FBR Small Cap Financial (FBRSX)

Fund Fact Sheet 12-31-09 09-30-09 06-30-2009 03-31-2009 Prospectus Fact Sheet Explanation

Fund Summary The investment seeks capital appreciation. The fund invests primarily in equities issued by companies providing financial services to consumers and industry, with an emphasis on those companies engaged in investing in real estate, usually through mortgages or other consumer-related loans. It typically invests at least 80% of assets in securities of companies with market capitalizations of less than $3 billion. The Fund may invest up to 20% of net assets in companies outside of the financial services group of industries. It is nondiversified.

Fund Management David Ellison, Lead Manager since 31-Dec-96
Ellison is currently a portfolio manager with FBR Fund Advisers, Inc. Previously, he was a portfolio manager with Fidelity Investments. Ellison joined Fidelity in 1983 as an analyst following savings and loans, investment brokers, money managers, consumer finance, mortgage banking, electrical equipment, and shipping. Ellison is a member of the Boston Security Analysts Society. He has written articles for American Banker and Worth Magazine.