DLJ WINTHROP OPPORTUNITY FUNDS, N-30D, 2000-01-10

DLJ WINTHROP OPPORTUNITY FUNDS
N-30D, 2000-01-10

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<PAGE>

PRESIDENT'S LETTER

Dear Shareholders,

Overall, during our recent fiscal year, equity investors in foreign
markets have achieved significant performance results. After ten months in
existence, the new European single currency seems to be a success. Well
accepted by the financial community since its introduction, the euro has been
successfully tested over the past year and is now at a much more competitive
level with the U.S. dollar. Our international markets have been re-emerging and
we believe that they will continue to offer strong potential and favorable
opportunities for investment growth.

DLJ Winthrop Developing Markets Fund

The total return of the DLJ Winthrop Developing Markets Fund for the
fiscal year ending October 31, 1999, amounted to +39.82% (Class A shares) and
+38.79% (Class B shares), vs. +44.63% for the Fund's benchmark, the MSCI
Emerging Markets Free Index.

The period began with the fantastic recovery of the Asian stock markets
following the intervention of the International Monetary Fund (IMF) throughout
the region. In contrast, the Brazilian currency collapsed in early January,
driving down the value of Brazilian stocks and all Latin American stock
exchanges. These markets bottomed out in March, after which Brazilian president
Cardoso took the appropriate measures to stabilize currency and refinance the
country's heavy debt. Latin American markets were the last to recover from
their financial crisis as they were the last to go into turmoil. The rest of
the period was well oriented as recovering situations in Asia were supported by
the strengthening of the Japanese economy. Strong discrepancies in company
valuations were tracked in Latin America and Eastern Europe while in Asia
prospects for earnings growth was the main focus of investors.

During the first half of the fiscal year, the Fund was mainly invested
in Latin America. For that reason, it underperformed its benchmark during the
first quarter of 1999. During the following quarters, the spectacular recovery
in stock prices gave us the opportunity to reduce our overweight in Latin
America and increase our weightings in Asia. Financial sector and technology
stocks were added to the Asian part of the portfolio along with utilities and
commodity linked stocks.

DLJ Winthrop International Equity Fund

The total return of the DLJ Winthrop International Equity Fund for the
fiscal year ending October 31, 1999 amounted to +21.76% (Class A shares) and
+20.86% (Class B shares) vs. +23.37% for the Fund's benchmark, the MSCI EAFE
Free Index.

During the period, European markets enjoyed a +10.8% return, but
underperformed the MSCI EAFE Free Index. European equities have benefited from
improving economic prospects, better than anticipated corporate results and very
strong merger and acquisition activity across all industry sectors. These
factors have continued and have guided momentum over the past quarter. During
the first part of the year, European markets suffered from a lack of relative
economic momentum (relative to the U.S., Asia and Japan), certain political
problems and, at the time, a weaker Euro which had not yet achieved its recent
relative success. During the second part of the year, a much stronger economic
trend was anticipated, particularly in Germany leading to strong corporate
activity. Sectors such as services, technology, telecommunications and internet
companies performed well. The Japanese market showed strong performance during
the period. The Topix Index (top 1200 Japanese stocks) gained 51% in local
currency and 68% in US$ while the MSCI Japan Index gained 41% in yen and 57% in
local currency. The strong performance was due to the increasing realization
that the Japanese economy was finally pulling out of its recession and showing
signs of progress on the restructuring front. The government announced a number
of supply-side reforms covering pension plan reforms, bankruptcy legislation,
debt/equity swap reforms and a host of other legislation making it easier for
restructuring to be carried out.

<PAGE>

The government loan guarantee program to small and medium sized
companies marked an important step in the improvement of consumer confidence.
In terms of market focus, activity centered on 'new Japan' growth style
companies for most of the year. Sectors such as services, technology,
components, hi-tech electronics, internet-related and niche retailers performed
very well. Old style Japan, where it is perceived that management is slow to
make necessary changes and properly focus on priorities, lost out. Many raw
materials and deep cyclical stocks fall into this category. Pressure from Asian
competition and cross-shareholding unwinding is also a threat.

For the most part, markets in Asia have reflected the beginnings of an
economic recovery during the twelve months under review. As U.S. interest rates
eased in the fourth quarter of 1998, and hedge fund activity declined,
speculative pressure on Asian currencies eased, allowing interest rates to
decline at a far quicker rate than previously anticipated. This laid the
foundation for the recovery in Asia in 1999, stronger in some countries than
others. For Australia, fear that the U.S. Federal Reserve would reverse the
interest rate cuts of 1998 proved correct, keeping a lid on the rise in the
equity market as global bond yields adjusted to rising interest rate
expectations. In Hong Kong, the government's stock market intervention
underpinned a recovery in most areas of the economy over the course of the
year, despite little respite for the beleaguered property sector, where there
was no improvement in 1999. China and intra-Asian trade boosted exports and a
strong technology and internet-related rally gave the market a boost. In
Singapore, the government led the way with affirmative policies that included
liberalization of the financial sector, a relaxation of employees'
contributions to the Central Provident Fund, and beneficial housing policies.
The recovery was aided by stronger exports, particularly in the electronic
manufacturing sector.

The Fund favored technology stocks and remained overweighted in domestic
consumer and cyclical companies. The Fund was invested largely in European
stocks at the beginning of the fiscal year. It benefited from the restructuring
situations within the European economies. The Japanese part of the portfolio
remained neutral which allowed the Fund to take advantage of the strength of
the Yen. During the second part of the fiscal year Japanese weightings were
increased and focus was placed on banks and the technology sector. This
increase of the Asian part of the portfolio was financed by reducing the
overall weight of European stocks. The portfolio benefited largely from this
restructuring and the recovering situations recognized throughout Asia.

We would like to thank you for your investment in the DLJ Winthrop
Opportunity Funds. The Officers and Trustees wish you a happy and prosperous
New Year.

Sincerely,
/s/ G. Moffett Cochran
- ----------------------------

G. Moffett Cochran December, 1999
President
<PAGE>

OPPORTUNITY FUND HIGHLIGHTS (unaudited)
- --------------------------------------------------------------------------------
DLJ Winthrop International Equity Fund
Asset Allocation by Country October 31, 1999

Finland 1.1 Germany 8.1
Ireland 1.3 France 9.3
Sweden 1.9 Portugal 1.1
Cash & Other Assets/Liabilities 2.4 Australia 1.0
Netherelands 4.0 Belgium 0.7
Spain 4.3 Denmark 0.4
Italy 4.5 Singapore 0.3
Switzerland 6.5 Japan 28.1
Hong Kong 6.9 United Kingdom 18.1

Ten Largest Holdings October 31, 1999

<TABLE>
<CAPTION>
Percent of
Country US $ Value Net Assets
---------------- -------------- -----------
<S> <C> <C> <C>
NTT Mobile Communication Network, Inc. .......... Japan $ 2,125,252 3.8%
BP Amoco Plc. ................................... United Kingdom 1,326,645 2.4
Nippon Telegragh & Telephone Corp. Ltd. ......... Japan 1,273,617 2.3
Fujitsu Support and Service, Inc. ............... Japan 1,124,005 2.0
The Asahi Bank Ltd. ............................. Japan 888,079 1.6
Glaxo Wellcome Plc. ............................. United Kingdom 766,765 1.4
Telefonica SA. .................................. Spain 707,159 1.3
Deutsche Bank AG ................................ Germany 702,948 1.3
Shell Transport & Trading Co. Plc. .............. United Kingdom 697,836 1.3
Nestle SA ....................................... Switzerland 694,534 1.3
------------ ----
$ 10,306,840 18.7%
============ ====
</TABLE>

Investment Results For the Periods Ended October 31, 1999

Without Load With Load MSCI EAFE Index
------------ --------- ---------------
9/95 10,000 9,425 10,000
10/95 9,580 9,029 9,852
10/96 10,380 9,783 10,916
10/97 11,420 10,763 11,454
10/98 12,357 11,646 12,594
10/99 15,045 14,180 15,537

<PAGE>

Average Annual Total Return
---------------------------------------
DLJ Winthrop
International
Equity Fund
------------------------- MSCI
Without With EAFE
Load Load INDEX
----------- ----------- -----------
Class A:
1 year ........................ 21.76% 14.76% 23.37%
From inception 9/13/95 ........ 10.39 8.82 11.30

Class B:
1 year ........................ 20.86 16.86 23.37
From inception 9/13/95 ........ 9.58 9.58 11.30

Class D:
From inception 5/17/99 ........ 10.48 n/a n/a

The performance data quoted represents past performance, which is no
indication of future performance. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost. No adjustment has been made for any income
taxes payable by shareholders on dividends or capital gains. Class A returns
shown above are computed with and without the imposition of the maximum
5.75% front-end sales load. Class B shares which, instead of a front-end
sales load, are subject to a contingent deferred sales charge (CDSC) ranging
from 4% during the first year to 0% after 4 years. Accordingly, returns on
Class B shares will differ from those of Class A shares and are referenced
in the table above with and without the imposition of the applicable CDSC.
Class D shares are offered only to employees of DLJ and its subsidiaries who
are eligible to participate in the DLJ 401(K) Retirement Savings Plan for
Employees. Class D shares are not subject to any sales charges or
distribution fees.

