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SIGNATURE BRIAN KAMMERER
TITLE ASSISTANT TREASURER
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<NET-CHANGE-FROM-OPS> 18,931
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10
<DISTRIBUTIONS-OF-GAINS> 299
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 474
<NUMBER-OF-SHARES-REDEEMED> 31
<SHARES-REINVESTED> 25
<NET-CHANGE-IN-ASSETS> 22,032
<ACCUMULATED-NII-PRIOR> 250
<ACCUMULATED-GAINS-PRIOR> 6,582
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 636
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,202
<AVERAGE-NET-ASSETS> 526
<PER-SHARE-NAV-BEGIN> 12.63
<PER-SHARE-NII> (0.030)
<PER-SHARE-GAIN-APPREC> 3.016
<PER-SHARE-DIVIDEND> .031
<PER-SHARE-DISTRIBUTIONS> 1.175
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.41
<EXPENSE-RATIO> 2.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> WINTHROP FOCUS GROWTH & INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 110,305
<INVESTMENTS-AT-VALUE> 164,803
<RECEIVABLES> 1,086
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 165,895
<PAYABLE-FOR-SECURITIES> 143
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 502
<TOTAL-LIABILITIES> 645
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,040
<SHARES-COMMON-STOCK> 7,247
<SHARES-COMMON-PRIOR> 6,624
<ACCUMULATED-NII-CURRENT> 282
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,430
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,498
<NET-ASSETS> 165,250
<DIVIDEND-INCOME> 2,793
<INTEREST-INCOME> 649
<OTHER-INCOME> 0
<EXPENSES-NET> 1867
<NET-INVESTMENT-INCOME> 1,576
<REALIZED-GAINS-CURRENT> 6,767
<APPREC-INCREASE-CURRENT> 28,974
<NET-CHANGE-FROM-OPS> 35,714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1550
<DISTRIBUTIONS-OF-GAINS> 11,011
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 893
<NUMBER-OF-SHARES-REDEEMED> 915
<SHARES-REINVESTED> 645
<NET-CHANGE-IN-ASSETS> 44,902
<ACCUMULATED-NII-PRIOR> 300
<ACCUMULATED-GAINS-PRIOR> 11,357
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 916
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1867
<AVERAGE-NET-ASSETS> 149,605
<PER-SHARE-NAV-BEGIN> 17.18
<PER-SHARE-NII> 0.211
<PER-SHARE-GAIN-APPREC> 4.588
<PER-SHARE-DIVIDEND> 0.214
<PER-SHARE-DISTRIBUTIONS> 1.675
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.09
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> WINTHROP GROWTH & INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 110,305
<INVESTMENTS-AT-VALUE> 164,803
<RECEIVABLES> 1,086
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 165,895
<PAYABLE-FOR-SECURITIES> 143
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 502
<TOTAL-LIABILITIES> 645
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,040
<SHARES-COMMON-STOCK> 980
<SHARES-COMMON-PRIOR> 382
<ACCUMULATED-NII-CURRENT> 282
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,430
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 54,498
<NET-ASSETS> 165,250
<DIVIDEND-INCOME> 2,793
<INTEREST-INCOME> 649
<OTHER-INCOME> 0
<EXPENSES-NET> 1,867
<NET-INVESTMENT-INCOME> 1,576
<REALIZED-GAINS-CURRENT> 6,767
<APPREC-INCREASE-CURRENT> 28,947
<NET-CHANGE-FROM-OPS> 35,714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 43
<DISTRIBUTIONS-OF-GAINS> 683
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 614
<NUMBER-OF-SHARES-REDEEMED> 58
<SHARES-REINVESTED> 42
<NET-CHANGE-IN-ASSETS> 44,902
<ACCUMULATED-NII-PRIOR> 300
<ACCUMULATED-GAINS-PRIOR> 11,357
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 916
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,867
<AVERAGE-NET-ASSETS> 19,557
<PER-SHARE-NAV-BEGIN> 17.15
<PER-SHARE-NII> 0.079
<PER-SHARE-GAIN-APPREC> 4.577
<PER-SHARE-DIVIDEND> 0.071
<PER-SHARE-DISTRIBUTIONS> 1.675
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.06
<EXPENSE-RATIO> 1.92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> WINTHROP FOCUS SMALL COMPANY VALUE FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 207,563
<INVESTMENTS-AT-VALUE> 303,421
<RECEIVABLES> 766
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 304,203
<PAYABLE-FOR-SECURITIES> 2,148
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 660
<TOTAL-LIABILITIES> 2,808
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 203,775
<SHARES-COMMON-STOCK> 12,127
<SHARES-COMMON-PRIOR> 12,368
<ACCUMULATED-NII-CURRENT> 833
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 930
