AMENDMENT TO INVESTMENT ADVISORY CONTRACT Between FBR FUND FOR TAX-FREE INVESTORS, INC. And MONEY MANAGEMENT ADVISERS, INC.

Exhibit (d)(2)

AMENDMENT TO
INVESTMENT ADVISORY CONTRACT
Between
FBR FUND FOR TAX-FREE INVESTORS, INC.
And
MONEY MANAGEMENT ADVISERS, INC.

Effective November 1, 2002, the following amendment is hereby made to the Investment Advisory Contract dated January 24, 2002 by and between FBR Fund for Tax-Free Investors, Inc. (the "Fund") and Money Management Advisers, Inc. ("Agreement").

1.     The terminology "gross negligence" in Item 14 of the Agreement, shall be changed to "negligence".  Item 14 is restated as follows:

No provision of this Contract shall be deemed to protect the Manager against any liability to the Fund or its shareholders to which it might otherwise be subject by reason of any willful misfeasance, bad faith or negligence in the performance of its duties or the reckless disregard of its obligations under this Contract.  Nor shall any provision hereof be deemed to protect any director or officer of the Fund against any such liability to which he might otherwise be subject by reason of any willful misfeasance, bad faith or negligence in the performance of his duties or the reckless disregard of his obligations.  If any provision of this Contract shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Contract shall not be affected thereby.

FBR Fund for Tax-Free Investors, Inc.		Money Management Advisers, Inc.
/s/ Xxxxx X. Xxxxx		/s/ Xxxx X. Xxxxx, XX
Xxxxx X. Xxxxx		Xxxx X. Xxxxx, XX
Vice President and Controller		President

Date:____________