The MSCI EAFE Index is an unmanaged index composed of a sample of companies
representative of the market structure of European and Pacific Basin
countries. The index is the property of Morgan Stanley & Co. Incorporated.
The index does not take into account charges, fees and other expenses.
Further information relating to Fund performance, including expense
reimbursements, if applicable, is contained in the Financial Highlights
section of the Prospectus and elsewhere in this report.
- --------------------------------------------------------------------------------
<PAGE>

OPPORTUNITY FUND HIGHLIGHTS (unaudited)
- --------------------------------------------------------------------------------
DLJ Winthrop Developing Markets Fund
Asset Allocation by Country October 31, 1999

Chile 2.2 South Africa 8.5
Czech Republic 3.0 Greece 9.1
Malaysia 3.1 Philippines 2.2
Argentina 3.8 Hungary 1.5
India 4.2 Indonesia 0.5
Cash & Other Assets/Liabilities 3.5 Poland 0.4
China 5.3 South Korea 14.9
Thailand 4.6 Mexico 14.2
Taiwan 6.4 Brazil 12.6

Ten Largest Holdings October 31, 1999

<TABLE>
<CAPTION>
Percent of
Country US $ Value Net Assets
-------------- -------------- -----------
<S> <C> <C> <C>
Samsung Electronics GDR .................... South Korea $ 1,136,450 6.1%
Telefonos de Mexico SA Cl.'L' ADR .......... Mexico 871,245 4.7
Pohang Iron ADR ............................ South Korea 622,310 3.3
De Beers Centenary AG ...................... South Africa 510,161 2.7
Hon Hai Precision Industry ................. Taiwan 503,684 2.7
Cifra SA de CV Ser.'V' ..................... Mexico 484,125 2.6
Grupo Mexico SA de CV Ser.'B' .............. Mexico 418,549 2.2
Korea Electrical Power ADR ................. South Korea 416,714 2.2
SK Telecom Co. Ltd. ........................ South Korea 360,217 1.9
Companhia Vale do Rio Doce SA Prf. ......... Brazil 342,552 1.8
----------- ----
$ 5,666,007 30.2%
=========== ====
</TABLE>

Investment Results For the Periods Ended October 31, 1999

Without Load With Load MSCI EMF Index
------------ --------- --------------
9/95 10,000 9,425 10,000
10/95 9,530 8,982 9,462
10/96 9,960 9,387 10,075
10/97 9,544 8,995 9,220
10/98 7,158 6,746 6,363
10/99 10,001 9,433 9,203

<PAGE>

Average Annual Total Return
---------------------------------------
DLJ Winthrop
Developing MSCI
Markets Fund
------------------------- EMERGING
Without With MARKETS
Load Load FREE INDEX
----------- ----------- -----------
Class A:
1 year ........................ 39.82% 31.78% 44.63%
From inception 9/13/95 ........ 0.02 -1.40 -1.98

Class B:
1 year ........................ 38.79 34.79 44.63
From inception 9/13/95 ........ -0.77 -0.77 -1.98

The MSCI Emerging Markets Free Index is an unmanaged index composed of a
sample of companies representative of the market structure of developing
countries worldwide. The index is the property of Morgan Stanley & Co.
Incorporated. The index does not take into account charges, fees and other
expenses. Further information relating to Fund performance, including
expense reimbursements, if applicable, is contained in the Financial
Highlights section of the Prospectus and elsewhere in this report.
- --------------------------------------------------------------------------------
<PAGE>

DLJ Winthrop Opportunity Funds--Statement of Investments October 31, 1999
- --------------------------------------------------------------------------------
DLJ Winthrop International Equity Fund

COMMON STOCKS -- 97.6%

Shares U.S. $ Value
---------- ---------------
AUSTRALIA--1.0%
National Australia Bank Ltd. ............ 4,410 $ 68,067
Normandy Mining Ltd. .................... 46,400 35,217
Qantas Airways Ltd. ..................... 42,100 133,988
Telstra Corporation Ltd. ................ 36,150 183,921
The News Corporation Ltd. ............... 9,810 70,952
Woodside Petroleum Ltd. ................. 8,100 48,820
---------
540,965
---------

BELGIUM--0.7%
Fortis Cl.'B' ........................... 10,970 370,360
---------

DENMARK--0.4%
ISS International Service Systems
A/S .................................. 4,440 238,117
---------

FINLAND--1.1%
Oy Nokia (Ab) Ser 'A' ................... 5,420 620,270
---------

FRANCE--9.3%
Accor SA ................................ 1,630 366,872
Air Liquide SA .......................... 1,020 157,163
Alcatel Alsthom ......................... 2,190 342,045
CAP Gemini SA ........................... 1,000 151,452
Carrefour SA ............................ 1,330 246,193
Compagnie de Saint Gobain ............... 1,430 248,160
Danone Groupe ........................... 1,310 334,115
Elf Aquitaine SA ........................ 2,400 353,388
Groupe GTM .............................. 1,240 135,634
Hachette Filipacchi Medias .............. 5,300 267,008
Lafarge SA .............................. 49 4,716
Legrand SA .............................. 710 169,884
L'Oreal ................................. 270 180,181
LVMH (Moet-Hennessy Luois
Vuitton) .............................. 860 259,593
PSA Peugeot Citroen SA .................. 1,980 380,050
Rhodia SA ............................... 10,365 200,041
Suez Lyonnaise des Eaux SA .............. 1,610 259,924
Television Francaise .................... 1,280 401,180
Total Fina SA ........................... 2,810 379,771
Vivendi ................................. 4,140 313,723
---------
5,151,093
---------

GERMANY--8.1%
Allianz AG. ............................. 1,169 356,554
Bayer AG ................................ 6,550 267,981
Bayerische Vereinsbank AG ............... 9,250 603,179
Celanese AG* ............................ 749 11,816
DaimlerChrysler AG ...................... 7,270 566,585
Deutsche Bank AG ........................ 9,800 702,948
Deutsche Lufthansa AG ................... 10,690 223,178
Hoechst AG .............................. 7,490 328,102
Mannesmann AG ........................... 4,010 630,519
SAP AG .................................. 590 254,543
Veba AG ................................. 10,170 555,673
----------
4,501,078
----------

<PAGE>

Shares U.S. $ Value
------ ---------------
HONG KONG--6.9%
Cheung Kong Holdings Ltd. ............... 60,000 $ 544,493
China Resources Enterprises Ltd. ........ 110,000 141,594
China Telecom (Hong Kong) Ltd. .......... 172,000 588,927
Citic Pacific Ltd. ...................... 170,000 439,842
Hong Kong & China Gas Company
Ltd. .................................. 281,000 372,559
Hong Kong Electric Holdings ............. 55,000 168,143
Hutchison Whampoa Ltd. .................. 45,000 451,813
New World Development Company
Ltd. .................................. 125,000 236,526
Shanghai Industrial Holdings Ltd. ....... 156,000 291,168
SmarTone Telecommunications
Holdings Ltd. ......................... 61,000 215,145
Total Access Communication Public
Company Ltd. .......................... 44,000 106,480
Wharf Holdings Ltd. ..................... 94,000 271,642
----------
3,828,332
----------
ITALY--4.5%
Autogrill SPA ........................... 26,040 278,258
Banca di Roma SPA ....................... 199,610 268,723
Benetton Group SPA ...................... 141,500 312,528
Italcementi SPA ......................... 23,760 300,125
Mediolanum SPA .......................... 35,140 285,689
San Paolo--IMI SPA ...................... 22,500 291,545
Seat Pagine Gialle SPA .................. 412,100 394,851
Telecom Italia SPA ...................... 40,840 352,648
----------
2,484,367
----------
IRELAND--1.3%
Bank of Ireland Plc. .................... 19,960 155,138
Bank of Ireland Plc. .................... 15,760 122,991
CRH Plc. ................................ 12,540 236,610
Irish Life & Permanent Plc. ............. 2,149 22,248
Irish Permanent Plc. .................... 15,900 162,211
----------
699,198
----------
JAPAN--28.1%
Bank of Tokyo-Mitsubishi Ltd. ........... 36,000 596,605
Bridgestone Corp. Ltd. .................. 16,000 440,395
Canon, Inc. ............................. 6,000 169,752
Daifuku Co. Ltd. ........................ 72,000 468,860
Fujitsu Ltd. ............................ 10,000 301,141
Fujitsu Support and Service, Inc. ....... 4,000 1,124,005
Hitachi Ltd. ............................ 40,000 432,339
Honda Motor Co. Ltd. .................... 8,000 337,585
Ito-Yokado Co. Ltd. ..................... 5,000 399,923
Japan Tobacco Inc. ...................... 39 430,133
Kirin Brewery Co. Ltd. .................. 22,000 251,923
Minebea Co. Ltd. ........................ 24,000 323,391
Mitsubishi Chemical Corp. Ltd. .......... 130,000 589,719
Mitsukoshi Ltd. ......................... 75,000 417,905
Mitsui Fudosan Co. Ltd. ................. 34,000 254,014
Nippon Express Co. Ltd. ................. 55,000 389,278
Nippon Telegraph & Telephone
Corp. Ltd. ............................ 83 1,273,617
NTT Data Corporation Ltd. ............... 36 569,675
NTT Mobile Communication
Network, Inc. ......................... 80 2,125,252
Oji Paper Co. Ltd. ...................... 60,000 422,940
Shiseido Co. Ltd. ....................... 21,000 320,226

