<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000946110
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
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
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
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 C020300 WINTHROP MUNICIPAL MONEY FUND
007 C030300 N
007 C010400 4
007 C020400 WINTHROP U.S. GOVERNMENT MONEY FUND
007 C030400 N
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 SCHRODER SECURITIES
020 C000001 89
020 A000002 BARING SECURITIES
020 C000002 55
020 A000003 MORGAN STANLEY
020 C000003 42
<PAGE> PAGE 2
020 A000004 KLEIWORT BENSON
020 C000004 40
020 A000005 WARBURG SEC.
020 C000005 38
020 A000006 UBS SEC.
020 C000006 35
020 A000007 ARNOLD BLEICH.
020 C000007 34
020 A000008 CREDIT LYONNAIS
020 C000008 33
020 A000009 JARDINE FLEMING
020 C000009 28
020 A000010 MERRILL LYNCH
020 C000010 17
021 000000 411
022 A000001 SALOMON BROTHERS
022 C000001 611355
022 D000001 0
022 A000002 J.P.MORGAN
022 C000002 271557
022 D000002 0
022 A000003 MORGAN STANLEY
022 C000003 165406
022 D000003 16121
022 A000004 LEHMAN BROTHERS
022 C000004 150009
022 D000004 1900
022 A000005 GOLDMAN SACHS
022 C000005 83725
022 D000005 9400
022 A000006 FIRST BOSTON
022 C000006 51588
022 D000006 0
022 A000007 CHASE MANHATAN
022 C000007 51299
022 D000007 0
022 A000008 BANKERS TRUST
022 C000008 22072
022 D000008 9200
022 A000009 CITIBANK
022 C000009 15107
022 D000009 15292
022 A000010 LEHMAN GOVERNMENT SECURITIES CORP
022 C000010 13734
022 D000010 0
023 C000000 1435852
023 D000000 51913
027 000000 Y
077 A000000 N
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INS. CO. OF PITTSBURGH,PA
<PAGE> PAGE 3
080 C00AA00 1500
081 A00AA00 Y
081 B00AA00 9
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
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 439
028 A020100 0
028 A030100 0
028 A040100 1183
028 B010100 605
028 B020100 0
028 B030100 0
028 B040100 322
028 C010100 634
028 C020100 0
028 C030100 0
028 C040100 267
028 D010100 558
028 D020100 0
028 D030100 0
028 D040100 104
028 E010100 472
028 E020100 0
028 E030100 0
028 E040100 719
028 F010100 681
028 F020100 0
028 F030100 0
028 F040100 754
028 G010100 3389
028 G020100 0
028 G030100 0
028 G040100 3349
028 H000100 919
<PAGE> PAGE 4
029 000100 Y
030 A000100 45
030 B000100 5.75
030 C000100 0.00
031 A000100 38
031 B000100 0
032 000100 7
033 000100 0
035 000100 13
036 B000100 0
042 A000100 7
042 B000100 0
042 C000100 0
042 D000100 49
042 E000100 23
042 F000100 0
042 G000100 21
042 H000100 0
043 000100 72
044 000100 0
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
071 A000100 20573
071 B000100 25952
071 C000100 38965
071 D000100 53
072 A000100 12
072 B000100 40
072 C000100 722
072 D000100 0
072 E000100 0
072 F000100 507
072 G000100 0
<PAGE> PAGE 5
072 H000100 0
072 I000100 85
072 J000100 153
072 K000100 0
072 L000100 23
072 M000100 13
072 N000100 47
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 28
072 S000100 23
072 T000100 137
072 U000100 23
072 V000100 0
072 W000100 8
072 X000100 1047
072 Y000100 139
072 Z000100 -145
072AA000100 2158
072BB000100 5359
072CC010100 6684
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 1614
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 6818
074 F000100 25854
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 59
074 M000100 182
074 N000100 34527
074 O000100 15
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 169
<PAGE> PAGE 6
074 S000100 0
074 T000100 34343
074 U010100 3087
074 U020100 528
074 V010100 9.52
074 V020100 9.36
074 W000100 0.0000
074 X000100 918
074 Y000100 0
075 A000100 0
075 B000100 40547
076 000100 0.00
028 A010200 1357
028 A020200 0
028 A030200 0
028 A040200 732
028 B010200 3300
028 B020200 0
028 B030200 0
028 B040200 689
028 C010200 1072
028 C020200 0
028 C030200 0
028 C040200 946
028 D010200 1419
028 D020200 0
028 D030200 0
028 D040200 184
028 E010200 534
028 E020200 0
028 E030200 0
028 E040200 624
028 F010200 951
028 F020200 0
028 F030200 0
028 F040200 879
