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SIGNATURE JOHN R. ELDER
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the July 31,
1997 DEVCAP Shared Return Fund Annual Report and is qualified in its entirety by
reference to such Annual Report.
</LEGEND>
<CIK> 0000948119
<NAME> DEVCAP SHARED RETURN FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1997
<PERIOD-END> JUL-31-1997
<INVESTMENTS-AT-COST> 1,627,490
<INVESTMENTS-AT-VALUE> 2,257,956
<RECEIVABLES> 3,036,466
<ASSETS-OTHER> 35,764
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,330,186
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,621
<TOTAL-LIABILITIES> 4,621
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,694,770
<SHARES-COMMON-STOCK> 328,314
<SHARES-COMMON-PRIOR> 109,723
<ACCUMULATED-NII-CURRENT> (4,475)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,804
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 630,466
<NET-ASSETS> 5,325,565
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 19,199
<EXPENSES-NET> 22,321
<NET-INVESTMENT-INCOME> (3,122)
<REALIZED-GAINS-CURRENT> 3,813
<APPREC-INCREASE-CURRENT> 628,098
<NET-CHANGE-FROM-OPS> 628,789
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,059
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 277,132
<NUMBER-OF-SHARES-REDEEMED> 8,894
<SHARES-REINVESTED> 74
<NET-CHANGE-IN-ASSETS> 4,682,948
<ACCUMULATED-NII-PRIOR> (1,353)
<ACCUMULATED-GAINS-PRIOR> 3,242
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83,996
<AVERAGE-NET-ASSETS> 1,257,715
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 5.55
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 1.75
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</TABLE>
The Board of Trustees
DEVCAP Shared Return Fund:
In planning and performing our audit of the financial statements of DEVCAP
Shared Return Fund, for the year ended July 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
inion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of DEVCAP Shared Return Fund 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 acquisitions, 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 risks 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 as of July 31, 1997.
This report is intended solely for the information and use of management, the
Board of Trustees of DEVCAP Shared Return Fund and the Securities and Exchange
Commission.
/S/KPMG PEAT MARWICK LLP
Boston, Massachusetts
September 26, 1997