See notes to financial statements.
<PAGE>

DLJ Winthrop Opportunity Funds--Statement of Investments October 31, 1999
(continued)
- --------------------------------------------------------------------------------
DLJ Winthrop International Equity Fund

Shares U.S. $ Value
---------- ---------------
Takeda Chemical Industries Ltd. ....... 12,000 $ 689,364
TDK Corp. Ltd. ........................ 4,000 391,675
The Asahi Bank Ltd. ................... 100,000 888,079
The Tokio Marine & Fire Insurance
Co. Ltd. ............................ 42,000 549,823
Tokyo Electron Ltd. ................... 5,000 415,268
Toshiba Corp. Ltd. .................... 55,000 346,025
Toyota Motor Corp. Ltd. ............... 12,000 415,460
World Co. Ltd. ........................ 2,000 205,236
-----------
15,539,608
-----------
NETHERLANDS--4.0%
Elsevier NV ........................... 2,910 27,637
Heineken NV ........................... 6,020 307,016
ING Groep NV .......................... 9,410 555,022
Koninklijke Ahold NV .................. 15,008 460,912
Royal Philips Electronics NV .......... 4,059 416,233
ST Microelectronics NV ................ 5,050 443,497
-----------
2,210,317
-----------
PORTUGAL--1.1%
Banco Pinto & Sotto Mayor SA .......... 14,450 300,916
Portugal Telecom SA ................... 6,961 310,420
-----------
611,336
-----------
SINGAPORE--0.3%
Fraser & Neave Ltd. ................... 15,100 64,479
Singapore Airlines Ltd. ............... 10,900 114,724
-----------
179,203
-----------
SPAIN--4.3%
Amadeus Global Travel Distribution
SA* ................................ 24,170 144,644
Banco Popular Espanol SA .............. 4,730 318,386
Banco Santander SA .................... 31,690 328,967
Endesa SA ............................. 15,410 308,428
Ferrovial Agroman SA .................. 18,620 131,406
Grupo Dragados SA ..................... 42,250 447,476
Telefonica SA ......................... 42,990 707,159
-----------
2,386,466
-----------
SWEDEN--1.9%
Electrolux AB--Ser B .................. 14,280 284,732
Nordbanken Holding AB ................. 44,650 260,571
Telefonaktiebolaget LM Ericsson ....... 12,630 525,162
-----------
1,070,465
-----------

<PAGE>

Shares U.S. $ Value
------- ---------------
SWITZERLAND--6.5%
ABB Ltd. .............................. 3,360 $ 338,447
Holderbank Financiere Glarus AG ....... 260 320,244
Nestle SA ............................. 360 694,534
Novartis AG--Reg. Shares .............. 423 632,876
Roche Holding AG ...................... 40 480,346
Schindler Holding AG .................. 130 199,620
UBS--Union Bank of Switzerland ........ 1,680 488,930
Zurich Allied AG ...................... 690 390,754
-----------
3,545,751
-----------
UNITED KINGDOM--18.1%
Allied Domecq Plc. .................... 30,170 169,310
AstraZeneca Group Plc. ................ 13,000 585,984
BAA Plc. .............................. 26,310 192,613
Bank of Scotland Plc. ................. 24,440 304,831
Barclays Plc. ......................... 15,480 474,932
Bass Plc. ............................. 2,025 22,129
BP Amoco Plc. ......................... 136,600 1,326,645
British Aerospace Plc. ................ 44,000 258,491
British Telecommunications Plc. ....... 26,490 480,800
Cable & Wireless Plc. ................. 18,440 215,602
Carlton Communications Plc. ........... 24,810 178,879
Compass Group Plc. .................... 26,510 285,343
Glaxo Wellcome Plc. ................... 25,980 766,765
HSBC Holdings Plc. .................... 43,401 535,263
Kingfisher Plc. ....................... 38,970 426,182
Misys Plc. ............................ 27,000 226,060
National Westminister Bank Plc. ....... 15,610 352,457
Prudential Corporation Plc. ........... 17,390 272,767
Reed International Plc. ............... 37,430 218,817
Royal & Sun Alliance Insurance
Group Plc. .......................... 33,610 228,934
Scottish & Southern Energy Plc. ....... 24,640 232,621
Smithkline Beecham Plc. ............... 36,460 469,731
Shell Transport & Trading Co. Plc...... 91,030 697,836
Tesco Plc. ............................ 173,690 515,191
Vodafone Group Plc. ................... 116,800 545,103
-----------
9,983,286
-----------
TOTAL INVESTMENTS--97.6%
(cost $43,705,327) .................... 53,960,212
-----------
Cash and Other Assets
Net of Liabilities--2.4% ............... 1,333,801
-----------

NET ASSETS--100% ......................... $55,294,013
===========

* Non-income producing

See notes to financial statements.
<PAGE>

DLJ Winthrop Opportunity Funds--Statement of Investments October 31, 1999
- --------------------------------------------------------------------------------
DLJ Winthrop Developing Markets Fund

COMMON STOCKS--83.9%

Shares U.S. $ Value
------------ ---------------
ARGENTINA--3.8%
Banco Frances SA ....................... 1,970 $14,388
Banco de Galicia y Buenos Aires SA 7,560 40,011
IRSA Inversiones y
Representaciones SA .................. 39,280 118,681
Perez Compane SA ....................... 33,940 206,113
Siderca SA Cl.'A' ...................... 44,150 85,691
Telefonica de Argentina SA ADR ......... 9,580 245,488
---------
710,372
---------
CHILE--2.2%
Cia Cervecerias Unidas SA ADR .......... 3,760 82,015
Cia de Telecomunicaciones de Chile
SA ADR ............................... 7,963 132,882
Enersis SA ADR ......................... 2,273 51,142
Gener SA ............................... 2,075 30,866
Madeco GDR ............................. 2,308 22,792
Quimica Minera Chile SA ADR ............ 3,099 90,065
---------
409,762
---------
CHINA--5.3%
Beijing Datang Power Generation
Co. Ltd.* ........................... 405,560 84,571
Beijing Yanhua Petrochemical
Company Ltd.* ........................ 20,700 190,828
China Eastern Airlines Ltd.* ........... 1,696,240 183,408
Guangdong Kelon Electric Holdings
Co. Ltd.* ............................ 214,690 190,683
Huaneng Power International, Inc.* ..... 9,900 120,038
New World China Land Ltd. .............. 38,400 17,794
Pacific Century CyberWorks Ltd.* ....... 70,000 52,712
Tsingtao Brewery Co. Ltd.* ............. 560,000 156,783
---------
996,817
---------
CZECH REPUBLIC--3.0%
Ceske Energeticke Zavody AS* ........... 34,331 90,175
Inzenyrske Prumyslove Stavby* .......... 2,850 11,335
Komercni Banka AS ...................... 1,240 31,513
Skoda Plzen AS* ........................ 3,851 10,948
SPT Telecom AS* ........................ 20,840 314,479
Tabak AS ............................... 469 103,701
---------
562,151
---------
GREECE--9.1%
AG Petzetakis SA* ...................... 3,000 113,727
Aktor SA ............................... 2,340 58,517
Alpha Credit Bank SA ................... 734 56,118
Attica Enterprises ..................... 8,010 188,314
Bank of Piraeus ........................ 7,800 201,268
Chipita International SA ............... 2,800 92,721
EFG Eurobank SA* ....................... 720 31,905
Elais SA ............................... 1,000 44,567
Ergo Bank SA ........................... 217 21,222
Hellas Can Packaging SA ................ 730 35,929
Hellenic Bottling Company SA ........... 3,660 82,549

