AMENDMENT NO. 1 TO THE SUB-ADVISER AGREEMENT

AMENDMENT NO. 1 TO THE
SUB-ADVISER AGREEMENT

          THIS AMENDMENT NO. 1 TO THE SUB-ADVISER AGREEMENT (the “Amendment”) is made as of January 3, 2011, by and between Rydex Advisors, LLC (formerly, PADCO Advisors, Inc.) (the “Adviser”) and American Independence Financial Services, LLC (the “Sub-Adviser”).

          WHEREAS, the parties are parties to the Sub-Adviser Agreement dated August 1, 2010 (the “Agreement”); and

          WHEREAS, the Adviser will be merging with and into its affiliated investment adviser. Security Investors, LLC (“SI”), effective as of January 3, 2011 (the “Merger”); and

          WHEREAS, the Merger is not considered an “assignment” as that term is defined in the Investment Company Act of 1940; and

          NOW THEREFORE, in consideration of their mutual promises, the parties hereby agree as follows:

	1.		Effective as of the closing of the Merger, on or about January 3, 2011, the Agreement is amended to reflect the change in the identity of the investment adviser, from Rydex Advisors, LLC, to Security Investors, LLC. All references in the Agreement to PADCO Advisors, Inc. or Rydex Advisors, LLC, are updated accordingly.
	2.		This Amendment may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one instrument.
	3.		Except as expressly supplemented, amended or consented hereby, all of the representations, warranties, terms, covenants and conditions of the Agreement, shall remain unamended and shall continue to be in full force and effect.

            IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above written.

AMERICAN INDEPENDENCE FINANCIAL SERVICES, LLC				SECURITY INVESTORS, LLC
By:		/s/ illegible signature		By:		/s/ illegible signature
		Title: President				Title: Senior Vice President
RYDEX ADVISORS, LLC
By:		/s/ illegible signature
		Title: Senior Vice President