WINTHROP FOCUS FUNDS
NSAR-A/A, 1997-06-30
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<PAGE>      PAGE  1
000 A000000 04/30/97
000 C000000 0000790184
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 WINTHROP FOCUS FUNDS
001 B000000 811-4604
001 C000000 8002258011
002 A000000 277 PARK AVE 24TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10172
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C020100 WINTHROP GROWTH FUND
007 C030100 N
007 C010200  2
007 C020200 WINTHROP FIXED INCOME FUND
007 C030200 N
007 C010300  3
007 C020300 WINTHROP SMALL COMPANY VALUE FUND
007 C030300 N
007 C010400  4
007 C020400 WINTHROP GROWTH & INCOME FUND
007 C030400 N
007 C010500  5
007 C020500 WINTHROP MUNICIPAL TRUST FUND
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
010 A00AA01 FPS SERVICES, INC.
010 B00AA01 34910
010 C01AA01 KING OF PRUSSIA
010 C02AA01 PA
010 C03AA01 19406
010 C04AA01 0903
012 A00AA01 FPS SERVICES, INC.
012 B00AA01 84-932
012 C01AA01 KING OF PRUSSIA
<PAGE>      PAGE  2
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020 B000003 36-2214610
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020 A000004 INSTINET CORP.
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020 A000005 MERRILL LYNCH PIERCE FENNEX & SMITH INC
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022 A000003 JEFFERIES & CO
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022 A000005 WILLIAM BLAIR
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<PAGE>      PAGE  3
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<PAGE>      PAGE  7
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SIGNATURE   BRIAN KAMMERER                               
TITLE       ASSISTANT TREASURER 
 
 

