# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001752724-25-209242
**Filing Date:** 2025-8
**Character Count:** 29698
**Document Hash:** 6ab53c5549506df2572745217babdb82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209242.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209242

**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:** 251264209

**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:** 2025-06-30

**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:** $9030485.50

**Total Liabilities:** $32468.19

**Net Assets:** $8998017.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010380 | 0.31%                | -3.63%               | 3.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $67603.58                | $-34110.55                                 |
| Month 2  | $447.96                  | $-333115.28                                |
| Month 3  | $171092.11               | $123571.77                                 |

### 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        |      4486 | NS      | $81690.06     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                    | AbbVie, Inc.                                         | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3284 | NS      | $609576.08    | 6.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc    | ACADIA Pharmaceuticals, Inc.                         | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |      3236 | NS      | $69800.52     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc     | Agios Pharmaceuticals, Inc.                          | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |      1703 | NS      | $56641.78     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc        | Akero Therapeutics, Inc.                             | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |      1599 | NS      | $85322.64     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc   | Alnylam Pharmaceuticals, Inc.                        | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       875 | NS      | $285328.75    | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                     | Amgen, Inc.                                          | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1456 | NS      | $406529.76    | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Amicus Therapeutics Inc       | Amicus Therapeutics, Inc.                            | CUSIP: 03152W109<br>LEI: 549300MRD1SMUTNBPQ53 | Long             | EC               | CORP              | US        |      9593 | NS      | $54967.89     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc   | Apellis Pharmaceuticals, Inc.                        | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      3250 | NS      | $56257.50     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                   | Arcellx, Inc.                                        | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       768 | NS      | $50572.80     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                     | Argenx SE                                            | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       202 | NS      | $111346.44    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc | Arrowhead Pharmaceuticals, Inc.                      | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |      3701 | NS      | $58475.80     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S           | Ascendis Pharma A/S                                  | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |       301 | NS      | $51952.60     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC               | AstraZeneca plc                                      | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      2700 | NS      | $188676.00    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Avidity Biosciences Inc       | Avidity Biosciences, Inc.                            | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2570 | NS      | $72988.00     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Axsome Therapeutics Inc       | Axsome Therapeutics, Inc.                            | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |       682 | NS      | $71193.98     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Beam Therapeutics Inc         | Beam Therapeutics, Inc.                              | CUSIP: 07373V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3159 | NS      | $53734.59     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd           | BeOne Medicines Ltd.                                 | CUSIP: 07725L102<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CH        |       754 | NS      | $182520.78    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc   | BioMarin Pharmaceutical, Inc.                        | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      2462 | NS      | $135336.14    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                    | Biogen, Inc.                                         | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      1426 | NS      | $179091.34    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                   | BioNTech SE                                          | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |       983 | NS      | $104660.01    | 1.16%             |  |  |  | No            |                  1 | On Loan: —       |
| Blueprint Medicines Corp      | Blueprint Medicines Corp.                            | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |       957 | NS      | $122668.26    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc          | Bridgebio Pharma, Inc.                               | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |      2776 | NS      | $119867.68    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Celldex Therapeutics Inc      | Celldex Therapeutics, Inc.                           | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |      2487 | NS      | $50610.45     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                   | Corteva, Inc.                                        | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      4161 | NS      | $310119.33    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc | Crinetics Pharmaceuticals, Inc.                      | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |      1997 | NS      | $57433.72     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc              | Cytokinetics, Inc.                                   | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      2511 | NS      | $82963.44     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc       | Denali Therapeutics, Inc.                            | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |      3717 | NS      | $52000.83     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynavax Technologies Corp     | Dynavax Technologies Corp.                           | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |      4555 | NS      | $45185.60     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dyne Therapeutics Inc         | Dyne Therapeutics, Inc.                              | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3541 | NS      | $33710.32     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp           | Exact Sciences Corp.                                 | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      2549 | NS      | $135453.86    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                  | Exelixis, Inc.                                       | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      3390 | NS      | $149414.25    | 1.66%             |  |  |  | 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        |    298290 | NS      | $298290.00    | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Geron Corp                    | Geron Corp.                                          | CUSIP: 374163103<br>LEI: 549300T282D7Z2YESL90 | Long             | EC               | CORP              | US        |     13571 | NS      | $19135.11     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc           | Gilead Sciences, Inc.                                | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      3628 | NS      | $402236.36    | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc           | Guardant Health, Inc.                                | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |      2124 | NS      | $110532.96    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc     | Halozyme Therapeutics, Inc.                          | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      2035 | NS      | $105860.70    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ideaya Biosciences Inc        | Ideaya Biosciences, Inc.                             | CUSIP: 45166A102<br>LEI: 549300ULW08F62IJML11 | Long             | EC               | CORP              | US        |      2619 | NS      | $55051.38     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                  | Illumina, Inc.                                       | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Long             | EC               | CORP              | US        |      1788 | NS      | $170593.08    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunovant Inc                | Immunovant, Inc.                                     | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2827 | NS      | $45232.00     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corp                   | Incyte Corp.                                         | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      2058 | NS      | $140149.80    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                    | Insmed, Inc.                                         | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |      1851 | NS      | $186284.64    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Intellia Therapeutics Inc     | Intellia Therapeutics, Inc.                          | CUSIP: 45826J105<br>LEI: 5493002T5BCPE5DZC723 | Long             | EC               | CORP              | US        |      4717 | NS      | $44245.46     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc     | Ionis Pharmaceuticals, Inc.                          | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      2820 | NS      | $111418.20    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Iovance Biotherapeutics Inc   | Iovance Biotherapeutics, Inc.                        | CUSIP: 462260100<br>LEI: 2549002L8WT2ACU5Q878 | Long             | EC               | CORP              | US        |     10671 | NS      | $18354.12     | 0.20%             |  |  |  | No            |                  1 | On Loan: —       |
| Krystal Biotech Inc           | Krystal Biotech, Inc.                                | CUSIP: 501147102<br>LEI: 549300YONUY68210OE41 | Long             | EC               | CORP              | US        |       439 | NS      | $60344.94     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp           | Legend Biotech Corp.                                 | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |      2898 | NS      | $102850.02    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc  | Madrigal Pharmaceuticals, Inc.                       | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       167 | NS      | $50540.88     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc          | Medpace Holdings, Inc.                               | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |       305 | NS      | $95727.30     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                   | Moderna, Inc.                                        | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |      4845 | NS      | $133673.55    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                    | Natera, Inc.                                         | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1220 | NS      | $206106.80    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc    | Neurocrine Biosciences, Inc.                         | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      1195 | NS      | $150199.55    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Novavax Inc                   | Novavax, Inc.                                        | CUSIP: 670002401<br>LEI: 529900J4GJHPEPQ23205 | Long             | EC               | CORP              | US        |      6226 | NS      | $39223.80     | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Nuvalent Inc                  | Nuvalent, Inc.                                       | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       779 | NS      | $59437.70     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics Inc          | PTC Therapeutics, Inc.                               | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |      1686 | NS      | $82344.24     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc  | Protagonist Therapeutics, Inc.                       | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1407 | NS      | $77764.89     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Recursion Pharmaceuticals Inc | Recursion Pharmaceuticals, Inc.                      | CUSIP: 75629V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11617 | NS      | $58782.02     | 0.65%             |  |  |  | No            |                  1 | On Loan: —       |
| Regeneron Pharmaceuticals Inc | Regeneron Pharmaceuticals, Inc.                      | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       607 | NS      | $318675.00    | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc      | Revolution Medicines, Inc.                           | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |      2771 | NS      | $101945.09    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc      | Sarepta Therapeutics, Inc.                           | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |      2146 | NS      | $36696.60     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SpringWorks Therapeutics Inc  | SpringWorks Therapeutics, Inc.                       | CUSIP: 85205L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1692 | NS      | $79507.08     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Therapeutics Inc       | Summit Therapeutics, Inc.                            | CUSIP: 86627T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2659 | NS      | $56583.52     | 0.63%             |  |  |  | No            |                  1 | On Loan: —       |
| TG Therapeutics Inc           | TG Therapeutics, Inc.                                | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |      2642 | NS      | $95085.58     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corp         | Twist Bioscience Corp.                               | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |      1784 | NS      | $65633.36     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc | Ultragenyx Pharmaceutical, Inc.                      | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |      1959 | NS      | $71229.24     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp      | United Therapeutics Corp.                            | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       530 | NS      | $152295.50    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                   | Vaxcyte, Inc.                                        | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      2565 | NS      | $83388.15     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                  | Veracyte, Inc.                                       | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |      2353 | NS      | $63601.59     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc    | Vertex Pharmaceuticals, Inc.                         | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       807 | NS      | $359276.40    | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Viatris Inc                   | Viatris, Inc.                                        | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |     15337 | NS      | $136959.41    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc       | Viking Therapeutics, Inc.                            | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |      2620 | NS      | $69430.00     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd.         | Roivant Sciences Ltd.                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      8021 | NS      | $90396.67     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                  | Alkermes plc                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      3447 | NS      | $98618.67     | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC      | Jazz Pharmaceuticals plc                             | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | US        |      1173 | NS      | $124478.76    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC            | Royalty Pharma plc                                   | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |      5114 | NS      | $184257.42    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CRISPR Therapeutics AG        | CRISPR Therapeutics AG                               | CUSIP: N/A<br>LEI: 506700O6IRRIQLT3W370       | Long             | EC               | CORP              | US        |      2362 | NS      | $114887.68    | 1.28%             |  |  |  | No            |                  1 | On Loan: —       |
| BOFA SECURITIES, INC.         | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     16737 | PA      | $16737.33     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.         | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     17333 | PA      | $17333.16     | 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        |     40170 | PA      | $40169.60     | 0.45%             |  |  |  | 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