702 King Farm Boulevard, Suite 200
Rockville, Maryland 20850
(Address of principal executive offices) (Zip code)

Rydex Variable Trust
702 King Farm Boulevard, Suite 200
Rockville, Maryland 20850
(Name and address of agent for service)

MUFG Logo

Banking Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Banking Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$199	1.78%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 23.74%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 15.02% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were diversified banks, regional banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Citigroup, Inc., Nu Holdings Limited/Cayman Islands--Class A, and JP Morgan Chase & Co. Those that detracted the most were Pinnacle Financial Partners, Inc., First Financial Bankshares, Inc., and Commerce Bancshares, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Banking Fund	23.74%	11.69%	8.98%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Financials Index	15.02%	15.27%	13.18%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$7,169,488
Total Number of Portfolio Holdings	81
Portfolio Turnover Rate	78%
Total Advisory Fees Paid	$44,497

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

Guggenheim Investments

Banking Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Banks	94.1%
Diversified Financial Services	4.1%
Savings & Loans	1.6%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Citigroup, Inc.	4.2%
JPMorgan Chase & Co.	4.1%
Capital One Financial Corp.	4.1%
Bank of America Corp.	4.1%
Wells Fargo & Co.	4.0%
U.S. Bancorp	3.1%
PNC Financial Services Group, Inc.	3.1%
Bank of New York Mellon Corp.	3.0%
Truist Financial Corp.	2.7%
NU Holdings Limited/Cayman Islands — Class A	2.7%
Top 10 Total	35.1%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Citigroup, Inc.	4.2%
JPMorgan Chase & Co.	4.1%
Capital One Financial Corp.	4.1%
Bank of America Corp.	4.1%
Wells Fargo & Co.	4.0%
U.S. Bancorp	3.1%
PNC Financial Services Group, Inc.	3.1%
Bank of New York Mellon Corp.	3.0%
Truist Financial Corp.	2.7%
NU Holdings Limited/Cayman Islands — Class A	2.7%
Top 10 Total	35.1%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/variable-insurance-funds or, call 800 820 0888.

AR-C000010427-123125

Guggenheim Investments

MUFG Logo

Basic Materials

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Basic Materials Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$207	1.78%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 32.89%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 10.54% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were gold, steel, and silver. Those that detracted the most were commodity chemicals, paper & plastic packaging products, and specialty chemicals. The holdings that contributed the most to performance were Newmont Corp., Barrick Mining Corp., and Anglogold Ahanti plc. Those that detracted the most were Dow, Inc., LyondellBasell Industries N.V. - Class A, and FMC Corp.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Basic Materials Fund	32.89%	9.42%	11.58%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Materials Index	10.54%	6.79%	9.92%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$7,790,917
Total Number of Portfolio Holdings	103
Portfolio Turnover Rate	103%
Total Advisory Fees Paid	$51,972

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Basic Materials | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Mining	39.9%
Chemicals	28.7%
Packaging & Containers	9.2%
Building Materials	8.6%
Iron & Steel	7.9%
Biotechnology	1.9%
Forest Products & Paper	1.3%
Other	2.8%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Linde plc	4.1%
Newmont Corp.	2.9%
Freeport-McMoRan, Inc.	2.5%
Sherwin-Williams Co.	2.5%
Ecolab, Inc.	2.3%
Air Products and Chemicals, Inc.	2.1%
Corteva, Inc.	1.9%
Martin Marietta Materials, Inc.	1.7%
Vulcan Materials Co.	1.7%
Nucor Corp.	1.7%
Top 10 Total	23.4%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Linde plc	4.1%
Newmont Corp.	2.9%
Freeport-McMoRan, Inc.	2.5%
Sherwin-Williams Co.	2.5%
Ecolab, Inc.	2.3%
Air Products and Chemicals, Inc.	2.1%
Corteva, Inc.	1.9%
Martin Marietta Materials, Inc.	1.7%
Vulcan Materials Co.	1.7%
Nucor Corp.	1.7%
Top 10 Total	23.4%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010428-123125

Guggenheim Investments

MUFG Logo

Biotechnology Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Biotechnology Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$206	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 30.12%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 14.60% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care services. No industry detracted from performance. The holdings that contributed the most to performance were Insmed, Inc., AbbVie, Inc., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Vaxcyte, Inc., and Iovance Biotherapeutics, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Biotechnology Fund	30.12%	3.55%	5.42%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Health Care Index	14.60%	8.21%	9.91%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$11,662,346
Total Number of Portfolio Holdings	75
Portfolio Turnover Rate	553%
Total Advisory Fees Paid	$83,746

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Biotechnology Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

AbbVie, Inc.	7.6%
Amgen, Inc.	5.0%
Gilead Sciences, Inc.	4.5%
Vertex Pharmaceuticals, Inc.	4.4%
Regeneron Pharmaceuticals, Inc.	3.7%
Alnylam Pharmaceuticals, Inc.	2.9%
Insmed, Inc.	2.3%
Natera, Inc.	2.3%
AstraZeneca plc ADR	2.2%
Biogen, Inc.	2.1%
Top 10 Total	37.0%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
AbbVie, Inc.	7.6%
Amgen, Inc.	5.0%
Gilead Sciences, Inc.	4.5%
Vertex Pharmaceuticals, Inc.	4.4%
Regeneron Pharmaceuticals, Inc.	3.7%
Alnylam Pharmaceuticals, Inc.	2.9%
Insmed, Inc.	2.3%
Natera, Inc.	2.3%
AstraZeneca plc ADR	2.2%
Biogen, Inc.	2.1%
Top 10 Total	37.0%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010380-123125

Guggenheim Investments

MUFG Logo

Consumer Products Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Consumer Products Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$176	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned -3.52%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 3.90% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were tobacco, soft drinks & non-alcoholic beverages, and agricultural products & services. Those that detracted the most were packaged foods & meats, household products, and distillers & vintners. The holdings that contributed the most to performance were Phillip Morris International, Inc., Monster Beverage Corp., and Coca-Cola Co. Those that detracted the most were Procter & Gamble Co., BellRing Brands, Inc., and Constellation Brands, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Consumer Products Fund	-3.52%	1.32%	3.80%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Consumer Staples Index	3.90%	7.18%	8.16%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$5,029,999
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	49%
Total Advisory Fees Paid	$44,964

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Consumer Products Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Food	31.3%
Beverages	28.0%
Cosmetics & Personal Care	16.4%
Agriculture	14.5%
Household Products & Housewares	5.6%
Retail	2.2%
Internet	1.0%
Pharmaceuticals	0.6%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Procter & Gamble Co.	6.0%
Philip Morris International, Inc.	5.3%
Coca-Cola Co.	5.2%
PepsiCo, Inc.	4.5%
Altria Group, Inc.	3.5%
Mondelez International, Inc. — Class A	3.0%
Colgate-Palmolive Co.	2.9%
Monster Beverage Corp.	2.7%
Kroger Co.	2.2%
Hershey Co.	2.2%
Top 10 Total	37.5%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Procter & Gamble Co.	6.0%
Philip Morris International, Inc.	5.3%
Coca-Cola Co.	5.2%
PepsiCo, Inc.	4.5%
Altria Group, Inc.	3.5%
Mondelez International, Inc. — Class A	3.0%
Colgate-Palmolive Co.	2.9%
Monster Beverage Corp.	2.7%
Kroger Co.	2.2%
Hershey Co.	2.2%
Top 10 Total	37.5%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010381-123125

Guggenheim Investments

MUFG Logo

Electronics Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Electronics Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$215	1.78%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 41.49%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 24.04% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were semiconductors and semiconductor materials & equipment. No industry detracted from performance. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Micron Technology, Inc. Those that detracted the most were Marvell Technology, Enphase Energy, Inc., and Wolfspeed, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Electronics Fund	41.49%	18.80%	23.66%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Information Technology Index	24.04%	20.91%	24.30%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$19,859,258
Total Number of Portfolio Holdings	66
Portfolio Turnover Rate	84%
Total Advisory Fees Paid	$141,084

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Electronics Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Semiconductors	92.0%
Energy-Alternate Sources	3.2%
Telecommunications	1.2%
Chemicals	1.0%
Miscellaneous Manufacturing	0.8%
Computers	0.6%
Electrical Components & Equipment	0.6%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

NVIDIA Corp.	17.0%
Broadcom, Inc.	9.4%
Micron Technology, Inc.	4.8%
Advanced Micro Devices, Inc.	4.6%
Lam Research Corp.	3.8%
Applied Materials, Inc.	3.6%
QUALCOMM, Inc.	3.4%
KLA Corp.	3.2%
Texas Instruments, Inc.	3.1%
Intel Corp.	3.0%
Top 10 Total	55.9%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
NVIDIA Corp.	17.0%
Broadcom, Inc.	9.4%
Micron Technology, Inc.	4.8%
Advanced Micro Devices, Inc.	4.6%
Lam Research Corp.	3.8%
Applied Materials, Inc.	3.6%
QUALCOMM, Inc.	3.4%
KLA Corp.	3.2%
Texas Instruments, Inc.	3.1%
Intel Corp.	3.0%
Top 10 Total	55.9%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010382-123125

Guggenheim Investments

MUFG Logo

Energy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Energy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$186	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 7.51%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 8.67% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were coal & consumable fuels, integrated oil and gas, and oil & gas refining and marketing. Those that detracted the most were oil & gas exploration & production, automotive retail, and oil & gas drilling. The holdings that contributed the most to performance were Cameco Corp., Equities Corp., and SolarEdge Technologies, Inc. Those that detracted the most were ONEOK, Inc., New Fortress Energy, Inc., and Enphase Energy, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Energy Fund	7.51%	19.52%	4.64%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Energy Index	8.67%	23.78%	8.32%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$8,068,391
Total Number of Portfolio Holdings	88
Portfolio Turnover Rate	519%
Total Advisory Fees Paid	$78,387

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Energy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Oil & Gas	59.8%
Pipelines	18.3%
Oil & Gas Services	9.0%
Mining	4.8%
Energy-Alternate Sources	4.0%
Coal	1.0%
Transportation	0.7%
Other	2.3%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Exxon Mobil Corp.	6.9%
Chevron Corp.	5.3%
ConocoPhillips	3.3%
Williams Companies, Inc.	2.6%
EOG Resources, Inc.	2.3%
Kinder Morgan, Inc.	2.3%
SLB Ltd.	2.2%
Valero Energy Corp.	2.1%
Phillips 66	2.1%
ONEOK, Inc.	2.1%
Top 10 Total	31.2%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Exxon Mobil Corp.	6.9%
Chevron Corp.	5.3%
ConocoPhillips	3.3%
Williams Companies, Inc.	2.6%
EOG Resources, Inc.	2.3%
Kinder Morgan, Inc.	2.3%
SLB Ltd.	2.2%
Valero Energy Corp.	2.1%
Phillips 66	2.1%
ONEOK, Inc.	2.1%
Top 10 Total	31.2%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010383-123125

