PRUDENT BEAR FUNDS, INC. AMENDMENT TO THE CUSTODY, FUND ADMINISTRATION, FUND ACCOUNTING AND TRANSFER AGENT SERVICING AGREEMENTS

Exhibit (h)(iii)

PRUDENT BEAR FUNDS, INC.
AMENDMENT TO THE CUSTODY, FUND ADMINISTRATION, FUND ACCOUNTING AND
TRANSFER AGENT SERVICING AGREEMENTS

        THIS AMENDMENT dated as of this 28th day of February. 2006, to the Custody Agreement, effective as of July 1, 2005, as amended, the Fund Accounting Servicing Agreement effective as of July 1, 2005, the Fund Administration Servicing Agreement, dated as of January 31, 2000, as amended, and the Transfer Agent Servicing Agreement effective as of July 1, 2005, respectively, (the “Agreements”), is entered by and among PRUDENT BEAR FUNDS, INC., a Maryland corporation (the “Company”), U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Custodian”) and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“USBFS”).

        Effective January 1, 2006, the fee schedules of the Agreements are hereby superseded and replaced with the respective fee schedules attached hereto. Except to the extent amended hereby, the Agreements shall remain in full force and effect.

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

PRUDENT BEAR FUNDS, INC.	U.S. BANK, N.A.
By:  /s/ Xxxxx X. Xxxx	By:  /s/ Xxx X. Xxxxxxx
Name: Xxxxx X. Xxxx	Name: Xxx X. Xxxxxxx
Title: President	Title: Sr. Vice President
U.S. BANCORP FUND SERVICES, LLC
By:  /s/ Xxx X. Xxxxxxx
Name: Xxx X. Xxxxxxx
Title: President