Nuclear nonproliferation considerations have resulted in renewed interest in the thorium fuel cycle. Reactor physics parameters of a typical 1200-MW(electric) fast breeder reactor design were compared for the cases when 233U is substituted for plutonium as a fissile fuel and when 232Th is substituted for 238U as a fertile fuel When the 238U in the blanket is replaced with 232Th, the reactor physics parameters are relatively unchanged. However, replacing 238U in the core with 232Th increases the critical mass by 11 to 15% and decreases the breeding ratio by 0.13 to 0.16. In addition, replacing the plutonium in the core with 233U decreases the critical mass by 4 to 6% and decreases the breeding ratio by 0.13 to 0.16. Both of the changes in the core make the sodium void coefficient more negative.