<PAGE>

Shares U.S. $ Value
--------- ---------------

Hellenic Telecommunication
Organization SA ...................... 1,593 $ 33,747
National Bank of Greece ................ 3,944 282,692
Panafon Hellenic Telecom SA ............ 22,580 298,516
Silver & Baryte Ores Mining SA ......... 744 28,678
Titan Cement Company SA ................ 1,210 134,140
-----------
1,704,610
-----------
HUNGARY--1.5%
Gedeon Richter Rt. ..................... 460 20,666
Magyar Tavkozlesi Rt.* ................. 3,900 112,369
Mol Magyar Olaj GDR .................... 7,000 140,000
-----------
273,035
-----------
INDIA--4.2%
Crompton Greaves Ltd. GDR .............. 34,200 41,040
Eih Limited GDR* ....................... 6,300 29,925
Grasim Industries Ltd. GDR ............. 6,900 89,700
Indian Aluminum Co. Ltd. GDR*. ......... 24,300 58,928
Mahindra & Mahindra Ltd. GDR*. ......... 6,800 54,400
Ranbaxy Laboratories GDR ............... 9,900 198,495
State Bank of India GDR ................ 10,600 141,113
Tata Engineering and Locomotive
Co. Ltd. GDR. ........................ 16,100 103,040
Videsh Sanchar GDR* .................... 4,700 70,030
-----------
786,671
-----------
INDONESIA--0.5%
PT Telekomunikasi Indonesia ADR ........ 10,000 91,875
-----------
MALAYSIA--3.1%
Ekran Bhd Warrants* .................... 15,000 3,158
Malayan Banking Bhd .................... 27,100 91,997
Petronas Gas Bhd ....................... 37,000 78,382
Rothmans of Pall Mall Bhd .............. 8,000 55,789
Telecom Malaysia Bhd ................... 61,500 189,355
Tenaga Nasional Bhd .................... 30,400 70,000
YTL Corporation Bhd .................... 40,000 76,316
YTL Corporation Bhd Warrants* .......... 40,000 17,763
-----------
582,760
-----------
MEXICO--14.2%
Cifra SA de CV Ser.'V' ................. 309,402 484,125
Grupo Carso SA de CV Ser.'A1'* ......... 51,810 216,684
Grupo Elektra SA de CV ................. 54,180 25,534
Grupo Industrial Bimbo SA de CV ........ 75,636 138,650
Grupo Mexico SA de CV Ser.'B' .......... 115,110 418,549
Grupo Modelo SA de CV Cl 'C' ........... 30,190 73,810
Kimberly-Clark de Mexico SA de
CV Cl.'A' ............................ 99,150 313,583
Savia SA de CV ADR ..................... 1,000 21,375
Telefonos de Mexico SA Cl.'L' ADR 10,190 871,245
Tubos de Acero de Mexico SA* ........... 6,500 71,682
Vitro SA Cl.'A' ........................ 9,750 12,882
-----------
2,648,119
-----------

See notes to financial statements.
<PAGE>

Shares U.S. $ Value
------------- ---------------
PHILIPPINES--2.2%
Manila Electric Company Cl.'B' ........ 80,000 $ 219,451
Philippine Long Distance
Telephone Co. ....................... 9,000 185,063
-----------
404,514
-----------
POLAND--0.4%
Telekomukacja Polska SA ............... 15,190 77,039
-----------
SOUTH AFRICA--8.5%
Anglo American Corp. .................. 2,900 154,383
AngloGold Ltd. ........................ 600 33,895
Barlow Ltd. ........................... 9,500 46,321
De Beers Centenary AG ................. 18,675 510,161
Edgars Consolidated Stores Ltd. ....... 902 8,811
Liberty International Plc. ............ 2,284 19,038
Liberty Life Association of
Africa Ltd. ......................... 4,900 45,470
Metro Cash & Carry Ltd. ............... 162,300 134,755
Nedcor Ltd. ........................... 5,500 108,164
Pick 'N' Pay Stores Ltd. .............. 40,800 60,511
Rembrandt Group Ltd. .................. 17,700 132,408
Sasol Ltd. ............................ 20,000 136,752
South African Breweries Ltd. .......... 20,540 179,903
Standard Bank Investment
Corp. Ltd. .......................... 5,746 19,644
-----------
1,590,216
-----------
SOUTH KOREA--14.9%
Korea Electrical Power ADR ............ 26,458 416,714
Korea Telecom Corp. ADR* .............. 7,000 246,750
Pohang Iron ADR ....................... 18,646 622,310
Samsung Electronics GDR ............... 13,370 1,136,450
SK Telecom Co. Ltd. ................... 27,576 360,217
-----------
2,782,441
-----------
TAIWAN--6.4%
Cathay Construction Corp. ............. 152,050 61,357
Cathay Life Insurance Co. Ltd. ........ 26,611 68,793
Evergreen Marine Corp. ................ 63,914 59,844
Far Eastern Textile Ltd. .............. 153,300 209,748
Formosa Chemicals & Fibre Corp. ....... 52,179 58,890
Hon Hai Precision Industry* ........... 73,626 503,684
Hua Nan Commercial Bank ............... 31,315 44,425
International Commercial Bank of
China ............................... 63,701 64,464
Microtek International, Inc.* ......... 72,980 27,609
Pacific Electrical Wire & Cable
Corp. ............................... 122,792 59,228
U-Ming Marine Transport Corp. ......... 102,206 41,727
Yang Ming Marine Transport ............ 4,801 2,679
-----------
1,202,448
-----------
<PAGE>

Shares U.S. $ Value
-------- ---------------
THAILAND--4.6%
Bangkok Bank Public Co. Ltd. .......... 95,100 $ 221,707
National Finance Public Co. Ltd. ...... 70,000 26,744
PTT Exploration and Production
Public Co. Ltd.* .................... 13,100 95,691
Siam Cement Public Co. Ltd. ........... 4,700 121,746
TelecomAsia Corporation Public Co.
Ltd.* ............................... 165,900 127,847
Thai Farmers Bank Public Co. Ltd....... 195,200 275,571
-----------
869,306
-----------
Total Common Stocks
(cost $14,332,580) ..................... 15,692,136
-----------
PREFERRED STOCKS--12.6%
BRAZIL--12.6%
Banco Bradesco SA Prf ................. 7,563,040 37,002
Banco Itau SA Prf ..................... 3,130,000 179,590
Centrais Electricas Brasileiras SA
Prf Cl.'B' .......................... 17,853,000 317,366
Centrais Geradoras do Sul do Brasil
SA Prf .............................. 24,871,000 18,475
Companhia Brasileira de Petroleo
Ipiranga SA Prf ..................... 25,123,000 201,164
Companhia Siderurgica Nacional SA
Prf ................................. 6,350,000 168,835
Companhia Vale do Rio Doce SA
Prf ................................. 17,238 342,552
Embratel Participacoes SA Prf. ........ 10,582,000 134,986
Lojas Americanas SA Prf ............... 72,646,403 93,041
Petroleo Brasileiro SA Prf ............ 683,000 108,643
Sao Carlos Empreendimentos SA
Prf* ................................ 72,646,403 121,325
Tele Celular Sul Participacoes SA
Prf ................................. 13,744,000 23,939
Tele Centro Sul Participacoes SA Prf 10,582,000 126,366
Tele Norte Leste Participacoes SA
Prf* ................................ 10,582,000 177,811
Tele Sudeste Celular Participacoes
SA Prf* ............................. 10,582,000 43,044
Telesp Celular Participacoes SA Prf* 10,582,000 103,001
Telesp Participacoes SA Prf*. ......... 10,582,000 169,681
-----------

Total Preferred Stocks
(cost $2,991,638) ...................... 2,366,821
-----------
TOTAL INVESTMENTS--96.5%
(cost $17,324,218) ...................... 18,058,957
-----------
Cash and Other Assets
Net of Liabilities--3.5% ............... 648,682
-----------
NET ASSETS--100% $18,707,639
===========
* Non-income producing

See notes to financial statements.
<PAGE>

DLJ Winthrop Opportunity Funds -- Statement of Assets and Liabilities
October 31, 1999
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
International Developing
Equity Fund Markets Fund
----------------- ---------------
<S> <C> <C>
ASSETS:
Investments in securities, at value (cost $43,705,327 and
$17,324,218, respectively) ..................................... $ 53,960,212 $ 18,058,957
Cash -- foreign, at value (cost $580,229 and $259,394,
respectively) .................................................. 596,350 282,728
Cash -- domestic ................................................ 803,231 466,394
Receivable for capital stock sold ............................... 18,855 500
Dividends and interest receivable ............................... 201,438 36,164
Deferred organization costs (Note A) ............................ 13,819 13,819
------------- ------------
Total assets ................................................. 55,593,905 18,858,562
------------- ------------
LIABILITIES:
Payable to investment advisor ................................... 93,282 56,174
Payable to distributor .......................................... 14,552 5,620
Payable for securities purchased ................................ 31,605 --
Payable for capital stock redeemed .............................. -- 62,790
Accrued expenses and other liabilities .......................... 160,453 26,339
------------- ------------
Total liabilities ............................................ 299,892 150,923
------------- ------------
NET ASSETS ......................................................... $ 55,294,013 $ 18,707,639
============= ============
NET ASSETS CONSIST OF:
Capital paid-in ................................................. $ 38,066,271 $ 22,492,415
Accumulated undistributed net investment income ................. -- 612
Accumulated net realized gain (loss) on investments and foreign
currency transactions .......................................... 6,956,736 (4,543,462)
Net unrealized appreciation of investments and foreign currency
denominated assets and liabilities ............................. 10,271,006 758,074
------------- ------------
$ 55,294,013 $ 18,707,639
============= ============
CLASS A SHARES:
Net assets ...................................................... $ 48,181,313 $ 16,022,605
------------- ------------
Shares outstanding .............................................. 3,441,031 1,611,030
------------- ------------
Net asset value and redemption value per share .................. $ 14.00 $ 9.95
============= ============
Maximum offering price per share (net asset value plus sales
charge of 5.75% of offering price) ............................. $ 14.85 $ 10.56
============= ============
CLASS B SHARES:
Net assets ...................................................... $ 5,526,577 $ 2,685,034
------------- ------------
Shares outstanding .............................................. 405,513 277,935
------------- ------------
Net asset value and offering price per share .................... $ 13.63 $ 9.66
============= ============
CLASS D SHARES:
Net assets ...................................................... $ 1,586,123
-------------
Shares outstanding .............................................. 113,153
-------------
Net asset value and offering price per share .................... $ 14.02
=============

