Exhibit (g) Agreement for Custody Services between the Registrant and FBR National Trust Company.

Exhibit (g) Agreement for Custody Services between the Registrant and FBR National Trust Company.

Exhibit (g)

FBR NATIONAL TRUST COMPANY

CUSTODIAN AGREEMENT

            CUSTODY SERVICES AGREEMENT ("Agreement") made as of the 1^st day of November, 2005, by and between The FBR Funds, a Delaware statutory trust, which may issue one or more shares of beneficial interest (the "Trust"), and FBR National Trust Company (the "Custodian"), a Nationally chartered institution that has been granted certain Trust powers under the Office of the Comptroller of  Currency, whose place of business is located in Bethesda, Maryland.

WHEREAS, the Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Trust had entered into an agreement dated February 27, 2004 ("Former Agreement"), for Fund Administration, Fund Accounting Services, Transfer Agency Services and Custody Services with FBR National Trust Company, which previously performed custody services under such agreement;

WHEREAS, the Trust desires to restructure the Former Agreement into individual agreements by contracting directly with each service provider; and

WHEREAS, the Trust desires to retain the Custodian to provide custody services to each of the series listed on Schedule A (each a "Fund" and collectively, the "Funds") in the manner and on the terms and conditions hereinafter set forth;

NOW THEREFORE, in consideration of the premises and mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

1.         Collection/Distribution of Funds.  The Custodian shall collect all interest, dividends, proceeds of sales, and other moneys due and collectable which derive from the securities held under this Agreement and pay all proper expenses incident to the custody of said securities, shall distribute or accumulate the net income as directed by the Trust.

 2.        Compensation.  The Custodian shall be entitled to receive compensation for its services hereunder in accordance with its schedule in effect when the services are performed which compensation will be invoiced directly to the Trust. The Custodian's current fee schedule is attached hereto on Schedule B.

3.         Investments. 

a.  The Custodian shall invest, sell and reinvest upon directions from a Fund. Notwithstanding the foregoing, the Custodian may invest any cash awaiting permanent investment or distribution in any short term money market investment utilized by the Custodian including shares of any investment company affiliated with the Custodian or to whom the Custodian provides services. The Funds may select from the short term money market investment and other investments as set forth in the "Disclosure Statement" (see Schedule D).  All investment instructions shall be in accordance with Section 16 of this agreement and (1)  as the Funds, or a representative designated in writing by the Trust, specifically directs; (2) as are in accordance with a broker's xxxx or confirmation addressed to the account of a Fund at the offices of the Custodian and presented to the Custodian; or  (3) as the Funds have authorized a designated investment manager per Schedule D to execute.

b.  The Custodian shall hold said securities and property of each Fund in safe-keeping. The Custodian will hold, earmark and physically segregate for the account all non-cash property, including all securities owned by a Fund, other than securities maintained in a clearing agency which acts as a securities depository or in an authorized book-entry system authorized by the U.S. Department of the Treasury, collectively referred to herein as a "Securities System."

c.  The Custodian will deliver securities held by the Custodian or in a Securities System account only upon receipt of proper instructions, which may be continuing instructions, and only in the following cases:

1. Upon sale of such securities for a Fund and receipt of payment therefore;

2. Upon receipt of payment in connection with any repurchase agreement related to such securities entered into by a Fund;

3. In the case of a sale effected through a Securities System;

4. To the depository agent in connection with tenders or other similar offers for securities of a Fund;

5. To the issuer thereof, or its agent, when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

6. To the issuer thereof, or its agent, for registration or re-registration pursuant to the provisions of Section 5 hereof; or for exchange for a different number of certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Custodian;

7. For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of  the securities of the issuer or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

8. In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any case, the new securities and cash, if any, are to be delivered to the Custodian;

9. For delivery in connection with any loans of securities made by a Fund, but only against receipt of adequate collateral as agreed upon from time to time by the Custodian and a Fund, which may be in the form of cash or obligations issued by the United States government, its agencies or instrumentalities;