<TABLE> <S> <C>

<PAGE>
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<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              925
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  1,671
<AVERAGE-NET-ASSETS>                           230,557
<PER-SHARE-NAV-BEGIN>                            18.41
<PER-SHARE-NII>                                  0.026
<PER-SHARE-GAIN-APPREC>                          0.960
<PER-SHARE-DIVIDEND>                             0.081
<PER-SHARE-DISTRIBUTIONS>                        0.723
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.59
<EXPENSE-RATIO>                                   1.39
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 032
   <NAME> WINTHROP SMALL COMPANY VALUE FUND CLASS B
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                          181,967
<INVESTMENTS-AT-VALUE>                         229,812
<RECEIVABLES>                                    1,321
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 231,133
<PAYABLE-FOR-SECURITIES>                           141
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          564
<TOTAL-LIABILITIES>                                705
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       192,108
<SHARES-COMMON-STOCK>                              517
<SHARES-COMMON-PRIOR>                              344
<ACCUMULATED-NII-CURRENT>                          296
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         (9820)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        47,844
<NET-ASSETS>                                   230,428
<DIVIDEND-INCOME>                                1,962
<INTEREST-INCOME>                                   62
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   1,671
<NET-INVESTMENT-INCOME>                            353
<REALIZED-GAINS-CURRENT>                         5,446
<APPREC-INCREASE-CURRENT>                        7,138
<NET-CHANGE-FROM-OPS>                           12,938
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           22
<DISTRIBUTIONS-OF-GAINS>                           252
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            173
<NUMBER-OF-SHARES-REDEEMED>                         14
<SHARES-REINVESTED>                                 15
<NET-CHANGE-IN-ASSETS>                          (3593)
<ACCUMULATED-NII-PRIOR>                            988
<ACCUMULATED-GAINS-PRIOR>                       (6130)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              925
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                   1671
<AVERAGE-NET-ASSETS>                              8207
<PER-SHARE-NAV-BEGIN>                            18.34
<PER-SHARE-NII>                                (0.022)
<PER-SHARE-GAIN-APPREC>                          0.941
<PER-SHARE-DIVIDEND>                             0.052
<PER-SHARE-DISTRIBUTIONS>                        0.723
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.48
<EXPENSE-RATIO>                                   2.09
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 021
   <NAME> WINTHROP FIXED INCOME FUND CLASS A
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                           54,328
<INVESTMENTS-AT-VALUE>                          54,598
<RECEIVABLES>                                    1,099
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  55,697
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          356
<TOTAL-LIABILITIES>                                356
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        56,200
<SHARES-COMMON-STOCK>                            5,334
<SHARES-COMMON-PRIOR>                            5,601
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (1,129)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           270
<NET-ASSETS>                                    55,341
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                1,955
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     291
<NET-INVESTMENT-INCOME>                          1,663
<REALIZED-GAINS-CURRENT>                         (151)
<APPREC-INCREASE-CURRENT>                        (856)
<NET-CHANGE-FROM-OPS>                              657
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                         1611
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            482
<NUMBER-OF-SHARES-REDEEMED>                        864
<SHARES-REINVESTED>                                115
<NET-CHANGE-IN-ASSETS>                         (2,676)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        (978)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              178
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    379
<AVERAGE-NET-ASSETS>                            55,320
<PER-SHARE-NAV-BEGIN>                            10.07
<PER-SHARE-NII>                                  0.291
<PER-SHARE-GAIN-APPREC>                        (0.171)
<PER-SHARE-DIVIDEND>                             0.291
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.90
<EXPENSE-RATIO>                                   1.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 022
   <NAME> WINTHROP FIXED INCOME FUND CLASS B
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                           54,328
<INVESTMENTS-AT-VALUE>                          54,598
<RECEIVABLES>                                    1,099
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  55,697
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          356
<TOTAL-LIABILITIES>                                356
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        56,200
<SHARES-COMMON-STOCK>                              257
<SHARES-COMMON-PRIOR>                              162
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (1,129)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           270
<NET-ASSETS>                                    55,341
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                1,955
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     291
<NET-INVESTMENT-INCOME>                          1,663
<REALIZED-GAINS-CURRENT>                         (151)
<APPREC-INCREASE-CURRENT>                        (856)
<NET-CHANGE-FROM-OPS>                              657
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           52
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            122
<NUMBER-OF-SHARES-REDEEMED>                         31
<SHARES-REINVESTED>                                  4
<NET-CHANGE-IN-ASSETS>                         (2,676)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        (978)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              178
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    379
<AVERAGE-NET-ASSETS>                             2,063
<PER-SHARE-NAV-BEGIN>                            10.07
<PER-SHARE-NII>                                  0.256
<PER-SHARE-GAIN-APPREC>                        (0.167)
<PER-SHARE-DIVIDEND>                             0.256
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.90
<EXPENSE-RATIO>                                   1.70
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 011
   <NAME> WINTHROP GROWTH FUND CLASS A
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                           60,551
<INVESTMENTS-AT-VALUE>                          81,942
<RECEIVABLES>                                      299
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  82,241
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          274
<TOTAL-LIABILITIES>                                274
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        58,205
<SHARES-COMMON-STOCK>                            5,806
<SHARES-COMMON-PRIOR>                            5,366
<ACCUMULATED-NII-CURRENT>                           31
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          2,340
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        21,391
<NET-ASSETS>                                    75,802
<DIVIDEND-INCOME>                                  576
<INTEREST-INCOME>                                   52
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     557
<NET-INVESTMENT-INCOME>                             71
<REALIZED-GAINS-CURRENT>                         2,352
<APPREC-INCREASE-CURRENT>                        7,121
<NET-CHANGE-FROM-OPS>                            9,544
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          280
<DISTRIBUTIONS-OF-GAINS>                         6,296
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            254
<NUMBER-OF-SHARES-REDEEMED>                        288
<SHARES-REINVESTED>                                474
<NET-CHANGE-IN-ASSETS>                          10,694
<ACCUMULATED-NII-PRIOR>                            250
<ACCUMULATED-GAINS-PRIOR>                        6,582
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              289
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    557
<AVERAGE-NET-ASSETS>                            73,278
<PER-SHARE-NAV-BEGIN>                            12.69
<PER-SHARE-NII>                                  0.014
<PER-SHARE-GAIN-APPREC>                          1.583