028 G010200 8633
028 G020200 0
028 G030200 0
028 G040200 4054
028 H000200 1005
029 000200 Y
030 A000200 30
030 B000200 5.75
030 C000200 0.00
031 A000200 4
031 B000200 0
032 000200 26
033 000200 0
035 000200 11
036 B000200 0
<PAGE> PAGE 7
042 A000200 8
042 B000200 0
042 C000200 0
042 D000200 40
042 E000200 26
042 F000200 0
042 G000200 26
042 H000200 0
043 000200 88
044 000200 0
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
071 A000200 34558
071 B000200 35429
071 C000200 46747
071 D000200 74
072 A000200 12
072 B000200 54
072 C000200 701
072 D000200 0
072 E000200 0
072 F000200 605
072 G000200 0
072 H000200 0
072 I000200 83
072 J000200 112
072 K000200 0
072 L000200 31
072 M000200 19
072 N000200 51
072 O000200 0
072 P000200 0
072 Q000200 0
<PAGE> PAGE 8
072 R000200 40
072 S000200 34
072 T000200 167
072 U000200 23
072 V000200 0
072 W000200 11
072 X000200 1176
072 Y000200 89
072 Z000200 -332
072AA000200 3160
072BB000200 2588
072CC010200 8092
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 4325
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 46509
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 160
074 M000200 411
074 N000200 51405
074 O000200 37
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 231
074 S000200 0
074 T000200 51137
074 U010200 3881
074 U020200 607
074 V010200 11.42
074 V020200 11.24
074 W000200 0.0000
074 X000200 897
074 Y000200 0
075 A000200 0
<PAGE> PAGE 9
075 B000200 48430
076 000200 0.00
028 A010300 7381
028 A020300 61
028 A030300 0
028 A040300 6794
028 B010300 32972
028 B020300 60
028 B030300 0
028 B040300 22540
028 C010300 13981
028 C020300 74
028 C030300 0
028 C040300 14992
028 D010300 14559
028 D020300 79
028 D030300 0
028 D040300 11009
028 E010300 9665
028 E020300 77
028 E030300 0
028 E040300 13162
028 F010300 20674
028 F020300 81
028 F030300 0
028 F040300 14310
028 G010300 99232
028 G020300 432
028 G030300 0
028 G040300 82807
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
035 000300 0
036 B000300 0
042 A000300 30
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 33
042 F000300 0
042 G000300 37
042 H000300 0
043 000300 33
044 000300 0
<PAGE> PAGE 10
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 98.1
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 1.2
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 50
063 B000300 0.0
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 756
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 80
072 G000300 0
072 H000300 0
072 I000300 27
072 J000300 28
072 K000300 0
072 L000300 7
072 M000300 6
072 N000300 27
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 9
072 S000300 9
072 T000300 50
072 U000300 10
072 V000300 0
072 W000300 8
072 X000300 261
072 Y000300 80
072 Z000300 575
072AA000300 0
<PAGE> PAGE 11
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 575
072DD020300 0
072EE000300 0
073 A010300 0.0050
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 37947
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 470
074 J000300 0
074 K000300 65
074 L000300 337
074 M000300 0
074 N000300 38819
074 O000300 0
074 P000300 101
074 Q000300 0
074 R010300 37
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 38681
074 U010300 38681
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 1.0000
074 X000300 270
074 Y000300 0
075 A000300 29073
075 B000300 0
076 000300 0.00
028 A010400 9677
028 A020400 82
028 A030400 0
028 A040400 10140
028 B010400 17492
028 B020400 83
028 B030400 0
028 B040400 14140
<PAGE> PAGE 12
028 C010400 12306
028 C020400 83
028 C030400 0
028 C040400 14292
028 D010400 14142
028 D020400 99
028 D030400 0
028 D040400 12006
028 E010400 17829
028 E020400 99
028 E030400 0
028 E040400 11679
028 F010400 16983
028 F020400 127
028 F030400 0
028 F040400 13181
028 G010400 88429
028 G020400 573
028 G030400 0
028 G040400 75438
028 H000400 0
029 000400 N
030 A000400 0
030 B000400 0.00
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
035 000400 0
036 B000400 0
042 A000400 27
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 34