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 95,858
<NET-ASSETS> 301,396
<DIVIDEND-INCOME> 3,979
<INTEREST-INCOME> 485
<OTHER-INCOME> 0
<EXPENSES-NET> 3,573
<NET-INVESTMENT-INCOME> 890
<REALIZED-GAINS-CURRENT> 16,196
<APPREC-INCREASE-CURRENT> 55,152
<NET-CHANGE-FROM-OPS> 72,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1023
<DISTRIBUTIONS-OF-GAINS> 8884
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1564
<NUMBER-OF-SHARES-REDEEMED> 2325
<SHARES-REINVESTED> 520
<NET-CHANGE-IN-ASSETS> 67,375
<ACCUMULATED-NII-PRIOR> 988
<ACCUMULATED-GAINS-PRIOR> (6130)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1993
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3573
<AVERAGE-NET-ASSETS> 292,799
<PER-SHARE-NAV-BEGIN> 18.41
<PER-SHARE-NII> 0.073
<PER-SHARE-GAIN-APPREC> 5.661
<PER-SHARE-DIVIDEND> 0.081
<PER-SHARE-DISTRIBUTIONS> 0.723
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.34
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> WINTHROP SMALL COMPANY VALUE FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 207,563
<INVESTMENTS-AT-VALUE> 303,421
<RECEIVABLES> 766
<ASSETS-OTHER> 16
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 304,203
<PAYABLE-FOR-SECURITIES> 2,148
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 660
<TOTAL-LIABILITIES> 2,808
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 203,775
<SHARES-COMMON-STOCK> 796
<SHARES-COMMON-PRIOR> 344
<ACCUMULATED-NII-CURRENT> 833
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 930
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 95,858
<NET-ASSETS> 301,396
<DIVIDEND-INCOME> 3,979
<INTEREST-INCOME> 485
<OTHER-INCOME> 0
<EXPENSES-NET> 3,573
<NET-INVESTMENT-INCOME> 890
<REALIZED-GAINS-CURRENT> 16,196
<APPREC-INCREASE-CURRENT> 55,152
<NET-CHANGE-FROM-OPS> 72,238
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22
<DISTRIBUTIONS-OF-GAINS> 252
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 488
<NUMBER-OF-SHARES-REDEEMED> 51
<SHARES-REINVESTED> 15
<NET-CHANGE-IN-ASSETS> 67,375
<ACCUMULATED-NII-PRIOR> 988
<ACCUMULATED-GAINS-PRIOR> (6130)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1993
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,573
<AVERAGE-NET-ASSETS> 18,296
<PER-SHARE-NAV-BEGIN> 18.34
<PER-SHARE-NII> (0.021)
<PER-SHARE-GAIN-APPREC> 5.576
<PER-SHARE-DIVIDEND> 0.052
<PER-SHARE-DISTRIBUTIONS> 0.723
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.12
<EXPENSE-RATIO> 2.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> WINTHROP FIXED INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 56,700
<INVESTMENTS-AT-VALUE> 57,995
<RECEIVABLES> 2,926
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,922
<PAYABLE-FOR-SECURITIES> 2,660
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 132
<TOTAL-LIABILITIES> 2,792
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,499
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 5,601
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (663)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1295
<NET-ASSETS> 58,130
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3830
<OTHER-INCOME> 0
<EXPENSES-NET> 585
<NET-INVESTMENT-INCOME> 3,245
<REALIZED-GAINS-CURRENT> 315
<APPREC-INCREASE-CURRENT> 169
<NET-CHANGE-FROM-OPS> 3,729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,123
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1007
<NUMBER-OF-SHARES-REDEEMED> 1,448
<SHARES-REINVESTED> 228
<NET-CHANGE-IN-ASSETS> 113
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (978)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 355
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 750
<AVERAGE-NET-ASSETS> 54,362
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.575
<PER-SHARE-GAIN-APPREC> 0.090
<PER-SHARE-DIVIDEND> 0.575
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> WINTHROP FIXED INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 56,700
<INVESTMENTS-AT-VALUE> 57,995
<RECEIVABLES> 2,926
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,922
<PAYABLE-FOR-SECURITIES> 2,660
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 132
<TOTAL-LIABILITIES> 2,792
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,499
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 162
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (663)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,295
<NET-ASSETS> 58,130
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3830
