Common use of Appointment as Sub-Adviser Clause in Contracts

Appointment as Sub-Adviser. The Trust being duly authorized hereby appoints and employs PADCO Advisors, Inc., d/b/a Rydex Investments (the "Sub-Adviser") as the discretionary portfolio manager of the Fund, on the terms and conditions set forth herein.

Appointment as Sub-Adviser. The Trust being duly authorized hereby appoints and employs PADCO Advisors, Inc., d/b/a Rydex Investments Global Advisors (the "Sub-Adviser") as the discretionary portfolio manager of the Fund, on the terms and conditions set forth herein.