042 F000400 0
042 G000400 39
042 H000400 0
043 000400 33
044 000400 0
062 A000400 Y
062 B000400 3.1
062 C000400 43.2
062 D000400 53.7
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
<PAGE> PAGE 13
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 44
063 B000400 0.0
071 A000400 0
071 B000400 0
071 C000400 0
071 D000400 0
072 A000400 12
072 B000400 949
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 68
072 G000400 0
072 H000400 0
072 I000400 28
072 J000400 27
072 K000400 0
072 L000400 5
072 M000400 4
072 N000400 26
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 7
072 S000400 7
072 T000400 43
072 U000400 10
072 V000400 0
072 W000400 5
072 X000400 230
072 Y000400 76
072 Z000400 795
072AA000400 0
072BB000400 0
072CC010400 0
072CC020400 0
072DD010400 795
072DD020400 0
072EE000400 0
073 A010400 0.0080
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
<PAGE> PAGE 14
074 A000400 0
074 B000400 18905
074 C000400 16280
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 66
074 L000400 69
074 M000400 0
074 N000400 35320
074 O000400 0
074 P000400 119
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 27
074 S000400 0
074 T000400 35174
074 U010400 35174
074 U020400 0
074 V010400 1.00
074 V020400 0.00
074 W000400 1.0000
074 X000400 351
074 Y000400 0
075 A000400 24609
075 B000400 0
076 000400 0.00
SIGNATURE BRIAN KAMMERER
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> WINTHROP DEVELOPING MARKETS FUND CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 31,692
<INVESTMENTS-AT-VALUE> 32,673
<RECEIVABLES> 0
<ASSETS-OTHER> 59
<OTHER-ITEMS-ASSETS> 1,796
<TOTAL-ASSETS> 34,528
<PAYABLE-FOR-SECURITIES> 101
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 185
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,861
<SHARES-COMMON-STOCK> 3,087
<SHARES-COMMON-PRIOR> 3,199
<ACCUMULATED-NII-CURRENT> (203)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,292)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 977
<NET-ASSETS> 34,343
<DIVIDEND-INCOME> 721
<INTEREST-INCOME> 40
<OTHER-INCOME> 0
<EXPENSES-NET> 908
<NET-INVESTMENT-INCOME> (145)
<REALIZED-GAINS-CURRENT> (3,239)
<APPREC-INCREASE-CURRENT> 1,885
<NET-CHANGE-FROM-OPS> (1,499)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (97)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 352
<NUMBER-OF-SHARES-REDEEMED> (982)
<SHARES-REINVESTED> 8
<NET-CHANGE-IN-ASSETS> (6,217)
<ACCUMULATED-NII-PRIOR> (64)
<ACCUMULATED-GAINS-PRIOR> 62
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 507
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 35,750
<PER-SHARE-NAV-BEGIN> 9.96
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> (0.39)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.52
<EXPENSE-RATIO> 2.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> WINTHROP DEVELOPING MARKETS FUND CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 31,692
<INVESTMENTS-AT-VALUE> 32,673
<RECEIVABLES> 0
<ASSETS-OTHER> 59
<OTHER-ITEMS-ASSETS> 1,796
<TOTAL-ASSETS> 34,528
<PAYABLE-FOR-SECURITIES> 101
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84
<TOTAL-LIABILITIES> 185
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 36,861
<SHARES-COMMON-STOCK> 528
<SHARES-COMMON-PRIOR> 422
<ACCUMULATED-NII-CURRENT> (203)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,292)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 977
<NET-ASSETS> 4,941
<DIVIDEND-INCOME> 721
<INTEREST-INCOME> 40
<OTHER-INCOME> 0
<EXPENSES-NET> 908
<NET-INVESTMENT-INCOME> (145)
<REALIZED-GAINS-CURRENT> (3,239)
<APPREC-INCREASE-CURRENT> 1,885
<NET-CHANGE-FROM-OPS> (1,499)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (97)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 218
<NUMBER-OF-SHARES-REDEEMED> (61)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> (6,217)
<ACCUMULATED-NII-PRIOR> (64)
<ACCUMULATED-GAINS-PRIOR> 62
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 507
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 4,798
<PER-SHARE-NAV-BEGIN> 9.86
