<PAGE>
[LOGO]
G.T. GLOBAL GROWTH FUNDS
SUPPLEMENT TO PROSPECTUS DATED MARCH 1, 1995
- --------------------------------------------------------------------------------
The following policies have been adopted relating to how each of the G.T. Global
Growth Funds ("Funds") seeks its objective of long-term growth of capital: Each
Fund will seek its objective by investing, under normal circumstances, at least
65% of its assets in equity securities of issuers domiciled in its Primary
Investment Area, as listed on pages 19 and 20 in the prospectus. Each Fund may
also invest up to 35% of its assets in (1) the equity securities of issuers
domiciled outside of its Primary Investment Area, including, E.G., (a)
securities of issuers in countries that are not located in the Primary
Investment Area but are linked by tradition, economic markets, cultural
similarities or geography to the countries in such Primary Investment Area; and
(b) securities of issuers located elsewhere in the world which have operations
in the Primary Investment Area or which stand to benefit from political and
economic events in the Primary Investment Area; and (2) convertible bonds and
debt securities. These policies replace the previous policies reflected on page
four, paragraph three, sentence one; page 19, paragraph one, sentence two, of
the "Investment Objectives and Policies" section; page 20, paragraph two,
sentences one and two; and page 20, paragraph five, sentence one. Under these
previous policies, at least 80% of a Fund's assets, under normal circumstances,
were invested in equity securities of issuers in its Primary Investment Area and
only 20% of its assets could be invested otherwise.
These policy changes are effective July 1, 1995.
July 1, 1995
GRWSU506063MC
<PAGE>
[LOGO] G.T. GLOBAL GROWTH FUNDS
PROSPECTUS -- MARCH 1, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
G.T. GLOBAL: WORLDWIDE GROWTH FUND G.T. GLOBAL: EUROPE GROWTH FUND
G.T. GLOBAL: INTERNATIONAL GROWTH FUND G.T. GLOBAL: JAPAN GROWTH FUND
G.T. GLOBAL: NEW PACIFIC GROWTH FUND G.T. GLOBAL: AMERICA GROWTH FUND
</TABLE>
Each G.T. Global Growth Fund (collectively, "Funds"), organized as a diversified
series of G.T. Global Growth Series ("Company"), seeks long-term growth of
capital by investing in the securities of issuers based in its Primary
Investment Area. There can be no assurance that any Fund will achieve its
investment objective.
The Funds' investment manager, G.T. CAPITAL MANAGEMENT, INC. ("G.T. Capital"),
attempts to identify countries and industries where economic and political
factors, including currency movements, are likely to produce above average
growth rates, and to identify companies within such countries and industries
that are best positioned to benefit from these factors.
G.T. Capital is part of the G.T. Group, a leading international investment
advisory organization with offices throughout the world that long has emphasized
global investment.
This Prospectus sets forth concisely the information an investor should know
before investing and should be read carefully and retained for future reference.
A Statement of Additional Information, dated March 1, 1995, has been filed with
the Securities and Exchange Commission ("SEC") and, as amended or supplemented
from time to time, is incorporated herein by reference. The Statement of
Additional Information is available without charge by writing to the Funds at 50
California Street, 27th Floor, San Francisco, California 94111, or calling (800)
824-1580.
FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR ENDORSED OR GUARANTEED BY,
ANY BANK, NOR ARE THEY FEDERALLY INSURED OR OTHERWISE PROTECTED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY.
An investment in one or more of the Funds offers the following advantages:
/ / Access to Securities Markets Around the World
/ / Professional Management by a Leading Manager with Offices in the World's
Major Markets
/ / Low $500 Minimum Investment
/ / Alternative Purchase Plan
/ / Automatic Dividend and Other Distribution Reinvestment at no Additional
Sales Charge
/ / Exchange Privileges with the Corresponding Classes of the Other G.T. Global
Mutual Funds
/ / Reduced Sales Charge Plans
/ / Dollar Cost Averaging Program
/ / Automatic Investment Plan
/ / Systematic Withdrawal Plan
FOR FURTHER INFORMATION, CONTACT (800) 824-1580 OR YOUR STOCKBROKER.
- --------------------------------------------------------------------------------
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS
THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION PASSED ON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS.
ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Prospectus Page 1
<PAGE>
G.T. GLOBAL GROWTH FUNDS
TABLE OF CONTENTS
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Page
---------
<S> <C>
Prospectus Summary........................................................................ 3
Financial Highlights...................................................................... 8
Alternative Purchase Plan................................................................. 18
Investment Objectives and Policies........................................................ 19
How To Invest............................................................................. 25
How to Make Exchanges..................................................................... 31
How to Redeem Shares...................................................................... 32
Shareholder Account Manual................................................................ 34
Calculation of Net Asset Value............................................................ 35
Dividends, Other Distributions and Federal Income Taxation................................ 36
Management................................................................................ 37
Other Information......................................................................... 43
</TABLE>
Prospectus Page 2
<PAGE>
G.T. GLOBAL GROWTH FUNDS
PROSPECTUS SUMMARY
- ------------------------------------------------------------
<TABLE>
<S> <C>
G.T. GLOBAL: WORLDWIDE GROWTH FUND G.T. GLOBAL: EUROPE GROWTH FUND
G.T. GLOBAL: INTERNATIONAL GROWTH FUND G.T. GLOBAL: JAPAN GROWTH FUND
G.T. GLOBAL: NEW PACIFIC GROWTH FUND G.T. GLOBAL: AMERICA GROWTH FUND
</TABLE>
The following summary is qualified in its entirety by the more detailed
information appearing in the body of this Prospectus. Cross-references in this
summary are to headings in the body of the Prospectus.
<TABLE>
<S> <C> <C>
Investment Objectives: Each Fund seeks long-term growth of capital
Principal Investments: Each Fund invests primarily in equity securities of issuers within
its Primary Investment Area
Investment Manager: G.T. Capital, part of the G.T. Group, a leading international
investment advisory organization with over $22 billion under
management
Alternative Purchase Plan: Investors may select Class A or Class B shares, each subject to
different expenses and a different sales charge structure
Class A Shares: Offered at net asset value plus any applicable sales charge
(maximum is 4.75% of public offering price) and subject to service
and distribution fees at the annualized rate of up to 0.35% of the
average daily net assets of the Class A shares
Class B Shares: Offered at net asset value (a maximum contingent deferred sales
charge of 5% of the lesser of the shares' net asset value or the
original purchase price is imposed on certain redemptions made
within six years of date of purchase) and subject to service and
distribution fees at the annualized rate of up to 1.00% of the
average daily net assets of the Class B shares
Shares Available Through: Most brokerage firms nationwide, or directly through the Funds'
distributor
Exchange Privileges: Shares of a class of one Fund may be exchanged for shares of the
corresponding class of other G.T. Global Mutual Funds without a
sales charge
Dividends and Other
Distributions: Dividends paid annually from available net investment income and
realized net short-term capital gains; other distributions paid
annually from realized net capital gain and net gains from foreign
currency transactions, if any
Reinvestment: Distributions may be reinvested automatically in Fund shares of
the distributing class or in shares of the corresponding class of
other G.T. Global Mutual Funds without a sales charge
First Purchase: $500 minimum ($100 for individual retirement accounts ("IRAs") and
reduced amounts for certain other retirement plans)
Subsequent Purchases: $100 minimum (reduced amounts for IRAs and certain other
retirement plans)
Net Asset Values: Each class of each Fund is quoted daily in the financial section
of most newspapers
Other Features:
Class A Shares Letter of Intent Reinstatement Privilege
Quantity Discounts Systematic Withdrawal Plan
Right of Accumulation Automatic Investment Plan
Dollar Cost Averaging Program
Class B Shares Reinstatement Privilege Automatic Investment Plan
Systematic Withdrawal Plan Dollar Cost Averaging Program
</TABLE>
Prospectus Page 3
<PAGE>
G.T. GLOBAL GROWTH FUNDS
PROSPECTUS SUMMARY
(Continued)
- --------------------------------------------------------------------------------
THE FUNDS. Each G.T. Global Growth Fund is a diversified series of G.T. Global
Growth Series ("Company"), a registered open-end management investment company.
Each Fund's shares of beneficial interest are available through broker/ dealers
that have entered into agreements to sell shares with the Funds' distributor,
G.T. Global Financial Services, Inc. ("G.T. Global"). Shares also may be
acquired directly through the Funds' distributor or through exchanges of shares
of the other G.T. Global Mutual Funds. See "How to Invest" and "Shareholder
Account Manual." Shares may be redeemed either through broker/dealers or G.T.
Global Investor Services, Inc. ("Transfer Agent"). See "How to Redeem Shares"
and "Shareholder Account Manual."
INVESTMENT MANAGER AND ADMINISTRATOR. G.T. Capital is the Funds' investment
manager and administrator. G.T. Capital provides investment management and/or
administration services to all of the G.T. Global Mutual Funds as well as other
institutional, corporate and individual clients. G.T. Capital is part of the
G.T. Group, a leading international investment advisory organization that long
has emphasized global investing. The G.T. Group maintains fully staffed
investment offices in San Francisco, London, Toronto, Tokyo, Hong Kong,
Singapore and Sydney. As of January 3, 1995, total assets under G.T. Group
management exceeded $22 billion. Of this amount, more than $19 billion was
invested in the securities of non-U.S. issuers. The companies comprising the
G.T. Group are indirect subsidiaries of the Prince of Liechtenstein Foundation.
See "Management."
INVESTMENT OBJECTIVES, TECHNIQUES AND RISK FACTORS. Each Fund seeks long-term
capital growth and normally invests at least 80% of its assets in equity
securities of issuers domiciled in that Fund's Primary Investment Area. The
Primary Investment Area of each Fund corresponds to the Fund's name. Equity
securities in which the Funds may invest include common stocks, preferred stocks
and warrants to acquire such securities. In selecting securities for the Funds,
G.T. Capital attempts to identify those countries (where multiple markets are
permitted) and industries (in each case) where economic and political factors,
including currency movements, are likely to produce above-average growth, and
then seeks those companies within the countries and industries so identified
that are best positioned and managed to take advantage of such factors. See
"Investment Objectives and Policies."
Under normal conditions, 20% to 60% of the Worldwide Growth Fund's assets are
invested in equity securities of U.S. issuers. The America Growth Fund currently
expects to invest a majority of its assets in the securities of small- and
mid-size companies. Each Fund may invest up to 20% of its assets in convertible
bonds and investment grade debt securities, and may invest up to 15% of its net
assets in illiquid securities.
The Funds may engage in certain foreign currency, options and futures
transactions to attempt to hedge against the overall level of investment and
currency risk associated with its present or planned investments. For temporary
defensive purposes, each Fund may hold U.S. or foreign currency and/or may
invest any portion of its assets in debt securities or high quality money market
instruments of U.S. or foreign issuers. The Funds also may hold cash and invest
in high quality foreign or domestic money market instruments pending investment
of proceeds from new sales of Fund shares, or to meet their ordinary daily cash
needs. See "Investment Objectives and Policies," "Investment Objectives and
Policies -- Other Policies" and "Investment Objectives and Policies -- Options,
Futures and Forward Currency Transactions."
There is no assurance that any Fund will achieve its investment objective. Each
Fund's net asset value will fluctuate, reflecting fluctuations in the market
value of its portfolio positions. Changes in foreign currency exchange rates
also affect each Fund's net asset value, earnings and gains and losses realized
on sales of securities.
Investments in foreign securities involve risks relating to political and
economic developments abroad and the differences between the regulations to
which U.S. and foreign issuers are subject. Individual foreign economies also
may differ favorably or unfavorably from the U.S. economy. Securities of foreign
companies may be less liquid and their prices more volatile than those of
securities of comparable U.S. companies. Certain
Prospectus Page 4
<PAGE>
G.T. GLOBAL GROWTH FUNDS
PROSPECTUS SUMMARY
(Continued)
- --------------------------------------------------------------------------------
foreign countries may impose withholding taxes on income earned and/or gains
realized by the Funds in connection with investments in such countries. Each
Fund's participation in the currency, options and futures markets involves
certain risks and transaction costs. See "Investment Objectives and Policies --
Risk Factors."
EXPENSES. Each Fund (except America Growth Fund) pays G.T. Capital investment
management and administration fees, based on the average daily net assets of the
Fund, at the annualized rate of .975% on the first $500 million, .95% on the
next $500 million, .925% on the next $500 million, and .90% on amounts
thereafter. America Growth Fund pays G.T. Capital investment management and
administration fees, based on its average daily net assets, at the annualized
rate of .725% on the first $500 million, .70% on the next $500 million, .675% on
the next $500 million, and .65% on amounts thereafter.
As each Fund's distributor, G.T. Global collects the sales charges imposed on
purchases of Class A shares, and reallows all or a portion of such charges to
broker/dealers that have made such sales. In addition, G.T. Global collects any
contingent deferred sales charges that may be imposed on certain redemptions of
Class A shares and on redemptions of Class B shares. G.T. Global also pays
broker/dealers upon their sales of Class B shares and pays broker/dealers and
other financial institutions ongoing payments for servicing shareholder accounts
and for sales efforts.
Pursuant to a distribution plan adopted in accordance with Rule 12b-1 under the
Investment Company Act of 1940, as amended ("1940 Act"), with respect to its
Class A shares, each Fund may pay G.T. Global a service fee at the annualized
rate of up to 0.25% of the average daily net assets of the Fund's Class A shares
as reimbursement for its expenditures incurred in servicing and maintaining
shareholder accounts, and may pay G.T. Global a distribution fee at the
annualized rate of up to 0.35% of the average daily net assets of the Fund's
Class A shares, less any amounts paid by the Fund as the aforementioned service
fee, for its expenditures incurred in providing services as distributor.
Pursuant to a separate distribution plan adopted in accordance with Rule 12b-1
under the 1940 Act with respect to its Class B shares, each Fund may pay G.T.
Global a service fee at the annualized rate of up to 0.25% of the average daily
net assets of Class B shares for its expenditures incurred in servicing and
maintaining shareholder accounts, and may pay G.T. Global a distribution fee at
the annualized rate of up to 0.75% of the average daily net assets of its Class
B shares as reimbursement for its expenditures incurred in providing services as
distributor. Each Fund pays all expenses not assumed by G.T. Capital, G.T.
