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

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Banking Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Banking Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$89	1.70%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Banking Fund	S&P 500 Index	S&P 500 Financials Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$13,933	$11,790	$13,537
6/30/18	$14,976	$13,484	$14,843
6/30/19	$14,176	$14,889	$15,780
6/30/20	$10,860	$16,006	$13,583
6/30/21	$18,324	$22,536	$21,972
6/30/22	$15,577	$20,144	$19,186
6/30/23	$13,492	$24,091	$21,009
6/30/24	$16,988	$30,006	$26,095
6/30/25	$21,878	$34,556	$33,778
6/30/26	$27,912	$42,271	$35,148

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Banking Fund	10.64%	27.58%	8.78%	10.81%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Financials Index	-1.18%	4.06%	9.85%	13.39%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were regional banks, diversified banks, and asset management & custody banks. The industry that detracted the most was consumer finance. The holdings that contributed the most to performance were Citigroup, Inc., Bank of New York Mellon Corp., and State Street Corp. Those that detracted the most were Capital One Financial Corp., NU Holdings Limited/Cayman Islands — Class A, and HDFC Bank Ltd. ADR.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
~	6 month returns are not annualized.

Guggenheim Investments

Banking Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$6,749,470
Total Number of Portfolio Holdings79
Portfolio Turnover Rate28%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Savings & Loans	1.7%
Diversified Financial Services	3.7%
Banks	94.0%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
JPMorgan Chase & Co.	4.0%
Bank of America Corp.	3.9%
Citigroup, Inc.	3.9%
Wells Fargo & Co.	3.8%
Capital One Financial Corp.	3.7%
PNC Financial Services Group, Inc.	3.2%
U.S. Bancorp	3.1%
Bank of New York Mellon Corp.	3.1%
NU Holdings Limited/Cayman Islands — Class A	2.8%
Truist Financial Corp.	2.4%
Total	33.9%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

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.

SA-C000010427-063026

Guggenheim Investments

Basic Materials Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Basic Materials Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$87	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Basic Materials Fund	S&P 500 Index	S&P 500 Materials Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$11,655	$11,790	$11,859
6/30/18	$12,789	$13,484	$13,033
6/30/19	$12,581	$14,889	$13,450
6/30/20	$11,966	$16,006	$13,301
6/30/21	$18,462	$22,536	$19,754
6/30/22	$16,508	$20,144	$18,031
6/30/23	$18,234	$24,091	$20,756
6/30/24	$19,123	$30,006	$22,560
6/30/25	$20,509	$34,556	$22,980
6/30/26	$26,595	$42,271	$26,825

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Basic Materials Fund	7.34%	29.68%	7.57%	10.28%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Materials Index	11.97%	16.73%	6.31%	10.37%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were specialty chemicals, steel, and diversified metals & mining. Those that detracted the most were gold, precious metals & minerals, and silver. The holdings that contributed the most to performance were Linde plc, Nucor Corp. and Freeport-McMoRan, Inc. Those that detracted the most were Sibanye Stillwater Limited Sponsored ADR, Equinox Gold Corp., and TMC the metals co, Inc.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Basic Materials Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$9,469,770
Total Number of Portfolio Holdings105
Portfolio Turnover Rate79%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	2.6%
Forest Products & Paper	1.2%
Biotechnology	2.1%
Iron & Steel	7.4%
Packaging & Containers	8.5%
Building Materials	9.8%
Chemicals	28.7%
Mining	38.9%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Linde plc	4.2%
Newmont Corp.	2.6%
Sherwin-Williams Co.	2.5%
Freeport-McMoRan, Inc.	2.4%
Ecolab, Inc.	2.3%
Air Products and Chemicals, Inc.	2.2%
Corteva, Inc.	2.1%
Nucor Corp.	1.7%
Vulcan Materials Co.	1.7%
Anglogold Ashanti plc	1.6%
Total	23.3%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010428-063026

Guggenheim Investments

Biotechnology Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Biotechnology Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$92	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Biotechnology Fund	S&P 500 Index	S&P 500 Health Care Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$12,425	$11,790	$11,247
6/30/18	$13,786	$13,484	$12,046
6/30/19	$13,736	$14,889	$13,611
6/30/20	$16,388	$16,006	$15,094
6/30/21	$19,708	$22,536	$19,309
6/30/22	$14,932	$20,144	$19,959
6/30/23	$15,648	$24,091	$21,032
6/30/24	$17,336	$30,006	$23,488
6/30/25	$16,379	$34,556	$22,102
6/30/26	$25,781	$42,271	$26,500

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Biotechnology Fund	18.88%	57.39%	5.52%	9.93%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Health Care Index	3.47%	19.90%	6.54%	10.24%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care services. No industries detracted from performance. The holdings that contributed the most to performance were Revolution Medicines, Inc., Moderna, Inc., and Twist Bioscience Corp. Those that detracted the most were Insmed Inc., Alnylam Pharmaceuticals, Inc, and Regeneron Pharmaceuticals, Inc.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Biotechnology Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$13,437,610
Total Number of Portfolio Holdings74
Portfolio Turnover Rate244%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Healthcare-Services	1.1%
Healthcare-Products	5.2%
Pharmaceuticals	20.4%
Biotechnology	73.1%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
AbbVie, Inc.	8.2%
Amgen, Inc.	5.1%
Gilead Sciences, Inc.	4.5%
Vertex Pharmaceuticals, Inc.	4.3%
Regeneron Pharmaceuticals, Inc.	2.9%
Revolution Medicines, Inc.	2.5%
Alnylam Pharmaceuticals, Inc.	2.4%
BeOne Medicines Ltd. ADR	2.2%
Moderna, Inc.	2.2%
Biogen, Inc.	2.1%
Total	36.4%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010380-063026

Guggenheim Investments

Consumer Products Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Consumer Products Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$87	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Consumer Products Fund	S&P 500 Index	S&P 500 Consumer Staples Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$10,022	$11,790	$10,306
6/30/18	$9,883	$13,484	$9,901
6/30/19	$10,466	$14,889	$11,524
6/30/20	$10,489	$16,006	$11,942
6/30/21	$13,044	$22,536	$14,723
6/30/22	$12,869	$20,144	$15,702
6/30/23	$13,409	$24,091	$16,739
6/30/24	$13,238	$30,006	$18,104
6/30/25	$13,850	$34,556	$20,306
6/30/26	$13,860	$42,271	$21,421

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Consumer Products Fund	6.54%	0.07%	1.22%	3.32%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Consumer Staples Index	8.03%	5.49%	7.79%	7.92%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were soft drinks & non-alcoholic beverages, tobacco, and food distributors. Those that detracted the most were packaged foods & meats and personal care products. The holdings that contributed the most to performance were Altria Group, Inc., Coca-Cola Co., and Phillip Morris International, Inc. Those that detracted the most were Estee Lauder Companies Inc. - Class A, ODDITY Tech Ltd. - Class A, and McCormick & Company, Inc.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Consumer Products Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$4,652,651
Total Number of Portfolio Holdings71
Portfolio Turnover Rate81%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	0.5%
Internet	1.1%
Retail	2.5%
Household Products & Housewares	5.9%
Agriculture	15.6%
Cosmetics & Personal Care	16.4%
Beverages	27.3%
Food	30.1%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Procter & Gamble Co.	5.5%
Coca-Cola Co.	5.5%
Philip Morris International, Inc.	5.1%
PepsiCo, Inc.	3.9%
Altria Group, Inc.	3.9%
Colgate-Palmolive Co.	3.1%
Monster Beverage Corp.	3.0%
Mondelez International, Inc. — Class A	2.9%
Keurig Dr Pepper, Inc.	2.4%
Sysco Corp.	2.3%
Total	37.6%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010381-063026

Guggenheim Investments

Electronics Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Electronics Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$123	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Electronics Fund	S&P 500 Index	S&P 500 Information Technology Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$13,747	$11,790	$13,389
6/30/18	$16,689	$13,484	$17,580
6/30/19	$17,944	$14,889	$20,100
6/30/20	$24,458	$16,006	$27,315
6/30/21	$41,354	$22,536	$38,897
6/30/22	$32,264	$20,144	$33,621
6/30/23	$45,991	$24,091	$47,158
6/30/24	$65,020	$30,006	$66,859
6/30/25	$64,489	$34,556	$76,955
6/30/26	$161,392	$42,271	$105,800

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Electronics Fund	94.10%	150.26%	31.30%	32.07%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Information Technology Index	20.00%	37.78%	22.16%	26.60%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were semiconductors and semiconductor materials & equipment. No industries detracted from performance. The holdings that contributed the most to performance were Micron Technology, Inc., Intel Corp., and Advanced Micro Devices, Inc. Those that detracted the most were Canadian Solar, Inc., First Solar, Inc., and AXT, Inc.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Electronics Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$50,298,737
Total Number of Portfolio Holdings69
Portfolio Turnover Rate46%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Electrical Components & Equipment	0.3%
Computers	0.4%
Chemicals	0.8%
Miscellaneous Manufacturing	1.0%
Telecommunications	1.1%
Energy-Alternate Sources	2.7%
Semiconductors	93.1%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
NVIDIA Corp.	11.8%
Broadcom, Inc.	7.1%
Micron Technology, Inc.	6.7%
Advanced Micro Devices, Inc.	5.7%
Applied Materials, Inc.	4.6%
Intel Corp.	4.4%
Lam Research Corp.	4.2%
KLA Corp.	3.7%
Texas Instruments, Inc.	2.8%
Marvell Technology, Inc.	2.8%
Total	53.8%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010382-063026

Guggenheim Investments

Energy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Energy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$93	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Energy Fund	S&P 500 Index	S&P 500 Energy Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$9,323	$11,790	$9,586
6/30/18	$11,539	$13,484	$11,598
6/30/19	$8,792	$14,889	$10,062
6/30/20	$5,135	$16,006	$6,431
6/30/21	$8,271	$22,536	$9,606
6/30/22	$10,356	$20,144	$13,447
6/30/23	$11,936	$24,091	$15,970
6/30/24	$13,520	$30,006	$18,501
6/30/25	$12,498	$34,556	$17,769
6/30/26	$16,757	$42,271	$22,929

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Energy Fund	22.72%	34.09%	15.17%	5.30%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Energy Index	19.65%	29.02%	19.01%	8.65%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were oil & gas storage and transportation, oil & gas exploration & production, and integrated oil & gas. Those that detracted the most were semiconductors and electrical components & equipment. The holdings that contributed the most to performance were Exxon Mobil Corp., Valero Energy Corp., and Marathon Petroleum Corp. Those that detracted the most were Expand Energy Corp., First Solar, Inc., and Sunrun, Inc.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Energy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$9,072,871
Total Number of Portfolio Holdings87
Portfolio Turnover Rate223%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	2.2%
Coal	0.9%
Master Limited Partnerships	0.9%
Energy-Alternate Sources	4.0%
Mining	5.1%
Oil & Gas Services	9.3%
Pipelines	19.0%
Oil & Gas	58.4%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Exxon Mobil Corp.	6.4%
Chevron Corp.	4.8%
ConocoPhillips	3.0%
Williams Companies, Inc.	2.7%
Valero Energy Corp.	2.5%
Marathon Petroleum Corp.	2.4%
EOG Resources, Inc.	2.3%
Phillips 66	2.3%
Kinder Morgan, Inc.	2.3%
SLB Ltd.	2.2%
Total	30.9%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010383-063026

