WINTHROP OPPORTUNITY FUNDS
NSAR-A, 1998-06-25
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<PAGE>      PAGE  1
000 A000000 04/30/98
000 C000000 0000946110
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
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 FIRST INVESTOR DATA SERVICES GROUP
012 B00AA01 84-932
012 C01AA01 KING OF PRUSSIA
012 C02AA01 PA
012 C03AA01 19406
020 A000001 WARBURG SEC.
020 C000001     55
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020 A000003 SCHRODER SECURITIES
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<PAGE>      PAGE  2
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020 C000004     40
020 A000005 ARNOLD BLEICH
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020 A000007 PARIBAS
020 C000007      9
020 A000008 DEUTSCHE MORGAN
020 C000008      9
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020 A000010 KLEIWORT BENSON
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022 D000001         0
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022 C000004    196975
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022 A000005 GOLDMAN SACHS
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022 D000005      6300
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022 A000007 CHASE
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022 A000008 BANKERS TRUST
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022 A000009 FEDERATED SECURITIES CORP.
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022 A000010 DEAN WITTER REYNOLDS
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SIGNATURE   BRIAN KAMMERER                               
TITLE       VICE PRESIDENT      
 


<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 011
   <NAME> WINTHROP DEVELOPING MARKETS FUND CLASS A
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 012
   <NAME> WINTHROP DEVELOPING MARKETS CLASS B
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<SERIES>
   <NUMBER> 021
   <NAME> WINTHROP INTERNATIONAL EQUITY FUND CLASS A
       
<S>                             <C>
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<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  57,394
<PAYABLE-FOR-SECURITIES>                           107
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                180
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        44,565
<SHARES-COMMON-STOCK>                            3,811
<SHARES-COMMON-PRIOR>                            3,881
<ACCUMULATED-NII-CURRENT>                       (1016)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          4,719
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         8,840
<NET-ASSETS>                                    49,659
<DIVIDEND-INCOME>                                  285
<INTEREST-INCOME>                                   41
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                          (273)
<REALIZED-GAINS-CURRENT>                         4,808
<APPREC-INCREASE-CURRENT>                        3,249
<NET-CHANGE-FROM-OPS>                            7,784
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (213)
<DISTRIBUTIONS-OF-GAINS>                         (333)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             89
<NUMBER-OF-SHARES-REDEEMED>                      (208)
<SHARES-REINVESTED>                                 49
<NET-CHANGE-IN-ASSETS>                           5,972
<ACCUMULATED-NII-PRIOR>                          (332)
<ACCUMULATED-GAINS-PRIOR>                          915
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              333
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                            46,735
<PER-SHARE-NAV-BEGIN>                            11.42
<PER-SHARE-NII>                                 (0.06)
<PER-SHARE-GAIN-APPREC>                           1.82
<PER-SHARE-DIVIDEND>                            (0.06)
<PER-SHARE-DISTRIBUTIONS>                       (0.09)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.03
<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
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                           48,179
<INVESTMENTS-AT-VALUE>                          57,027
<RECEIVABLES>                                       42
<ASSETS-OTHER>                                     325
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  57,394
<PAYABLE-FOR-SECURITIES>                           107
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                180
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        44,565
<SHARES-COMMON-STOCK>                              580
<SHARES-COMMON-PRIOR>                              607
<ACCUMULATED-NII-CURRENT>                      (1,016)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          4,719
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         8,840
<NET-ASSETS>                                     7,449
<DIVIDEND-INCOME>                                  285
<INTEREST-INCOME>                                   41
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                       0
<NET-INVESTMENT-INCOME>                          (273)
<REALIZED-GAINS-CURRENT>                         4,808
<APPREC-INCREASE-CURRENT>                        3,249
<NET-CHANGE-FROM-OPS>                            7,784
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                          (52)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             58
<NUMBER-OF-SHARES-REDEEMED>                       (89)
<SHARES-REINVESTED>                                  5
<NET-CHANGE-IN-ASSETS>                           5,972
<ACCUMULATED-NII-PRIOR>                          (332)
<ACCUMULATED-GAINS-PRIOR>                          915
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              333
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                      0
<AVERAGE-NET-ASSETS>                             6,997
<PER-SHARE-NAV-BEGIN>                            11.24
<PER-SHARE-NII>                                 (0.10)
<PER-SHARE-GAIN-APPREC>                           1.79
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (0.09)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.84
<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>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                           64,345
<INVESTMENTS-AT-VALUE>                          64,345
<RECEIVABLES>                                      654
<ASSETS-OTHER>                                      54
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  65,053
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          232
<TOTAL-LIABILITIES>                                232
<SENIOR-EQUITY>                                 64,821
<PAID-IN-CAPITAL-COMMON>                        64,821
<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>                                    64,821
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 1010
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     254
<NET-INVESTMENT-INCOME>                            756
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                              756
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          756
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        165,204
<NUMBER-OF-SHARES-REDEEMED>                    139,782
<SHARES-REINVESTED>                                718
<NET-CHANGE-IN-ASSETS>                          26,140
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                              113
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    349
<AVERAGE-NET-ASSETS>                            56,843
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.013
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                             0.013
<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 U.S. GOVERNMENT MONEY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          OCT-31-1998
<PERIOD-START>                             NOV-01-1997
<PERIOD-END>                               APR-30-1998
<INVESTMENTS-AT-COST>                           36,011
<INVESTMENTS-AT-VALUE>                          36,011
<RECEIVABLES>                                      240
<ASSETS-OTHER>                                      54
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  36,305
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          188
<TOTAL-LIABILITIES>                                188
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        36,117
<SHARES-COMMON-STOCK>                           36,117
<SHARES-COMMON-PRIOR>                           35,174
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                    36,117
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                 1057
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     169
<NET-INVESTMENT-INCOME>                            888
<REALIZED-GAINS-CURRENT>                             0
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                              888
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                          888
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         94,487
<NUMBER-OF-SHARES-REDEEMED>                     94,422
<SHARES-REINVESTED>                                878
<NET-CHANGE-IN-ASSETS>                             943
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               75
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    265
<AVERAGE-NET-ASSETS>                            37,938
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.023
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                             0.023
<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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