Exhibit (5)(a)
Investment Advisory Agreement
between Rydex Series Trust and
PADCO Advisors, Inc.
PAGE
Amendments,
Dated September 25, 1996,
to
Investment Management Contract
Between Rydex Series Trust
and PADCO Advisors, Inc.,
Dated May 14, 1993,
and as Previously Amended
November 2, 1993,
December 13, 1994, and
March 8, 1996
PAGE
Amendments to
INVESTMENT MANAGEMENT CONTRACT
between
RYDEX SERIES TRUST
and
PADCO ADVISORS, INC.
Amendment to Include The Rydex High Yield Fund Under the
Management Contract and to Set the Manager's Compensation
Thereunder. The following amendment is made to Section 4 of
the Investment Management Contract between Rydex Series Trust
(the "Trust") and PADCO Advisors, Inc. (the "Manager"), dated
September 25, 1996, and as amended on November 2, 1993, and as
further amended on December 13, 1994, and as further amended
on March 8, 1996 (the "Contract"), and is hereby incorporated
into and made a part of the Contract:
Section 4 of the Contract is amended, effective
September 25, 1996, to read as follows:
" A s 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
r e s pective Funds in accordance with the
following schedule:
The Nova Fund 0.75% (75/100's of one percent)
The Rydex U.S.
Government Money
Market Fund 0.50% (50/100's of one percent)
The Rydex Precious
Metals Fund 0.75% (75/100's of one percent)
The Ursa Fund 0.90% (90/100's of one
percent)
The Rydex U.S.
Government
Bond Fund 0.50% (50/100's of one percent)
The Rydex OTC
PAGE
Fund 0.75% (75/100's of one percent)
The Juno Fund 0.90% (90/100's of one percent)
The Rydex
Institutional
Money Market
Fund 0.55% (55/100's of one percent)
The Rydex High
Yield Fund 0.75% (75/100's of one percent)
The fee will be paid monthly not later than the fifth
(5th) business day 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 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
c u rrent Prospectus and Statement of Additional
Information."
Amendment to Grant Authority to the Manager to Engage Sub-
Advisers for The Rydex High Yield Fund and Any Series of the
Trust that May Be Created in the Future. The following
a m e n dments are made to the Contract and are hereby
incorporated into and made a part of the Contract:
Sections 9 through 12 of the Contract are redesignated 10
through 13, respectively.
A new Section 9 is added to the Contract as follows:
9. In providing the services and
assuming the obligations set forth herein, in
connection with The Rydex High Yield Fund, or
any other Fund that the Trust may create in
the future, the Manager may, at its expense,
employ one or more sub-advisers, or may enter
into such service agreements as the Manager
deems appropriate in connection with the
performance of the Manager's duties and
2
obligations hereunder. Reference herein to
t h e duties and responsibilities of the
Manager shall include any sub-adviser
employed by the Manager to the extent that
the Manager shall delegate such duties and
responsibilities to such sub-adviser. Any
agreement between the Manager and a sub-
adviser shall be subject to the approval of
t h e Trust's Board of Trustees and the
shareholders of any Fund affected thereby, as
required by the Investment Company Act of
1940, as amended, and any such sub-adviser
s h all at all times be subject to the
direction of the Board of Trustees of the
Trust or any officers of the Trust acting
pursuant to the oversight by the Board of
Trustees of any such sub-adviser in order to
assure continuing quality of performance by
said sub-adviser.
3
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 25th day
of September, 1996.
RYDEX SERIES TRUST
/s/ Xxxxxx X. Xxxxxx, Xx.
By: Xxxxxx X. Xxxxxx, Xx.
Title: President
PADCO ADVISORS, INC.
/s/ Xxxxxx X. Xxxxxx, Xx.
By: Xxxxxx X. Xxxxxx, Xx.
Title: President
4
Amendments,
Dated March 8, 1996,
to
Investment Management Contract
Between Rydex Series Trust
and PADCO Advisors, Inc.,
Dated May 14, 1993,
and as Previously Amended
November 2, 1993, and
December 13, 1994
Amendments to
INVESTMENT MANAGEMENT CONTRACT
between
RYDEX SERIES TRUST
and
PADCO ADVISORS, INC.
