# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209198
**Filing Date:** 2025-8
**Character Count:** 45977
**Document Hash:** 1b65471fe91da38739a2539dbe97cadd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209198.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209198

**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:** 251264164

**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

### Health Care Fund (Series ID: S000003717)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010386 | 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:** Health Care Fund

- **b. EDGAR series identifier (if any):** S000003717

- **c. LEI of Series:** 5493001VKGTEDLOTHU44

**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:** $9047411.81

**Total Liabilities:** $36092.36

**Net Assets:** $9011319.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010386 | -2.55%               | -1.99%               | 2.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-25995.53               | $-322914.56                                |
| Month 2  | $56021.69                | $-282722.85                                |
| Month 3  | $954742.46               | $-726305.58                                |

### 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        |      1466 | NS      | $26695.86     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                  | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      1569 | NS      | $213399.69    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                                         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      1341 | NS      | $248916.42    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Healthcare Co Inc       | Acadia Healthcare Company, Inc.                      | CUSIP: 00404A109<br>LEI: 5493005CW985Y9D0NC11 | Long             | EC               | CORP              | US        |       894 | NS      | $20284.86     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc       | Agilent Technologies, Inc.                           | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |       684 | NS      | $80718.84     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc           | Align Technology, Inc.                               | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       277 | NS      | $52444.41     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc    | Alnylam Pharmaceuticals, Inc.                        | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       286 | NS      | $93261.74     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora, Inc.                                        | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       347 | NS      | $104047.95    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen, Inc.                                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       594 | NS      | $165850.74    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       338 | NS      | $131468.48    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc    | Apellis Pharmaceuticals, Inc.                        | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      1062 | NS      | $18383.22     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                      | Argenx SE                                            | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       117 | NS      | $64492.74     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca plc                                      | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      1340 | NS      | $93639.20     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                    | Avantor, Inc.                                        | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3058 | NS      | $41160.68     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc        | Avidity Biosciences, Inc.                            | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       840 | NS      | $23856.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc        | Axsome Therapeutics, Inc.                            | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |       234 | NS      | $24427.26     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc       | Baxter International, Inc.                           | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |      1796 | NS      | $54382.88     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co.                               | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |       563 | NS      | $96976.75     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc    | BioMarin Pharmaceutical, Inc.                        | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |       804 | NS      | $44195.88     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen, Inc.                                         | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       466 | NS      | $58524.94     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp.                                     | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |       765 | NS      | $39359.25     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                    | BioNTech SE                                          | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |       597 | NS      | $63562.59     | 0.71%             |  |  |  | No            |                  1 | On Loan: —       |
| Blueprint Medicines Corp       | Blueprint Medicines Corp.                            | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |       313 | NS      | $40120.34     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp.                              | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      1723 | NS      | $185067.43    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc           | Bridgebio Pharma, Inc.                               | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |       907 | NS      | $39164.26     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co.                             | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      2794 | NS      | $129334.26    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                    | Bruker Corp.                                         | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |       713 | NS      | $29375.60     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group                                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |       407 | NS      | $134546.06    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp.                                     | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      1924 | NS      | $132717.52    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health, Inc.                                | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       531 | NS      | $89208.00     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp.                                        | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      1336 | NS      | $72518.08     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories Int | Charles River Laboratories International, Inc.       | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |       250 | NS      | $37932.50     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The             | Cooper Companies, Inc.                               | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |       742 | NS      | $52800.72     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc       | Corcept Therapeutics, Inc.                           | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |       501 | NS      | $36773.40     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc  | Crinetics Pharmaceuticals, Inc.                      | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |       685 | NS      | $19700.60     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc               | Cytokinetics, Inc.                                   | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |       820 | NS      | $27092.80     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp.                                        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       793 | NS      | $156649.22    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DaVita Inc                     | DaVita, Inc.                                         | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |       234 | NS      | $33333.30     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc            | Dentsply Sirona, Inc.                                | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |      1553 | NS      | $24661.64     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom, Inc.                                         | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |       963 | NS      | $84060.27     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp.                           | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      1218 | NS      | $95259.78     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The           | Ensign Group, Inc.                                   | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |       269 | NS      | $41495.94     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp            | Exact Sciences Corp.                                 | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |       833 | NS      | $44265.62     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                   | Exelixis, Inc.                                       | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      1108 | NS      | $48835.10     | 0.54%             |  |  |  | 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        |    282360 | NS      | $282360.25    | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc | GE HealthCare Technologies, Inc.                     | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |      1089 | NS      | $80662.23     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences, Inc.                                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      1482 | NS      | $164309.34    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK plc                                              | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      1621 | NS      | $62246.40     | 0.69%             |  |  |  | No            |                  1 | On Loan: —       |
| Guardant Health Inc            | Guardant Health, Inc.                                | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |       694 | NS      | $36115.76     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare, Inc.                                 | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |       298 | NS      | $114163.80    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc      | Halozyme Therapeutics, Inc.                          | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |       665 | NS      | $34593.30     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc               | HealthEquity, Inc.                                   | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |       401 | NS      | $42008.76     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hims & Hers Health Inc         | Hims & Hers Health, Inc.                             | CUSIP: 433000106<br>LEI: 254900V041EIVTSB6D58 | Long             | EC               | CORP              | US        |       806 | NS      | $40179.10     | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| Hologic Inc                    | Hologic, Inc.                                        | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |       810 | NS      | $52779.60     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana, Inc.                                         | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       316 | NS      | $77255.68     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc         | IDEXX Laboratories, Inc.                             | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       173 | NS      | $92786.82     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                   | Illumina, Inc.                                       | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |       584 | NS      | $55719.44     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                    | Incyte Corp.                                         | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |       672 | NS      | $45763.20     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                     | Insmed, Inc.                                         | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |       605 | NS      | $60887.20     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp.                                        | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       212 | NS      | $66606.16     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical, Inc.                             | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       373 | NS      | $202691.93    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc      | Ionis Pharmaceuticals, Inc.                          | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |       921 | NS      | $36388.71     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Iovance Biotherapeutics Inc    | Iovance Biotherapeutics, Inc.                        | CUSIP: 462260100<br>LEI: 2549002L8WT2ACU5Q878 | Long             | EC               | CORP              | US        |      3663 | NS      | $6300.36      | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| IQVIA Holdings Inc             | IQVIA Holdings, Inc.                                 | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |       453 | NS      | $71388.27     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                    | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1738 | NS      | $265479.50    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Krystal Biotech Inc            | Krystal Biotech, Inc.                                | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |       151 | NS      | $20756.46     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings, Inc.                               | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       251 | NS      | $65890.01     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc          | Lantheus Holdings, Inc.                              | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |       403 | NS      | $32989.58     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp            | Legend Biotech Corp.                                 | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |       947 | NS      | $33609.03     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co.                                      | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       450 | NS      | $350788.50    | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc   | Madrigal Pharmaceuticals, Inc.                       | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |        57 | NS      | $17250.48     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                    | Masimo Corp.                                         | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |       244 | NS      | $41045.68     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp.                                       | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       181 | NS      | $132633.18    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc           | Medpace Holdings, Inc.                               | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       105 | NS      | $32955.30     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Company, Inc.                                | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      2428 | NS      | $192200.48    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc      | Merit Medical Systems, Inc.                          | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |       351 | NS      | $32811.48     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                    | Moderna, Inc.                                        | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      1582 | NS      | $43647.38     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc          | Molina Healthcare, Inc.                              | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       191 | NS      | $56898.90     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                     | Natera, Inc.                                         | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       399 | NS      | $67407.06     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc     | Neurocrine Biosciences, Inc.                         | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |       391 | NS      | $49144.79     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                          | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |       555 | NS      | $67160.55     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Novavax Inc                    | Novavax, Inc.                                        | CUSIP: 670002401<br>LEI: 529900J4GJHPEPQ23205 | Long             | EC               | CORP              | US        |      2034 | NS      | $12814.20     | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Novo Nordisk A/S               | Novo Nordisk A/S                                     | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      1099 | NS      | $75852.98     | 0.84%             |  |  |  | No            |                  1 | On Loan: —       |