Guggenheim Investments

MUFG Logo

Energy Services Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Energy Services Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$181	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 1.74%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 8.67% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were oil & gas equipment & services, oil & gas drilling, and oil & gas storage & transportation. The industry that detracted the most was environmental & facilities services. The holdings that contributed the most to performance were Solaris Energy Infrastructure, Inc. - Class A, TechnipFMC plc, and Baker Hughes Co. Those that detracted the most were Atlas Energy Solutions, Inc., Patterson-UTI Energy, Inc., and Cactus, Inc.– Class A.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Energy Services Fund	1.74%	10.39%	-5.65%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Energy Index	8.67%	23.78%	8.32%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$2,730,695
Total Number of Portfolio Holdings	32
Portfolio Turnover Rate	2,071%
Total Advisory Fees Paid	$28,235

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Energy Services Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

SLB Ltd.	12.4%
Baker Hughes Co.	11.3%
Halliburton Co.	7.7%
TechnipFMC plc	4.4%
Weatherford International plc	3.9%
NOV, Inc.	3.9%
Archrock, Inc.	3.6%
Transocean Ltd.	3.5%
Tenaris S.A. ADR	3.2%
Cactus, Inc. — Class A	3.2%
Top 10 Total	57.1%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
SLB Ltd.	12.4%
Baker Hughes Co.	11.3%
Halliburton Co.	7.7%
TechnipFMC plc	4.4%
Weatherford International plc	3.9%
NOV, Inc.	3.9%
Archrock, Inc.	3.6%
Transocean Ltd.	3.5%
Tenaris S.A. ADR	3.2%
Cactus, Inc. — Class A	3.2%
Top 10 Total	57.1%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010384-123125

Guggenheim Investments

MUFG Logo

Financial Services Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Financial Services Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$189	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 10.76%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 15.02% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were diversified banks, investment banking & brokerage, and consumer finance. Those that detracted the most were transaction & payment processing services, insurance brokers, and multi-family residential REITs. The holdings that contributed the most to performance were Robinhood Markets, Inc. – Class A, JPMorgan Chase & Co., and Citigroup, Inc. Those that detracted the most were FiServ, Inc., PayPal Holdings, Inc., and Alexandria Real Estate Equities, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Financial Services Fund	10.76%	11.31%	9.88%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Financials Index	15.02%	15.27%	13.18%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$11,122,704
Total Number of Portfolio Holdings	161
Portfolio Turnover Rate	97%
Total Advisory Fees Paid	$90,112

^†

Guggenheim Investments

Financial Services Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Banks	28.1%
Diversified Financial Services	24.6%
Insurance	17.1%
REITs	15.6%
Commercial Services	6.8%
Private Equity	3.2%
Software	2.1%
Other	1.9%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.9%
Visa, Inc. — Class A	2.5%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.9%
Wells Fargo & Co.	1.7%
Goldman Sachs Group, Inc.	1.6%
Citigroup, Inc.	1.4%
Morgan Stanley	1.4%
Blackstone, Inc. — Class A	1.4%
Top 10 Total	20.1%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.9%
Visa, Inc. — Class A	2.5%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.9%
Wells Fargo & Co.	1.7%
Goldman Sachs Group, Inc.	1.6%
Citigroup, Inc.	1.4%
Morgan Stanley	1.4%
Blackstone, Inc. — Class A	1.4%
Top 10 Total	20.1%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010385-123125

Guggenheim Investments

MUFG Logo

Health Care Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Health Care Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$192	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 14.07%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 14.60% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care services. Those that detracted the most were managed health care and health care supplies. The holdings that contributed the most to performance were Eli Lilly and Co., Johnson & Johnson and CVS Health Corp. Those that detracted the most were UnitedHealth Group, Inc., Sarepta Therapeutics, Inc., and Novo Nordisk A/S ADR.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Health Care Fund	14.07%	4.64%	7.44%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Health Care Index	14.60%	8.21%	9.91%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$10,538,629
Total Number of Portfolio Holdings	136
Portfolio Turnover Rate	90%
Total Advisory Fees Paid	$87,116

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Health Care Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Pharmaceuticals	33.1%
Healthcare-Products	28.2%
Biotechnology	22.6%
Healthcare-Services	14.1%
Software	1.3%
Internet	0.3%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Eli Lilly & Co.	4.3%
Johnson & Johnson	3.1%
AbbVie, Inc.	2.9%
UnitedHealth Group, Inc.	2.4%
Merck & Company, Inc.	2.3%
Thermo Fisher Scientific, Inc.	2.1%
Abbott Laboratories	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	1.9%
Gilead Sciences, Inc.	1.7%
Top 10 Total	24.8%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Eli Lilly & Co.	4.3%
Johnson & Johnson	3.1%
AbbVie, Inc.	2.9%
UnitedHealth Group, Inc.	2.4%
Merck & Company, Inc.	2.3%
Thermo Fisher Scientific, Inc.	2.1%
Abbott Laboratories	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	1.9%
Gilead Sciences, Inc.	1.7%
Top 10 Total	24.8%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010386-123125

Guggenheim Investments

MUFG Logo

Internet Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Internet Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$196	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 18.50%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 24.04% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were communications equipment, interactive media & services, and internet services & infrastructure. Those that detracted the most were application software, transaction & payment processing, and human resource & employment services. The holdings that contributed the most to performance were Alphabet, Inc.—Class A, Lumentum Holdings, Inc., and Cloudflare, Inc.—Class A. Those that detracted the most were Salesforce, Inc., Adobe, Inc., and PayPal Holdings, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Internet Fund	18.50%	2.54%	11.93%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Information Technology Index	24.04%	20.91%	24.30%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$5,189,555
Total Number of Portfolio Holdings	85
Portfolio Turnover Rate	73%
Total Advisory Fees Paid	$45,634

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Internet Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Internet	56.8%
Software	25.1%
Telecommunications	11.3%
Computers	1.9%
Commercial Services	1.8%
Real Estate	1.0%
Entertainment	0.8%
Other	0.9%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Alphabet, Inc. — Class A	8.6%
Amazon.com, Inc.	6.6%
Meta Platforms, Inc. — Class A	5.7%
Netflix, Inc.	3.4%
Cisco Systems, Inc.	3.2%
Salesforce, Inc.	3.1%
Booking Holdings, Inc.	2.7%
Uber Technologies, Inc.	2.5%
Adobe, Inc.	2.3%
Arista Networks, Inc.	2.3%
Top 10 Total	40.4%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Alphabet, Inc. — Class A	8.6%
Amazon.com, Inc.	6.6%
Meta Platforms, Inc. — Class A	5.7%
Netflix, Inc.	3.4%
Cisco Systems, Inc.	3.2%
Salesforce, Inc.	3.1%
Booking Holdings, Inc.	2.7%
Uber Technologies, Inc.	2.5%
Adobe, Inc.	2.3%
Arista Networks, Inc.	2.3%
Top 10 Total	40.4%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010387-123125

Guggenheim Investments

MUFG Logo

Leisure Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Leisure Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$187	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 8.47%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.04% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were movies & entertainment, interactive home entertainment, and tobacco. Those that detracted the most were restaurants, distillers & vintners, and leisure facilities. The holdings that contributed the most to performance were EchoStar Corp.—Class A, Warner Bros Discovery, Inc., and Phillip Morris International, Inc. Those that detracted the most were Chipotle Mexican Grill, Inc.—Class A, Charter Communications, Inc—Class A, and Comcast Corp. — Class A.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Leisure Fund	8.47%	2.50%	7.27%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Consumer Discretionary Index	6.04%	9.02%	13.19%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$5,097,671
Total Number of Portfolio Holdings	94
Portfolio Turnover Rate	288%
Total Advisory Fees Paid	$42,504

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Leisure Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Internet	18.3%
Retail	18.2%
Media	14.3%
Entertainment	10.0%
Lodging	8.7%
Leisure Time	7.9%
Agriculture	7.3%
Software	7.2%
Other	7.6%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Netflix, Inc.	4.9%
Philip Morris International, Inc.	3.9%
McDonald's Corp.	3.5%
Walt Disney Co.	3.5%
Booking Holdings, Inc.	3.2%
Comcast Corp. — Class A	2.6%
Starbucks Corp.	2.4%
Altria Group, Inc.	2.3%
DoorDash, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.1%
Top 10 Total	30.6%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Netflix, Inc.	4.9%
Philip Morris International, Inc.	3.9%
McDonald's Corp.	3.5%
Walt Disney Co.	3.5%
Booking Holdings, Inc.	3.2%
Comcast Corp. — Class A	2.6%
Starbucks Corp.	2.4%
Altria Group, Inc.	2.3%
DoorDash, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.1%
Top 10 Total	30.6%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010388-123125

Guggenheim Investments

MUFG Logo

Precious Metals Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Precious Metals Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$292	1.68%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 147.37%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 10.54% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were gold, silver, and precious metals & minerals. No industry detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnico Eagle Mines Ltd., and Barrick Mining Corp. The holdings that detracted the most was Triple Flag Precious Metals Corp.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Precious Metals Fund	147.37%	17.52%	21.08%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Materials Index	10.54%	6.79%	9.92%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$41,226,276
Total Number of Portfolio Holdings	39
Portfolio Turnover Rate	178%
Total Advisory Fees Paid	$199,938

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Precious Metals Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Newmont Corp.	8.0%
Agnico Eagle Mines Ltd.	7.1%
Freeport-McMoRan, Inc.	6.8%
Barrick Mining Corp.	6.6%
Wheaton Precious Metals Corp.	5.6%
Anglogold Ashanti plc	4.4%
Gold Fields Ltd. ADR	4.1%
Kinross Gold Corp.	4.0%
Pan American Silver Corp.	3.6%
Franco-Nevada Corp.	3.5%
Top 10 Total	53.7%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Newmont Corp.	8.0%
Agnico Eagle Mines Ltd.	7.1%
Freeport-McMoRan, Inc.	6.8%
Barrick Mining Corp.	6.6%
Wheaton Precious Metals Corp.	5.6%
Anglogold Ashanti plc	4.4%
Gold Fields Ltd. ADR	4.1%
Kinross Gold Corp.	4.0%
Pan American Silver Corp.	3.6%
Franco-Nevada Corp.	3.5%
Top 10 Total	53.7%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010412-123125

Guggenheim Investments

MUFG Logo

Real Estate Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Real Estate Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$181	1.78%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 2.88%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned 2.95% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were real estate services, health care REITs, and industrial REITs. Those that detracted the most were office REITs, multi-family residential REITs, and self-storage REITs. The holdings that contributed the most to performance were Opendoor Technologies, Inc., Welltower, Inc., and Prologis, Inc. Those that detracted the most were Alexandria Real Estate Equities Inc., Equinix, Inc., and Americold Realty Trust, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Real Estate Fund	2.88%	3.02%	4.00%
S&P 500 Index	17.88%	14.42%	14.82%
MSCI U.S. REIT Index	2.95%	6.58%	5.71%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$3,766,976
Total Number of Portfolio Holdings	95
Portfolio Turnover Rate	269%
Total Advisory Fees Paid	$30,856

