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SIGNATURE MARTIN JAFFEE
TITLE TREASURER
Winthrop Opportunity Funds
For the period May 1, 1995 through October 31,1995
NSAR # 77
---------
Exhibit
- -------
77.B Accountant's report on internal control
ERNST & YOUNG LLP . 787 Seventh Avenue . Phone: 212 773 3000
New York, New York 10019
Shareholders and Broad of Trustees
Winthrop Opportunity Funds
In planning and performing our audit of the financial statements of Winthrop
Opportunity Funds for the period ended October 31, 1995, we considered its
internal control structure, including procedures 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 structure.
The management of Winthrop Opportunity Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgements by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principals.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure 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 structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1995.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
December 8, 1995
WINTHROP MUTUAL FUNDS
140 BROADWAY, NEW YORK NY 10005
This report is signed on behalf of the registrant (or depositor or trustee)
in the City of New York on this 28th day of December, 1995.
Winthrop Opportunity Funds
--------------------------
(Name of registrant,
depositor or trustee)
Witness: /s/ Brian Kammerer By: /s/ Martin Jaffe
--------------------------- -------------------------------
Brian Kammerer Martin Jaffe
Assistant Treasurer Treasurer