Guggenheim Investments

Energy Services Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Energy Services Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$98	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Energy Services Fund	S&P 500 Index	S&P 500 Energy Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$8,457	$11,790	$9,586
6/30/18	$9,116	$13,484	$11,598
6/30/19	$5,568	$14,889	$10,062
6/30/20	$2,431	$16,006	$6,431
6/30/21	$4,290	$22,536	$9,606
6/30/22	$4,219	$20,144	$13,447
6/30/23	$5,052	$24,091	$15,970
6/30/24	$5,836	$30,006	$18,501
6/30/25	$4,188	$34,556	$17,769
6/30/26	$7,006	$42,271	$22,929

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Energy Services Fund	33.99%	67.29%	10.31%	-3.50%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Energy Index	19.65%	29.02%	19.01%	8.65%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were oil & gas equipment services and oil & gas drilling. There were no industries that detracted from performance. The holdings that contributed the most to performance were SLB Ltd, Baker Hughes Co. - Class A, and Kodiak Gas Services, Inc. No industries detracted from performance.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Energy Services Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$7,819,868
Total Number of Portfolio Holdings32
Portfolio Turnover Rate232%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Machinery-Diversified	2.8%
Metal Fabricate & Hardware	3.0%
Oil & Gas	22.5%
Oil & Gas Services	71.4%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
SLB Ltd.	11.5%
Baker Hughes Co. — Class A	10.4%
Halliburton Co.	7.0%
Kodiak Gas Services, Inc.	4.3%
Archrock, Inc.	4.2%
TechnipFMC plc	4.1%
NOV, Inc.	3.6%
Solaris Energy Infrastructure, Inc. — Class A	3.6%
Weatherford International plc	3.2%
Transocean Ltd.	3.1%
Total	55.0%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010384-063026

Guggenheim Investments

Financial Services Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Financial Services Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$84	1.70%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Financial Services Fund	S&P 500 Index	S&P 500 Financials Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$12,240	$11,790	$13,537
6/30/18	$13,099	$13,484	$14,843
6/30/19	$13,848	$14,889	$15,780
6/30/20	$12,181	$16,006	$13,583
6/30/21	$18,533	$22,536	$21,972
6/30/22	$16,211	$20,144	$19,186
6/30/23	$16,678	$24,091	$21,009
6/30/24	$19,869	$30,006	$26,095
6/30/25	$24,905	$34,556	$33,778
6/30/26	$25,716	$42,271	$35,148

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Financial Services Fund	0.42%	3.26%	6.77%	9.90%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Financials Index	-1.18%	4.06%	9.85%	13.39%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were regional banks, diversified banks, and investment banking & brokerage. Those that detracted the most were financial exchanges & data, transaction & payment processing, and asset management & custody banks. The holdings that contributed the most to performance were Interactive Brokers Group, Inc. - Class A, Citigroup, Inc., and Morgan Stanley. Those that detracted the most were Coinbase Global, Inc. - Class A, S&P Global, Inc., and Blackstone, Inc.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
~	6 month returns are not annualized.

Guggenheim Investments

Financial Services Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$9,452,180
Total Number of Portfolio Holdings159
Portfolio Turnover Rate916%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	1.9%
Software	1.8%
Private Equity	2.9%
Commercial Services	6.5%
REITS	16.3%
Insurance	17.2%
Diversified Financial Services	23.7%
Banks	29.2%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Berkshire Hathaway, Inc. — Class B	3.3%
JPMorgan Chase & Co.	3.0%
Visa, Inc. — Class A	2.6%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.9%
Goldman Sachs Group, Inc.	1.7%
Wells Fargo & Co.	1.6%
Morgan Stanley	1.5%
Citigroup, Inc.	1.5%
American Express Co.	1.3%
Total	20.5%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010385-063026

Guggenheim Investments

Health Care Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Health Care Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$87	1.70%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Health Care Fund	S&P 500 Index	S&P 500 Health Care Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$11,508	$11,790	$11,247
6/30/18	$12,639	$13,484	$12,046
6/30/19	$13,545	$14,889	$13,611
6/30/20	$15,044	$16,006	$15,094
6/30/21	$19,627	$22,536	$19,309
6/30/22	$17,384	$20,144	$19,959
6/30/23	$18,604	$24,091	$21,032
6/30/24	$20,012	$30,006	$23,488
6/30/25	$19,226	$34,556	$22,102
6/30/26	$23,165	$42,271	$26,500

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Health Care Fund	5.51%	20.49%	3.37%	8.76%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Health Care Index	3.47%	19.90%	6.54%	10.24%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and managed health care. Those that detracted the most were health care equipment, health care technology, and health care facilities. The holdings that contributed the most to performance were UnitedHealth Group, Inc., Johnson & Johnson, and Revolution Medicines, Inc. Those that detracted the most were Boston Scientific Corp., Intuitive Surgical, Inc., and Abbott Laboratories.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Health Care Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$10,533,341
Total Number of Portfolio Holdings134
Portfolio Turnover Rate411%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Internet	0.4%
Electronics	0.7%
Software	1.0%
Healthcare-Services	15.2%
Biotechnology	23.8%
Healthcare-Products	24.7%
Pharmaceuticals	33.7%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Eli Lilly & Co.	4.3%
Johnson & Johnson	3.4%
AbbVie, Inc.	3.0%
UnitedHealth Group, Inc.	2.7%
Merck & Company, Inc.	2.4%
Thermo Fisher Scientific, Inc.	1.9%
Amgen, Inc.	1.9%
Abbott Laboratories	1.7%
Gilead Sciences, Inc.	1.7%
Vertex Pharmaceuticals, Inc.	1.6%
Total	24.6%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010386-063026

Guggenheim Investments

Internet Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Internet Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$84	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Internet Fund	S&P 500 Index	S&P 500 Information Technology Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$13,113	$11,790	$13,389
6/30/18	$17,213	$13,484	$17,580
6/30/19	$17,622	$14,889	$20,100
6/30/20	$22,060	$16,006	$27,315
6/30/21	$31,662	$22,536	$38,897
6/30/22	$15,766	$20,144	$33,621
6/30/23	$19,709	$24,091	$47,158
6/30/24	$23,677	$30,006	$66,859
6/30/25	$30,585	$34,556	$76,955
6/30/26	$32,751	$42,271	$105,800

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Internet Fund	0.79%	7.08%	0.68%	12.60%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Information Technology Index	20.00%	37.78%	22.16%	26.60%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were communications equipment and internet services & infrastructure. Those that detracted the most were application software, real estate services, and interactive media & services. The holdings that contributed the most to performance were Cisco Systems, Inc., Lumentum Holdings, Inc., and Ciena Corp. Those that detracted the most were Salesforce, Inc., Adobe, Inc., and Meta Platforms, Inc. - Class A.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Internet Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$5,595,625
Total Number of Portfolio Holdings86
Portfolio Turnover Rate55%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	1.8%
Real Estate	0.6%
Electronics	0.6%
Commercial Services	1.5%
Computers	3.0%
Telecommunications	14.2%
Software	24.7%
Internet	52.9%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Alphabet, Inc. — Class A	7.9%
Amazon.com, Inc.	5.9%
Meta Platforms, Inc. — Class A	4.4%
Cisco Systems, Inc.	4.0%
Netflix, Inc.	3.3%
Arista Networks, Inc.	2.8%
Uber Technologies, Inc.	2.5%
Booking Holdings, Inc.	2.4%
Salesforce, Inc.	2.2%
Datadog, Inc. — Class A	2.0%
Total	37.4%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010387-063026

Guggenheim Investments

Leisure Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Leisure Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$83	1.70%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Leisure Fund	S&P 500 Index	S&P 500 Consumer Discretionary Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$12,023	$11,790	$11,690
6/30/18	$12,735	$13,484	$14,443
6/30/19	$13,411	$14,889	$15,912
6/30/20	$12,423	$16,006	$17,915
6/30/21	$19,391	$22,536	$24,559
6/30/22	$12,246	$20,144	$18,617
6/30/23	$14,920	$24,091	$23,220
6/30/24	$15,844	$30,006	$26,258
6/30/25	$20,007	$34,556	$31,090
6/30/26	$18,956	$42,271	$34,032

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Leisure Fund	-2.97%	-5.24%	-0.45%	6.61%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Consumer Discretionary Index	-0.77%	9.46%	6.74%	13.03%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were tobacco, restaurants, and hotels resorts & cruise lines. Those that detracted the most were casinos & gaming, movies & entertainment, and cable & satellite. The holdings that contributed the most to performance were Altria Group, Inc., Philip Morris International, Inc., and Starbucks Corp. Those that detracted the most were Netflix, Inc., Flutter Entertainment plc, and Trip.com Group Ltd. ADR.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Leisure Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$2,980,422
Total Number of Portfolio Holdings95
Portfolio Turnover Rate45%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	14.4%
Agriculture	7.8%
Leisure Time	8.6%
Lodging	8.8%
Entertainment	9.6%
Media	13.4%
Internet	17.8%
Retail	19.3%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Philip Morris International, Inc.	4.1%
Netflix, Inc.	4.0%
McDonald's Corp.	3.3%
Walt Disney Co.	3.1%
Booking Holdings, Inc.	3.0%
Altria Group, Inc.	2.7%
Starbucks Corp.	2.6%
Airbnb, Inc. — Class A	2.3%
Comcast Corp. — Class A	2.3%
DoorDash, Inc. — Class A	2.3%
Total	29.7%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010388-063026

Guggenheim Investments

Precious Metals Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Precious Metals Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$76	1.60%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Precious Metals Fund	S&P 500 Index	S&P 500 Materials Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$8,077	$11,790	$11,859
6/30/18	$7,865	$13,484	$13,033
6/30/19	$8,383	$14,889	$13,450
6/30/20	$12,820	$16,006	$13,301
6/30/21	$13,735	$22,536	$19,754
6/30/22	$10,515	$20,144	$18,031
6/30/23	$11,504	$24,091	$20,756
6/30/24	$13,075	$30,006	$22,560
6/30/25	$19,187	$34,556	$22,980
6/30/26	$29,099	$42,271	$26,825

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Precious Metals Fund	-9.01%	51.65%	16.20%	11.27%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Materials Index	11.97%	16.73%	6.31%	10.37%

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

What factors materially affected the Fund's performance over the last six months?

