<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 8
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<PAGE> PAGE 10
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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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SIGNATURE BRIAN KAMMERER
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000946110
<NAME> DLJ WINTHROP DEVELOPING MARKETS FUND CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> DLJ WINTHROP DEVELOPING MARKETS FUND CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000946110
<NAME> DLJ WINTHROP INTERNATIONAL EQUITY 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 INTERNATIONAL EQUITY FUND CLASS B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000946110
<NAME> DLJ WINTHROP INTERNATIONAL EQUITY FUND CLASS D
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000946110
<NAME> DLJ WINTHOP MUNICIPAL MONEY FUND
<S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000946110
<NAME> DLJ WINTHROP US GOVERNMENT MONEY FUND
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000946110
<NAME> DLJ WINTHROP HIGH INCOME FUND CLASS A
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000946110
<NAME> DLJ WINTHROP HIGH INCOME FUND CLASS B
<S> <C>
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<EXPENSE-RATIO> 1.85
</TABLE>
<TABLE> <S> <C>
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<CIK> 0000946110
<NAME> DLJ WINTHROP HIGH INCOME FUND CLASS D
<S> <C>
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees of
DLJ Winthrop Opportunity Funds
In planning and performing our audit of the financial statements of DLJ
Winthrop Opportunity Funds for the year ended October 31, 1999, 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 internal control.
The management of DLJ 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 safe
guarding 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 internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error 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, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees of DLJ 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.
ERNST & YOUNG LLP
New York, New York
December 27, 1999
DLJ WINTHROP HIGH INCOME FUND
MAY-1-1999 THROUGH OCTOBER 31, 1999
10F-3 REPORT
Issuer: Caprock Comm. Corp.
11 1/2% 5/01/09
Trade date: 5/13/99
3 years operations
Selling Broker: Merrill
Face Amount: $ 3 million
Purchase price per share: 98.541
% of issue: 1.43%
Issuer: Allied Waste N.A.
10% 8/01/09
Trade date: 7/27/99
3 years operations
Selling broker: Chase
Face amount: $0.25 million
purchase price per share: $99 2/3
% of issue: 0.01%
Issuer: Classic Cable
9 3/8% 8/01/09
Trade date: 7/21/99
3 years operations
Selling broker: GSCO
Face Amount: $0.5 million
Purchase price per share: $100
% 0f issue: 0.33%
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).
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 totoal 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.