<PER-SHARE-NII> (0.21)
<PER-SHARE-GAIN-APPREC> (0.27)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.36
<EXPENSE-RATIO> 2.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> WINTHROP INTERNATIONAL EQUITY FUND CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 40,924
<INVESTMENTS-AT-VALUE> 46,509
<RECEIVABLES> 4,837
<ASSETS-OTHER> 59
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,405
<PAYABLE-FOR-SECURITIES> 199
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69
<TOTAL-LIABILITIES> 268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,779
<SHARES-COMMON-STOCK> 3,881
<SHARES-COMMON-PRIOR> 3,547
<ACCUMULATED-NII-CURRENT> (530)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 297
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,591
<NET-ASSETS> 44,316
<DIVIDEND-INCOME> 701
<INTEREST-INCOME> 54
<OTHER-INCOME> 0
<EXPENSES-NET> 1,087
<NET-INVESTMENT-INCOME> (332)
<REALIZED-GAINS-CURRENT> 915
<APPREC-INCREASE-CURRENT> 3,559
<NET-CHANGE-FROM-OPS> 4,142
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 823
<NUMBER-OF-SHARES-REDEEMED> (1,006)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,012
<ACCUMULATED-NII-PRIOR> (195)
<ACCUMULATED-GAINS-PRIOR> 54
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 605
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 42,264
<PER-SHARE-NAV-BEGIN> 10.38
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 1.11
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.42
<EXPENSE-RATIO> 2.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> WINTHROP INTERNATIONAL EQUITY FUND CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 40,924
<INVESTMENTS-AT-VALUE> 46,509
<RECEIVABLES> 4,837
<ASSETS-OTHER> 59
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,405
<PAYABLE-FOR-SECURITIES> 199
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69
<TOTAL-LIABILITIES> 268
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,779
<SHARES-COMMON-STOCK> 607
<SHARES-COMMON-PRIOR> 556
<ACCUMULATED-NII-CURRENT> (530)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 297
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,591
<NET-ASSETS> 6,821
<DIVIDEND-INCOME> 701
<INTEREST-INCOME> 54
<OTHER-INCOME> 0
<EXPENSES-NET> 1,087
<NET-INVESTMENT-INCOME> (332)
<REALIZED-GAINS-CURRENT> 915
<APPREC-INCREASE-CURRENT> 3,559
<NET-CHANGE-FROM-OPS> 4,142
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 201
<NUMBER-OF-SHARES-REDEEMED> (76)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,012
<ACCUMULATED-NII-PRIOR> (195)
<ACCUMULATED-GAINS-PRIOR> 54
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 605
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 6,166
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> (0.15)
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.24
<EXPENSE-RATIO> 2.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> WINTHROP MUNICIPAL MONEY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 38,417
<INVESTMENTS-AT-VALUE> 38,417
<RECEIVABLES> 402
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,819
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 138
<TOTAL-LIABILITIES> 138
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,681
<SHARES-COMMON-STOCK> 38,681
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 38,681
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 756
<OTHER-INCOME> 0
<EXPENSES-NET> 180
<NET-INVESTMENT-INCOME> 575
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 575
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 575
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 152,516
<NUMBER-OF-SHARES-REDEEMED> 114,357
<SHARES-REINVESTED> 522
<NET-CHANGE-IN-ASSETS> 38,681
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 261
<AVERAGE-NET-ASSETS> 29,262
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.020
<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>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> WINTHROP US GOVERNMENT MONEY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> NOV-1-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 35,185