Global or other agents. G.T. Global and G.T. Capital have undertaken to limit
each Fund's, other than America Growth Fund's, expenses (exclusive of brokerage
commissions, taxes, interest and extraordinary expenses) to the maximum annual
level of 2.25% and 2.90% of the average daily net assets of each Fund's Class A
and Class B shares, respectively. Similarly, G.T. Global and G.T. Capital have
undertaken to limit the America Growth Fund's expenses (exclusive of brokerage
commissions, taxes, interest and extraordinary expenses) to the maximum annual
level of 2.00% and 2.65% of the average daily net assets of the Fund's Class A
and Class B shares, respectively. See "Management."
Prospectus Page 5
<PAGE>
G.T. GLOBAL GROWTH FUNDS
PROSPECTUS SUMMARY
(Continued)
- --------------------------------------------------------------------------------
SUMMARY OF INVESTOR COSTS. The expenses and maximum transactions costs
associated with investing in the Class A and Class B shares of each Fund are
reflected in the following tables+*:
<TABLE>
<CAPTION>
G.T. GLOBAL: G.T. GLOBAL: G.T. GLOBAL: G.T. GLOBAL:
WORLDWIDE INTERNATIONAL NEW EUROPE
GROWTH GROWTH PACIFIC GROWTH GROWTH
FUND FUND FUND FUND
----------------- ----------------- ----------------- -----------------
CLASS A CLASS B CLASS A CLASS B CLASS A CLASS B CLASS A CLASS B
------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SHAREHOLDER TRANSACTION COSTS:
Maximum sales charge on purchases (as a % of
offering price)................................. 4.75% None 4.75% None 4.75% None 4.75% None
Sales charges on reinvested
distributions................................... None None None None None None None None
Deferred sales
charges......................................... None 5.0% None 5.0% None 5.0% None 5.0%
Redemption charges................................ None None None None None None None None
Exchange fees:
-- On first four exchanges each
year........................................... None None None None None None None None
-- On each additional exchange.................. $7.50 $7.50 $7.50 $7.50 $7.50 $7.50 $7.50 $7.50
ANNUAL FUND OPERATING EXPENSES (AS A % OF AVERAGE
NET ASSETS):
Investment management and administration fees..... 0.98% 0.98% 0.97% 0.97% 0.97% 0.97% 0.96% 0.96%
12b-1 distribution and service fees............... 0.35% 1.00% 0.35% 1.00% 0.35% 1.00% 0.35% 1.00%
Other expenses.................................... 0.48% 0.48% 0.38% 0.38% 0.49% 0.49% 0.42% 0.42%
------- ------- ------- ------- ------- ------- ------- -------
Total Fund Operating Expenses..................... 1.81% 2.46% 1.70% 2.35% 1.81% 2.46% 1.73% 2.38%
------- ------- ------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- ------- ------- -------
<CAPTION>
G.T. GLOBAL: G.T. GLOBAL:
JAPAN AMERICA
GROWTH GROWTH
FUND FUND
----------------- -----------------
CLASS A CLASS B CLASS A CLASS B
------- ------- ------- -------
<S> <C> <C> <C> <C>
SHAREHOLDER TRANSACTION COSTS:
Maximum sales charge on purchases (as a % of
offering price)................................. 4.75% None 4.75% None
Sales charges on reinvested
distributions................................... None None None None
Deferred sales
charges......................................... None 5.0% None 5.0%
Redemption charges................................ None None None None
Exchange fees:
-- On first four exchanges each
year........................................... None None None None
-- On each additional exchange.................. $7.50 $7.50 $7.50 $7.50
ANNUAL FUND OPERATING EXPENSES (AS A % OF AVERAGE
NET ASSETS):
Investment management and administration fees..... 0.98% 0.98% 0.73% 0.73%
12b-1 distribution and service fees............... 0.35% 1.00% 0.35% 1.00%
Other expenses.................................... 0.58% 0.58% 0.50% 0.50%
------- ------- ------- -------
Total Fund Operating Expenses..................... 1.91% 2.56% 1.58% 2.23%
------- ------- ------- -------
------- ------- ------- -------
<FN>
- ------------------
Sales charge waivers are available for Class A and Class B shares, and
reduced sales charge purchase plans are available for Class A shares. The
maximum 5% contingent deferred sales charge on Class B shares applies to
redemptions during the first year after purchase; the charge generally
declines by 1% annually thereafter, reaching zero after six years. See "How
to Invest."
</TABLE>
HYPOTHETICAL EXAMPLE OF EFFECT OF EXPENSES*:
An investor directly or indirectly would have paid the following expenses at the
end of the periods shown on a $1,000 investment, assuming a 5% annual return:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
G.T. Global: Worldwide Growth Fund
<S> <C> <C> <C> <C>
Class A shares (1)......................................................... $65 $102 $143 $264
Class B shares
Assuming a complete redemption at end of period (2)...................... 75 108 156 309
Assuming no redemption................................................... 25 78 136 309
G.T. Global: International Growth Fund
Class A shares (1)......................................................... 64 98 136 249
Class B shares
Assuming a complete redemption at end of period (2)...................... 73 103 149 293
Assuming no redemption................................................... 23 73 129 293
G.T. Global: New Pacific Growth Fund
Class A shares (1)......................................................... 65 102 142 263
Class B shares
Assuming a complete redemption at end of period (2)...................... 75 107 155 308
Assuming no redemption................................................... 25 77 135 308
</TABLE>
Prospectus Page 6
<PAGE>
G.T. GLOBAL GROWTH FUNDS
PROSPECTUS SUMMARY
(Continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
G.T. Global: Europe Growth Fund 1 YEAR 3 YEARS 5 YEARS 10 YEARS
------ ------- ------- --------
<S> <C> <C> <C> <C>
Class A shares (1)......................................................... $64 $ 99 $139 $255
Class B shares
Assuming a complete redemption at end of period (2)...................... 74 105 152 299
Assuming no redemption................................................... 24 75 132 299
G.T. Global: Japan Growth Fund
Class A shares (1)......................................................... 66 106 151 282
Class B shares
Assuming a complete redemption at end of period (2)...................... 76 112 164 328
Assuming no redemption................................................... 26 82 144 328
G.T. Global: America Growth Fund
Class A shares (1)......................................................... 63 95 131 237
Class B shares
Assuming a complete redemption at end of period (2)...................... 72 100 143 280
Assuming no redemption................................................... 22 70 123 280
<FN>
- ------------------
(1) Assumes payment of maximum sales charge by the investor.
(2) Assumes deduction of applicable contingent deferred sales charge.
+ The Funds are authorized to offer Advisor Class shares to certain
categories of investors. See "Alternative Purchase Plan." Advisor Class
shares are not subject to a distribution or service fee. "Total Fund
Operating Expenses" for Advisor Class shares are estimated to approximate
1.46% for Worldwide Growth Fund, 1.35% for International Growth Fund, 1.46%
for New Pacific Growth Fund, 1.38% for Europe Growth Fund, 1.56% for Japan
Growth Fund and 1.23% for America Growth Fund.
* THESE TABLES ARE INTENDED TO ASSIST INVESTORS IN UNDERSTANDING THE VARIOUS
COSTS AND EXPENSES ASSOCIATED WITH INVESTING IN THE FUNDS. Expenses are
based on the Funds' fiscal years ended December 31, 1994. Long-term
shareholders may pay more than the economic equivalent of the maximum
front-end sales charges permitted by the National Association of Securities
Dealers, Inc. ("NASD") rules regarding investment companies. "Other
expenses" include custody, transfer agent, legal, audit and other expenses.
"Other expenses" may be reduced to the extent that (i) certain
broker/dealers executing the Funds' portfolio transactions pay all or a
portion of the Funds' transfer agency expenses or the Funds' custodian
fees, or (ii) fees received in connection with the lending of portfolio
securities are used to reduce custodian fees. These arrangements are not
anticipated to materially increase the brokerage commissions paid by the
Funds. For the fiscal year ended December 31, 1994, without such
reductions, "Other expenses" for the Worldwide Growth Fund, International
Growth Fund, New Pacific Growth Fund, Europe Growth Fund, Japan Growth Fund
and America Growth Fund, would have been 0.51%, 0.43%, 0.54%, 0.50%, 0.70%
and 0.50%, respectively, for Class A shares and 0.51%, 0.43%, 0.54%, 0.50%,
0.70% and 0.50%, respectively, for Class B shares. See "Management" herein
and in the Statement of Additional Information for more information. THE
"HYPOTHETICAL EXAMPLE" SET FORTH ABOVE IS NOT A REPRESENTATION OF PAST OR
FUTURE EXPENSES; EACH FUND'S ACTUAL EXPENSES MAY BE MORE OR LESS THAN THOSE
SHOWN. The above tables and the assumption in the example of a 5% annual
return are required by regulation of the Securities and Exchange Commission
applicable to all mutual funds; the 5% annual return is not a prediction of
and does not represent the Funds' projected or actual performance.
</TABLE>
Prospectus Page 7
<PAGE>
G.T. GLOBAL GROWTH FUNDS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The tables below provide condensed information concerning income and capital
changes for one share of each Fund for the periods shown. This information is
supplemented by the financial statements and accompanying notes appearing in the
Statement of Additional Information. The financial statements and notes for
fiscal year ended December 31, 1994 have been audited by Coopers & Lybrand
L.L.P., independent accountants, whose reports thereon appear in the Statement
of Additional Information. Information pre-
sented below for the periods ended December 31, 1991 and prior thereto was
audited by other auditors, which served as the Funds' independent certified
public accountants for those periods.
G.T. GLOBAL: WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
CLASS B++
---------------------------
APRIL 1,
1993
YEAR ENDED TO
DECEMBER 31, DECEMBER 31,
1994 1993*
------------ ------------
<S> <C> <C>
Per Share Operating
Performance:
Net asset value,
beginning of
period............ $17.39 $15.67
------------ ------------
Net investment
income (loss)..... (0.11) (0.04)
Net realized and
unrealized gain
(loss) on
investments....... (1.16) 2.72
------------ ------------
Net increase
(decrease) in net
asset value
resulting from
investment
operations........ (1.27) 2.68
------------ ------------
Distributions:
Net investment
income.......... (0.00) (0.00)
Net realized gain
on
investments..... (0.78) (0.96)
------------ ------------
Total
distributions... (0.78) (0.96)
------------ ------------
Net asset value,
end of period..... $15.34 $17.39
------------ ------------
------------ ------------
Total investment
return (c)........ (7.32)% 17.3%(a)
------------ ------------
------------ ------------
Ratios and
supplemental data:
Net assets, end of
period (in
000's)............ $52,567 $20,592
Ratio of net
investment income
(loss) to average
net assets........ (0.66)% (0.4)%(b)
Ratio of expenses
to average net
assets before
expense
reductions........ 2.49%
Ratio of expenses
to average net
assets............ 2.46% 2.5%(b)
Portfolio turnover
rate+++........... 86% 92%
<CAPTION>
CLASS A+ JUNE 9, 1987
------------------------------------------------------------------------------------- (COMMENCEMENT
OF OPERATIONS)
YEAR ENDED DECEMBER 31, THROUGH
------------------------------------------------------------------------------------- DECEMBER 31,
1994 1993* 1992 1991 1990 1989 1988 1987
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating
Performance:
Net asset value,
beginning of
period............ $17.47 $14.47 $14.07 $11.83 $13.63 $10.18 $8.84 $ 10.00
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
Net investment
income (loss)..... (0.00) 0.04 0.07 0.10 0.11 (0.01) 0.02 (0.05)
Net realized and
unrealized gain
(loss) on
investments....... (1.16) 3.92 0.39 2.29 (1.82) 3.82 1.42 (1.11)
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
Net increase
(decrease) in net
asset value
resulting from
investment
operations........ (1.16) 3.96 0.46 2.39 (1.71) 3.81 1.44 (1.16)
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
Distributions:
Net investment
income.......... (0.00) (0.00) (0.00) (0.15) (0.09) (0.00) (0.00) (0.00)
Net realized gain
on
investments..... (0.78) (0.96) (0.06) (0.00) (0.00) (0.36) (0.10) (0.00)
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
Total
distributions... (0.78) (0.96) (0.06) (0.15) (0.09) (0.36) (0.10) (0.00)
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
Net asset value,
end of period..... $15.53 $17.47 $14.47 $14.07 $11.83 $13.63 $10.18 $8.84
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
Total investment
return (c)........ (6.65)% 27.6% 3.3% 20.3% (12.5)% 37.6% 16.3% (11.60)%(a)
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
--------- ---------- ---------- ---------- ---------- ---------- -------- --------------
Ratios and
supplemental data:
Net assets, end of
period (in
000's)............ $182,467 $193,997 $141,310 $126,868 $85,894 $38,263 $11,673 $6,570
Ratio of net
investment income
(loss) to average
net assets........ (0.01)% 0.9% 0.5% 0.8% 0.7% (0.1)% 0.2% (1.4)%(b)
Ratio of expenses
to average net
assets before
expense
reductions........ 1.84%
Ratio of expenses
to average net
assets............ 1.81% 1.9% 2.1% 2.0% 2.1% 2.0% 2.0% 2.8%(b)
Portfolio turnover
rate+++........... 86% 92% 95% 122% 107% 91% 181% 271%
<FN>
- ------------------------
+ All capital shares issued and outstanding as of March 31, 1993, were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
* Calculated based upon weighted average shares outstanding during the
period.
(a) Not annualized.
(b) Annualized.
(c) Total investment return does not include sales charges.
