WINTHROP OPPORTUNITY FUNDS
NSAR-A, 1997-06-26
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<PAGE>      PAGE  1
000 A000000 04/30/97
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, 24TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10172
003  000000 N
004  000000 N
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007 C030100 N
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007 C020200 WINTHROP INTERNATIONAL EQUITY FUND
007 C030200 N
007 C010300  3
007 C020300 WINTHROP MUNICIPAL MONEY FUND
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<PAGE>      PAGE  2
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<PAGE>      PAGE  7
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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SIGNATURE   BRIAN KAMMERER                               
TITLE       ASSISTANT TREASURER 


<TABLE> <S> <C>

<PAGE>
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   <NAME> WINTHROP DEVELOPING MARKETS FUND - CLASS A
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<PAGE>
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   <NAME> WINTHROP DEVELOPING MARKETS FUND - CLASS B
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<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                             4,176
<PER-SHARE-NAV-BEGIN>                             9.86
<PER-SHARE-NII>                                 (0.04)
<PER-SHARE-GAIN-APPREC>                           1.15
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (0.02)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.95
<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 INTERNATIONAL EQUITY FUND - CLASS A
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                           40,264
<INVESTMENTS-AT-VALUE>                          43,679
<RECEIVABLES>                                      859
<ASSETS-OTHER>                                      76
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  44,614
<PAYABLE-FOR-SECURITIES>                           125
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           30
<TOTAL-LIABILITIES>                                155
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        41,200
<SHARES-COMMON-STOCK>                            3,547
<SHARES-COMMON-PRIOR>                            4,064
<ACCUMULATED-NII-CURRENT>                        (440)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            293
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         3,407
<NET-ASSETS>                                    38,499
<DIVIDEND-INCOME>                                  229
<INTEREST-INCOME>                                   25
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     497
<NET-INVESTMENT-INCOME>                          (243)
<REALIZED-GAINS-CURRENT>                           911
<APPREC-INCREASE-CURRENT>                        1,375
<NET-CHANGE-FROM-OPS>                            2,044
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            196
<NUMBER-OF-SHARES-REDEEMED>                      (714)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         (2,665)
<ACCUMULATED-NII-PRIOR>                          (195)
<ACCUMULATED-GAINS-PRIOR>                           54
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              277
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    548
<AVERAGE-NET-ASSETS>                            39,249
<PER-SHARE-NAV-BEGIN>                            10.38
<PER-SHARE-NII>                                 (0.05)
<PER-SHARE-GAIN-APPREC>                           0.52
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10,85
<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 INTERNATIONAL EQUITY FUND - CLASS B
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                           40,264
<INVESTMENTS-AT-VALUE>                          43,679
<RECEIVABLES>                                      859
<ASSETS-OTHER>                                      76
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  44,614
<PAYABLE-FOR-SECURITIES>                           125
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           30
<TOTAL-LIABILITIES>                                155
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        41,200
<SHARES-COMMON-STOCK>                              556
<SHARES-COMMON-PRIOR>                              481
<ACCUMULATED-NII-CURRENT>                        (440)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                            293
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         3,407
<NET-ASSETS>                                     5,960
<DIVIDEND-INCOME>                                  229
<INTEREST-INCOME>                                   25
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     497
<NET-INVESTMENT-INCOME>                          (243)
<REALIZED-GAINS-CURRENT>                           911
<APPREC-INCREASE-CURRENT>                        1,375
<NET-CHANGE-FROM-OPS>                            2,044
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            102
<NUMBER-OF-SHARES-REDEEMED>                       (28)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         (2,665)
<ACCUMULATED-NII-PRIOR>                          (195)
<ACCUMULATED-GAINS-PRIOR>                           54
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              277
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    548
<AVERAGE-NET-ASSETS>                             5,521
<PER-SHARE-NAV-BEGIN>                            10.29
<PER-SHARE-NII>                                 (0.09)
<PER-SHARE-GAIN-APPREC>                           0.53
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.73
<EXPENSE-RATIO>                                   2.90
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 031
   <NAME> WINTHROP MUNICIPAL MONEY FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   2-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                           21,733
<INVESTMENTS-AT-VALUE>                          21,733
<RECEIVABLES>                                      150
<ASSETS-OTHER>                                      69
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  21,952
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          128
<TOTAL-LIABILITIES>                                128
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        21,824
<SHARES-COMMON-STOCK>                           21,824
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                          126
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                    21,824
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  167
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      41
<NET-INVESTMENT-INCOME>                            126
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                              126
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          126
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         41,941
<NUMBER-OF-SHARES-REDEEMED>                     20,207
<SHARES-REINVESTED>                                 90
<NET-CHANGE-IN-ASSETS>                          21,824
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               18
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     53
<AVERAGE-NET-ASSETS>                            25,442
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.005
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                             0.005
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.90
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<PAGE>
<ARTICLE> 6
<SERIES>
   <NUMBER> 041
   <NAME> WINTHROP U.S. GOVERNMENT MONEY FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   2-MOS
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-START>                             NOV-01-1996
<PERIOD-END>                               APR-30-1997
<INVESTMENTS-AT-COST>                           21,668
<INVESTMENTS-AT-VALUE>                          21,668
<RECEIVABLES>                                        6
<ASSETS-OTHER>                                      69
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  21,743
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          134
<TOTAL-LIABILITIES>                                134
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        21,610
<SHARES-COMMON-STOCK>                           21,610
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                          184
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                    21,610
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                  221
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      37
<NET-INVESTMENT-INCOME>                            184
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                              184
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          184
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         50,258
<NUMBER-OF-SHARES-REDEEMED>                     28,765
<SHARES-REINVESTED>                                117
<NET-CHANGE-IN-ASSETS>                          21,610
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               16
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     46
<AVERAGE-NET-ASSETS>                            22,551
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.008
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                             0.008
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.90
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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