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WELCOME AFBA MEMBERS TO THE FBR FUNDS
Respecting your MoneySM

On behalf of The FBR Funds, I would like to welcome all AFBA members to our family of funds. As you may be aware, the AFBA 5Star Funds became part of The FBR Funds effective immediately after the close of business on March 12, 2010. We are delighted to establish this strategic relationship with AFBA and look forward to servicing your investment needs, as well as the thousands of other AFBA members.

At The FBR Funds, we embrace the motto, Respecting Your MoneySM. We are privileged by the fact that you have entrusted your hard-earned money to us and we seek to provide you investment opportunities that afford capital appreciation without undue risk. Experience has taught us that delivering consistent, long-term, risk-adjusted returns for shareholders does not happen by chance. We employ distinct investment tenets that support the framework of our deliberate, time-tested investment processes. We are looking forward to the opportunity to earn your confidence and working with you.

As a result of our new relationship with AFBA, several of the AFBA 5Star Funds have been merged into FBR Funds with a similar investment objective. Two AFBA 5Star funds will be renamed as FBR Funds and maintain the same highly-regarded, institutionally-oriented portfolio managers. A complete list of fund changes is found below.

We are confident that AFBA members will, above all, continue to enjoy the same high-quality investment selections with the lowest cost shares available within The FBR Funds. In fact, overall fund expenses may be lower as a result of the merger. Additionally, there is no sales charge to purchase new shares. We are mindful of expenses and will make every attempt to keep costs as low as possible for our shareholders.

Again, it is an honor to welcome you to The FBR Funds. Your passion for and service to this great country is appreciated, and we take pride in having the opportunity to work closely with you. For additional information on The FBR Funds, please visit us online or feel free to contact Shareholder Services at 888.888.0025. To purchase the funds or learn details on other AFBA financial products and services available to members, please contact AFBA Member Services directly at 800.776.2322

Sincerely,
David Ellison
President and Chief Investment Officer
The FBR Funds

SUMMARY OF REORGANIZATION
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NAME CHANGE ONLY FOR TWO AFBA 5STAR FUNDS
  • AFBA 5Star Balanced Fund will be renamed the FBR Balanced Fund
  • AFBA 5Star Total Return Fund will be renamed the FBR Core Bond Fund
AFBA 5STAR FUNDS MERGED INTO EXISTING FBR FUNDS
  • AFBA 5Star Large Cap Growth Fund will be merged into the FBR Pegasus Fund™
  • AFBA 5Star Mid Cap Value Fund will be merged into the FBR Pegasus Mid Cap Fund™
  • AFBA 5Star Small Cap Fund will be merged into the FBR Pegasus Small Cap Growth Fund™
  • AFBA 5Star Science and Technology Fund will be merged into the FBR Technology Fund
SHARE CLASS REORGANIZATION
  • AFBA 5Star Fund Class I Shares to be converted to FBR Fund Class I Shares

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.

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. The performance data quoted represents past performance and the current performance may be lower or higher than the performance data quoted. The 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 taxes that a shareholder would pay on fund distributions or redemption fees. If reflected, the redemption fee would reduce the performance quoted. To obtain performance data current to the most recent quarter-end please call 888.200.4710 or visit www.fbrfunds.com.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. This and other important information can be found in the Fund's prospectus. To obtain a free prospectus, please call 888.200.4710 or visit www.fbrfunds.com. Please read the prospectus carefully before investing.

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