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AMENDMENT,
DATED NOVEMBER 2, 1993,
TO
INVESTMENT MANAGEMENT CONTRACT
BETWEEN RYDEX SERIES TRUST
AND PADCO ADVISORS, INC.,
DATED MAY 14, 1993
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AMENDMENT TO
MANAGEMENT CONTRACT
BETWEEN
RYDEX SERIES TRUST
AND
PADCO ADVISORS, INC.
The following Amendment is made to the Preamble to the Management
Contract between Rydex Series Trust (the "Trust") and PADCO Advisors, Inc.
(the "Manager"), dated May 14, 1993 (the "Contract"), and is hereby
incorporated into and made a part of the Contract:
The Preamble to the Contract is amended, effective November 2, 1993,
to read as follows:
"This Management Contract (the "Contract"), dated as of the 14th day
of May, 1993, is entered into by and between the Rydex Series Trust
(the "Trust") and PADCO Advisors, Inc. (the "Manager"). The Trust
wishes to engage the Manager, and the Manager wishes to be engaged,
to manage the Trust's investment portfolios (hereinafter referred to
individually as the "Fund" and collectively as the "Funds," as
appropriate)."
The following Amendment is made to Section 4 of the Contract and is
hereby incorporated into and made a part of the Contract:
Section 4 of the Contract is amended, effective November 2, 1993, 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:
Nova Fund 0.75% (75/100's of one percent)
Rydex U.S. Government Money Market 0.50% (50/100's of one percent)
Rydex Precious Metals Fund 0.75% (75/100's of one percent)
The Ursa Fund 0.90% (90/100's of one percent)
Rydex U.S. Government Bond Fund 0.50% (50/100's of one percent)
Rydex OTC Fund 0.75% (75/100's of one percent)
The fee will be paid monthly not later than the fifth (5th) business
days 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
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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."
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 2nd day of November, 1993.
RYDEX SERIES TRUST
/S/ Albert P. Viragh, Jr.
--------------------------
Title: Chairman
PADCO ADVISORS, INC.
/S/ Albert P. Viragh, Jr.
--------------------------
Title: President
