# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209258
**Filing Date:** 2025-8
**Character Count:** 49006
**Document Hash:** bcb280b0853a625ec2d41451c331c787
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209258.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209258

**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:** 251264225

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

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

## Series and Classes Contracts Data

### S&P SmallCap 600 Pure Growth Fund (Series ID: S000003741)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010410 | Variable Annuity |  |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 702 King Farm Blvd., Suite 200

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

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

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

- **a. Name of Series:** S&P SmallCap 600 Pure Growth Fund

- **b. EDGAR series identifier (if any):** S000003741

- **c. LEI of Series:** 549300S628MMMITB8137

**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:** $8366344.48

**Total Liabilities:** $22528.58

**Net Assets:** $8343815.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010410 | -1.55%               | 5.61%                | 3.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-54553.31               | $-37244.97                                 |
| Month 2  | $-140113.94              | $437029.46                                 |
| Month 3  | $-26392.99               | $253855.71                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADMA Biologics Inc             | ADMA Biologics, Inc.                                 | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6183 | NS      | $112592.43    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ANI Pharmaceuticals Inc        | ANI Pharmaceuticals, Inc.                            | CUSIP: 00182C103<br>LEI: 5493000T6CXTND40YH31 | Long             | EC               | CORP              | US        |       590 | NS      | $38497.50     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                        | AZZ, Inc.                                            | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |      1202 | NS      | $113564.96    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc              | ACI Worldwide, Inc.                                  | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      1299 | NS      | $59637.09     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education, Inc.                       | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      1076 | NS      | $136899.48    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc              | AeroVironment, Inc.                                  | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |       291 | NS      | $82920.45     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                   | Agilysys, Inc.                                       | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |       428 | NS      | $49065.92     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc         | Apogee Enterprises, Inc.                             | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |       750 | NS      | $30450.00     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Astrana Health Inc             | Astrana Health, Inc.                                 | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |      1765 | NS      | $43913.20     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                   | Archrock, Inc.                                       | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      2167 | NS      | $53806.61     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcus Biosciences Inc          | Arcus Biosciences, Inc.                              | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3190 | NS      | $25966.60     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Armstrong World Industries Inc | Armstrong World Industries, Inc.                     | CUSIP: 04247X102<br>LEI: KXMRXXOJ88Q45Y45MG74 | Long             | EC               | CORP              | US        |       454 | NS      | $73747.76     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc             | Axos Financial, Inc.                                 | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      1389 | NS      | $105619.56    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc               | Badger Meter, Inc.                                   | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |       244 | NS      | $59767.80     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp                 | BancFirst Corp.                                      | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |       211 | NS      | $26083.82     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                | Bancorp, Inc.                                        | CUSIP: 05969A105<br>LEI: 894500FP2ICT1B019Y71 | Long             | EC               | CORP              | US        |      1176 | NS      | $66996.72     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BioLife Solutions Inc          | BioLife Solutions, Inc.                              | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |      1999 | NS      | $43058.46     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings, Inc.                             | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |       475 | NS      | $72200.00     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Box Inc                        | Box, Inc.                                            | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |       908 | NS      | $31026.36     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc   | Acadian Asset Management, Inc.                       | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |      3308 | NS      | $116573.92    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc      | Brinker International, Inc.                          | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |       524 | NS      | $94492.92     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials, Inc.                                | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |       210 | NS      | $60234.30     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus, Inc.                                         | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      1488 | NS      | $65055.36     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc            | Cal-Maine Foods, Inc.                                | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      1111 | NS      | $110688.93    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                   | Cargurus, Inc.                                       | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |      1095 | NS      | $36649.65     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc   | Catalyst Pharmaceuticals, Inc.                       | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |      4229 | NS      | $91769.30     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc           | Cavco Industries, Inc.                               | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       159 | NS      | $69074.37     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Aluminum Co            | Century Aluminum Co.                                 | CUSIP: 156431108<br>LEI: 549300U5ODNGEYWKSW73 | Long             | EC               | CORP              | US        |      3218 | NS      | $57988.36     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The       | Chefs' Warehouse, Inc.                               | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |      2059 | NS      | $131384.79    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Cinemark Holdings Inc          | Cinemark Holdings, Inc.                              | CUSIP: 17243V102<br>LEI: 549300LL2QMPTYIE0K55 | Long             | EC               | CORP              | US        |      4165 | NS      | $125699.70    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                | City Holding Co.                                     | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       209 | NS      | $25585.78     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanspark Inc                 | Cleanspark, Inc.                                     | CUSIP: 18452B209<br>LEI: 254900VO7KBRJQDGY810 | Long             | EC               | CORP              | US        |      5839 | NS      | $64404.17     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc               | Clear Secure, Inc.                                   | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2415 | NS      | $67040.40     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogent Communications Holdings | Cogent Communications Holdings, Inc.                 | CUSIP: 19239V302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       587 | NS      | $28299.27     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc   | Collegium Pharmaceutical, Inc.                       | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |      1998 | NS      | $59080.86     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc       | Corcept Therapeutics, Inc.                           | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |      1961 | NS      | $143937.40    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc     | Core Natural Resources, Inc.                         | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |       668 | NS      | $46586.32     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CorVel Corp                    | CorVel Corp.                                         | CUSIP: 221006109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       544 | NS      | $55912.32     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                   | Artivion, Inc.                                       | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |      1343 | NS      | $41767.30     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp       | Curbline Properties Corp.                            | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |      1140 | NS      | $26026.20     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DXP Enterprises Inc/TX         | DXP Enterprises, Inc.                                | CUSIP: 233377407<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1462 | NS      | $128144.30    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave & Buster's Entertainment  | Dave & Buster's Entertainment, Inc.                  | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |      1699 | NS      | $51105.92     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co     | DiamondRock Hospitality Co.                          | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |      8129 | NS      | $62268.14     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalOcean Holdings Inc      | DigitalOcean Holdings, Inc.                          | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |      1051 | NS      | $30016.56     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc            | Dorman Products, Inc.                                | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |       641 | NS      | $78631.47     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Finders Homes Inc        | Dream Finders Homes, Inc.                            | CUSIP: 26154D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2558 | NS      | $64282.54     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc           | Dycom Industries, Inc.                               | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |       419 | NS      | $102399.41    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp        | Enerpac Tool Group Corp.                             | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |       962 | NS      | $39018.72     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc        | Enova International, Inc.                            | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |       855 | NS      | $95349.60     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ESCO Technologies Inc          | ESCO Technologies, Inc.                              | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |       270 | NS      | $51804.90     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust, Inc.              | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      1047 | NS      | $33409.77     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp            | Federal Signal Corp.                                 | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |       453 | NS      | $48208.26     | 0.58%             |  |  |  | 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        |     51932 | NS      | $51932.00     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                   | Freshpet, Inc.                                       | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |      1019 | NS      | $69251.24     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                  | Frontdoor, Inc.                                      | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |       778 | NS      | $45855.32     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| GEO Group Inc/The              | GEO Group, Inc.                                      | CUSIP: 36162J106<br>LEI: 54930024XOXET7NQVZ63 | Long             | EC               | CORP              | US        |      1354 | NS      | $32428.30     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                   | Glaukos Corp.                                        | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |       327 | NS      | $33775.83     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc        | Goosehead Insurance, Inc.                            | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |       517 | NS      | $54548.67     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc       | Granite Construction, Inc.                           | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |       628 | NS      | $58724.28     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc       | Green Brick Partners, Inc.                           | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |      1214 | NS      | $76336.32     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The         | Greenbrier Companies, Inc.                           | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |      1681 | NS      | $77410.05     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Griffon Corp                   | Griffon Corp.                                        | CUSIP: 398433102<br>LEI: 5493000C2SGNC7ZN3242 | Long             | EC               | CORP              | US        |       668 | NS      | $48343.16     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                  | HCI Group, Inc.                                      | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |       561 | NS      | $85384.20     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I | Harmony Biosciences Holdings, Inc.                   | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2035 | NS      | $64306.00     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                    | Hawkins, Inc.                                        | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |       535 | NS      | $76023.50     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                | ICU Medical, Inc.                                    | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |       475 | NS      | $62771.25     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Impinj Inc                     | Impinj, Inc.                                         | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |       613 | NS      | $68085.91     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc    | Inspire Medical Systems, Inc.                        | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |       381 | NS      | $49442.37     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In | Installed Building Products, Inc.                    | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |       285 | NS      | $51391.20     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp          | Integer Holdings Corp.                               | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |       353 | NS      | $43408.41     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter Parfums Inc              | Inter Parfums, Inc.                                  | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       223 | NS      | $29282.13     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                  | Interface, Inc.                                      | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |      2068 | NS      | $43283.24     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital, Inc.                                   | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       624 | NS      | $139919.52    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                      | Itron, Inc.                                          | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |       374 | NS      | $49229.62     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                   | OPENLANE, Inc.                                       | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |      3701 | NS      | $90489.45     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                     | Kadant, Inc.                                         | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |       113 | NS      | $35871.85     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc             | Kontoor Brands, Inc.                                 | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |       315 | NS      | $20780.55     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc            | Krystal Biotech, Inc.                                | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |       637 | NS      | $87562.02     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular, Inc.                              | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |       633 | NS      | $52570.65     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA LIGAND PHARMACE- NPV    | Ligand Pharmaceuticals, Inc.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       169 | NS      | $0.02         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CONTRA LIGAND PHARMACE- NPV    | Ligand Pharmaceuticals, Inc.                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       169 | NS      | $0.02         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Madison Square Garden Sports C | Madison Square Garden Sports Corp.                   | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       327 | NS      | $68326.65     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MARA Holdings Inc              | MARA Holdings, Inc.                                  | CUSIP: 565788106<br>LEI: 549300M8ISKPTX2W7F94 | Long             | EC               | CORP              | US        |      5177 | NS      | $81175.36     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp           | Mercury General Corp.                                | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |       992 | NS      | $66801.28     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc         | Pathward Financial, Inc.                             | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |      1062 | NS      | $84025.44     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort, Inc.                        | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |       386 | NS      | $33365.84     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Moog Inc                       | Moog, Inc.                                           | CUSIP: 615394202<br>LEI: 549300WM2I4U7OBAHG07 | Long             | EC               | CORP              | US        |       171 | NS      | $30945.87     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc     | Mueller Water Products, Inc.                         | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |      1686 | NS      | $40531.44     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc               | NMI Holdings, Inc.                                   | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      1137 | NS      | $47970.03     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Energy Solutions Inc     | Atlas Energy Solutions, Inc.                         | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3488 | NS      | $46634.56     | 0.56%             |  |  |  | No            |                  1 | On Loan: —       |
| NexPoint Residential Trust Inc | NexPoint Residential Trust, Inc.                     | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |       732 | NS      | $24390.24     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil and Gas Inc       | Northern Oil & Gas, Inc.                             | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |      1595 | NS      | $45218.25     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                | OSI Systems, Inc.                                    | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |       214 | NS      | $48120.04     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc  | Oceaneering International, Inc.                      | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |      1467 | NS      | $30396.24     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc             | Outfront Media, Inc.                                 | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |      1771 | NS      | $28902.72     | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| PJT Partners Inc               | PJT Partners, Inc.                                   | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |       382 | NS      | $63033.82     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc           | Palomar Holdings, Inc.                               | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      1042 | NS      | $160728.50    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc            | Payoneer Global, Inc.                                | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |      3031 | NS      | $20762.35     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp      | Phibro Animal Health Corp.                           | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      2290 | NS      | $58486.60     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc          | Powell Industries, Inc.                              | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |       450 | NS      | $94702.50     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA  | Preferred Bank/Los Angeles CA                        | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |       640 | NS      | $55388.80     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc              | PROG Holdings, Inc.                                  | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |      1297 | NS      | $38066.95     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc   | Protagonist Therapeutics, Inc.                       | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3127 | NS      | $172829.29    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| QuinStreet Inc                 | QuinStreet, Inc.                                     | CUSIP: 74874Q100<br>LEI: 549300TP8MFBFPOS4Y78 | Long             | EC               | CORP              | US        |      2589 | NS      | $41682.90     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                     | RadNet, Inc.                                         | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |       483 | NS      | $27487.53     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I | Ryman Hospitality Properties, Inc.                   | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |       573 | NS      | $56537.91     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc               | SPS Commerce, Inc.                                   | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |       144 | NS      | $19596.96     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc           | SPX Technologies, Inc.                               | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |       526 | NS      | $88199.68     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabre Corp                     | Sabre Corp.                                          | CUSIP: 78573M104<br>LEI: 529900VKCYZW8GZ4WW58 | Long             | EC               | CORP              | US        |     22588 | NS      | $71378.08     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                   | Semtech Corp.                                        | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |       483 | NS      | $21802.62     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares, Inc.                         | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       451 | NS      | $34957.01     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                | Shake Shack, Inc.                                    | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Long             | EC               | CORP              | US        |       699 | NS      | $98279.40     | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Six Flags Entertainment Corp   | Six Flags Entertainment Corp.                        | CUSIP: 83001C108<br>LEI: 529900AS2CYWYFHRS781 | Long             | EC               | CORP              | US        |      1446 | NS      | $44001.78     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc             | Champion Homes, Inc.                                 | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       375 | NS      | $23478.75     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                    | SkyWest, Inc.                                        | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |       867 | NS      | $89274.99     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc    | Sterling Infrastructure, Inc.                        | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       360 | NS      | $83062.80     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                     | Stride, Inc.                                         | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |       504 | NS      | $73175.76     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc   | Sunstone Hotel Investors, Inc.                       | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |      5556 | NS      | $48226.08     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                   | Sylvamo Corp.                                        | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |       759 | NS      | $38025.90     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc            | TG Therapeutics, Inc.                                | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |      3914 | NS      | $140864.86    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                  | Tidewater, Inc.                                      | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      1015 | NS      | $46821.95     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc          | TransMedics Group, Inc.                              | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |       948 | NS      | $127041.48    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Industries Inc         | Trinity Industries, Inc.                             | CUSIP: 896522109<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | EC               | CORP              | US        |      2513 | NS      | $67876.13     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                  | Trupanion, Inc.                                      | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Long             | EC               | CORP              | US        |      1899 | NS      | $105109.65    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Technologies Inc           | UFP Technologies, Inc.                               | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               | CORP              | US        |       384 | NS      | $93757.44     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corp                   | Vericel Corp.                                        | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |       867 | NS      | $36890.85     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp            | Verra Mobility Corp.                                 | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |      1954 | NS      | $49612.06     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Pursuit Attractions and Hospit | Pursuit Attractions and Hospitality, Inc.            | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |      1949 | NS      | $56189.67     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc            | Virtu Financial, Inc.                                | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |       953 | NS      | $42684.87     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc           | Warrior Met Coal, Inc.                               | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      1057 | NS      | $48442.31     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                 | WisdomTree, Inc.                                     | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |      5648 | NS      | $65008.48     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| XPEL Inc                       | XPEL, Inc.                                           | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               | CORP              | US        |       623 | NS      | $22365.70     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc     | Xenia Hotels & Resorts, Inc.                         | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |      4534 | NS      | $56992.38     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor | Zurn Elkay Water Solutions Corp.                     | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      1851 | NS      | $67691.07     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     13470 | PA      | $13470.21     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     13950 | PA      | $13949.74     | 0.17%             |  |  |  | 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        |     32329 | PA      | $32328.51     | 0.39%             |  |  |  | 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