AMENDMENT
DATED FEBRUARY 17, 2006
TO THE
ADVISORY AGREEMENT
BETWEEN
RYDEX DYNAMIC FUNDS
AND PADCO ADVISORS, INC.,
DATED APRIL 30, 2004,
AS AMENDED
AMENDMENT
TO THE
ADVISORY AGREEMENT
DATED
APRIL 30, 2004, AS AMENDED,
BETWEEN
RYDEX DYNAMIC FUNDS
AND
PADCO ADVISORS, INC.
The following amendment is applicable to Schedule A of the Advisory Agreement
between Rydex Dynamic 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 February 17, 2006, 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
---- ----
Dynamic S&P 500* (formerly, Titan 500) .... 0.90%
Dynamic S&P 500 Master (formerly,
Titan 500 Master) ......................... 0.90%
Inverse Dynamic S&P 500* (formerly,
Tempest 500) .............................. 0.90%
Inverse Dynamic S&P 500 Master (formerly,
Tempest 500 Master) ....................... 0.90%
Dynamic OTC* (formerly, Velocity 100) ..... 0.90%
Dynamic OTC Master (formerly, Velocity
100 Master) ............................... 0.90%
Inverse Dynamic OTC* (formerly,
Venture 100) .............................. 0.90%
FUND RATE
---- ----
Inverse Dynamic OTC Master
(formerly, Venture 100 Master) ......... 0.90%
Dynamic Dow* (formerly, Long
Dynamic Dow 30) ........................ 0.90%
Dynamic Dow Master (formerly,
Long Dynamic Dow 30 Master) ............ 0.90%
Inverse Dynamic Dow* (formerly,
Inverse Dynamic Dow 30) ................ 0.90%
Inverse Dynamic Dow Master (formerly,
Inverse Dynamic Dow 30 Master Fund) .... 0.90%
LEVERAGED XXXXXXX 2000 ................. 0.90%
INVERSE XXXXXXX 2000 ................... 0.90%
INVERSE XXXXXXX 2000 MASTER ............ 0.90%
LEVERAGED XXXXXXX 2000 MASTER .......... 0.90%
*The fee will be reduced to 0.00% for any period during which the Fund invests
through a master-feeder structure.
ADDITIONS ARE NOTED IN BOLD.
In witness whereof, the parties hereto have caused this Amendment to be executed
in their names and on their behalf and through their duly-authorized officers as
of the 17th day of February, 2006.
RYDEX DYNAMIC FUNDS
By: /s/ Xxxx X. Xxxxxxxxxxx
--------------------------
Name: Xxxx X. Xxxxxxxxxxx
Title: President
PADCO ADVISORS, INC.
By: /s/ Xxxx X. Xxxxxxxxxxx
--------------------------
Name: Xxxx X. Xxxxxxxxxxx
Title: Chief Executive Officer
