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RYDEX SERIES TRUST
AMENDMENTS TO DECLARATION OF TRUST
The following resolutions amending the Declaration of Trust of Rydex
Series Trust were passed by the Board of Trustees on November 2, 1993:
"RESOLVED, that Article III, Section 3.02, "Initial
Trustees," of the Trust's Declaration of Trust, dated March 11, 1993
(the "Trust Declaration"), be, and hereby is, amended to read as
follows:
The initial Trustees shall be the persons named herein. On a
date fixed by the Trustees, the Shareholders shall elect at
least three (3) but not more than fifteen (15) Trustees, as
specified by the Trustees pursuant to Section 3.06 of this
Article.
FURTHER RESOLVED, that Article III, Section 3.06, "Number of
Trustees," of the Trust Declaration be, and hereby is, amended to read
as follows:
The number of Trustees shall be at least three (3), and
thereafter shall be such number as shall be fixed from time
to time by a majority of the Trustees, provided, however,
that the number of Trustees shall in no event be more than
fifteen (15)."
By: /S/ AMANDA C. VIRAGH
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Amanda C. Viragh
Secretary
