0000950123-11-054945 Sample Contracts

SUB-ADVISER AGREEMENT

Sub-Adviser Agreement • May 27th, 2011 • Rydex Series Funds • Delaware

• Contract Type
  Sub-Adviser Agreement
• Filed
  May 27th, 2011
• Company
  Rydex Series Funds
• Jurisdiction
  Delaware

AGREEMENT made this 1st day of August, 2010 by and between Rydex Advisors, LLC (“Adviser”) and American Independence Financial Services, LLC (the “Sub-Adviser”);

AMENDMENT NO. 1 TO THE SUB-ADVISER AGREEMENT

Sub-Adviser Agreement • May 27th, 2011 • Rydex Series Funds

• Contract Type
  Sub-Adviser Agreement
• Filed
  May 27th, 2011
• Company
  Rydex Series Funds

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”).