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the MSCI U.S. REIT Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Real Estate Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
REITs-Diversified	21.7%
REITs-Health Care	13.1%
REITs-Apartments	11.4%
REITs-Warehouse/Industries	9.4%
Real Estate Management/Services	8.2%
REITs-Shopping Centers	6.8%
REITs-Storage	6.8%
Other	21.9%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Welltower, Inc.	3.8%
Prologis, Inc.	3.6%
American Tower Corp. — Class A	2.9%
Equinix, Inc.	2.9%
Simon Property Group, Inc.	2.5%
Digital Realty Trust, Inc.	2.4%
Realty Income Corp.	2.4%
CBRE Group, Inc. — Class A	2.3%
Public Storage	2.0%
Crown Castle, Inc.	2.0%
Top 10 Total	26.8%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Welltower, Inc.	3.8%
Prologis, Inc.	3.6%
American Tower Corp. — Class A	2.9%
Equinix, Inc.	2.9%
Simon Property Group, Inc.	2.5%
Digital Realty Trust, Inc.	2.4%
Realty Income Corp.	2.4%
CBRE Group, Inc. — Class A	2.3%
Public Storage	2.0%
Crown Castle, Inc.	2.0%
Top 10 Total	26.8%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010395-123125

Guggenheim Investments

MUFG Logo

Retailing Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Retailing Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$187	1.78%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 10.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.04% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were broadline retail, automotive retail, and apparel retail. Those that detracted the most were home improvement retail, computer & electronics retail and interactive home entertainment. The holdings that contributed the most to performance were Carvana Co., Alibaba Group Holding Ltd. ADR, and TJX Companies, Inc. Those that detracted the most were CarMax, Inc., Target Corp., and Sea Ltd. ADR.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Retailing Fund	10.18%	4.22%	9.18%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Consumer Discretionary Index	6.04%	9.02%	13.19%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$3,109,101
Total Number of Portfolio Holdings	63
Portfolio Turnover Rate	292%
Total Advisory Fees Paid	$21,605

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Retailing Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Retail	66.3%
Internet	29.3%
Distribution & Wholesale	1.8%
Software	1.3%
Commercial Services	0.7%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Amazon.com, Inc.	10.6%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.3%
TJX Companies, Inc.	4.2%
Home Depot, Inc.	4.0%
Lowe's Companies, Inc.	3.9%
Carvana Co.	3.0%
O'Reilly Automotive, Inc.	3.0%
PDD Holdings, Inc. ADR	2.6%
Ross Stores, Inc.	2.6%
Top 10 Total	43.0%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Amazon.com, Inc.	10.6%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.3%
TJX Companies, Inc.	4.2%
Home Depot, Inc.	4.0%
Lowe's Companies, Inc.	3.9%
Carvana Co.	3.0%
O'Reilly Automotive, Inc.	3.0%
PDD Holdings, Inc. ADR	2.6%
Ross Stores, Inc.	2.6%
Top 10 Total	43.0%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010389-123125

Guggenheim Investments

MUFG Logo

Technology Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Technology Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$201	1.78%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 25.70%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 24.04% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were semiconductors, interactive media & services, and semiconductor materials & equipment. The industry that detracted the most was technology distributors. The holdings that contributed the most to performance were Alphabet, Inc.—Class A, NVIDIA Corp., and Palantir Technologies, Inc.—Class A. Those that detracted the most were Salesforce, Inc., Adobe, Inc., and Marvell Technology, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Technology Fund	25.70%	12.27%	18.37%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Information Technology Index	24.04%	20.91%	24.30%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$28,793,259
Total Number of Portfolio Holdings	143
Portfolio Turnover Rate	190%
Total Advisory Fees Paid	$200,602

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Technology Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Software	28.2%
Semiconductors	27.2%
Computers	16.5%
Internet	15.5%
Telecommunications	4.8%
Electronics	3.7%
Investment Companies	1.4%
Other	2.3%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

NVIDIA Corp.	5.8%
Apple, Inc.	5.3%
Alphabet, Inc. — Class A	5.3%
Microsoft Corp.	5.1%
Meta Platforms, Inc. — Class A	3.5%
Broadcom, Inc.	3.2%
Palantir Technologies, Inc. — Class A	1.7%
Micron Technology, Inc.	1.6%
Oracle Corp.	1.6%
Advanced Micro Devices, Inc.	1.6%
Top 10 Total	34.7%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
NVIDIA Corp.	5.8%
Apple, Inc.	5.3%
Alphabet, Inc. — Class A	5.3%
Microsoft Corp.	5.1%
Meta Platforms, Inc. — Class A	3.5%
Broadcom, Inc.	3.2%
Palantir Technologies, Inc. — Class A	1.7%
Micron Technology, Inc.	1.6%
Oracle Corp.	1.6%
Advanced Micro Devices, Inc.	1.6%
Top 10 Total	34.7%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010391-123125

Guggenheim Investments

MUFG Logo

Telecommunications Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Telecommunications Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$206	1.78%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 31.13%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 6.91% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were communications equipment, alternative carriers, and integrated telecommunication services. No industry detracted from performance. The holdings that contributed the most to performance were EchoStar Corp.—Class A, Lumentum Holdings, Inc., and Ciena Corp. Those that detracted the most were Charter Communications, Inc.—Class A, Comcast Corp. – Class A, and Cogent Communications Holdings, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Telecommunications Fund	31.13%	5.45%	6.64%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Telecommunication Services Index	6.91%	4.09%	5.10%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$3,776,220
Total Number of Portfolio Holdings	49
Portfolio Turnover Rate	574%
Total Advisory Fees Paid	$33,361

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Telecommunications Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Telecommunications	77.2%
Media	10.5%
Internet	5.6%
Computers	4.1%
Aerospace & Defense	1.2%
Electronics	0.9%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Cisco Systems, Inc.	8.4%
AT&T, Inc.	6.8%
Verizon Communications, Inc.	6.4%
Arista Networks, Inc.	5.9%
Comcast Corp. — Class A	5.6%
T-Mobile US, Inc.	5.1%
Motorola Solutions, Inc.	4.5%
Ciena Corp.	3.5%
EchoStar Corp. — Class A	3.4%
Lumentum Holdings, Inc.	3.2%
Top 10 Total	52.8%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Cisco Systems, Inc.	8.4%
AT&T, Inc.	6.8%
Verizon Communications, Inc.	6.4%
Arista Networks, Inc.	5.9%
Comcast Corp. — Class A	5.6%
T-Mobile US, Inc.	5.1%
Motorola Solutions, Inc.	4.5%
Ciena Corp.	3.5%
EchoStar Corp. — Class A	3.4%
Lumentum Holdings, Inc.	3.2%
Top 10 Total	52.8%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010392-123125

Guggenheim Investments

MUFG Logo

Transportation Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Transportation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$188	1.78%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 11.79%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 19.42% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were automobile manufacturers, passenger airlines, passenger ground transportation, and automotive parts & equipment. Those that detracted the most were cargo ground transportation and motorcycle manufacturers. The holdings that contributed the most to performance were Tesla, Inc., Uber Technologies, Inc., and General Motors Co. Those that detracted the most were United Parcel Service, Inc. — Class B, Mobileye Global, Inc.—Class A and Lucid Group, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Transportation Fund	11.79%	2.32%	8.06%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Industrials Index	19.42%	13.66%	13.02%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$3,431,956
Total Number of Portfolio Holdings	78
Portfolio Turnover Rate	1,303%
Total Advisory Fees Paid	$29,003

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Transportation Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Transportation	37.5%
Auto Manufacturers	27.0%
Auto Parts & Equipment	12.2%
Airlines	12.0%
Internet	6.4%
Leisure Time	0.9%
Aerospace & Defense	0.8%
Other	1.5%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Tesla, Inc.	12.3%
Uber Technologies, Inc.	4.3%
Union Pacific Corp.	3.9%
United Parcel Service, Inc. — Class B	3.1%
General Motors Co.	3.0%
CSX Corp.	2.7%
Norfolk Southern Corp.	2.7%
FedEx Corp.	2.7%
Ford Motor Co.	2.4%
Delta Air Lines, Inc.	2.3%
Top 10 Total	39.4%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Tesla, Inc.	12.3%
Uber Technologies, Inc.	4.3%
Union Pacific Corp.	3.9%
United Parcel Service, Inc. — Class B	3.1%
General Motors Co.	3.0%
CSX Corp.	2.7%
Norfolk Southern Corp.	2.7%
FedEx Corp.	2.7%
Ford Motor Co.	2.4%
Delta Air Lines, Inc.	2.3%
Top 10 Total	39.4%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010393-123125

Guggenheim Investments

MUFG Logo

Utilities Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Utilities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$194	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 17.07%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 16.04% for the same period.

What factors materially affected the fund's performance over the last year?

The industries that contributed the most to performance were electric utilities, multi-utilities, and independent power producers & energy traders. No industry detracted from performance. The holdings that contributed the most to performance were Constellation Energy Corp., NRG Energy, Inc., and Oklo, Inc. Those that detracted the most were PG&E Corp., Edison International, and Sunnova Energy International, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Utilities Fund	17.07%	8.56%	8.60%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Utilities Index	16.04%	9.73%	10.61%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$9,900,669
Total Number of Portfolio Holdings	53
Portfolio Turnover Rate	249%
Total Advisory Fees Paid	$90,146

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Utilities Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

NextEra Energy, Inc.	5.3%
Constellation Energy Corp.	4.2%
Southern Co.	4.1%
Duke Energy Corp.	4.0%
American Electric Power Company, Inc.	3.2%
Sempra	3.1%
Dominion Energy, Inc.	2.9%
Vistra Corp.	2.9%
Exelon Corp.	2.8%
Xcel Energy, Inc.	2.7%
Top 10 Total	35.2%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
NextEra Energy, Inc.	5.3%
Constellation Energy Corp.	4.2%
Southern Co.	4.1%
Duke Energy Corp.	4.0%
American Electric Power Company, Inc.	3.2%
Sempra	3.1%
Dominion Energy, Inc.	2.9%
Vistra Corp.	2.9%
Exelon Corp.	2.8%
Xcel Energy, Inc.	2.7%
Top 10 Total	35.2%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010394-123125

Guggenheim Investments

MUFG Logo

Dow 2x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$203	1.85%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 19.49%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 14.92% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were financials, industrials, and information technology. Those that detracted the most were health care, materials, and consumer discretionary. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Caterpillar, Inc., and JP Morgan Chase & Co. Those that detracted the most were UnitedHealth Group, Inc. Salesforce, Inc., and Home Depot, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Dow 2x Strategy Fund	19.49%	14.77%	18.17%
S&P 500 Index	17.88%	14.42%	14.82%
Dow Jones Industrial Average	14.92%	11.58%	13.11%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$8,226,509
Total Number of Portfolio Holdings	37
Portfolio Turnover Rate	978%
Total Advisory Fees Paid	$63,262

