Exhibit (d)(3) Assignment of Investment Advisory Agreement between the Registrant and Money Management Advisers, Inc. to FBR Fund Advisers, Inc.Assignment of Investment Advisory Agreement • February 28th, 2006 • FBR Funds • Delaware
THIS ASSIGNMENT AGREEMENT (the "Agreement") is made as of this 1st day of November, 2005 by and between Money Management Advisers, Inc., a Delaware corporation ("MMA"), FBR Fund Advisers, Inc., a Delaware corporation ("Fund Advisers") and The FBR Funds, (the "Trust") a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act").
