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<PAGE> PAGE 13
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<PAGE> PAGE 14
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048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
054 A000400 Y
054 B000400 N
054 C000400 N
054 D000400 N
054 E000400 N
<PAGE> PAGE 22
054 F000400 N
054 G000400 Y
054 H000400 Y
054 I000400 N
054 J000400 Y
054 K000400 N
054 L000400 N
054 M000400 Y
054 N000400 N
054 O000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 Y
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
<PAGE> PAGE 23
070 M020400 N
070 N010400 Y
070 N020400 Y
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 2640
071 B000400 2852
071 C000400 1904
071 D000400 139
072 A000400 12
072 B000400 7
072 C000400 127
072 D000400 0
072 E000400 0
072 F000400 20
072 G000400 41
072 H000400 0
072 I000400 34
072 J000400 11
072 K000400 0
072 L000400 4
072 M000400 8
072 N000400 20
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 3
072 S000400 5
072 T000400 5
072 U000400 0
072 V000400 0
072 W000400 9
072 X000400 160
072 Y000400 120
072 Z000400 94
072AA000400 0
072BB000400 229
072CC010400 72
072CC020400 0
072DD010400 99
072DD020400 0
072EE000400 0
073 A010400 0.4549
073 A020400 0.0000
073 B000400 0.0000
<PAGE> PAGE 24
073 C000400 0.0260
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 16
074 F000400 1662
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 41
074 K000400 15
074 L000400 73
074 M000400 5
074 N000400 1812
074 O000400 17
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 100
074 S000400 0
074 T000400 1695
074 U010400 191
074 U020400 0
074 V010400 8.86
074 V020400 0.00
074 W000400 0.0000
074 X000400 200
074 Y000400 0
075 A000400 0
075 B000400 2007
076 000400 0.00
SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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<NUMBER> 02
<NAME> FBR SMALL CAP FINANCIAL FUND
<S> <C>
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001015712
<NAME> FBR FAMILY OF FUNDS
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<NUMBER> 03
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<NET-CHANGE-IN-ASSETS> (592011)
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
- -------------------------------------------------------
Exhibit A:
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees of
The FBR Family of Funds:
In planning and performing our audit of the financial
statements of The FBR Family of Funds for the year ended
October 31, 1999, we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of The FBR Family of Funds is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, error
or fraud may occur and not be detected. Also, projection of
any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because of
changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being
audited may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use
of management, the Board of Trustees, and the Securities and
Exchange Commission.
Arthur Andersen LLP
Vienna, VA
December 22, 1999
