0001064046 2025-12-31 2025-12-31 0001064046 rvt:S000016688Member 2025-12-31 2025-12-31 false 2025-12-31 497 0001064046 N-1A <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;">Rydex Variable Trust </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement Dated July 31, 2026 </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">High Yield Strategy Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">(the “Fund”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">as supplemented from time to time (together, the “Prospectus”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;text-align:justify;">Effective August 1, 2026, the “Average Annual Total Returns” table under the heading “Performance Information” in the Fund’s “Fund Summary” is revised as follows to add the ICE BofA US Cash Pay High Yield (7‑10 Y) Index as an additional comparative index to provide shareholders a means to compare the Fund’s performance with that of an index the Fund’s adviser, Security Investors, LLC (the “Advisor”), believes is representative of the Fund’s investment universe. Prior to August 1, 2026, the Bloomberg U.S. Corporate High Yield Index served as an additional comparative index for the Fund’s returns. The Advisor believes that the ICE BofA US Cash Pay High Yield (7‑10 Y) Index better represents the Fund’s investment universe. The Fund continues to use the Bloomberg U.S. Aggregate Bond Index as the broad-based securities market index intended to represent the overall market. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:4%;font-size:11pt;font-family:times new roman;">AVERAGE ANNUAL TOTAL RETURNS </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;font-size:11pt;font-family:times new roman;"><span style="font-style:italic">(for periods ended December 31, 2025)  </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:11pt;width:92%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:75%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;">  </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;text-align:center;">1 Year</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;text-align:center;">5 Years</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;text-align:center;">10 Years</td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:11pt;font-family:times new roman;">High Yield Strategy Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">9.87%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">3.52%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">4.77%</td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:11pt;font-family:times new roman;font-weight:bold;">Indexes</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="vertical-align:top;"></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:top;"></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:top;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size:75%;vertical-align:top">1</sup> <span style="font-style:italic">(reflects no deduction for fees, expenses or taxes)</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">7.30%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">-0.36%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">2.01%</td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">ICE BofA US Cash Pay High Yield (7‑10 Y) Index <span style="font-style:italic">(reflects no deduction for fees, expenses or taxes)</span><sup style="font-size:75%;vertical-align:top">2</sup></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">9.93%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">3.08%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">5.87%</td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Bloomberg U.S. Corporate High Yield Index<sup style="font-size:75%;vertical-align:top">3 </sup><span style="font-style:italic">(reflects no deduction for fees, expenses or taxes)</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">8.62%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">4.51%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">6.53%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">1</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Bloomberg U.S. Aggregate Bond Index is a broad-based market index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non‑agency). </div> </td> <td style="width:4%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">2</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The ICE BofA US Cash Pay High Yield (7‑10 Y) Index measures the performance of U.S. dollar-denominated, below-investment-grade corporate bonds (junk bonds) with maturities between 7 and 10 years the issuers of which make regular cash interest payments rather than deferring them. </div> </td> <td style="width:4%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">3</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Bloomberg U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&amp;P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the indices’ EM country definition, are excluded. </div> </td> <td style="width:4%;"> </td> </tr> </table> <div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;">Rydex Variable Trust </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">Supplement Dated July 31, 2026 </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">High Yield Strategy Fund </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">(the “Fund”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">to the currently effective Summary Prospectus and Statutory Prospectus, each dated May 1, 2026, </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:center;">as supplemented from time to time (together, the “Prospectus”) </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;font-weight:bold;text-align:justify;">This supplement provides updated information beyond that contained in the Prospectus and should be read in conjunction with the Prospectus.