc     | CF Industries Holdings, Inc.                         | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |       707 | NS      | $65044.00     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                     | Cabot Corp.                                          | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |       449 | NS      | $33675.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp      | Carpenter Technology Corp.                           | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |       236 | NS      | $65225.68     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp.                                       | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |       742 | NS      | $41054.86     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                | Cemex SAB de CV                                      | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |      7991 | NS      | $55377.63     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Co            | Century Aluminum Co.                                 | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |       878 | NS      | $15821.56     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                | Chemours Co.                                         | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |      1934 | NS      | $22144.30     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland-Cliffs Inc           | Cleveland-Cliffs, Inc.                               | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |      4413 | NS      | $33538.80     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining, Inc.                                   | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |      4205 | NS      | $37256.30     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co.                                | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |       806 | NS      | $39421.46     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc     | Core Natural Resources, Inc.                         | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |       445 | NS      | $31034.30     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | Corteva, Inc.                                        | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      1637 | NS      | $122005.61    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc             | Crown Holdings, Inc.                                 | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |       569 | NS      | $58595.62     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow, Inc.                                            | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      2600 | NS      | $68848.00     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DuPont de Nemours Inc          | DuPont de Nemours, Inc.                              | CUSIP: 26614N102<br>LEI: 5493004JF0SDFLM8GD76 | Long             | EC               | CORP              | US        |      1247 | NS      | $85531.73     | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials, Inc.                                | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       213 | NS      | $43049.43     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co.                                 | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |       643 | NS      | $48006.38     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab, Inc.                                         | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |       516 | NS      | $139031.04    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp             | Eldorado Gold Corp.                                  | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |      2486 | NS      | $50565.24     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc          | Element Solutions, Inc.                              | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |      1738 | NS      | $39365.70     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp              | Equinox Gold Corp.                                   | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | US        |      8239 | NS      | $47374.25     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                       | FMC Corp.                                            | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |       901 | NS      | $37616.75     | 0.68%             |  |  |  | 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        |     56879 | NS      | $56878.75     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Majestic Silver Corp     | First Majestic Silver Corp.                          | CUSIP: 32076V103<br>LEI: 529900PWCU5DUH1DYR51 | Long             | EC               | CORP              | US        |      6564 | NS      | $54284.28     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp.                                  | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | US        |       356 | NS      | $58355.52     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Freeport-McMoRan Inc           | Freeport-McMoRan, Inc.                               | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      3123 | NS      | $135382.05    | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                | Gold Fields Ltd.                                     | CUSIP: 38059T106<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      2210 | NS      | $52310.70     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co   | Graphic Packaging Holding Co.                        | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1992 | NS      | $41971.44     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Gold Mining Co Ltd     | Harmony Gold Mining Company Ltd.                     | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               | CORP              | ZA        |      3685 | NS      | $51479.45     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                    | Hawkins, Inc.                                        | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |       123 | NS      | $17478.30     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                | Hecla Mining Co.                                     | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |      5270 | NS      | $31567.30     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals Inc            | Hudbay Minerals, Inc.                                | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | US        |      5519 | NS      | $58556.59     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                  | Huntsman Corp.                                       | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      2009 | NS      | $20933.78     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                   | IAMGOLD Corp.                                        | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | US        |      7295 | NS      | $53618.25     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                   | Innospec, Inc.                                       | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |       277 | NS      | $23292.93     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances, Inc.             | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Long             | EC               | CORP              | US        |       965 | NS      | $70975.75     | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| International Paper Co         | International Paper Co.                              | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |      1789 | NS      | $83778.87     | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaiser Aluminum Corp           | Kaiser Aluminum Corp.                                | CUSIP: 483007704<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        94 | NS      | $7510.60      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp.                                   | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | US        |      4262 | NS      | $66615.06     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp.                                    | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       431 | NS      | $35186.84     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp.                              | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |       443 | NS      | $38093.57     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MP Materials Corp              | MP Materials Corp.                                   | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      1171 | NS      | $38959.17     | 0.70%             |  |  |  | No            |                  1 | On Loan: —       |