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Dow 2x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Dow Jones Industrial Average Equity Mini Futures Contracts	82.3%
Dow Jones Industrial Average Equity Swap Agreements	37.0%
Financial	22.9%
Technology	15.6%
Consumer, Non-cyclical	12.3%
Industrial	11.9%
Consumer, Cyclical	8.5%
Other	9.8%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Goldman Sachs Group, Inc.	9.1%
Caterpillar, Inc.	6.0%
Microsoft Corp.	5.0%
American Express Co.	3.8%
Visa, Inc. — Class A	3.6%
Home Depot, Inc.	3.6%
UnitedHealth Group, Inc.	3.4%
Amgen, Inc.	3.4%
Sherwin-Williams Co.	3.4%
JPMorgan Chase & Co.	3.4%
Top 10 Total	44.7%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Goldman Sachs Group, Inc.	9.1%
Caterpillar, Inc.	6.0%
Microsoft Corp.	5.0%
American Express Co.	3.8%
Visa, Inc. — Class A	3.6%
Home Depot, Inc.	3.6%
UnitedHealth Group, Inc.	3.4%
Amgen, Inc.	3.4%
Sherwin-Williams Co.	3.4%
JPMorgan Chase & Co.	3.4%
Top 10 Total	44.7%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010422-123125

Guggenheim Investments

MUFG Logo

Inverse Dow 2x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$165	1.84%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned -20.69%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 14.92% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were financials, industrials, and information technology. Those that detracted the most were health care, materials, and consumer discretionary. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Caterpillar, Inc., and JP Morgan Chase & Co. Those that detracted the most were UnitedHealth Group, Inc. Salesforce, Inc., and Home Depot, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Inverse Dow 2x Strategy Fund	-20.69%	-18.02%	-25.05%
S&P 500 Index	17.88%	14.42%	14.82%
Dow Jones Industrial Average	14.92%	11.58%	13.11%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$488,766
Total Number of Portfolio Holdings	7
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$8,372

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Inverse Dow 2x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010424-123125

Guggenheim Investments

MUFG Logo

Mid-Cap 1.5x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$184	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 5.04%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 7.50% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were industrials, information technology, and financials. The sectors that detracted the most were consumer discretionary and consumer staples. The holdings that contributed the most to the return of the underlying index were Ciena Corp., Comfort Systems USA, Inc., and Lumentum Holdings, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Avantor, Inc., and Nutanix, Inc.—Class A. The Fund maintained a correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Mid-Cap 1.5x Strategy Fund	5.04%	8.37%	11.16%
S&P 500 Index	17.88%	14.42%	14.82%
S&P MidCap 400 Index	7.50%	9.12%	10.72%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$3,599,249
Total Number of Portfolio Holdings	409
Portfolio Turnover Rate	20%
Total Advisory Fees Paid	$28,611

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Mid-Cap 1.5x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements	77.3%
Industrial	16.8%
Financial	16.3%
Consumer, Non-cyclical	10.9%
Consumer, Cyclical	9.9%
Technology	7.7%
Energy	3.2%
Other	7.9%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Ultra Short Duration Fund — Institutional Class	4.5%
Guggenheim Strategy Fund II	2.2%
Ciena Corp.	0.8%
Coherent Corp.	0.7%
Lumentum Holdings, Inc.	0.6%
Flex Ltd.	0.5%
Twilio, Inc. — Class A	0.5%
Pure Storage, Inc. — Class A	0.5%
United Therapeutics Corp.	0.5%
Casey's General Stores, Inc.	0.5%
Top 10 Total	11.3%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	4.5%
Guggenheim Strategy Fund II	2.2%
Ciena Corp.	0.8%
Coherent Corp.	0.7%
Lumentum Holdings, Inc.	0.6%
Flex Ltd.	0.5%
Twilio, Inc. — Class A	0.5%
Pure Storage, Inc. — Class A	0.5%
United Therapeutics Corp.	0.5%
Casey's General Stores, Inc.	0.5%
Top 10 Total	11.3%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010396-123125

Guggenheim Investments

MUFG Logo

Inverse Mid-Cap Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$175	1.80%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned -5.11%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 7.50% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were industrials, information technology, and financials. The sectors that detracted the most were consumer discretionary and consumer staples. The holdings that contributed the most to the return of the underlying index were Ciena Corp., Comfort Systems USA, Inc., and Lumentum Holdings, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Avantor, Inc., and Nutanix, Inc.—Class A. The Fund maintained a daily correlation of 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Inverse Mid-Cap Strategy Fund	-5.11%	-7.51%	-10.94%
S&P 500 Index	17.88%	14.42%	14.82%
S&P MidCap 400 Index	7.50%	9.12%	10.72%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$115,358
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$985

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Inverse Mid-Cap Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Ultra Short Duration Fund — Institutional Class	21.5%
Guggenheim Strategy Fund II	17.7%
Total	39.2%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010414-123125

Guggenheim Investments

MUFG Logo

NASDAQ-100^® Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the NASDAQ-100^® Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$188	1.72%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 19.04%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 21.02% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were information technology, communication services, and consumer discretionary. Those that detracted the most were industrials, financials, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were Adobe, Inc., Trade Desk, Inc.—Class A, and Marvell Technology, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
NASDAQ-100^® Fund	19.04%	13.32%	17.60%
S&P 500 Index	17.88%	14.42%	14.82%
NASDAQ-100 Index	21.02%	15.30%	19.70%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$121,017,516
Total Number of Portfolio Holdings	111
Portfolio Turnover Rate	152%
Total Advisory Fees Paid	$837,036

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

NASDAQ-100^® Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Technology	38.6%
Communications	22.1%
NASDAQ-100 Index Equity Mini Futures Contracts	13.9%
NASDAQ-100 Index Equity Swap Agreements	7.4%
Consumer, Non-cyclical	7.4%
Consumer, Cyclical	6.7%
Industrial	1.4%
Other	2.5%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Ultra Short Duration Fund — Institutional Class	7.6%
Guggenheim Strategy Fund II	7.1%
NVIDIA Corp.	7.1%
Apple, Inc.	6.3%
Microsoft Corp.	5.7%
Amazon.com, Inc.	3.9%
Tesla, Inc.	3.1%
Meta Platforms, Inc. — Class A	3.0%
Alphabet, Inc. — Class A	2.9%
Alphabet, Inc. — Class C	2.7%
Top 10 Total	49.4%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	7.6%
Guggenheim Strategy Fund II	7.1%
NVIDIA Corp.	7.1%
Apple, Inc.	6.3%
Microsoft Corp.	5.7%
Amazon.com, Inc.	3.9%
Tesla, Inc.	3.1%
Meta Platforms, Inc. — Class A	3.0%
Alphabet, Inc. — Class A	2.9%
Alphabet, Inc. — Class C	2.7%
Top 10 Total	49.4%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010425-123125

Guggenheim Investments

MUFG Logo

NASDAQ-100^® 2x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the NASDAQ-100^® 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$218	1.90%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 29.24%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 21.02% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were information technology, communication services, and consumer discretionary. Those that detracted the most were industrials, financials, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were Adobe, Inc., Trade Desk, Inc.—Class A, and Marvell Technology, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
NASDAQ-100^® 2x Strategy Fund	29.24%	18.83%	29.69%
S&P 500 Index	17.88%	14.42%	14.82%
NASDAQ-100 Index	21.02%	15.30%	19.70%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$149,185,631
Total Number of Portfolio Holdings	111
Portfolio Turnover Rate	497%
Total Advisory Fees Paid	$1,067,195

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

NASDAQ-100^® 2x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
NASDAQ-100 Index Equity Mini Futures Contracts	89.4%
Technology	44.0%
Communications	25.2%
NASDAQ-100 Index Equity Swap Agreements	20.5%
Consumer, Non-cyclical	8.4%
Consumer, Cyclical	7.7%
Industrial	1.6%
Other	2.8%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

NVIDIA Corp.	8.1%
Apple, Inc.	7.2%
Microsoft Corp.	6.4%
Amazon.com, Inc.	4.4%
Tesla, Inc.	3.6%
Meta Platforms, Inc. — Class A	3.5%
Alphabet, Inc. — Class A	3.3%
Alphabet, Inc. — Class C	3.0%
Broadcom, Inc.	2.9%
Palantir Technologies, Inc. — Class A	2.0%
Top 10 Total	44.4%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or in investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
NVIDIA Corp.	8.1%
Apple, Inc.	7.2%
Microsoft Corp.	6.4%
Amazon.com, Inc.	4.4%
Tesla, Inc.	3.6%
Meta Platforms, Inc. — Class A	3.5%
Alphabet, Inc. — Class A	3.3%
Alphabet, Inc. — Class C	3.0%
Broadcom, Inc.	2.9%
Palantir Technologies, Inc. — Class A	2.0%
Top 10 Total	44.4%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010421-123125

Guggenheim Investments

MUFG Logo

Inverse NASDAQ-100^® Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Inverse NASDAQ-100^® Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$165	1.79%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned -16.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 21.02% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were information technology, communication services, and consumer discretionary. Those that detracted the most were industrials, financials, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were Adobe, Inc., Trade Desk, Inc.—Class A, and Marvell Technology, Inc. The fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Inverse NASDAQ-100^® Strategy Fund	-16.18%	-13.53%	-17.67%
S&P 500 Index	17.88%	14.42%	14.82%
NASDAQ-100 Index	21.02%	15.30%	19.70%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$492,316
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$11,446

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Inverse NASDAQ-100^® Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Ultra Short Duration Fund — Institutional Class	24.2%
Guggenheim Strategy Fund II	24.0%
Total	48.2%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010426-123125

Guggenheim Investments

MUFG Logo

Russell 2000^® 1.5x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Russell 2000^® 1.5x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$191	1.80%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 12.47%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 12.81% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were health care, industrials, and financials. The sectors that detracted the most were consumer staples and energy. The holdings that contributed the most were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and EchoStar Corp.—Class A. Those that detracted the most were Vaxcyte, Inc., SPS Commerce, Inc., and Six Flags Entertainment Corp. The fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Russell 2000^® 1.5x Strategy Fund	12.47%	3.43%	9.25%
S&P 500 Index	17.88%	14.42%	14.82%
Russell 2000 Index	12.81%	6.09%	10.08%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$2,890,126
Total Number of Portfolio Holdings	1,949
Portfolio Turnover Rate	5%
Total Advisory Fees Paid	$21,165

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Russell 2000^® 1.5x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	61.3%
Exchange-Traded Funds	32.2%
Russell 2000 Index Equity Mini Futures Contracts	30.3%
Consumer, Non-cyclical	6.2%
Financial	6.1%
Industrial	4.4%
Consumer, Cyclical	2.6%
Other	7.0%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Vanguard Russell 2000 ETF	16.1%
iShares Russell 2000 Index ETF	16.1%
Guggenheim Strategy Fund II	6.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.0%
Credo Technology Group Holding Ltd.	0.2%
Bloom Energy Corp. — Class A	0.2%
Fabrinet	0.1%
IonQ, Inc.	0.1%
EchoStar Corp. — Class A	0.1%
Kratos Defense & Security Solutions, Inc.	0.1%
Top 10 Total	45.0%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Vanguard Russell 2000 ETF	16.1%
iShares Russell 2000 Index ETF	16.1%
Guggenheim Strategy Fund II	6.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.0%
Credo Technology Group Holding Ltd.	0.2%
Bloom Energy Corp. — Class A	0.2%
Fabrinet	0.1%
IonQ, Inc.	0.1%
EchoStar Corp. — Class A	0.1%
Kratos Defense & Security Solutions, Inc.	0.1%
Top 10 Total	45.0%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010397-123125