</TABLE>

See notes to financial statements.
<PAGE>

DLJ Winthrop Opportunity Funds -- Statement of Operations for the year ended
October 31, 1999
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
International Developing
Equity Fund Markets Fund
--------------- ---------------
<S> <C> <C>
INVESTMENT INCOME:
Dividend income ............................................... $ 944,642 $ 676,664
Interest income ............................................... 41,691 19,846
------------ -----------
986,333 696,510
Less withholding tax on foreign source dividends ........... (106,902) (269,341)
------------ -----------
Total investment income .................................... 879,431 427,169
------------ -----------
EXPENSES:
Investment advisory fees (Note B) ............................. $ 641,576 $ 215,235
Distribution fees--Class A (Note B) ........................... 112,495 36,671
Distribution fees--Class B (Note B) ........................... 58,838 25,503
Custodian fees ................................................ 88,000 73,000
Transfer agent fees ........................................... 57,000 54,000
Registration fees ............................................. 50,000 34,100
Legal fees .................................................... 43,000 19,000
Auditing fees ................................................. 32,000 15,000
Printing fees ................................................. 30,000 14,000
Trustees' fees (Note B) ....................................... 14,000 4,600
Miscellaneous ................................................. 15,740 5,548
Amortization of organization costs (Note A) ................... 22,721 22,721
------------ -----------
1,165,370 519,378
Less fees waived by investment advisor and
subadvisor (Note B) ....................................... (18,842) (130,046)
------------ -----------
Net expenses ............................................... 1,146,528 389,332
------------ -----------
NET INVESTMENT INCOME (LOSS) ..................................... (267,097) 37,837
------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS--Note C:
Net realized gain (loss) on investments ....................... 7,349,564 (447,362)
Net realized loss on foreign currency transactions ............ (74,503) (23,171)
Net change in unrealized appreciation on investments .......... 3,058,042 5,273,635
Net change in unrealized appreciation on translation of foreign
currency denominated assets and liabilities .................. 7,643 25,088
------------ -----------
Net realized and unrealized gain on investments and foreign
currency transactions ........................................ 10,340,746 4,828,190
------------ -----------
Contribution from subadvisor--Note B: ......................... -- 460,289
------------ -----------
INCREASE IN NET ASSETS FROM OPERATIONS ........................... $ 10,073,649 $ 5,326,316
============ ===========
</TABLE>

See notes to financial statements.
<PAGE>

DLJ Winthrop Opportunity Funds -- Statement of Changes in Net Assets
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
International Equity Fund
--------------------------------
Year Ended Year Ended
10/31/1999 10/31/1998
--------------- ---------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) .................................... $ (267,097) $ (320,362)
Net realized gain (loss) on investments and foreign
currency transactions .......................................... 7,275,061 2,822,979
Net change in unrealized appreciation/depreciation on
investments and foreign currency denominated assets and
liabilities .................................................... 3,065,685 1,614,194
Contribution from subadvisor .................................... -- --
------------ ------------
Increase (decrease) in net assets resulting from operations ..... 10,073,649 4,116,811
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Investment income:
Class A ........................................................ -- (212,893)
Realized gains on investments:
Class A ........................................................ (2,412,264) (333,161)
Class B ........................................................ (358,183) (51,942)
Tax return of capital:
Class A ........................................................ -- --
------------ ------------
Total dividends and distributions to shareholders ............... (2,770,447) (597,996)
------------ ------------
CAPITAL STOCK TRANSACTIONS--
(Net) Note D ...................................................... (2,428,179) (4,236,399)
------------ ------------
Total increase (decrease) in net assets ......................... 4,875,023 (717,584)
NET ASSETS:
Beginning of year ............................................... 50,418,990 51,136,574
------------ ------------
End of year (including undistributed net investment income
of $612 for the Developing Markets Fund at 10/31/99) ........... $ 55,294,013 $ 50,418,990
============ ============
</TABLE>
<PAGE>

[restubbed]
<TABLE>
<CAPTION>
Developing Markets Fund
--------------------------------
Year Ended Year Ended
10/31/1999 10/31/1998
--------------- ---------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) .................................... $ 37,837 $ 28,815
Net realized gain (loss) on investments and foreign
currency transactions .......................................... (470,533) (1,411,734)
Net change in unrealized appreciation/depreciation on
investments and foreign currency denominated assets and
liabilities .................................................... 5,298,723 (5,517,894)
Contribution from subadvisor .................................... 460,289 --
------------ -------------
Increase (decrease) in net assets resulting from operations ..... 5,326,316 (6,900,813)
------------ -------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Investment income:
Class A ........................................................ (7,744) --
Realized gains on investments:
Class A ........................................................ -- --
Class B ........................................................ -- --
Tax return of capital:
Class A ........................................................ (34,031) --
------------ -------------
Total dividends and distributions to shareholders ............... (41,775) --
------------ -------------
CAPITAL STOCK TRANSACTIONS--
(Net) Note D ...................................................... (5,440,079) (8,578,625)
------------ -------------
Total increase (decrease) in net assets ......................... (155,538) (15,479,438)
NET ASSETS:
Beginning of year ............................................... 18,863,177 34,342,615
------------ -------------
End of year (including undistributed net investment income
of $612 for the Developing Markets Fund at 10/31/99) ........... $ 18,707,639 $ 18,863,177
============ =============

</TABLE>

See notes to financial statements.

Notes to Financial Statements October 31, 1999
- --------------------------------------------------------------------------------
Note (A) Significant Accounting Policies. DLJ Winthrop International Funds
("Fund" or "Funds") consists of two portfolios (the "Portfolios"), the DLJ
Winthrop International Equity Fund and the DLJ Winthrop Developing Markets Fund
(together the "International Funds"), each a separate diversified series of the
DLJ Winthrop Opportunity Funds (the "Trust"). In addition, the Trust consists
of the DLJ Winthrop Municipal Money Fund, the DLJ Winthrop U.S. Government
Money Fund and the DLJ Winthrop High Income Fund. The Trust was organized as a
Delaware business trust under the laws of Delaware on May 31, 1995 and is
registered under the Investment Company Act of 1940 (the "Act"), as amended, as
an open-end investment company.

The investment objective of the Developing Markets Fund is long-term growth of
capital by investing primarily in common stocks and other equity securities
from developing countries. The International Equity Fund seeks long-term growth
of capital by investing primarily in common stocks and other equity securities
from established markets outside the United States.

Each Portfolio offers multiple classes of shares. Class A shares are sold with
a front-end sales charge of up to 5.75%. Class B shares are sold with a
contingent deferred sales charge which declines from 4% to zero depending on
the period of time the shares are held. In addition, the DLJ Winthrop
International Equity Fund also offers Class D shares exclusively to employees
of DLJ and its subsidiaries who are eligible to participate in the DLJ 401(k)
Retirement Savings Plan for Employees. Each class is identical in all respects
except that Class A and Class B shares bear different distribution service fees
and Class D shares are not subject to any distribution service fees. Each class
has different exchange privileges and only Class B shares have a conversion
feature. Class A and Class B have exclusive voting rights with respect to each
class's distribution plan.
<PAGE>

DLJ Winthrop Opportunity Funds--Notes to Financial Statements October 31, 1999
(continued)
- --------------------------------------------------------------------------------
The Funds account separately for the assets, liabilities and operations of each
Portfolio. Expenses directly attributable to each Portfolio are charges to that
Portfolio's operations: expenses which are applicable to all portfolios are
allocated among them on a pro rata basis. The Fund's financial statements are
prepared in accordance with generally accepted accounting principles which may
require the use of management estimates and assumptions. Actual results could
differ from those estimates. The following is a summary of significant
accounting policies consistently followed by the Funds.

(1) Security Valuation: All securities for which current market quotations
are readily available are valued at the last sale price prior to the time
of determination, or, if there is no sales price on such date, and if bid
and ask quotations are available, at the mean between the last current bid
and asked prices. Securities that are traded over-the-counter, if bid and
asked quotations are available, are valued at the mean between the current
bid and asked prices, or, if quotations are not available, are valued as
determined in good faith by the Board of Trustees of the Fund. Short-term
investments having a maturity of 60 days or less are valued at amortized
cost. Securities and assets for which current market quotations are not
readily available are valued at fair value as determined in good faith by
the Board of Trustees of the Fund.