<OTHER-INCOME> 0
<EXPENSES-NET> 585
<NET-INVESTMENT-INCOME> 3,245
<REALIZED-GAINS-CURRENT> 315
<APPREC-INCREASE-CURRENT> 169
<NET-CHANGE-FROM-OPS> 3,729
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 122
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 234
<NUMBER-OF-SHARES-REDEEMED> 73
<SHARES-REINVESTED> 9
<NET-CHANGE-IN-ASSETS> 113
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (978)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 355
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 750
<AVERAGE-NET-ASSETS> 2,454
<PER-SHARE-NAV-BEGIN> 10.07
<PER-SHARE-NII> 0.504
<PER-SHARE-GAIN-APPREC> 0.090
<PER-SHARE-DIVIDEND> 0.504
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.16
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> WINTHROP MUNICIPAL TRUST FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 34,479
<INVESTMENTS-AT-VALUE> 35,778
<RECEIVABLES> 687
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,484
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60
<TOTAL-LIABILITIES> 60
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,572
<SHARES-COMMON-STOCK> 3,486
<SHARES-COMMON-PRIOR> 3,876
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (447)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,299
<NET-ASSETS> 36,424
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1909
<OTHER-INCOME> 0
<EXPENSES-NET> 267
<NET-INVESTMENT-INCOME> 1643
<REALIZED-GAINS-CURRENT> 279
<APPREC-INCREASE-CURRENT> 747
<NET-CHANGE-FROM-OPS> 2669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1623
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 620
<NUMBER-OF-SHARES-REDEEMED> 1,135
<SHARES-REINVESTED> 124
<NET-CHANGE-IN-ASSETS> (2,859)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (726)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 235
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 536
<AVERAGE-NET-ASSETS> 37,050
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> .445
<PER-SHARE-GAIN-APPREC> .280
<PER-SHARE-DIVIDEND> .445
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.29
<EXPENSE-RATIO> 0.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> WINTHROP MUNICIPAL TRUST FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 34,479
<INVESTMENTS-AT-VALUE> 35,778
<RECEIVABLES> 687
<ASSETS-OTHER> 19
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,484
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60
<TOTAL-LIABILITIES> 60
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,572
<SHARES-COMMON-STOCK> 53
<SHARES-COMMON-PRIOR> 49
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (447)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,299
<NET-ASSETS> 36,424
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1909
<OTHER-INCOME> 0
<EXPENSES-NET> 267
<NET-INVESTMENT-INCOME> 1643
<REALIZED-GAINS-CURRENT> 279
<APPREC-INCREASE-CURRENT> 747
<NET-CHANGE-FROM-OPS> 2,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 620
<NUMBER-OF-SHARES-REDEEMED> 1135
<SHARES-REINVESTED> 124
<NET-CHANGE-IN-ASSETS> (2859)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (726)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 235
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 536
<AVERAGE-NET-ASSETS> 2,454
<PER-SHARE-NAV-BEGIN> 10.01
<PER-SHARE-NII> 0.370
<PER-SHARE-GAIN-APPREC> 0.280
<PER-SHARE-DIVIDEND> 0.370
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.29
<EXPENSE-RATIO> 1.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees of
Winthrop Focus Funds
In planning and performing our audit of the financial statements of
Winthrop Focus Funds for the year ended October 31, 1997, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N SAR, not to provide
assurance on the internal control.
The management of Winthrop Focus Funds is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that
the effectiveness of the design and operation may deteriorate.
Our consideration of the internal control would not necessarily
disclose all matters in the internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters
involving the internal control and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses
as defined above at October 31, 1997.
This report is intended solely for the information and use of the
board of trustees and management of Winthrop Focus Funds and the
Securities and Exchange Commission.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
New York, New York
December 10, 1997