Guggenheim Investments

MUFG Logo

Russell 2000^® 2x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Russell 2000^® 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$199	1.88%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 12.07%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 12.81% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were health care, industrials, and financials. The sectors that detracted the most were consumer staples and energy. The holdings that contributed the most were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and EchoStar Corp.—Class A. Those that detracted the most were Vaxcyte, Inc., SPS Commerce, Inc., and Six Flags Entertainment Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Russell 2000^® 2x Strategy Fund	12.07%	1.43%	9.07%
S&P 500 Index	17.88%	14.42%	14.82%
Russell 2000 Index	12.81%	6.09%	10.08%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$6,594,109
Total Number of Portfolio Holdings	12
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$43,321

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Russell 2000^® 2x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Vanguard Russell 2000 ETF	3.5%
iShares Russell 2000 Index ETF	3.5%
Total	7.0%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000032290-123125

Guggenheim Investments

MUFG Logo

Inverse Russell 2000^® Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Inverse Russell 2000^® Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$172	1.81%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned -9.58%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 12.81% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were health care, industrials, and financials. The sectors that detracted the most were consumer staples and energy. The holdings that contributed the most were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and EchoStar Corp.—Class A. Those that detracted the most were Vaxcyte, Inc., SPS Commerce, Inc., and Six Flags Entertainment Corp. The fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Inverse Russell 2000^® Strategy Fund	-9.58%	-6.24%	-11.19%
S&P 500 Index	17.88%	14.42%	14.82%
Russell 2000 Index	12.81%	6.09%	10.08%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$207,126
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$5,162

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Inverse Russell 2000^® Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Strategy Fund II	23.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	23.3%
Total	46.9%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010415-123125

Guggenheim Investments

MUFG Logo

Nova Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Nova Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$189	1.71%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 20.87%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were information technology, communication services, and financials. No sector detracted from performance. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Alphabet, Inc.—Class A, and Microsoft Corp. Those that detracted the most were UnitedHealth Group, Inc, Fiserv, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Nova Fund	20.87%	16.53%	17.73%
S&P 500 Index	17.88%	14.42%	14.82%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$41,598,981
Total Number of Portfolio Holdings	513
Portfolio Turnover Rate	197%
Total Advisory Fees Paid	$254,143

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

^†

Guggenheim Investments

Nova Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
S&P 500 Index Equity Mini Futures Contracts	52.2%
Technology	26.0%
S&P 500 Index Equity Swap Agreements	18.2%
Communications	13.5%
Financial	11.3%
Consumer, Non-cyclical	11.1%
Consumer, Cyclical	6.5%
Industrial	6.0%
Other	5.2%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25


NVIDIA Corp.	6.2%
Apple, Inc.	5.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.9%
Microsoft Corp.	4.9%
Guggenheim Strategy Fund II	4.7%
Amazon.com, Inc.	3.1%
Alphabet, Inc. — Class A	2.5%
Broadcom, Inc.	2.2%
Alphabet, Inc. — Class C	2.0%
Meta Platforms, Inc. — Class A	1.9%
Top 10 Total	37.9%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25


NVIDIA Corp.	6.2%
Apple, Inc.	5.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.9%
Microsoft Corp.	4.9%
Guggenheim Strategy Fund II	4.7%
Amazon.com, Inc.	3.1%
Alphabet, Inc. — Class A	2.5%
Broadcom, Inc.	2.2%
Alphabet, Inc. — Class C	2.0%
Meta Platforms, Inc. — Class A	1.9%
Top 10 Total	37.9%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010401-123125

Guggenheim Investments

MUFG Logo

S&P 500^® 2x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the S&P 500^® 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$214	1.90%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 25.28%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were information technology, communication services, and financials. No sector detracted from performance. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Alphabet, Inc.—Class A, and Microsoft Corporation. Those that detracted the most were UnitedHealth Group, Inc, Fiserv, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
S&P 500^® 2x Strategy Fund	25.28%	19.77%	21.33%
S&P 500 Index	17.88%	14.42%	14.82%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$108,631,455
Total Number of Portfolio Holdings	513
Portfolio Turnover Rate	73%
Total Advisory Fees Paid	$645,052

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

^†

Guggenheim Investments

S&P 500^® 2x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	60.5%
S&P 500 Index Equity Mini Futures Contracts	59.6%
Technology	26.1%
Communications	13.6%
Financial	11.4%
Consumer, Non-cyclical	11.1%
Consumer, Cyclical	6.5%
Industrial	6.0%
Other	5.2%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

NVIDIA Corp.	6.2%
Apple, Inc.	5.5%
Microsoft Corp.	4.9%
Amazon.com, Inc.	3.1%
Alphabet, Inc. — Class A	2.5%
Broadcom, Inc.	2.2%
Alphabet, Inc. — Class C	2.0%
Meta Platforms, Inc. — Class A	2.0%
Tesla, Inc.	1.7%
Berkshire Hathaway, Inc. — Class B	1.3%
Top 10 Total	31.4%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
NVIDIA Corp.	6.2%
Apple, Inc.	5.5%
Microsoft Corp.	4.9%
Amazon.com, Inc.	3.1%
Alphabet, Inc. — Class A	2.5%
Broadcom, Inc.	2.2%
Alphabet, Inc. — Class C	2.0%
Meta Platforms, Inc. — Class A	2.0%
Tesla, Inc.	1.7%
Berkshire Hathaway, Inc. — Class B	1.3%
Top 10 Total	31.4%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010420-123125

Guggenheim Investments

MUFG Logo

Inverse S&P 500^® Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Inverse S&P 500^® Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$168	1.78%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned -11.76%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index were information technology, communication services, and financials. No sector detracted from performance. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Alphabet, Inc.—Class A, and Microsoft Corp. Those that detracted the most were UnitedHealth Group, Inc, Fiserv, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Inverse S&P 500^® Strategy Fund	-11.76%	-10.49%	-12.91%
S&P 500 Index	17.88%	14.42%	14.82%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$1,269,162
Total Number of Portfolio Holdings	13
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$11,452

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

^†

Guggenheim Investments

Inverse S&P 500^® Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Ultra Short Duration Fund — Institutional Class	9.2%
Guggenheim Strategy Fund II	9.0%
Total	18.2%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010423-123125

Guggenheim Investments

MUFG Logo

S&P 500^® Pure Growth Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the S&P 500^® Pure Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$179	1.69%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 11.75%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 13.86% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, information technology, and consumer discretionary. The sectors that detracted were financials, energy, and materials. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc.—Class A, Howmet Aerospace, Inc., and Tapestry, Inc. Those that detracted the most were Trade Desk, Inc.—Class A, Deckers Outdoor Corp., and Fiserv, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
S&P 500^® Pure Growth Fund	11.75%	6.62%	10.34%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Pure Growth Index	13.86%	8.41%	12.24%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$24,647,882
Total Number of Portfolio Holdings	61
Portfolio Turnover Rate	197%
Total Advisory Fees Paid	$200,575

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

S&P 500^® Pure Growth Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Technology	21.8%
Consumer, Cyclical	19.0%
Communications	18.6%
Consumer, Non-cyclical	14.5%
Industrial	14.2%
Financial	6.1%
Energy	2.2%
Other	3.3%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Berkshire Hathaway, Inc. — Class B	2.9%
AppLovin Corp. — Class A	2.5%
Palantir Technologies, Inc. — Class A	2.5%
Comfort Systems USA, Inc.	2.4%
Amphenol Corp. — Class A	2.4%
Howmet Aerospace, Inc.	2.3%
TKO Group Holdings, Inc.	2.2%
Eli Lilly & Co.	2.2%
First Solar, Inc.	2.2%
Robinhood Markets, Inc. — Class A	2.2%
Top 10 Total	23.8%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Berkshire Hathaway, Inc. — Class B	2.9%
AppLovin Corp. — Class A	2.5%
Palantir Technologies, Inc. — Class A	2.5%
Comfort Systems USA, Inc.	2.4%
Amphenol Corp. — Class A	2.4%
Howmet Aerospace, Inc.	2.3%
TKO Group Holdings, Inc.	2.2%
Eli Lilly & Co.	2.2%
First Solar, Inc.	2.2%
Robinhood Markets, Inc. — Class A	2.2%
Top 10 Total	23.8%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010408-123125

Guggenheim Investments

MUFG Logo

S&P 500^® Pure Value Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the S&P 500^® Pure Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$183	1.69%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 16.02%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 17.66% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and health care. Those that detracted the most were materials and real estate. The holdings that contributed the most to the return of the underlying index for the reporting period were Warner Bros Discovery, Inc.—Series A, CVS Health Corp, and General Motors Company. Those that detracted the most were Centene Corp., CarMax, Inc., and Molina Healthcare, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
S&P 500^® Pure Value Fund	16.02%	12.00%	8.64%
S&P 500 Index	17.88%	14.42%	14.82%
S&P 500 Pure Value Index	17.66%	13.92%	10.53%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$17,500,306
Total Number of Portfolio Holdings	124
Portfolio Turnover Rate	247%
Total Advisory Fees Paid	$129,042

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

S&P 500^® Pure Value Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Consumer, Non-cyclical	32.2%
Financial	19.8%
Consumer, Cyclical	12.4%
Energy	8.3%
Basic Materials	8.1%
Communications	6.6%
Industrial	5.8%
Other	6.2%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Ford Motor Co.	2.0%
Bunge Global S.A.	2.0%
General Motors Co.	1.9%
Mosaic Co.	1.9%
Centene Corp.	1.9%
Molina Healthcare, Inc.	1.8%
Tyson Foods, Inc. — Class A	1.8%
Archer-Daniels-Midland Co.	1.8%
Cigna Group	1.8%
CVS Health Corp.	1.7%
Top 10 Total	18.6%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Ford Motor Co.	2.0%
Bunge Global S.A.	2.0%
General Motors Co.	1.9%
Mosaic Co.	1.9%
Centene Corp.	1.9%
Molina Healthcare, Inc.	1.8%
Tyson Foods, Inc. — Class A	1.8%
Archer-Daniels-Midland Co.	1.8%
Cigna Group	1.8%
CVS Health Corp.	1.7%
Top 10 Total	18.6%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010407-123125

Guggenheim Investments

MUFG Logo

S&P MidCap 400^® Pure Growth Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the S&P MidCap 400^® Pure Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$175	1.69%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 7.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned 9.10% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, materials and health care. Those that detracted the most from the return of the underlying index were consumer discretionary, consumer staples, and financials. The holdings that contributed the most to the return of the underly index for the reporting period were Comfort Systems USA, Inc., Roivant Sciences Ltd., and Carpenter Technology Corp. Those that detracted the most were Sarepta Therapeutics, Shift4 Payments, Inc.—Class A, and AAON, Inc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
S&P MidCap 400^® Pure Growth Fund	7.18%	4.39%	6.85%
S&P 500 Index	17.88%	14.42%	14.82%
S&P MidCap 400 Pure Growth Index	9.10%	6.21%	8.68%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$9,008,049
Total Number of Portfolio Holdings	93
Portfolio Turnover Rate	188%
Total Advisory Fees Paid	$67,763