The industry that contributed the most to performance was copper. The industry that detracted the most from performance was gold. The holdings that contributed the most to performance were Freeport-McMoRan, Inc., SSR Mining, Inc., and Silvercorp Metals, Inc. The holdings that detracted the most from performance were Gold Fields Ltd. ADR, Sibanye Stillwater Ltd. ADR, and Barrick Mining Corp.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Precious Metals Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$35,893,332
Total Number of Portfolio Holdings41
Portfolio Turnover Rate370%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Mining	99.5%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Newmont Corp.	7.7%
Freeport-McMoRan, Inc.	7.2%
Agnico Eagle Mines Ltd.	6.9%
Barrick Mining Corp.	5.9%
Wheaton Precious Metals Corp.	5.6%
Franco-Nevada Corp.	4.5%
Anglogold Ashanti plc	4.3%
Gold Fields Ltd. ADR	4.1%
Kinross Gold Corp.	4.0%
Pan American Silver Corp.	3.3%
Total	53.5%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010412-063026

Guggenheim Investments

Real Estate Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Real Estate Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$88	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Real Estate Fund	S&P 500 Index	MSCI U.S. REIT Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$10,215	$11,790	$9,818
6/30/18	$10,556	$13,484	$10,168
6/30/19	$11,248	$14,889	$11,293
6/30/20	$9,831	$16,006	$9,840
6/30/21	$13,560	$22,536	$13,585
6/30/22	$11,955	$20,144	$12,713
6/30/23	$11,353	$24,091	$12,702
6/30/24	$11,828	$30,006	$13,667
6/30/25	$12,775	$34,556	$14,886
6/30/26	$14,537	$42,271	$18,034

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Real Estate Fund	10.11%	13.79%	1.40%	3.81%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
MSCI U.S. REIT Index	17.41%	21.00%	5.84%	6.07%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were retail REITS, health care REITs, and data center REITs. Those that detracted the most were real estate services and telecom tower REITs. The holdings that contributed the most to performance were Equinix, Inc., Welltower, Inc., and Iron Mountain, Inc. Those that detracted the most were CoStar Group, Inc., Zillow Group, Inc. - Class C, and CBRE Group, Inc. - Class A.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Real Estate Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$3,601,462
Total Number of Portfolio Holdings96
Portfolio Turnover Rate1,334%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	22.6%
REITs-Shopping Centers	6.9%
Real Estate Management/Services	7.4%
REITs-Storage	7.4%
REITs-Warehouse/Industries	9.4%
REITs-Apartments	10.9%
REITs-Health Care	13.8%
REITs-Diversified	21.2%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Welltower, Inc.	4.1%
Prologis, Inc.	3.4%
Equinix, Inc.	3.2%
Simon Property Group, Inc.	2.7%
American Tower Corp.	2.6%
Digital Realty Trust, Inc.	2.5%
Realty Income Corp.	2.4%
Public Storage	2.2%
Ventas, Inc.	2.1%
CBRE Group, Inc. — Class A	2.0%
Total	27.2%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010395-063026

Guggenheim Investments

Retailing Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Retailing Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$83	1.70%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Retailing Fund	S&P 500 Index	S&P 500 Consumer Discretionary Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$10,378	$11,790	$11,690
6/30/18	$12,853	$13,484	$14,443
6/30/19	$13,054	$14,889	$15,912
6/30/20	$15,251	$16,006	$17,915
6/30/21	$23,042	$22,536	$24,559
6/30/22	$15,354	$20,144	$18,617
6/30/23	$17,917	$24,091	$23,220
6/30/24	$20,641	$30,006	$26,258
6/30/25	$23,208	$34,556	$31,090
6/30/26	$24,119	$42,271	$34,032

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Retailing Fund	-2.24%	3.92%	0.92%	9.20%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Consumer Discretionary Index	-0.77%	9.46%	6.74%	13.03%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were consumer staples merchandise retail, home furnishing retail, and apparel retail. Those that detracted the most were broadline retail, other specialty retail, and distributors. The holdings that contributed the most to performance were Target Corp., eBay, Inc., and Ross Stores, Inc. Those that detracted the most were PDD Holdings, Inc. ADR, Alibaba Group Holding Ltd. ADR, and Tractor Supply Co.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Retailing Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$2,200,136
Total Number of Portfolio Holdings63
Portfolio Turnover Rate29%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Commercial Services	0.8%
Software	1.3%
Distribution & Wholesale	1.9%
Internet	27.8%
Retail	66.9%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Amazon.com, Inc.	10.2%
Walmart, Inc.	5.0%
Home Depot, Inc.	4.4%
Costco Wholesale Corp.	4.2%
Lowe's Companies, Inc.	3.9%
TJX Companies, Inc.	3.4%
O'Reilly Automotive, Inc.	3.1%
Carvana Co. — Class A	2.8%
Ross Stores, Inc.	2.7%
Target Corp.	2.6%
Total	42.3%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010389-063026

Guggenheim Investments

Technology Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Technology Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$98	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Technology Fund	S&P 500 Index	S&P 500 Information Technology Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$13,044	$11,790	$13,389
6/30/18	$16,433	$13,484	$17,580
6/30/19	$18,447	$14,889	$20,100
6/30/20	$23,204	$16,006	$27,315
6/30/21	$34,765	$22,536	$38,897
6/30/22	$24,416	$20,144	$33,621
6/30/23	$31,398	$24,091	$47,158
6/30/24	$40,982	$30,006	$66,859
6/30/25	$47,851	$34,556	$76,955
6/30/26	$72,498	$42,271	$105,800

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Technology Fund	32.90%	51.49%	15.83%	21.91%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Information Technology Index	20.00%	37.78%	22.16%	26.60%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were semiconductors, technology hardware storage & peripherals, and semiconductors materials & equipment. Those that detracted the most were application software, IT consulting & other services, and systems software. The holdings that contributed the most to performance were Micron Technology, Inc., Sandisk Corp., and Intel Corp. Those that detracted the most were Microsoft Corp., Intuit, Inc., and Palantir Technologies, Inc. - Class A.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Technology Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$34,161,399
Total Number of Portfolio Holdings148
Portfolio Turnover Rate89%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	2.2%
Investment Companies	1.9%
Electronics	4.6%
Telecommunications	5.5%
Internet	13.7%
Computers	17.7%
Software	21.8%
Semiconductors	32.2%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
NVIDIA Corp.	4.8%
Alphabet, Inc. — Class A	4.7%
Apple, Inc.	4.5%
Microsoft Corp.	3.7%
Broadcom, Inc.	2.9%
Micron Technology, Inc.	2.7%
Meta Platforms, Inc. — Class A	2.7%
Advanced Micro Devices, Inc.	2.4%
Sandisk Corp.	2.0%
Applied Materials, Inc.	1.9%
Total	32.3%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010391-063026

Guggenheim Investments

Telecommunications Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Telecommunications Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$96	1.70%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Telecommunications Fund	S&P 500 Index	S&P 500 Telecommunications Services Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$10,959	$11,790	$8,434
6/30/18	$11,671	$13,484	$8,110
6/30/19	$12,179	$14,889	$8,674
6/30/20	$12,136	$16,006	$8,234
6/30/21	$15,188	$22,536	$8,564
6/30/22	$11,780	$20,144	$7,864
6/30/23	$11,250	$24,091	$6,155
6/30/24	$11,422	$30,006	$7,229
6/30/25	$14,965	$34,556	$9,228
6/30/26	$22,478	$42,271	$7,389

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Telecommunications Fund	26.90%	50.21%	8.16%	8.44%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Telecommunications Services Index	-9.72%	-19.93%	-2.91%	-2.98%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were communications equipment, alternative carriers, and movies & entertainment. The industries that detracted the most from performance were cable & satellite and application software. The holdings that contributed the most to performance were Lumentum Holdings, Inc., Cisco Systems, Inc., and Ciena Corp. Those that detracted the most were T-Mobile US, Inc., Charter Communications, Inc.- Class A, and AT&T, Inc.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunications Services 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.
~	6 month returns are not annualized.

Guggenheim Investments

Telecommunications Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$6,475,887
Total Number of Portfolio Holdings52
Portfolio Turnover Rate155%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	0.2%
Software	0.7%
Aerospace & Defense	1.1%
Electronics	1.9%
Computers	5.7%
Internet	5.9%
Media	9.9%
Telecommunications	74.2%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Cisco Systems, Inc.	8.9%
Arista Networks, Inc.	6.1%
Verizon Communications, Inc.	5.3%
Ciena Corp.	5.2%
AT&T, Inc.	5.0%
Lumentum Holdings, Inc.	4.7%
Comcast Corp. — Class A	4.5%
Motorola Solutions, Inc.	4.2%
T-Mobile US, Inc.	3.9%
AST SpaceMobile, Inc. — Class A	3.2%
Total	51.0%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010392-063026

Guggenheim Investments

Transportation Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Transportation Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$89	1.70%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Transportation Fund	S&P 500 Index	S&P 500 Industrials Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$13,184	$11,790	$12,227
6/30/18	$14,069	$13,484	$12,880
6/30/19	$13,459	$14,889	$14,223
6/30/20	$13,287	$16,006	$12,940
6/30/21	$23,141	$22,536	$19,596
6/30/22	$17,430	$20,144	$16,967
6/30/23	$20,247	$24,091	$21,237
6/30/24	$18,490	$30,006	$24,534
6/30/25	$19,653	$34,556	$30,149
6/30/26	$25,107	$42,271	$38,377

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Transportation Fund	9.98%	27.76%	1.65%	9.64%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Industrials Index	20.15%	27.29%	14.39%	14.40%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were cargo ground transportation, passenger airlines, and rail transportation. Those that detracted the most were automobile manufacturers, passenger ground transportation and tires & rubber. The holdings that contributed the most to performance were Garrett Motion Inc., FedEx Corp., and Delta Air Lines, Inc. Those that detracted the most were Tesla, Inc, Stellantis N.V., and Uber Technologies, Inc.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Transportation Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$2,849,055
Total Number of Portfolio Holdings80
Portfolio Turnover Rate473%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	1.1%
Aerospace & Defense	0.7%
Leisure Time	1.0%
Internet	6.1%
Auto Parts & Equipment	12.8%
Airlines	13.1%
Auto Manufacturers	25.5%
Transportation	39.3%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Tesla, Inc.	12.2%
Union Pacific Corp.	4.1%
Uber Technologies, Inc.	3.9%
United Parcel Service, Inc. — Class B	3.0%
CSX Corp.	3.0%
Norfolk Southern Corp.	2.7%
General Motors Co.	2.6%
Delta Air Lines, Inc.	2.6%
FedEx Corp.	2.5%
Ford Motor Co.	2.3%
Total	38.9%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010393-063026

Guggenheim Investments

Utilities Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Utilities Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$87	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Utilities Fund	S&P 500 Index	S&P 500 Utilities Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$10,138	$11,790	$10,247
6/30/18	$10,622	$13,484	$10,597
6/30/19	$12,229	$14,889	$12,614
6/30/20	$11,069	$16,006	$12,347
6/30/21	$12,604	$22,536	$14,294
6/30/22	$13,939	$20,144	$16,338
6/30/23	$13,403	$24,091	$15,737
6/30/24	$14,123	$30,006	$16,968
6/30/25	$17,395	$34,556	$20,939
6/30/26	$19,832	$42,271	$23,915

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Utilities Fund	7.22%	14.01%	9.49%	7.09%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Utilities Index	7.72%	14.20%	10.84%	9.11%

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

What factors materially affected the Fund's performance over the last six months?