| Martin Marietta Materials Inc  | Martin Marietta Materials, Inc.                      | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |       175 | NS      | $96068.00     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co.                                           | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      1606 | NS      | $58586.88     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp.                                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      2349 | NS      | $136852.74    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Nucor Corp                     | Nucor Corp.                                          | CUSIP: 670346105<br>LEI: 549300GGJCRSI2TIEJ46 | Long             | EC               | CORP              | US        |       740 | NS      | $95859.60     | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                    | Nutrien Ltd.                                         | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | US        |      1023 | NS      | $59579.52     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass Inc                  | O-I Glass, Inc.                                      | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1792 | NS      | $26414.08     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp.                                           | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |      1254 | NS      | $25192.86     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc             | PPG Industries, Inc.                                 | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |       760 | NS      | $86450.00     | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corporation of America                     | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |       362 | NS      | $68218.90     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp       | Pan American Silver Corp.                            | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | US        |      2001 | NS      | $56828.40     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PureCycle Technologies Inc     | PureCycle Technologies, Inc.                         | CUSIP: 74623V103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1935 | NS      | $26509.50     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc          | RPM International, Inc.                              | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |       560 | NS      | $61510.40     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance, Inc.                                       | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       195 | NS      | $61210.50     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto plc                                        | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      1077 | NS      | $62821.41     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                 | Royal Gold, Inc.                                     | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |       319 | NS      | $56730.96     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                 | SSR Mining, Inc.                                     | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |      2108 | NS      | $26855.92     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Scotts Miracle-Gro Co/The      | Scotts Miracle-Gro Co.                               | CUSIP: 810186106<br>LEI: 2TH9E0JTOUXOEGI2R879 | Long             | EC               | CORP              | US        |       436 | NS      | $28758.56     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                | Sealed Air Corp.                                     | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |      1137 | NS      | $35281.11     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co.                                 | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |       431 | NS      | $147988.16    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc            | Silgan Holdings, Inc.                                | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |       675 | NS      | $36571.50     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co             | Sonoco Products Co.                                  | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |       781 | NS      | $34020.36     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp           | Southern Copper Corp.                                | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       511 | NS      | $51702.83     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics, Inc.                                 | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |       544 | NS      | $69637.44     | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd             | Teck Resources Ltd.                                  | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | US        |      1658 | NS      | $66950.04     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                        | Vale S.A.                                            | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |      7531 | NS      | $73126.01     | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | Vulcan Materials Co.                                 | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       373 | NS      | $97285.86     | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc           | Warrior Met Coal, Inc.                               | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |       563 | NS      | $25802.29     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                  | Westlake Corp.                                       | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |       356 | NS      | $27031.08     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp.                        | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | US        |       703 | NS      | $63129.40     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH plc                        | CRH plc                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1424 | NS      | $130723.20    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Amcor PLC                      | Amcor plc                                            | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | US        |      7896 | NS      | $72564.24     | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc          | Anglogold Ashanti plc                                | CUSIP: N/A<br>LEI: 2138005YDSA7A82RNU96       | Long             | EC               | CORP              | US        |      1196 | NS      | $54501.72     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd     | Axalta Coating Systems Ltd.                          | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Long             | EC               | CORP              | US        |      1429 | NS      | $42427.01     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde plc                                            | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |       532 | NS      | $249603.76    | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock plc                                 | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Long             | EC               | CORP              | US        |      1535 | NS      | $66235.25     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV   | LyondellBasell Industries N.V.                       | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |      1108 | NS      | $64108.88     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |      8010 | PA      | $8009.51      | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |      8295 | PA      | $8294.64      | 0.15%             |  |  |  | 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        |     19223 | PA      | $19222.82     | 0.35%             |  |  |  | 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