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The Maryland Tax-Free Portfolio and the Virginia Tax-Free Portfolio are no-load mutual funds earning income free from federal and state tax For a free prospectus, please contact us at 888 200.4710 or visit www.fbr com/funds/
FBR MUTUAL FUNDS,4922 FAIRMONT AVE B E T H E $ DA, MD 20814
Investors shodd consider the fund's investment objectives. rsks. charges and expenses. Pease read he prospectus careUHy before you invest or send mmey. Mutual Funds are- Not insured by the FDtC Nut a depose or otter odgaten of or guaranteed by any financial rsotutm Subied to "vestment nsks. ndudu^ loss of the pmepa! amount invested Some rame may oe sjbec: to the teoe'ai altemat-ve minimum tax. income earned by non-Maryan: or norvVirgina residents *nli be subyec: to appicaoie state anc local taxes The Tax-Free Porfota. are distnoutec by F8R Investment Services, Inc. Member NASHSIPC.
HFBR
Friedman Billings Ramsey
46.6%