The industries that contributed the most to performance were electric utilities, multi utilities, and water utilities. No industries detracted from performance. The holdings that contributed the most to performance were Entergy Corp., American Electric Power Company, Inc., and NextEra Energy, Inc. Those that detracted the most were Constellation Energy Corp., Oklo Inc. - Class A, and NRG Energy, Inc.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Utilities Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$9,236,096
Total Number of Portfolio Holdings53
Portfolio Turnover Rate448%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Water	3.9%
Gas	7.0%
Electric	88.5%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
NextEra Energy, Inc.	5.4%
Southern Co.	4.1%
Duke Energy Corp.	3.9%
American Electric Power Company, Inc.	3.5%
Constellation Energy Corp.	3.5%
Dominion Energy, Inc.	3.1%
Sempra	3.1%
Entergy Corp.	3.0%
Vistra Corp.	2.9%
Xcel Energy, Inc.	2.8%
Total	35.3%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010394-063026

Guggenheim Investments

Dow 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Dow 2x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$96	1.80%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Dow 2x Strategy Fund	S&P 500 Index	Dow Jones Industrial Average
6/30/16	$10,000	$10,000	$10,000
6/30/17	$14,483	$11,790	$12,212
6/30/18	$18,543	$13,484	$14,203
6/30/19	$21,571	$14,889	$15,936
6/30/20	$17,829	$16,006	$15,850
6/30/21	$31,914	$22,536	$21,610
6/30/22	$24,797	$20,144	$19,654
6/30/23	$29,574	$24,091	$22,450
6/30/24	$36,458	$30,006	$26,047
6/30/25	$43,177	$34,556	$29,881
6/30/26	$57,750	$42,271	$36,051

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Dow 2x Strategy Fund	15.50%	33.75%	12.59%	19.17%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
Dow Jones Industrial Average	9.76%	20.65%	10.78%	13.68%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were industrials, health care, and financials. Those that detracted the most were information technology, consumer discretionary, and communication services. The holdings that contributed the most to return of the underlying index were Caterpillar, Inc., Goldman Sachs Group, Inc., and UnitedHealth Group, Inc. Those that detracted the most were Microsoft Corp., Salesforce, Inc., and McDonald's Corp. 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Dow 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$12,473,389
Total Number of Portfolio Holdings36
Portfolio Turnover Rate234%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	4.9%
Consumer, Cyclical	7.5%
Communications	7.8%
Technology	12.6%
Consumer, Non-cyclical	13.4%
Equity Futures Contracts Purchased	14.8%
Industrial	16.1%
Financial	22.7%
OTC Equity Index Swap Agreements	100.4%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Caterpillar, Inc.	10.3%
Goldman Sachs Group, Inc.	9.8%
UnitedHealth Group, Inc.	4.0%
Microsoft Corp.	3.6%
Amgen, Inc.	3.5%
Alphabet, Inc. — Class A	3.5%
Home Depot, Inc.	3.4%
Sherwin-Williams Co.	3.3%
Visa, Inc. — Class A	3.3%
American Express Co.	3.3%
Total	48.0%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010422-063026

Guggenheim Investments

Inverse Dow 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$82	1.75%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Inverse Dow 2x Strategy Fund	S&P 500 Index	Dow Jones Industrial Average
6/30/16	$10,000	$10,000	$10,000
6/30/17	$6,626	$11,790	$12,212
6/30/18	$4,788	$13,484	$14,203
6/30/19	$3,705	$14,889	$15,936
6/30/20	$2,553	$16,006	$15,850
6/30/21	$1,280	$22,536	$21,610
6/30/22	$1,400	$20,144	$19,654
6/30/23	$1,094	$24,091	$22,450
6/30/24	$912	$30,006	$26,047
6/30/25	$732	$34,556	$29,881
6/30/26	$560	$42,271	$36,051

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Inverse Dow 2x Strategy Fund	-11.18%	-23.47%	-15.23%	-25.04%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
Dow Jones Industrial Average	9.76%	20.65%	10.78%	13.68%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were industrials, health care, and financials. Those that detracted the most were information technology, consumer discretionary, and communication services. The holdings that contributed the most to return of the underlying index were Caterpillar, Inc., Goldman Sachs Group, Inc., and UnitedHealth Group, Inc. Those that detracted the most were Microsoft Corp., Salesforce, Inc., and McDonald's Corp. 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Inverse Dow 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$846,831
Total Number of Portfolio Holdings9
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
OTC Equity Index Swap Agreements Sold Short	-199.9%

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

Availability of Additional Information

SA-C000010424-063026

Guggenheim Investments

Mid-Cap 1.5x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$95	1.71%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Mid-Cap 1.5x Strategy Fund	S&P 500 Index	S&P MidCap 400 Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$12,651	$11,790	$11,857
6/30/18	$14,849	$13,484	$13,458
6/30/19	$14,522	$14,889	$13,641
6/30/20	$11,884	$16,006	$12,728
6/30/21	$21,897	$22,536	$19,503
6/30/22	$16,575	$20,144	$16,648
6/30/23	$19,991	$24,091	$19,580
6/30/24	$22,951	$30,006	$22,238
6/30/25	$24,058	$34,556	$23,912
6/30/26	$32,273	$42,271	$30,101

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Mid-Cap 1.5x Strategy Fund	23.90%	34.15%	8.07%	12.43%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P MidCap 400 Index	17.34%	25.89%	9.07%	11.65%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, industrials, and energy. The sector that detracted the most was communication services. The holdings that contributed the most to the return of the underlying index were Flex Ltd., Lumentum Holdings, Inc., and MKS, Inc. Those that detracted the most were Guidewire Software, Inc., DocuSign, Inc., and Kratos Defense & Security Solutions, Inc. 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Mid-Cap 1.5x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$4,106,058
Total Number of Portfolio Holdings409
Portfolio Turnover Rate11%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	11.3%
Technology	8.2%
Consumer, Cyclical	9.2%
Consumer, Non-cyclical	10.5%
Financial	15.0%
Industrial	19.4%
OTC Equity Index Swap Agreements	76.1%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Ultra Short Duration Fund — Institutional Class	3.9%
Guggenheim Ultra Short Income ETF	2.0%
Twilio, Inc. — Class A	0.6%
Carpenter Technology Corp.	0.6%
MKS, Inc.	0.6%
Curtiss-Wright Corp.	0.6%
nVent Electric plc	0.6%
Entegris, Inc.	0.6%
ATI, Inc.	0.5%
Illumina, Inc.	0.5%
Total	10.5%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010396-063026

Guggenheim Investments

Inverse Mid-Cap Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$76	1.65%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Inverse Mid-Cap Strategy Fund	S&P 500 Index	S&P MidCap 400 Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$8,412	$11,790	$11,857
6/30/18	$7,428	$13,484	$13,458
6/30/19	$7,268	$14,889	$13,641
6/30/20	$6,805	$16,006	$12,728
6/30/21	$4,250	$22,536	$19,503
6/30/22	$4,669	$20,144	$16,648
6/30/23	$4,026	$24,091	$19,580
6/30/24	$3,810	$30,006	$22,238
6/30/25	$3,654	$34,556	$23,912
6/30/26	$2,986	$42,271	$30,101

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Inverse Mid-Cap Strategy Fund	-13.72%	-18.27%	-6.81%	-11.38%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P MidCap 400 Index	17.34%	25.89%	9.07%	11.65%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, industrials, and energy. The sector that detracted the most was communication services. The holdings that contributed the most to the return of the underlying index were Flex Ltd., Lumentum Holdings, Inc., and MKS Inc. Those that detracted the most were Guidewire Software, Inc., DocuSign, Inc., and Kratos Defense & Security Solutions, Inc. 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Inverse Mid-Cap Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$95,998
Total Number of Portfolio Holdings10
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
OTC Equity Index Swap Agreements Sold Short	-102.3%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Ultra Short Duration Fund — Institutional Class	25.9%
Guggenheim Ultra Short Income ETF	4.5%
Total	30.4%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010414-063026

Guggenheim Investments

NASDAQ-100^® Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the NASDAQ-100^® Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$90	1.66%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	NASDAQ-100^® Fund	S&P 500 Index	NASDAQ-100 Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$12,773	$11,790	$12,939
6/30/18	$15,864	$13,484	$16,304
6/30/19	$17,133	$14,889	$17,961
6/30/20	$22,206	$16,006	$24,028
6/30/21	$31,672	$22,536	$34,685
6/30/22	$24,582	$20,144	$27,617
6/30/23	$32,246	$24,091	$36,767
6/30/24	$41,562	$30,006	$48,080
6/30/25	$47,493	$34,556	$55,823
6/30/26	$62,725	$42,271	$75,018

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
NASDAQ-100^® Fund	19.29%	32.06%	14.64%	20.16%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
NASDAQ-100 Index	20.31%	34.39%	16.68%	22.33%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, consumer staples, and materials. Those that detracted the most were health care, consumer discretionary, and communication services. The holdings that contributed the most to the return of the underlying index were Micron Technology, Inc., Advanced Micro Devices, Inc., and Intel Corp. Those that detracted the most were Microsoft Corp., Palantir Technologies, Inc. - Class A, and Intuit, 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

NASDAQ-100^® Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$146,079,394
Total Number of Portfolio Holdings111
Portfolio Turnover Rate87%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	6.0%
Consumer, Non-cyclical	5.6%
Consumer, Cyclical	8.4%
OTC Equity Index Swap Agreements	10.9%
Communications	19.2%
Technology	49.9%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
NVIDIA Corp.	6.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.3%
Apple, Inc.	5.8%
Guggenheim Ultra Short Income ETF	5.0%
Micron Technology, Inc.	4.9%
Microsoft Corp.	3.8%
Advanced Micro Devices, Inc.	3.6%
Amazon.com, Inc.	3.5%
Tesla, Inc.	2.9%
Alphabet, Inc. — Class A	2.8%
Total	45.2%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010425-063026

Guggenheim Investments

NASDAQ-100^® 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the NASDAQ-100^® 2x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$110	1.87%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	NASDAQ-100^® 2x Strategy Fund	S&P 500 Index	NASDAQ-100 Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$16,119	$11,790	$12,939
6/30/18	$23,985	$13,484	$16,304
6/30/19	$26,456	$14,889	$17,961
6/30/20	$40,141	$16,006	$24,028
6/30/21	$77,765	$22,536	$34,685
6/30/22	$44,007	$20,144	$27,617
6/30/23	$68,642	$24,091	$36,767
6/30/24	$106,036	$30,006	$48,080
6/30/25	$124,394	$34,556	$55,823
6/30/26	$202,946	$42,271	$75,018

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
NASDAQ-100^® 2x Strategy Fund	36.97%	63.16%	21.15%	35.13%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
NASDAQ-100 Index	20.31%	34.39%	16.68%	22.33%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, consumer staples, and materials. Those that detracted the most were health care, consumer discretionary, and communication services. The holdings that contributed the most to the return of the underlying index were Micron Technology, Inc., Advanced Micro Devices, Inc., and Intel Corp. Those that detracted the most were Microsoft Corp., Palantir Technologies, Inc. - Class A, and Intuit, 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

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

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$154,709,978
Total Number of Portfolio Holdings110
Portfolio Turnover Rate173%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	3.9%
Consumer, Non-cyclical	5.7%
Consumer, Cyclical	8.6%
Equity Futures Contracts Purchased	14.6%
Communications	19.6%
Technology	50.7%
OTC Equity Index Swap Agreements	97.2%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
NVIDIA Corp.	6.7%
Apple, Inc.	5.9%
Micron Technology, Inc.	5.0%
Microsoft Corp.	3.8%
Advanced Micro Devices, Inc.	3.6%
Amazon.com, Inc.	3.6%
Tesla, Inc.	2.9%
Alphabet, Inc. — Class A	2.9%
Intel Corp.	2.7%
Alphabet, Inc. — Class C	2.7%
Total	39.8%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010421-063026

Guggenheim Investments

Inverse NASDAQ-100^® Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100^® Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$77	1.70%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Inverse NASDAQ-100^® Strategy Fund	S&P 500 Index	NASDAQ-100 Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$7,723	$11,790	$12,939
6/30/18	$6,057	$13,484	$16,304
6/30/19	$5,421	$14,889	$17,961
6/30/20	$3,659	$16,006	$24,028
6/30/21	$2,521	$22,536	$34,685
6/30/22	$2,896	$20,144	$27,617
6/30/23	$2,165	$24,091	$36,767
6/30/24	$1,778	$30,006	$48,080
6/30/25	$1,547	$34,556	$55,823
6/30/26	$1,176	$42,271	$75,018

