SCHEDULE A dated February 23, 2011 to the ADVISORY AGREEMENT dated August 1, 2010, as amended, between RYDEX SERIES FUNDS and SECURITY INVESTORS, LLC

Exhibit D2

SCHEDULE A
dated February 23, 2011
to the

ADVISORY AGREEMENT
dated August 1, 2010, as amended, between
RYDEX SERIES FUNDS

and
SECURITY INVESTORS, LLC

The Trust will pay to the Adviser as compensation for the Adviser’s services rendered, a fee, computed daily at an annual rate based on the average daily net assets of the respective Fund in accordance the following fee schedule:

Fund		Rate
Nova			0.75	%
Inverse S&P 500 Strategy			0.90	%
NASDAQ-100®			0.75	%
Inverse NASDAQ-100® Strategy			0.90	%
Mid-Cap 1.5x Strategy			0.90	%
Xxxxxxx 2000® 1.5x Strategy			0.90	%
Government Long Bond 1.2x Strategy			0.50	%
Europe 1.25x Strategy			0.90	%
S&P 500 Pure Value			0.75	%
S&P 500 Pure Growth			0.75	%
S&P Mid Cap 400 Pure Value			0.75	%
S&P Mid-Cap 400 Pure Growth			0.75	%
Inverse Mid-Cap Strategy			0.90	%
S&P Small-Cap 600 Pure Value			0.75	%
S&P Small-Cap 600 Pure Growth			0.75	%
Inverse Xxxxxxx 2000® Strategy			0.90	%
Strengthening Dollar 2x Strategy			0.90	%
Weakening Dollar 2x Strategy			0.90	%
U.S. Government Money Market			0.50	%
High Yield Strategy			0.75	%
International 2x Strategy*			0.75	%
Equity Market Neutral (formerly Global Market Neutral)			1.20	%
Consumer Products			0.85	%
Electronics			0.85	%
Energy Services			0.85	%
Financial Services			0.85	%
Health Care			0.85	%
Internet			0.85	%
Leisure			0.85	%
Precious Metals			0.75	%
Real Estate			0.85	%
Retailing			0.85	%
Technology			0.85	%
Telecommunications			0.85	%
Transportation			0.85	%
Utilities			0.85	%
Commodities Strategy			0.75	%
U.S. Long Short Momentum (formerly, All-Cap Opportunity)			0.90	%
S&P 500			0.75	%
Xxxxxxx 2000®			0.75	%
Inverse International 2x Strategy*			0.75	%
All-Asset Moderate Strategy			0.00	%
All-Asset Aggressive Strategy			0.00	%
Alternative Strategies Allocation			0.00	%

A-1

Fund		Rate
Long/Short Commodities Strategy			0.90	%
Multi-Hedge Strategies			1.15	%
Banking			0.85	%
Basic Materials			0.85	%
Biotechnology			0.85	%
Managed Futures Strategy			0.90	%
Inverse High Yield Strategy			0.75	%
Energy			0.85	%
Inverse Government Long Bond Strategy			0.90	%
All-Asset Conservative Strategy			0.00	%
International Long Short Select (formerly International Opportunity)			0.90	%
Event Driven and Distressed Strategies			0.90	%
Alternative Strategies			0.90	%
Long Short Equity Strategy			0.90	%
Long Short Interest Rate Strategy			0.75	%
Japan 2x Strategy			0.75	%
Emerging Markets 2x Strategy			0.90	%
Inverse Emerging Markets 2x Strategy			0.90	%
Global Managed Futures Strategy Fund			[1.00%]

* Denotes Funds that have not yet commenced operations.

Additions are noted in bold.

A-2