(2) Foreign Currency Translations: Investment securities and other assets
and liabilities denominated in foreign currencies are translated into U.S.
dollars at the bid prices of such currencies against the U.S. dollar as of
the date of valuation. Purchases and sales of portfolio securities,
commitments under forward foreign currency contracts, income receipts and
expense accruals are translated at the prevailing exchange rate on the
date of each transaction.

The Fund does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.

Reported net realized gain (loss) on foreign currency transactions arise
from sales and maturities of short-term securities, sales of foreign
currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on
the Fund's books and the U.S. dollar equivalent of the amounts actually
received or paid. Net change in unrealized appreciation on translation of
foreign currency denominated assets and liabilities arises from changes in
the value of assets and liabilities other than investments in securities at
fiscal year end, resulting from changes in exchange rates.

(3) Federal Income Taxes: The Funds intend to be treated as "regulated
investment companies" under Sub-chapter M of the Internal Revenue Code and
to distribute substantially all of their net taxable income. Accordingly,
no provisions for Federal income or excise taxes have been made in the
accompanying financial statements. The Developing Markets Fund has an
unused capital loss carryover of approximately $4,543,000 available for
Federal income tax purposes to be applied against future net securities
profits, if any, realized subsequent to October 31, 1999. If not applied,
approximately $3,185,000, $587,000 and $771,000 of the carryover expires in
fiscal 2005, 2006 and 2007, respectively.

(4) Investment Income and Securities Transactions: Dividend income is
recorded on the ex-dividend date or as soon as the Fund is informed of the
dividend. Interest income is accrued daily. Security transactions are
accounted for on the date securities are purchased or sold. Security gains
and losses are determined on the identified cost basis.

(5) Dividends and Distributions: Dividends and distributions to
shareholders are recorded on the ex-dividend date. Income dividends and
capital gain distributions are determined in accordance with income tax
regulations, which may differ from generally accepted accounting
principles.

(6) Deferred Organization Costs: Costs incurred in connection with the
Fund's organization are being amortized on a straight-line basis over five
years commencing with the Fund's operation.

<PAGE>

DLJ Winthrop Opportunity Funds--Notes to Financial Statements October 31, 1999
(continued)
- --------------------------------------------------------------------------------
(7) Reclassification of Components of Net Assets: At October 31, 1999, the
following reclassifications were recorded to reflect permanent book/tax
differences: International Equity Fund reduced capital paid-in $122,615;
reduced accumulated net realized gain on investments $144,482; and reduced
accumulated net investment loss $267,097. Developing Markets Fund reduced
capital paid-in $635,296; reduced accumulated net realized loss on
investments $630,746 and increased accumulated net investment income
$4,550. These reclassifications had no effect on net assets or net asset
value per share.

Note (B) Advisory and Distribution Services Agreement: DLJ Asset Management
Group, Inc. (the "Advisor") (formerly known as Wood, Struthers and Winthrop
Management Corp.) is a wholly-owned subsidiary of Donaldson, Lufkin and
Jenrette Securities Corporation, which is a wholly-owned subsidiary of
Donaldson, Lufkin and Jenrette, Inc. ("DLJ"). DLJ is an independently operated,
indirect subsidiary of AXA Financial, Inc. a holding company controlled by AXA,
a member of a large French insurance group. AXA is indirectly controlled by a
group of four French mutual insurance companies. The Advisor has retained AXA
Investment Managers GM Ltd. as subadvisor to the Funds (the "Subadvisor").
Under the terms of an Advisory Agreement with the Advisor, for the investment
management services furnished to each Portfolio, such Portfolio will pay the
Advisor an advisory fee, on a graduated basis at an annual rate of 1.25% of the
first $100 million of average daily net assets, 1.15% of the next $100 million
and 1% of average daily net assets over $200 million. Such fee will be accrued
daily and paid monthly. Under a Subadvisory Agreement between the Advisor and
Subadvisor, the Advisor pays the Subadvisor for its services, out of the
Advisor's own resources, at the following annual percentage rates of the
average daily net assets of each Portfolio: .625 of 1% of each Portfolio's
first $100 million, .575 of 1% of the next $100 million and .50 of 1% of the
balance.

Through October 31, 2000, the Advisor and Subadvisor have agreed to a
contractual expense limitation to reduce their management fees by the amount
that total fund operating expenses exceed 2.15% and 2.90% of the average daily
net assets of the Class A and Class B shares, respectively, of each Fund. Any
such reduction has or will be borne equally between the Advisor and Subadvisor.
After October 31, 2000, the Advisor and Subadvisor may, in their sole
discretion, determine to discontinue this practice with respect to either Fund.
As a result of the voluntary waiver, the Advisor and Subadvisor waived fees
amounting to $18,842 and $130,046 for the International Equity Fund and
Developing Markets Fund, respectively, during the year ended October 31, 1999.
The Fund has entered into a Distribution Services Agreement (the "Agreement")
pursuant to Rule 12b-1 under the Investment Company Act of 1940 for Class A and
Class B shares with Donaldson, Lufkin & Jenrette Secur-ities Corporation, the
Fund's Distributor. Under the Agreement, each Portfolio will pay a distribution
services fee to the Distributor at an annual rate of up to .25 of 1% of the
average daily net assets attributable to Class A shares and 1% of the average
daily net assets attributable to Class B shares. The fees are accrued daily and
paid monthly. The Agreement provides that the Distributor will use such
payments in their entirety for distribution assistance and promotional
activities. The Agreement also provides that the Advisor may use its own
resources to finance the distribution of the Fund's shares.

Each Trustee who is not an affiliated person receives an attendance fee of
$2,000 per meeting. In addition, each unaffiliated Trustee receives an
attendance fee of $1,000 per audit committee meeting. Attendance fees are
charged to all series of the Trust and are allocated on a pro rata basis.

During the year ended October 31, 1999, the Subadvisor reimbursed the
Developing Markets Fund $460,289 for realized and unrealized losses on certain
securities transactions.

Note (C) Investment Transactions: Purchases and sales of investment securities
(excluding short-term securities and forward currency exchange contracts)
during the year ended October 31, 1999, aggregated $41,864,253 and $49,082,942
for the International Equity Fund; and $6,172,264 and $11,530,992 for the
Developing Markets Fund, respectively.
<PAGE>

DLJ Winthrop Opportunity Funds--Notes to Financial Statements October 31, 1999
(continued)
- --------------------------------------------------------------------------------
The Funds may enter into forward exchange currency contracts in order to hedge
exposure to changes in foreign currency exchange rates on their foreign
portfolio holdings. A forward exchange currency contract is a commitment to
purchase or sell a foreign currency at a future date at a negotiated forward
rate. The gain or loss arising from the difference between the original
contracts and the closing of such contracts is included in net realized gain or
loss from foreign currency transactions.

Fluctuations in the value of forward exchange currency contracts are recorded
for financial reporting purposes as net change in unrealized appreciation
(depreciation) of foreign currency denominated assets and liabilities. Risks
may arise from the potential inability of a counterparty to meet the terms of a
contract and from unanticipated movements in the value of a foreign currency
relative to the U.S. dollar.

At October 31, 1999, the cost of investments for federal income tax purposes
was substantially the same as the cost for financial reporting purposes. At
October 31, 1999, the components of net unrealized appreciation of investments
were as follows:

<TABLE>
<CAPTION>
International Developing
Equity Fund Markets Fund
--------------- ---------------
<S> <C> <C>
Gross appreciation (investments having an excess of value
over cost) ............................................. $ 12,114,295 $ 4,160,448
Gross depreciation (investments having an excess of cost
over value) ............................................ (1,859,410) (3,425,709)
------------ ------------
Net unrealized appreciation of investments .............. $ 10,254,885 $ 734,739
============ ============
</TABLE>

NOTE (D) Shares of Beneficial Interest: There is an unlimited number of shares
($0.001 par value) of beneficial interest authorized. Transactions in shares of
beneficial interest were as follows:

<TABLE>
<CAPTION>
International Equity Fund
-----------------------------------------------------------------
Year Ended Year Ended
October 31, 1999 October 31, 1998
--------------------------------- ------------------------------
Shares Amount Shares Amount
--------------- ---------------- ------------- ---------------
<S> <C> <C> <C> <C>
Class A
Shares sold ............. 860,513 $ 11,381,549 139,783 $ 1,702,041
Shares issued through
reinvestment of
dividends and
distributions .......... 208,666 2,393,398 48,974 540,052
------- ------------- ------- ------------
1,069,179 13,774,947 188,757 2,242,093
--------- ------------- ------- ------------