The following Amendments are made to Section 4 and
Section 11 of the Investment Management Contract between Rydex
Series Trust (the "Trust") and PADCO Advisors, Inc. (the
"Manager"), dated March 8, 1996, and as amended on November 2,
1993 (the "Contract"), and as further amended on December 13,
1994, and is hereby incorporated into and made a part of the
Contract:
Section 4 of the Contract is amended, effective March 8,
1996, 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
d a i ly net value of the respective Funds in
accordance with the following schedule:
The Nova Fund 0.75% (75/100's of one percent)
The Rydex U.S. Government
Money Market Fund 0.50% (50/100's of one percent)
The Rydex Precious
Metals Fund 0.75% (75/100's of one percent)
The Ursa Fund 0.90% (90/100's of one percent)
The Rydex U.S. Government
Bond Fund 0.50% (50/100's of one percent)
The Rydex OTC Fund 0.75% (75/100's of one percent)
The Juno Fund 0.90% (90/100's of one percent)
The Rydex Institutional
Money Market Fund 0.55% (55/100's of one percent)
The fee will be paid monthly not later than the
fifth (5th) business day 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 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
s u ch 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."
Section 11 of the Contract is amended, effective March 8,
1996, to read as follows:
"All notices or other communications
r e q u ired or permitted to be given
hereunder shall be in writing and shall be
delivered or sent by prepaid, first-class
letter posted to the following addresses,
or to such other address as shall be
designated in a notice given in accordance
with this section, and such notice shall
be deemed to have been given at the time
of delivery of, if sent by post, five (5)
week days after posting by airmail:
If to the Trust:
Rydex Series Trust
0000 Xxxxxxxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxx, Xxxxxxxx 00000
Attention: President
If to the Manager:
PADCO Advisors, Inc.
0000 Xxxxxxxxx Xxxxxxxxx
Xxxxx 000
Xxxxxxxxx, Xxxxxxxx 00000
Attention: President"
2
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 8th day
of March, 1996.
RYDEX SERIES TRUST
/s/ Xxxxxx X. Xxxxxx Xx.
By: Xxxxxx X. Xxxxxx, Xx.
Title: President
PADCO ADVISORS, INC.
/s/ Xxxxxx X. Xxxxxx, Xx.
By: Xxxxxx X. Xxxxxx, Xx.
Title: President
3
Amendment,
Dated December 13, 1994,
to
Investment Management Contract
Between Rydex Series Trust
and PADCO Advisors, Inc.,
Dated May 14, 1993,
and as Previously Amended
November 2, 1993
Amendment to
INVESTMENT MANAGEMENT CONTRACT
between
RYDEX SERIES TRUST
and
PADCO ADVISORS, INC.
The following Amendment is made to Section 4 of the
Investment Management Contract between Rydex Series Trust (the
"Trust") and PADCO Advisors, Inc. (the "Manager"), dated May
14, 1993, and as amended on November 2, 1993 (the "Contract"),
and is hereby incorporated into and made a part of the
Contract:
Section 4 of the Contract is amended, effective December
13, 1994, 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
d a i ly 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 Ursa Bond Fund 0.90% (90/100's of one percent)
The fee will be paid monthly not later than the
fifth (5th) business day 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 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
s u ch 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 this
Amendment to be executed in their names and on their behalf
and through their duly-authorized officers as of the 13th day
of December, 1994.
RYDEX SERIES TRUST
/s/ Xxxxxx X. Xxxxxx, Xx.
By: Xxxxxx X. Xxxxxx, Xx.
Title: Chairman
PADCO ADVISORS, INC.
/s/ Xxxxxx X. Xxxxxx,Xx.
By: Xxxxxx X. Xxxxxx, Xx.
Title: President
Amendment,
Dated November 2, 1993,
to
Investment Management Contract
Between Rydex Series Trust
and PADCO Advisors, Inc.,
Dated May 14, 1993
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
d a i ly 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 day 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
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/ Xxxxxx X. Xxxxxx, Xx.
