Exhibit 99.B(e)(21)
AMENDMENT
DATED MAY 23, 2005
TO
INVESTOR SERVICES AGREEMENT
BETWEEN
RYDEX VARIABLE TRUST
AND RYDEX DISTRIBUTORS, INC.,
DATED DECEMBER 31, 1998,
AS AMENDED
FORM OF
AMENDMENT TO
INVESTOR SERVICES AGREEMENT
DATED DECEMBER 31, 1998, AS AMENDED,
BETWEEN
RYDEX VARIABLE TRUST
AND
RYDEX DISTRIBUTORS, INC.
RYDEX FUNDS
Nova Fund
Ursa Fund
Precious Metals Fund
OTC Fund
Juno Fund
Large-Cap Europe Fund
Large-Cap Japan Fund
Mekros Fund
Medius Fund
Titan 500 Fund
Tempest 500 Fund
Velocity 100 Fund
Venture 100 Fund
Long Dynamic Dow 30 Fund
Inverse Dynamic Dow 30 Fund
Large-Cap Value Fund
Large-Cap Growth Fund
Mid-Cap Value Fund
Mid-Cap Growth Fund
Inverse Mid-Cap Fund
Small-Cap Value Fund
Small-Cap Growth Fund
Inverse Small-Cap Fund
STRENGTHENING DOLLAR FUND
WEAKENING DOLLAR FUND
U.S. Government Bond Fund
U.S. Government Money Market Fund
All-Cap Value Fund
Short Ten-Year Treasury Bond Fund
Core Equity Fund
Internet Fund
Sector Rotation Fund
Real Estate Fund
Utilities Fund
COMMODITIES FUND
ABSOLUTE RETURN STRATEGIES FUND
MARKET NEUTRAL FUND
HEDGED EQUITY FUND
CLS AdvisorOne Xxxxxxx VT Fund
CLS AdvisorOne Clermont VT Fund
ADDITIONS ARE NOTED IN BOLD.