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Inverse NASDAQ-100^® Strategy Fund	-17.34%	-24.01%	-14.15%	-19.27%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
NASDAQ-100 Index	20.31%	34.39%	16.68%	22.33%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, consumer staples, and materials. Those that detracted the most were health care, consumer discretionary, and communication services. The holdings that contributed the most to the return of the underlying index were Micron Technology, Inc., Advanced Micro Devices, Inc., and Intel Corp. Those that detracted the most were Microsoft Corp., Palantir Technologies, Inc. - Class A, and Intuit, 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Inverse NASDAQ-100^® Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$902,247
Total Number of Portfolio Holdings10
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
OTC Equity Index Swap Agreements Sold Short	-98.4%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Ultra Short Duration Fund — Institutional Class	13.2%
Guggenheim Ultra Short Income ETF	3.9%
Total	17.1%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010426-063026

Guggenheim Investments

Russell 2000^® 1.5x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Russell 2000^® 1.5x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$100	1.74%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Russell 2000^® 1.5x Strategy Fund	S&P 500 Index	Russell 2000 Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$13,644	$11,790	$12,460
6/30/18	$16,868	$13,484	$14,649
6/30/19	$15,350	$14,889	$14,164
6/30/20	$12,583	$16,006	$13,226
6/30/21	$25,182	$22,536	$21,429
6/30/22	$15,494	$20,144	$16,029
6/30/23	$17,413	$24,091	$18,002
6/30/24	$19,048	$30,006	$19,812
6/30/25	$19,908	$34,556	$21,334
6/30/26	$31,406	$42,271	$30,034

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Russell 2000^® 1.5x Strategy Fund	31.93%	57.76%	4.51%	12.12%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
Russell 2000 Index	22.57%	40.78%	6.99%	11.62%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, industrials, and health care. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index were Bloom Energy Corp. - Class A, Credo Technology Group Holding Ltd., and Sterling Infrastructure, Inc. Those that detracted the most were Kratos Defense & Security Solutions, Inc., AeroVironment, Inc., and Verra Mobility Corp. - Class A. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Russell 2000^® 1.5x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$5,712,336
Total Number of Portfolio Holdings1,981
Portfolio Turnover Rate8%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	16.0%
Exchange-Traded Funds	19.8%
Equity Futures Contracts Purchased	26.7%
OTC Equity Index Swap Agreements	87.1%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Vanguard Russell 2000 ETF	9.9%
iShares Russell 2000 Index ETF	9.9%
Guggenheim Ultra Short Income ETF	3.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Moog, Inc. — Class A	0.1%
Hut 8 Corp.	0.1%
Cytokinetics, Inc.	0.1%
Viasat, Inc.	0.1%
BrightSpring Health Services, Inc.	0.1%
MaxLinear, Inc.	0.1%
Total	26.4%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010397-063026

Guggenheim Investments

Russell 2000^® 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Russell 2000^® 2x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$115	1.92%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Russell 2000^® 2x Strategy Fund	S&P 500 Index	Russell 2000 Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$14,755	$11,790	$12,460
6/30/18	$19,418	$13,484	$14,649
6/30/19	$16,819	$14,889	$14,164
6/30/20	$11,908	$16,006	$13,226
6/30/21	$29,354	$22,536	$21,429
6/30/22	$15,510	$20,144	$16,029
6/30/23	$17,352	$24,091	$18,002
6/30/24	$18,718	$30,006	$19,812
6/30/25	$18,850	$34,556	$21,334
6/30/26	$33,593	$42,271	$30,034

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Russell 2000^® 2x Strategy Fund	42.52%	78.20%	2.73%	12.88%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
Russell 2000 Index	22.57%	40.78%	6.99%	11.62%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, industrials, and health care. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index were Bloom Energy Corp.- Class A, Credo Technology Group Holding Ltd., and Sterling Infrastructure, Inc. Those that detracted the most were Kratos Defense & Security Solutions, Inc., AeroVironment, Inc., and Verra Mobility Corp.- Class A. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Russell 2000 Index.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Russell 2000^® 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$3,396,312
Total Number of Portfolio Holdings13
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Exchange-Traded Funds	16.5%
Equity Futures Contracts Purchased	26.9%
OTC Equity Index Swap Agreements	155.4%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Vanguard Russell 2000 ETF	8.3%
iShares Russell 2000 Index ETF	8.2%
Total	16.5%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000032290-063026

Guggenheim Investments

Inverse Russell 2000^® Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Inverse Russell 2000^® Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$76	1.69%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Inverse Russell 2000^® Strategy Fund	S&P 500 Index	Russell 2000 Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$7,861	$11,790	$12,460
6/30/18	$6,655	$13,484	$14,649
6/30/19	$6,829	$14,889	$14,164
6/30/20	$6,238	$16,006	$13,226
6/30/21	$3,610	$22,536	$21,429
6/30/22	$4,440	$20,144	$16,029
6/30/23	$3,942	$24,091	$18,002
6/30/24	$3,779	$30,006	$19,812
6/30/25	$3,603	$34,556	$21,334
6/30/26	$2,601	$42,271	$30,034

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Inverse Russell 2000^® Strategy Fund	-18.28%	-27.82%	-6.35%	-12.60%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
Russell 2000 Index	22.57%	40.78%	6.99%	11.62%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, industrials, and health care. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index were Bloom Energy Corp. - Class A, Credo Technology Group Holding Ltd., and Sterling Infrastructure, Inc. Those that detracted the most were Kratos Defense & Security Solutions, Inc., AeroVironment, Inc., and Verra Mobility Corp. - Class A. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Inverse Russell 2000^® Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$136,328
Total Number of Portfolio Holdings10
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
OTC Equity Index Swap Agreements Sold Short	-98.8%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Ultra Short Duration Fund — Institutional Class	35.3%
Guggenheim Ultra Short Income ETF	4.2%
Total	39.5%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010415-063026

Guggenheim Investments

Nova Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Nova Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$86	1.63%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Nova Fund	S&P 500 Index
6/30/16	$10,000	$10,000
6/30/17	$12,576	$11,790
6/30/18	$14,938	$13,484
6/30/19	$16,600	$14,889
6/30/20	$17,105	$16,006
6/30/21	$27,898	$22,536
6/30/22	$22,557	$20,144
6/30/23	$27,941	$24,091
6/30/24	$36,950	$30,006
6/30/25	$43,009	$34,556
6/30/26	$55,471	$42,271

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Nova Fund	13.00%	28.97%	14.73%	18.69%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, industrials, and energy. Those that detracted the most were financials and consumer discretionary. The holdings that contributed the most to the return of the underlying index were Micron Technology, Inc., Advanced Micro Devices, Inc., and Intel Corp. Those that detracted the most were Microsoft Corp., Meta Platforms Inc. - Class A, and Palantir Technologies Inc. - Class A. 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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 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.
~	6 month returns are not annualized.

Guggenheim Investments

Nova Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$50,601,983
Total Number of Portfolio Holdings512
Portfolio Turnover Rate226%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	5.5%
Consumer, Cyclical	6.1%
Industrial	7.1%
Financial	10.5%
Consumer, Non-cyclical	10.6%
Communications	13.3%
Equity Futures Contracts Purchased	14.9%
Technology	28.8%
OTC Equity Index Swap Agreements	53.0%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
NVIDIA Corp.	6.2%
Apple, Inc.	5.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.0%
Microsoft Corp.	3.5%
Guggenheim Ultra Short Income ETF	3.2%
Amazon.com, Inc.	3.0%
Alphabet, Inc. — Class A	2.7%
Broadcom, Inc.	2.3%
Alphabet, Inc. — Class C	2.1%
Micron Technology, Inc.	1.7%
Total	34.1%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010401-063026

Guggenheim Investments

S&P 500^® 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the S&P 500^® 2x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$97	1.80%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	S&P 500^® 2x Strategy Fund	S&P 500 Index
6/30/16	$10,000	$10,000
6/30/17	$13,475	$11,790
6/30/18	$16,709	$13,484
6/30/19	$18,936	$14,889
6/30/20	$18,357	$16,006
6/30/21	$34,681	$22,536
6/30/22	$25,675	$20,144
6/30/23	$33,167	$24,091
6/30/24	$46,929	$30,006
6/30/25	$55,616	$34,556
6/30/26	$76,594	$42,271

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
S&P 500^® 2x Strategy Fund	16.45%	37.72%	17.17%	22.58%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, industrials, and energy. Those that detracted the most were financials and consumer discretionary. The holdings that contributed the most to the return of the underlying index were Micron Technology, Inc., Advanced Micro Devices, Inc., and Intel Corp. Those that detracted the most were Microsoft Corp., Meta Platforms, Inc. - Class A, and Palantir Technologies, Inc. - Class A. 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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 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.
~	6 month returns are not annualized.

Guggenheim Investments

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

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$128,034,830
Total Number of Portfolio Holdings513
Portfolio Turnover Rate34%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	6.0%
Consumer, Cyclical	6.7%
Industrial	7.7%
Financial	11.4%
Consumer, Non-cyclical	11.5%
Communications	14.5%
Equity Futures Contracts Purchased	20.9%
Technology	31.4%
OTC Equity Index Swap Agreements	89.9%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
NVIDIA Corp.	6.7%
Apple, Inc.	5.9%
Microsoft Corp.	3.8%
Amazon.com, Inc.	3.2%
Alphabet, Inc. — Class A	2.9%
Broadcom, Inc.	2.5%
Alphabet, Inc. — Class C	2.3%
Micron Technology, Inc.	1.8%
Meta Platforms, Inc. — Class A	1.7%
Tesla, Inc.	1.6%
Total	32.4%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010420-063026

Guggenheim Investments

Inverse S&P 500^® Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Inverse S&P 500^® Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$81	1.70%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Inverse S&P 500^® Strategy Fund	S&P 500 Index
6/30/16	$10,000	$10,000
6/30/17	$8,490	$11,790
6/30/18	$7,443	$13,484
6/30/19	$6,773	$14,889
6/30/20	$5,699	$16,006
6/30/21	$3,964	$22,536
6/30/22	$4,170	$20,144
6/30/23	$3,576	$24,091
6/30/24	$3,121	$30,006
6/30/25	$2,851	$34,556
6/30/26	$2,443	$42,271

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Inverse S&P 500^® Strategy Fund	-7.60%	-14.31%	-9.23%	-13.15%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index were information technology, industrials, and energy. Those that detracted the most were financials and consumer discretionary. The holdings that contributed the most to the return of the underlying index were Micron Technology, Inc., Advanced Micro Devices, Inc., and Intel Corp. Those that detracted the most were Microsoft Corp., Meta Platforms, Inc. - Class A, and Palantir Technologies Inc. - Class A. 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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 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.
~	6 month returns are not annualized.

