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SIGNATURE BRIAN KAMMERER
TITLE VICE PRESIDENT
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<PER-SHARE-DISTRIBUTIONS> (0.902)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 16.25
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> WINTHROP GROWTH AND INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 132,110,852
<INVESTMENTS-AT-VALUE> 196,770,930
<RECEIVABLES> 982,428
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 197,753,358
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 492,778
<TOTAL-LIABILITIES> 492,778
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,657,830
<SHARES-COMMON-STOCK> 7,255,301
<SHARES-COMMON-PRIOR> 7,247,442
<ACCUMULATED-NII-CURRENT> 544,417
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,398,255
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,660,078
<NET-ASSETS> 197,260,580
<DIVIDEND-INCOME> 3,202,695
<INTEREST-INCOME> 700,404
<OTHER-INCOME> 0
<EXPENSES-NET> 2,351,104
<NET-INVESTMENT-INCOME> 1,551,995
<REALIZED-GAINS-CURRENT> 19,617,176
<APPREC-INCREASE-CURRENT> 10,161,862
<NET-CHANGE-FROM-OPS> 31,331,033
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,262,477)
<DISTRIBUTIONS-OF-GAINS> (7,513,780)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 644,179
<NUMBER-OF-SHARES-REDEEMED> (996,891)
<SHARES-REINVESTED> 360,571
<NET-CHANGE-IN-ASSETS> 22,031,570
<ACCUMULATED-NII-PRIOR> 282,424
<ACCUMULATED-GAINS-PRIOR> 6,429,773
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,138,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,351,105
<AVERAGE-NET-ASSETS> 162,090,429
<PER-SHARE-NAV-BEGIN> 20.09
<PER-SHARE-NII> 0.202
<PER-SHARE-GAIN-APPREC> 3.509
<PER-SHARE-DIVIDEND> (0.170)
<PER-SHARE-DISTRIBUTIONS> (1.031)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.60
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> WINTHROP GROWTH AND INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 132,110,852
<INVESTMENTS-AT-VALUE> 196,770,930
<RECEIVABLES> 982,428
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 197,753,358
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 492,778
<TOTAL-LIABILITIES> 492,778
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 114,657,830
<SHARES-COMMON-STOCK> 1,477,905
<SHARES-COMMON-PRIOR> 980,348
<ACCUMULATED-NII-CURRENT> 544,417
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,398,255
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,660,078
<NET-ASSETS> 197,260,580
<DIVIDEND-INCOME> 3,202,695
<INTEREST-INCOME> 700,404
<OTHER-INCOME> 0
<EXPENSES-NET> 2,351,104
<NET-INVESTMENT-INCOME> 1,551,995
<REALIZED-GAINS-CURRENT> 19,617,176
<APPREC-INCREASE-CURRENT> 10,161,862
<NET-CHANGE-FROM-OPS> 31,331,033
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (27,525)
<DISTRIBUTIONS-OF-GAINS> (1,134,914)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 597,420
<NUMBER-OF-SHARES-REDEEMED> (154,355)
<SHARES-REINVESTED> 54,492
<NET-CHANGE-IN-ASSETS> 22,031,570
<ACCUMULATED-NII-PRIOR> 282,424
<ACCUMULATED-GAINS-PRIOR> 6,429,773
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,138,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,351,104
<AVERAGE-NET-ASSETS> 28,122,552
<PER-SHARE-NAV-BEGIN> 20.06
<PER-SHARE-NII> 0.045
<PER-SHARE-GAIN-APPREC> 3.500
<PER-SHARE-DIVIDEND> (0.024)
<PER-SHARE-DISTRIBUTIONS> (1.031)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 22.55
<EXPENSE-RATIO> 1.83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> WINTHROP SMALL COMPANY VALUE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 199,616,324
<INVESTMENTS-AT-VALUE> 260,858,365
<RECEIVABLES> 2,989,952
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,886
<TOTAL-ASSETS> 263,859,203
<PAYABLE-FOR-SECURITIES> 2,978,836
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 723,675
<TOTAL-LIABILITIES> 3,702,511
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 198,083,360
<SHARES-COMMON-STOCK> 12,175,007
<SHARES-COMMON-PRIOR> 12,126,531
<ACCUMULATED-NII-CURRENT> 657,647
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 173,644
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,242,041
<NET-ASSETS> 260,156,692
<DIVIDEND-INCOME> 4,134,760
<INTEREST-INCOME> 642,589
<OTHER-INCOME> 0
<EXPENSES-NET> 4,038,788
<NET-INVESTMENT-INCOME> 738,561
<REALIZED-GAINS-CURRENT> 112,417
<APPREC-INCREASE-CURRENT> (34,616,060)
<NET-CHANGE-FROM-OPS> (33,765,082)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (808,971)
<DISTRIBUTIONS-OF-GAINS> (15,177,402)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,284,225
