0001003297-09-000310 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • December 28th, 2009 • FBR Funds • Delaware

AGREEMENT made as of the __ day of ________, 2009, by and between The FBR 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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INVESTMENT ADVISORY AGREEMENT between THE FBR FUNDS and FBR FUND ADVISERS, INC.
Investment Advisory Agreement • December 28th, 2009 • FBR Funds

AGREEMENT made as of the __ day of ______, 2009, by and between The FBR 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”).

AMENDMENT TO ADMINISTRATIVE SERVICES AGREEMENT between THE FBR FUNDS and FBR FUND ADVISERS, INC.
Administrative Services Agreement • December 28th, 2009 • FBR Funds

Effective__________________, the following amendment is hereby made to the Administrative Services Agreement dated November 1, 2007 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”).

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