<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001015712
<NAME> FBR FAMILY OF FUNDS
<SERIES>
<NUMBER> 3
<NAME> SMALL CAP VALUE
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-2000
<PERIOD-START> NOV-01-1999
<PERIOD-END> OCT-31-2000
<INVESTMENTS-AT-COST> 7,800,058
<INVESTMENTS-AT-VALUE> 10,314,646
<RECEIVABLES> 23,005
<ASSETS-OTHER> 14,241
<OTHER-ITEMS-ASSETS> 445
<TOTAL-ASSETS> 10,352,337
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72,917
<TOTAL-LIABILITIES> 72,917
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,431,048
<SHARES-COMMON-STOCK> 528,221
<SHARES-COMMON-PRIOR> 835,127
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 333,784
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,514,588
<NET-ASSETS> 10,279,420
<DIVIDEND-INCOME> 22,942
<INTEREST-INCOME> 6,105
<OTHER-INCOME> 0
<EXPENSES-NET> (237,543)
<NET-INVESTMENT-INCOME> (208,496)
<REALIZED-GAINS-CURRENT> 462,774
<APPREC-INCREASE-CURRENT> 2,032,070
<NET-CHANGE-FROM-OPS> 2,286,348
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,437
<NUMBER-OF-SHARES-REDEEMED> (345,343)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (3,543,727)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (128,990)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 109,633
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 360,951
<AVERAGE-NET-ASSETS> 12,181,671
<PER-SHARE-NAV-BEGIN> 16.550
<PER-SHARE-NII> (0.390)
<PER-SHARE-GAIN-APPREC> 3.300
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 19.460
<EXPENSE-RATIO> 1.950
</TABLE>
