AMENDMENT,
DATED NOVEMBER 5, 2001,
TO
INVESTMENT MANAGEMENT CONTRACT
BETWEEN RYDEX SERIES FUNDS
AND PADCO ADVISORS, INC.,
DATED MAY 14, 1993,
AS AMENDED
AMENDMENT TO
INVESTMENT MANAGEMENT CONTRACT
BETWEEN
RYDEX SERIES FUNDS
AND
PADCO ADVISORS, INC.
The following amendment is made to Section 4 of the Investment Management
contract between Rydex Series Funds (the "Trust") and PADCO Advisors, Inc. (the
"Manager"), dated May 14, 1993, as amended to date (the "Contract"), and is
hereby incorporated into and made a part of the Contract:
Section 4 of the Contract is amended, effective November 5, 2001, to
read as follows:
"As compensation for the services to be rendered and charges and
expenses to be assumed and paid by the Manager as provided in
Section 2, the Funds shall pay the Manager an annual fee based on the
average daily net value of the respective Funds in accordance with
the following schedule:
The Rydex U.S. Government
Bond Fund 0.50% (50/100's of one percent)
The Rydex U.S. Government
Money Market Fund 0.50% (50/100's of one percent)
The Nova Fund* 0.75% (75/100's of one percent)
The Ursa Fund* 0.90% (90/100's of one percent)
The Arktos Fund* 0.90% (90/100's of one percent)
The Juno Fund* 0.90% (90/100's of one percent)
The Nova Master Fund 0.75% (75/100's of one percent)
The Ursa Master Fund 0.90% (90/100's of one percent)
The OTC Master Fund 0.75% (75/100's of one percent)
The Arktos Master Fund 0.90% (90/100's of one percent)
The Juno Master Fund 0.90% (90/100's of one percent)
The Medius Master Fund 0.90% (90/100's of one percent)
The Utilities Master Fund 0.85% (85/100's of one percent)
The Rydex OTC Fund* 0.75% (75/100's of one percent)
The Large-Cap Europe Fund 0.90% (90/100's of one percent)
The Large-Cap Japan Fund 0.90% (90/100's of one percent)
The Mekros Fund 0.90% (90/100's of one percent)
The Medius Fund* 0.90% (90/100's of one percent)
THE ALL-CAP VALUE FUND 0.90% (90/100'S OF ONE PERCENT)
The Rydex Banking Fund 0.85% (85/100's of one percent)
The Rydex Basic Materials 0.85% (85/100's of one percent)
Fund
The Rydex Biotechnology Fund 0.85% (85/100's of one percent)
The Rydex Consumer Products 0.85% (85/100's of one percent)
Fund
The Rydex Electronics Fund 0.85% (85/100's of one percent)
The Rydex Energy Fund 0.85% (85/100's of one percent)
The Rydex Energy Services 0.85% (85/100's of one percent)
Fund
The Rydex Financial 0.85% (85/100's of one percent)
Services Fund
The Rydex Health Care Fund 0.85% (85/100's of one percent)
The Rydex Internet Fund 0.85% (85/100's of one percent)
The Rydex Leisure Fund 0.85% (85/100's of one percent)
The Rydex Precious Metals 0.75% (75/100's of one percent)
Fund
The Real Estate Fund 0.85% (85/100's of one percent)
The Rydex Retailing Fund 0.85% (85/100's of one percent)
THE SECTOR ROTATION FUND 0.90% (90/100'S OF ONE PERCENT)
The Rydex Technology Fund 0.85% (85/100's of one percent)
The Rydex Telecommunications 0.85% (85/100's of one percent)
Fund
The Rydex Transportation 0.85% (85/100's of one percent)
Fund
The Rydex Utilities Fund* 0.85% (85/100's of one percent)
* So long as a Fund is investing through a master-feeder structure the advisory
fee will be 0.0%.
ADDITIONS and [DELETIONS] are noted in BOLD.
The fee will be paid monthly not later than the fifth (5th) business day of the
month following the month for which services have been provided. In the event of
termination of this Contract, the fee shall be computed on the basis of the
period ending on the last business day on which this
Contract is in effect subject to a pro rata adjustment based on the number of
days elapsed in the current month as a percentage of the total number of days in
such month, and such fee shall be payable on the date of termination of this
Contract with respect to each such Fund. For purposes of calculating the
Manager's fee, the value of the net assets of each respective Fund shall be
determined in the same manner as such Fund uses to compute the value of its net
assets in connection with the determination of the net asset value of its
shares, all as set forth more fully in such Fund's current Prospectus and
Statement of Additional Information."
The address of the Trust in Section 11 of the Contract is amended, effective
November 5, 2001, to read as follows:
"Rydex Series Funds
0000 Xxxxxxxxx Xxxx,
Xxxxx 000
Xxxxxxxxx, XX 00000"
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 5th day of November 2001.
RYDEX SERIES FUNDS
/s/ Xxxxxx X. Xxxxxx, Xx.
---------------------------------
By: Xxxxxx X. Xxxxxx, Xx.
Title: President
PADCO ADVISORS, INC.
/s/ Xxxxxx X. Xxxxxx, Xx.
---------------------------------
By: Xxxxxx X. Xxxxxx, Xx.
Title: President
