AMENDMENT, DATED FEBRUARY 25, 2000, TO INVESTOR SERVICES AGREEMENT BETWEEN RYDEX VARIABLE TRUST AND PADCO SERVICE COMPANY, INC., DATED DECEMBER 31, 1998, AS AMENDED

                                   AMENDMENT,
                            DATED FEBRUARY 25, 2000,
                                       TO
                           INVESTOR SERVICES AGREEMENT
                          BETWEEN RYDEX VARIABLE TRUST
                        AND PADCO SERVICE COMPANY, INC.,
                            DATED DECEMBER 31, 1998,
                                   AS AMENDED



                                  AMENDMENT TO
                           INVESTOR SERVICES AGREEMENT
                                     BETWEEN
                              RYDEX VARIABLE TRUST
                                       AND
                         PADCO FINANCIAL SERVICES, INC.

                                    EXHIBIT A

                              RYDEX VARIABLE TRUST


RYDEX FUNDS

     Nova Fund
     Ursa Fund
     Precious Metals Fund
     OTC Fund
     Juno Fund
     LARGE-CAP EUROPE FUND
     LARGE-CAP JAPAN FUND
     TITAN 500 FUND
     TEMPEST 500 FUND
     VELOCITY 100 FUND
     VENTURE 100 FUND
     U.S. Government Bond Fund
     U.S. Government Money Market Fund
     INTERNET FUND
     UTILITIES FUND

     ADDITIONS and [DELETIONS] are noted in BOLD.



                                   AMENDMENT,
                            DATED FEBRUARY 25, 2000,
                                       TO
                              RYDEX VARIABLE TRUST
                             INVESTOR SERVICES PLAN,
                            DATED DECEMBER 31, 1998,
                                   AS AMENDED



                                  AMENDMENT TO
                              RYDEX VARIABLE TRUST
                             INVESTOR SERVICES PLAN


                                    EXHIBIT A

                              RYDEX VARIABLE TRUST
                              INVESTOR SERVICE FEE

RYDEX FUNDS

     Nova Fund
     Ursa Fund
     Precious Metals Fund
     OTC Fund
     Juno Fund
     LARGE-CAP EUROPE FUND
     LARGE-CAP JAPAN FUND
     TITAN 500 FUND
     TEMPEST 500 FUND
     VELOCITY 100 FUND
     VENTURE 100 FUND
     U.S. Government Bond Fund
     U.S. Government Money Market Fund
     INTERNET FUND
     UTILITIES FUND

     ADDITIONS and [DELETIONS] are noted in BOLD.

INVESTOR SERVICE FEE ............................Twenty-Five basis points (.25%)

CALCULATION OF FEE

     The investor service fee is based on a percentage of the Funds' average
     daily net assets attributable to Shares of the Funds.