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

S&P MidCap 400^® Pure Growth Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Industrial	26.6%
Consumer, Non-cyclical	26.1%
Technology	13.1%
Consumer, Cyclical	12.5%
Basic Materials	5.7%
Communications	5.5%
Financial	4.1%
Other	6.4%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Medpace Holdings, Inc.	2.2%
Halozyme Therapeutics, Inc.	2.1%
Celsius Holdings, Inc.	2.0%
Talen Energy Corp.	2.0%
Woodward, Inc.	1.9%
Hecla Mining Co.	1.9%
AeroVironment, Inc.	1.9%
EchoStar Corp. — Class A	1.9%
Five Below, Inc.	1.8%
Rambus, Inc.	1.7%
Top 10 Total	19.4%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Medpace Holdings, Inc.	2.2%
Halozyme Therapeutics, Inc.	2.1%
Celsius Holdings, Inc.	2.0%
Talen Energy Corp.	2.0%
Woodward, Inc.	1.9%
Hecla Mining Co.	1.9%
AeroVironment, Inc.	1.9%
EchoStar Corp. — Class A	1.9%
Five Below, Inc.	1.8%
Rambus, Inc.	1.7%
Top 10 Total	19.4%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010413-123125

Guggenheim Investments

MUFG Logo

S&P MidCap 400^® Pure Value Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the S&P MidCap 400^® Pure Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$174	1.69%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 6.12%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned 7.94% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index for the reporting period were materials, financials, and consumer discretionary. Those that detracted the most were health care, consumer staples, and real estate. The holdings that contributed the most to the return of the underlying index for the reporting period were United States Steel Corporation, HF Sinclair Corp., and Macy's, Inc. Those that detracted the most were Manpower Group, Inc., Perrigo Company plc, and Civitas Resources, Inc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
S&P MidCap 400^® Pure Value Fund	6.12%	12.00%	10.60%
S&P 500 Index	17.88%	14.42%	14.82%
S&P MidCap 400 Pure Value Index	7.94%	13.99%	12.58%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$6,976,358
Total Number of Portfolio Holdings	103
Portfolio Turnover Rate	247%
Total Advisory Fees Paid	$51,240

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

S&P MidCap 400^® Pure Value Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Consumer, Cyclical	25.3%
Financial	23.0%
Industrial	18.0%
Energy	10.9%
Consumer, Non-cyclical	10.0%
Technology	6.4%
Basic Materials	5.8%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Concentrix Corp.	2.9%
Avnet, Inc.	2.3%
Arrow Electronics, Inc.	2.2%
Brighthouse Financial, Inc.	2.1%
Lear Corp.	2.1%
Lithia Motors, Inc. — Class A	1.9%
PBF Energy, Inc. — Class A	1.9%
HF Sinclair Corp.	1.7%
Macy's, Inc.	1.7%
Civitas Resources, Inc.	1.7%
Top 10 Total	20.5%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Concentrix Corp.	2.9%
Avnet, Inc.	2.3%
Arrow Electronics, Inc.	2.2%
Brighthouse Financial, Inc.	2.1%
Lear Corp.	2.1%
Lithia Motors, Inc. — Class A	1.9%
PBF Energy, Inc. — Class A	1.9%
HF Sinclair Corp.	1.7%
Macy's, Inc.	1.7%
Civitas Resources, Inc.	1.7%
Top 10 Total	20.5%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010411-123125

Guggenheim Investments

MUFG Logo

S&P SmallCap 600^® Pure Growth Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the S&P SmallCap 600^® Pure Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$176	1.69%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 8.59%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned 10.48% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index for the reporting period were health care, industrials, and financials. The sectors that detracted were energy, communication services, and consumer discretionary. The holdings that contributed the most to the return of the underlying index for the reporting period were Protagonist Therapeutics, Inc., Sterling Infrastructure, Inc., and InterDigital, Inc. Those that detracted the most were Sabre Corporation, Six Flags Entertainment Corp., and Atlas Energy Solutions, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Growth Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
S&P SmallCap 600^® Pure Growth Fund	8.59%	2.89%	6.53%
S&P 500 Index	17.88%	14.42%	14.82%
S&P SmallCap 600 Pure Growth Index	10.48%	4.70%	8.46%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$10,724,832
Total Number of Portfolio Holdings	134
Portfolio Turnover Rate	315%
Total Advisory Fees Paid	$53,234

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

S&P SmallCap 600^® Pure Growth Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Consumer, Non-cyclical	31.4%
Financial	21.5%
Industrial	20.4%
Technology	8.3%
Communications	7.8%
Consumer, Cyclical	7.6%
Energy	1.9%
Other	0.7%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

PTC Therapeutics, Inc.	1.7%
Progyny, Inc.	1.5%
ACM Research, Inc. — Class A	1.5%
ARMOUR Residential, Inc. REIT	1.5%
ACADIA Pharmaceuticals, Inc.	1.5%
Arrowhead Pharmaceuticals, Inc.	1.4%
Protagonist Therapeutics, Inc.	1.4%
TransMedics Group, Inc.	1.4%
Adamas Trust, Inc.	1.4%
SiriusPoint Ltd.	1.4%
Top 10 Total	14.7%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
PTC Therapeutics, Inc.	1.7%
Progyny, Inc.	1.5%
ACM Research, Inc. — Class A	1.5%
ARMOUR Residential, Inc. REIT	1.5%
ACADIA Pharmaceuticals, Inc.	1.5%
Arrowhead Pharmaceuticals, Inc.	1.4%
Protagonist Therapeutics, Inc.	1.4%
TransMedics Group, Inc.	1.4%
Adamas Trust, Inc.	1.4%
SiriusPoint Ltd.	1.4%
Top 10 Total	14.7%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010410-123125

Guggenheim Investments

MUFG Logo

S&P SmallCap 600^® Pure Value Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the S&P SmallCap 600^® Pure Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$175	1.69%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 6.77%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned 8.76% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, consumer discretionary, and financials. Those that detracted the most were health care, materials, and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were ViaSat, Inc., Par Pacific Holdings, Inc., and Enviri Corp. Those that detracted the most were Owens & Minor, Inc., Green Plains, Inc., and VitalEnergy, Inc. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 600 Pure Value Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
S&P SmallCap 600^® Pure Value Fund	6.77%	12.03%	7.65%
S&P 500 Index	17.88%	14.42%	14.82%
S&P SmallCap 600 Pure Value Index	8.76%	14.20%	9.65%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$11,884,134
Total Number of Portfolio Holdings	164
Portfolio Turnover Rate	253%
Total Advisory Fees Paid	$63,450

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

S&P SmallCap 600^® Pure Value Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Consumer, Cyclical	33.4%
Consumer, Non-cyclical	20.9%
Industrial	12.6%
Financial	11.3%
Energy	8.1%
Communications	4.7%
Basic Materials	4.3%
Other	4.1%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

ManpowerGroup, Inc.	1.3%
SunCoke Energy, Inc.	1.3%
DXC Technology Co.	1.3%
MillerKnoll, Inc.	1.3%
Newell Brands, Inc.	1.2%
Edgewell Personal Care Co.	1.2%
Kohl's Corp.	1.2%
MarineMax, Inc.	1.2%
Perrigo Company plc	1.1%
Winnebago Industries, Inc.	1.1%
Top 10 Total	12.2%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
ManpowerGroup, Inc.	1.3%
SunCoke Energy, Inc.	1.3%
DXC Technology Co.	1.3%
MillerKnoll, Inc.	1.3%
Newell Brands, Inc.	1.2%
Edgewell Personal Care Co.	1.2%
Kohl's Corp.	1.2%
MarineMax, Inc.	1.2%
Perrigo Company plc	1.1%
Winnebago Industries, Inc.	1.1%
Top 10 Total	12.2%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010409-123125

Guggenheim Investments

MUFG Logo

Government Long Bond 1.2x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$144	1.43%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 1.67%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Year Bellwether Index, which returned 3.73% for the same period.

What factors materially affected the fund's performance over the last year?

Despite periods of volatility during the year, long-term U.S. Treasury yields ended 2025 relatively close to where they began. Early year movements were influenced by tariff-related uncertainty and shifting expectations for Federal Reserve policy. Long-term yields reached their lows in April 2025 before moving higher through the middle of the year. In the second half of 2025, yields fluctuated, with volatility driven by mixed or missing economic data and evolving views on monetary policy easing. During the second half of the year, the U.S. Federal Reserve reduced its target rate three times, broadly in line with market expectations, citing risks to employment and a desire to support continued economic expansion.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Government Long Bond 1.2x Strategy Fund	1.67%	-13.64%	-3.35%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Bloomberg U.S. Treasury 30 Year Bellwether Index	3.73%	-9.17%	-0.88%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$5,975,847
Total Number of Portfolio Holdings	11
Portfolio Turnover Rate	8,524%
Total Advisory Fees Paid	$32,980

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury 30 Year Bellwether Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Government Long Bond 1.2x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Largest Holdings² (as a % of Net Assets) as of 12.31.25

U.S. Treasury Bonds	42.1%
Guggenheim Strategy Fund II	4.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.3%
Total	50.0%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
U.S. Treasury Bonds	42.1%
Guggenheim Strategy Fund II	4.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.3%
Total	50.0%


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010390-123125

Guggenheim Investments

MUFG Logo

Inverse Government Long Bond Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$562	5.57%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 1.85%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Year Bellwether Index, which returned 3.73% for the same period.

What factors materially affected the fund's performance over the last year?

Despite periods of volatility during the year, long-term U.S. Treasury yields ended 2025 relatively close to where they began. Early year movements were influenced by tariff-related uncertainty and shifting expectations for Federal Reserve policy. Long-term yields reached their lows in April 2025 before moving higher through the middle of the year. In the second half of 2025, yields fluctuated, with volatility driven by mixed or missing economic data and evolving views on monetary policy easing. During the second half of the year, the Federal Reserve reduced its target rate three times, broadly in line with market expectations, citing risks to employment and a desire to support continued economic expansion.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Inverse Government Long Bond Strategy Fund	1.85%	12.87%	1.41%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Bloomberg U.S. Treasury 30 Year Bellwether Index	3.73%	-9.17%	-0.88%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$1,389,578
Total Number of Portfolio Holdings	11
Portfolio Turnover Rate	994%
Total Advisory Fees Paid	$16,766

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Yr. Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Inverse Government Long Bond Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Ultra Short Duration Fund — Institutional Class	22.9%
Guggenheim Strategy Fund II	22.7%
Total	45.6%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

This is a summary of certain changes to the fund since December 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by May 1, 2026 at GuggenheimInvestments.com/variable-insurance-funds or, by contacting 800 820 0888 or services@guggenheiminvestments.com.

The fund's net expense ratio, which reflects expense waivers and reimbursements and includes interest expense on short sales, was 5.57% for the year ended December 31, 2025, an increase of 0.57% compared to the prior year. The primary driver of the increase was an increase in interest expense on short sales during the reporting period.

Availability of Additional Information.

AR-C000010404-123125

Guggenheim Investments

MUFG Logo

High Yield Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the High Yield Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$175	1.67%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 9.87%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 8.62% for the same period.

What factors materially affected the fund's performance over the last year?

