AMENDMENT NO. 1 TO THE ADVISORY AGREEMENTThe Advisory Agreement • April 29th, 2011 • Rydex Dynamic Funds
THIS AMENDMENT NO. 1 TO THE ADVISORY AGREEMENT is made as of January 3, 2011, by and between RYDEX DYNAMIC FUNDS (the “Trust”), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and RYDEX ADVISORS, LLC, a Kansas limited liability company with its principal place of business at 9601 Blackwell Road, Suite 500, Rockville, Maryland, 20850 (the “Adviser”).