<NUMBER-OF-SHARES-REDEEMED> (1,922,814)
<SHARES-REINVESTED> 687,065
<NET-CHANGE-IN-ASSETS> (41,239,066)
<ACCUMULATED-NII-PRIOR> 832,780
<ACCUMULATED-GAINS-PRIOR> 930,010
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,257,326
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,038,788
<AVERAGE-NET-ASSETS> 277,972,643
<PER-SHARE-NAV-BEGIN> 23.34
<PER-SHARE-NII> 0.066
<PER-SHARE-GAIN-APPREC> (2.548)
<PER-SHARE-DIVIDEND> (0.063)
<PER-SHARE-DISTRIBUTIONS> (1.255)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.54
<EXPENSE-RATIO> 1.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</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-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 199,616,324
<INVESTMENTS-AT-VALUE> 260,858,365
<RECEIVABLES> 2,989,952
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 10,886
<TOTAL-ASSETS> 263,859,203
<PAYABLE-FOR-SECURITIES> 2,978,836
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 723,675
<TOTAL-LIABILITIES> 3,702,511
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 198,083,360
<SHARES-COMMON-STOCK> 1,158,641
<SHARES-COMMON-PRIOR> 795,758
<ACCUMULATED-NII-CURRENT> 657,647
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 173,644
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 61,242,041
<NET-ASSETS> 260,156,692
<DIVIDEND-INCOME> 4,134,760
<INTEREST-INCOME> 642,589
<OTHER-INCOME> 0
<EXPENSES-NET> 4,038,788
<NET-INVESTMENT-INCOME> 738,561
<REALIZED-GAINS-CURRENT> 112,417
<APPREC-INCREASE-CURRENT> (34,616,060)
<NET-CHANGE-FROM-OPS> (33,765,082)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,010,450)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 518,740
<NUMBER-OF-SHARES-REDEEMED> (201,585)
<SHARES-REINVESTED> 45,728
<NET-CHANGE-IN-ASSETS> (41,239,066)
<ACCUMULATED-NII-PRIOR> 832,780
<ACCUMULATED-GAINS-PRIOR> 930,010
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,257,326
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,038,788
<AVERAGE-NET-ASSETS> 23,202,588
<PER-SHARE-NAV-BEGIN> 23.12
<PER-SHARE-NII> (0.789)
<PER-SHARE-GAIN-APPREC> (2.546)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.255)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 19.23
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</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-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 52,097,625
<INVESTMENTS-AT-VALUE> 53,876,484
<RECEIVABLES> 1,887,489
<ASSETS-OTHER> 102,830
<OTHER-ITEMS-ASSETS> 1,720
<TOTAL-ASSETS> 55,868,523
<PAYABLE-FOR-SECURITIES> 2,059,184
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125,947
<TOTAL-LIABILITIES> 2,185,131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,510,862
<SHARES-COMMON-STOCK> 4,572,333
<SHARES-COMMON-PRIOR> 5,387,619
<ACCUMULATED-NII-CURRENT> 218
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 393,453
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,778,859
<NET-ASSETS> 53,683,392
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,462,440
<OTHER-INCOME> 0
<EXPENSES-NET> 584,311
<NET-INVESTMENT-INCOME> 2,878,129
<REALIZED-GAINS-CURRENT> 1,056,920
<APPREC-INCREASE-CURRENT> 484,233
<NET-CHANGE-FROM-OPS> 4,419,282
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,691,416)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 864,157
<NUMBER-OF-SHARES-REDEEMED> (1,883,198)
<SHARES-REINVESTED> 203,755
<NET-CHANGE-IN-ASSETS> (4,446,540)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 663,467
<GROSS-ADVISORY-FEES> 347,059
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 748,517
<AVERAGE-NET-ASSETS> 51,384,333
<PER-SHARE-NAV-BEGIN> 10.16
<PER-SHARE-NII> 0.531
<PER-SHARE-GAIN-APPREC> 0.300
<PER-SHARE-DIVIDEND> (0.531)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.46
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</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-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 52,097,625
<INVESTMENTS-AT-VALUE> 53,876,484
<RECEIVABLES> 1,887,489
<ASSETS-OTHER> 102,830
<OTHER-ITEMS-ASSETS> 1,720
<TOTAL-ASSETS> 55,868,523
<PAYABLE-FOR-SECURITIES> 2,059,184
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125,947
<TOTAL-LIABILITIES> 2,185,131
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,510,862
<SHARES-COMMON-STOCK> 559,055
<SHARES-COMMON-PRIOR> 332,030
<ACCUMULATED-NII-CURRENT> 218
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 393,453
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,778,859
<NET-ASSETS> 53,683,392
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,462,440
