Advisory Agreement (2007)Full Document 

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                                 AMENDMENT DATED
                                 AUGUST 27, 2007
                                     TO THE
                               ADVISORY AGREEMENT
                        DATED APRIL 30, 2004, AS AMENDED,
                                     BETWEEN
                               RYDEX SERIES FUNDS
                                       AND
                              PADCO ADVISORS, INC.

The following  amendment is  applicable to Schedule A of the Advisory  Agreement
between  Rydex  Series  Funds  (the  "Trust")  and  PADCO  Advisors,  Inc.  (the
"Adviser"),  dated April 30, 2004, as amended to date (the "Agreement"),  and is
hereby incorporated into and made a part of the Agreement:

Schedule A of the  Agreement is amended,  effective  August 27, 2007, to read as
follows:

      The  Trust  will pay to the  Adviser  as  compensation  for the  Adviser's
      services  rendered,  a fee,  computed daily at an annual rate based on the
      average  daily  net  assets  of the  respective  Fund  in  accordance  the
      following fee schedule:

FUND                                                      RATE
----                                                      ----
Nova* .................................................   0.75%
Nova Master ...........................................   0.75%
Inverse S&P 500 Strategy*..............................   0.90%
Inverse S&P 500 Strategy Master........................   0.90%
OTC ...................................................   0.75%
Inverse OTC Strategy* .................................   0.90%
Inverse OTC Strategy Master............................   0.90%
Mid-Cap 1.5x Strategy .................................   0.90%
Russell 2000(R) 1.5x Strategy..........................   0.90%
Government Long Bond 1.2x Strategy                        0.50%
Inverse Government Long Bond Strategy* ................   0.90%
Inverse Government Long Bond Strategy Master ..........   0.90%
Europe 1.25x Strategy..................................   0.90%
Japan 1.25x Strategy...................................   0.90%
Large-Cap Value .......................................   0.75%
Large-Cap Growth ......................................   0.75%
Mid-Cap Value .........................................   0.75%
Mid-Cap Growth ........................................   0.75%
Biotechnology .........................................   0.85%
Consumer Products .....................................   0.85%
Electronics ...........................................   0.85%
Energy ................................................   0.85%
Energy Services .......................................   0.85%
Financial Services ....................................   0.85%
Health Care ...........................................   0.85%
Internet ..............................................   0.85%
Leisure ...............................................   0.85%
Precious Metals .......................................   0.75%
Real Estate ...........................................   0.85%
Retailing .............................................   0.85%
Technology ............................................   0.85%
Telecommunications ....................................   0.85%
Transportation ........................................   0.85%
Utilities .............................................   0.85%
Commodities Strategy...................................   0.75%
Sector Rotation .......................................   0.90%



FUND                                                      RATE
----                                                      ----
Inverse Mid-Cap Strategy* .............................   0.90%
Small-Cap Value .......................................   0.75%
Small-Cap Growth ......................................   0.75%
Inverse Russell 2000(R) Strategy ......................   0.90%
Strengthening Dollar 2x Strategy.......................   0.90%

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