</TABLE>
Prospectus Page 8
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: AMERICA GROWTH FUND
<TABLE>
<CAPTION>
CLASS B+
---------------------------
APRIL 1,
1993
TO
YEAR ENDED DECEMBER
DECEMBER 31, 31,
1994(C) 1993*
------------- -----------
<S> <C> <C>
Per Share Operating
Performance:
Net asset value, beginning
of year.................... $ 17.09 $ 15.90
------------- -----------
Net investment income
(loss)..................... (0.09) (0.29)
Net realized and unrealized
gain (loss) on
investments................ 2.55 2.78
------------- -----------
Net increase (decrease) in
net asset value resulting
from investment
operations................. 2.46 2.49
------------- -----------
Distributions:
Net investment income..... (0.00) (0.00)
Net realized gain on
investments.............. (2.05) (1.30)
------------- -----------
Total distributions..... (2.05) (1.30)
------------- -----------
Net asset value, end of
year....................... $ 17.50 $ 17.09
------------- -----------
------------- -----------
Total investment return**
(d)........................ 15.06% 16.1%(a)
------------- -----------
------------- -----------
Ratios and supplemental
data:
Net assets, end of period
(in 000's)................. $80,060 $ 1,982
Ratio of net investment
income (loss) to average
net assets................. (0.48)%(b) (1.3)%(b)
Ratio of expenses to average
net assets after expense
reductions................. 2.23%(b) 2.2%(b)
Portfolio turnover rate++... 102% 92%
<CAPTION>
CLASS A+
---------------------------------------------------------------------------------- JUNE 9, 1987
(COMMENCEMENT OF
YEAR ENDED DECEMBER 31, OPERATIONS)
---------------------------------------------------------------------------------- THROUGH DECEMBER
1994(C) 1993 1992 1991 1990 1989 1988 31, 1987
---------- ---------- ---------- --------- --------- -------- -------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating
Performance:
Net asset value, beginning
of year.................... $ 17.17 $ 17.12 $ 14.13 $ 11.89 $ 12.84 $ 8.76 $ 8.56 $ 10.00
---------- ---------- ---------- --------- --------- -------- -------- -------
Net investment income
(loss)..................... 0.04 (0.21) (0.11) 0.01 (0.01) 0.10* (0.40) (0.19)
Net realized and unrealized
gain (loss) on
investments................ 2.55 1.56 4.54 2.28 (0.94) 4.65 1.35 (1.25)
---------- ---------- ---------- --------- --------- -------- -------- -------
Net increase (decrease) in
net asset value resulting
from investment
operations................. 2.59 1.35 4.43 2.29 (0.95) 4.75 0.95 (1.44)
---------- ---------- ---------- --------- --------- -------- -------- -------
Distributions:
Net investment income..... (0.02) (0.00) (0.00) (0.01) (0.00) (0.10) (0.00) (0.00)
Net realized gain on
investments.............. (2.05) (1.30) (1.44) (0.04) (0.00) (0.57) (0.75) (0.00)
---------- ---------- ---------- --------- --------- -------- -------- -------
Total distributions..... (2.07) (1.30) (1.44) (0.05) (0.00) (0.67) (0.75) (0.00)
---------- ---------- ---------- --------- --------- -------- -------- -------
Net asset value, end of
year....................... $ 17.69 $ 17.17 $ 17.12 $ 14.13 $ 11.89 $12.84 $ 8.76 $ 8.56
---------- ---------- ---------- --------- --------- -------- -------- -------
---------- ---------- ---------- --------- --------- -------- -------- -------
Total investment return**
(d)........................ 15.69% 8.3% 31.7% 19.3% (7.4)% 54.8% 11.1% (14.4)%(a)
---------- ---------- ---------- --------- --------- -------- -------- -------
---------- ---------- ---------- --------- --------- -------- -------- -------
Ratios and supplemental
data:
Net assets, end of period
(in 000's)................. $196,937 $116,468 $166,712 $88,041 $65,413 $9,930 $1,548 $ 1,039
Ratio of net investment
income (loss) to average
net assets................. 0.17%(b) (0.7)% (1.1)% 0.0% (0.1)% 1.2%* (4.7)% (2.7)%(b)
Ratio of expenses to average
net assets after expense
reductions................. 1.58%(b) 1.6% 1.8% 1.7% 2.0% 1.9%* 5.1% 3.8%(b)
Portfolio turnover rate++... 102% 92% 114% 156% 145% 133% 184% 505%
<FN>
- ------------------------
+ Commencing April 1, 1993, the Fund began offering Class B shares. All
capital shares issued and outstanding as of March 31, 1993 were
reclassified as Class A shares.
++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
* Includes reimbursement by G.T. Capital Management, Inc. of Fund operating
expenses of $0.11. Without such reimbursement, the ratio of expenses to
average net assets would have been 3.3% and the ratio of net investment
income to average net assets would have been (1.2)%.
** Total investment return does not reflect the maximum sales charge on
purchases of Class A shares and the contingent deferred sales charge
imposed on certain redemptions of Class B shares.
(a) Not annualized.
(b) Annualized.
(c) The selected per share data were calculated based upon weighted average
shares outstanding.
(d) Total investment return does not include sales charge.
</TABLE>
Prospectus Page 9
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: INTERNATIONAL GROWTH FUND
<TABLE>
<CAPTION>
CLASS B+
---------------------------------
YEAR ENDED APRIL 1, 1993
DECEMBER 31, TO
1994 DECEMBER 31, 1993*
------------ ------------------
<S> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period..... $ 10.98 $ 8.74
------------ --------
Net investment income (loss)............. (0.10) (0.01)
Net realized and unrealized gain (loss)
on investments.......................... (0.82) 2.25
------------ --------
Net increase (decrease) in net asset
value resulting from investment
operations.............................. (0.92) 2.24
------------ --------
Distributions:
Net investment income.................. (0.04) (0.00)
Net realized gain on investments....... (0.95) (0.00)
------------ --------
Total distributions................ (0.99) (0.00)
------------ --------
Net asset value, end of period........... $ 9.07 $ 10.98
------------ --------
------------ --------
Total investment return***............... (8.36)% 25.6%(a)
------------ --------
------------ --------
Ratios and supplemental data:
Net assets, end of period (in 000's)..... $71,794 $30,745
Ratio of net investment income (loss) to
average net assets...................... (0.69)% (0.4)%(b)
Ratio of expenses to average net assets
before expense reductions............... 2.40%
Ratio of expenses to average net assets
after expense reductions................ 2.35% 2.4%(b)
Portfolio turnover rate++................ 96% 90%
<CAPTION>
CLASS A+
-----------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------
1994 1993* 1992 1991 1990
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period..... $ 11.02 $ 8.21 $ 8.74 $ 7.82 $ 9.25
------------ -------- -------- -------- --------
Net investment income (loss)............. (0.04) 0.03 0.11 0.14 0.10
Net realized and unrealized gain (loss)
on investments.......................... (0.82) 2.78 (0.62) 0.89 (1.42)
------------ -------- -------- -------- --------
Net increase (decrease) in net asset
value resulting from investment
operations.............................. (0.86) 2.81 (0.51) 1.03 (1.32)
------------ -------- -------- -------- --------
Distributions:
Net investment income.................. (0.04) (0.00) (0.02) (0.11) (0.11)
Net realized gain on investments....... (0.95) (0.00) (0.00) (0.00) (0.00)
------------ -------- -------- -------- --------
Total distributions................ (0.99) (0.00) (0.02) (0.11) (0.11)
------------ -------- -------- -------- --------
Net asset value, end of period........... $ 9.17 $ 11.02 $ 8.21 $ 8.74 $ 7.82
------------ -------- -------- -------- --------
------------ -------- -------- -------- --------
Total investment return***............... (7.78)% 34.2% (5.8)% 13.2% (14.3)%
------------ -------- -------- -------- --------
------------ -------- -------- -------- --------
Ratios and supplemental data:
Net assets, end of period (in 000's)..... $430,701 $523,397 $421,693 $463,851 $343,949
Ratio of net investment income (loss) to
average net assets...................... (0.04)% 0.3% 1.2% 1.5% 1.4%
Ratio of expenses to average net assets
before expense reductions............... 1.75%
Ratio of expenses to average net assets
after expense reductions................ 1.7% 1.8% 1.9% 1.9% 1.9%
Portfolio turnover rate++................ 96% 90% 89% 83% 58%
<FN>
- --------------------
+ Commencing April 1, 1993, the Fund began offering Class B shares. All
capital shares issued and outstanding as of March 31, 1993 were reclassi-
fied as Class A shares.
++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
* Calculated based upon weighted average shares outstanding during the year.
** The per share data reflects a 3 for 1 stock split effective August 14,
1989.
*** Total investment return does not reflect the maximum sales charge on
purchases of Class A shares and the contingent deferred sales charge im-
posed on certain redemptions of Class B shares.
(a) Not annualized.
(b) Annualized.
</TABLE>
Prospectus Page 10
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: INTERNATIONAL GROWTH FUND
(CONTINUED)
<TABLE>
<CAPTION>
CLASS A+
--------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------
1989** 1988** 1987** 1986**
-------- ------- ------- -------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period............................................. $ 6.77 $ 5.71 $ 6.13 $ 4.16
-------- ------- ------- -------
Net investment income (loss)..................................................... 0.01 (0.01) (0.01) (0.05)
Net realized and unrealized gain (loss) on investments........................... 2.60 1.12 0.35 2.22
-------- ------- ------- -------
Net increase (decrease) in net asset value resulting from investment
operations...................................................................... 2.61 1.11 0.34 2.17
-------- ------- ------- -------
Distributions:
Net investment income.......................................................... (0.00) (0.00) (0.00) (0.00)
Net realized gain on investments and foreign currency.......................... (0.13) (0.05) (0.76) (0.20)
-------- ------- ------- -------
Total distributions........................................................ (0.13) (0.05) (0.76) (0.20)
-------- ------- ------- -------
Net asset value, end of period................................................... $ 9.25 $ 6.77 $ 5.71 $ 6.13
-------- ------- ------- -------
-------- ------- ------- -------
Total investment return***....................................................... 38.6% 19.4% 6.2% 53.7%
-------- ------- ------- -------
-------- ------- ------- -------
Ratios and supplemental data:
Net assets, end of period (in 000's)............................................. $136,975 $29,792 $17,178 $12,052
Ratio of net investment income (loss) to average net assets...................... 0.1% (0.2)% (0.3)% (0.9)%
Ratio of expenses to average net assets.......................................... 1.9% 2.1% 1.9% 1.9%
Portfolio turnover rate++........................................................ 82% 115% 198% 122%
<CAPTION>
JULY 19, 1985
(COMMENCEMENT
OF
OPERATIONS)
THROUGH
DECEMBER 31,
1985**
-------------
<S> <C>
Per Share Operating Performance:
Net asset value, beginning of period............................................. $ 3.33
-------------
Net investment income (loss)..................................................... (0.02)
Net realized and unrealized gain (loss) on investments........................... 0.85
-------------
Net increase (decrease) in net asset value resulting from investment
operations...................................................................... 0.83
-------------
Distributions:
Net investment income.......................................................... (0.00)
Net realized gain on investments and foreign currency.......................... (0.00)
-------------
Total distributions........................................................ (0.00)
-------------
Net asset value, end of period................................................... $ 4.16
-------------
-------------
Total investment return***....................................................... 24.7%(a)
-------------
-------------
Ratios and supplemental data:
Net assets, end of period (in 000's)............................................. $1,797
Ratio of net investment income (loss) to average net assets...................... (1.1)%(b)
Ratio of expenses to average net assets.......................................... 2.4%(b)
Portfolio turnover rate++........................................................ 37%
</TABLE>
Prospectus Page 11
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: NEW PACIFIC GROWTH FUND
<TABLE>
<CAPTION>
CLASS B+
--------------------------------
YEAR ENDED APRIL 1, 1993
DECEMBER 31, TO
1994 DECEMBER 31, 1993
------------ -----------------
<S> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period............ $ 15.79 $ 11.27
------------ --------
Net investment income (loss).................... (0.06) (0.10)
Net realized and unrealized gain (loss) on
investments.................................... (3.15) 5.27
------------ --------
Net increase (decrease) in net asset value
resulting from investment operations........... (3.21) 5.17
------------ --------
Distributions:
Net investment income......................... (0.00) (0.00)
Net realized gain on investments.............. (0.55) (0.65)
In excess of net realized gain on
investments.................................. (0.07)
------------ --------
Total distributions......................... (0.62) (0.65)
------------ --------
Net asset value, end of period.................. $ 11.96 $ 15.79
------------ --------
------------ --------
Total investment return**....................... (20.30)% 46.3%(a)
------------ --------
------------ --------
Ratio and supplemental data:
Net assets, end of period (in 000's)............ $120,171 $72,122
Ratio of net investment income (loss) to average
net assets..................................... (0.54)% (0.9)%(b)
Ratio of expenses to average net assets before
expense reductions............................. 2.51%
Ratio of expenses to average net assets after
expense reductions............................. 2.46% 2.5%(b)
Portfolio turnover rate++....................... 87% 117%
<CAPTION>
CLASS A+
-----------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------
1994 1993 1992 1991 1990
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period............ $ 15.86 $10.31 $11.30 $10.57 $12.61
------------ -------- -------- -------- --------
Net investment income (loss).................... 0.02 (0.03) 0.07 0.11 0.13
Net realized and unrealized gain (loss) on
investments.................................... (3.15) 6.23 (0.97) 1.25 (1.51)
------------ -------- -------- -------- --------
Net increase (decrease) in net asset value
resulting from investment operations........... (3.13) 6.20 (0.90) 1.36 (1.38)
------------ -------- -------- -------- --------
Distributions:
Net investment income......................... (0.01) (0.00) (0.06) (0.08) (0.12)
Net realized gain on investments.............. (0.55) (0.65) (0.03) (0.55) (0.54)
In excess of net realized gain on
investments.................................. (0.07)
------------ -------- -------- -------- --------
Total distributions......................... (0.63) (0.65) (0.09) (0.63) (0.66)
------------ -------- -------- -------- --------
Net asset value, end of period.................. $ 12.10 $15.86 $10.31 $11.30 $10.57
------------ -------- -------- -------- --------
------------ -------- -------- -------- --------
Total investment return**....................... (19.73)% 60.6% (8.0)% 13.1% (11.0)%
------------ -------- -------- -------- --------
------------ -------- -------- -------- --------
Ratio and supplemental data:
Net assets, end of period (in 000's)............ $404,680 $498,898 $281,418 $333,800 $234,793
Ratio of net investment income (loss) to average
net assets..................................... 0.11% (0.3)% 0.6% 1.0% 1.1%
Ratio of expenses to average net assets before
expense reductions............................. 1.86%
Ratio of expenses to average net assets after
expense reductions............................. 1.81% 1.9% 2.0% 2.0% 2.1%
Portfolio turnover rate++....................... 87% 117% 72% 85% 75%
<FN>
- ------------------------
+ Commencing April 1, 1993, the Fund began offering Class B shares. All
capital shares issued and outstanding as of March 31, 1993 were
reclassified as Class A shares.
++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
* The per share data reflects a 2 for 1 stock split effective August 14,
1989.
** Total investment return does not reflect the maximum sales charge on
purchases of Class A shares and the contingent deferred sales charge
imposed on certain redemptions of Class B shares.
(a) Not annualized.
(b) Annualized.
