# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0000913181-26-000270
**Filing Date:** 2026-3
**Character Count:** 26787
**Document Hash:** a17783fea991bfa986fac366c9036250
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-26-000270.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000913181-26-000270

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**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:** 26705249

**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

### Biotechnology Fund (Series ID: S000003711)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010380 | 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:** Biotechnology Fund

- **b. EDGAR series identifier (if any):** S000003711

- **c. LEI of Series:** 549300XTVUV4IZ56ON16

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $11838464.16

**Total Liabilities:** $176895.39

**Net Assets:** $11661568.77

**Cash Not Reported:** $118533.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010380 | 8.78%                | 8.06%                | -2.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8739.53                | $893479.80                                 |
| Month 2  | $-7500.49                | $943247.29                                 |
| Month 3  | $453772.92               | $-723107.01                                |

### Schedule of Portfolio Investments

| Name                          | Title                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amicus Therapeutics Inc       | Amicus Therapeutics, Inc.       | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |      8407 | NS      | $119715.68    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                   | Viatris, Inc.                   | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     15141 | NS      | $188505.45    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Recursion Pharmaceuticals Inc | Recursion Pharmaceuticals, Inc. | CUSIP: 75629V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16064 | NS      | $65701.76     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc           | Gilead Sciences, Inc.           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      4288 | NS      | $526309.12    | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc     | Halozyme Therapeutics, Inc.     | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      2082 | NS      | $140118.60    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc           | Krystal Biotech, Inc.           | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |       256 | NS      | $63114.24     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc       | Avidity Biosciences, Inc.       | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2143 | NS      | $154574.59    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc      | Sarepta Therapeutics, Inc.      | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |      3296 | NS      | $70929.92     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc    | Vertex Pharmaceuticals, Inc.    | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1141 | NS      | $517283.76    | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc       | Axsome Therapeutics, Inc.       | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |       638 | NS      | $116524.32    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc       | Soleno Therapeutics, Inc.       | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |      1529 | NS      | $70792.70     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                   | Moderna, Inc.                   | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      5264 | NS      | $155235.36    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Beam Therapeutics Inc         | Beam Therapeutics, Inc.         | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2727 | NS      | $75592.44     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                  | Illumina, Inc.                  | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      1584 | NS      | $207757.44    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC      | Jazz Pharmaceuticals plc        | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | US        |       923 | NS      | $156910.00    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                  | Alkermes plc                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      4661 | NS      | $130414.78    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.         | BofA Securities, Inc.           | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     54372 | PA      | $54371.65     | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                    | AbbVie, Inc.                    | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3864 | NS      | $882885.36    | 7.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                  | Veracyte, Inc.                  | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |      2079 | NS      | $87525.90     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                    | Insmed, Inc.                    | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      1564 | NS      | $272198.56    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc     | Ionis Pharmaceuticals, Inc.     | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      2119 | NS      | $167634.09    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC               | AstraZeneca plc                 | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      2838 | NS      | $260897.34    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                  | Nuvalent, Inc.                  | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       675 | NS      | $67898.25     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp     | Scholar Rock Holding Corp.      | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |      2016 | NS      | $88804.80     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc              | Cytokinetics, Inc.              | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      2143 | NS      | $136166.22    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc      | Revolution Medicines, Inc.      | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |      2298 | NS      | $183035.70    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ADMA Biologics Inc            | ADMA Biologics, Inc.            | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5070 | NS      | $92476.80     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc          | PTC Therapeutics, Inc.          | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |      1537 | NS      | $116750.52    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                    | Natera, Inc.                    | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |      1161 | NS      | $265973.49    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Intellia Therapeutics Inc     | Intellia Therapeutics, Inc.     | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |      5203 | NS      | $46774.97     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc | Ultragenyx Pharmaceutical, Inc. | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |      2391 | NS      | $54993.00     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd.         | Roivant Sciences Ltd.           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      6565 | NS      | $142460.50    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                     | Argenx SE                       | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       199 | NS      | $167349.05    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc          | Bridgebio Pharma, Inc.          | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |      2281 | NS      | $174473.69    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc | Regeneron Pharmaceuticals, Inc. | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       554 | NS      | $427615.98    | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc    | Rhythm Pharmaceuticals, Inc.    | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |       892 | NS      | $95479.68     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc       | Kymera Therapeutics, Inc.       | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       953 | NS      | $74152.93     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                     | Amgen, Inc.                     | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1777 | NS      | $581629.87    | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc    | Neurocrine Biosciences, Inc.    | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      1216 | NS      | $172465.28    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc    | ACADIA Pharmaceuticals, Inc.    | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |      3293 | NS      | $87956.03     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Therapeutics Inc       | Summit Therapeutics, Inc.       | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3619 | NS      | $63296.31     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp           | Legend Biotech Corp.            | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |      4285 | NS      | $93155.90     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Celcuity Inc                  | Celcuity, Inc.                  | CUSIP: 15102K100<br>LEI: 25490070W7UU7W2SEY87 | Long             | EC               | CORP              | US        |       721 | NS      | $71912.54     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc   | Alnylam Pharmaceuticals, Inc.   | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       855 | NS      | $339990.75    | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                  | Exelixis, Inc.                  | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      3765 | NS      | $165019.95    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc       | Viking Therapeutics, Inc.       | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |      2576 | NS      | $90623.68     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc  | Protagonist Therapeutics, Inc.  | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1226 | NS      | $107078.84    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S              | Novo Nordisk A/S                | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | DK        |      1848 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc     | Mirum Pharmaceuticals, Inc.     | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |       914 | NS      | $72196.86     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAIL Inc                     | GRAIL, Inc.                     | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |       483 | NS      | $41339.97     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc   | Arcutis Biotherapeutics, Inc.   | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2919 | NS      | $84767.76     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp           | Exact Sciences Corp.            | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      2043 | NS      | $207487.08    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc   | Apellis Pharmaceuticals, Inc.   | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      3138 | NS      | $78826.56     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc           | Guardant Health, Inc.           | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      1673 | NS      | $170880.22    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC    | J.P. Morgan Securities LLC      | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |     54372 | PA      | $54371.64     | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| CRISPR Therapeutics AG        | CRISPR Therapeutics AG          | CUSIP: N/A<br>LEI: 506700O6IRRIQLT3W370       | Long             | EC               | CORP              | US        |      2539 | NS      | $133145.16    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc           | TG Therapeutics, Inc.           | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |      3220 | NS      | $95988.20     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S           | Ascendis Pharma A/S             | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |       394 | NS      | $84016.56     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc          | Medpace Holdings, Inc.          | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       246 | NS      | $138165.90    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Cidara Therapeutics Inc       | Cidara Therapeutics, Inc.       | CUSIP: 171757206<br>LEI: 549300IHQ9Z7RI1X2D22 | Long             | EC               | CORP              | US        |       534 | NS      | $117955.26    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidia Corp                 | Liquidia Corp.                  | CUSIP: 53635D202<br>LEI: 549300O826O5VQJTG707 | Long             | EC               | CORP              | US        |      2123 | NS      | $73222.27     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc      | Travere Therapeutics, Inc.      | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2373 | NS      | $90672.33     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                   | Arcellx, Inc.                   | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       800 | NS      | $52160.00     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc  | Madrigal Pharmaceuticals, Inc.  | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       176 | NS      | $102491.84    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                   | Vaxcyte, Inc.                   | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      2543 | NS      | $117334.02    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                   | Incyte Corp.                    | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      1971 | NS      | $194675.67    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC            | Royalty Pharma plc              | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |      5545 | NS      | $214258.80    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                     | Sanofi SA                       | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | FR        |       940 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc | Arrowhead Pharmaceuticals, Inc. | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |      2021 | NS      | $134174.19    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp         | Twist Bioscience Corp.          | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |      2065 | NS      | $65501.80     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                    | Biogen, Inc.                    | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      1392 | NS      | $244978.08    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd           | BeOne Medicines Ltd.            | CUSIP: 07725L102<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CH        |       794 | NS      | $241225.14    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp      | United Therapeutics Corp.       | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       445 | NS      | $216826.25    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                   | BioNTech SE                     | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |      1365 | NS      | $129948.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc   | BioMarin Pharmaceutical, Inc.   | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      2857 | NS      | $169791.51    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Rydex Variable Trust

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO