0001003297-03-000483 Sample Contracts

INVESTMENT ADVISORY AGREEMENT between FBR SMALL CAP TECHNOLOGY FUND and FBR FUND ADVISERS, INC.
Investment Advisory Agreement • December 15th, 2003 • FBR Family of Funds • Delaware

AGREEMENT made as of the 15th day of December, 2003, by and between FBR Family of Funds, a Delaware statutory 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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