Guggenheim Investments

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

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$1,951,342
Total Number of Portfolio Holdings10
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
OTC Equity Index Swap Agreements Sold Short	-100.0%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Ultra Short Duration Fund — Institutional Class	6.0%
Guggenheim Ultra Short Income ETF	4.6%
Total	10.6%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010423-063026

Guggenheim Investments

S&P 500^® Pure Growth Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the S&P 500^® Pure Growth Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$94	1.60%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	S&P 500^® Pure Growth Fund	S&P 500 Index	S&P 500 Pure Growth Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$11,534	$11,790	$11,735
6/30/18	$13,912	$13,484	$14,411
6/30/19	$14,396	$14,889	$15,164
6/30/20	$15,547	$16,006	$16,665
6/30/21	$21,801	$22,536	$23,805
6/30/22	$17,307	$20,144	$19,189
6/30/23	$17,913	$24,091	$20,189
6/30/24	$21,721	$30,006	$24,922
6/30/25	$26,430	$34,556	$30,843
6/30/26	$36,420	$42,271	$43,266

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
S&P 500^® Pure Growth Fund	36.05%	37.80%	10.81%	13.80%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Pure Growth Index	37.27%	40.28%	12.69%	15.78%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, industrials, and consumer staples. The sectors that detracted the most were health care, consumer discretionary, and communication services. The holdings that contributed the most to the return of the underlying index for the reporting period were Sandisk Corp., Micron Technology, Inc., and Comfort Systems USA, Inc. Those that detracted the most were AppLovin Corp.- Class A, Palantir Technologies Inc.- Class A, and Insulet Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

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

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$37,630,332
Total Number of Portfolio Holdings68
Portfolio Turnover Rate51%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	8.0%
Consumer, Non-cyclical	9.4%
Consumer, Cyclical	12.8%
Communications	15.0%
Industrial	18.5%
Technology	35.9%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Sandisk Corp.	10.4%
Micron Technology, Inc.	4.2%
Comfort Systems USA, Inc.	3.3%
KLA Corp.	3.1%
Advanced Micro Devices, Inc.	2.6%
Lam Research Corp.	2.4%
Ciena Corp.	2.3%
Crowdstrike Holdings, Inc. — Class A	2.2%
Vertiv Holdings Co. — Class A	2.1%
Monolithic Power Systems, Inc.	2.1%
Total	34.7%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010408-063026

Guggenheim Investments

S&P 500^® Pure Value Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the S&P 500^® Pure Value Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$84	1.60%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	S&P 500^® Pure Value Fund	S&P 500 Index	S&P 500 Pure Value Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$11,720	$11,790	$11,934
6/30/18	$13,021	$13,484	$13,461
6/30/19	$13,033	$14,889	$13,702
6/30/20	$9,699	$16,006	$10,392
6/30/21	$15,713	$22,536	$17,168
6/30/22	$15,410	$20,144	$17,112
6/30/23	$16,096	$24,091	$18,209
6/30/24	$17,474	$30,006	$20,102
6/30/25	$19,860	$34,556	$23,239
6/30/26	$24,400	$42,271	$28,985

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
S&P 500^® Pure Value Fund	10.81%	22.86%	9.20%	9.33%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P 500 Pure Value Index	11.75%	24.73%	11.04%	11.23%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index for the reporting period were health care, energy, and financials. The sector that detracted the most was communication services. The holdings that contributed the most to the return of the underlying index for the reporting period Centene Corp., Humana, Inc., and Hewlett Packard Enterprise Co. Those that detracted the most were Charter Communications, Inc.- Class A, Molina Healthcare, Inc., and Paramount Skydance Corporation - Class B. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

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

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$20,845,381
Total Number of Portfolio Holdings122
Portfolio Turnover Rate79%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	6.9%
Communications	5.2%
Industrial	6.2%
Basic Materials	8.3%
Energy	9.6%
Consumer, Cyclical	12.8%
Financial	20.4%
Consumer, Non-cyclical	30.5%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Centene Corp.	2.7%
Humana, Inc.	2.5%
Archer-Daniels-Midland Co.	2.2%
Bunge Global S.A.	2.2%
CVS Health Corp.	2.1%
Ford Motor Co.	2.0%
Dow, Inc.	1.8%
General Motors Co.	1.7%
Target Corp.	1.7%
Cigna Group	1.7%
Total	20.6%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010407-063026

Guggenheim Investments

S&P MidCap 400^® Pure Growth Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the S&P MidCap 400^® Pure Growth Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$88	1.60%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	S&P MidCap 400^® Pure Growth Fund	S&P 500 Index	S&P MidCap 400 Pure Growth Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$11,419	$11,790	$11,608
6/30/18	$13,044	$13,484	$13,492
6/30/19	$11,934	$14,889	$12,544
6/30/20	$11,981	$16,006	$12,785
6/30/21	$17,811	$22,536	$19,358
6/30/22	$12,722	$20,144	$14,033
6/30/23	$15,146	$24,091	$17,010
6/30/24	$18,768	$30,006	$21,475
6/30/25	$18,580	$34,556	$21,632
6/30/26	$24,277	$42,271	$28,757

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
S&P MidCap 400^® Pure Growth Fund	22.13%	30.66%	6.39%	9.27%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P MidCap 400 Pure Growth Index	23.22%	32.94%	8.24%	11.14%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, information technology, and energy. Those that detracted the most from the return of the underlying index were consumer discretionary, materials, and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Sterling Infrastructure, Inc., Vicor Corp., and Carpenter Technology Corp. Those that detracted the most were Celsius Holdings, Inc., AeroVironment, Inc., and Planet Fitness, Inc. Class A. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

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

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$10,314,326
Total Number of Portfolio Holdings101
Portfolio Turnover Rate216%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	9.7%
Communications	5.0%
Basic Materials	6.0%
Consumer, Cyclical	8.5%
Technology	13.2%
Consumer, Non-cyclical	23.0%
Industrial	34.0%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Sterling Infrastructure, Inc.	3.0%
Carpenter Technology Corp.	2.5%
Vicor Corp.	2.5%
DigitalOcean Holdings, Inc.	2.4%
Arrowhead Pharmaceuticals, Inc.	2.3%
TTM Technologies, Inc.	2.1%
MasTec, Inc.	2.1%
Woodward, Inc.	2.0%
TechnipFMC plc	1.9%
Rambus, Inc.	1.9%
Total	22.7%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010413-063026

Guggenheim Investments

S&P MidCap 400^® Pure Value Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the S&P MidCap 400^® Pure Value Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$84	1.60%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	S&P MidCap 400^® Pure Value Fund	S&P 500 Index	S&P MidCap 400 Pure Value Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$12,226	$11,790	$12,451
6/30/18	$13,611	$13,484	$14,099
6/30/19	$12,955	$14,889	$13,656
6/30/20	$9,927	$16,006	$10,619
6/30/21	$17,979	$22,536	$19,661
6/30/22	$16,415	$20,144	$18,247
6/30/23	$20,390	$24,091	$23,108
6/30/24	$22,041	$30,006	$25,431
6/30/25	$23,955	$34,556	$28,115
6/30/26	$28,445	$42,271	$33,973

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
S&P MidCap 400^® Pure Value Fund	12.10%	18.74%	9.61%	11.02%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P MidCap 400 Pure Value Index	14.25%	20.26%	11.37%	13.01%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, energy, and consumer discretionary. The sector that detracted the most was consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Arrow Electronics, Inc., Avnet, Inc., and TD Synnex Corp. Those that detracted the most were Concentrix Corp., Whirlpool Corp., Coty, Inc.- Class A. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

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

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$7,325,892
Total Number of Portfolio Holdings99
Portfolio Turnover Rate117%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	3.2%
Basic Materials	5.1%
Consumer, Non-cyclical	7.2%
Energy	11.7%
Financial	22.2%
Industrial	23.9%
Consumer, Cyclical	26.3%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Arrow Electronics, Inc.	4.0%
Avnet, Inc.	4.0%
PBF Energy, Inc. — Class A	2.9%
TD SYNNEX Corp.	2.8%
HF Sinclair Corp.	2.5%
Lear Corp.	2.3%
Brighthouse Financial, Inc.	1.9%
Sirius XM Holdings, Inc.	1.8%
Park Hotels & Resorts, Inc. REIT	1.8%
Macy's, Inc.	1.7%
Total	25.7%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010411-063026

Guggenheim Investments

S&P SmallCap 600^® Pure Growth Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the S&P SmallCap 600^® Pure Growth Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$92	1.60%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	S&P SmallCap 600^® Pure Growth Fund	S&P 500 Index	S&P SmallCap 600 Pure Growth Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$12,352	$11,790	$12,591
6/30/18	$15,056	$13,484	$15,613
6/30/19	$13,106	$14,889	$13,852
6/30/20	$11,761	$16,006	$12,649
6/30/21	$18,828	$22,536	$20,666
6/30/22	$13,225	$20,144	$14,740
6/30/23	$14,665	$24,091	$16,634
6/30/24	$16,356	$30,006	$18,901
6/30/25	$17,338	$34,556	$20,382
6/30/26	$24,641	$42,271	$29,566

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
S&P SmallCap 600^® Pure Growth Fund	32.98%	42.12%	5.53%	9.44%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P SmallCap 600 Pure Growth Index	34.37%	45.06%	7.43%	11.45%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, industrials, and financials. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index for the reporting period were ACM Research, Inc.- Class A, Powell Industries, Inc., and StoneX Group, Inc. Those that detracted the most were TransMedics Group, Inc., Vital Farms, Inc., and Artivion, Inc. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 600 Pure Growth Index for the reporting period.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

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

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$12,934,785
Total Number of Portfolio Holdings129
Portfolio Turnover Rate179%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	2.2%
Communications	7.4%
Consumer, Cyclical	8.3%
Technology	10.7%
Industrial	19.2%
Financial	20.9%
Consumer, Non-cyclical	31.2%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
ACM Research, Inc. — Class A	3.6%
Powell Industries, Inc.	2.0%
Argan, Inc.	2.0%
Dave, Inc.	1.8%
StoneX Group, Inc.	1.6%
Protagonist Therapeutics, Inc.	1.5%
Sphere Entertainment Co.	1.5%
Clear Secure, Inc. — Class A	1.5%
Alignment Healthcare, Inc.	1.5%
Liquidia Corp.	1.4%
Total	18.4%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010410-063026

Guggenheim Investments

S&P SmallCap 600^® Pure Value Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the S&P SmallCap 600^® Pure Value Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$89	1.60%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	S&P SmallCap 600^® Pure Value Fund	S&P 500 Index	S&P SmallCap 600 Pure Value Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$11,538	$11,790	$11,725
6/30/18	$13,433	$13,484	$13,889
6/30/19	$10,887	$14,889	$11,450
6/30/20	$8,156	$16,006	$8,729
6/30/21	$16,230	$22,536	$17,771
6/30/22	$14,182	$20,144	$15,846
6/30/23	$15,881	$24,091	$18,116
6/30/24	$16,863	$30,006	$19,546
6/30/25	$17,783	$34,556	$20,989
6/30/26	$25,281	$42,271	$30,458

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
S&P SmallCap 600^® Pure Value Fund	25.34%	42.16%	9.27%	9.72%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P SmallCap 600 Pure Value Index	27.43%	44.92%	11.51%	11.79%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, consumer discretionary, and industrials. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index for the reporting period were Ichor Holdings, Ltd., Vishay Intertechnology, Inc., and Acadia Healthcare Company, Inc. Those that detracted the most were DXC Technology Co., Angi, Inc. - Class A, and Everforth, Inc. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 600 Pure Value Index for the reporting period.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

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

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$11,506,012
Total Number of Portfolio Holdings158
Portfolio Turnover Rate148%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	13.1%
Energy	6.8%
Financial	11.4%
Industrial	15.7%
Consumer, Non-cyclical	24.2%
Consumer, Cyclical	28.3%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Ichor Holdings Ltd.	3.0%
Acadia Healthcare Company, Inc.	1.8%
Newell Brands, Inc.	1.7%
Vestis Corp.	1.6%
Vishay Intertechnology, Inc.	1.6%
Edgewell Personal Care Co.	1.5%
ArcBest Corp.	1.5%
Molina Healthcare, Inc.	1.4%
MarineMax, Inc.	1.4%
Cracker Barrel Old Country Store, Inc.	1.3%
Total	16.8%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010409-063026

Guggenheim Investments

Government Long Bond 1.2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$66	1.33%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Government Long Bond 1.2x Strategy Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Treasury Bellwether 30 Year Total Return Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$8,776	$9,969	$9,121
6/30/18	$8,575	$9,929	$9,105
6/30/19	$9,697	$10,710	$10,277
6/30/20	$12,917	$11,646	$13,335
6/30/21	$10,728	$11,607	$11,502
6/30/22	$7,976	$10,413	$9,240
6/30/23	$6,874	$10,315	$8,345
6/30/24	$6,043	$10,587	$7,711
6/30/25	$5,855	$11,230	$7,714
6/30/26	$5,848	$11,656	$7,895

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Government Long Bond 1.2x Strategy Fund	-0.55%	-0.11%	-11.43%	-5.22%
Bloomberg U.S. Aggregate Bond Index	0.62%	3.79%	0.08%	1.54%
Bloomberg U.S. Treasury Bellwether 30 Year Total Return Index	0.74%	2.34%	-7.25%	-2.34%

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

What factors materially affected the Fund's performance over the last six months?