By: Xxxxxx X. Xxxxxx, Xx.
Title: Chairman
PADCO ADVISORS, INC.
/s/ Xxxxxx X. Xxxxxx, Xx.
By: Xxxxxx X. Xxxxxx, Xx.
Title: President
2
Management Contract
Between Rydex Series Trust
and PADCO Advisors, Inc.,
Dated May 14, 1993
PAGE
MANAGEMENT CONTRACT
BETWEEN
RYDEX SERIES TRUST
AND
PADCO ADVISORS, INC.
This Management Contract (the Contract ), dated as of
the 7th day of May, 1993, is entered into by and between The
Rydex Series Trust (the Trust ) and PADCO Advisors, Inc. (the
Manager ).
A. The Trust has engaged Money Management Associates
(the Administrator ) to render or make available to the
Trust, at the Trust s expense, all services needed for
m a nagement and operation of the Trust except for the
management of the Trust s investment portfolios (hereinafter
referred to individually as the Fund and collectively as the
Funds as appropriate).
B. The Trust wishes to engage the Manager, and the
Manager wishes to be engaged, to manage the Funds investment
portfolios.
WITNESSETH:
That in consideration of the mutual covenants hereinafter
contained, it is agreed as follows:
1. The Trust hereby employs the Manager to manage the
investment and reinvestment of the assets of the Funds
comprising the Trust in accordance with the investment
o b j e ctives and policies as set forth in the Trusts
registration statement filed pursuant to the Investment
Company Act of 1940 and the Securities Act of 1933 (the
Registration Statement ) and subject to the direction and
control of the officers and Board of Trustees of the Trust,
for the period and on the terms set forth in this Contract.
The Manager hereby accepts such employment and agrees to
render the services and to assume the obligations herein set
forth, for the compensation herein provided.
2. The Manager assumes and shall pay all expenses in
c o n nection with the management of the investment and
reinvestment of the portfolio assets of the Fund, except that
the Fund assumes and shall pay all broker s commissions and
transfer taxes chargeable to the Fund in connection with
securities transactions to which the Fund is a party.
PAGE
3. In connection with the investment and reinvestment
of the assets of the Fund, the Manager is authorized on behalf
of the Fund, to place orders for the execution of the Fund s
portfolio transactions in accordance with the applicable
policies of the Fund as set forth in the Trust s Registration
Statement, as such Registration Statement may be amended from
time to time. The Manager shall place orders for the purchase
or sale of securities either directly with the issuer or with
a broker or dealer selected by the Manager. In placing the
Fund s securities trades, it is recognized that the Manager
will give primary consideration to securing the most favorable
price and efficient execution, so that the Fund s total cost
or proceeds in each transaction will be the most favorable
under all circumstances. Within the framework of this policy,
t h e Manager may consider the financial responsibility,
research and investment information, and other services
provided by brokers or dealers who may effect or be a party to
any such transaction or other transactions to which other
clients of the Manager may be a party.
It is understood that it is desirable for the Fund that
the Manager have access to investment and market research and
securities and economic analyses provided by brokers and
others. It is also understood that brokers providing such
services may execute brokerage transactions at a higher cost
to the Fund than might result from the allocation of brokerage
to other brokers on the basis seeking the most favorable price
and efficient execution. Therefore, the purchase and sale of
securities for the Fund may be made with brokers who provide
such research and analysis, subject to review by the Trust s
Board of Trustees from time to time with respect to the extent
and continuation of this practice to determine whether the
Fund benefits, directly or indirectly, from such practice. It
is understood by both parties that the Manager may select
broker-dealers for their execution of the Fund s portfolio
transactions who provide research and analysis as the Manager
m a y lawfully and appropriately use in its investment
management and advisory capacities, whether or not such
research and analysis also may be useful to the Manager in
connection with its services to other clients.
On occasions when the Manager deems the purchase or sale
of a security to be in the best interests of the Fund, as well
as of other clients, the Manager to the extent permitted by
applicable laws and regulations, may aggregate the securities
to be so purchased or sold in order to obtain the most
favorable price of lower brokerage commissions and the most
efficient execution. In such event, allocation of the
securities so purchased or sold, as well as the expenses
incurred in the transaction, will be made by the Manager in
the manner it considers to be the most equitable and
2
consistent with its fiduciary obligations to the Fund and to
such other clients.
