<PAGE> PAGE 1
000 B000000 10/31/96
000 C000000 0000946110
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 OPPORTUNITY FUNDS
001 B000000 811-9054
001 C000000 8002258011
002 A000000 277 PARK AVENUE
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 2
007 C010100 1
007 C020100 WINTHROP DEVELOPING MARKETS FUND
007 C030100 N
007 C010200 2
007 C020200 WINTHROP INTERNATIONAL EQUITY FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
012 A00AA01 FPS SERVICES, INC.
012 B00AA01 84-932
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
020 A000001 JARDINE FLEMING BROKING LTD
020 C000001 141
020 A000002 WARBURG SECURITIES (EUROPE)
020 C000002 105
020 A000003 SCHRODER SECURITIES LTD
020 C000003 88
020 A000004 MORGAN STANLEY & CO
020 C000004 82
020 A000005 NOMURA SECURITIES
020 C000005 80
<PAGE> PAGE 2
020 A000006 KLEINWORT BENSON (EUROPE)
020 C000006 40
020 A000007 SALOMON BROTHERS
020 C000007 36
020 A000008 LATINVEST SECURITIES
020 C000008 24
020 A000009 COPEL, JAMES, INC.
020 C000009 16
020 A000010 ARNOLD & S. BLEICHROEDER, INC.
020 C000010 12
021 000000 624
022 A000001 CITIBANK
022 C000001 54397
022 D000001 56271
022 A000002 CHEMICAL BANK
022 C000002 0
022 D000002 2997
022 A000003 JARDINE FLEMING LTD
022 C000003 1052
022 D000003 255
022 A000004 NOMURA SECURITIES
022 C000004 406
022 D000004 792
022 A000005 SALOMON BROTHERS
022 C000005 139
022 D000005 826
022 A000006 SCHRODER SECURITIES
022 C000006 210
022 D000006 398
022 A000007 MORGAN STANLEY
022 C000007 618
022 D000007 0
022 A000008 WARBURG SECURITIES
022 C000008 0
022 D000008 331
022 A000009 PARIBAS
022 C000009 234
022 D000009 0
022 A000010 SCHRODER MUNCHMEYER HENGST
022 C000010 81
022 D000010 0
023 C000000 57137
023 D000000 61870
027 000000 Y
029 00AA00 Y
030 A00AA00 34
030 B00AA00 5.75
030 C00AA00 0.00
031 A00AA00 32
031 B00AA00 0
032 00AA00 2
<PAGE> PAGE 3
033 00AA00 0
035 00AA00 73
036 B00AA00 0
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
080 A00AA00 NATIONAL UNION FIRE INS. CO. OF PITTSBURGH,PA
080 C00AA00 1300
081 A00AA00 Y
081 B00AA00 6
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
<PAGE> PAGE 4
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 3810
028 A020100 0
028 A030100 0
028 A040100 107
028 B010100 5908
028 B020100 0
028 B030100 0
028 B040100 172
028 C010100 824
028 C020100 0
028 C030100 0
028 C040100 880
028 D010100 761
028 D020100 0
028 D030100 0
028 D040100 17
028 E010100 341
028 E020100 0
028 E030100 0
028 E040100 13
028 F010100 398
028 F020100 0
028 F030100 0
028 F040100 2408
028 G010100 12042
028 G020100 0
028 G030100 0
028 G040100 3597
028 H000100 33
042 A000100 6
042 B000100 3
042 C000100 0
042 D000100 33
042 E000100 37
042 F000100 0
042 G000100 21
042 H000100 0
043 000100 45
044 000100 0
<PAGE> PAGE 5
071 A000100 38049
071 B000100 8155
071 C000100 30478
071 D000100 27
072 A000100 12
072 B000100 110
072 C000100 567
072 D000100 0
072 E000100 0
072 F000100 419
072 G000100 0
072 H000100 0
072 I000100 74
072 J000100 148
072 K000100 0
072 L000100 25
072 M000100 12
072 N000100 34
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 32
072 S000100 37
072 T000100 103
072 U000100 23
072 V000100 0
072 W000100 15
072 X000100 922
072 Y000100 182
072 Z000100 -63
072AA000100 583
072BB000100 521
072CC010100 3420
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 1167
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 39372
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 35
<PAGE> PAGE 6
074 K000100 43
074 L000100 81
074 M000100 87
074 N000100 40785
074 O000100 0
074 P000100 159
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 66
074 S000100 0
074 T000100 40560
074 U010100 3708
074 U020100 369
074 V010100 10.57
074 V020100 9.86
074 W000100 0.0000
074 X000100 671
074 Y000100 0
075 A000100 0
075 B000100 33535
076 000100 0.00
028 A010200 2223
028 A020200 0
028 A030200 0
028 A040200 202
028 B010200 5802
028 B020200 0
028 B030200 0
028 B040200 110
028 C010200 870
028 C020200 0
028 C030200 0
028 C040200 1819
028 D010200 595
028 D020200 0
028 D030200 0
028 D040200 11
028 E010200 377
028 E020200 0
028 E030200 0
028 E040200 74
028 F010200 550
028 F020200 0
028 F030200 0
028 F040200 1653
028 G010200 10417
028 G020200 0
028 G030200 0
028 G040200 3869
<PAGE> PAGE 7
028 H000200 41
042 A000200 9
042 B000200 3
042 C000200 0
042 D000200 34
042 E000200 36
042 F000200 0
042 G000200 18
042 H000200 0
043 000200 53
044 000200 0
071 A000200 47839
071 B000200 37212
071 C000200 39538
071 D000200 94
072 A000200 12
072 B000200 92
072 C000200 650
072 D000200 0
072 E000200 0
072 F000200 529
072 G000200 0
072 H000200 0
072 I000200 77
072 J000200 119
072 K000200 0
072 L000200 28
072 M000200 14
072 N000200 39
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 35
072 S000200 42
072 T000200 134
072 U000200 23
072 V000200 0
072 W000200 10
072 X000200 1050
072 Y000200 113
072 Z000200 -195
072AA000200 2026
072BB000200 1973
072CC010200 3752
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
<PAGE> PAGE 8
073 C000200 0.0000
074 A000200 268
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 43257
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 5708
074 K000200 28
074 L000200 162
074 M000200 88
074 N000200 49511
074 O000200 993
074 P000200 166
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 1227
074 S000200 0
074 T000200 47125
074 U010200 4064
074 U020200 481
074 V010200 10.38
074 V020200 10.29
074 W000200 0.0000
074 X000200 712
074 Y000200 0
075 A000200 0
075 B000200 42276
076 000200 0.00
SIGNATURE BRIAN KAMMERER
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> WINTHROP INTERNATIONAL EQUITY FUND CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 41,493
<INVESTMENTS-AT-VALUE> 43,525
<RECEIVABLES> 5,870
<ASSETS-OTHER> 88
<OTHER-ITEMS-ASSETS> 28
<TOTAL-ASSETS> 49,511
<PAYABLE-FOR-SECURITIES> 1,176
<SENIOR-LONG-TERM-DEBT> 993
<OTHER-ITEMS-LIABILITIES> 217
<TOTAL-LIABILITIES> 2,386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,909
<SHARES-COMMON-STOCK> 4,064
<SHARES-COMMON-PRIOR> 3,009
<ACCUMULATED-NII-CURRENT> (198)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (618)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,032
<NET-ASSETS> 42,170
<DIVIDEND-INCOME> 650
<INTEREST-INCOME> 92
<OTHER-INCOME> 0
<EXPENSES-NET> 937
<NET-INVESTMENT-INCOME> (195)
<REALIZED-GAINS-CURRENT> 54
<APPREC-INCREASE-CURRENT> 2,622
<NET-CHANGE-FROM-OPS> 2,480
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,763
<NUMBER-OF-SHARES-REDEEMED> 708
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16,503
<ACCUMULATED-NII-PRIOR> (2)
<ACCUMULATED-GAINS-PRIOR> (672)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 529
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,050
<AVERAGE-NET-ASSETS> 38,543
<PER-SHARE-NAV-BEGIN> 9.58
<PER-SHARE-NII> (0.04)
<PER-SHARE-GAIN-APPREC> 0.84
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.38
<EXPENSE-RATIO> 2.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> WINTHROP INTERNATIONAL EQUITY FUND CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 41,493
<INVESTMENTS-AT-VALUE> 43,525
<RECEIVABLES> 5,870
<ASSETS-OTHER> 88
<OTHER-ITEMS-ASSETS> 28
<TOTAL-ASSETS> 49,511
<PAYABLE-FOR-SECURITIES> 1,176
<SENIOR-LONG-TERM-DEBT> 993
<OTHER-ITEMS-LIABILITIES> 217
<TOTAL-LIABILITIES> 2,386
