# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209171
**Filing Date:** 2025-8
**Character Count:** 49334
**Document Hash:** db9e85dca88180aefdecb766d6b6860c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209171.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209171

**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:** 251264137

**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

### Technology Fund (Series ID: S000003722)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010391 | 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:** Technology Fund

- **b. EDGAR series identifier (if any):** S000003722

- **c. LEI of Series:** 549300780HPWSSEW7M67

**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:** $30073338.85

**Total Liabilities:** $334145.01

**Net Assets:** $29739193.84

**Cash Not Reported:** $0.22

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010391 | 2.08%                | 10.28%               | 9.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $187290.85               | $271746.27                                 |
| Month 2  | $-16898.52               | $2039689.81                                |
| Month 3  | $34556.18                | $2340578.57                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Adobe Inc                      | Adobe, Inc.                                          | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       853 | NS      | $330008.64    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices, Inc.                         | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      3104 | NS      | $440457.60    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc        | Akamai Technologies, Inc.                            | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |      1130 | NS      | $90128.80     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet, Inc.                                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      7055 | NS      | $1243302.65   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                  | Amphenol Corp.                                       | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      3005 | NS      | $296743.75    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices, Inc.                                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1233 | NS      | $293478.66    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                      | ANSYS, Inc.                                          | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |       426 | NS      | $149619.72    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple, Inc.                                          | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      7268 | NS      | $1491175.56   | 5.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials, Inc.                              | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1802 | NS      | $329892.14    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                  | AppLovin Corp.                                       | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       727 | NS      | $254508.16    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc            | Arista Networks, Inc.                                | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      2658 | NS      | $271939.98    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings plc                                     | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      1379 | NS      | $223039.46    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                | Astera Labs, Inc.                                    | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1001 | NS      | $90510.42     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp                 | Atlassian Corp.                                      | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |      1002 | NS      | $203496.18    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                   | Autodesk, Inc.                                       | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |       713 | NS      | $220723.41    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc       | Axcelis Technologies, Inc.                           | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |       575 | NS      | $40071.75     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu, Inc.                                          | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |      1908 | NS      | $163630.08    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom, Inc.                                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3592 | NS      | $990134.80    | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                    | CDW Corp.                                            | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |       733 | NS      | $130906.47    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc     | Cadence Design Systems, Inc.                         | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |       793 | NS      | $244362.95    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc               | Cirrus Logic, Inc.                                   | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |       543 | NS      | $56610.47     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                                  | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      6253 | NS      | $433833.14    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                 | Cleanspark, Inc.                                     | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |      4459 | NS      | $49182.77     | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Cloudflare Inc                 | Cloudflare, Inc.                                     | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      1138 | NS      | $222854.54    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp.                 | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |      2092 | NS      | $163238.76    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp.                                       | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      1158 | NS      | $103305.18    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                  | Confluent, Inc.                                      | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |      2922 | NS      | $72845.46     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc            | Core Scientific, Inc.                                | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |      3923 | NS      | $66965.61     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning, Inc.                                        | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      3322 | NS      | $174703.98    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings, Inc.                           | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       589 | NS      | $299983.59    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog, Inc.                                        | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      1356 | NS      | $182151.48    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Dell Technologies Inc          | Dell Technologies, Inc.                              | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      1943 | NS      | $238211.80    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| DocuSign Inc                   | DocuSign, Inc.                                       | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |      1359 | NS      | $105852.51    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                    | Dropbox, Inc.                                        | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |      2598 | NS      | $74302.80     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                  | Dynatrace, Inc.                                      | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |      1980 | NS      | $109315.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts, Inc.                                | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      1097 | NS      | $175190.90    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc             | Enphase Energy, Inc.                                 | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      1445 | NS      | $57294.25     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Entegris Inc                   | Entegris, Inc.                                       | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      1161 | NS      | $93634.65     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms, Inc.                                 | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1620 | NS      | $1195705.80   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5, Inc.                                             | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |       373 | NS      | $109781.36    | 0.37%             |  |  |  | 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        |    211414 | NS      | $211414.50    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar, Inc.                                    | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       664 | NS      | $109918.56    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                   | Fortinet, Inc.                                       | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      2103 | NS      | $222329.16    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Gitlab Inc                     | Gitlab, Inc.                                         | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |      1526 | NS      | $68837.86     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                    | GoDaddy, Inc.                                        | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       753 | NS      | $135585.18    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software, Inc.                             | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |       489 | NS      | $115135.05    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| HP Inc                         | HP, Inc.                                             | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      5210 | NS      | $127436.60    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hewlett Packard Enterprise Co  | Hewlett Packard Enterprise Co.                       | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |      7228 | NS      | $147812.60    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot, Inc.                                        | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       195 | NS      | $108542.85    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                     | Impinj, Inc.                                         | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |       255 | NS      | $28322.85     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                    | Infosys Ltd.                                         | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      8791 | NS      | $162897.23    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp.                                          | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     11621 | NS      | $260310.40    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital, Inc.                                   | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       195 | NS      | $43724.85     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp.                | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      1537 | NS      | $453076.86    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit, Inc.                                         | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       503 | NS      | $396177.89    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                       | IonQ, Inc.                                           | CUSIP: 46222L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1977 | NS      | $84951.69     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil, Inc.                                          | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |       638 | NS      | $139147.80    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp.                                            | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       328 | NS      | $293802.72    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc      | Keysight Technologies, Inc.                          | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |       865 | NS      | $141738.90    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp.                                   | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      3150 | NS      | $306621.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp     | Lattice Semiconductor Corp.                          | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |      1399 | NS      | $68537.01     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc          | Lumentum Holdings, Inc.                              | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |       733 | NS      | $69678.98     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                        | MKS, Inc.                                            | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |       710 | NS      | $70545.60     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc       | Manhattan Associates, Inc.                           | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |       469 | NS      | $92613.43     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc              | MARA Holdings, Inc.                                  | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |      3883 | NS      | $60885.44     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology, Inc.                             | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2945 | NS      | $227943.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                | Match Group, Inc.                                    | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      2409 | NS      | $74414.01     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      3334 | NS      | $1658364.94   | 5.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MicroStrategy Inc              | MicroStrategy, Inc.                                  | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |       715 | NS      | $289024.45    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc       | Microchip Technology, Inc.                           | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      2376 | NS      | $167199.12    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc          | Micron Technology, Inc.                              | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      2632 | NS      | $324394.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                    | MongoDB, Inc.                                        | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |       515 | NS      | $108144.85    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems, Inc.                       | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       132 | NS      | $96542.16     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions, Inc.                             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       535 | NS      | $224946.10    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp, Inc.                                         | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1173 | NS      | $124983.15    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                    | NetEase, Inc.                                        | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |      1201 | NS      | $161630.58    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                | Gen Digital, Inc.                                    | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |      3537 | NS      | $103987.80    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutanix Inc                    | Nutanix, Inc.                                        | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |      1586 | NS      | $121233.84    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp.                                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     10739 | NS      | $1696654.61   | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc                       | Okta, Inc.                                           | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      1111 | NS      | $111066.67    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp          | ON Semiconductor Corp.                               | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      2344 | NS      | $122849.04    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp.                                         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      2281 | NS      | $498695.03    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                        | PTC, Inc.                                            | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       704 | NS      | $121327.36    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies, Inc.                          | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      3163 | NS      | $431180.16    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks, Inc.                             | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      1526 | NS      | $312280.64    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                  | Pinterest, Inc.                                      | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3701 | NS      | $132717.86    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Storage Inc               | Pure Storage, Inc.                                   | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      2009 | NS      | $115678.22    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                      | Qorvo, Inc.                                          | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |       902 | NS      | $76588.82     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM, Inc.                                       | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      2218 | NS      | $353238.68    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                     | Rambus, Inc.                                         | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      1121 | NS      | $71766.42     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                     | Reddit, Inc.                                         | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       988 | NS      | $148763.16    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigetti Computing Inc          | Rigetti Computing, Inc.                              | CUSIP: 76655K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4221 | NS      | $50061.06     | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Riot Platforms Inc             | Riot Platforms, Inc.                                 | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |      4779 | NS      | $54002.70     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBLOX Corp                    | ROBLOX Corp.                                         | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2187 | NS      | $230072.40    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc         | Roper Technologies, Inc.                             | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       364 | NS      | $206329.76    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce, Inc.                                     | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      1577 | NS      | $430032.13    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                    | Samsara, Inc.                                        | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3064 | NS      | $121885.92    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandisk Corp/DE                | Sandisk Corp.                                        | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1517 | NS      | $68795.95     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sea Ltd                        | Sea Ltd.                                             | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      1133 | NS      | $181212.02    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow, Inc.                                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       380 | NS      | $390670.40    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                    | Shopify, Inc.                                        | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | US        |      1759 | NS      | $202900.65    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc         | Skyworks Solutions, Inc.                             | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |      1222 | NS      | $91063.44     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap Inc                       | Snap, Inc.                                           | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |     10521 | NS      | $91427.49     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                  | Snowflake, Inc.                                      | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |       985 | NS      | $220413.45    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| SoundHound AI Inc              | SoundHound AI, Inc.                                  | CUSIP: 836100107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5434 | NS      | $58306.82     | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| STMicroelectronics NV          | STMicroelectronics N.V.                              | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | US        |      5342 | NS      | $162450.22    | 0.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Super Micro Computer Inc       | Super Micro Computer, Inc.                           | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      2873 | NS      | $140805.73    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys, Inc.                                       | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       472 | NS      | $241984.96    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Company Ltd.      | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1077 | NS      | $243929.73    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software  | Take-Two Interactive Software, Inc.                  | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |       730 | NS      | $177280.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                   | Teradyne, Inc.                                       | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      1161 | NS      | $104397.12    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments, Inc.                              | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      1805 | NS      | $374754.10    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                    | Trimble, Inc.                                        | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      1531 | NS      | $116325.38    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                     | Twilio, Inc.                                         | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |       928 | NS      | $115406.08    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc             | Unity Software, Inc.                                 | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |      2957 | NS      | $71559.40     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp         | Universal Display Corp.                              | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       347 | NS      | $53597.62     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems, Inc.                                | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |      1244 | NS      | $63133.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                   | VeriSign, Inc.                                       | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |       449 | NS      | $129671.20    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp           | Western Digital Corp.                                | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      2106 | NS      | $134762.94    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday, Inc.                                        | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |       868 | NS      | $208320.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp        | Zebra Technologies Corp.                             | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |       337 | NS      | $103917.32    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ZoomInfo Technologies Inc      | ZoomInfo Technologies, Inc.                          | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |      4524 | NS      | $45782.88     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler Inc                    | Zscaler, Inc.                                        | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |       477 | NS      | $149749.38    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc        | Zoom Communications, Inc.                            | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      1603 | NS      | $125001.94    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture plc                                        | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | US        |       592 | NS      | $176942.88    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding | Credo Technology Group Holding Ltd.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1150 | NS      | $106478.50    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBALFOUNDRIES Inc            | GLOBALFOUNDRIES, Inc.                                | CUSIP: N/A<br>LEI: 549300BA76VK784VMX48       | Long             | EC               | CORP              | US        |      1397 | NS      | $53365.40     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Seagate Technology Holdings PL | Seagate Technology Holdings plc                      | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | US        |      1101 | NS      | $158907.33    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity plc                                  | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | US        |       979 | NS      | $165127.93    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog | Check Point Software Technologies Ltd.               | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | US        |       761 | NS      | $168371.25    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd          | CyberArk Software Ltd.                               | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | US        |       308 | NS      | $125319.04    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                 | Monday.com Ltd.                                      | CUSIP: N/A<br>LEI: 984500MDAFVD86E3B328       | Long             | EC               | CORP              | US        |       314 | NS      | $98746.72     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding N.V.                                    | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | US        |       275 | NS      | $220382.25    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductor N.V.                               | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | US        |      1071 | NS      | $234002.79    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     46354 | PA      | $46353.54     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     48004 | PA      | $48003.68     | 0.16%             |  |  |  | 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        |    111249 | PA      | $111248.51    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Flex Ltd                       | Flex Ltd.                                            | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | US        |      2455 | NS      | $122553.60    | 0.41%             |  |  |  | No            |                  1 | 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