Friedman, Billings, Ramsey Group, Inc.

The FBR Funds offer investors five specialized equity funds in addition to the FBR Small Cap Fund: FBR Large Cap Financial Fund (FBRFX), FBR Small Cap Financial Fund (FBRSX), FBR American Gas Index Fund (GASFX), FBR Large Cap Technology Fund (FBRTX), and FBR Small Cap Technology Fund (FBRCX). The distributor of The FBR Funds is FBR Investment Services Inc. (Member NASD/SIPC), a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE: FBR). Investors should consider the investment objectives, risks, charges and expenses carefully before investing. This and other important information about the investment company can be found in the prospects.