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FBR Gas Utility Index GASFX

Morningstar Report

Overall Morningstar Rating™
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As of 2009-10-31

Out of Utilities Funds

Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.

Morningstar® Style Box™
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		Medium
		Value




As of 2009-09-30

Day Change
$ 0.05

NAV (2009-11-10)
$ 15.75

YTD Return % (2009-11-10)
15.97%

Total Assets ($ mil)
202

View Data Definitions

Performance

Growth of $10,000	Fund:	FBR Gas Utility Index
(from 1999-01-01 to 2009-10-31)	Category:	Utilities
	Index:	S&P 500 TR

Total Annualized Returns %	1yr, 3yr and 5yr Returns as of 2009-11-10
Inception date: 1989-05-10	10yr and Inception Returns as of 2009-10-31
	YTD Returns as of 2009-11-10

	YTD	1 Year	3 Year	5 Year	10 Year	Since Inception
Fund	14.72	32.49	-1.17	6.12	6.07	8.34
+/- Category	7.38	24.94	2.62	0.75	3.06	---
+/- S&P 500 TR	-8.80	-16.31	4.73	5.44	---	---


Standardized Annual Returns % more on standardized returns
Quarter-End (as of 2009-09-30)	12.88	-5.45	0.46	7.19	6.40	8.45
Month-End (as of 2009-10-31)	11.41	8.18	-1.28	6.25	6.07	8.34


After Tax Returns % (as of 2009-09-30 )
On Distribution	---	6.05	-2.86	4.80	4.01	---
On Distribution & Sale of Shares	---	6.15	-1.56	4.82	4.24	---


Morningstar Rating	---	---				---

# of compared funds covered (3 yrs : out of 97 funds), (5 yrs : out of 80 funds), (10 yrs : out of 52 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 1.00%.

The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.

Portfolio Profile


Sector Breakdown %

	Information	0.00
	Software	0.00
	Hardware	0.00
	Media	0.00
	Telecommunications	0.00



	Service	0.00
	Healthcare	0.00
	Consumer Services	0.00
	Business Services	0.00
	Financial Services	0.00



	Manufacturing	100.00
	Consumer Goods	1.95
	Industrial Materials	1.00
	Energy	20.70
	Utilities	76.35


Asset Allocation



% of Net Assets
	Cash	2.3
	Stocks	97.7
	Bonds	0.0
	Other	0.0


	Foreign Stocks	21.8
	(as a % of Assets)

Data through 2009-09-30


Holding Status

Total Number of Stock Holdings	63	Turnover %	27
Total Number of Bond Holdings	0	30 Day SEC Yield %	---
% of Assets in Top 10 Holdings	46.56	ending as of 2009-09-30
		View Data Definitions

Top 10 Holdings		Sector	P/E	YTD Return %	% of Net Assets

	Enbridge, Inc.		11.01	31.28	5.04
	TransCanada Corporation		13.30	17.63	5.00
	E.ON AG ADR		13.02	1.36	4.97
	National Grid PLC ADR		11.68	9.92	4.90
	El Paso Corporation		---	24.01	4.88


	Sempra Energy		9.62	24.63	4.85
	Spectra Energy Corporation		8.70	27.70	4.84
	Dominion Resources, Inc.		11.34	5.14	4.45
	PG & E Corporation		12.02	12.01	4.10
	Public Service Enterprise Group		15.11	9.86	3.53



	Data through 2009-09-30
YTD Return through 2009-11-20

Other Information

Fund Inception: 1989-05-10

	Portfolio Manager (Start Date)


	Winsor Aylesworth (2001-01-01)

	Aylesworth has been employed by FBR Funds since 1998. He also serves as portfolio manager of the FBR Technology Fund and the FBR American Gas Index Fund. He was previously the president of Grandview Advisors.

Sales Charge % (taken from prospectus dated 2009-02-28)
Front:	None
Deferred:	None

Expense Ratio %	0.70
based on net assets (taken from annual report dated 2008-10-31)

Correspondence Information

4922 Fairmont Ave
Bethesda, MD 20814
United States

Telephone:

888-888-0025

Data on this page does not include the fund's short positions (if any).

Show Data Definitions

Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.