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SIGNATURE BRIAN KAMMERER
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> DLJ WINTHROP GROWTH AND INCOME FUND CLASS D
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> DLJ WINTHROP FIXED INCOME FUND CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> DLJ WINTHROP FIXED INCOME FUND CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000790184
<NAME> DLJ WINTHROP FIXED INCOME FUND CLASS D
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000790184
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> DLJ WINTHROP SMALL COMPANY VALUE FUND CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> DLJ WINTHROP MUNICIPAL TRUST FUND CLASS A
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<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 106
<TOTAL-ASSETS> 31016
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60
<TOTAL-LIABILITIES> 60
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30810
<SHARES-COMMON-STOCK> 2976
<SHARES-COMMON-PRIOR> 4206
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 224
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (78)
<NET-ASSETS> 30956
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1835
<OTHER-INCOME> 0
<EXPENSES-NET> 405
<NET-INVESTMENT-INCOME> 1430
<REALIZED-GAINS-CURRENT> 217
<APPREC-INCREASE-CURRENT> (1927)
<NET-CHANGE-FROM-OPS> (280)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1390
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1194
<NUMBER-OF-SHARES-REDEEMED> 2534
<SHARES-REINVESTED> 110
<NET-CHANGE-IN-ASSETS> (14780)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 247
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 568
<AVERAGE-NET-ASSETS> 39531
<PER-SHARE-NAV-BEGIN> 10.53
<PER-SHARE-NII> .378
<PER-SHARE-GAIN-APPREC> (.480)
<PER-SHARE-DIVIDEND> .378
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.010)
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> .01
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000790184
<NAME> DLJ WINTHROP MUNICIPAL TRUST FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 30534
<INVESTMENTS-AT-VALUE> 30456
<RECEIVABLES> 454
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 106
<TOTAL-ASSETS> 31016
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 60
<TOTAL-LIABILITIES> 60
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30810
<SHARES-COMMON-STOCK> 104
<SHARES-COMMON-PRIOR> 136
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 224
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (78)
<NET-ASSETS> 30956
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1835
<OTHER-INCOME> 0
<EXPENSES-NET> 405
<NET-INVESTMENT-INCOME> 1430
<REALIZED-GAINS-CURRENT> 217
<APPREC-INCREASE-CURRENT> (1927)
<NET-CHANGE-FROM-OPS> (280)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 40
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20
<NUMBER-OF-SHARES-REDEEMED> 54
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> (14780)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 7
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 247
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 568
<AVERAGE-NET-ASSETS> 39531
<PER-SHARE-NAV-BEGIN> 10.53
<PER-SHARE-NII> .305
<PER-SHARE-GAIN-APPREC> (.48)
<PER-SHARE-DIVIDEND> .305
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (.017)
<PER-SHARE-NAV-END> 10.05
<EXPENSE-RATIO> .017
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees of
DLJ Winthrop Focus Funds
In planning and performing our audit of the financial statements of
DLJ Winthrop Focus Funds for the year ended October 31, 1999, 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 internal control.
The management of DLJ 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 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 internal control components does not
reduce to a relatively low level the risk that misstatements caused by
error or 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, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of DLJ 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.
ERNST & YOUNG LLP
New York, New York
December 27, 1999
DLJ Winthrop Fixed Income Fund
10f-3 Report
May 1, 1999 - October 31, 1999
Issuer: Household Finance Co.
6% 05/01/04
Trade Date: 4/23/99
3 years operations
Selling Broker: JP Morgan
Face Amount: $2 Million
Purchase Price: $99.98
$ Commission: $0.35
Commission %: 0.35%
% of Total Assets: 3.82%
% of Issue: 0.2%
Securities are part of an issue registered under the Securities
Act of 1933 (the "1933 Act") that is being offered to the public.
% of Issue represents purchases by all affiliated funds: may not
exceed 4% of the principal amount of the offering or $500,000
in principal amount, whichever is greater, but in no event,
greater than 10% of the principal amount of the offering.
