AMENDMENT
                              DATED MARCH 31, 2008
                                     TO THE
                          ACCOUNTING SERVICES AGREEMENT
                                     BETWEEN
                               RYDEX DYNAMIC FUNDS
                         AND RYDEX FUND SERVICES, INC.,
                               DATED MAY 1, 2000,
                                   AS AMENDED





                                AMENDMENT TO THE

                          ACCOUNTING SERVICES AGREEMENT

                         DATED MAY 1, 2000, AS AMENDED,

                                     BETWEEN

                               RYDEX DYNAMIC FUNDS

                                       AND

                            RYDEX FUND SERVICES, INC.

The following Amendment is made to the Accounting Services Agreement between
Rydex Dynamic Funds (the "Trust") and Rydex Fund Services, Inc. (the
"Servicer"), dated May 1, 2000, as amended to date (the "Agreement"), and is
hereby incorporated into and made a part of the Agreement:

                  The fourth paragraph under the section "Witnesseth" of the
         Agreement is amended, effective March 31, 2008 to read as follows:

                  WHEREAS, the board of trustees of the Trust (the "Trustees")
         have created the following Funds of the Trust: S&P 500 2x Strategy
         Fund, Inverse S&P 500 2x Strategy Fund, Inverse NADAQ-100(R) 2x
         Strategy Fund, NASDAQ-100(R) 2x Strategy Fund, Dow 2x Strategy Fund,
         Inverse Dow 2x Strategy Fund, Russell 2000(R) 2x Strategy Fund, and
         Inverse Russell 2000(R) 2x Strategy Fund, (collectively, the "Funds").

                          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 31st day of March, 2008.

                                                  RYDEX DYNAMIC FUNDS



                                                  /s/ Carl G. Verboncoeur
                                                  ----------------------------
                                                  By:      Carl G. Verboncoeur
                                                  Title:   President

                                                  RYDEX FUND SERVICES, INC.




                                                  /s/ Carl G. Verboncoeur
                                                  ----------------------------
                                                  By:      Carl G. Verboncoeur
                                                  Title:   President