Exhibit 99.H4

                                    AMENDMENT
                             DATED DECEMBER 7, 2010
                                     TO THE
                          ACCOUNTING SERVICES AGREEMENT
                                     BETWEEN
                               RYDEX SERIES FUNDS
                         AND RYDEX FUND SERVICES, INC.,
                            DATED SEPTEMBER 25, 1996,
                                   AS AMENDED



                                    AMENDMENT
                             DATED DECEMBER 7, 2010
                                     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 December 7, 2010, 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 1.2x Strategy Fund, U.S. Government Money Market Fund, Nova Fund,
     Inverse S&P 500 Strategy Fund, NASDAQ-100(R) Fund, Inverse NASDAQ-100(R)
     Strategy Fund, Inverse Government Long Bond Strategy Fund, Europe 1.25x
     Strategy Fund, Russell 2000(R) 1.5x Strategy Fund, Mid-Cap 1.5x Strategy
     Fund, S&P 500 Pure Value Fund, S&P 500 Pure Growth Fund, S&P MidCap 400
     Pure Value Fund, S&P MidCap 400 Pure Growth Fund, Inverse Mid-Cap Strategy
     Fund, S&P SmallCap 600 Pure Value Fund, S&P SmallCap 600 Pure Growth Fund,
     Inverse Russell 2000(R) Strategy Fund, Strengthening Dollar 2x Strategy
     Fund, Weakening Dollar 2x Strategy Fund, Banking Fund, Basic Materials
     Fund, Biotechnology Fund, Commodities Strategy Fund, 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, U.S. Long
     Short Momentum Fund, Multi-Hedge Strategies Fund, S&P 500 Fund, Russell
     2000(R) Fund, All-Asset Conservative Strategy Fund, All-Asset Moderate
     Strategy Fund, All-Asset Aggressive Strategy Fund, Managed Futures Strategy
     Fund, High Yield Strategy Fund, Inverse High Yield Strategy Fund,
     International Long Short Select Fund, Japan 2x Strategy Fund, Alternative
     Strategies Allocation Fund, Equity Market Neutral Fund, Long/Short
     Commodities Strategy Fund, Event Driven and Distressed Strategies Fund,
     Alternative Strategies Fund, Long Short Equity Strategy Fund, Long Short
     Interest Rate Strategy Fund, International 2x Strategy Fund, Inverse
     International 2x Strategy Fund, Emerging Markets 2x Strategy Fund, Inverse
     Emerging Markets 2x Strategy Fund, GLOBAL MACRO FUND AND MANAGED FUTURES
     ALPHA 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 7th day of December, 2010.

                                    RYDEX SERIES FUNDS


                                    /s/ Richard M. Goldman
                                    --------------------------------------------
                                    By: Richard M. Goldman
                                    Title: President


                                    RYDEX FUND SERVICES, LLC


                                    /s/ Nick Bonos
                                    --------------------------------------------
                                    By: Nick Bonos
                                    Title: President and Chief Executive Officer