High yield continued to generate positive returns for the reporting period. In the first half of 2025, the high yield market experienced volatility due to tariffs and trade negotiations. Markets quickly rebounded from the initial shock as concerns subsided and generated positive absolute returns for the remainder of the year. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Secondary Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to returns of the Secondary Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Date	High Yield Strategy Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
12/31/2015	10000	10000	10000
01/31/2016	10012	10138	9839
02/29/2016	10020	10210	9896
03/31/2016	10423	10303	10335
04/30/2016	10542	10343	10740
05/31/2016	10538	10345	10806
06/30/2016	10774	10531	10906
07/31/2016	10956	10598	11201
08/31/2016	10960	10586	11435
09/30/2016	11112	10580	11511
10/31/2016	10985	10499	11556
11/30/2016	10981	10250	11501
12/31/2016	11162	10265	11713
01/31/2017	11240	10285	11883
02/28/2017	11378	10354	12056
03/31/2017	11434	10349	12029
04/30/2017	11584	10428	12168
05/31/2017	11662	10509	12274
06/30/2017	11611	10498	12290
07/31/2017	11761	10543	12427
08/31/2017	11825	10638	12422
09/30/2017	11842	10587	12533
10/31/2017	11921	10593	12586
11/30/2017	11857	10580	12554
12/31/2017	11928	10628	12592
01/31/2018	11848	10506	12667
02/28/2018	11675	10406	12560
03/31/2018	11735	10473	12484
04/30/2018	11782	10395	12565
05/31/2018	11812	10469	12562
06/30/2018	11794	10456	12612
07/31/2018	11951	10459	12750
08/31/2018	12049	10526	12844
09/30/2018	12110	10458	12915
10/31/2018	11914	10376	12709
11/30/2018	11934	10438	12600
12/31/2018	11825	10630	12330
01/31/2019	12281	10742	12887
02/28/2019	12321	10736	13101
03/31/2019	12565	10942	13225
04/30/2019	12709	10945	13413
05/31/2019	12547	11139	13253
06/30/2019	13028	11279	13555
07/31/2019	12948	11304	13632
08/31/2019	13111	11597	13686
09/30/2019	13139	11535	13736
10/31/2019	13256	11570	13774
11/30/2019	13309	11564	13819
12/31/2019	13461	11556	14095
01/31/2020	13526	11778	14099
02/29/2020	13371	11990	13900
03/31/2020	11748	11920	12307
04/30/2020	12020	12132	12862
05/31/2020	12316	12188	13428
06/30/2020	12190	12265	13560
07/31/2020	12596	12448	14196
08/31/2020	12804	12348	14331
09/30/2020	12618	12341	14183
10/31/2020	12549	12286	14255
11/30/2020	13232	12406	14819
12/31/2020	13398	12424	15098
01/31/2021	13273	12334	15148
02/28/2021	13225	12156	15204
03/31/2021	13313	12005	15226
04/30/2021	13505	12099	15392
05/31/2021	13570	12139	15437
06/30/2021	13653	12224	15644
07/31/2021	13671	12361	15704
08/31/2021	13758	12337	15784
09/30/2021	13633	12231	15783
10/31/2021	13510	12227	15756
11/30/2021	13387	12263	15602
12/31/2021	13625	12232	15895
01/31/2022	13172	11968	15460
02/28/2022	12967	11835	15301
03/31/2022	12716	11506	15126
04/30/2022	12082	11069	14588
05/31/2022	12210	11141	14624
06/30/2022	11497	10966	13639
07/31/2022	12188	11234	14444
08/31/2022	11683	10917	14112
09/30/2022	11290	10445	13551
10/31/2022	11652	10310	13903
11/30/2022	12205	10689	14205
12/31/2022	12061	10641	14116
01/31/2023	12562	10968	14654
02/28/2023	12190	10684	14465
03/31/2023	12489	10956	14620
04/30/2023	12589	11022	14766
05/31/2023	12481	10902	14631
06/30/2023	12584	10863	14876
07/31/2023	12732	10856	15081
08/31/2023	12694	10786	15123
09/30/2023	12446	10512	14944
10/31/2023	12256	10346	14770
11/30/2023	13022	10815	15439
12/31/2023	13591	11229	16014
01/31/2024	13610	11198	16014
02/29/2024	13571	11040	16060
03/31/2024	13795	11142	16251
04/30/2024	13427	10860	16098
05/31/2024	13738	11044	16275
06/30/2024	13841	11149	16428
07/31/2024	14233	11409	16748
08/31/2024	14477	11573	17021
09/30/2024	14715	11728	17296
10/31/2024	14369	11437	17203
11/30/2024	14715	11558	17401
12/31/2024	14499	11369	17326
01/31/2025	14686	11430	17563
02/28/2025	14880	11681	17681
03/31/2025	14671	11685	17500
04/30/2025	14666	11731	17497
05/31/2025	14972	11647	17791
06/30/2025	15345	11826	18118
07/31/2025	15281	11795	18200
08/31/2025	15531	11936	18427
09/30/2025	15680	12067	18577
10/31/2025	15725	12142	18607
11/30/2025	15886	12217	18714
12/31/2025	15930	12199	18820

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
High Yield Strategy Fund	9.87%	3.52%	4.77%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
Bloomberg U.S. Corporate High Yield Index	8.62%	4.51%	6.53%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$7,194,102
Total Number of Portfolio Holdings	15
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$47,319

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

High Yield Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Interest Rate Futures Contracts	95.7%
CDX.NA.HY.45.V1 Index Credit Default Swap Agreements Protection Sold	88.3%
iShares iBoxx $ High Yield Corporate Bond ETF	1.7%
State Street SPDR Bloomberg High Yield Bond ETF	1.7%
iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements	0.5%
SPDR Bloomberg High Yield Bond ETF Swap Agreements	0.3%

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Ultra Short Duration Fund — Institutional Class	8.0%
Guggenheim Strategy Fund II	8.0%
iShares iBoxx $ High Yield Corporate Bond ETF	1.7%
State Street SPDR Bloomberg High Yield Bond ETF	1.7%
Total	19.4%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	8.0%
Guggenheim Strategy Fund II	8.0%
iShares iBoxx $ High Yield Corporate Bond ETF	1.7%
State Street SPDR Bloomberg High Yield Bond ETF	1.7%
Total	19.4%


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000046626-123125

Guggenheim Investments

MUFG Logo

Europe 1.25x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$203	1.72%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 36.46%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 28.59% for the same period and outperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 33.10% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and health care. There were no sectors that detracted from performance. The holdings that contributed the most to the return of the underlying index for the Reporting Period were ASML Holding NV— Class G, HSBC Holdings plc ADR, Banco Santander S.A. ADR. Those that detracted the most were Novo Nordisk A/S ADR, Diageo plc ADR, and Rheinmetall AG ADR. The Fund maintained a daily correlation of over 98% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Europe 1.25x Strategy Fund	36.46%	10.40%	7.59%
MSCI World ex US Index	28.59%	6.70%	5.75%
STOXX Europe 50 Index	33.10%	11.66%	8.69%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$2,719,477
Total Number of Portfolio Holdings	57
Portfolio Turnover Rate	467%
Total Advisory Fees Paid	$17,983

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Europe 1.25x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
STOXX Europe 50 Index Equity Futures Contracts	76.0%
EURO FX Futures Contracts	75.9%
Consumer, Non-cyclical	15.0%
Financial	11.7%
Industrial	7.4%
Technology	4.6%
Energy	3.1%
Other	7.7%

Country Diversification³ (% of Total Investments) as of 12.31.25

United States	51.4%
France	10.8%
United Kingdom	9.8%
Switzerland	9.1%
Germany	6.5%
Netherlands	5.0%
Spain	3.1%
Other	4.3%
Total Investments	100.0%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Strategy Fund II	8.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.7%
ASML Holding N.V. — Class G	2.9%
Roche Holding AG ADR	2.0%
AstraZeneca plc ADR	2.0%
HSBC Holdings plc ADR	1.9%
Novartis AG ADR	1.8%
Nestle S.A. ADR	1.8%
SAP SE ADR	1.7%
Shell plc ADR	1.5%
Top 10 Total	30.8%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
³	Country Diversification (% of Total Investments) includes temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Guggenheim Strategy Fund II	8.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.7%
ASML Holding N.V. — Class G	2.9%
Roche Holding AG ADR	2.0%
AstraZeneca plc ADR	2.0%
HSBC Holdings plc ADR	1.9%
Novartis AG ADR	1.8%
Nestle S.A. ADR	1.8%
SAP SE ADR	1.7%
Shell plc ADR	1.5%
Top 10 Total	30.8%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
³	Country Diversification (% of Total Investments) includes temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010418-123125

Guggenheim Investments

MUFG Logo

Japan 2x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$211	1.68%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 51.54%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 28.59% for the same period and outperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned 26.84% for the same period.

What factors materially affected the fund's performance over the last year?

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, communication services, and industrials. There were no sectors that detracted from performance. The holdings that contributed the most to the return of the underlying index were Advantest Corp., SoftBank Group Corp., and Tokyo Electron, Ltd. Those that detracted the most were Recruit Holdings Co., Ltd, Terumo Corporation, Daiichi Sankyo Company, Ltd. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Japan 2x Strategy Fund	51.54%	0.16%	9.51%
MSCI World ex US Index	28.59%	6.70%	5.75%
Nikkei-225 Stock Average Index	26.84%	3.91%	7.39%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$1,684,625
Total Number of Portfolio Holdings	9
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$10,264

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Japan 2x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010419-123125

Guggenheim Investments

MUFG Logo

Strengthening Dollar 2x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$189	2.04%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned -14.29%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -9.37% for the same period.

What factors materially affected the fund's performance over the last year?

There were no components that contributed to the return of the underlying index for the reporting period. The euro, British pound, and Swedish krona were the components that detracted the most from the DXY during 2025. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Strengthening Dollar 2x Strategy Fund	-14.29%	6.16%	1.80%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
U.S. Dollar Index	-9.37%	1.80%	-0.03%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$1,166,586
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$14,723

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Strengthening Dollar 2x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010402-123125

Guggenheim Investments

MUFG Logo

Weakening Dollar 2x Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$223	2.04%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 18.97%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -9.37% for the same period.

What factors materially affected the fund's performance over the last year?

There were no components that contributed to the return of the underlying index for the reporting period. The euro, British pound, and Swedish krona were the components that detracted the most from the DXY during 2025. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Weakening Dollar 2x Strategy Fund	18.97%	-5.72%	-2.86%
Bloomberg U.S. Aggregate Bond Index	7.30%	-0.36%	2.01%
U.S. Dollar Index	-9.37%	1.80%	-0.03%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$377,783
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$5,438

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Weakening Dollar 2x Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010400-123125

Guggenheim Investments

MUFG Logo

Commodities Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$166	1.62%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 4.89%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 7.12% for the same period.

What factors materially affected the fund's performance over the last year?