| Option Care Health Inc         | Option Care Health, Inc.                             | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |       993 | NS      | $32252.64     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer, Inc.                                         | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      6641 | NS      | $160977.84    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp       | PROCEPT BioRobotics Corp.                            | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       409 | NS      | $23558.40     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics, Inc.                              | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |       350 | NS      | $62870.50     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals, Inc.                      | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       198 | NS      | $103950.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp.                                       | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |       263 | NS      | $32711.94     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                     | ResMed, Inc.                                         | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |       337 | NS      | $86946.00     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc       | Revolution Medicines, Inc.                           | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |       905 | NS      | $33294.95     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc       | Sarepta Therapeutics, Inc.                           | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |       702 | NS      | $12004.20     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc               | Henry Schein, Inc.                                   | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |       537 | NS      | $39227.85     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SpringWorks Therapeutics Inc   | SpringWorks Therapeutics, Inc.                       | CUSIP: 85205L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       552 | NS      | $25938.48     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp.                                        | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       426 | NS      | $168538.38    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Tandem Diabetes Care Inc       | Tandem Diabetes Care, Inc.                           | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |       796 | NS      | $14837.44     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc                  | Tempus AI, Inc.                                      | CUSIP: 88023B103<br>LEI: 2549009LA0KWRAGQBX50 | Long             | EC               | CORP              | US        |       545 | NS      | $34629.30     | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| Tenet Healthcare Corp          | Tenet Healthcare Corp.                               | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |       326 | NS      | $57376.00     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries | Teva Pharmaceutical Industries Ltd.                  | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |      3902 | NS      | $65397.52     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc            | TG Therapeutics, Inc.                                | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |       863 | NS      | $31059.37     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific, Inc.                       | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       420 | NS      | $170293.20    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc          | TransMedics Group, Inc.                              | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |       213 | NS      | $28544.13     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp          | Twist Bioscience Corp.                               | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |       583 | NS      | $21448.57     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp.                            | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       173 | NS      | $49711.55     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                             | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       742 | NS      | $231481.74    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services, Inc.                      | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |       262 | NS      | $47461.30     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                    | Vaxcyte, Inc.                                        | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |       838 | NS      | $27243.38     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems, Inc.                                  | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |       320 | NS      | $92153.60     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals, Inc.                         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       330 | NS      | $146916.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                    | Viatris, Inc.                                        | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |      5009 | NS      | $44730.37     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc        | Viking Therapeutics, Inc.                            | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |       855 | NS      | $22657.50     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp                    | Waters Corp.                                         | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |       179 | NS      | $62478.16     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp           | Waystar Holding Corp.                                | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       679 | NS      | $27750.73     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I | West Pharmaceutical Services, Inc.                   | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |       249 | NS      | $54481.20     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimmer Biomet Holdings Inc     | Zimmer Biomet Holdings, Inc.                         | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |       648 | NS      | $59104.08     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                     | Zoetis, Inc.                                         | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       685 | NS      | $106825.75    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd.          | Roivant Sciences Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2620 | NS      | $29527.40     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                   | Alkermes plc                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      2075 | NS      | $59365.75     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON plc                                             | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | US        |       544 | NS      | $79124.80     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals plc                             | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | US        |       661 | NS      | $70145.32     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic plc                                        | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | US        |      1164 | NS      | $101465.88    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC             | Royalty Pharma plc                                   | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |      1671 | NS      | $60206.13     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                     | STERIS plc                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       281 | NS      | $67501.82     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CRISPR Therapeutics AG         | CRISPR Therapeutics AG                               | CUSIP: N/A<br>LEI: 506700O6IRRIQLT3W370       | Long             | EC               | CORP              | US        |      1470 | NS      | $71500.80     | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| Johnson & Johnson              | Johnson & Johnson                                    | CUSIP: N/A<br>LEI: N/A                        | Long             |  | CORP              | US        |       307 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     16486 | PA      | $16486.24     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     17073 | PA      | $17073.13     | 0.19%             |  |  |  | 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        |     39567 | PA      | $39566.98     | 0.44%             |  |  |  | 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