Potomac Funds Sample Contracts

Potomac Funds – SUBADVISORY AGREEMENT (January 12th, 2004)

POTOMAC FUNDS FORM OF SUBADVISORY AGREEMENT This Subadvisory Agreement is made as of _________ __, 2003, between Rafferty Asset Management, LLC, a New York limited liability corporation (the "Adviser"), and Flexible Plan Investments, Ltd., a Michigan corporation (the "Subadviser"). WHEREAS, the Adviser has agreed to serve as the investment adviser to each fund listed in Schedule A hereto (each a "Fund" and collectively, the "Funds"), which is a series of the Potomac Funds (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), as open-end diversified management investment company consisting of one or more investment series of shares, each having its own assets and investment policies; WHEREAS, the Adviser's contract with the Fund allows it to delegate certain investment advi