<PER-SHARE-DIVIDEND>                             0.048
<PER-SHARE-DISTRIBUTIONS>                        1.175
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.06
<EXPENSE-RATIO>                                   1.40
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 012
   <NAME> WINTHROP GROWTH FUND CLASS B
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                           60,551
<INVESTMENTS-AT-VALUE>                          81,942
<RECEIVABLES>                                      299
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  82,241
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          274
<TOTAL-LIABILITIES>                                274
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        58,205
<SHARES-COMMON-STOCK>                              475
<SHARES-COMMON-PRIOR>                              251
<ACCUMULATED-NII-CURRENT>                           31
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          2,340
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        21,391
<NET-ASSETS>                                    75,802
<DIVIDEND-INCOME>                                  576
<INTEREST-INCOME>                                   52
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     557
<NET-INVESTMENT-INCOME>                             71
<REALIZED-GAINS-CURRENT>                         2,352
<APPREC-INCREASE-CURRENT>                        7,121
<NET-CHANGE-FROM-OPS>                            9,544
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           10
<DISTRIBUTIONS-OF-GAINS>                           299
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            205
<NUMBER-OF-SHARES-REDEEMED>                          6
<SHARES-REINVESTED>                                 25
<NET-CHANGE-IN-ASSETS>                          10,694
<ACCUMULATED-NII-PRIOR>                            250
<ACCUMULATED-GAINS-PRIOR>                        6,582
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              289
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    557
<AVERAGE-NET-ASSETS>                                 0
<PER-SHARE-NAV-BEGIN>                            12.63
<PER-SHARE-NII>                                (0.015)
<PER-SHARE-GAIN-APPREC>                          1.562
<PER-SHARE-DIVIDEND>                             0.031
<PER-SHARE-DISTRIBUTIONS>                        1.175
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.97
<EXPENSE-RATIO>                                   2.10
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 041
   <NAME> WINTHROP GROWTH AND INCOME FUND CLASS A
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                          101,911
<INVESTMENTS-AT-VALUE>                         138,131
<RECEIVABLES>                                    1,244
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 139,375
<PAYABLE-FOR-SECURITIES>                           674
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          377
<TOTAL-LIABILITIES>                              1,002
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        99,124
<SHARES-COMMON-STOCK>                            7,254
<SHARES-COMMON-PRIOR>                            6,624
<ACCUMULATED-NII-CURRENT>                          335
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          2,694
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        36,220
<NET-ASSETS>                                   138,373
<DIVIDEND-INCOME>                                1,428
<INTEREST-INCOME>                                  309
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     828
<NET-INVESTMENT-INCOME>                            909
<REALIZED-GAINS-CURRENT>                         2,702
<APPREC-INCREASE-CURRENT>                       10,669
<NET-CHANGE-FROM-OPS>                           14,280
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          841
<DISTRIBUTIONS-OF-GAINS>                        10,719
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            509
<NUMBER-OF-SHARES-REDEEMED>                        483
<SHARES-REINVESTED>                                604
<NET-CHANGE-IN-ASSETS>                          18,025
<ACCUMULATED-NII-PRIOR>                            300
<ACCUMULATED-GAINS-PRIOR>                       11,357
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              419
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    828
<AVERAGE-NET-ASSETS>                           122,099
<PER-SHARE-NAV-BEGIN>                            17.18
<PER-SHARE-NII>                                  0.122
<PER-SHARE-GAIN-APPREC>                          1.807
<PER-SHARE-DIVIDEND>                             0.117
<PER-SHARE-DISTRIBUTIONS>                        1.635
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.36
<EXPENSE-RATIO>                                   1.22
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 042
   <NAME> WINTHROP GROWTH AND INCOME CLASS B
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                          101,911
<INVESTMENTS-AT-VALUE>                         138,131
<RECEIVABLES>                                    1,244
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 139,375
<PAYABLE-FOR-SECURITIES>                           674
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          377
<TOTAL-LIABILITIES>                              1,002
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        99,124
<SHARES-COMMON-STOCK>                              717
<SHARES-COMMON-PRIOR>                              382
<ACCUMULATED-NII-CURRENT>                          335
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          2,694
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        36,220
<NET-ASSETS>                                   138,373
<DIVIDEND-INCOME>                                1,428
<INTEREST-INCOME>                                  309
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     828
<NET-INVESTMENT-INCOME>                            909
<REALIZED-GAINS-CURRENT>                         2,702
<APPREC-INCREASE-CURRENT>                       10,669
<NET-CHANGE-FROM-OPS>                           14,280
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                           33
<DISTRIBUTIONS-OF-GAINS>                           646
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            308
<NUMBER-OF-SHARES-REDEEMED>                         12
<SHARES-REINVESTED>                                 40
<NET-CHANGE-IN-ASSETS>                          18,025
<ACCUMULATED-NII-PRIOR>                            300
<ACCUMULATED-GAINS-PRIOR>                       11,357
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              419
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    828
<AVERAGE-NET-ASSETS>                             9,461
<PER-SHARE-NAV-BEGIN>                            17.15
<PER-SHARE-NII>                                  0.061
<PER-SHARE-GAIN-APPREC>                          1.800
<PER-SHARE-DIVIDEND>                             0.058
<PER-SHARE-DISTRIBUTIONS>                        1.635
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.32
<EXPENSE-RATIO>                                   1.92
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 051
   <NAME> WINTHROP MUNICIPAL TRUST FUND CLASS A
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                           36,602
<INVESTMENTS-AT-VALUE>                          36,738
<RECEIVABLES>                                      956
<ASSETS-OTHER>                                      26
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  37,720
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          162
<TOTAL-LIABILITIES>                                162
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        37,875
<SHARES-COMMON-STOCK>                            3,710
<SHARES-COMMON-PRIOR>                            3,876
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (453)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                           135
<NET-ASSETS>                                    37,558
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  984
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      97
<NET-INVESTMENT-INCOME>                            886
<REALIZED-GAINS-CURRENT>                           274
<APPREC-INCREASE-CURRENT>                        (417)
<NET-CHANGE-FROM-OPS>                              743
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          876
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            418
<NUMBER-OF-SHARES-REDEEMED>                        653
<SHARES-REINVESTED>                                 69
<NET-CHANGE-IN-ASSETS>                         (1,725)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                        (726)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              119
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    283
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</TABLE>

<TABLE> <S> <C>

<PAGE>
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   <NAME> WINTHROP MUNICIPAL TRUST FUND CLASS B
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