10. For delivery as security in connection with any borrowing by a Fund requiring a pledge of assets by the Fund against receipt of amounts borrowed;

11. For any other proper corporate purposes, but only upon receipt of, in addition to proper instructions, a certified copy of a resolution of the Board signed by an officer of the Trust and certified by the Secretary or an Assistant Secretary, or the Trust or a designated representative of the Trust, specifying the delivery instructions and declaring such purposes.

             d.  The Custodian will notify the Funds in a timely fashion of any call for redemption, tender offer, subscription rights, merger, reorganization, consolodation, recapitalization or other similar proceedings affecting such securities that are received by the Custodian or published in a financial service described in the following sentence. Financial services to which the Custodian subscribes may change from time to time, but the Custodian will maintain subscriptions to those financial services which are reasonably necessary to satisfy its obligation hereunder, which are of general applicability to the type of securities held by the Custodian for the Funds, and which are generally used for that purpose in the securities custody industry. Except with respect to any notices actually received by the Custodian, the Custodian shall have no responsibility for any failure to give notices if the relevant information is not published in a financial service described in the preceeding sentence. Subject to the foregoing, the Custodian is under no obligation to ascertain which financial services publish relevent information on a particular security.

            Unless notified by a Fund at the time that a particular security is delivered to the Custodian that the security is subject to call or delivery outside the United States, or that any notice concerning the security is to be published outside the United States, the Custodian will not be responsible for any loss realized by a failure or delay in giving notice of any corporate action affecting such security.

            e.  The Custodian may deposit and/or maintain securities owned by the Funds in a clearing agency registered with the Securities and Exchange Commission (the "SEC") under Section 17A of the Securities Exchange Act of 1934, which acts as a securities depository, or in the book-entry system authorized by the U.S. Department of the Treasury and certain federal agencies (collectively referred to herein as a "Securities System") in accordance with applicable Federal Reserve Board and SEC rules and regulations, if any, and subject to the following provisions:

1. The Custodian may keep securities of the Funds in a Securities System provided that such securities are represented in an account ("Account") of the Custodian in the Securities System which will not include any assets of the Custodian other than assets held as a fiduciary, custodian, or otherwise for customers;

2. The records of the Custodian with respect to securities of the Funds which are maintained in a Securities System will identify by book-entry those securities belonging to the Funds;

3. The Custodian will pay for securities purchased for the Funds upon receipt of advice from the Securities System that such securities have been transferred to the Account, and the making of an entry on the records of the Custodian to reflect such payment and transfer for the Funds. The Custodian will transfer securities sold for the account of a Fund upon receipt of advice from the Securities System that payment for such securities has been transferred to the Account, and the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of a Fund. The Custodian will periodically furnish each Fund with an account statement showing confirmation of each transfer to or from the account of the Fund and each day's transactions in the Securities System for the account of  the Fund;

4. The book-entry system of the Federal Reserve System authorized by the U.S. Department of the Treasury and the Depository Trust Company, a clearing agency registered with the SEC, each are hereby specifically approved as a Securities System, provided that any changes in these arrangements shall be subject to the approval of the Board; and

5. The Custodian will be liable to the Trust for any direct loss or damage to a Fund resulting from use of the Securities System to the extent caused by the gross negligence, misfeasance, or misconduct of the Custodian or any of its agents or of any of its or their employees. In no event will the Custodian be liable for any indirect, special, consequential or punitive damages.

4.         Statements. The Custodian shall provide each Fund with a statement of assets and transactions monthly, quarterly or annually as requested by a Fund.

            The Custodian will make a good faith effort to obtain and maintain accurate market prices on securities it holds for the Funds.  The Custodian will reprice securities at such frequency as it, in its sole discretion deems appropriate. Such repricing will be performed at least monthly, Limited Partnerships, that are not publicly traded will be repriced at least annually. The Custodian, however, makes no warranties or guarantees as to the accuracy of such pricing or repricing, and will not be liable to the Funds in any way as a result of a Fund's actions which are taken as a result of relying on market price information provided by the Custodian.

