AMENDMENT,
DATED AUGUST 11, 1998,
TO
INVESTMENT MANAGEMENT CONTRACT
BETWEEN RYDEX SERIES TRUST
AND PADCO ADVISORS, INC.,
DATED MAY 14, 1993,
AS AMENDED
AMENDMENT TO
INVESTMENT MANAGEMENT CONTRACT
BETWEEN
RYDEX SERIES TRUST
AND
PADCO ADVISORS, INC.
The following amendment is made to Section 4 of the Investment
Management contract between Rydex Series Trust (the "Trust") and PADCO Advisors,
Inc. (the "Manager"), dated September 25, 1996, 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 August 11, 1998, 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 Nova Fund 0.75% (75/100's of one percent)
The Rydex U.S. Government
Money Market Fund 0.50% (50/100's of one percent)
The Rydex Precious 0.75% (75/100's of one percent)
Metals Fund
The Ursa Fund 0.90% (90/100's of one percent)
The Rydex U.S. Government
Bond Fund 0.50% (50/100's of one percent)
The Rydex OTC Fund 0.75% (75/100's of one percent)
The Juno Fund 0.90% (90/100's of one percent)
The Arktos Fund 0.90% (90/100's of one percent)
The Rydex High Yield Fund 0.75% (75/100'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 Leisure Fund 0.85% (85/100's of one percent)
The Rydex Retailing Fund 0.85% (85/100'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 Fund 0.85% (85/100's of one percent)
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 August 11, 1998, to read as follows:
"Rydex Series Trust
0000 Xxxxxxxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxx, XX 00000"
In witness whereof, the parties hereto have caused these Amendments to
be executed in their names and on their behalf and through their duly-authorized
officers as of the 11th day of August 1998.
RYDEX SERIES TRUST
/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