<INVESTMENTS-AT-VALUE> 35,185
<RECEIVABLES> 135
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,320
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 146
<TOTAL-LIABILITIES> 146
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,174
<SHARES-COMMON-STOCK> 35,174
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 35,174
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 949
<OTHER-INCOME> 0
<EXPENSES-NET> 154
<NET-INVESTMENT-INCOME> 795
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 795
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 155,269
<NUMBER-OF-SHARES-REDEEMED> 120,785
<SHARES-REINVESTED> 690
<NET-CHANGE-IN-ASSETS> 35,174
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 230
<AVERAGE-NET-ASSETS> 24,957
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.031
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.031
<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>
To the Shareholders and Board of Trustees of Winthrop Opportunity
Funds
In planning and performing our audit of the financial statements of
Winthrop Opportunity Funds for the year ended October 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 opinion on the
financial statements and to comply with the requirements of Form N-
SAR, not to provide assurance on the internal control.
The management of Winthrop Opportunity Funds 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 acquisition, 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 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 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 at October 31,
1997.
This report is intended solely for the information and use of the
board of trustees and management of Winthrop Opportunity Funds and
the Securities and Exchange Commission.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
New York, New York
December 10, 1997
WINTHROP OPPORTUNITY FUNDS
Action By Written Consent of
The Board of Trustees
The undersigned, being all the Trustees of Winthrop
Opportunity Funds, a Delaware business trust (the "Trust), hereby
consent to the adoption of the following resolution and approve and
adopt such resolution with the same force and effect as if it had
been approved and adopted at a duly convened meeting of the Board
of Trustees of the Trust and direct that this Action by Written
Consent be filed with the minutes of proceedings of the Board of
Trustees.
WHEREAS, this Trust has been formed to carry on
business as set forth in the Agreement and Declaration of
Trust dated May 31, 1995 (the "Trust Agreement"); and
WHEREAS, the Trustees believe it is in the best
interest of the Trust and its shareholders to change the par
value of the Shares of the Trust to $.001 per share; and
WHEREAS, in accordance with the provisions set forth in
Section 11.3 (a) of the Trust Agreement, the Trustees are
authorized to amend the Trust Agreement without the vote of
shareholders if the amendment does not adversely affect the
relative rights or preferences of any series or class; be it
RESOLVED, that the Trustees hereby eliminate Section
6.1 of the Trust Agreement and restate it as follows:
6.1 Beneficial Interest. The interest of the
beneficiaries hereunder shall be divided into an unlimited
number of transferable shares of beneficial interest, par
value $.001 per share. All shares issued in accordance with
the terms hereof, including, without limitation, Shares
issued in connection with a dividend in Shares or a split of
Shares, shall be fully paid and except as provided in the
last sentence of Section 3.8, nonassessable when the
consideration determined by the Trustees (if any) therefor
shall have been received by the Trust.
Date: February 11, 1997
/s/ G. Moffett Cochran
G. Moffett Cochran
Trustee
/s/ Robert E. Fischer
Robert E. Fischer
Trustee
/s/ Martin Jaffe
Martin Jaffe
Trustee
/s/ Wilmont H. Kidd, III
Wilmont H. Kidd III
Trustee
/s/ John W. Waller III
John W. Waller III
Trustee