5.         Appointment of Agents.  The Custodian may at any time in its discretion appoint, but only in accordance with an applicable vote by the Board, any Custodian or trust company, which is qualified under the 1940 Act to act as a custodian, as its agent or sub-custodian to carry out such of the provisions as the Custodian may from time to time direct; provided that the appointment of any such agent of sub-custodian will not relieve the Custodian of any of its responsibilities or liabilities hereunder. The Custodian is hereby authorized to deposit, arrange for deposit and/or maintain foreign securities owned by the Funds with the Custodian or with the sub-custodians or agents of the Custodian's agent.

6.         Liability for Investments.  The Custodian shall not be liable or held responsible for any loss or depreciation in the value of the account resulting from any investments or changes in investments made as aforesaid. The Custodian is not at any time under any duty to supervise the investment of, or to advise or make any recommendation for the purchase, sale, retention or disposition of securities. The Custodian shall not be responsible for delays or failures in performance resulting from acts beyond its control. Such acts shall include, but not be limited to acts of God, strikes, riots, acts of war, epidemics, governmental regulations superimposed after the fact, fire, communication line failures, power failures, earthquakes or other disasters.

7.         Registration.  The Custodian may hold assets in its sole discretion, in the name of a nominee, in bearer form, in book-entry form or in a clearing corporation or depository, so long as its records clearly indicate that the assets are held in this account. As long as the rights of the Funds to receive income and other rights normally given a registered holder of securities are not affected in any way.

8.         Trade Orders.  All trades shall be made through broker/dealers selected by the Custodian, except to the  extent that the Funds provide otherwise as set forth in Schedule D. The compensation for providing this service is, the commission charged by the broker and any transaction fees set forth in Schedule B.

 9.       Transaction Advice.  The Fund shall receive transaction advices for all security purchases and sale orders placed by the Custodian at the direction of the Funds or the Trust's authorized designee (other than daily cash investments) unless affirmatively electing in writing to not receive transaction advices. An election not to receive such transaction advices may be revoked by the Trust in writing.

10.        Disbursements/Overdrafts.  All disbursements and purchases are made from the account's collected, available funds and it is the policy of the Custodian to not have overdrafts. However, from time to time due to any number of reasons, such as, a miscalculation of activity, an overdraft will occur. The overdraft must be cleared in a timely manner and the Custodian reserves the right to claim compensation at the prevailing prime interest rate.

            When requesting a disbursement, the Funds will furnish the Custodian (a) proof of payment to the third party from whom the goods or services were purchased, and (b) information sufficient to permit the Custodian to determine that the reimbursement is authorized by the Funds. Third party disbursement requests must be received in writing and signed by the Funds.

            The Funds have signed agreements to use a third party, Custodial Trust Company ("CTC") for loans of overdrafts. Subject to the terms and conditions of the loan agreement, CTC may, in its sole and absolute discretion, make loans to the Borrower acting for a Fund (each, a "Loan", and, collectively the "Loans") at such times and in such amounts as the Borrower may request, which amounts may be borrowed, repaid and reborrowed, provided that the outstanding Loans shall not exceed, in aggregate, the maximum amount the Borrower is then permitted under the 1940 Act to borrow for such Fund. The Borrower shall pay CTC interest, in arrears, on the amount of each Loan from the date on which such Loan is made pursuant to the statement above until such Loan is due under the Agreement, at a rate as defined in the loan agreement.   

11.        Amendment/Termination.  The Trust and the Custodian expressly reserve the right at any time and from time to time, by mutual agreement in writing, to alter, amend, modify this Agreement, either in whole or in part. Either party may terminate this Agreement at any time upon written notice to the other. Such resignation would be effective 60 days from the notification date, or such date as may be mutually agreed upon.  Fees will be prorated to the date of termination.  No assignment of this Agreement by the Custodian shall be effective without the prior written consent of the Trust.

