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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 8
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0001015712
<NAME> FBR FAMILY OF FUNDS
<SERIES>
<NUMBER> 021
<NAME> FBR SMALL CAP FINANCIAL FUND - CLASS A
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0001015712
<NAME> FBR FAMILY OF FUNDS
<SERIES>
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<NAME> FBR SMALL CAP FINANCIAL FUND - CLASS B
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001015712
<NAME> FBR FAMILY OF FUNDS
<SERIES>
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<NAME> FBR SMALL CAP FINANCIAL FUND - CLASS C
<S> <C>
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<TABLE> <S> <C>
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<CIK> 0001015712
<NAME> FBR FAMILY OF FUNDS
<SERIES>
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<NAME> FBR SMALL CAP VALUE FUND - CLASS A
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0001015712
<NAME> FBR FAMILY OF FUNDS
<SERIES>
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<NAME> FBR SMALL CAP VALUE FUND - CLASS B
<S> <C>
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</TABLE>
