AMENDMENT,
                            DATED NOVEMBER 10, 2003,
                                       TO
                          ACCOUNTING SERVICES AGREEMENT
                           BETWEEN RYDEX SERIES FUNDS
                         AND RYDEX FUND SERVICES, INC.,
                            DATED SEPTEMBER 25, 1996,
                                   AS AMENDED



                                  AMENDMENT TO

                          ACCOUNTING SERVICES AGREEMENT

                                     BETWEEN

                               RYDEX SERIES FUNDS

                                       AND

                            RYDEX FUND SERVICES, INC.

The following Amendment is made to the Accounting Services Agreement between the
Trust and the Servicer, and is hereby incorporated into and made a part of the
Accounting Services Agreement:

            The fourth paragraph under the section "Witnesseth" of the
      Accounting Services Agreement is amended, effective November 10, 2003, to
      read as follows:

            WHEREAS, the board of trustees of the trust, pursuant to Article IV,
      Section 4.01(o), "Board of Trustees; Powers," of the Trust Declaration,
      have created the following series of shares of the Trust: The U.S.
      Government Bond Fund, The U.S. Government Money Market Fund, The Nova
      Fund, The Ursa Fund, The Arktos Fund, The Juno Fund, The Nova Master Fund,
      The Ursa Master Fund, The OTC Master Fund, The Arktos Master Fund, The
      Juno Master Fund, The Medius Master Fund, The Rydex OTC Fund, The
      Large-Cap Europe Fund, The Large-Cap Japan Fund, The Mekros Fund, The
      Medius Fund, The All-Cap Value Fund, THE LARGE-CAP VALUE FUND, THE LARGE-
      CAP GROWTH FUND, THE MID-CAP VALUE FUND, THE MID-CAP GROWTH FUND, THE
      INVERSE-MID CAP FUND, THE SMALL-CAP VALUE FUND, THE SMALL-CAP GROWTH FUND,
      THE INVERSE-SMALL CAP FUND, The Banking Fund, The Basic Materials Fund,
      The Biotechnology Fund, The Consumer Products Fund, The Core Equity Fund,
      The Electronics Fund, The Energy Fund, The Energy Services Fund, The
      Financial Services Fund, The Health Care Fund, The Internet Fund, The
      Leisure Fund, The Precious Metals Fund, The Real Estate Fund, The
      Retailing Fund, The Sector Rotation Fund, The Technology Fund, The
      Telecommunications Fund, and The Transportation Fund, and The Utilities
      Fund (collectively, the "Rydex Funds");

      ADDITIONS and [DELETIONS] 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 10th day of November 2003.

                                                RYDEX SERIES FUNDS

                                                /s/ Albert P. Viragh, Jr.
                                                -------------------------------
                                                By:    Albert P. Viragh, Jr.
                                                Title: President


                                                RYDEX FUND SERVICES, INC.

                                                /s/ Albert P. Viragh, Jr.
                                                -------------------------------
                                                By:    Albert P. Viragh, Jr.
                                                Title: President