Shares redeemed ......... (1,256,969) (16,356,572) (440,781) (5,400,186)
---------- ------------- -------- ------------
Net decrease ............ (187,790) $ (2,581,625) (252,024) $ (3,158,093)
========== ============= ======== ============
Class B
Shares sold ............. 68,854 $ 881,626 139,435 $ 1,763,811
Shares issued through
reinvestment of
dividends and
distributions .......... 31,390 352,824 4,788 51,706
---------- ------------- -------- ------------
100,244 1,234,450 144,223 1,815,517
---------- ------------- -------- ------------

Shares redeemed ......... (206,542) (2,568,893) (239,102) (2,893,823)
---------- ------------- -------- ------------
Net decrease ............ (106,298) $ (1,334,443) (94,879) $ (1,078,306)
========== ============= ======== ============
Class D
Shares sold ............. 122,267 $ 1,606,921
Shares redeemed ......... (9,114) (119,032)
---------- -------------
Net increase ............ 113,153 $ 1,487,889
========== =============
</TABLE>
<PAGE>

[RESTUBBED]

<TABLE>
<CAPTION>
Developing Markets Fund
--------------------------------------------------------------
Year Ended Year Ended
October 31, 1999 October 31, 1998
------------------------------ ------------------------------
Shares Amount Shares Amount
------------- --------------- ------------- ---------------
<S> <C> <C> <C> <C>
Class A
Shares sold ............. 295,113 $ 2,812,440 192,165 $ 1,656,541
Shares issued through
reinvestment of
dividends and
distributions .......... 5,473 40,773 -- --
------- ------------ ------- ------------
300,586 2,853,213 192,165 1,656,541
------- ------------ ------- ------------

Shares redeemed ......... (980,986) (7,682,356) (987,774) (8,873,605)
-------- ------------ -------- ------------
Net decrease ............ (680,400) $ (4,829,143) (795,609) $ (7,217,064)
======== ============ ======== ============
Class B
Shares sold ............. 25,395 $ 232,158 66,054 $ 582,468
Shares issued through
reinvestment of
dividends and
distributions .......... -- -- -- --
-------- ------------ -------- ------------
25,395 232,158 66,054 582,468
-------- ------------ -------- ------------

Shares redeemed ......... (108,041) (843,094) (233,191) (1,944,029)
-------- ------------ -------- ------------
Net decrease ............ (82,646) $ (610,936) (167,137) $ (1,361,561)
======== ============ ======== ============
Class D
Shares sold .............
Shares redeemed .........
Net increase ............
</TABLE>

<PAGE>

FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The table below sets forth financial data for a share of capital stock
outstanding throughout the periods presented. This information has been derived
from information provided in the financial statements.

<TABLE>
<CAPTION>
International Equity Fund
-------------------------------------------------------
Class A
-------------------------------------------------------
Year Ended October 31,
-------------------------------------------------------
1999 1998 1997 1996
------------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .............. $ 12.20 $ 11.42 $ 10.38 $ 9.58
-------- -------- -------- --------
Net investment loss (1) ........................... (0.06) (0.06) (0.07) (0.04)
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 2.56 0.99 1.11 0.84
-------- -------- -------- --------
Net increase (decrease) in net asset value from
operations ....................................... 2.50 0.93 1.04 0.80
-------- -------- -------- --------
Dividends from net investment income .............. -- (0.06) -- --
Distributions from capital gains .................. (0.70) (0.09) -- --
-------- -------- -------- --------
Total distributions ............................... (0.70) (0.15) -- --
-------- -------- -------- --------
Net asset value, end of period .................... $ 14.00 $ 12.20 $ 11.42 $ 10.38
======== ======== ======== ========
Total return (2) .................................. 21.76% 8.20% 10.02% 8.35%
Ratio of expenses to average net assets (4) ....... 2.15% 2.15% 2.15% 2.15%
Ratio of net investment loss to average
net assets (4) ................................... (0.44)% (0.49)% (0.59)% (0.39)%
Portfolio turnover rate ........................... 81.97% 69.66% 73.92% 94.12%
Net assets, end of period (000 omitted) ........... $ 48,181 $ 44,286 $ 44,316 $ 42,170

</TABLE>
<PAGE>

[RESTUBBED]

<TABLE>
<CAPTION>
International Equity Fund
---------------------------
Class A
---------------------------
Year Ended October 31,
---------------------------
1995*
---------------------------
<S> <C>
Net asset value, beginning of period .............. $ 10.00
-------
Net investment loss (1) ........................... --
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... (0.42)
-------
Net increase (decrease) in net asset value from
operations ....................................... (0.42)
-------
Dividends from net investment income .............. --
Distributions from capital gains .................. --
-------
Total distributions ............................... --
-------
Net asset value, end of period .................... $ 9.58
=======
Total return (2) .................................. (4.20)%
Ratio of expenses to average net assets (4) ....... 2.15%(3)
Ratio of net investment loss to average
net assets (4) ................................... (0.02)%(3)
Portfolio turnover rate ........................... 0.00%
Net assets, end of period (000 omitted) ........... $28,819

</TABLE>
<PAGE>

[RESTUBBED]

<TABLE>
<CAPTION>
International Equity Fund
-------------------------------------------------------
Class B
-------------------------------------------------------
Year Ended October 31,
-------------------------------------------------------
1999 1998 1997 1996
------------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .............. $ 11.98 $ 11.24 $ 10.29 $ 9.57
--------- --------- --------- ---------
Net investment loss (1) ........................... (0.15) (0.15) (0.15) (0.13)
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 2.50 0.98 1.10 0.85
--------- --------- --------- ---------
Net increase (decrease) in net asset value from
operations ....................................... 2.35 0.83 0.95 0.72
--------- --------- --------- ---------
Dividends from net investment income .............. -- -- -- --
Distributions from capital gains .................. (0.70) (0.09) -- --
--------- --------- --------- ---------
Total distributions ............................... (0.70) (0.09) -- --
--------- --------- --------- ---------
Net asset value, end of period .................... $ 13.63 $ 11.98 $ 11.24 $ 10.29
========= ========= ========= =========
Total return (2) .................................. 20.86% 7.43% 9.23% 7.52%
Ratio of expenses to average net assets (4) ....... 2.90% 2.90% 2.90% 2.90%
Ratio of net investment loss to average
net assets (4) ................................... (1.18)% (1.24)% (1.32)% (1.25)%
Portfolio turnover rate ........................... 81.97% 69.66% 73.92% 94.12%
Net assets, end of period (000 omitted) ........... $ 5,527 $ 6,133 $ 6,821 $ 4,955

</TABLE>

<PAGE>

[RESTUBBED]
<TABLE>
<CAPTION>
International Equity Fund
---------------------------------------------------
Class B Class D(5)
------------------------ -------------------------
Year Ended October 31,
---------------------------------------------------
1995* 1999
------------------------ -------------------------
<S> <C> <C>
Net asset value, beginning of period .............. $ 10.00 $ 12.69
------- -------
Net investment loss (1) ........................... (0.02) (0.14)
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... (0.41) 1.47
------- -------
Net increase (decrease) in net asset value from
operations ....................................... (0.43) 1.33
------- -------
Dividends from net investment income .............. -- --
Distributions from capital gains .................. -- --
------- -------
Total distributions ............................... -- --
------- -------
Net asset value, end of period .................... $ 9.57 $ 14.02
======= =======
Total return (2) .................................. (4.30)% 10.48%
Ratio of expenses to average net assets (4) ....... 2.90%(3) 1.90%(3)
Ratio of net investment loss to average
net assets (4) ................................... (1.77)%(3) (1.14)%(3)
Portfolio turnover rate ........................... 0.00% 81.97%
Net assets, end of period (000 omitted) ........... $ 1,803 $ 1,586
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Developing Markets Fund
-----------------------------------------
Class A
-----------------------------------------
Year Ended October 31,
-----------------------------------------
<S> <C> <C> <C>
1999 1998 1997
-------- -------- --------
Net asset value, beginning of period .............. $ 7.14 $ 9.52 $ 9.96
-------- -------- --------
Net investment income (loss) (1) .................. 0.03 0.02 (0.02)
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 2.58 (2.40) (0.40)
Contribution from subadvisor ...................... 0.23 -- --
-------- -------- --------
Net increase (decrease) in net asset value from
operations ....................................... 2.84 (2.38) (0.42)
-------- -------- --------
Dividends from net investment income .............. (0.01) -- --
Distributions from capital gains .................. -- -- (0.02)
Tax return of capital ............................. (0.02) -- --
-------- -------- --------
Total distributions ............................... (0.03) -- (0.02)
-------- -------- --------
Net asset value, end of period .................... $ 9.95 $ 7.14 $ 9.52
======== ======== ========
Total return (2) .................................. 39.82% (25.00)% (4.18)%
Ratio of expenses to average net assets (4) ....... 2.15% 2.15% 2.15%
Ratio of net investment income (loss) to average
net assets (4) ................................... 0.32% (0.22)% (0.17)%
Portfolio turnover rate ........................... 36.93% 43.56% 52.79%
Net assets, end of period (000 omitted) ........... $ 16,023 $ 16,355 $ 29,402