12.        Notice.  Any notice, report or other written communication provided for herein shall be mailed or otherwise delivered to FBR National  Trust Company, Trust Custody Department, 0000 Xxxxxxxx Xxx., Xxxxxxxx, XX 00000, or to the Trust at the address listed in account information schedule, unless either party has notified the other in writing of a different address.  Any written communication shall be sufficient if received by facsimile transmission.

13.        Indemnification.  The Trust shall indemnify and hold the Custodian, its officers, agents, employees, representatives, parent, affiliates or subsidiaries harmless from any and all claims, losses, costs, expenses, fees, legal fee charges, damages, liabilities, actions, causes of actions, or any other sums whatsoever, charged to, incurred or paid by the Custodian in connection with, related to, or arising from, directly or indirectly, this Agreement, or by reason of any other contracts or agreements entered into by the Custodian in compliance herewith; save and except this indemnification shall not apply to claims, losses, costs, expenses, fees, charges, damages, liabilities, actions, or causes by action or conduct of the Custodian, its officers, agents, employees, or representatives, which under the particular and given circumstances involved departs from normal, customary or acceptable practice in the industry or trade, or which involves gross negligence or willful misconduct of the Custodian, its officers, agents, employees, or representatives, for all of which the Custodian shall be liable to the Trust under this agreement. The Trust shall indemnify and hold the Custodian harmless for following Trust instructions.

14.        Proxies.  The Custodian shall take all reasonable actions to obtain information with regard to redemptions, maturities, subscription rights, conversion privileges and matters of a like nature and transmit such information to the Funds promptly.  If any situation comes to the attention of the Custodian which will or may require the enforcement or exercise of any of the rights or privileges pertaining to any fixed obligation or debt security held hereunder, the Custodian shall give prompt notice thereof to the Funds and shall take only such action as a Fund directs in writing. The Custodian shall forward to the Funds, any and all information relative to the voting of proxies on stock held in the account. The Funds may then forward the completed proxy information to the respective company involved. Please refer to Schedule C for important information concerning the Shareholder Communications Act.

15.        Taxes. The Trust shall be responsible for the filing of all tax returns and for the payment of all taxes including income taxes, capital gains taxes, personal property taxes and any other taxes applicable to this account. The Custodian shall not pay any taxes of any kind except those which may be incidental to the transfer of securities.

16.        Authorized Persons.  The Trust agrees to provide a list of authorized persons from whom the Custodian may take instruction. The Trust further agrees to furnish a new list if those persons authorized should change. Until such new list is received, the Custodian shall be protected in acting on the instruction of the then current list of authorized persons. The Custodian shall be entitled to rely upon any written or oral instruction actually received by the Custodian and reasonably believed by the Custodian to be duly authorized by the Trust or an officer of the Trust.

17.        Multiple Accounts.  From time to time, the Trust may instruct the Custodian to open and maintain more than one custody account.  Unless the Fund and Custodian otherwise expressly agree, such accounts will be governed by the provisions of this Agreement.

18.        On-Line Access.  If the Custodian provides on-line access by means of a computer terminal to the Trust, or a representative designated by the Trust, for the retrieval of account information, the following terms and conditions shall be applicable:

1. Access may be restricted, at the sole option of the Custodian, to such data, reports and time of day as may, in the opinion of the Custodian, be necessary to ensure the proper and efficient performance of the Custodian's computer system; and

2. Users of the on-line access agree to establish appropriate internal procedures to control access to account information and in no case will the Custodian be liable to the Trust for any losses which the Trust may experience as a result of having information available via a computer terminal.

3. Users understand and agree that they will provide any terminal equipment (e.g., computers, including communications software, modems or other hardware devices) at their site necessary to use On-Line Access, and shall bear any and all costs and expenses with respect thereto as well as for the use of any third party telecommunications networks or direct-dial telephone lines used in connection therewith.

