<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE BRIAN KAMMERER
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> DLJ WINTHROP DEVELOPING MARKETS FUND CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> DLJ WINTHROP DEVELOPING MARKETS FUND CLASS B
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 2375
<PER-SHARE-NAV-BEGIN> 6.96
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.19
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0.23
<PER-SHARE-NAV-END> 9.39
<EXPENSE-RATIO> 2.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> DLJ WINTHROP INTERNATIONAL EQUITY FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 39542
<INVESTMENTS-AT-VALUE> 49176
<RECEIVABLES> 694
<ASSETS-OTHER> 1754
<OTHER-ITEMS-ASSETS> 25
<TOTAL-ASSETS> 51649
<PAYABLE-FOR-SECURITIES> 287
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379
<TOTAL-LIABILITIES> 666
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37232
<SHARES-COMMON-STOCK> 3426
<SHARES-COMMON-PRIOR> 3629
<ACCUMULATED-NII-CURRENT> (188)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4226
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9623
<NET-ASSETS> 44964
<DIVIDEND-INCOME> 354
<INTEREST-INCOME> 27
<OTHER-INCOME> 0
<EXPENSES-NET> 569
<NET-INVESTMENT-INCOME> (188)
<REALIZED-GAINS-CURRENT> 4400
<APPREC-INCREASE-CURRENT> 2418
<NET-CHANGE-FROM-OPS> 6630
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2412)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 130
<NUMBER-OF-SHARES-REDEEMED> (541)
<SHARES-REINVESTED> 209
<NET-CHANGE-IN-ASSETS> 565
<ACCUMULATED-NII-PRIOR> (320)
<ACCUMULATED-GAINS-PRIOR> 2823
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 317
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 44854
<PER-SHARE-NAV-BEGIN> 12.20
<PER-SHARE-NII> (0.08)
<PER-SHARE-GAIN-APPREC> 1.70
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.70)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.12
<EXPENSE-RATIO> 2.15
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> DLJ WINTHROP INTERNATIONAL EQUITY FUND CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 39542
<INVESTMENTS-AT-VALUE> 49176
<RECEIVABLES> 694
<ASSETS-OTHER> 1754
<OTHER-ITEMS-ASSETS> 25
<TOTAL-ASSETS> 51649
<PAYABLE-FOR-SECURITIES> 287
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379
<TOTAL-LIABILITIES> 666
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37323
<SHARES-COMMON-STOCK> 469
<SHARES-COMMON-PRIOR> 512
<ACCUMULATED-NII-CURRENT> (188)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4226
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9623
<NET-ASSETS> 6020
<DIVIDEND-INCOME> 354
<INTEREST-INCOME> 27
<OTHER-INCOME> 0
<EXPENSES-NET> 569
<NET-INVESTMENT-INCOME> (188)
<REALIZED-GAINS-CURRENT> 4400
<APPREC-INCREASE-CURRENT> 2418
<NET-CHANGE-FROM-OPS> 6630
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (358)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 27
<NUMBER-OF-SHARES-REDEEMED> (101)
<SHARES-REINVESTED> 31
<NET-CHANGE-IN-ASSETS> 565
<ACCUMULATED-NII-PRIOR> (320)
<ACCUMULATED-GAINS-PRIOR> 2823
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 317
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 6320
<PER-SHARE-NAV-BEGIN> 11.98
<PER-SHARE-NII> (0.17)
<PER-SHARE-GAIN-APPREC> 1.71
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.70)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.82
<EXPENSE-RATIO> 2.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> DLJ WINTHROP MUNICIPAL MONEY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 56095
<INVESTMENTS-AT-VALUE> 56095
<RECEIVABLES> 496
<ASSETS-OTHER> 1444
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 58035
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 199
<TOTAL-LIABILITIES> 199
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 57836
<SHARES-COMMON-STOCK> 57836
<SHARES-COMMON-PRIOR> 57778
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 00
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 57836
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 904
<OTHER-INCOME> 0
<EXPENSES-NET> 258
<NET-INVESTMENT-INCOME> 646
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 646
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 646
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 178202
<NUMBER-OF-SHARES-REDEEMED> 178798
<SHARES-REINVESTED> 654
<NET-CHANGE-IN-ASSETS> 58
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 312
<AVERAGE-NET-ASSETS> 59423
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.025
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.025
<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> DLJ WINTHROP US GOVERNMENT MONEY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 66055
<INVESTMENTS-AT-VALUE> 66055
<RECEIVABLES> 462
<ASSETS-OTHER> 40
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66557
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 247
<TOTAL-LIABILITIES> 247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66309
<SHARES-COMMON-STOCK> 66309