4. As compensation for the services to be rendered and
the charges and expenses to be assumed and paid by the Manager
as provided in Section 2, the Fund shall pay the Manager an
annual fee based on the average daily net asset value of the
Fund in accordance with the following schedule:
Nova Fund . . . . . . . . . . .0.75% (75/100's of
one percent)
The fee will be paid monthly not later than the fifth (5th)
business day 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
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 such Fund. For purposes of calculating the
Manager s fee, the value of the net assets of the Fund shall
be determined in the same manner as the Fund uses to compute
t h e 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.
5. Subject to and in accordance with the Bylaws and
Declaration of Trust of the Trust and the Bylaws and Articles
o f Incorporation of the Manager respectively, and the
Investment Company Act of 1940, trustees, officers, agents and
shareholders of the Fund are or may be interested in the
Manager or its affiliates (or any successor thereof) as
shareholders or officers, directors, agents, or otherwise, and
directors, officers, agents or shareholders of the Manager or
its affiliates are or may be interested in the Fund as
trustees, officers, agents, shareholders or otherwise, and the
Manager or its affiliates may be interested in the Fund and
such relationships shall be governed by said governing
instruments and the applicable provisions of the Investment
Company Act of 1940. The Manager shall notify the Trust of
any change in ownership or control of PADCO Advisors, Inc.
that causes an assignment of this Contract (as the term
assignment is defined in the Investment Company Act of 1940
and the rules and regulations promulgated thereunder) within a
reasonable time after such change.
6. During the term of this Contract, the Trust agrees:
(A) to provide the Manager with copies of all prospectuses,
s t atements of additional information, proxy statements,
3
r e gistration statements, reports to shareholders, sales
literature, and other material prepared for distribution to
shareholders of the Trust or the public that refer in any way
to the Manager not later than the date such material is first
distributed to the public, or sooner if practicable, and the
Trust shall not use such material, or shall discontinue use of
such material, if the Manager reasonably objects in writing
within five (5) business days (or within such other time as
may be mutually agreed) after the Manager s receipt thereof;
(B) to provide the Manager with true and correct copies of
each amendment or supplement to the Trust s Registration
S t a t ement (including any prospectus and statement of
additional information included therein), Bylaws and
Declaration of Trust not later than sooner if practicable; and
(C) to provide the Manager with (i) written notice of any
resolutions, policies, restrictions or procedures adopted by
the Trust s Board of Trustees which affect the Manager s
investment management responsibilities hereunder, and (ii) a
list of every natural person or entity deemed by the Trust to
be an affiliated person or promoter of or principal
underwriter for the Trust or an affiliated person of such
person, as such terms are defined or used in Sections
2(a)(3), 2(a)(29), 2(a)(30) and 17 of the Investment Company
Act of 1940, and the Trust shall promptly notify the Manager
of any additions or deletions to such list.
7. This Contract shall become effective with respect to
such Fund on the date first above written, and continue in
effect until the first meeting of the shareholders of such
Fund occurring subsequent to the date hereof (but in no event
longer than two years from the date hereof), and if approved
at such shareholders meeting, until two years from the date
hereof, and thereafter only so long as such continuance is
approved with respect to such Fund at least annually by a vote
of a majority of the Trust s Board of Trustees, including the
votes of a majority of the Trustees who are not parties to
such contract or interested persons of any such party, cast in
person at a meeting called for the purpose of voting such
approval. Provided, however, that (a) this Contract may be
terminated without penalty either by vote of the Board of
Trustees of the Trust or by vote of a majority of the
outstanding voting securities of such Fund, on sixty-days (60)
days prior written notice to the Manager, (b) this Contract
shall automatically terminate in the event of its assignment
(within the meaning of the Investment Company Act of 1940),
and (c) this Contact may be terminated by the Manager on
sixty-days (60) prior written notice to the Trust. Any notice
under this Contract shall be given as provided in Section 11
below. As used in this Contract, the terms interested
persons and vote of a majority of the outstanding
securities shall have the respective meanings set forth in
4
Section 2(a)(19) and Section 2(a)(42) of the Investment
Company Act of 1940.
