0000894189-05-001607 Sample Contracts

POTOMAC FUNDS SUBADVISORY AGREEMENT
Subadvisory Agreement • June 28th, 2005 • Potomac Funds • Massachusetts

This Subadvisory Agreement is made as of July 1, 2005 (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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FUND ACCOUNTING SERVICING AGREEMENT
Fund Accounting Servicing Agreement • June 28th, 2005 • Potomac Funds • Wisconsin

THIS AGREEMENT is made and entered into as of this 16 day of February, 2004, by and between Potomac Funds, a Massachusetts business trust (the “Trust”) and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company (“USBFS”).

CUSTODY AGREEMENT
Custody Agreement • June 28th, 2005 • Potomac Funds • Ohio

THIS AGREEMENT is made and entered into as of this 16 day of February, 2004, by and between Potomac Funds, a Massachusetts business trust (the “Trust”) and U.S. Bank National Association, a national banking association (the “Custodian”).

TRANSFER AGENT SERVICING AGREEMENT
Transfer Agent Servicing Agreement • June 28th, 2005 • Potomac Funds • Wisconsin

THIS AGREEMENT is made and entered into as of this 16 day of February, 2004, by and between Potomac Funds, a Massachusetts business trust (the "Trust") and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("USBFS").

Exhibit A to the Transfer Agent Servicing Agreement Fund Names Separate Series of Potomac Funds
Transfer Agent Servicing Agreement • June 28th, 2005 • Potomac Funds
FULFILLMENT SERVICING AGREEMENT
Fulfillment Servicing Agreement • June 28th, 2005 • Potomac Funds

This amended agreement between U.S. Bancorp Fund Services, LLC (USBFS) and Potomac Funds, a Massachusetts Business Trust, (hereinafter called the “FUND”) is entered into on this 16 day of February, 2004, and is meant to modify the original agreement dated October 1, 1997.

FUND ADMINISTRATION SERVICING AGREEMENT
Fund Administration Servicing Agreement • June 28th, 2005 • Potomac Funds • Wisconsin

THIS AGREEMENT is made and entered into as of this 16 day of February, 2004, by and between Potomac Funds, a Massachusetts business trust (the “Trust”) and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company (“USBFS”).

to the Fulfillment Servicing Agreement Fund Names
Fulfillment Servicing Agreement • June 28th, 2005 • Potomac Funds
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