<SHARES-COMMON-PRIOR> 56696
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 66310
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1472
<OTHER-INCOME> 0
<EXPENSES-NET> 265
<NET-INVESTMENT-INCOME> 1207
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1207
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1207
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 135587
<NUMBER-OF-SHARES-REDEEMED> 127189
<SHARES-REINVESTED> 1215
<NET-CHANGE-IN-ASSETS> 9613
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 118
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 339
<AVERAGE-NET-ASSETS> 57716
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.044
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.044
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> DLJ WINTHROP HIGH INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> MAR-08-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 7466
<INVESTMENTS-AT-VALUE> 7584
<RECEIVABLES> 1638
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9242
<PAYABLE-FOR-SECURITIES> 1500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1541
<TOTAL-LIABILITIES> 1541
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7488
<SHARES-COMMON-STOCK> 711
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 96
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 118
<NET-ASSETS> 7702
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 90
<OTHER-INCOME> 0
<EXPENSES-NET> 11
<NET-INVESTMENT-INCOME> 79
<REALIZED-GAINS-CURRENT> 96
<APPREC-INCREASE-CURRENT> 118
<NET-CHANGE-FROM-OPS> 293
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 78
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 716
<NUMBER-OF-SHARES-REDEEMED> 9
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 7702
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 72
<AVERAGE-NET-ASSETS> 6637
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.121
<PER-SHARE-GAIN-APPREC> 0.330
<PER-SHARE-DIVIDEND> 0.121
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> 1.10
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> DLJ WINTHROP HIGH INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> MAR-08-1999
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 7466
<INVESTMENTS-AT-VALUE> 7584
<RECEIVABLES> 1638
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9242
<PAYABLE-FOR-SECURITIES> 1500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1541
<TOTAL-LIABILITIES> 1541
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7458
<SHARES-COMMON-STOCK> 35
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 96
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 118
<NET-ASSETS> 7702
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 90
<OTHER-INCOME> 0
<EXPENSES-NET> 11
<NET-INVESTMENT-INCOME> 79
<REALIZED-GAINS-CURRENT> 96
<APPREC-INCREASE-CURRENT> 118
<NET-CHANGE-FROM-OPS> 293
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 35
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7702
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 72
<AVERAGE-NET-ASSETS> 103
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.102
<PER-SHARE-GAIN-APPREC> 0.330
<PER-SHARE-DIVIDEND> 0.102
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.33
<EXPENSE-RATIO> 1.85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
DLJ WINTHROP HIGH INCOME FUND
10f-3 Report
March 8, 1999* - April 30, 1999
1. Issuer: Charter Communications Hldg. 8 5/8% 4/1/09
Trade date: 3/12/99
Category(1): (iv)
3 years operations
selling broker: GSCO
Face Amount: $1.0 million
Purchase price per share: 100 3/8
% of Issue(2): 0.07%
2. Issuer: Jordan Industries 10 3/8% 8/1/07
Trade date: 3/17/99
Category: (iv)
3 years operations
selling broker: BOB
Face amount: $0.5 million
Purchase price per share: 96 5/8
% of Issue: 0.32%
3. Issuer: Dura Operating Corp. 9% 5/1/09
Trade date: 4/15/99
Category: (iv)
3 years operations
Selling broker: NATF
Face amount: $0.5 million
Purchase price per share: 100
% of issue: 0.17%
*The DLJ Winthrop High Income Fund commenced operations on March 8, 1999
(1) Securities are (i) part of an issue registered under the Securities Act
of 1933 (the "1933 Act") that is being offered to the public, (ii) Eligible
Municipal Securities (as defined in Rule 10f-3 under the 1940 Act (the "Rule")
(iii) securities sold in an Eligible Foreign Offering (as defined in the Rule)
or (iv) securities sold in an Eligible Rule 144A Offering (as defined in the
Rule).
(2) Represents purchases by all affiliated funds: may not exceed (i) if an
offering other than an Eligible Rule 144A offering, 25% of the principal amount
of the offering or (ii) if an Eligible Rule 144A offering, 25% of the total of
(x) the principal amount of the offering of such class sold by underwriters
or members of the selling syndicate to Qualified Institutional buyers, as
defined in Rule 144A (a)(1) under the 1933 Act, plus (y) the principal amount
of the offering of such class in any concurrent public offering.