Long-term U.S. Treasury yields experienced some volatility throughout the reporting period but ultimately ended the period slightly higher compared to where they started. Long-term yields reached their highs in May 2026 due to inflation concerns related to the effects of a prolonged closure of the strait of Hormuz. At the end of the reporting period the market was pricing in over one 25 basis point (one basis point equals 0.01%) rate hike for the remainder of 2026.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwether 30 Year Total Return 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.
~	6 month returns are not annualized.

Guggenheim Investments

Government Long Bond 1.2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$11,835,095
Total Number of Portfolio Holdings9
Portfolio Turnover Rate941%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
U.S. Government Securities	53.8%
Interest Rate Futures Contracts Purchased	66.4%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
U.S. Treasury Bonds 5.00% due 05/15/56	53.8%
Guggenheim Ultra Short Income ETF	2.3%
Guggenheim Ultra Short Duration Fund — Institutional Class	1.6%
Total	57.7%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010390-063026

Guggenheim Investments

Inverse Government Long Bond Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$286	5.72%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Inverse Government Long Bond Strategy Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Treasury Bellwether 30 Year Total Return Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$10,893	$9,969	$9,121
6/30/18	$10,951	$9,929	$9,105
6/30/19	$9,885	$10,710	$10,277
6/30/20	$7,235	$11,646	$13,335
6/30/21	$8,119	$11,607	$11,502
6/30/22	$9,693	$10,413	$9,240
6/30/23	$10,942	$10,315	$8,345
6/30/24	$12,712	$10,587	$7,711
6/30/25	$13,518	$11,230	$7,714
6/30/26	$13,896	$11,656	$7,895

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Inverse Government Long Bond Strategy Fund	1.34%	2.80%	11.35%	3.34%
Bloomberg U.S. Aggregate Bond Index	0.62%	3.79%	0.08%	1.54%
Bloomberg U.S. Treasury Bellwether 30 Year Total Return Index	0.74%	2.34%	-7.25%	-2.34%

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

What factors materially affected the Fund's performance over the last six months?

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwether 30 Year Total Return 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.
~	6 month returns are not annualized.

Guggenheim Investments

Inverse Government Long Bond Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$1,623,095
Total Number of Portfolio Holdings12
Portfolio Turnover Rate1,882%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
U.S. Government Securities Sold Short	-87.2%
Interest Rate Futures Contracts Sold Short	-14.2%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Ultra Short Duration Fund — Institutional Class	19.6%
Federal Farm Credit Bank 3.75% (SOFR + 0.13%, Rate Floor: 0.00%) due 08/12/26	15.4%
Guggenheim Ultra Short Income ETF	2.7%
Total	37.7%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010404-063026

Guggenheim Investments

High Yield Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the High Yield Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$78	1.57%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	High Yield Strategy Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$10,777	$9,969	$11,270
6/30/18	$10,947	$9,929	$11,565
6/30/19	$12,092	$10,710	$12,430
6/30/20	$11,314	$11,646	$12,434
6/30/21	$12,672	$11,607	$14,345
6/30/22	$10,672	$10,413	$12,507
6/30/23	$11,681	$10,315	$13,640
6/30/24	$12,847	$10,587	$15,064
6/30/25	$14,243	$11,230	$16,613
6/30/26	$14,799	$11,656	$17,595

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
High Yield Strategy Fund	0.10%	3.90%	3.15%	4.00%
Bloomberg U.S. Aggregate Bond Index	0.62%	3.79%	0.08%	1.54%
Bloomberg U.S. Corporate High Yield Index	1.96%	5.91%	4.17%	5.81%

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

What factors materially affected the Fund's performance over the last six months?

High yield generated positive returns for the Reporting Period. During the period, high yield markets experienced some volatility due to geopolitical events in the middle east. Markets rebounded from the initial concerns and generated positive absolute returns for the remainder of the reporting period. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contributions from Energy and Consumer Discretionary. On the ratings side, BB-rated holdings led contributions to the index returns.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

High Yield Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$5,193,240
Total Number of Portfolio Holdings15
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	5.7%
Centrally Cleared Credit Default Swap Agreements Protection Sold	87.7%
Interest Rate Futures Contracts Purchased	96.8%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Ultra Short Duration Fund — Institutional Class	11.1%
Guggenheim Ultra Short Income ETF	4.0%
iShares iBoxx $ High Yield Corporate Bond ETF	2.4%
State Street SPDR Bloomberg High Yield Bond ETF	2.3%
Total	19.8%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF. The fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000046626-063026

Guggenheim Investments

Europe 1.25x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$85	1.63%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Europe 1.25x Strategy Fund	MSCI World ex U.S. Index	STOXX Europe 50 Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$11,970	$11,949	$12,431
6/30/18	$12,032	$12,790	$12,701
6/30/19	$12,556	$12,955	$13,469
6/30/20	$11,484	$12,253	$12,865
6/30/21	$15,270	$16,370	$16,595
6/30/22	$12,715	$13,626	$14,580
6/30/23	$16,145	$15,999	$19,188
6/30/24	$18,168	$17,795	$22,044
6/30/25	$19,901	$21,124	$24,641
6/30/26	$24,263	$25,557	$30,260

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Europe 1.25x Strategy Fund	10.04%	21.92%	9.71%	9.27%
MSCI World ex U.S. Index	9.19%	20.99%	9.32%	9.84%
STOXX Europe 50 Index	11.69%	22.80%	12.77%	11.71%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, financials and industrials. The sectors that detracted the most from performance were consumer discretionary and communication services. The holdings that contributed the most to the return of the underlying index for the reporting period were ASML Holding N.V., HSBC Holdings plc, and ABB LTD. Those that detracted the most were SAP, LVMH Moet Hennessy Louis Vuitton SE, and EssilorLuxottica S.A. The fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 redemption of fund shares. The MSCI World ex U.S. 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Europe 1.25x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$1,891,015
Total Number of Portfolio Holdings56
Portfolio Turnover Rate378%

What did the Fund invest in?

Country Composition^{Footnote Reference(1)} (% of Total Investments) as of June 30, 2026

Table Summary
United States	62.1%
France	7.7%
United Kingdom	7.6%
Germany	5.9%
Netherlands	5.4%
Switzerland	3.6%
Spain	3.2%
Italy	2.1%
Others	2.4%
Total Investments	100.0%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Ultra Short Duration Fund — Institutional Class	9.6%
ASML Holding N.V.	4.4%
Guggenheim Ultra Short Income ETF	4.1%
HSBC Holdings plc ADR	1.9%
Novartis AG ADR	1.7%
AstraZeneca plc	1.7%
Roche Holding AG ADR	1.6%
Nestle S.A. ADR	1.5%
Siemens AG ADR	1.3%
Shell plc ADR	1.2%
Total	29.0%

Holdings Diversification^{Footnote Reference(3)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	8.7%
Technology	5.3%
Industrial	7.6%
Financial	10.2%
Consumer, Non-cyclical	11.8%
Equity Futures Contracts Purchased	82.1%
Currency Futures Contracts Purchased	83.3%

Footnote	Description
Footnote⁽¹⁾	Country Diversification (% of Total Investments) includes temporary cash investments.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.
Footnote⁽³⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF. The fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

Availability of Additional Information

SA-C000010418-063026

Guggenheim Investments

Japan 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Japan 2x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$105	1.60%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Japan 2x Strategy Fund	MSCI World ex U.S. Index	Nikkei-225 Stock Average Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$13,445	$11,949	$12,862
6/30/18	$16,528	$12,790	$14,320
6/30/19	$15,340	$12,955	$13,659
6/30/20	$15,589	$12,253	$14,309
6/30/21	$23,774	$16,370	$18,485
6/30/22	$12,808	$13,626	$16,945
6/30/23	$16,885	$15,999	$21,308
6/30/24	$17,569	$17,795	$25,413
6/30/25	$20,505	$21,124	$25,994
6/30/26	$42,652	$25,557	$44,981

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Japan 2x Strategy Fund	65.51%	108.02%	12.40%	15.61%
MSCI World ex U.S. Index	9.19%	20.99%	9.32%	9.84%
Nikkei-225 Stock Average Index	39.18%	73.05%	19.47%	16.23%

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

What factors materially affected the Fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, industrials, and consumer discretionary. The sectors that detracted the most were health care and real estate. The holdings that contributed the most to the return of the underlying index were Tokyo Electron, Ltd., Advantest Corp., and Fast Retailing Co., Ltd. Those that detracted the most were Sony Group Corp., Konami Group Corp., and Nintendo Co., 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.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 redemption of fund shares. The MSCI World ex U.S. 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Japan 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$5,088,196
Total Number of Portfolio Holdings9
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Equity Futures Contracts Purchased	198.4%
Currency Futures Contracts Purchased	199.1%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF. The fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

Availability of Additional Information

SA-C000010419-063026

Guggenheim Investments

Strengthening Dollar 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$105	2.04%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Strengthening Dollar 2x Strategy Fund	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$9,965	$9,969	$9,968
6/30/18	$9,992	$9,929	$9,846
6/30/19	$10,726	$10,710	$10,019
6/30/20	$11,118	$11,646	$10,150
6/30/21	$9,869	$11,607	$9,625
6/30/22	$12,250	$10,413	$10,914
6/30/23	$12,287	$10,315	$10,726
6/30/24	$13,771	$10,587	$11,032
6/30/25	$12,061	$11,230	$10,089
6/30/26	$13,689	$11,656	$10,543

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Strengthening Dollar 2x Strategy Fund	7.62%	13.50%	6.76%	3.19%
Bloomberg U.S. Aggregate Bond Index	0.62%	3.79%	0.08%	1.54%
U.S. Dollar Index	2.93%	4.50%	1.84%	0.53%

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

What factors materially affected the Fund's performance over the last six months?

