0001003297-03-000045 Sample Contracts

INVESTMENT ADVISORY AGREEMENT between THE FBR FAMILY OF FUNDS and FBR FUND ADVISERS, INC.
Investment Advisory Agreement • February 28th, 2003 • FBR Family of Funds • Delaware

AGREEMENT made as of the 1st day of November, 2002, by and between The FBR Family of Funds, a Delaware business trust which may issue one or more series of shares of beneficial interest (the "Trust"), and FBR Fund Advisers, Inc., a Delaware corporation (the "Adviser").

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DISTRIBUTION AGREEMENT
Distribution Agreement • February 28th, 2003 • FBR Family of Funds • Maryland

THIS AGREEMENT is made as of November 1, 2002 by and between THE FBR FAMILY OF FUNDS (the "Trust"), and FBR INVESTMENT SERVICES, INC. (the "Distributor").

Amendment to Investment Advisory Agreement Between The FBR Family of Funds And FBR Fund Advisers, Inc.
Investment Advisory Agreement • February 28th, 2003 • FBR Family of Funds

Effective February 28, 2003, the following amendment is hereby made to the Advisory Agreement dated November 1, 2002 by and between FBR Fund Advisers, Inc. (the "Adviser") and the FBR Family of Funds (the "Fund").

SELECTED DEALER AGREEMENT The FBR Family of Funds
Selected Dealer Agreement • February 28th, 2003 • FBR Family of Funds • Delaware

AGREEMENT made this 1st day of November, 2002, between FBR Investment Services, Inc., a corporation organized under the laws of the State of Delaware with its principal place of business 4922 Fairmont Avenue, Bethesda, Maryland 20814 and __________________________________, a member of the National Association of Securities Dealers, Inc. ("Dealer").

AMENDMENT NUMBER 3 TO AGREEMENT FOR FUND ADMINISTRATION, FUND ACCOUNTING SERVICES TRANSFER AGENCY SERVICES AND CUSTODY SERVICES
FBR Family of Funds • February 28th, 2003

AMENDMENT is made as of November 1, 2002, by and between FBR FAMILY OF FUNDS, having its principal office and place of business at 4922 Fairmont Avenue, Bethesda, Maryland 20814 (the "Trust"), on behalf of the portfolios of the Trust ("Funds") and FBR NATIONAL BANK & TRUST, NA, Bethesda, Maryland, a national bank, having its principal office and place of business at 4922 Fairmont Avenue, Bethesda, Maryland 20814, on behalf of itself and its affiliates (the "Company").

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