<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0000946110
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<PAGE> PAGE 2
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<PAGE> PAGE 6
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE BRIAN KAMMERER
TITLE VICE PRESIDENT
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> WINTHROP INTERNATIONAL EQUITY FUND CLASS B
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 43,574,450
<INVESTMENTS-AT-VALUE> 50,771,293
<RECEIVABLES> 253,250
<ASSETS-OTHER> 411,221
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51,435,764
<PAYABLE-FOR-SECURITIES> 52,097
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 964,677
<TOTAL-LIABILITIES> 1,016,774
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,617,065
<SHARES-COMMON-STOCK> 511,811
<SHARES-COMMON-PRIOR> 606,690
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,596,604
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,205,321
<NET-ASSETS> 50,418,990
<DIVIDEND-INCOME> 853,090
<INTEREST-INCOME> 45,986
<OTHER-INCOME> 0
<EXPENSES-NET> 1,219,438
<NET-INVESTMENT-INCOME> (320,362)
<REALIZED-GAINS-CURRENT> 2,822,979
<APPREC-INCREASE-CURRENT> 1,614,194
<NET-CHANGE-FROM-OPS> 4,116,811
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (51,942)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 139,435
<NUMBER-OF-SHARES-REDEEMED> (239,102)
<SHARES-REINVESTED> 4,788
<NET-CHANGE-IN-ASSETS> (717,584)
<ACCUMULATED-NII-PRIOR> (530,190)
<ACCUMULATED-GAINS-PRIOR> 296,871
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 678,442
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,272,442
<AVERAGE-NET-ASSETS> 7,002,728
<PER-SHARE-NAV-BEGIN> 11.24
<PER-SHARE-NII> (0.150)
<PER-SHARE-GAIN-APPREC> 0.980
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.090)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 2.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> WINTHROP MUNICIPAL MONEY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 57,592,362
<INVESTMENTS-AT-VALUE> 57,592,362
<RECEIVABLES> 354,212
<ASSETS-OTHER> 3,243
<OTHER-ITEMS-ASSETS> 46,874
<TOTAL-ASSETS> 57,996,691
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 218,928
<TOTAL-LIABILITIES> 218,928
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57,777,763
<SHARES-COMMON-STOCK> 57,777,763
<SHARES-COMMON-PRIOR> 38,681,355
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 57,777,763
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,207,956
<OTHER-INCOME> 0
<EXPENSES-NET> 555,004
<NET-INVESTMENT-INCOME> 1,652,952
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,652,952
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,652,952)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 334,233,077
<NUMBER-OF-SHARES-REDEEMED> (316,772,246)
<SHARES-REINVESTED> 1,635,577
<NET-CHANGE-IN-ASSETS> 19,096,408
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 246,668
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 648,152
<AVERAGE-NET-ASSETS> 61,483,220
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.027
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.027)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> WINTHROP US GOVERNMENT MONEY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 56,606,590
<INVESTMENTS-AT-VALUE> 56,606,590
<RECEIVABLES> 284,398
<ASSETS-OTHER> 7,302
<OTHER-ITEMS-ASSETS> 46,874
<TOTAL-ASSETS> 56,945,164
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 248,202
<TOTAL-LIABILITIES> 248,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,695,683
<SHARES-COMMON-STOCK> 56,695,683
<SHARES-COMMON-PRIOR> 35,174,084
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,279
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 56,696,962
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,383,241
<OTHER-INCOME> 0
<EXPENSES-NET> 385,073
<NET-INVESTMENT-INCOME> 1,998,168
<REALIZED-GAINS-CURRENT> 1,289
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,999,457
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,998,168)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 211,453,991
<NUMBER-OF-SHARES-REDEEMED> (191,874,805)
<SHARES-REINVESTED> 1,942,413
<NET-CHANGE-IN-ASSETS> 21,522,888
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 171,144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 490,565
<AVERAGE-NET-ASSETS> 42,642,075
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.047
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.047)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
Report of Independent Auditors
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, 1998, 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, and 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 fraud 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 internal control would not necessarily disclose all
matters in 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 specific internal control components does not reduce to a
relatively low level the risk that errors or fraud 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
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
October 31, 1998.
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 and is not intended to be and should not be used by
anyone other than these specified parties.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
December 10, 1998
