AMENDMENT, DATED NOVEMBER 18, 2002, TO SERVICE AGREEMENT BETWEEN RYDEX VARIABLE TRUST AND RYDEX FUND SERVICES, INC., DATED AUGUST 11, 1998, AS AMENDED AMENDMENT TO

                                   AMENDMENT,
                            DATED NOVEMBER 18, 2002,
                                       TO
                                SERVICE AGREEMENT
                          BETWEEN RYDEX VARIABLE TRUST
                         AND RYDEX FUND SERVICES, INC.,
                             DATED AUGUST 11, 1998,
                                   AS AMENDED


                                  AMENDMENT TO

                                SERVICE AGREEMENT

                                     BETWEEN

                              RYDEX VARIABLE TRUST

                                       AND

                            RYDEX FUND SERVICES, INC.

The following Amendment is made to Section 4 of the Service Agreement between
the Trust and the Servicer, and is hereby incorporated into and made a part of
the Service Agreement:

               Section 4 of the Service Agreement is amended, effective November
               18, 2002, to read as follows:

               "As consideration for the services provided hereunder, the Trust
               will pay the Servicer a fee on the last day of each month in
               which this Agreement is in effect, at the following annual rates
               based on the average daily net assets (the "Assets") of each of
               the Trust's series for such month:

               U.S. Government Bond Fund                               0.20%
               U.S. Government Money Market Fund                       0.20%
               Nova Fund                                               0.25%
               Ursa Fund                                               0.25%
               Arktos Fund                                             0.25%
               Juno Fund                                               0.25%
               OTC Fund                                                0.25%
               Titan 500 Fund                                          0.25%
               Tempest 500 Fund                                        0.25%
               Velocity 100 Fund                                       0.25%
               Venture 100 Fund                                        0.25%
               Large-Cap Europe Fund                                   0.25%
               Large-Cap Japan Fund                                    0.25%
               Mekros Fund                                             0.25%
               Mid-Cap Fund                                            0.25%
               Medius Fund                                             0.25%
               All-Cap Value Fund                                      0.25%
               Banking Fund                                            0.25%
               Basic Materials Fund                                    0.25%
               Biotechnology Fund                                      0.25%
               Consumer Products Fund                                  0.25%
               Core Equity Fund                                        0.25%
               Electronics Fund                                        0.25%
               Energy Fund                                             0.25%
               Energy Services Fund                                    0.25%
               Financial Services Fund                                 0.25%
               Health Care Fund                                        0.25%
               Internet Fund                                           0.25%
               Leisure Fund                                            0.25%
               Precious Metals Fund                                    0.25%
               REIT Fund                                               0.25%
               Real Estate Fund                                        0.25%
               Retailing Fund                                          0.25%
               Sector Rotation Fund                                    0.25%
               Technology Fund                                         0.25%
               Telecommunications Fund                                 0.25%
               Transportation Fund                                     0.25%
               Utilities Fund                                          0.25%

                  In the event that this Agreement commences on a date other
                  than on the beginning of any calendar month, or if this
                  Agreement terminates on a date other than the end of any
                  calendar month, the fees payable hereunder by the Trust shall
                  be proportionately reduced according to the number of days
                  during such month that services were not rendered hereunder by
                  the Servicer."


         In witness whereof, the parties hereto have caused this Amendment to be
executed in their names and on their behalf and through their duly-authorized
officers as of the 18th day of November 2002.

                                                 RYDEX VARIABLE TRUST


                                                 -------------------------------
                                                 By:    Xxxxxx X. Xxxxxx, Xx.
                                                 Title: President


                                                 RYDEX FUND SERVICES, INC.


                                                 -------------------------------
                                                 By:    Xxxxxx X. Xxxxxx, Xx.
                                                 Title: President