</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:11pt;font-family:times new roman;text-align:justify;">Effective August 1, 2026, the “Average Annual Total Returns” table under the heading “Performance Information” in the Fund’s “Fund Summary” is revised as follows to add the ICE BofA US Cash Pay High Yield (7‑10 Y) Index as an additional comparative index to provide shareholders a means to compare the Fund’s performance with that of an index the Fund’s adviser, Security Investors, LLC (the “Advisor”), believes is representative of the Fund’s investment universe. Prior to August 1, 2026, the Bloomberg U.S. Corporate High Yield Index served as an additional comparative index for the Fund’s returns. The Advisor believes that the ICE BofA US Cash Pay High Yield (7‑10 Y) Index better represents the Fund’s investment universe. The Fund continues to use the Bloomberg U.S. Aggregate Bond Index as the broad-based securities market index intended to represent the overall market. </div><div style="margin-top:12pt;margin-bottom:0pt;margin-left:4%;font-size:11pt;font-family:times new roman;">AVERAGE ANNUAL TOTAL RETURNS </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:4%;font-size:11pt;font-family:times new roman;"><span style="font-style:italic">(for periods ended December 31, 2025)  </span></div> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:11pt;width:92%;border-spacing:0px;margin:0 auto"> <tr> <td style="width:75%;"></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> <td style="vertical-align:bottom;width:1%;"></td> <td></td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:bottom;">  </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:bottom;text-align:center;">1 Year</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:bottom;text-align:center;">5 Years</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; padding-right:2pt;vertical-align:bottom;text-align:center;">10 Years</td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:11pt;font-family:times new roman;">High Yield Strategy Fund</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">9.87%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">3.52%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">4.77%</td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;margin-left:1.00em;text-indent:-1.00em;font-size:11pt;font-family:times new roman;font-weight:bold;">Indexes</div> </td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="vertical-align:top;"></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="vertical-align:top;"></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="BORDER-RIGHT:0.75pt solid #000000;vertical-align:top;"> </td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Bloomberg U.S. Aggregate Bond Index<sup style="font-size:75%;vertical-align:top">1</sup> <span style="font-style:italic">(reflects no deduction for fees, expenses or taxes)</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">7.30%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">-0.36%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">2.01%</td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">ICE BofA US Cash Pay High Yield (7‑10 Y) Index <span style="font-style:italic">(reflects no deduction for fees, expenses or taxes)</span><sup style="font-size:75%;vertical-align:top">2</sup></td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">9.93%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;vertical-align:top;white-space:nowrap;text-align:center;">3.08%</td> <td style=" BORDER-LEFT:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">5.87%</td> </tr> <tr style="font-size:1pt"> <td style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; padding-left:8pt;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000;height:0.75pt;"> </td> <td colspan="2" style="BORDER-LEFT:0.75pt solid #000000; BORDER-TOP:0.75pt solid #000000; BORDER-RIGHT:0.75pt solid #000000;height:0.75pt;"> </td> </tr> <tr style="page-break-inside:avoid;font-family:times new roman;font-size:11pt"> <td style="padding-bottom:1pt ;BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000; padding-left:8pt;vertical-align:top;">Bloomberg U.S. Corporate High Yield Index<sup style="font-size:75%;vertical-align:top">3 </sup><span style="font-style:italic">(reflects no deduction for fees, expenses or taxes)</span></td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;">  </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">8.62%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">4.51%</td> <td style=" BORDER-LEFT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:bottom;"> </td> <td style="padding-bottom:1pt ;BORDER-RIGHT:0.75pt solid #000000; BORDER-BOTTOM:0.75pt solid #000000;vertical-align:top;white-space:nowrap;text-align:center;">6.53%</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">1</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Bloomberg U.S. Aggregate Bond Index is a broad-based market index that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, fixed-rate agency mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities (agency and non‑agency). </div> </td> <td style="width:4%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">2</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The ICE BofA US Cash Pay High Yield (7‑10 Y) Index measures the performance of U.S. dollar-denominated, below-investment-grade corporate bonds (junk bonds) with maturities between 7 and 10 years the issuers of which make regular cash interest payments rather than deferring them. </div> </td> <td style="width:4%;"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:times new roman;font-size:10pt;border-spacing:0px;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;"> </td> <td style="width:3%;vertical-align:top;text-align:left;">3</td> <td style="vertical-align:top;text-align:left;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:justify;">The Bloomberg U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&amp;P is Ba1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on the indices’ EM country definition, are excluded. </div> </td> <td style="width:4%;"> </td> </tr> </table> Rydex Variable Trust 2026-05-01