0000894189-04-002152 Sample Contracts

POTOMAC FUNDS POTOMAC INSURANCE TRUST FORM OF SUBADVISORY AGREEMENT
Subadvisory Agreement • October 15th, 2004 • Potomac Insurance Trust • Massachusetts

This Subadvisory Agreement is made as of __________, 2004 (the “Effective Date”), between Rafferty Asset Management, LLC, a New York limited liability corporation (the “Adviser”), and Transamerica Investment Management, LLC, a Delaware limited liability company (the “Subadviser”).

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CUSTODY AGREEMENT
Custody Agreement • October 15th, 2004 • Potomac Insurance Trust • Ohio

THIS AGREEMENT is made and entered into as of this 20th day of May, 2004, by and between Potomac Insurance Trust, a Massachusetts business trust (the “Trust”) and U.S. Bank National Association, a national banking association (the “Custodian”).

FUND ACCOUNTING SERVICING AGREEMENT
Fund Accounting Servicing Agreement • October 15th, 2004 • Potomac Insurance Trust • Wisconsin

THIS AGREEMENT is made and entered into as of this 20th day of May, 2004, by and between Potomac Insurance Trust, a Massachusetts business trust (the "Trust") and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("USBFS").

TRANSFER AGENT SERVICING AGREEMENT
Transfer Agent Servicing Agreement • October 15th, 2004 • Potomac Insurance Trust • Wisconsin

THIS AGREEMENT is made and entered into as of this 20th day of May, 2004, by and between Potomac Insurance Trust, a Massachusetts business trust (the "Trust") and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("USBFS").

FUND ADMINISTRATION SERVICING AGREEMENT
Fund Administration Servicing Agreement • October 15th, 2004 • Potomac Insurance Trust • Wisconsin

THIS AGREEMENT is made and entered into as of this 20th day of May, 2004, by and between Potomac Insurance Trust, a Massachusetts business trust (the "Trust") and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("USBFS").

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