</TABLE>
Prospectus Page 12
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: NEW PACIFIC GROWTH FUND
(CONTINUED)
<TABLE>
<CAPTION>
CLASS A+
---------------------------------------------------------
YEAR ENDED DECEMBER 31,
---------------------------------------------------------
1989* 1988* 1987* 1986* 1985* 1984*
-------- ------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period........................ $8.74 $7.25 $14.98 $8.82 $8.49 $8.95
-------- ------- -------- -------- -------- --------
Net investment income (loss)................................ (0.01) 0.01 (0.01) (0.05) 0.04 0.05
Net realized and unrealized gain (loss) on investments...... 4.21 1.66 0.51 6.22 .72 (0.03)
-------- ------- -------- -------- -------- --------
Net increase (decrease) in net asset value resulting from
investment operations...................................... 4.20 1.67 0.50 6.17 0.76 0.02
-------- ------- -------- -------- -------- --------
Distributions:
Net investment income..................................... (0.00) (0.00) (0.00) (0.01) (0.03) (0.30)
Net realized gain on investments and foreign currency..... (0.33) (0.18) (8.23) (0.00) (0.40) (0.18)
-------- ------- -------- -------- -------- --------
Total distributions..................................... (0.33) (0.18) (8.23) (0.01) (0.43) (0.48)
-------- ------- -------- -------- -------- --------
Net asset value, end of period.............................. $12.61 $8.74 $7.25 $14.98 $8.82 $8.49
-------- ------- -------- -------- -------- --------
-------- ------- -------- -------- -------- --------
Total investment return**................................... 48.1% 23.2% 5.7% 69.9% 9.3% (3.0)%
-------- ------- -------- -------- -------- --------
-------- ------- -------- -------- -------- --------
Ratio and supplemental data:
Net assets, end of period (in 000's)........................ $170,071 $56,342 $642,969 $648,157 $530,986 $466,685
Ratio of net investment income (loss) to average net
assets..................................................... (0.1)% 0.0% (0.2)% (0.5)% 0.4% 0.6%
Ratio of expenses to average net assets..................... 2.0% 2.2% 1.9% 1.4% 1.4% 1.4%
Portfolio turnover rate++................................... 70% 107% 215% 229% 81% 68%
</TABLE>
Prospectus Page 13
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: EUROPE GROWTH FUND
<TABLE>
<CAPTION>
CLASS B+
---------------------------------
YEAR ENDED APRIL 1, 1993
DECEMBER 31, TO
1994* DECEMBER 31, 1993*
------------ ------------------
<S> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 10.79 $ 9.02
------------ --------
Net investment income................... (0.00) 0.00
Net realized and unrealized gain (loss)
on investments and foreign currency.... (0.69) 1.85
------------ --------
Net increase (decrease) in net asset
value resulting from investment
operations............................. (0.69) 1.85
------------ --------
Distributions:
Net investment income................. (0.00) (0.06)
In excess of net investment income.... (0.00) (0.02)
In excess of net realized gain on
investments.......................... (0.13) (0.00)
------------ --------
Total distributions............... (0.13) (0.08)
------------ --------
Net asset value, end of year............ $ 9.97 $ 10.79
------------ --------
------------ --------
Total investment return****............. (6.38)% 20.5%(a)
------------ --------
------------ --------
Ratios and supplemental data:
Net assets, end of period (in 000's).... $81,602 $34,048
Ratio of net investment income (loss) to
average net assets..................... (0.04)% (0.1)%(b)
Ratio of expenses to average net assets
before expense
reductions............................. 2.46%
Ratio of expenses to average net assets
after expense reductions............... 2.38% 2.6%(b)
Portfolio turnover rate++............... 91% 67%
<CAPTION>
CLASS A+
----------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------------
1994* 1993* 1992* 1991 1990
------------ -------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 10.84 $8.51 $9.59 $9.33 $10.94
------------ -------- -------- ---------- ----------
Net investment income................... 0.06 0.05 0.11*** 0.21 0.10
Net realized and unrealized gain (loss)
on investments and foreign currency.... (0.69) 2.36 (1.19) 0.19 (1.71)
------------ -------- -------- ---------- ----------
Net increase (decrease) in net asset
value resulting from investment
operations............................. (0.63) 2.41 (1.08) 0.40 (1.61)
------------ -------- -------- ---------- ----------
Distributions:
Net investment income................. (0.05) (0.06) (0.00) (0.14) (0.00)
In excess of net investment income.... (0.00) (0.02) (0.00) (0.00) (0.00)
In excess of net realized gain on
investments.......................... (0.13) (0.00) (0.00) (0.00) (0.00)
------------ -------- -------- ---------- ----------
Total distributions............... (0.18) (0.08) (0.00) (0.14) (0.00)
------------ -------- -------- ---------- ----------
Net asset value, end of year............ $ 10.03 $10.84 $8.51 $9.59 $9.33
------------ -------- -------- ---------- ----------
------------ -------- -------- ---------- ----------
Total investment return****............. (5.80)% 28.3% (11.3)% 4.3% (14.7)%
------------ -------- -------- ---------- ----------
------------ -------- -------- ---------- ----------
Ratios and supplemental data:
Net assets, end of period (in 000's).... $646,313 $854,701 $781,607 $1,211,709 $1,428,677
Ratio of net investment income (loss) to
average net assets..................... 0.61% 0.6% 1.2%*** 1.7% 1.1%
Ratio of expenses to average net assets
before expense
reductions............................. 1.81%
Ratio of expenses to average net assets
after expense reductions............... 1.73% 1.9% 2.0%*** 1.8% 1.9%
Portfolio turnover rate++............... 91% 67% 65% 55% 34%
<FN>
- ------------------------
+ Commencing April 1, 1993, the Fund began offering Class B shares. All
capital shares issued and outstanding as of March 31, 1993 were
reclassified as Class A shares.
++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
+++ Includes waivers of investment management and administration fees and
partial reimbursement of operating expenses by G.T. Capital Management,
Inc.
* Calculated based upon weighted average shares outstanding during the
year.
** The per share data reflects a 2 for 1 stock split effective August 14,
1989.
*** Includes reimbursement by G.T. Capital Management, Inc. of Fund operating
expenses of less than one cent per share. Without such reimbursement, the
ratio of expenses to average net assets would have been 2.1% and the
ratio of net investment income to average net assets would have been
1.2%.
**** Total investment return does not reflect the maximum sales charge on
purchases of Class A shares and the contingent deferred sales charge
imposed on certain redemptions of Class B shares.
(a) Not annualized.
(b) Annualized.
</TABLE>
Prospectus Page 14
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: EUROPE GROWTH FUND
(CONTINUED)
<TABLE>
<CAPTION>
JULY 19, 1985
CLASS A+ (COMMENCEMENT
---------------------------------------------------------- OF
OPERATIONS)
YEAR ENDED DECEMBER 31, THROUGH
---------------------------------------------------------- DECEMBER 31,
1989** 1988** 1987** 1986** 1985**
---------- -------- -------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period......... $7.77 $7.76 $9.62 $6.82 $ 5.00
---------- -------- -------- ----------- -------------
Net investment income (loss)................. (0.02) (0.07) (0.00)+++ (0.03)+++ (0.03)
Net realized and unrealized gain (loss) on
investments and foreign currency............ 3.19 0.87 0.57 2.83 1.85
---------- -------- -------- ----------- -------------
Net increase (decrease) in net asset value
resulting from investment operations........ 3.17 0.80 0.57 2.80 1.82
---------- -------- -------- ----------- -------------
Distributions:
Net investment income...................... (0.00) (0.00) (0.00) (0.00) (0.00)
Net realized gain on investments........... (0.00) (0.79) (2.43) (0.00) (0.00)
---------- -------- -------- ----------- -------------
Total distributions.................... (0.00) (0.79) (2.43) (0.00) (0.00)
---------- -------- -------- ----------- -------------
Net asset value, end of period............... $10.94 $7.77 $7.76 $9.62 $ 6.82
---------- -------- -------- ----------- -------------
---------- -------- -------- ----------- -------------
Total investment return****.................. 40.7% 11.1% 6.6% 41.0% 36.4%(a)
---------- -------- -------- ----------- -------------
---------- -------- -------- ----------- -------------
Ratios and supplemental data:
Net assets, end of period (in 000's)......... $382,428 $8,376 $10,227 $9,809 $ 1,004
Ratio of net investment income (loss) to
average net assets.......................... (0.6)% (1.0)% (0.00)%+++ (0.4)%+++ (1.1)%(b)
Ratio of expenses to average net assets...... 1.9% 3.6% 2.0%+++ 2.0%+++ 2.8%(b)
Portfolio turnover rate++.................... 43% 153% 193% 102% 0.2%
</TABLE>
Prospectus Page 15
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: JAPAN GROWTH FUND
<TABLE>
<CAPTION>
CLASS B+
------------------------------
APRIL 1, 1993
YEAR ENDED TO
DECEMBER 31, DECEMBER 31,
1994 1993
------------ ---------------
<S> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period........... $ 11.57 $ 9.85
------------ -------
Net investment income (loss)................... (0.13) (0.18)
Net realized and unrealized gain (loss) on
investments................................... 0.79 1.90
------------ -------
Net increase (decrease) in net asset value
resulting from investment operations.......... 0.66 1.72
------------ -------
Distributions:
Net realized gain on investments............. (0.21) (0.00)
------------ -------
Total distributions...................... (0.21) (0.00)
------------ -------
Net asset value, end of period................. $ 12.02 $ 11.57
------------ -------
------------ -------
Total investment return****.................... 5.81% 17.5%(a)
------------ -------
------------ -------
Ratios and supplemental data:
Net assets, end of period (in 000's)........... $ 27,355 $3,699
Ratio of net investment income (loss) to
average net assets............................ (0.97)% (0.9)%(b)
Ratio of expenses to average net assets before
expense
reductions.................................... 2.68%
Ratio of expenses to average net assets after
expense reductions............................ 2.56% 2.7%(b)
Portfolio turnover rate++...................... 49% 104%
<CAPTION>
CLASS A+
-------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------------------------------------------
1994 1993 1992* 1991 1990
--------- --------- ------------ --------- ----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period........... $ 11.61 $ 8.70 $ 11.16 $ 11.48 $ 16.39
--------- --------- ------------ --------- ----------
Net investment income (loss)................... (0.04) (0.14) (0.00)*** (0.09) (0.05)++
Net realized and unrealized gain (loss) on
investments................................... 0.79 3.05 (2.40) (0.23) (4.60)
--------- --------- ------------ --------- ----------
Net increase (decrease) in net asset value
resulting from investment operations.......... 0.75 2.91 (2.40) (0.32) (4.65)
--------- --------- ------------ --------- ----------
Distributions:
Net realized gain on investments............. (0.21) (0.00) (0.06) (0.00) (0.26)
--------- --------- ------------ --------- ----------
Total distributions...................... (0.21) (0.00) (0.06) (0.00) (0.26)
--------- --------- ------------ --------- ----------
Net asset value, end of period................. $ 12.15 $ 11.61 $ 8.70 $ 11.16 $ 11.48
--------- --------- ------------ --------- ----------
--------- --------- ------------ --------- ----------
Total investment return****.................... 6.56% 33.5% (21.5)% (2.8)% (28.7)%
--------- --------- ------------ --------- ----------
--------- --------- ------------ --------- ----------
Ratios and supplemental data:
Net assets, end of period (in 000's)........... $98,066 $ 88,487 $93,865 $61,519 $51,693
Ratio of net investment income (loss) to
average net assets............................ (0.32)% (0.3)% (0.0)%*** (1.5)% (1.2)%++
Ratio of expenses to average net assets before
expense
reductions.................................... 2.03%
Ratio of expenses to average net assets after
expense reductions............................ 1.91% 2.1% 2.2%*** 2.2% 2.2%++
Portfolio turnover rate++...................... 49% 104% 115% 251% 138%
<FN>
- ------------------------
+ Commencing April 1, 1993, the Fund began offering Class B shares. All
capital shares issued and outstanding as of March 31, 1993 were
reclassified as Class A shares.
++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
* Calculated based upon weighted average shares outstanding during the
period.
** The per share data reflects a 2 for 1 stock split effective August 15,
1988.
*** Includes reimbursement by G.T. Capital Management, Inc. of Fund operating
expenses of $0.01. Without such reimbursement, the ratio of expenses to
average net assets would have been 2.3% and the ratio of net investment
loss to average net assets would have been (0.1)%.
**** Total investment return does not reflect the maximum sales charge on
purchases of Class A shares and the contingent deferred sales charge
imposed on certain redemptions of Class B shares.
++ Includes reimbursement by G.T. Capital Management, Inc. of Fund operating
expenses of $0.01. Without such reimbursement, the ratio of expenses to
average net assets would have been 2.4% and the ratio of net investment
loss to average net assets would have been (1.35)%.
(a) Not annualized.
(b) Annualized.
</TABLE>
Prospectus Page 16
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: JAPAN GROWTH FUND
(CONTINUED)
<TABLE>
<CAPTION>
JULY 19, 1985
CLASS A+ (COMMENCEMENT
------------------------------------------- OF
OPERATIONS)
YEAR ENDED DECEMBER 31, THROUGH
------------------------------------------- DECEMBER 31,
1989 1988** 1987** 1986** 1985**
------- ------- ------- ------- -------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period........................ $ 10.57 $ 10.36 $ 9.88 $6.20 $ 5.00
------- ------- ------- ------- -------------
Net investment income (loss)................................ (0.19) (0.20) (0.15) (0.14 ) (0.01)
Net realized and unrealized gain (loss) on investments...... 6.57 2.44 4.52 3.91 1.21
------- ------- ------- ------- -------------
Net increase (decrease) in net asset value resulting from
investment operations...................................... 6.38 2.24 4.37 3.77 1.20
------- ------- ------- ------- -------------
Distributions:
Net realized gain on investments and foreign currency..... (0.56) (2.03) (3.89) (0.09 ) (0.00)
------- ------- ------- ------- -------------
Total distributions................................... (0.56) (2.03) (3.89) (0.09 ) (0.00)
------- ------- ------- ------- -------------
Net asset value, end of period.............................. $ 16.39 $ 10.57 $ 10.36 $9.88 $ 6.20
------- ------- ------- ------- -------------
------- ------- ------- ------- -------------
Total investment return****................................. 60.7% 21.9% 52.1% 61.3 % 24%(a)
------- ------- ------- ------- -------------
------- ------- ------- ------- -------------
Ratios and supplemental data:
Net assets, end of period (in 000's)........................ $48,405 $18,591 $10,049 $7,313 $511
Ratio of net investment income (loss) to average net
assets..................................................... (1.6)% (1.5)% (2.4)% (1.6 )% (0.4)%(b)
Ratio of expenses to average net assets..................... 2.1% 2.2% 3.0% 2.2 % 3.8%(b)
Portfolio turnover rate++................................... 108% 150% 319% 207 % 93%
</TABLE>
Prospectus Page 17
<PAGE>
G.T. GLOBAL GROWTH FUNDS
ALTERNATIVE PURCHASE PLAN
- --------------------------------------------------------------------------------
DIFFERENCES BETWEEN THE CLASSES. The primary distinction between the two classes
of each Fund's shares offered through this Prospectus lies in their sales charge
structures and ongoing expenses, as summarized below. Class A and Class B shares
of a Fund represent interests in the same portfolio of investments of that Fund
and have the same rights, except that each class bears the separate expenses of
its Rule 12b-1 distribution plan and has exclusive voting rights with respect to
such plan, and each class has a separate exchange privilege. See "Management"
and "How to Exchange Shares." Each class has distinct advantages and
disadvantages for different investors, and investors should choose the class
that better suits their circumstances and objectives.