</TABLE>

<PAGE>

[RESTUBBED]
<TABLE>
<CAPTION>
Developing Markets Fund
------------------------------------
Class A
----------------------------------
Year Ended October 31,
------------------------------------
<S> <C> <C>
1996 1995*
-------- --------
Net asset value, beginning of period .............. $ 9.53 $ 10.00
------- --------
Net investment income (loss) (1) .................. (0.01) --
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 0.44 (0.47)
Contribution from subadvisor ...................... -- --
------- --------
Net increase (decrease) in net asset value from
operations ....................................... 0.43 (0.47)
------- --------
Dividends from net investment income .............. -- --
Distributions from capital gains .................. -- --
Tax return of capital ............................. -- --
------- --------
Total distributions ............................... -- --
------- --------
Net asset value, end of period .................... $ 9.96 $ 9.53
======= ========
Total return (2) .................................. 4.51% (4.70)%
Ratio of expenses to average net assets (4) ....... 2.15% 2.15%(3)
Ratio of net investment income (loss) to average
net assets (4) ................................... (0.14)% 0.32%(3)
Portfolio turnover rate ........................... 26.76% 0.00%
Net assets, end of period (000 omitted) ........... $ 36,918 $ 14,622

</TABLE>

<PAGE>

[RESTUBBED]
<TABLE>
<CAPTION>
Developing Markets Fund
------------------------------------------------------
Class B
----------------------------------------------------
Year Ended October 31,
------------------------------------------------------
<S> <C> <C> <C> <C>
1999 1998 1997 1996
-------- -------- -------- --------
Net asset value, beginning of period .............. $ 6.96 $ 9.36 $ 9.86 $ 9.52
-------- -------- -------- --------
Net investment income (loss) (1) .................. (0.03) (0.04) (0.19) (0.08)
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 2.50 (2.36) (0.29) 0.42
Contribution from subadvisor ...................... 0.23 -- -- --
-------- -------- -------- --------
Net increase (decrease) in net asset value from
operations ....................................... 2.70 (2.40) (0.48) 0.34
-------- -------- -------- --------
Dividends from net investment income .............. -- -- -- --
Distributions from capital gains .................. -- -- (0.02) --
Tax return of capital ............................. -- -- -- --
-------- -------- -------- --------
Total distributions ............................... -- -- (0.02) --
-------- -------- -------- --------
Net asset value, end of period .................... $ 9.66 $ 6.96 $ 9.36 $ 9.86
======== ======== ======== ========
Total return (2) .................................. 38.79% (25.64)% (4.83)% 3.57%
Ratio of expenses to average net assets (4) ....... 2.90% 2.90% 2.90% 2.90%
Ratio of net investment income (loss) to average
net assets (4) ................................... (0.36)% (0.50)% (1.74)% (0.83)%
Portfolio turnover rate ........................... 36.93% 43.56% 52.79% 26.76%
Net assets, end of period (000 omitted) ........... $ 2,685 $ 2,509 $ 4,941 $ 3,641

</TABLE>

<PAGE>

[RESTUBBED]
<TABLE>
<CAPTION>
Developing Markets Fund
-------------------------
Class B
-------------------------
Year Ended October 31,
-------------------------
<S> <C>
1995*
--------
Net asset value, beginning of period .............. $ 10.00
--------
Net investment income (loss) (1) .................. (0.01)
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... (0.47)
Contribution from subadvisor ...................... --
--------
Net increase (decrease) in net asset value from
operations ....................................... (0.48)
--------
Dividends from net investment income .............. --
Distributions from capital gains .................. --
Tax return of capital ............................. --
--------
Total distributions ............................... --
--------
Net asset value, end of period .................... $ 9.52
========
Total return (2) .................................. (4.80)%
Ratio of expenses to average net assets (4) ....... 2.90%(3)
Ratio of net investment income (loss) to average
net assets (4) ................................... (1.00)%(3)
Portfolio turnover rate ........................... 0.00%
Net assets, end of period (000 omitted) ........... $ 1,004
</TABLE>

- -------------------
* Commencement of operations was September 8, 1995
(1) Based on average shares outstanding
(2) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption on
the last day of the period. Initial sales charge or contingent deferred
sales charge is not reflected in the calculation of total return. Total
return calculated for a period of less than one year is not annualized.
Total return for the year ended October 31, 1999 excluding the effect of
the contribution from the Subadvisor for realized and unrealized securities
losses was 36.59% and 35.49% for the Developing Markets Fund Class A and B
shares, respectively.
(3) Annualized
(4) Net of voluntary reduction of management fees by Adviser and Subadviser
expressed as a percentage of average daily net assets of both Class A and
Class B shares of each Fund as follows: International Equity Fund .04%,
.10%, .18%, .27% and .60% for the years ended 10/31/99, 98, 97, 96 and 95,
respectively, and Developing Markets Fund .76%, .61%, .34%, .54% and .60%
for the years ended 10/31/99, 98, 97, 96 and 95, respectively.
International Equity Fund Class D shares: .04% (annualized) for the period
from 5/17/99 to 10/31/99.
(5) Class D shares commenced operations on May 17, 1999.

<PAGE>

Report of Ernst & Young LLP, Independent Auditors
- -----------------------------------------------------------------------------
Shareholders and Board of Trustees
DLJ Winthrop Developing Markets Fund and
DLJ Winthrop International Equity Fund

We have audited the accompanying statement of assets and liabilities, including
the statement of investments, of DLJ Winthrop Developing Markets Fund and DLJ
Winthrop International Equity Fund (two of the Funds constituting DLJ Winthrop
Opportunity Funds) as of October 31, 1999, and the related statement of
operations for the year then ended, the statement of changes in net assets for
each of the two years in the period then ended and financial highlights for
each of the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of October 31, 1999 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of DLJ
Winthrop Developing Markets Fund and DLJ Winthrop International Equity Fund at
October 31, 1999, the results of their operations for the year then ended, the
changes in their net assets for each of the two years in the period then ended
and the financial highlights for each of the indicated periods, in conformity
with generally accepted accounting principles.

/s/ Ernst & Young LLP

New York, New York
December 27, 1999

- --------------------------------------------------------------------------------
DLJ Winthrop Opportunity Funds--TAX INFORMATION (unaudited)
- --------------------------------------------------------------------------------
We are required by Subchapter M of the Internal Revenue Code of 1986, as
amended, to advise you as to the federal tax status of distributions received
by shareholders during the Funds' fiscal year ended October 31, 1999.
Accordingly, we are advising you that the following distributions paid during
the fiscal year by the Fund were derived from the following sources:

From
Long-Term
Capital Gains
Fund --------------
DLJ Winthrop International Equity Fund--Class A ......... $ .700
DLJ Winthrop International Equity Fund--Class B ......... .700

Because the Fund's fiscal year is not the calendar year, calendar year
taxpayers should use the dollar amounts and the nature of those amounts
referenced on Form 1099-DIV which will be mailed to you in January, 2000.
Shareholders are advised to consult their own tax advisors with respect to the
tax consequences of their investment in the Fund.

<PAGE>

Annual Report

TRUSTEES
G. Moffett Cochran Robert E. Fischer John W. Waller, III
Wilmot H. Kidd, III Martin Jaffe

OFFICERS
G. Moffett Cochran, Chairman and President
James A. Engle, Vice President
Martin Jaffe, Vice President, Secretary and Treasurer
Brian A. Kammerer, Vice President
Michael A. Snyder, Vice President

INVESTMENT ADVISER
DLJ Asset Management Group, Inc.
An Investment Management Subsidiary of
Donaldson, Lufkin & Jenrette
277 Park Avenue, New York, NY 10172

SUBADVISER
AXA Investment Managers GS Ltd.
60 Gracechurch Street
London EC3V 0HR, England

CUSTODIAN
Citibank, N.A.
111 Wall Street, New York, NY 10043

TRANSFER AGENT
PFPC, Inc.
P.O. Box 61787 (211 South Gulph Road)
King of Prussia, PA 19406-0903

DISTRIBUTOR
Donaldson, Lufkin & Jenrette Securities Corporation
277 Park Avenue, New York, NY 10172

INDEPENDENT AUDITORS
Ernst & Young LLP
787 Seventh Avenue, New York, NY 10019

LEGAL COUNSEL
Skadden, Arps, Slate, Meagher & Flom
919 Third Avenue, New York, NY 10022

This report is submitted for the general information of the stockholders
of the Fund. It is not authorized for distribution to prospective investors
in the Fund unless preceded or accompanied by an effective prospectus,
which should be read carefully before investing.

- -------------------
DLJ WINTHROP FUNDS
- -------------------

277 Park Avenue, New York, NY 10172
800-225-8011

ANN-INTL99

<PAGE>

- -------------------
DLJ WINTHROP FUNDS
- -------------------

[GRAPHIC OMITTED]

Leadership through

Experience

DLJ Winthrop
International Equity Fund

DLJ Winthrop
Developing Markets Fund

October 31, 1999