19.        Governing Law.  Maryland Law shall govern the construction and interpretation of this Agreement.

20.        Severability.  Any term or provision of this Agreement held to be illegal or unenforceable shall, if   possible be interpreted so as to be construed as valid, but in any event the validity or enforceability of   the

remainder hereof shall not be affected.

21.        Third Parties.  This agreement shall be binding upon and the benefits hereof shall insure to the parties hereto and their respective successors and assigns. However, nothing in this Agreement shall give or be construed to give or confer upon any third party any rights hereunder.

22.        Entire Agreement.  This Agreement sets forth the entire Agreement between the parties and supersedes any and all prior proposals, agreements, and representations between them, whether written or oral.

In witness whereof, the parties hereto have caused this Agreement to be executed in duplicate as of the day and year first above written.

The FBR Funds

By:       /s/ Xxxxx X. Xxxxxxx                                           
            Xxxxx X. Xxxxxxx

FBR National Trust Company              

By:     /s/ Xxxxx Xxxxx/Xxxx                             
        Xxxxx Xxxxx/Bach  

SCHEDULE A

FBR Pegasus Fund

FBR Large Cap Financial Fund

FBR Small Cap Financial Fund

FBR Small Cap Fund

FBR Large Cap Technology Fund

FBR Small Cap Technology Fund

FBR Gas Utility Index Fund

FBR Fund for Government Investors

FBR Maryland Tax-Free Fund

FBR Virginia Tax-Free Fund

SCHEDULE B

FEE SCHEDULE

          Accounts held at FBR National Trust Company, will be charged for administration and custody

services. All fees will be calculated and billed, in accordance with the following schedule:

I.  DOMESTIC FEE SCHEDULE

1. Asset Based Fee:*

            First $250,000,000             0.000100 (0.01%)

            Next $500,000,000            0.000090 (0.009%)

            Next $750,000,000            0.000085 (0.0085%)

            Over $1,500,000,000         0.000075 (0.0075%)

            *Asset Based Minimum: $4,200 Per Year

2. Transaction Fees:

            $10 per DTC Domestic Book Entry Security Transaction*

            $25 per Principal and Interest Payment

            $10 per Fed Security Transaction

            $5 per Physical Transaction

            $25 per Futures and Options Transaction

            $10 per Incoming Wire Transfer

            $10 per Outgoing Wire Transfer

            $50 per Security Loan Transaction

            $3 per Deposit Transaction

            $1 Interest and Dividend Payments

            $5 Repurchase Agreements

*Includes domestic and securities of foreign origination that are settled in the U.S. and in USD, i.e.: ADR's and WEB's

Security transaction includes buy, sell, free receipt, free delivery, maturity, redemption, stock split (includes sale of fraction), stock dividend (includes sale of fraction), merger, tender, exchange and capital changes.

Transaction fees charged by the broker/dealer firm executing the transaction are passed through to the client account with the trade.

Compensation for additional services will be charged according to the nature of the service and the responsibilities undertaken.

II.  GLOBAL FEE SCHEDULE

Fee schedule for securities settled outside the United States or in currencies other than the U. S. Dollar  will be subject to a global fee schedule provided upon request.

PORTFOLIO TO CHARGE:
FREQUENCY OF CHARGE: DATE OF CHARGE: PER FUND
MONTHLY
LAST DAY OF MONTH

SCHEDULE C

Shareholder Communications  Act

In an effort to permit direct communications between a company which issues securities and the shareholder that votes those securities, the Securities and Exchange Commission has adopted Rule 14b-1(c).

The Securities and Exchange Commission Rule directs us to contact each customer for whom we hold securities and determine whether or not you authorize us to provide your name, address and share position to requesting companies whose stock you own. If you tell us "no", we will not provide this information to requesting companies.  If you tell us "yes", we will provide the information. Under  the Rule, your "yes" or "no" will apply to all securities that we hold for you.