<OTHER-INCOME> 0
<EXPENSES-NET> 584,311
<NET-INVESTMENT-INCOME> 2,878,129
<REALIZED-GAINS-CURRENT> 1,056,920
<APPREC-INCREASE-CURRENT> 484,233
<NET-CHANGE-FROM-OPS> 4,419,282
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (186,495)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 343,505
<NUMBER-OF-SHARES-REDEEMED> (130,535)
<SHARES-REINVESTED> 14,055
<NET-CHANGE-IN-ASSETS> (4,446,540)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 663,467
<GROSS-ADVISORY-FEES> 347,059
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 748,517
<AVERAGE-NET-ASSETS> 4,144,731
<PER-SHARE-NAV-BEGIN> 10.16
<PER-SHARE-NII> 0.456
<PER-SHARE-GAIN-APPREC> 0.300
<PER-SHARE-DIVIDEND> (0.456)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.46
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> WINTHROP MUNCIPAL TRUST FUND CLASS A
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 45,003,445
<INVESTMENTS-AT-VALUE> 46,852,232
<RECEIVABLES> 715,496
<ASSETS-OTHER> 60,970
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,628,698
<PAYABLE-FOR-SECURITIES> 1,565,002
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 327,722
<TOTAL-LIABILITIES> 1,892,724
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,879,767
<SHARES-COMMON-STOCK> 4,205,769
<SHARES-COMMON-PRIOR> 3,486,110
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,848,787
<NET-ASSETS> 45,735,974
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,929,621
<OTHER-INCOME> 0
<EXPENSES-NET> 410,398
<NET-INVESTMENT-INCOME> 1,519,223
<REALIZED-GAINS-CURRENT> 454,476
<APPREC-INCREASE-CURRENT> 549,834
<NET-CHANGE-FROM-OPS> 2,523,533
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,489,222)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,397,039
<NUMBER-OF-SHARES-REDEEMED> (795,577)
<SHARES-REINVESTED> 118,197
<NET-CHANGE-IN-ASSETS> 9,312,040
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 447,056
<GROSS-ADVISORY-FEES> 252,180
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 576,140
<AVERAGE-NET-ASSETS> 39,363,394
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> 0.383
<PER-SHARE-GAIN-APPREC> 0.240
<PER-SHARE-DIVIDEND> (0.383)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</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-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 45,003,445
<INVESTMENTS-AT-VALUE> 46,852,232
<RECEIVABLES> 715,496
<ASSETS-OTHER> 60,970
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 47,628,698
<PAYABLE-FOR-SECURITIES> 1,565,002
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 327,722
<TOTAL-LIABILITIES> 1,892,724
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,879,767
<SHARES-COMMON-STOCK> 135,768
<SHARES-COMMON-PRIOR> 53,034
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,848,787
<NET-ASSETS> 45,735,974
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,929,621
<OTHER-INCOME> 0
<EXPENSES-NET> 410,398
<NET-INVESTMENT-INCOME> 1,519,223
<REALIZED-GAINS-CURRENT> 454,476
<APPREC-INCREASE-CURRENT> 549,834
<NET-CHANGE-FROM-OPS> 2,523,533
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (30,001)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 82,622
<NUMBER-OF-SHARES-REDEEMED> (1,256)
<SHARES-REINVESTED> 1,368
<NET-CHANGE-IN-ASSETS> 9,312,040
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 447,056
<GROSS-ADVISORY-FEES> 252,180
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 576,140
<AVERAGE-NET-ASSETS> 987,071
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> 0.318
<PER-SHARE-GAIN-APPREC> 0.240
<PER-SHARE-DIVIDEND> (0.318)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.53
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</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, 1998, 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,
and 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 judgements 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 the inherent limitations in internal control, errors or fraud 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 internal control would not necessarily disclose all
matters in 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 specific internal control components does not reduce to a
relatively low level the risk that errors of fraud 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
October 31, 1998.
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 and is not intended to be and should not be used by
anyone other than these specified parties.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
December 10, 1998