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index (the "Secondary Index"). During the reporting period, the industrial metals and precious metals sectors had some of the strongest returns. 14 of the 24 Secondary Index components had positive returns during the reporting period. The components of the Secondary Index with some of the largest positive returns were silver, gold and copper. The components of the Secondary Index with some of the largest negative returns were cocoa, natural gas, and wheat.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Commodities Strategy Fund	4.89%	12.80%	4.76%
S&P 500 Index	17.88%	14.42%	14.82%
S&P Goldman Sachs Commodity Index	7.12%	14.65%	6.08%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$4,449,784
Total Number of Portfolio Holdings	9
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$38,218

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P Goldman Sachs Commodity Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Commodities Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Consolidated Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Ultra Short Duration Fund — Institutional Class	25.7%
Guggenheim Strategy Fund II	25.1%
Total	50.8%


¹	"Consolidated Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010403-123125

Guggenheim Investments

MUFG Logo

Global Managed Futures Strategy Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Global Managed Futures Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$210	2.06%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 3.65%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.21% for the same period.

What factors materially affected the fund's performance over the last year?

In 2025, futures markets were defined by pronounced macro regime shifts, producing a mixed but ultimately constructive environment for systematic trend following. Commodities were the standout sector: precious metals, particularly gold, exhibited strong, persistent upside trends driven by central bank demand and geopolitical hedging, while industrial metals trended more clearly later in the year; energy markets remained comparatively range-bound. In currencies, broad U.S. Dollar weakness supported durable trends across several G10 pairs, though intermittent volatility led to whipsaws. Equity Index futures saw sharp downturns early in the year followed by a sustained risk-on rally, rewarding medium- to longer-term trend models. Bond futures were marked by choppy transitions around monetary-policy inflection points. Overall, 2025 highlighted the importance of cross-asset diversification, adaptive risk management, and patience through regime shifts.

The fund recorded three consecutive positive quarters following a negative first quarter in 2025. Q1 losses were broad-based, led by currencies and fixed income amid a difficult trend environment. Q2 saw a recovery driven by equities, with commodities and currencies contributing modestly while fixed income remained weak. Q3 was the strongest quarter, dominated by equity gains with additional support from commodities, while currencies and fixed income detracted. Q4 extended the equity-led pattern, with commodities essentially flat and modest headwinds from currencies and fixed income. For the year overall, equities were the primary driver of performance, with support from commodities, while currencies and fixed income were persistent drags, particularly in the early part of the year.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Global Managed Futures Strategy Fund	3.65%	3.94%	1.27%
S&P 500 Index	17.88%	14.42%	14.82%
ICE BofA 3-Month U.S. Treasury Bill Index	4.21%	3.19%	2.19%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$12,344,879
Total Number of Portfolio Holdings	67
Portfolio Turnover Rate	0%
Total Advisory Fees Paid	$102,720

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Global Managed Futures Strategy Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Consolidated Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Interest Rate Futures Contracts	92.5%
Equity Futures Contracts	83.9%
Currency Futures Contracts	48.1%
Commodity Futures Contracts	43.8%
Equity Futures Contracts	-10.3%
Currency Futures Contracts	-11.4%
Commodity Futures Contracts	-20.0%
Interest Rate Futures Contracts	-177.0%

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Variable Insurance Strategy Fund III	20.2%
Guggenheim Strategy Fund III	18.0%
Guggenheim Strategy Fund II	0.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.6%
Total	39.7%


¹	"Consolidated Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Guggenheim Variable Insurance Strategy Fund III	20.2%
Guggenheim Strategy Fund III	18.0%
Guggenheim Strategy Fund II	0.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.6%
Total	39.7%


²	"Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000069235-123125

Guggenheim Investments

MUFG Logo

Multi-Hedge Strategies Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the Multi-Hedge Strategies Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$159	1.58%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 1.25%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 7.13% for the same period.

What factors materially affected the fund's performance over the last year?

The fund's merger arbitrage strategy was the largest positive contributor of the year as several notable deals closed (e.g. Capital One Financial Corp. / Discover, UMB Financial Corp. / Harland Financial, and Chevron Corp. / Hess). The long/short equity strategy, driven by a fundamental tilt toward value and industry tilts (long technology and capital goods, short REITs and Materials), proved to be the second largest contributor for the year. Closed-end fund arbitrage also made modest positive contributions as underlying fund discounts narrowed. The fund's global macro strategies were a net detractor during the reporting period as positive contributions from flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and currency) and momentum (hurt by equities and currency). Flow strategies take positions based on expected capital flows in markets which are determined through economic theory or statistical observation of market behavior. Momentum is a systematic trend-following strategy that seeks to capture momentum premia in futures markets. Carry strategies seek to capture inefficiencies in the futures curves of different markets and asset classes including commodities, fixed income, and implied volatility. Value premia strategies take positions based on expected future prices in markets as derived from economic and/or non-price data and include strategies applied to commodities, currencies, and fixed income. A market neutral strategy attempts to profit whether the market is going up or down.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
Multi-Hedge Strategies Fund	1.25%	1.23%	1.62%
S&P 500 Index	17.88%	14.42%	14.82%
HFRX Global Hedge Fund Index	7.13%	2.87%	3.08%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$25,818,317
Total Number of Portfolio Holdings	347
Portfolio Turnover Rate	163%
Total Advisory Fees Paid	$314,620

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the HFRX Global Hedge Fund Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

Guggenheim Investments

Multi-Hedge Strategies Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Consolidated Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Custom Basket Swap Agreements	38.5%
Interest Rate Futures Contracts	27.4%
Equity Futures Contracts	26.8%
Currency Futures Contracts	20.2%
Commodity Futures Contracts	15.8%
Financial	7.5%
Closed-End Mutual Funds	5.7%
Technology	5.1%
Industrial	4.5%
Consumer, Non-cyclical	4.5%
Communications	3.2%
Utilities	1.2%
Consumer, Cyclical	0.3%
Energy^*	0.0%
Energy Short Sales^*	0.0%
Communications Short Sales^*	0.0%
Consumer, Cyclical Short Sales*	0.0%
Technology Short Sales	-0.2%
Utilities Short Sales	-0.4%
Consumer, Non-cyclical Short Sales	-0.7%
Industrial Short Sales	-1.2%
Financial Short Sales	-2.0%
Currency Futures Contracts	-3.7%
Equity Futures Contracts	-6.0%
Exchange-Traded Funds Short Sales	-6.5%
Commodity Futures Contracts	-10.8%
Custom Basket Swap Agreements	-24.2%
Interest Rate Futures Contracts	-39.9%

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Guggenheim Strategy Fund III	9.6%
Guggenheim Variable Insurance Strategy Fund III	8.3%
Guggenheim Strategy Fund II	6.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.1%
Chart Industries, Inc.	1.8%
Frontier Communications Parent, Inc.	1.4%
ProAssurance Corp.	1.2%
International Money Express, Inc.	1.1%
Janus Henderson Group plc	1.0%
Dynavax Technologies Corp.	1.0%
Top 10 Total	34.0%


*	Less than 0.1%
¹	"Consolidated Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 12.31.25

Top 10	% of Net Assets
Guggenheim Strategy Fund III	9.6%
Guggenheim Variable Insurance Strategy Fund III	8.3%
Guggenheim Strategy Fund II	6.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.1%
Chart Industries, Inc.	1.8%
Frontier Communications Parent, Inc.	1.4%
ProAssurance Corp.	1.2%
International Money Express, Inc.	1.1%
Janus Henderson Group plc	1.0%
Dynavax Technologies Corp.	1.0%
Top 10 Total	34.0%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010416-123125

Guggenheim Investments

MUFG Logo

U.S. Government Money Market Fund

Variable Annuity

Annual Shareholder Report | 12.31.25

This annual shareholder report contains important information about the U.S. Government Money Market Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.com.

This report describes changes to the fund that occurred during the reporting period.

What were the fund costs for the last year?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$151	1.49%

¹	Excludes expenses of the underlying funds in which the fund invests, if any.

How did the fund perform over the last year?*

For the period of January 1, 2025 to December 31, 2025, the fund returned 2.84%.

What factors materially affected the fund's performance over the last year?

During the reporting period, the U.S. Federal Open Market Committee lowered the federal funds target range by 75 basis points (one basis point is equal to 0.01%) as job growth moderated while inflation remained above the Federal Reserve's target. In the first half of 2025, resilient economic data tempered rate-cut expectations and supported elevated short-term yields. As the year progressed, uncertainty related to employment, tariffs and fiscal policy contributed to a shift toward a more accommodative policy stance. By the end of the reporting period, markets were pricing two 25-basis-point cuts in 2026, potentially pointing to a gradual normalization of short-term rates.

Average Annual Total Returns*^,† as of 12.31.25

	One Year	Five Years	Ten Years
U.S. Government Money Market Fund	2.84%	2.22%	1.26%

The fund's past performance is not a good predictor of the fund's future performance.

Fund Statistics as of 12.31.25

Net Assets	$44,333,149
Total Number of Portfolio Holdings	17
Total Advisory Fees Paid	$230,089

^†

Guggenheim Investments

U.S. Government Money Market Fund | Variable Annuity

Annual Shareholder Report | December 31, 2025

What did the fund invest in?

Holdings Diversification (Market Exposure as a % of Net Assets) as of 12.31.25

Sector	% of Net Assets
Federal Home Loan Bank - FADN	20.4%
Fannie Mae - FADN	4.5%
Federal Farm Credit Bank - FADN	2.3%
Freddie Mac - FADN	1.9%
Federal Farm Credit Bank - FAN	13.5%
Federal Home Loan Bank - FAN	4.5%
Repurchase Agreements	42.6%
U.S. Treasury Bills	8.3%
U.S. Government Securities	2.3%

FADN - Federal Agency Discount Note

FAN - Federal Agency Note

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

How has the fund changed over the reporting period?

There were no material changes for the period.

Availability of Additional Information.

AR-C000010379-123125

Guggenheim Investments

The registrant’s Board of Trustees has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the code of ethics during the period covered by this report. The code of ethics is filed as an exhibit to this Form N-CSR.

The registrant's Board of Trustees has determined that it has at least one audit committee financial expert serving on its audit committee (the “Audit Committee”), Sandra G. Sponem. Ms. Sponem is “independent,” meaning that she is not an “interested person” of the registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act) and she does not accept any consulting, advisory, or other compensatory fee from the registrant (except in her capacity as a Board or committee member).

(Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the audit committee or Board of Trustees.)

(1) The registrant’s pre-approval policy requires the Audit Committee to pre-approve any engagement of the registrant’s independent auditors to provide any services, other than “prohibited non-audit services,” to the registrant, including the fees and other compensation to be paid to the independent auditors (unless an exception is available under Rule 2-01 of Regulation S-X). The independent auditors or the Chief Accounting Officer of the registrant (or an officer of the registrant who reports to the Chief Accounting Officer) report to the Audit Committee at each of its regular scheduled meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Audit Committee). The report includes a general description of the services and projected fees, and the means by which such services were approved by the Audit Committee. The Audit Committee is also required to pre-approve any engagement of the registrant’s independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the registrant’s investment adviser (or any “control affiliate” of the investment adviser providing ongoing services to the registrant), if the engagement relates directly to the operations or financial reporting of the registrant (unless an exception is available under Rule 2-01 of Regulation S-X).

(2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

This report and the financial statements contained herein are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2025 (See Note 4 in the Notes to Financial Statements):

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund’s performance for the periods presented.