The components which positively contributed the most to the performance of the underlying index for the reporting period were euro, Japanese yen, and Canadian dollar. No components detracted from the performance of the underlying index. The fund maintained a daily correlation of over 98% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Strengthening Dollar 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$1,356,129
Total Number of Portfolio Holdings7
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
OTC Currency Index Swap Agreements	49.8%
Currency Futures Contracts Purchased	148.8%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF. The fund's target exposure is achieved through a combination of total return swaps and futures contracts.

Availability of Additional Information

SA-C000010402-063026

Guggenheim Investments

Weakening Dollar 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$99	2.05%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Weakening Dollar 2x Strategy Fund	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$9,841	$9,969	$9,968
6/30/18	$9,664	$9,929	$9,846
6/30/19	$8,976	$10,710	$10,019
6/30/20	$8,267	$11,646	$10,150
6/30/21	$8,959	$11,607	$9,625
6/30/22	$6,740	$10,413	$10,914
6/30/23	$6,741	$10,315	$10,726
6/30/24	$6,319	$10,587	$11,032
6/30/25	$7,424	$11,230	$10,089
6/30/26	$6,701	$11,656	$10,543

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Weakening Dollar 2x Strategy Fund	-6.09%	-9.74%	-5.64%	-3.92%
Bloomberg U.S. Aggregate Bond Index	0.62%	3.79%	0.08%	1.54%
U.S. Dollar Index	2.93%	4.50%	1.84%	0.53%

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

What factors materially affected the Fund's performance over the last six months?

The components which positively contributed the most to the performance of the underlying index for the reporting period were euro, Japanese yen, and Canadian dollar. No components detracted from the performance of the underlying index. The fund maintained a daily correlation of over 97% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Weakening Dollar 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$3,549,039
Total Number of Portfolio Holdings7
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Currency Futures Contracts Sold Short	-156.4%
OTC Currency Index Swap Agreements Sold Short	-43.4%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF. The fund's target exposure is achieved through a combination of total return swaps and futures contracts.

Availability of Additional Information

SA-C000010400-063026

Guggenheim Investments

Commodities Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Commodities Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$91	1.65%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Commodities Strategy Fund	S&P 500 Index	S&P Goldman Sachs Commodity Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$9,028	$11,790	$9,098
6/30/18	$11,534	$13,484	$11,831
6/30/19	$9,952	$14,889	$10,471
6/30/20	$6,684	$16,006	$6,922
6/30/21	$10,460	$22,536	$10,893
6/30/22	$14,851	$20,144	$15,799
6/30/23	$12,460	$24,091	$13,553
6/30/24	$14,114	$30,006	$15,587
6/30/25	$13,917	$34,556	$15,627
6/30/26	$17,873	$42,271	$20,376

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Commodities Strategy Fund	22.96%	28.43%	11.31%	5.98%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
S&P Goldman Sachs Commodity Index	23.92%	30.23%	13.35%	7.37%

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

What factors materially affected the Fund's performance over the last six months?

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index (the "Index"). Energy and Industrial Metal sectors had some of the best sector performances for the reporting period. 14 of the 24 index components had positive returns for the period. The components with some of the largest positive returns were Gas Oil, Heating Oil and Gasoline. The components with some of the largest negative returns were Cocoa, Silver, and Corn.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Commodities Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$8,022,435
Total Number of Portfolio Holdings9
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Commodity Futures Contracts Purchased	100.6%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Ultra Short Duration Fund — Institutional Class	14.2%
Federal Farm Credit Bank 3.75% (SOFR + 0.13%, Rate Floor: 0.00%) due 08/12/26	5.9%
Guggenheim Ultra Short Income ETF	5.8%
Total	25.9%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010403-063026

Guggenheim Investments

Global Managed Futures Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Global Managed Futures Strategy Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$103	2.03%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Global Managed Futures Strategy Fund	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$9,326	$11,790	$10,049
6/30/18	$9,801	$13,484	$10,186
6/30/19	$9,819	$14,889	$10,421
6/30/20	$10,102	$16,006	$10,591
6/30/21	$10,814	$22,536	$10,601
6/30/22	$11,838	$20,144	$10,619
6/30/23	$11,921	$24,091	$11,000
6/30/24	$12,571	$30,006	$11,594
6/30/25	$11,563	$34,556	$12,137
6/30/26	$13,128	$42,271	$12,603

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Global Managed Futures Strategy Fund	5.23%	13.54%	3.95%	2.76%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
ICE BofA 3-Month U.S. Treasury Bill Index	1.74%	3.84%	3.52%	2.34%

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

What factors materially affected the Fund's performance over the last six months?

The fund's trend-following strategy captures directional moves and gives back gains as trends reverse — H1 2026 showed this, driven by energy. Q1 Commodities dominated as Mideast conflict and closure of a key Gulf route sent crude sharply higher, and the model captured strong trends. These reversed in Q2 as a ceasefire and reopened routes triggered a rapid oil unwind, flipping Energy from top winner to top detractor. Precious Metals compounded this as easing risk, a stronger dollar, and rate shifts drove gold to its worst decline in a decade. Grains/Softs added drag. Equities were steadier, led by Asia/Europe. Overall, the fund posted strong H1 gains, partly reversed in Q2.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 redemption of fund shares. The S&P 500 Index and the ICE BofA 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Global Managed Futures Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$12,565,433
Total Number of Portfolio Holdings75
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	3.8%
Interest Rate Futures Contracts Sold Short	-137.1%
Commodity Futures Contracts Sold Short	-31.5%
Currency Futures Contracts Sold Short	-29.6%
Interest Rate Futures Contracts Purchased	16.0%
Equity Futures Contracts Purchased	34.5%
Commodity Futures Contracts Purchased	56.4%

Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Strategy Fund III	17.5%
Guggenheim Ultra Short Income ETF	0.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.6%
Total	19.0%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000069235-063026

Guggenheim Investments

Multi-Hedge Strategies Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the Multi-Hedge Strategies Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$71	1.38%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Fund Performance

How did the Fund perform over the last 10 years?

Cumulative performance^◊ for the fund’s most recently completed 10 years (as of June 30, 2026), assuming a $10,000 initial investment.

Table Summary
	Multi-Hedge Strategies Fund	S&P 500 Index	HFRX Global Hedge Fund Index
6/30/16	$10,000	$10,000	$10,000
6/30/17	$10,056	$11,790	$10,600
6/30/18	$9,892	$13,484	$10,862
6/30/19	$10,265	$14,889	$10,650
6/30/20	$10,809	$16,006	$10,979
6/30/21	$12,264	$22,536	$12,298
6/30/22	$11,862	$20,144	$11,669
6/30/23	$11,850	$24,091	$11,822
6/30/24	$12,364	$30,006	$12,462
6/30/25	$11,502	$34,556	$13,054
6/30/26	$12,622	$42,271	$14,315

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
Multi-Hedge Strategies Fund	6.51%	9.74%	0.58%	2.36%
S&P 500 Index	10.21%	22.33%	13.41%	15.51%
HFRX Global Hedge Fund Index	4.80%	9.66%	3.08%	3.65%

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

What factors materially affected the Fund's performance over the last six months?

The fund's global macro strategies were the largest contributor during the period, with Trend (managed futures beta), Premia (Carry, Flow, and Value), and Core (multi-strategy beta) all posting positive contributions. Long/short equity was the second largest contributor and top performer in the first half, driven by fundamental (momentum, value) and industry (IT) tilts. Closed-end fund arbitrage also had modest positive contributions as none of the strategies in the fund detracted from performance over this period.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 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.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

Multi-Hedge Strategies Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$27,170,502
Total Number of Portfolio Holdings349
Portfolio Turnover Rate78%

What did the Fund invest in?

Holdings Diversification^{Footnote Reference(1)} (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Other	-7.7%
Interest Rate Futures Contracts Sold Short	-53.3%
OTC Custom Basket Swap Agreements Sold Short	-25.7%
Commodity Futures Contracts Sold Short	-17.5%
Currency Futures Contracts Sold Short	-15.7%
Equity Futures Contracts Sold Short	-4.8%
Closed-End Mutual Funds	5.3%
Currency Futures Contracts Purchased	12.7%
Interest Rate Futures Contracts Purchased	16.5%
Equity Futures Contracts Purchased	16.5%
Commodity Futures Contracts Purchased	19.7%
Common Stocks	20.4%
OTC Custom Basket Swap Agreements	40.2%

10 Largest Holdings^{Footnote Reference(2)} (% of Net Assets) as of June 30, 2026

Table Summary
Guggenheim Strategy Fund III	9.1%
Guggenheim Ultra Short Income ETF	4.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.0%
Chart Industries, Inc.	1.8%
Janus Henderson Group plc	1.0%
DigitalBridge Group, Inc.	1.0%
Kenvue, Inc.	1.0%
International Money Express, Inc.	1.0%
Organon & Co.	0.9%
Sila Realty Trust, Inc. REIT	0.9%
Total	23.5%

Footnote	Description
Footnote⁽¹⁾	Holdings Diversification (Market Exposure as a % of Net Assets) excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, in Guggenheim Ultra Short Duration Fund, or in Guggenheim Ultra Short Income ETF.
Footnote⁽²⁾	10 Largest Holdings (as a % of Net Assets) excludes any temporary cash or derivative instruments.

Availability of Additional Information

SA-C000010416-063026

Guggenheim Investments

U.S. Government Money Market Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

This semi-annual shareholder report contains important information about the U.S. Government Money Market Fund for the period from January 1, 2026 to June 30, 2026. 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.

What were the Fund's costs for the last six months? ^*

Based on a hypothetical $10,000 investment

Table Summary
Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment**
Variable Annuity	$70	1.40%

Table Summary
*	Excludes expenses of the underlying funds in which the fund invests, if any.
**	Annualized

Average Annual Total Returns^⋄^‡ as of June 30, 2026

Table Summary
Average Annual Total Returns	6 Month ~	One Year	Five Years	Ten Years
U.S. Government Money Market Fund	1.14%	2.53%	2.45%	1.37%

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

What factors materially affected the Fund's performance over the last six months?

During the reporting period, the U.S. Federal Open Market Committee kept short term interest rates unchanged. The committee noted throughout the reporting period that the economy continued to expand, and the unemployment rate had seen little change. Inflation has remained elevated above the committee’s 2 percent goal due to increases in prices in certain sectors. By the end of the reporting period, markets were pricing in over one 25 basis point (one basis point equals 0.01%) hike through the end of 2026.

Table Summary
⋄	The performance data above represents past performance that is not predictive of future results. 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 redemption of fund shares.
‡	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.
~	6 month returns are not annualized.

Guggenheim Investments

U.S. Government Money Market Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2026

Fund Statistics as of June 30, 2026

Net Assets$41,144,877
Total Number of Portfolio Holdings18
Portfolio Turnover Rate-%

What did the Fund invest in?

Holdings Diversification (% of Net Assets) as of June 30, 2026

Table Summary
Value	Value
Federal Home Loan Bank - Federal Agency Notes	9.7%
U.S. Treasury Bills	15.5%
Federal Farm Credit Bank - Federal Agency Notes	17.4%
Federal Home Loan Bank - Federal Agency Discount Notes	17.9%
Repurchase Agreements	39.8%

Availability of Additional Information

SA-C000010379-063026

Guggenheim Investments

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

The semi-annual Financial Statements and Financial Highlights are attached herewith.

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 June 30, 2026 (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.