AMENDMENT
                             DATED FEBRUARY 16, 2007
                                     TO THE
                          ACCOUNTING SERVICES AGREEMENT
                                     BETWEEN
                               RYDEX SERIES FUNDS
                         AND RYDEX FUND SERVICES, INC.,
                            DATED SEPTEMBER 25, 1996,
                                   AS AMENDED



                                    AMENDMENT
                             DATED FEBRUARY 16, 2007
                                     TO THE
                          ACCOUNTING SERVICES AGREEMENT
                      DATED SEPTEMBER 25, 1996, AS AMENDED,
                                     BETWEEN
                               RYDEX SERIES FUNDS
                                       AND
                            RYDEX FUND SERVICES, INC.

The following Amendment,  which supercedes all previous  amendments,  is made to
the Accounting  Services  Agreement between Rydex Series Funds (the "Trust") and
Rydex Fund Services, Inc. (the "Servicer"), dated September 25, 1996, 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 May 24, 2006, 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:  Government Long
      Bond Advantage Fund (formerly U.S.  Government Bond Fund), U.S. Government
      Money Market Fund,  Nova Fund,  Inverse S&P 500 Fund (formerly Ursa Fund),
      OTC Fund, Inverse OTC Fund (formerly Arktos Fund), Inverse Government Long
      Bond Fund (formerly Juno Fund),  Nova Master Fund,  Inverse S&P 500 Master
      Fund (formerly Ursa Master Fund), OTC Master Fund, Inverse OTC Master Fund
      (formerly  Arktos Master Fund),  Inverse  Government Long Bond Master Fund
      (formerly  Juno Master  Fund),  Mid-Cap  Advantage  Master Fund  (formerly
      Medius Master Fund),  Europe  Advantage  Fund (formerly  Large-Cap  Europe
      Fund), Japan Advantage Fund (formerly Large-Cap Japan Fund), All-Cap Value
      Fund,  Russell  2000  Advantage  Fund  (formerly  Mekros  Fund),   Mid-Cap
      Advantage Fund (formerly  Medius Fund),  Large-Cap  Value Fund,  Large-Cap
      Growth Fund,  Mid-Cap Value Fund,  Mid-Cap  Growth Fund,  Inverse  Mid-Cap
      Fund,  Small-Cap Value Fund,  Small-Cap Growth Fund,  Inverse Russell 2000
      Fund (formerly Inverse Small-Cap Fund), Dynamic  Strengthening Dollar Fund
      (formerly  Strengthening  Dollar  Fund),  Dynamic  Weakening  Dollar  Fund
      (formerly  Weakening  Dollar Fund),  Banking Fund,  Basic  Materials Fund,
      Biotechnology Fund, Commodities Funds, Consumer Products Fund, Electronics
      Fund, Energy Fund, Energy Services Fund,  Financial  Services Fund, Health
      Care Fund,  Internet Fund, Leisure Fund, Precious Metals Fund, Real Estate
      Fund,   Retailing  Fund,   Technology   Fund,   Telecommunications   Fund,
      Transportation   Fund,  Utilities  Fund,  Utilities  Master  Fund,  Sector
      Rotation  Fund,  Multi-Cap  Core Equity Fund  (formerly Core Equity Fund),
      Absolute Return  Strategies Fund, Market Neutral Fund, Hedged Equity Fund,
      S&P 500 Fund, Russell 2000 Fund, EPT Moderate Fund, EPT Conservative Fund,
      EPT Aggressive  Fund,  Managed Futures Fund, HIGH YIELD STRATEGY FUND, AND
      INVERSE HIGH YIELD STRATEGY FUND (collectively, the "Rydex 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 16th day of February, 2007.

                                                    RYDEX SERIES 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