We may provide this information either directly to the requesting companies or through a third party vendor.

For your protection, the Rule prohibits the requesting company from using your name and address for any purpose other than corporate communications.

Please complete the authorization below by checking one of the alternatives. Under the law, unless you indicate your objection in writing, you are deemed to "not object".

YES (  ) You are authorized to release my name, address, and share positions to requesting issuers

NO  (  ) You are not authorized to release my name, address or share positions to requesting issuers

__________________________________                                        ________________
Authorized Signature                                                                             Date

SCHEDULE D

DISCLOSURE STATEMENT

I.       Information on the Sweep vehicle:

FBR Fund for Government Investors- FBR Fund for Government Investors, a money market fund, is registered with the Securities and  Exchange Commission under the Investment Company Act of 1940 as an open-end, no-load,  diversified management investment company that invests in short-term marketable debt securities issued by the United States Government, its agencies and instrumentalities, and repurchase agreements secured by such Securities, with the sole objective of achieving current income with safety of Fund.   

The shares offered by FBR Fund for Government Investors are not deposits or obligations of any Custodian, are not  endorsed or guaranteed by any Custodian, and are not insured or guaranteed by the Federal Deposit Insurance Corporation,  the Federal Reserve Board, or any other US Government agency; and, they are subject to investment risks, including possible loss of Fund.

There is an affiliate relationship betweeen FBR Fund for Government Investors and the Custodian.  Money Management Advisers, Inc. (MMA) is a wholly owned subsidiary of FBR National Custodian and Trust. Money Management Advisers, Inc. provides investment advisory and management services to FBR Fund for Government Investors. The undersigned reserves the right, from time to time, to change the designation of the above Referenced Money Market investments and will issue written instructions to the Directed Trustee or Custodian accordingly.

II.    Important Information About Procedures for Opening an Account:

Due to Section 326 of the USA Patriot Act, FBR National Trust Company may consult Choicepoint Xxxxxxxxxx.xxx or Autotrack XX.xxx and (or) various other services to verify your tax ID or social security number, name and address or any information needed to comply with the Act. These websites are in connection with the Federal Crimes Enforcement Network (FinCEN) and The National Credit Union Administration.

INVESTMENT DIRECTION

The custodian shall invest, sell and reinvest in this account only upon instructions from the Fund. Notwithstanding the foregoing, the Custodian shall invest any cash awaiting permanent investment or distribution in the manner indicated below:

              FBR Fund for Government Investors
I acknowledge receipt of an FBR Fund for Government Investors prospectus

             The Funds authorize the Custodian to accept the instructions and take the actions of  the Investment Advisor(s) listed below to execute orders and to clear the purchase or sale of any securities in an Account.

              The Funds delegate Investment Advisor(s) listed below to vote stock and participate in corporate reorganizations, dissolutions or similar transactions; execute proxies, consents and warrants; and sell or exercise rights on all securities, unless the Funds notify the Custodian in writing otherwise.

             The Funds authorize the Custodian to pay investment advisory fees from their accounts to Investment Advisors listed below. The invoice will show: (a) the amount of the management fee  (b) the value of the Customer's assets on which the management fee was based, (c) the manner in which the management fee was calculated.

                                                                                   
Investment Advisor

                                                                                   
Investment Advisor

                                                                                   
Investment Advisor

The Fund hereby acknowledges having received a copy of this disclosure.

