0001003297-07-000058 Sample Contracts

Exhibit (g)(2) Amendment to Custody Agreement between the Registrant and Cardinal Bank
FBR Funds • February 28th, 2007

Effective February 15, 2007, the following amendment is hereby made to the Custody Agreement dated February 9, 2006 by and between The FBR Funds (the "Trust") and Cardinal Bank (the "Custodian").

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Exhibit (h)(2) Amendment to Agreement for Fund Administration between the Registrant and FBR Fund Advisers, Inc.
Administrative Services Agreement • February 28th, 2007 • FBR Funds

Effective February 28, 2007, the following amendment is hereby made to the Administrative Services Agreement dated November 1, 2005 by and between FBR Fund Advisers, Inc. (the "Administrator") and The FBR Funds which may issue one or more series of shares of beneficial interest (the "Trust").

Exhibit (e)(2) Amendment to Distribution Agreement between the Registrant and FBR Investment Services, Inc.
Distribution Agreement • February 28th, 2007 • FBR Funds

Effective February 28, 2007, the following amendment is hereby made to the Distribution Agreement dated February 27, 2004 by and between The FBR Funds (the "Trust") and FBR Investment Services, Inc. (the "Distributor").

Exhibit (d)(5) Sub-Advisory Agreement between FBR Fund Advisers, Inc. and Akre Capital Management, LLC.
Agreement • February 28th, 2007 • FBR Funds • Delaware

This AGREEMENT made as of the 1st_ day of November, 2006, by and between FBR Fund Advisers, Inc., a Delaware corporation (the "Adviser"), and Akre Capital Management, LLC, a Delaware limited liability company ("Sub‑Adviser").

Exhibit (d)(4) Amendment to Advisory Agreement between the Registrant and FBR Fund Advisers, Inc.
Investment Advisory Agreement • February 28th, 2007 • FBR Funds

Effective February 28, 2007, the following amendment is hereby made to the Investment Advisory Agreement dated February 27, 2004 by and between FBR Fund Advisers, Inc. (the "Adviser") and The FBR Funds which may issue one or more series of shares of beneficial interest (the "Trust").

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