<PAGE> PAGE 1
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000 C000000 0000882443
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007 C020100 SMITH BREEDEN EQUITY PLUS FUND
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007 C011000 10
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011 A00AA01 FPS BROKER SERVICES, INC.
011 B00AA01 8-41540
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<PAGE> PAGE 2
012 C01AA01 KING OF PRUSSIA
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013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 PRINCETON
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE MARIANTHE S. MEWKILL
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> SMITH BREEDEN EQUITY PLUS FUND
<S> <C>
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<PERIOD-END> SEP-30-1997
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<TOTAL-LIABILITIES> 15801455
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 1075509
<ACCUMULATED-NII-CURRENT> 217425
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<NET-CHANGE-FROM-OPS> 5461816
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 429677
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> 528659
<SHARES-REINVESTED> 63589
<NET-CHANGE-IN-ASSETS> 47579013
<ACCUMULATED-NII-PRIOR> 36234
<ACCUMULATED-GAINS-PRIOR> 865097
<OVERDISTRIB-NII-PRIOR> 0
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</TABLE>
