# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209251
**Filing Date:** 2025-8
**Character Count:** 30759
**Document Hash:** 2a995d8d2bf85ab935052012b161338a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209251.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209251

**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:** 251264216

**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

### Banking Fund (Series ID: S000003758)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010427 | 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:** Banking Fund

- **b. EDGAR series identifier (if any):** S000003758

- **c. LEI of Series:** 5493004010362Z33XQ07

**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:** $6471809.65

**Total Liabilities:** $16100.29

**Net Assets:** $6455709.36

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010427 | -2.35%               | 6.17%                | 6.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-22096.82               | $-20456.48                                 |
| Month 2  | $-8998.78                | $334041.88                                 |
| Month 3  | $-1857.63                | $373057.01                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Associated Banc-Corp           | Associated Banc-Corp.                                | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |      1915 | NS      | $46706.85     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc             | Axos Financial, Inc.                                 | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |       630 | NS      | $47905.20     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp             | BOK Financial Corp.                                  | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |       227 | NS      | $22162.01     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA              | Banco Bradesco S.A.                                  | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |     15073 | NS      | $46575.57     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | Bancorp, Inc.                                        | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |       683 | NS      | $38910.51     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc         | Banc of California, Inc.                             | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |      2192 | NS      | $30797.60     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      5482 | NS      | $259408.24    | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal               | Bank of Montreal                                     | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | US        |       434 | NS      | $48013.42     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T | Bank of New York Mellon Corp.                        | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      2049 | NS      | $186684.39    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The        | Bank of Nova Scotia                                  | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | US        |      1262 | NS      | $69750.74     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                       | Bank OZK                                             | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |      1118 | NS      | $52613.08     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                    | Banner Corp.                                         | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       368 | NS      | $23607.20     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays plc                                         | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |      3805 | NS      | $70734.95     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp             | CVB Financial Corp.                                  | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1905 | NS      | $37699.95     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                   | Cadence Bank                                         | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |      1748 | NS      | $55901.04     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CIBC                           | Canadian Imperial Bank of Commerce                   | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | US        |       805 | NS      | $57018.15     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      1230 | NS      | $261694.80    | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp         | Cathay General Bancorp                               | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |       892 | NS      | $40612.76     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                                      | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      3136 | NS      | $266936.32    | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group, Inc.                       | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      2297 | NS      | $102790.75    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc    | Columbia Banking System, Inc.                        | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2190 | NS      | $51202.20     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                   | Comerica, Inc.                                       | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |      1104 | NS      | $65853.60     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO     | Commerce Bancshares, Inc.                            | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1052 | NS      | $65402.84     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc       | Cullen/Frost Bankers, Inc.                           | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |       503 | NS      | $64655.62     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc          | East West Bancorp, Inc.                              | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       879 | NS      | $88761.42     | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc         | Eastern Bankshares, Inc.                             | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |      2611 | NS      | $39869.97     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                    | FNB Corp.                                            | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |      3674 | NS      | $53566.92     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp            | Fifth Third Bancorp                                  | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      3005 | NS      | $123595.65    | 1.91%             |  |  |  | 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        |     35482 | NS      | $35482.50     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/ | First Citizens BancShares, Inc.                      | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |        27 | NS      | $52824.69     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp        | First Financial Bancorp                              | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |      1422 | NS      | $34497.72     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc | First Financial Bankshares, Inc.                     | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |      1325 | NS      | $47673.50     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp             | First Horizon Corp.                                  | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |      3667 | NS      | $77740.40     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc             | First Hawaiian, Inc.                                 | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |      1656 | NS      | $41333.76     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem In | First Interstate BancSystem, Inc.                    | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |      1334 | NS      | $38445.88     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corp          | Fulton Financial Corp.                               | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |      2338 | NS      | $42177.52     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia SA    | Grupo Financiero Galicia S.A.                        | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |       925 | NS      | $46610.75     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd.                                       | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      1132 | NS      | $86790.44     | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC              | HSBC Holdings plc                                    | CUSIP: 404280406<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |       862 | NS      | $52400.98     | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Hancock Whitney Corp           | Hancock Whitney Corp.                                | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |       895 | NS      | $51373.00     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH   | Huntington Bancshares, Inc.                          | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      6909 | NS      | $115794.84    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd.                                      | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      2787 | NS      | $93754.68     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp          | Independent Bank Corp.                               | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |       584 | NS      | $36724.84     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp  | International Bancshares Corp.                       | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |       608 | NS      | $40468.48     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding S.A.                           | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |      9663 | NS      | $65611.77     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       913 | NS      | $264687.83    | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                        | KeyCorp                                              | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      5999 | NS      | $104502.58    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp.                                       | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |       678 | NS      | $131525.22    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial Inc         | Flagstar Financial, Inc.                             | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |      4013 | NS      | $42537.80     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp            | Northern Trust Corp.                                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |       945 | NS      | $119816.55    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp                                 | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |      2864 | NS      | $61117.76     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group, Inc.                   | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      1082 | NS      | $201706.44    | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc    | Pacific Premier Bancorp, Inc.                        | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |      1542 | NS      | $32520.78     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In | Pinnacle Financial Partners, Inc.                    | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |       553 | NS      | $61056.73     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                    | Popular, Inc.                                        | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | US        |       689 | NS      | $75934.69     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc      | Prosperity Bancshares, Inc.                          | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       833 | NS      | $58509.92     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp         | Regions Financial Corp.                              | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      4652 | NS      | $109415.04    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada           | Royal Bank of Canada                                 | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | US        |       558 | NS      | $73404.90     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori | Seacoast Banking Corporation of Florida              | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |      1318 | NS      | $36403.16     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp    | Simmons First National Corp.                         | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |      1863 | NS      | $35322.48     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp                | SouthState Corp.                                     | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |       779 | NS      | $71691.37     | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp.                                   | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      1206 | NS      | $128246.04    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp         | Synovus Financial Corp.                              | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |      1206 | NS      | $62410.50     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc   | Texas Capital Bancshares, Inc.                       | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |       561 | NS      | $44543.40     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank/The      | Toronto-Dominion Bank                                | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | US        |      1079 | NS      | $79252.55     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp.                               | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      4170 | NS      | $179268.30    | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp.                                  | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |       595 | NS      | $62570.20     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | U.S. Bancorp                                         | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      4299 | NS      | $194529.75    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc/WV       | United Bankshares, Inc.                              | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |      1425 | NS      | $51912.75     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp        | Valley National Bancorp                              | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |      5346 | NS      | $47739.78     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp            | WSFS Financial Corp.                                 | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |       748 | NS      | $41140.00     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                       | WaFd, Inc.                                           | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1205 | NS      | $35282.40     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp.                              | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |      1293 | NS      | $70597.80     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      3318 | NS      | $265838.16    | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp       | Western Alliance Bancorporation                      | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |       873 | NS      | $68076.54     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp        | Wintrust Financial Corp.                             | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |       442 | NS      | $54799.16     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA               | Zions Bancorp North America                          | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      1259 | NS      | $65392.46     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands | NU Holdings Limited/Cayman Islands                   | CUSIP: N/A<br>LEI: 5493002DG1RHWK9W2X27       | Long             | EC               | CORP              | US        |     14063 | NS      | $192944.36    | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                         | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | US        |      1579 | NS      | $53401.78     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |      8163 | PA      | $8163.27      | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |      8454 | PA      | $8453.87      | 0.13%             |  |  |  | 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        |     19592 | PA      | $19591.84     | 0.30%             |  |  |  | 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