8. The services of the Manager to the Trust hereunder
are not to be deemed exclusive, and the Manager and each of
its affiliates shall be free to render similar services to
others so long as its services hereunder are not impaired
thereby. The Manager shall for purposes herein be deemed to
be an independent contractor and shall, unless otherwise
expressly provided or authorized, have no authority to act for
or represent the Trust in any way or otherwise be deemed an
agent of the Trust.
9. No provisions of this Contract shall be deemed to
protect the Manager against any liability to the Trust or its
shareholders to which it otherwise would be subject by reason
of any willful misfeasance, bad faith or gross negligence in
the performance of its duties or the reckless disregard of its
obligations under this contract. Nor shall any provisions
hereof be deemed to protect any trustee or officer of the
Trust against any such liability to which he might otherwise
be subject by reason of any willful misfeasance, bad faith or
gross negligence in the performance of his duties or the
reckless disregard of his obligations. In the absence of
willful misfeasance, bad faith, gross negligence, or reckless
disregard of its obligations or duties hereunder, the Manager
shall not be subject to liability to the Trust, the Fund or to
any shareholder of the Fund for any act or omission in the
course of or connected with, rendering services hereunder or
for any losses that may be sustained in the purchase, holding
or sale of any security or other property by the Fund. The
Manager shall not be required to do or refrain from doing or
concur in anything which (by act or omission to act) may
impose any liability on it. Any person, even though also an
officer, director, partner, employee or agent of the Manager,
who may be or become an officer, trustee, employee or agent of
the Trust, shall be deemed when rendering services to the
Trust or acting on any business of the Trust to be rendering
such services to or acting solely for the Trust and not as the
Manager s officer, director, partner, employee or agent or as
one under the Manager s control or direction even though paid
by the Manager. The Manager shall not be required to take any
legal action on behalf of the Trust unless fully indemnified
to the Manager s reasonable satisfaction for all costs and
liabilities likely to be incurred or suffered by it. If the
Trust requires the Manager to take any action which in the
Manager s opinion may make the Manager liable for payment of
monies or liable in any other way, the Manager shall be and
k e p t indemnified in any reasonable amount and form
satisfactory to it as a prerequisite to taking such action.
If any provision of this Contract shall be held or made
5
invalid by a court decision, statute, rule or otherwise, the
remainder of this Contract shall not be affected thereby.
10. The Trust represents and warrants that it is duly
registered with the Securities and Exchange Commission under
the Investment Company Act of 1940 as an open-end management
investment company, and that all required action has been
taken by the Trust under the Securities Act of 1933 and the
Investment Company Act of 1940 to permit the public offering
of, and to consummate the sale of, the shares of beneficial
interest in the Trust pursuant to its current prospectus.
11. All notices or other communications required or
permitted to be given hereunder shall be in writing and shall
be delivered or sent by prepaid, first-class letter posted to
the following addresses, or to such other address as shall be
designated in a notice given in accordance with this section,
and such notice shall be deemed to have been given at the time
of delivery of, if sent by post, five (5) week days after
posting by airmail.
If to the Trust:
Rydex Series Trust
0000 Xxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
If to the Manager:
PADCO Advisors, Inc.
0000 Xxxxxxxx Xxxxxx
Xxxxxxxx, XX 00000
12. This Contract shall be governed by and construed in
accordance with the laws of the State of Maryland applicable
to contracts between Maryland residents to be entered into and
performed entirely within the state of Maryland.
IN WITNESS WHEREOF, the parties hereto have caused this
Contract to be executed on the date first above written.
WITNESS: RYDEX SERIES TRUST
/s/ Xxxxxx X. Xxxxxx, Xx.
By: President
WITNESS: PADCO ADVISORS, INC.
6
/s/ Xxxxxx X. Xxxxxx, Xx.
By: President
7
8
