Exhibit (h)(3)
AMENDMENT TO ADMINISTRATION AGREEMENT
This Amendment dated as of June 15 1999 (the "Amendment") is made to the
Administration Agreement, dated as of December 31, 1996 (the "Agreement"), as
amended on June 16, 1998, between The FBR Family of Funds (the "Trust") and Bear
Xxxxxxx Funds Management, Inc. ("Bear Xxxxxxx").
The Trust and Bear Xxxxxxx agree that the Agreement shall, as of the date
first written above, be amended as follows:
1. Schedule 1 of the Agreement shall be deleted in its entirety and the
Schedule 1 attached hereto shall be substituted in its place.
In all other respects, the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers, as of the day and year first written
above.
THE FBR FAMILY OF FUNDS
By:
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Title:
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BEAR XXXXXXX FUNDS MANAGEMENT, INC.
By:
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Title:
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SCHEDULE 1
NAME OF SERIES ANNUAL FEES*
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FBR Financial Services Fund
FBR Small Cap Financial Fund
FBR Small Cap Value Fund
FBR Realty Growth Fund
FBR Technology Fund
* For each series, the fee is 0.075% of the series' average daily net assets
up to $250 million, plus 0.050% of such assets in excess of $250 million,
subject in each case to a minimum fee of $75,000.
116170.1