                                                                                                                                               
Fund                                                                 FBR National Trust Company                Date

                                                                                                                                               
Fund                                                                 FBR National Trust Company                Date    

 PERSONAL PROFILE

Name:                                                                                                                                     

Address:                                                                                                                                  

Address Verification:                                                                                                                

Tax ID:                                                                                                                                    

ID Verification:                                                                                                                        

Relationship:                                                                                                                             

Date of Birth:                                                                                                                           

Social Security #:                                                                                                                      

Citizenship:                                                                                                                               

Telephone Number:                                                                                                                  

Marital Status:                                                                                                              

Contact Person:                                                                                                                        

Address:                                                                                                                      

Telephone Number:                                                                                                                  

Multiple Accounts Relationship:                                                                                     

METHOD FOR DISPOSING OF ASSETS: FIFO   LIFO   HIFO   AVERAGE  (circle one)

WIRE TRANSFER AGREEMENT

This agreement contains several notices, which are required to provide to the Trust as well as other terms of the agreement, which will apply to all funds transfers involving the Trust and FBR National Trust Company. This agreement and notice applies to funds transfers as defined in Article 4A of the Uniform Commercial Code and Subpart B of Regulation J of the Board of Governors of the Federal Reserve System.

1. FBR National Trust Company may establish or change cut-off times for the receipt and processing of funds transfer requests, amendments or cancellations. Unless other times are posted for various types of funds transfers, the cut-off time will be 9:00 a.m. for foreign wire transfers and 12:00 p.m. for domestic wire transfers on each business day that FBR National Trust Company is open which is not a holiday. Payment orders, cancellations or amendments received after the applicable cut-off time may be treated as having been received on the next business day and processed accordingly.
2. FBR National Trust Company may charge a Fund's account for the amount of any funds transfer and applicable fees initiated by the Fund or by any person authorized by the Fund with the right of access to the account from which funds transfer is to be made.
3. FBR National Trust Company may establish from time to time security procedures to verify the authenticity of a payment order. The Funds will be notified of the security procedure, if any, to be used to verify payment orders issued by a Fund or for which a Fund's account will be liable. The Funds agree that the authenticity of payment orders may be verified using security procedures unless you notify FBR National Trust Company in writing that a Fund does not agree to that security procedure. In that event, FBR National Trust Company shall have no obligation to accept any payment order from a Fund or other authorized parties on the account until the Fund and FBR National Trust Company agree, in writing, on an alternate security procedure.  FBR National Trust Company will take all reasonable steps to verify any transfer requests received via telephone, facsimile, electronic mail, or other like transmission methods, however it will not be held responsible for any transfers not initiated by an authorized person that in good faith appear to be authorized and authentic.
4. If a Fund sends a wire transfer, Fed-wire may be used. Regulation J is the law covering all Fed-wire transactions. This means that the Fund's rights and liabilities in a wire transfer involving Fed-wire will be governed by Regulation J.
5. If a Fund gives FBR National Trust Company a payment order which identifies the beneficiary (recipient of the funds) by both name and identifying number of bank account number, payment may be made by the beneficiary's bank on the basis of the identifying number or bank account number, even if the number identifies a person different than the named beneficiary. This means that the Funds will be responsible for any losses or expenses incurred by FBR National Trust Company if the funds transfer is completed on the basis if the identifying number or bank account number provided by the Fund to FBR National Trust Company.

6. If a Fund gives FBR National Trust Company a payment order which identifies an intermediary or beneficiary's bank by both name and identifying number, a receiving bank may rely on the number as the proper identification even if it identifies a different person than the named bank. This means that a Fund will be responsible for any losses or expenses incurred by a receiving bank which executes or attempts to execute the payment order in reliance on the identifying number provided by the Fund to FBR National Trust Company.
7. If FBR National Trust Company receives a funds transfer for a Fund or for other persons authorized to have access to the Fund's account, the Fund agrees that FBR National Trust Company is not obligated to provide the Fund with the next day  notice of the receipt of the funds transfer. FBR National Trust Company will provide the Fund with notification of the receipt of all funds transfers by including such items in the periodic statement, which we provide. A Fund may, of course, inquire between receipt of periodic statements whether or not a specific funds transfer has  been received.

The FBR Funds:

Signature:

Name/Title: 

FBR National Trust Company:

Signature:

Name/Title: