<PAGE>
<PAGE>
WINTHROP MONEY FUNDS -- STATEMENT OF INVESTMENTS April 30, 1997 (unaudited)
- --------------------------------------------------------------------------------
WINTHROP MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
MUNICIPAL PRINCIPAL
OBLIGATIONS -- 96.8% AMOUNT VALUE
---------- -----------
<S> <C> <C>
ALASKA -- 4.6%
City of Valdez, Alaska Marine
Terminal CP (ARCO Project)
3.750%, 08/15/97............. $1,000,000 $ 1,000,000
-----------
DELAWARE -- 4.6%
Delaware State Refunding GO
Ser. A 5.600%, 08/15/97...... 1,000,000 1,005,905
-----------
FLORIDA -- 4.6%
University of North Florida
(LOC: First Union National
Bank of North Carolina) VRDN
4.600%`D'`DD'................ 1,000,000 1,000,000
-----------
ILLINOIS -- 19.2%
Chicago, IL O'Hare
International Airport (LOC:
Societe Generale) VRDN
4.500%`D'.................... 1,000,000 1,000,000
City of Chicago Multi-Family
Housing (Waveland Association
Project) (LOC: Swiss Bank)
VRDN 4.500%`D'............... 1,200,000 1,200,000
Illinois Health Facilities
Authority (Northwest
Community Hospital) (LOC:
Harris Trust & Savings Bank)
VRDN 4.550%`D'............... 1,000,000 1,000,000
Southwestern Illinois IDA SWDR
(Wood River Project) Ser. E
(LOC: Shell Oil) VRDN
4.100%`D'`DD'................ 1,000,000 1,000,000
-----------
4,200,000
-----------
MASSACHUSETTS -- 4.6%
Massachusetts Water Resource CP
4.050%, 05/21/97............. 1,000,000 1,000,000
-----------
MICHIGAN -- 8.2%
Detroit, MI Water Supply System
(FGIC) VRDN 4.500%`D'........ 800,000 800,000
Michigan State HDA (Harbortown,
Ltd.) Ser. 91 (LOC: Bankers
Trust) VRDN 4.625%`D'........ 1,000,000 1,000,000
-----------
1,800,000
-----------
MISSISSIPPI -- 4.6%
Jackson County, MS IDA Sewer
Facilities Revenue (Chevron
U.S.A., Inc. Project) (LOC:
Chevron Corp.) VRDN
4.100%`D'`DD'................ 1,000,000 1,000,000
-----------
NEBRASKA -- 5.5%
Nebraska Higher Education Loan
Program (LOC: SLMA expires
06/23/97) VRDN
4.600%`D'`DD'................ 1,200,000 1,200,000
-----------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
---------- -----------
<S> <C> <C>
NEW MEXICO -- 3.2%
Farmington, NM PCR Ser. 1997C
(San Juan Basin Project)
(LOC: Morgan Guaranty Trust)
VRDN 4.500%`D'............... $ 700,000 $ 700,000
-----------
NEW YORK -- 8.3%
New York City Municipal Water
Finance Authority Ser. 5A CP
(LOC: Landesbank Bayerische,
Westdeutsche)3.750%,
07/31/97..................... 500,000 500,000
New York City, NY Municipal
Water 7.800%, 06/15/97....... 900,000 922,076
New York, NY RANS Ser. B (LOC:
Canadian Imperial Bank of
Commerce, Bank of Nova
Scotia, Commerzbank AG)
4.500%, 06/30/97............. 400,000 400,515
-----------
1,822,591
-----------
PENNSYLVANIA -- 4.6%
Emmaus, PA General Authority of
Pennsylvania Subser. G-8
(LOC: Canadian Imperial Bank
of Commerce) VRDN
4.550%`D'.................... 1,000,000 1,000,000
-----------
PUERTO RICO -- 4.6%
Government Development Bank of
Puerto Rico CP 3.400%,
05/15/97..................... 1,000,000 1,000,000
-----------
RHODE ISLAND -- 4.6%
Rhode Island State TANS (LOC:
Union Bank of Switzerland)
4.500%, 06/30/97............. 1,000,000 1,001,439
-----------
SOUTH CAROLINA -- 4.6%
Berkeley County, SC IDR (LOC:
Nucor Corp.) VRDN
4.600%`D'`DD'................ 1,000,000 1,000,000
-----------
TEXAS -- 6.4%
Harris County, TX Health
Facilities Development Corp.
(LOC: Texas Commerce Bank)
VRDN 4.100%`D'............... 1,000,000 1,000,000
Hunt County, TX Health
Facilities Development Corp.
(LOC: Morgan Guaranty Trust)
VRDN 4.500%`D'............... 400,000 400,000
-----------
1,400,000
-----------
WASHINGTON -- 4.6%
Washington State Public Power
Supply System (Nuclear
Project No. 3) Ser. 1993-3A2
(LOC: Bank of America) VRDN
4.500%`D'.................... 1,000,000 1,000,000
-----------
TOTAL MUNICIPAL OBLIGATIONS
(amortized cost $21,129,935)............. 21,129,935
-----------
</TABLE>
See notes to financial statements.
<PAGE>
<PAGE>
WINTHROP MONEY FUNDS -- STATEMENT OF INVESTMENTS April 30, 1997 (continued)
- --------------------------------------------------------------------------------
WINTHROP MUNICIPAL MONEY FUND
<TABLE>
<CAPTION>
REPURCHASE PRINCIPAL
AGREEMENTS -- 2.8% AMOUNT VALUE
---------- -----------
<S> <C> <C>
Salomon Brothers/Chase
Manhattan Bank 5.250%, dated
04/30/97 due 05/01/97 in the
amount of $603,000 (amortized
cost $603,000; fully
collateralized by U.S.
Treasury Notes 7.250%,
08/15/04, value $615,530).... $ 603,000 $ 603,000
-----------
TOTAL INVESTMENTS -- 99.6%
(amortized cost $21,732,935)............... 21,732,935
-----------
<CAPTION>
VALUE
-----------
<S> <C> <C>
CASH AND OTHER ASSETS
NET OF LIABILITIES -- 0.4%............... $ 91,438
-----------
NET ASSETS -- 100.0%....................... $21,824,373
-----------
-----------
</TABLE>
`D' Variable Rate Demand Notes. Rate shown is rate in effect at April 30, 1997.
This rate is subject to change and is based on bank prime rates or an index
of market interest rates.
`DD' Subject to Alternative Minimum Tax.
- --------------------------------------------------------------------------------
ABBREVIATIONS USED IN THE PORTFOLIO
CP Commercial Paper
FGIC Financial Guaranty Insurance Corporation
GO General Obligation
HDA Housing Development Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue Bond
LOC Letter of Credit
PCR Pollution Control Revenue Bond
RANS Revenue Anticipation Notes
SLMA Student Loan Marketing Association
SWDR Solid Waste Disposal Revenue
TANS Tax Anticipation Notes
VRDN Variable Rate Demand Note
See notes to financial statements.
<PAGE>
<PAGE>
WINTHROP MONEY FUNDS -- STATEMENT OF INVESTMENTS April 30, 1997 (unaudited)
- --------------------------------------------------------------------------------
WINTHROP U.S. GOVERNMENT MONEY FUND
<TABLE>
<CAPTION>
U.S. GOVERNMENT
OBLIGATIONS -- 4.8% PRINCIPAL
(amortized cost $1,041,685) AMOUNT VALUE
---------- -----------
<S> <C> <C>
U.S. Treasury Bills
5.680%, 04/02/98............... $1,100,000 $ 1,041,685
-----------
U.S. GOVERNMENT
AGENCIES -- 87.0%
Federal Farm Credit Bureau
Discount Notes
5.470%, 06/06/97............... 3,000,000 2,982,223
5.280%, 06/09/97............... 435,000 432,512
5.520%, 07/02/97............... 690,000 683,440
Federal Home Loan Mortgage Corp.
Discount Notes
5.285%, 05/23/97............... 3,000,000 2,990,311
5.270%, 05/30/97............... 3,000,000 2,987,264
5.460%, 06/27/97............... 1,570,000 1,556,427
5.470%, 07/09/97............... 2,000,000 1,979,032
5.550%, 07/23/97............... 400,000 394,882
Federal National Mortgage
Association Discount Notes
5.260%, 05/29/97............... 335,000 333,630
5.470%, 06/06/97............... 330,000 328,195
5.280%, 06/10/97............... 1,120,000 1,113,429
5.490%, 07/10/97............... 3,050,000 3,017,441
-----------
TOTAL U.S. GOVERNMENT AGENCIES
(amortized cost $18,798,786)............... 18,798,786
-----------
<CAPTION>
PRINCIPAL
REPURCHASE AGREEMENTS -- 8.5% AMOUNT VALUE
---------- -----------
<S> <C> <C>
Salomon Brothers/Chase
Manhattan Bank 5.250%, dated
04/30/97 due 05/01/97 in the
amount of $1,828,000
(amortized cost $1,828,000;
fully collateralized by U.S.
Treasury Notes 6.250%,
04/30/01, value $1,865,608
and U.S. Treasury Notes
6.000%, 09/30/98, value
$4,990)...................... $1,828,000 $ 1,828,000
-----------
TOTAL INVESTMENTS -- 100.3%
(amortized cost $21,668,471)............. 21,668,471
-----------
LIABILITIES NET OF CASH
AND OTHER ASSETS -- (0.3%)............... (58,955)
-----------
NET ASSETS -- 100.0%....................... $21,609,516
-----------
-----------
</TABLE>
See notes to financial statements.
<PAGE>
<PAGE>
WINTHROP MONEY FUNDS -- STATEMENT OF ASSETS AND LIABILITIES April 30, 1997
(unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL U.S. GOVERNMENT
MONEY FUND MONEY FUND
----------- ---------------
<S> <C> <C>
ASSETS:
Investments in securities, at value
(cost $21,732,935 and $21,668,471, respectively)............................ $21,732,935 $21,668,471
Cash........................................................................... 549 769
Interest receivable............................................................ 144,590 268
Reimbursement due from advisor................................................. 5,793 5,516
Deferred organization costs (Note A)........................................... 68,126 68,126
----------- ---------------
Total assets................................................................... 21,951,993 21,743,150
----------- ---------------
LIABILITIES:
Payable to investment advisor.................................................. 8,892 8,405
Dividend payable............................................................... 30,481 40,777
Accrued expenses and other liabilities......................................... 88,247 84,452
----------- ---------------
Total liabilities.............................................................. 127,620 133,634
----------- ---------------
NET ASSETS....................................................................... $21,824,373 $21,609,516
----------- ---------------
----------- ---------------
NET ASSETS CONSIST OF:
Capital paid-in................................................................ $21,824,373 $21,609,516
----------- ---------------
Shares outstanding............................................................. 21,824,373 21,609,516
----------- ---------------
Net asset value and redemption value per share................................. $1.00 $1.00
----- -----
----- -----
</TABLE>
STATEMENT OF OPERATIONS for the Period February 24, 1997* through April 30, 1997
(unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL U.S. GOVERNMENT
MONEY FUND MONEY FUND
----------- ---------------
<S> <C> <C>
INVESTMENT INCOME:
Interest....................................................................... $ 167,465 $ 220,643
----------- ---------------
Total investment income..................................................... 167,465 220,643
----------- ---------------
EXPENSES:
Investment advisory fees (Note B).............................................. $ 18,402 $ 16,311
Distribution fees (Note B)..................................................... 11,501 10,194
Legal fees..................................................................... 2,400 2,000
Transfer agent fees............................................................ 5,400 4,400
Custodian fees................................................................. 6,200 5,000
Auditing fees.................................................................. 2,500 2,000
Printing fees.................................................................. 1,500 1,200
Trustees' fees................................................................. 500 500
Registration fees.............................................................. 1,400 1,200
Miscellaneous.................................................................. 178 214
Amortization of organization costs (Note A).................................... 2,555 2,555
----------- ---------------
Total Expenses.............................................................. 52,536 45,574
Less expenses reimbursed by investment advisor.............................. (11,132) (8,875)
----------- ---------------
Net expenses................................................................ 41,404 36,699
----------- ---------------
NET INVESTMENT INCOME............................................................ 126,061 183,944
----------- ---------------
INCREASE IN NET ASSETS FROM OPERATIONS........................................... $ 126,061 $ 183,944
----------- ---------------
----------- ---------------
</TABLE>
*Commencement of operations.
See notes to financial statements.
<PAGE>
<PAGE>
WINTHROP MONEY FUNDS -- STATEMENT OF CHANGES IN NET ASSETS (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL U.S. GOVERNMENT
MONEY FUND MONEY FUND
----------- ---------------
PERIOD ENDED PERIOD ENDED
04/30/97* 04/30/97*
----------- ---------------
<S> <C> <C>
OPERATIONS:
Net investment income.......................................................... $ 126,061 $ 183,944
----------- ---------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Investment income.............................................................. (126,061) (183,944)
----------- ---------------
CAPITAL STOCK TRANSACTIONS -- (NET) NOTE C....................................... 21,824,373 21,609,516
----------- ---------------
Total increase in net assets................................................... 21,824,373 21,609,516
NET ASSETS:
Beginning of period............................................................ -- --
----------- ---------------
End of period.................................................................. $21,824,373 $21,609,516
----------- ---------------
----------- ---------------
</TABLE>
*Commencement of operations was February 24, 1997.
See notes to financial statements.
NOTES TO FINANCIAL STATEMENTS April 30, 1997 (unaudited)
- --------------------------------------------------------------------------------
NOTE (A) SIGNIFICANT ACCOUNTING POLICIES: Winthrop Money Funds ('Fund' or
'Funds') consists of two portfolios (the 'Portfolios'), the Winthrop Municipal
Money Fund and the Winthrop U.S. Government Money Fund (together the 'Money
Funds'), each a separate diversified series of the Winthrop Opportunity Funds
(the 'Trust'). In addition, the Trust also consists of the Winthrop
International Equity Fund and the Winthrop Developing Markets Fund. The Trust
was organized as a Delaware business trust under the laws of Delaware on May 31,
1995 and is registered under the Investment Company Act of 1940 (the 'Act'), as
amended, as an open-end investment company. The Money Funds commenced operations
on February 24, 1997.
Each Portfolio is considered to be a separate entity for financial reporting and
tax purposes. It is the Funds' policy to maintain a continuous net asset value
of $1.00 per share for each Portfolio. The Fund has adopted certain investment,
portfolio valuation and dividend and distribution policies to enable it to do
so. There is no assurance, however, that each Portfolio will be able to maintain
a stable net asset value of $1.00 per share.
The Funds' financial statements are prepared in accordance with generally
accepted accounting principles which may require the use of management estimates
and assumptions. Actual results could differ from those estimates. The following
is a summary of significant accounting policies consistently followed by the
Funds.
(1) SECURITY VALUATION: Securities are valued at amortized cost basis, which
has been determined by the Funds' Board of Directors to represent the fair
value of the Funds' investments. This involves initially valuing a security at
its original cost and thereafter assuming a constant amortization to maturity
of any discount or premium.
(2) REPURCHASE AGREEMENTS: The Funds may enter into repurchase agreements with
financial institutions, deemed to be creditworthy by the Funds' Advisor,
subject to the seller's agreement to repurchase and the Funds' agreement to
resell such securities at a mutually agreed-upon price. Securities purchased
subject to repurchase agreements are deposited with the Funds' custodian or
custodians authorized in accordance with guidelines approved by the Funds'
Trustees. Pursuant to the terms of the repurchase agreement, such securities
must have an aggregate market value greater
<PAGE>
<PAGE>
WINTHROP MONEY FUNDS -- NOTES TO FINANCIAL STATEMENTS April 30, 1997 (continued)
- --------------------------------------------------------------------------------
than or equal to the repurchase price plus accrued interest at all times. If
the value of the underlying securities falls below the value of the repurchase
price plus accrued interest, the Funds will require the seller to deposit
additional collateral by the next business day. If the request for additional
collateral is not met, or the seller defaults on its repurchase obligation,
the Funds maintain the right to sell the underlying securities at market value
and may claim any resulting loss against the seller.
(3) FEDERAL INCOME TAXES: The Funds intend to be treated as 'regulated
investment companies' under Sub-chapter M of the Internal Revenue Code and to
distribute substantially all of their net taxable income. Accordingly, no
provisions for federal income taxes have been made in the accompanying
financial statements. For federal income tax purposes, the cost of securities
owned at April 30, 1997, was substantially the same as the cost of securities
for financial statement purposes.
(4) INVESTMENT INCOME AND SECURITIES TRANSACTIONS: Interest income is accrued
daily. Security transactions are accounted for on the date securities are
purchased or sold. Discounts and premiums on securities purchased are
amortized in accordance with income tax regulations which approximate
generally accepted accounting principles. Security gains and losses are
determined on the identified cost basis.
(5) DIVIDENDS AND DISTRIBUTIONS: It is the policy of the Funds to declare
dividends daily from net investment income. Such dividends are paid monthly.
Dividends from net realized capital gain are normally declared and paid
annually, but the Funds may make distributions on a more frequent basis to
comply with the distribution requirements of the Internal Revenue Code. To the
extent that net realized capital gain can be offset by capital loss
carryovers, it is the policy of the Funds not to distribute such gain.
(6) DEFERRED ORGANIZATION COSTS: The Funds will reimburse the Advisor for
costs incurred in connection with their organization. The costs are being
amortized on a straight-line basis over sixty months commencing February 24,
1997.
NOTE (B) ADVISORY AND DISTRIBUTION SERVICES AGREEMENT: DLJ Investment Management
Corp. (the 'Advisor') is a wholly-owned subsidiary of Donaldson, Lufkin &
Jenrette Securities Corporation, which is a wholly-owned subsidiary of
Donaldson, Lufkin and Jenrette, Inc. ('DLJ'). DLJ is an independently operated,
indirect subsidiary of The Equitable Companies, Incorporated, a holding company
controlled by AXA. Under its Advisory Agreement with the Funds, the Advisor will
provide investment advisory services and order placement facilities for the
Funds and pay all compensation of Trustees of the Funds who are affiliated
persons of the Advisor. The Advisor or its affiliates will also furnish the
Funds, without charge, management supervision and assistance and office
facilities. The Funds will pay the Advisor at the following annual percentage
rates of the average daily net assets of each Portfolio: .40 of 1% of each
Portfolio's first $1 billion and .35 of 1% of the balance. Such fees will be
accrued daily and paid monthly.
Commencing at the inception of each Fund through October 31, 1997, the Advisor
has agreed to voluntarily reduce its management fees and the Advisor or its
affiliates have agreed to reimburse operating expenses by the amount that total
fund operating expenses exceed 0.90% of the average daily net assets of each
Fund. After October 31, 1997, the Advisor or its affiliates may, in their sole
discretion, determine to discontinue this practice with respect to either Fund.
As a result of the voluntary assumption of expenses, the Municipal Money Fund
and U.S. Government Money Fund were reimbursed $11,132 and $8,875, respectively,
during the period ended April 30, 1997.
Pursuant to Rule 12b-1 under the Act, the Fund has entered into a Distribution
Services Agreement (the 'Agreement') with Donaldson, Lufkin & Jenrette
Securities Corporation, the Fund's Distributor, under which the Fund pays a
distribution services fee to the Distributor at an annual rate of up to .25 of
1% of its average daily net assets. Under the Agreement, each Fund is obligated
to pay distribution and/or service fees to the Distributor for its distribution
and service activities as reimbursement for specific expenses incurred. In
addition, the Agreement provides that the Advisor may use its own resources
including fees from investment companies (including the Fund) to finance the
distribution of the Fund's shares.
<PAGE>
<PAGE>
WINTHROP MONEY FUNDS -- NOTES TO FINANCIAL STATEMENTS April 30, 1997 (continued)
- --------------------------------------------------------------------------------
Each Trustee who is not an affiliated person receives an attendance fee of
$2,000 per meeting. In addition, each unaffiliated Trustee who is a member of
the audit committee receives an attendance fee of $1,000 per meeting. Attendance
fees are charged to all series of the Trust and are allocated on a pro rata
basis.
NOTE (C) SHARES OF BENEFICIAL INTEREST: There is an unlimited number of shares
($0.001 par value authorized).
Transactions in shares of beneficial interest were as follows ($1.00 per share):
<TABLE>
<CAPTION>
MUNICIPAL U.S. GOVERNMENT
MONEY FUND MONEY FUND
--------------- ---------------
PERIOD ENDED PERIOD ENDED
APRIL 30, 1997* APRIL 30, 1997*
--------------- ---------------
AMOUNT AMOUNT
--------------- ---------------
<S> <C> <C>
Shares sold..................................................................... $ 41,940,782 $ 50,258,103
Shares issued through reinvestment of dividends................................. 90,143 116,695
--------------- ---------------
42,030,925 50,374,798
--------------- ---------------
Shares redeemed................................................................. (20,206,552) (28,765,282)
--------------- ---------------
Net increase.................................................................... $ 21,824,373 $ 21,609,516
--------------- ---------------
--------------- ---------------
</TABLE>
*Commencement of operations was February 24, 1997.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The table below sets forth financial data for a share of capital stock
outstanding throughout each period presented. This information has been derived
from information provided in the financial statements.
<TABLE>
<CAPTION>
MUNICIPAL U.S. GOVERNMENT
MONEY FUND MONEY FUND
--------------- ---------------
PERIOD ENDED PERIOD ENDED
APRIL 30, APRIL 30,
1997`D' 1997`D'
--------------- ---------------
<S> <C> <C>
Net asset value, beginning of period........................................... $ 1.00 $ 1.00
Net investment income.......................................................... 0.005 0.008
Dividends from net investment income........................................... (0.005) (0.008)
--------------- ---------------
Net asset value, end of period................................................. $ 1.00 $ 1.00
--------------- ---------------
--------------- ---------------
Total return`D'`D'............................................................. 0.05% 0.08%
Ratio of expenses to average net assets(1)(2).................................. 0.90% 0.90%
Ratio of net investment income to average net assets(1)(2)..................... 2.74% 4.51%
Net assets, end of period (000's omitted)...................................... $21,824 $21,610
</TABLE>
`D' Commencement of operations was February 24, 1997.
`D'`D' Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption on
the last day of the period. Total return calculated for a period of less
than one year is not annualized.
(1) Annualized
(2) Net of voluntary assumption by Advisor of expenses, expressed as a
percentage of average net assets for the period ended 04/30/97, as
follows: Municipal Money Fund, .24% (annualized) and U.S. Government
Money Fund, .22% (annualized).
<PAGE>
<PAGE>
WINTHROP MONEY FUNDS
(800) 225-8011
TRUSTEES
G. Moffett Cochran Robert E. Fischer
Wilmot H. Kidd, III Martin Jaffe
John W. Waller, III
OFFICERS
G. Moffett Cochran, Chairman and President
James A. Engle, Vice President
Martin Jaffee, Vice President, Secretary and Treasurer
Marybeth B. Leithead, Vice President
Brian A. Kammerer, Assistant Treasurer
INVESTMENT ADVISER
DLJ Investment Management Corp.
277 Park Avenue, New York, NY 10172
CUSTODIAN
Citibank, N.A.
111 Wall Street, New York, NY 10043
TRANSFER AGENT
FPS Services, Inc.
P.O. Box 61503 (3200 Horizon Drive)
King of Prussia, PA 19406
DISTRIBUTOR
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, NY 10172
INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue, New York, NY 10019
LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom
919 Third Avenue, New York, NY 10022
This report is submitted for the general information of the stockholders
of the Fund. It is not authorized for distribution to prospective investors
in the Fund unless preceded or accompanied by an effective prospectus,
which should be read carefully before investing.
WMF-2 6/97
[LOGO]
- ----------------------------------------------
WINTHROP MUNICIPAL MONEY FUND
WINTHROP U.S. GOVERNMENT MONEY FUND
APRIL 30, 1997
-----------------------------
SEMI-ANNUAL
REPORT
-----------------------------
STATEMENT OF DIFFERENCES
------------------------
The dagger symbol shall be expressed as.............`D'
The double dagger symbol shall be expressed as......`DD'