Dividends and other distributions paid by each Fund with respect to its Class A
and Class B shares are calculated in the same manner and at the same time. The
per share dividends on Class B shares of a Fund will be lower than the per share
dividends on Class A shares of that Fund as a result of the higher service and
distribution fees applicable to Class B shares.
CLASS A SHARES. Class A shares are sold at net asset value plus an initial sales
charge of up to 4.75% of the public offering price imposed at the time of
purchase. This initial sales charge is reduced or waived for certain purchases.
Purchases of $500,000 or more must be for Class A shares. Class A shares of each
Fund also bear annual service and distribution fees of up to 0.35% of the
average daily net assets of that class.
CLASS B SHARES. Class B shares are sold at net asset value with no initial sales
charge at the time of purchase. Therefore, the entire amount of an investor's
purchase payment is invested in a Fund. Class B shares bear annual service and
distribution fees of up to 1.00% of the average daily net assets of that class,
and investors pay a contingent deferred sales charge of up to 5% of the lesser
of the original purchase price or the net asset value of such shares at the time
of redemption. This deferred sales charge is waived for certain redemptions and
is reduced for shares held more than one year. The higher service and
distribution fees paid by the Class B shares of a Fund will cause that class to
have a higher expense ratio and to pay lower dividends than Class A shares of
the same Fund.
FACTORS TO CONSIDER IN CHOOSING A CLASS OF SHARES. In deciding which class to
purchase, investors should consider the foregoing factors as well as the
following:
INTENDED HOLDING PERIOD. Over time, the cumulative expense of the 1.00% annual
service and distribution fees on the Class B shares of a Fund will approximate
or exceed the expense of the applicable 4.75% maximum initial sales charge plus
the 0.35% service and distribution fees on that Fund's Class A shares. For
example, if net asset value remains constant, the Class B shares' aggregate
service and distribution fees would be equal to the Class A shares' initial
maximum sales charge and service and distribution fees approximately seven years
after purchase. Thereafter, Class B shares would bear higher expenses. Investors
who expect to maintain their investment in a Fund over the long-term but do not
qualify for a reduced initial sales charge might elect the Class A initial sales
charge alternative, because the indirect expense to the shareholder of the
accumulated service and distribution fees on the Class B shares will exceed the
initial sales charge paid by the shareholder plus the indirect expense to the
shareholder of the accumulated service and distribution fees of Class A shares.
Class B investors, however, enjoy the benefit of permitting all their dollars to
work from the time the investments are made. Any positive investment return on
this additional invested amount would partially or wholly offset the higher
annual expenses borne by Class B shares. Because the Funds' future returns
cannot be predicted, however, there can be no assurance that such a positive
return will be achieved.
Finally, Class B shareholders pay a contingent deferred sales charge if they
redeem during the first six years after purchase, unless a sales charge waiver
applies. Investors expecting to redeem during this period should consider the
cost of the applicable contingent deferred sales charge in addition to the
annual Class B service and distribution fees, as compared with the cost of the
applicable initial sales charge and annual service and distribution fees
applicable to the Class A shares.
Prospectus Page 18
<PAGE>
G.T. GLOBAL GROWTH FUNDS
The "Hypothetical Example of Effect of Expenses" under "Prospectus Summary"
shows for each Fund the cumulative expenses an investor would pay over time on a
hypothetical investment in each class of each Fund's shares, assuming an annual
return of 5%.
REDUCED SALES CHARGES. Class A share purchases over $50,000 and Class A share
purchases made under a Fund's reduced sales charge plans may be made at a
reduced initial sales charge. See "How to Invest" for a complete list of reduced
sales charges applicable to Class A purchases.
WAIVER OF SALES CHARGES. The entire initial sales charge on Class A shares of a
Fund may be waived for certain eligible purchasers and these purchasers' entire
purchase price would be immediately invested in a Fund. The contingent deferred
sales charge may be waived upon redemption of certain Class B shares. Investors
eligible for complete initial sales charge waivers should purchase Class A
shares. See "How to Invest" for a complete list of initial sales charge waivers
applicable to Class A purchases and contingent deferred sales charge waivers
applicable to Class B purchases. A 1% contingent deferred sales charge is
imposed on certain redemptions of Class A shares on which no initial sales
charge was assessed.
Investors should understand that the contingent deferred sales charge on the
Class B shares and the initial sales charge on the Class A shares are both
intended to compensate G.T. Global and selling broker/dealers for their
distribution services. Broker/dealers may receive different levels of
compensation for selling a particular class of shares of a Fund.
ADVISOR CLASS SHARES. Advisor Class shares may be offered through a separate
Prospectus to (a) trustees or other fiduciaries purchasing shares for employee
benefit plans which are sponsored by organizations which have at least 250
employees; (b) any account investing at least $25,000 in one or more G.T. Global
Mutual Funds if (i) a financial planner, trust company, bank trust department or
registered investment adviser has investment discretion over such account, and
(ii) the account holder pays such person as compensation for its advice and
other services an annual fee of at least .50% on the assets in the account; (c)
any account investing at least $25,000 in one or more G.T. Global Mutual Funds
if (i) such account is established under a "wrap fee" program, and (ii) the
account holder pays the sponsor of such program an annual fee of at least .50%
on the assets in the account; (d) accounts advised by one of the companies
comprising or affiliated with the G.T. Group; and (e) any of the companies
comprising or affiliated with the G.T. Group.
See "How to Invest," "How to Redeem Shares" and "Management" for a more complete
description of the initial and contingent deferred sales charges, service fees
and distribution fees for Class A and Class B shares of each Fund and
"Dividends, Other Distributions and Federal Income Taxation" and "Valuation of
Shares" for other differences between these two classes.
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVES
AND POLICIES
- --------------------------------------------------------------------------------
The investment objective of each Fund is long-term growth of capital. Each Fund
seeks this objective by investing, under normal circumstances, at least 80% of
its assets in equity securities of issuers domiciled in its Primary Investment
Area, as listed below. Equity securities in which the Funds may invest include
common stocks, preferred stocks and warrants to acquire such securities. There
is no assurance that any Fund will achieve its investment objective.
The Primary Investment Areas of the Funds are as follows:
G.T. GLOBAL: NEW PACIFIC GROWTH FUND ("PACIFIC FUND") -- Australia, Hong Kong,
Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Korea,
Taiwan and Thailand
G.T. GLOBAL: EUROPE GROWTH FUND ("EUROPE FUND") -- Austria, Belgium, Denmark,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands,
Norway, Portugal, Spain, Sweden, Switzerland, Turkey and the United Kingdom
Prospectus Page 19
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. GLOBAL: JAPAN GROWTH FUND ("JAPAN FUND") -- Japan
G.T. GLOBAL: INTERNATIONAL GROWTH FUND ("INTERNATIONAL FUND") -- all countries
listed for each other Fund, and Argentina, Brazil, Canada, Chile, Mexico and
Venezuela, but not the United States
G.T. GLOBAL: AMERICA GROWTH FUND ("AMERICA FUND") -- the United States
G.T. GLOBAL: WORLDWIDE GROWTH FUND ("WORLDWIDE FUND") -- same as International
Fund, but including the United States
As indicated by these Primary Investment Areas, the WORLDWIDE FUND is designed
for those investors desiring to delegate equity investment decisions, including
allocation of assets among the world's different markets, currency strategies
and individual stock selection, to G.T. Capital's professional team of
investment specialists. The INTERNATIONAL FUND is intended for investors seeking
to complement their U.S. equity investments with a professionally managed
international portfolio. The PACIFIC FUND and the EUROPE FUND are regional funds
for investors interested in a more geographically concentrated investment but
still desiring to diversify across multiple markets. Finally, the JAPAN FUND and
the AMERICA FUND are designed for investors wishing to concentrate their
investment in a particular market but still desiring the professional
management, liquidity and diversification afforded by a mutual fund.
Each Fund may invest up to 20% of its assets in the equity securities of issuers
domiciled outside of the Fund's Primary Investment Area. Such investments may
include, e.g.: (a) securities of issuers in countries that are not located in
the Primary Investment Area but are linked by tradition, economic markets,
cultural similarities or geography to the countries in such Primary Investment
Area; and (b) securities of issuers located elsewhere in the world which have
operations in the Primary Investment Area or which stand to benefit from
political and economic events in the Primary Investment Area. For example, a
Fund may invest in a company outside of its Primary Investment Area when G.T.
Capital believes at the time of investment that the value of the company's
securities may be enhanced by conditions or developments in that Primary
Investment Area even though the company's production facilities are located
outside of that Primary Investment Area.
In managing the Funds, G.T. Capital seeks to identify those countries and
industries where economic and political factors, including currency movements,
are likely to produce above average growth rates. G.T. Capital further attempts
to identify those companies in such countries and industries that are best
positioned and managed to take advantage of these economic and political
factors. G.T. Capital intends to invest in such markets only after balancing the
potential for growth of selected companies in each market relative to the risks
of investing in each such country. Among the factors to be considered are that
several of the markets included in the Primary Investment Areas of the Pacific
Fund, the Europe Fund, the International Fund, and the Worldwide Fund are
so-called developing countries, and their economies and markets are less
developed and more prone to uncertainty, instability and risk than those of the
other markets in which the Funds invest.
Under ordinary circumstances, the assets of the Worldwide Fund and the
International Fund are invested in the equity securities of issuers domiciled in
at least three different countries, and 20% to 60% of the Worldwide Fund's
assets normally are invested in the equity securities of U.S. issuers. The
America Fund currently expects to invest a majority of its assets in the
securities of mid- and small-size companies. In selecting securities for
inclusion in the America Fund's portfolio, the Fund's managers initially focus
on companies with total equity market capitalization of $2 billion or less.
Up to 20% of each Fund's assets may be invested in convertible bonds and debt
securities. These debt obligations include U.S. and foreign government
securities and corporate debt securities, including Samurai and Yankee bonds,
Eurobonds and Depository Receipts. The issuers of such debt securities may or
may not be domiciled in the Primary Investment Area of the Fund purchasing the
securities. The Funds will limit their purchases of debt securities to
investment grade obligations. "Investment grade" debt refers to those securities
rated within one of the four highest ratings categories by Moody's Investors
Service, Inc. ("Moody's") or by Standard & Poor's Ratings Group ("S&P"), or, if
unrated deemed by G.T. Capital to be of equivalent quality. Moody's considers
securities rated in the lowest category of investment grade, i.e., securities
rated Baa, to have speculative characteristics. See the Statement of Additional
Information for a full description of Moody's and S&P ratings. The Funds may
also use instruments (including forward currency
Prospectus Page 20
<PAGE>
G.T. GLOBAL GROWTH FUNDS
contracts) often referred to as "derivatives." See "Options, Futures and Forward
Currency Transactions."
OTHER POLICIES. Each Fund may invest up to 15% of its net assets in illiquid
securities.
Because the development of the world's economies and stock markets is rapidly
evolving, from time to time the Board of Trustees may redefine a Fund's Primary
Investment Area. In the past, new markets such as Indonesia, South Korea, and
Taiwan have been added in the Primary Investment Area of the Pacific Fund and
Greece, Ireland, Portugal and Turkey have been added in the Primary Investment
Area of the Europe Fund. On the other hand, Japan has been eliminated from the
Primary Investment Area of the Pacific Fund.
With respect to certain countries, currently including Taiwan, investments by a
Fund may only be made through investment in other investment companies that in
turn are authorized to invest in the securities of such countries. Each Fund may
invest up to 10% of its assets in other investment companies. As a shareholder
in an investment company, a Fund would bear its ratable share of that investment
company's expenses, including its advisory and administration fees. At the same
time, the Fund would continue to pay its own management fees and other expenses.
Each Fund retains the flexibility to respond promptly to changes in market and
economic conditions. Accordingly, in the interest of preserving shareholders'
capital and consistent with each Fund's investment objective, G.T. Capital may
employ a temporary defensive investment strategy if it determines such a
strategy to be warranted due to market, economic or political conditions. Under
a defensive strategy, each Fund may hold cash (U.S. dollars, foreign currencies
or multinational currency units) and/or invest any portion or all of its assets
in debt securities or high quality money market instruments issued by
corporations, or the U.S. or a foreign government.
For temporary defensive purposes, such as during times of international
political or economic uncertainty, most or all of a Fund's investments may be
made in the United States and denominated in U.S. dollars. To the extent a Fund
adopts a temporary defensive position, it will not be invested so as to achieve
directly its investment objective. In addition, pending investment of proceeds
from new sales of Fund shares or to meet its ordinary daily cash needs, each
Fund may hold cash (U.S. dollars, foreign currencies or multinational currency
units) and may invest in high quality foreign or domestic money market
instruments. Money market instruments in which the Funds may invest include, but
are not limited to, the following: government securities; high grade commercial
paper; bank certificates of deposit; bankers' acceptances; and repurchase
agreements related to any of the foregoing. High grade commercial paper refers
to commercial paper rated P-1 by Moody's or A-1 by S&P at the time of investment
or, if unrated, deemed by G.T. Capital to be of comparable quality.
From time to time, it may be advantageous for each Fund to borrow money rather
than sell existing portfolio positions to meet redemption requests. Accordingly,
each Fund may borrow from banks or may borrow through reverse repurchase
agreements and "roll" transactions in connection with meeting requests for the
redemptions of the Fund's shares. Each Fund also may borrow up to 5% of its
total assets for temporary or emergency purposes other than to meet redemptions.
