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Large Cap Financial ( FBRFX )
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Portfolio Holdings

  
Human Picture
David H. Ellison
Portfolio Manager

Introduction
David joined The FBR Funds in December of 1996 after spending 11-yrs managing the Fidelity Select Home Finance Fund. During his 13 years with Fidelity David cultivated his investment style, philosophy and discipline under the tutelage of famed value investor Peter Lynch.

Currently, David serves as President of The FBR Funds and Chief Investment Officer (CIO) for The FBR Equity Funds. David also acts as portfolio manager of the FBR Large and Small Cap Financial Services Funds and co-portfolio manager of the FBR Technology Fund. As CIO, David is primarily responsible for developing the overall investment strategy and discipline across all The FBR Equity Funds.

Investment Goals
The Fund, an open end no-load mutual fund, seeks long-term capital appreciation.

Fund Strategy
The Fund attempts to achieve long-term capital appreciation by investing primarily in the equity securities of financial services companies. Dave's investment philosophy involves buying financial services stocks with the best earnings growth outlook selling at the lowest price-to-book and price-to-earnings multiples. Macro-economic factors influencing the sector such as interest rates and credit quality are diligently monitored for positioning within the portfolio.



type
   Ratings* as of 3/31/2008
Specialty Financial Overall
 3 Year

out of 134 Funds		 5 Year

out of 118 Funds		 10 Year

out of 47 Funds
The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-yr (if applicable) Morningstar Rating metrics.
Fund data as of 4/30/2008
Inception: 01/03/1997 Q1'08 1 Month
03/31/08-
04/30/08		 Average Annual Total Return
1-Year
03/31/07/-
03/31/08		 5-Years
03/31/03-03/31/08		 10-Years
03/31/98-03/31/08		 Avg.
Annual
From
Inception
FBR Large Cap Financial-6.50%3.13%-16.61%7.53%4.16%8.32%
Philadelphia Bank Index-9.83%5.15%-27.82%5.75%2.26%5.82%
S&P 500-9.45%4.87%-5.08%11.30%3.50%6.49%
Total Annual Fund Operating Expenses: 1.89%

TOTAL RETURNS REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. The current performance may be lower or higher than performance data quoted. Investment return and principal will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. The performance data does not reflect the deduction of redemption fees and if reflected, the redemption fee would reduce the performance quoted.

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 fund's prospectus. To obtain a prospectus, please visit the prospectus page or call 888.200.4710. Please read the prospectus carefully before investing.

Fund investments are focused in the financial services industry, which may be adversely affected by regulatory or other market conditions, such as rising interest rates.

Portfolio Diagnostics as of 03/31/08
Ticker Symbol............................... FBRFX
CUSIP....................................... 30246J109
Inception Date.............................. 1/03/97
Fund Assets................................. $13.4
TTM Turnover- unaudited as of 03/31/08...... 191%
Number of Holdings.......................... 43
Wgt. Avg. Mkt. Cap.......................... $30.6b
Wgt. Avg. 2008 P/E2.............. 12.7x
Wgt. Avg. Price-to-Book 1........ 1.8x
Wgt. Avg. EPS Growth Rate3....... 32.7%
Min. Investment............................. $2,000/$1,000IRA
NAV.................................. $20.15
 
Sector Breakdown of Assets 03/31/08
Commercial Banks............................ 18.4%
Thrifts & Mortgage Finance.................. 13.5%
Insurance................................... 8.1%
Diversified Financial Services.............. 5.0%
IT Services................................. 4.5%
Capital Markets............................. 3.9%
Household Durables.......................... 1.9%
Real Estate Investment Trusts............... 1.4%
Consumer Finance............................ 0.6%
Cash & Equivalents.......................... 42.7%
Total................................ 100%
 
Asset Allocation as of 03/31/08
Common Stock........................... 57.3%
Cash Equivalents........................ 42.7%
Total......................................... 100%
 
Top Holdings as of 03/31/08
Astoria Financial Corp./af.................. 4.4%
KeyCorp/key................................. 3.0%
Hudson City Bancorp, Inc./hcbk.............. 2.7%
Comerica, Inc./cma.......................... 2.7%
Fannie Mae/fnm.............................. 2.5%
Visa, Inc./v................................ 2.4%
Freddie Mac/fre............................. 2.4%
JP Morgan Chase & Co./jpm................... 2.4%
UnionBanCal Corp./ub........................ 2.3%
American International Group, Inc./aig...... 2.2%
TOTAL................................. 27.0%
 

The indices are unmanaged and unlike the Large Cap Financial have no management fees or operating costs that reduce reported returns. The volatility and other risk characteristics for the fund will differ from the volatility and risk characteristics of the indices.

S&P 500 is a capitalization-weighted Index of 500 stocks. The Index is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks representing all major industries.

Philadelphia Bank Index (BKX) is a capitalization-weighted index consisting of 24 exchange-listed and national market system stocks, representing national money center banks and leading regional institutions.

Dow Jones Utility Index is a price weighted average of 15 utility companies listed on the New York Stock Exchange and are involved in the production of electrical energy.

Russell 2000 is comprised of the smallest 2000 companies of the Russell 3000 Index, representing approximately 11% of the Russell 3000’s total market-capitalization.

Lipper Fund Averages, Lipper Analytical Services, Inc., is a nationally recognized organization that reports on mutual fund total return performance and calculates fund rankings. Peer averages are based on universes of funds with the same investment objective. Peer group averages include reinvested dividends and capital gains, if any, and exclude sales charges. These averages include the following: Lipper Financial Services Index and the Lipper Small Cap Value Index.

Morningstar proprietary ratings reflect risk-adjusted performance as of the period stated above. For each fund with at least a 3-yr history, Morningstar calculates a Morningstar Rating™ based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.

©Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Morningstar is not responsible for any damages or losses arising from any use of this information.

1- Price-to-Book Value Ratio – Market price per share divided by book value.
2- Price-to-Earnings Ratio – Market price per share divided by earnings per share.
3- Earnings per Share – Profit available to equity shareholders divided by average number of shares outstanding.

 
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The Daily NAV is as of the previous business day's closing. Funds NAV are updated at approximately 5:30 p.m. EST daily.

This website does not constitute an offer to sell or a solicitation of an offer to buy shares of the FBR Funds to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

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 Fund's prospectus. To obtain a free prospectus, please call 888.200.4710. Please read the prospectus carefully before investing.

The FBR Funds are distributed by FBR Investment Services, Inc. Member FINRA/SIPC.

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