0001003297-03-000116 Sample Contracts

Exhibit E Distribution Agreement
Distribution Agreement • April 30th, 2003 • FBR Fund for Tax Free Investors Inc • Maryland

THIS AGREEMENT is made as of November 1, 2002 by and between FBR Fund for Government Investors, FBR Fund for Tax-Free Investors, Inc., and The FBR Rushmore Fund, Inc. (the "Funds"), and FBR Investment Services, Inc. (the "Distributor").

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AGREEMENT FOR FUND ADMINISTRATION, FUND ACCOUNTING SERVICES, TRANSFER AGENCY SERVICES AND CUSTODY SERVICES
Transfer Agency Services and Custody Services • April 30th, 2003 • FBR Fund for Tax Free Investors Inc • Maryland

AGREEMENT made as of November 1, 2002, by and between FBR Fund for Tax-Free Investors, Inc., having its principal office and place of business at 4922 Fairmont Avenue, Bethesda, Maryland 20814 , on behalf of all series of the Fund listed on Exhibit 2, as may be amended from time to time (together, the "Fund"), and FBR National Bank & Trust, Bethesda, Maryland, a national banking association, having its principal office and place of business at 4922 Fairmont Avenue, Bethesda, Maryland 20814, on behalf of itself and its affiliates (the "Company").

AMENDMENT TO INVESTMENT ADVISORY CONTRACT Between FBR FUND FOR TAX-FREE INVESTORS, INC. And MONEY MANAGEMENT ADVISERS, INC.
FBR Fund for Tax Free Investors Inc • April 30th, 2003

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").

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