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,909
<SHARES-COMMON-STOCK> 481
<SHARES-COMMON-PRIOR> 188
<ACCUMULATED-NII-CURRENT> (198)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (618)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,032
<NET-ASSETS> 42,170
<DIVIDEND-INCOME> 650
<INTEREST-INCOME> 92
<OTHER-INCOME> 0
<EXPENSES-NET> 937
<NET-INVESTMENT-INCOME> (195)
<REALIZED-GAINS-CURRENT> 54
<APPREC-INCREASE-CURRENT> 2,622
<NET-CHANGE-FROM-OPS> 2,480
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,274
<NUMBER-OF-SHARES-REDEEMED> 264
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 16,503
<ACCUMULATED-NII-PRIOR> (2)
<ACCUMULATED-GAINS-PRIOR> (672)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 529
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,050
<AVERAGE-NET-ASSETS> 3,733
<PER-SHARE-NAV-BEGIN> 9.57
<PER-SHARE-NII> (.13)
<PER-SHARE-GAIN-APPREC> 0.85
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.29
<EXPENSE-RATIO> 2.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> WINTHROP DEVELOPING MARKETS FUND CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 41,446
<INVESTMENTS-AT-VALUE> 40,539
<RECEIVABLES> 115
<ASSETS-OTHER> 88
<OTHER-ITEMS-ASSETS> 43
<TOTAL-ASSETS> 40,785
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 225
<TOTAL-LIABILITIES> 225
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,482
<SHARES-COMMON-STOCK> 3,708
<SHARES-COMMON-PRIOR> 1,531
<ACCUMULATED-NII-CURRENT> (58)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 44
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (908)
<NET-ASSETS> 40,560
<DIVIDEND-INCOME> 567
<INTEREST-INCOME> 110
<OTHER-INCOME> 0
<EXPENSES-NET> 740
<NET-INVESTMENT-INCOME> (64)
<REALIZED-GAINS-CURRENT> 62
<APPREC-INCREASE-CURRENT> (229)
<NET-CHANGE-FROM-OPS> (231)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,675
<NUMBER-OF-SHARES-REDEEMED> 501
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,933
<ACCUMULATED-NII-PRIOR> 5
<ACCUMULATED-GAINS-PRIOR> (19)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 419
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 922
<AVERAGE-NET-ASSETS> 30,974
<PER-SHARE-NAV-BEGIN> 9.53
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 0.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 2.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> WINTHROP DEVELOPING MARKETS FUND CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 41,446
<INVESTMENTS-AT-VALUE> 40,539
<RECEIVABLES> 115
<ASSETS-OTHER> 88
<OTHER-ITEMS-ASSETS> 43
<TOTAL-ASSETS> 40,785
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 225
<TOTAL-LIABILITIES> 225
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,482
<SHARES-COMMON-STOCK> 369
<SHARES-COMMON-PRIOR> 103
<ACCUMULATED-NII-CURRENT> (58)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 44
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (908)
<NET-ASSETS> 40,560
<DIVIDEND-INCOME> 567
<INTEREST-INCOME> 110
<OTHER-INCOME> 0
<EXPENSES-NET> 740
<NET-INVESTMENT-INCOME> (64)
<REALIZED-GAINS-CURRENT> 62
<APPREC-INCREASE-CURRENT> (229)
<NET-CHANGE-FROM-OPS> (231)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 285
<NUMBER-OF-SHARES-REDEEMED> 21
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 24,933
<ACCUMULATED-NII-PRIOR> 5
<ACCUMULATED-GAINS-PRIOR> (19)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 419
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 922
<AVERAGE-NET-ASSETS> 2,561
<PER-SHARE-NAV-BEGIN> 9.52
<PER-SHARE-NII> (0.90)
<PER-SHARE-GAIN-APPREC> 0.43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.86
<EXPENSE-RATIO> 2.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
