0001104659-11-024195 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • April 29th, 2011 • Rydex Variable Trust • Delaware

AGREEMENT made this 1st day of August, 2010, by and between Rydex Advisors II, LLC, d/b/a Rydex Investments, a Kansas limited liability company (the “Adviser”), and CLS Investments, LLC, a Nebraska limited liability company (the “Sub-Adviser”).

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AMENDMENT NO. 1 TO THE ADVISORY AGREEMENT
The Advisory Agreement • April 29th, 2011 • Rydex Variable Trust

THIS AMENDMENT NO. 1 TO THE ADVISORY AGREEMENT is made as of January 3, 2011, by and between RYDEX VARIABLE TRUST (the “Trust”), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and RYDEX ADVISORS II, LLC a Kansas limited liability company with its principal place of business at 9601 Blackwell Road, Suite 500, Rockville, Maryland, 20850 (the “Adviser”).

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