However, no Fund will borrow for leveraging purposes, nor will any Fund purchase
securities while borrowings are outstanding. See "Investment Objectives and
Policies" in the Statement of Additional Information.
The Funds are authorized to make loans of portfolio securities, for the purpose
of realizing additional income, to broker/dealers or to other institutional
investors. At all times a loan is outstanding, the borrower must maintain with
the Funds' custodian collateral consisting of cash, U.S. government securities
or other liquid, high grade debt securities equal to at least the value of the
borrowed securities, plus any accrued interest. Each Fund will receive any
interest paid on the loaned securities and a fee and/or a portion of the
interest earned on the collateral. Each Fund will limit loans of portfolio
securities to an aggregate of 30% of the value of its total assets, measured at
the time any such loan is made. The risks in lending portfolio securities, as
with other extensions of secured credit, consist of possible delay in receiving
additional collateral or in recovery of the securities or possible loss of
rights in the collateral should the borrower fail financially.
The Funds may purchase debt securities on a "when-issued" basis and may purchase
or sell such securities on a "forward commitment" basis in order to hedge
against anticipated changes in interest rates and prices. The price, which
generally is expressed in yield terms, is fixed at the time the commitment is
made, but delivery and payment for the
Prospectus Page 21
<PAGE>
G.T. GLOBAL GROWTH FUNDS
securities take place at a later date. When-issued securities and forward
commitments may be sold prior to the settlement date, but the Funds will enter
into when-issued and forward commitments only with the intention of actually
receiving or delivering the securities, as the case may be. No income accrues on
securities which have been purchased pursuant to a forward commitment or on a
when-issued basis prior to delivery to the Fund. If the Fund disposes of the
right to acquire a when-issued security prior to its acquisition or disposes of
its right to deliver or receive against a forward commitment, it may incur a
gain or loss. At the time a Fund enters into a transaction on a when-issued or
forward commitment basis, a segregated account consisting of cash or high grade
liquid debt securities equal to the value of the when-issued or forward
commitment securities will be established and maintained with its custodian and
will be marked to market daily. There is a risk that the securities may not be
delivered and that a Fund may incur a loss.
The Funds also may invest in securities of foreign issuers in the form of
American Depository Receipts ("ADRs") or other similar securities convertible
into securities of foreign issuers. These securities may not necessarily be
denominated in the same currency as the securities into which they may be
converted. ADRs are receipts typically issued by a United States bank or trust
company evidencing ownership of the underlying securities. Generally, ADRs in
registered form are designed for use in U.S. securities markets. See "Investment
Objectives and Policies" in the Statement of Additional Information.
RISK FACTORS. Each Fund's net asset value will fluctuate, reflecting
fluctuations in the market value of its portfolio positions and its net currency
exposure.
As of December 31, 1994, companies outside the U.S. comprised approximately 63%
of the world's stock market capitalization, according to Morgan Stanley Capital
International. Moreover, from time to time, the equity securities of issuers
located outside the U.S. have outperformed substantially those of U.S. issuers.
Accordingly, G.T. Capital believes that the Funds' policies (except those of the
America Fund) of investing in equity securities of issuers outside the U.S. may
enable them to produce returns greater than those produced by funds investing
solely in the securities of domestic issuers.
Foreign investing entails certain risks. The securities of non-U.S. issuers
generally will not be registered with, nor will the issuers thereof be subject
to, the reporting requirements of the SEC. Accordingly, there may be less
publicly available information about foreign securities and issuers than is
available about domestic securities and issuers. Foreign companies generally are
not subject to uniform accounting, auditing and financial reporting standards,
practices and requirements comparable to those applicable to domestic companies.
Securities of some foreign companies are less liquid and their prices may be
more volatile than securities of comparable domestic companies. Each Fund's
interest and dividends from foreign issuers may be subject to non-U.S.
withholding taxes, thereby reducing its net investment income. In addition,
certain costs attributable to foreign investing, such as custody charges, are
higher than those attributable to domestic investing.
With respect to some foreign countries, there is the possibility of
expropriation or confiscatory taxation, limitations on the removal of funds or
other assets of the Funds, political or social instability, or diplomatic
developments which could affect the Funds' investments in those countries.
Moreover, individual foreign economies may differ favorably or unfavorably from
the U.S. economy in such respects as growth of gross national product, rate of
inflation, rate of savings and capital reinvestment, resource self-sufficiency
and balance of payments positions.
G.T. Capital allocates investments among fixed income securities of particular
issuers on the basis of its views as to the best values then currently available
in the market place. Such values are a function of yield, maturity, issue
classification and quality characteristics, coupled with expectations regarding
the economy, movements in the general level and term of interest rates, currency
values, political developments, and variations in the supply of funds available
for investment in the world bond market relative to the demands placed upon it.
If market interest rates decline, fixed income securities generally appreciate
in value and vice versa. Fixed income securities denominated in currencies other
than the U.S. dollar or in multinational currency units are evaluated on the
strength of the particular currency against the U.S. dollar as well as on the
current and expected levels of interest rates in the country or countries. In
addition to the foregoing, a Fund may seek to take advantage of differences in
relative values of fixed income securities among various countries.
Prospectus Page 22
<PAGE>
G.T. GLOBAL GROWTH FUNDS
Since the Funds may invest substantially in securities denominated in currencies
other than the U.S. dollar, and since the Funds may hold foreign currencies, the
Funds will be affected favorably or unfavorably by exchange control regulations
or changes in the exchange rates between such currencies and the U.S. dollar.
Changes in currency exchange rates will influence the value of the Funds'
shares, and also may affect the value of dividends and interest earned by the
Funds and gains and losses they realize. Currencies generally are evaluated on
the basis of fundamental economic criteria (e.g., relative inflation and
interest rate levels and trends, growth rate forecasts, balance of payments
status and economic policies) as well as technical and political data. Exchange
rates are determined by the forces of supply and demand in the foreign exchange
markets. These forces are affected by the international balance of payments and
other economic and financial conditions, government intervention, speculation
and other factors. If the currency in which a security is denominated
appreciates against the U.S. dollar, the dollar value of the security will
increase. Conversely, a decline in the exchange rate of the currency would
adversely affect the value of the security expressed in dollars.
OPTIONS, FUTURES AND FORWARD CURRENCY TRANSACTIONS. Each Fund may use forward
currency contracts, futures contracts, options on securities, options on
indices, options on currencies and options on futures contracts to implement
strategies to attempt to hedge its portfolio, I.E., reduce the overall level of
investment risk normally associated with the Fund. These instruments are often
referred to as "derivatives," which may be defined as financial instruments
whose performance is derived, at least in part, from the performance of another
asset (such as a security, currency or an index of securities). Each Fund may
enter into such instruments up to the full value of its portfolio assets. There
can be no assurance that these hedging efforts will succeed. These techniques
are described below and are further detailed in the Statement of Additional
Information.
To attempt to hedge against adverse movements in exchange rates between
currencies, each Fund may enter into forward currency contracts for the purchase
or sale of a specified currency at a specified future date. Such contracts may
involve the purchase or sale of a foreign currency against the U.S. dollar or
may involve two foreign currencies. Each Fund may enter into forward currency
contracts either with respect to specific transactions or with respect to the
Fund's portfolio positions. For example, when a Fund anticipates making a
purchase or sale of a security, it may enter into a forward currency contract in
order to set the rate (either relative to the U.S. dollar or another currency)
at which a currency exchange transaction related to the purchase or sale will be
made. Further, when G.T. Capital believes that a particular currency may decline
compared to the U.S. dollar or another currency, each Fund may enter into a
forward contract to sell the currency G.T. Capital expects to decline in an
amount approximating the value of some or all of the Fund's portfolio securities
denominated in a foreign currency. Each Fund also may purchase and sell put and
call options on currencies, futures contracts on currencies and options on
futures contracts on currencies to hedge against movements in exchange rates.
In addition, each Fund may purchase and sell put and call options on equity and
debt securities to hedge against the risk of fluctuations in the prices of
securities held by the Fund or that G.T. Capital intends to include in the
Fund's portfolio. The Funds also may buy and sell put and call options on stock
indexes. Such stock index options serve to hedge against overall fluctuations in
the securities markets or market sectors generally, rather than anticipated
increases or decreases in the value of a particular security.
Further, the Funds may sell stock index futures contracts and may purchase put
options or write call options on such futures contracts to protect against a
general stock market or market sector decline that could adversely affect the
Fund's portfolio. The Funds also may buy stock index futures contracts and
purchase call options or write put options on such contracts to hedge against a
general stock market or market sector advance and thereby attempt to lessen the
cost of future securities acquisitions. A Fund may use interest rate futures
contracts and options thereon to hedge the debt portion of its portfolio against
changes in the general level of interest rates.
In addition, each Fund may purchase and sell put and call options on securities,
currencies and indices that are traded on recognized securities exchanges and
over-the-counter ("OTC") markets.
These practices may result in the loss of principal under certain conditions. In
addition, certain provisions of the Internal Revenue Code of 1986, as amended
("Code"), limit the extent to which a Fund may enter into forward contracts or
futures
Prospectus Page 23
<PAGE>
G.T. GLOBAL GROWTH FUNDS
contracts, or engage in options transactions. See "Taxes" in the Statement of
Additional Information.
Although a Fund might not employ any of the foregoing strategies, the use of
forward currency contracts, options and futures would involve certain investment
risks and transaction costs to which it might not otherwise be subject. These
risks include: (1) dependence on G.T. Capital's ability to predict movements in
the prices of individual securities, fluctuations in the general securities
markets and movements in interest rates and currency markets; (2) imperfect
correlation, or even no correlation, between movements in the price of forward
contracts, options, futures contracts or options thereon and movements in the
price of the currency or security hedged or used for cover; (3) the fact that
skills and techniques needed to trade options, futures contracts and options
thereon or to use forward currency contracts are different from those needed to
select the securities in which the Funds invest; (4) lack of assurance that a
liquid secondary market will exist for any particular option, futures contract
or option thereon at any particular time; (5) the possible inability of a Fund
to purchase or sell a portfolio security at a time when it would otherwise be
favorable for it to do so, or the possible need for a Fund to sell a security at
a disadvantageous time, due to the need for the Fund to maintain "cover" or to
segregate securities in connection with hedging transactions; and (6) the
possible need to defer closing out certain options, futures contracts and
options thereon and forward currency contracts in order to continue to qualify
for the beneficial tax treatment afforded regulated investment companies under
the Code. See "Dividends, Other Distributions and Taxes" herein and "Taxes" in
the Statement of Additional Information. If G.T. Capital incorrectly forecasts
securities market movements, currency exchange rates or interest rates in
utilizing a strategy for a Fund, the Fund would be in a better position if it
had not hedged at all. A Fund may also conduct its foreign currency exchange
transactions on a spot (I.E., cash) basis at the spot rate prevailing in the
foreign currency exchange market.
REPURCHASE AGREEMENTS. Repurchase agreements are transactions in which a Fund
purchases a security from a bank or recognized securities dealer and
simultaneously commits to resell that security to the bank or dealer at an
agreed-upon price, date and market rate of interest unrelated to the coupon rate
or maturity of the purchased security. Although repurchase agreements carry
certain risks not associated with direct investments in securities, including
possible decline in the market value of the underlying securities and delays and
costs to the Fund if the other party to the repurchase agreement becomes
bankrupt, the Funds intend to enter into repurchase agreements only with banks
and dealers believed by G.T. Capital to present minimal credit risks in
accordance with guidelines approved by the Company's Board of Trustees. G.T.
Capital reviews and monitors the creditworthiness of such institutions under the
Board's general supervision. See "Investment Objectives and Policies --
Repurchase Agreements" in the Statement of Additional Information.
OTHER INFORMATION. Each Fund's investment objective of long-term capital growth
may not be changed without the approval of a majority of the Fund's outstanding
voting securities. As defined in the 1940 Act and as used in this Prospectus, a
"majority of a Fund's outstanding voting securities" means the lesser of (i) 67%
of the Fund's shares represented at a meeting at which more than 50% of the
Fund's outstanding shares are represented, or (ii) more than 50% of the Fund's
outstanding shares. In addition, each Fund has adopted certain investment
limitations as fundamental policies which also may not be changed without
shareholder approval. A complete description of these limitations is included in
the Statement of Additional Information. Unless specifically noted, the Funds'
investment policies described in this Prospectus and in the Statement of
Additional Information, including each Fund's policy of normally investing at
least 80% of its assets in the equity securities of issuers domiciled in its
Primary Investment Area, are not fundamental policies and may be changed by vote
of the Company's Board of Trustees without shareholder approval, provided that
any such policies as so amended do not conflict with the Fund's fundamental
investment limitations. See "Investment Limitations" in the Statement of
Additional Information.
Prospectus Page 24
<PAGE>
G.T. GLOBAL GROWTH FUNDS
HOW TO INVEST
- --------------------------------------------------------------------------------
GENERAL. Each Fund is authorized to issue three classes of shares. Class A
shares of the Funds are sold to investors subject to an initial sales charge,
while Class B shares are sold without an initial sales charge but are subject to
higher ongoing expenses and a contingent deferred sales charge payable upon
certain redemptions. The third class of shares of the Funds, the Advisor Class,
may be offered through a separate prospectus only to certain investors.
Investors known to be eligible to purchase Advisor Class shares will be sold
only Advisor Class shares rather than any other class of shares offered by a
Fund. See "Alternative Purchase Plan."
Orders received before the close of regular trading on the New York Stock
Exchange ("NYSE") (currently 4:00 p.m. Eastern time, unless weather, equipment
failure or other factors contribute to an earlier closing time) on any Business
Day will be executed at the public offering price for the applicable class of
shares determined that day. A "Business Day" is any day Monday through Friday on
which the NYSE is open for business. The minimum initial investment is $500
($100 for IRAs and $25 for 403(b)(7) custodial accounts and other tax-qualified
employer-sponsored retirement accounts, if made by such investors under a
systematic investment plan providing for monthly payments of at least that
amount), and the minimum for additional purchases is $100 ($25 for IRAs,
403(b)(7) custodial accounts and other tax-qualified employer-sponsored
retirement accounts, as mentioned above). All purchase orders will be executed
at the public offering price next determined after the purchase order is
received, which includes any applicable sales charge for Class A shares. See
"How to Invest -- Public Offering Price." The Funds and G.T. Global reserve the
right to reject any purchase order and to suspend the offering of shares for a
period of time.
WHEN PLACING PURCHASE ORDERS, INVESTORS SHOULD SPECIFY WHETHER THE ORDER IS FOR
CLASS A OR CLASS B SHARES OF A FUND. ALL SHARE PURCHASE ORDERS THAT FAIL TO
SPECIFY A CLASS WILL AUTOMATICALLY BE INVESTED IN CLASS A SHARES. PURCHASES OF
$500,000 OR MORE MUST BE FOR CLASS A SHARES.
PURCHASES THROUGH BROKER/DEALERS. Shares of the Funds may be purchased through
broker/dealers with which G.T. Global has entered into dealer agreements. Orders
received by such broker/dealers before the close of regular trading on the NYSE
on a Business Day will be effected that day, provided that such order is
transmitted to the Transfer Agent prior to its close of business on such day.
The broker/dealer will be responsible for forwarding the investor's order to the
Transfer Agent so that it will be received prior to such time. After an initial
investment is made and a shareholder account is established through a
broker/dealer, at the investor's option, subsequent purchases may be made
directly through G.T. Global. See "Shareholder Account Manual."
Broker/dealers that do not have dealer agreements with G.T. Global also may
offer to place orders for the purchase of shares. Purchases made through such
broker/dealers will be effected at the public offering price next determined
after the order is received by the Transfer Agent. Such a broker/dealer may
charge the investor a transaction fee as determined by the broker/dealer. That
fee will be in addition to the sales charge payable by the investor with respect
to Class A shares, and may be avoided if shares are purchased through a
broker/dealer that has a dealer agreement with G.T. Global or directly through
G.T. Global.
PURCHASES THROUGH THE DISTRIBUTOR. Investors may purchase shares and open an
account directly through G.T. Global, each Fund's distributor, by completing and
signing the Account Application located at the end of this Prospectus. Investors
should mail to the Transfer Agent the completed Account Application indicating
the class of shares together with a check to cover the purchase in accordance
with the instructions provided in the Shareholder Account Manual. Purchases will
be executed at the public offering price next determined after the Transfer
Agent has received the Account Application and check. Subsequent investments do
not need to be accompanied by such an application.
Investors also may purchase shares of the Funds through G.T. Global by bank
wire. Bank wire purchases will be effected at the next determined public
offering price after the bank wire is received. Accordingly, a bank wire
received by the
Prospectus Page 25
<PAGE>
G.T. GLOBAL GROWTH FUNDS
close of regular trading on the NYSE on a Business Day will be effected that
day. A wire investment is considered received when the Transfer Agent is
notified that the bank wire has been credited to a Fund. The investor is
responsible for providing prior telephonic or facsimile notice to the Transfer
Agent that a bank wire is being sent. An investor's bank may charge a service
fee for wiring money to the Funds. The Transfer Agent currently does not charge
a service fee for facilitating wire purchases, but reserves the right to do so
in the future. Investors desiring to open an account by bank wire should call
the Transfer Agent at the appropriate toll-free number provided in the
Shareholder Account Manual to obtain an account number and detailed
instructions.
PURCHASING CLASS A SHARES
Each Fund's public offering price per Class A share is equal to the net asset
value per share (see "Calculation of Net Asset Value") including any sales
charge determined in accordance with the following schedule:
<TABLE>
<CAPTION>
SALES CHARGE AS PERCENTAGE OF DEALER
REALLOWANCE AS
AMOUNT OF PURCHASE ------------------------------ PERCENTAGE OF
AT THE PUBLIC OFFERING NET THE OFFERING
OFFERING PRICE PRICE INVESTMENT PRICE
- ---------------------------- ------------- --------------- -------------------
<S> <C> <C> <C>
Less than $50,000........... 4.75% 4.99% 4.25%
$50,000 but less than
$100,000.................. 4.00% 4.17% 3.50%
$100,000 but less than
$250,000.................. 3.00% 3.09% 2.75%
$250,000 but less than
$500,000.................. 2.00% 2.04% 1.75%
$500,000 or more............ 0.00% 0.00% *
<FN>
- --------------------
* G.T. Global will pay the following commissions to brokers that initiate and
are responsible for purchases of any single purchaser of Class A shares of
$500,000 or more in the aggregate: 1.00% of the purchase amount up to $3
million, plus 0.50% on the excess over $3 million. For purposes of
determining the appropriate brokerage commission to be paid in connection
with the transaction, G.T. Global will combine purchases made by a broker
on behalf of a single client so that the broker's commission, as outlined
above, will be based on the aggregate amount of such client's share
purchases over a rolling twelve month period from the date of the transac-
tion.
</TABLE>
All shares purchased pursuant to a sales charge waiver based on the aggregate
purchase amount equalling at least $500,000 will be subject to a contingent
deferred sales charge for the first two years after their purchase, as described
under "Contingent Deferred Sales Charge -- Class A Shares," equal to 1% of the
lower of the original purchase price or the net asset value of such shares at
the time of redemption.
From time to time, G.T. Global may reallow to broker/dealers the full amount of
the sales charge on Class A shares or may pay out additional amounts to
broker/dealers who sell Class A shares. In some instances, G.T. Global may offer
these reallowances or additional payments only to broker/dealers that have sold
or may sell significant amounts of Class A shares. To the extent that G.T.
Global reallows the full amount of the sales charge to broker/ dealers, such
broker/dealers may be deemed to be underwriters under the Securities Act of
1933. Commissions also may be paid to broker/dealers and other financial
institutions that initiate purchases of at least $500,000 made pursuant to sales
charge waivers (i) and (vii), described below under "Sales Charge Waivers --
Class A Shares."
The following describes purchases that may be aggregated for purposes of
determining the "Amount of Purchase":
(a) Individual purchases on behalf of a single purchaser, the purchaser's spouse
and their children under the age of 21 years. This includes shares purchased in
connection with an employee benefit plan(s) exclusively for the benefit of such
individual(s), such as an IRA, individual plans under Code Section 403(b) or
single-participant Keogh-type plans. This also includes purchases made by a
company controlled by such individual(s).
(b) Individual purchases by a trustee or other fiduciary purchasing shares for a
single trust estate or a single fiduciary account, including an employee benefit
plan (such as employer-sponsored pension, profit-sharing and stock bonus plans,
including plans under Code Section 401(k), and medical, life and disability
insurance trusts) other than a plan described in "(a)" above.
Or
(c) Individual purchases by a trustee or other fiduciary purchasing shares
concurrently for two or more employee benefit plans of a single employer or of
employers affiliated with each other (again excluding an employee benefit plan
described in "(a)" above).
SALES CHARGE WAIVERS -- CLASS A SHARES. Class A shares are sold at net asset
value without imposition of sales charges when investments are made by the
following classes of investors:
(i) Trustees or other fiduciaries purchasing shares for employee benefit plans
which are sponsored by organizations which have at least 100 but less than 250
employees.
(ii) Current or retired Trustees, Directors and officers of the investment
companies for which G.T. Capital serves as investment manager and/or
administrator; employees or retired employees of the companies comprising the
G.T. Group or
Prospectus Page 26
<PAGE>
G.T. GLOBAL GROWTH FUNDS
affiliated companies of the G.T. Group; the children, siblings and parents of
the persons in the foregoing categories; and trusts primarily for the benefit of
such persons.
(iii) Registered representatives or full-time employees of broker/dealers that
have entered into dealer agreements with G.T. Global, and the children, siblings
and parents of such persons, and employees of financial institutions that
directly, or through their affiliates, have entered into dealer agreements with
G.T. Global (or that otherwise have an arrangement with respect to sales of Fund
shares with a broker/dealer that has entered into a dealer agreement with G.T.
Global), and the children, siblings and parents of such employees.
(iv) Companies exchanging shares with or selling assets to one or more of the
G.T. Global Mutual Funds pursuant to a merger, acquisition or exchange offer.
(v) Shareholders of any of the G.T. Global Mutual Funds as of April 30, 1987 who
since that date continually have owned shares of one or more of the G.T. Global
Mutual Funds.
(vi) Purchases made through the automatic investment of dividends and other
distributions paid by any of the other G.T. Global Mutual Funds.
(vii) Registered investment advisers, trust companies and bank trust departments
exercising DISCRETIONARY investment authority with respect to the money to be
invested in the G.T. Global Mutual Funds provided that the aggregate amount
invested pursuant to this sales charge waiver equals at least $500,000, and
further provided that such money is not eligible to be invested in the Advisor
Class.
(viii) Clients of administrators of tax-qualified employee benefit plans which
have entered into agreements with G.T. Global.
(ix) Retirement plan participants who borrow from their retirement accounts by
redeeming G.T. Global Mutual Fund shares and subsequently repay such loans via a
purchase of Fund shares.
(x) Retirement plan participants who receive distributions from a tax-qualified
employer-sponsored retirement plan which is invested in G.T. Global Mutual
Funds, the proceeds of which are reinvested in Fund shares.
(xi) Accounts not eligible for the Advisor Class as to which a financial
institution or broker/dealer charges an account management fee, provided the
financial institution or broker/dealer has entered into an agreement with G.T.
Global regarding such accounts.
REINSTATEMENT PRIVILEGE. Shareholders who redeem their Class A shares in a Fund
have a one-time privilege of reinstating their investment by investing the
proceeds of the redemption at net asset value without a sales charge in Class A
shares of the Fund and/or one or more of the other G.T. Global Mutual Funds. The
Transfer Agent must receive from the investor or the investor's broker/dealer
within 180 days after the date of the redemption both a written request for
reinvestment and a check not exceeding the amount of the redemption proceeds.
The reinstatement purchase will be effected at the net asset value per share
next determined after such receipt. For a discussion of the federal income tax
consequences of a reinstatement, see "Dividends, Other Distributions and Federal
Income Taxation -- Taxes."
REDUCED SALES CHARGE PLANS -- CLASS A SHARES. Class A shares of the Funds may be
purchased at reduced sales charges either through the Right of Accumulation or
under a Letter of Intent. For more details on these plans, investors should
contact their broker/dealers or the Transfer Agent.
RIGHT OF ACCUMULATION. Pursuant to the Right of Accumulation, investors are
permitted to purchase shares of the Funds at the sales charge applicable to the
total of (a) the dollar amount then being purchased plus (b) the dollar amount
of the investor's concurrent purchases of other G.T. Global Mutual Funds (other
than G.T. Global Dollar Fund) plus (c) the price of all shares of G.T. Global
Mutual Funds (other than shares of G.T. Global Dollar Fund not acquired by
exchange) already held by the investor. To receive the Right of Accumulation, at
the time of purchase investors must give their broker/dealers, the Transfer
Agent or G.T. Global sufficient information to permit confirmation of
qualification. THE FOREGOING RIGHT OF ACCUMULATION APPLIES ONLY TO CLASS A
SHARES OF THE FUNDS AND OTHER G.T. GLOBAL MUTUAL FUNDS (OTHER THAN G.T. GLOBAL
DOLLAR FUND).
LETTER OF INTENT. In executing a Letter of Intent ("LOI") an investor indicates
an aggregate investment amount he or she intends to invest in Class A shares of
the Funds and the Class A shares of other G.T. Global Mutual Funds (other than
G.T. Global Dollar Fund) in the following thirteen months. The LOI is included
as part of the Account Application located at the end of this Prospectus. The
sales charge applicable to that aggregate amount then becomes the applicable
sales charge
Prospectus Page 27
<PAGE>
G.T. GLOBAL GROWTH FUNDS
on all purchases made concurrently with the execution of the LOI and in the
thirteen months following that execution. If an investor executes an LOI within
90 days of a prior purchase of G.T. Global Mutual Fund Class A shares (other
than G.T. Global Dollar Fund), the prior purchase may be included under the LOI
and an appropriate adjustment, if any, with respect to the sales charges paid by
the investor in connection with the prior purchase will be made, based on the
then-current net asset value(s) of the pertinent Fund(s).
If at the end of the thirteen month period covered by the LOI, the total amount
of purchases does not equal the amount indicated, the investor will be required
to pay the difference between the sales charges paid at the reduced rate and the
sales charges applicable to the purchases actually made. Shares having a value
equal to 5% of the amount specified in the LOI will be held in escrow during the
thirteen month period (while remaining registered in the investor's name) and
are subject to redemption to assure any necessary payment to G.T. Global of a
higher applicable sales charge.
For purposes of an LOI, any registered investment adviser, trust company or bank
trust department which exercises investment discretion and which intends within
thirteen months to invest $500,000 or more can be treated as a single purchaser,
provided further that such entity places all purchase and redemption orders.
Such entities should be prepared to establish their qualification for such
treatment. THE FOREGOING LETTER OF INTENT APPLIES ONLY TO CLASS A SHARES OF THE
FUNDS AND OTHER G.T. GLOBAL MUTUAL FUNDS (OTHER THAN G.T. GLOBAL DOLLAR FUND).
THE VALUE OF CLASS B SHARES OF ANY G.T. GLOBAL MUTUAL FUND WILL NOT BE COUNTED
TOWARD THE FULFILLMENT OF AN LOI.
CONTINGENT DEFERRED SALES CHARGE -- CLASS A SHARES. Purchases of Class A shares
of $500,000 or more may be made without an initial sales charge. Purchases of
Class A shares of two or more G.T. Global Mutual Funds (other than G.T. Global
Dollar Fund) may be combined for this purpose, and the Right of Accumulation
also applies to such purchases. If a shareholder redeems any Class A shares that
were purchased without a sales charge by reason of a purchase of $500,000 or
more within 24 months after the date of purchase, a contingent deferred sales
charge of 1% of the lower of the original purchase price or the net asset value
of such shares at the time of redemption will be charged. Class A shares that
are redeemed will not be subject to the contingent deferred sales charge to the
extent that the value of such shares represents (1) reinvestment of dividends or
other distributions or (2) Class A shares redeemed more than two years after
their purchase. Such shares purchased for at least $500,000 without a sales
charge may be exchanged for Class A shares of another G.T. Global Mutual Fund
(other than G.T. Global Dollar Fund) without the imposition of a contingent
deferred sales charge, although the contingent deferred sales charge described
above will apply to the redemption of the shares acquired through an exchange.
The waivers set forth under "Contingent Deferred Sales Charge Waivers" below are
applied to redemptions of Class A shares upon which a contingent deferred sales
charge is imposed. For federal income tax purposes, the amount of the contingent
deferred sales charge will reduce the gain or increase the loss, as the case may
be, on the amount realized on redemption. The amount of any contingent deferred
sales charge will be paid to G.T. Global.
PURCHASING CLASS B SHARES
The public offering price of the Class B shares of each Fund is the next
determined net asset value per share. No initial sales charge is imposed. A
contingent deferred sales charge, however, is imposed on certain redemptions of
Class B shares. Since the Class B shares are sold without an initial sales
charge, the Fund receives the full amount of the investor's purchase payment.
Class B shares of a Fund that are redeemed will not be subject to a contingent
deferred sales charge to the extent that the value of such shares represents:
(1) reinvestment of dividends or capital gain distributions or (2) shares
redeemed more than six years after their purchase. Redemptions of most other
Class B shares will be subject to a contingent deferred sales charge. See
"Contingent Deferred Sales Charge Waivers." The amount of any applicable
contingent deferred sales charge will be calculated by multiplying the lesser of
the original purchase price or the net asset value of such shares at the time of
redemption by the applicable percentage shown in the table below. Accordingly,
no charge is imposed on increases in net asset value above the original purchase
price:
<TABLE>
<CAPTION>
CONTINGENT DEFERRED SALES
CHARGE AS A PERCENTAGE OF THE
LESSER OF NET ASSET VALUE AT
REDEMPTION
OR THE ORIGINAL
REDEMPTION DURING PURCHASE PRICE
- ------------------------------ -----------------------------
<S> <C>
1st Year Since Purchase....... 5%
2nd Year Since Purchase....... 4%
3rd Year Since Purchase....... 3%
4th Year Since Purchase....... 3%
5th Year Since Purchase....... 2%
6th year Since Purchase....... 1%
Thereafter.................... 0%
</TABLE>
Prospectus Page 28
<PAGE>
G.T. GLOBAL GROWTH FUNDS
In determining whether a contingent deferred sales charge is applicable to a
redemption, the calculation will be made in a manner that results in the lowest
possible rate. It will be assumed that the redemption is made first of amounts
representing shares acquired pursuant to the reinvestment of dividends and
distributions; then of amounts representing the cost of shares purchased seven
years or more prior to the redemption; and finally, of amounts representing the
cost of shares held for the longest period of time within the applicable
six-year period.
For example, assume an investor purchased 100 shares at $10 per share for a cost
of $1,000. Subsequently, the shareholder acquired 15 additional shares through
dividend reinvestment. During the second year after the purchase, the investor
decided to redeem $500 of his or her investment. Assuming at the time of the
redemption a net asset value of $11 per share, the value of the investor's
shares would be $1,265 (115 shares at $11 per share). The contingent deferred
sales charge would not be applied to the value of the reinvested dividend
shares. Therefore, the 15 shares currently valued at $165.00 would be sold
without a contingent deferred sales charge. The number of shares needed to fund
the remaining $335.00 of the redemption would equal 30.455. Using the lower of
cost or market price to determine the contingent deferred sales charge the
original purchase price of $10.00 per share would be used. The contingent
deferred sales charge calculation would therefore be 30.455 shares times $10.00
per share at a contingent deferred sales charge rate of 4% (the applicable rate
in the second year after purchase) for a total contingent deferred sales charge
of $12.18.
For federal income tax purposes, the amount of the contingent deferred sales
charge will reduce the gain or increase the loss, as the case may be, on the
amount recognized on the redemption of shares. The amount of any contingent
deferred sales charge will be paid to G.T. Global.
CONTINGENT DEFERRED SALES
CHARGE WAIVERS
The contingent deferred sales charge will be waived for exchanges, as described
below, and for redemptions in connection with each Fund's systematic withdrawal
plan not in excess of 12% of the value of the account annually. In addition, the
contingent deferred sales charge will be waived in the following circumstances:
(1) total or partial redemptions made within one year following the death or
disability of a shareholder; (2) minimum required distribution made in
connection with a G.T. Global, IRA, Keogh Plan or custodial account under
Section 403(b) of the Code or other retirement plan following attainment of age
70 1/2; (3) total or partial redemption resulting from a distribution following
retirement in the case of a tax-qualified employer-sponsored retirement plan;
(4) when a redemption results from a tax-free return of an excess contribution
pursuant to Section 408(d)(4) or (5) of the Code or from the death or disability
of the employee; (5) a one-time reinvestment in Class B shares of the Fund
within 180 days of prior redemption; (6) redemptions pursuant to the Fund's
right to liquidate a shareholder's account involuntarily; (7) redemptions
pursuant to distributions from a tax-qualified employer-sponsored retirement
plan, which is invested in G.T. Global Mutual Funds, which are permitted to be
made without penalty pursuant to the Code (other than tax-free rollovers or
transfers of assets) and the proceeds of which are reinvested in Fund shares;
(8) redemptions made in connection with participant-directed exchanges between
options in an employer-sponsored benefit plan; (9) redemptions made for the
purpose of providing cash to fund a loan to a participant in a tax-qualified
retirement plan; (10) redemptions made in connection with a distribution from
any retirement plan or account that is permitted in accordance with the
provisions of Section 72(t)(2) of the Code and the regulations promulgated
thereunder; (11) redemptions made in connection with a distribution from any
retirement plan or account that involves the return of an excess deferral amount
pursuant to Section 401(k)(8) or Section 402(g)(2) of the Code or the return of
excess aggregate contributions pursuant to Section 401(m)(6) of the Code; (12)
redemptions made in connection with a distribution (from a qualified
profit-sharing or stock bonus plan described in Section 401(k) of the Code) to a
participant or beneficiary under Section 401(k)(2)(B)(IV) of the Code upon
hardship of the covered employee (determined pursuant to Treasury Reg.
Section1.401(k)-1(d)(2); and (13) redemptions made by or for the benefit of
certain states, counties or cities, or any instrumentalities, departments or
authorities thereof where such entities are prohibited or limited by applicable
law from paying a sales charge or commission.
PROGRAMS APPLICABLE TO CLASS A SHARES AND CLASS B SHARES
AUTOMATIC INVESTMENT PLAN. Investors may purchase either Class A or Class B
shares of a Fund
Prospectus Page 29
<PAGE>
G.T. GLOBAL GROWTH FUNDS
through the G.T. Global Automatic Investment Plan. Under this Plan, an amount
specified by the shareholder of $100 or more ($25 or more for IRAs, 403(b)(7)
custodial accounts and other tax-qualified employer-sponsored retirement
accounts) on a monthly or quarterly basis will be sent to the Transfer Agent
from the investor's bank for investment in the Fund. Participants in the
Automatic Investment Plan should not elect to receive dividends or other
distributions from a Fund in cash. To participate in the Automatic Investment
Plan, investors should complete the appropriate portion of the Supplemental
Application provided at the end of this Prospectus. Investors should contact
their brokers or G.T. Global for more information.
DOLLAR COST AVERAGING PROGRAM. Dollar cost averaging is a systematic,
disciplined investment method through which a shareholder invests the same
dollar amount each month. Accordingly, the investor purchases more shares when a
Fund's net asset value is relatively low and fewer shares when a Fund's net
asset value is relatively high. This can result in a lower average
cost-per-share than if the shareholder followed a less systematic approach. The
G.T. Dollar Cost Averaging Program provides a convenient means for investors to
use this method to purchase either Class A or Class B shares of the G.T. Global
Mutual Funds. Dollar cost averaging does not assure a profit and does not
protect against loss in declining markets. Because such a program involves
continuous investment in securities regardless of fluctuating price levels of
such securities, investors should consider their financial ability to continue
purchases through periods of low price levels.
A participant in the G.T. Dollar Cost Averaging Program first designates the
size of his or her monthly investment in a Fund ("Monthly Investment") after
participation in the Program begins. The Monthly Investment must be at least
$1,000. The investor then will make an initial investment of at least $10,000 in
the G.T. Global Dollar Fund. Thereafter, each month an amount equal to the
specified Monthly Investment automatically will be redeemed from the G.T. Global
Dollar Fund and invested in Fund shares. A sales charge will be applied to each
automatic monthly purchase of Class A Fund shares in an amount determined in
accordance with the Right of Accumulation privilege described above. For more
information about the G.T. Dollar Cost Averaging Program, investors should
consult their brokers or G.T. Global.
CERTIFICATES. In the interest of economy and convenience, physical certificates
representing a Fund's shares will not be issued unless an investor submits a
written request to the Transfer Agent, or unless the investor's broker requests
that the Transfer Agent provide certificates. Shares of a Fund are recorded on a
register by the Transfer Agent, and shareholders who do not elect to receive
certificates have the same rights of ownership as if certificates had been
issued to them. Redemptions and exchanges by shareholders who hold certificates
may take longer to effect than similar transactions involving non-certificated
shares because the physical delivery and processing of properly executed
certificates is required. ACCORDINGLY, THE FUNDS AND G.T. GLOBAL RECOMMEND THAT
SHAREHOLDERS DO NOT REQUEST ISSUANCE OF CERTIFICATES.
Prospectus Page 30
<PAGE>
G.T. GLOBAL GROWTH FUNDS
HOW TO MAKE EXCHANGES
- --------------------------------------------------------------------------------
Shares of one of the Funds may be exchanged for shares of any other Fund, and
shares of the Funds may be exchanged for shares of the other G.T. Global Mutual
Funds, based on their respective net asset values without imposition of any
sales charges, provided that the registration remains identical. This exchange
privilege is available only in those jurisdictions where the sale of G.T Global
Mutual Fund shares to be acquired may be legally made. CLASS A SHARES MAY BE
EXCHANGED ONLY FOR CLASS A SHARES OF OTHER G.T. GLOBAL MUTUAL FUNDS. CLASS B
SHARES MAY BE EXCHANGED ONLY FOR CLASS B SHARES OF OTHER G.T. GLOBAL MUTUAL
FUNDS. The exchange of Class B shares will not be subject to a contingent
deferred sales charge. For purposes of computing the contingent deferred sales
charge, the length of time of ownership of Class B shares will be measured from
the date of original purchase and will not be affected by the exchange.
EXCHANGES ARE NOT TAX-FREE AND MAY RESULT IN A SHAREHOLDER'S REALIZING A GAIN OR
LOSS, AS THE CASE MAY BE, FOR TAX PURPOSES. See "Dividends, Other Distributions
and Federal Income Taxation."
Other than the Funds, the G.T. Global Mutual Funds currently include:
-- G.T. GLOBAL EMERGING MARKETS FUND
-- G.T. GLOBAL HEALTH CARE FUND
-- G.T. GLOBAL FINANCIAL SERVICES FUND
-- G.T. GLOBAL INFRASTRUCTURE FUND
-- G.T. GLOBAL NATURAL RESOURCES FUND
-- G.T. GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
-- G.T. GLOBAL TELECOMMUNICATIONS FUND
-- G.T. LATIN AMERICA GROWTH FUND
-- G.T. GLOBAL GROWTH & INCOME FUND
-- G.T. GLOBAL GOVERNMENT INCOME FUND
-- G.T. GLOBAL STRATEGIC INCOME FUND
-- G.T. GLOBAL HIGH INCOME FUND
-- G.T. GLOBAL DOLLAR FUND
Up to four exchanges each year may be made without charge. A $7.50 service
charge will be imposed on each subsequent exchange. If an investor does not
surrender all of his or her shares in an exchange, the remaining balance in the
investor's account after the exchange must be at least $500. Exchange requests
received in good order by the Transfer Agent before the close of regular trading
on the NYSE on any Business Day will be processed at the net asset value
calculated on that day.
A shareholder interested in making an exchange should write or call his or her
broker/dealer or the Transfer Agent to request the prospectus of the other G.T.
Global Mutual Fund(s) being considered. Certain brokers may charge a fee for
handling exchanges.
EXCHANGES BY TELEPHONE. A shareholder may give exchange instructions to the
shareholder's broker/ dealer or to the Transfer Agent by telephone at the
appropriate toll-free number provided in the Shareholder Account Manual.
Exchange orders will be accepted by telephone provided that the exchange
involves only uncertificated shares on deposit in the shareholder's account or
for which certificates previously have been deposited.
Shareholders automatically have telephone privileges to authorize exchanges. The
Funds, G.T. Global and the Transfer Agent shall not be liable for any loss or
damage for acting in good faith upon instructions received by telephone and
reasonably believed to be genuine. The Funds employ reasonable procedures to
confirm that instructions communicated by telephone are genuine, including
requiring some form of personal identification prior to acting upon instructions
received by telephone, providing written confirmation of such transactions,
and/or tape recording of telephone instructions. The Funds may be liable for any
losses due to unauthorized or fraudulent instructions if they do not follow
reasonable procedures.
EXCHANGES BY MAIL. Exchange orders should be sent by mail to the investor's
broker/dealer or to the Transfer Agent at the address set forth in the
Shareholder Account Manual.
OTHER INFORMATION ABOUT EXCHANGES. Purchases, redemptions and exchanges should
be made for investment purposes only. A pattern of frequent exchanges, purchases
and sales is not acceptable and can be limited by a Fund's or G.T. Global's
refusal to accept further purchase and exchange orders from the investor or
broker/dealer. The terms of the exchange offer described above may be modified
at any time, on 60 days' prior written notice to shareholders.
Prospectus Page 31
<PAGE>
G.T. GLOBAL GROWTH FUNDS
HOW TO REDEEM SHARES
- --------------------------------------------------------------------------------
As described below, shares of the Funds may be redeemed at their net asset value
(subject to any applicable contingent deferred sales charge for Class B shares
or, in limited circumstances, Class A shares) and redemption proeeds will be
sent within seven days of the execution of a redemption request. Shareholders
with broker/dealers that sell shares may redeem shares through such broker/
dealers; if the shares are held in the broker/dealer's "street name," the
redemption must be made through the broker/dealer. Other shareholders may redeem
shares through the Transfer Agent. If a redeeming shareholder owns both Class A
and Class B shares of a Fund, the Class A shares will be redeemed first unless
the shareholder specifically requests otherwise.
REDEMPTIONS THROUGH BROKER/DEALERS. Shareholders with accounts at broker/dealers
that sell shares of the Funds may submit redemption requests to such
broker/dealers. Broker/dealers may honor a redemption request either by
repurchasing shares from a redeeming shareholder at the shares' net asset value
next computed after the broker/dealer receives the request or by forwarding such
requests to the Transfer Agent (see "How to Redeem Shares -- Redemptions Through
the Transfer Agent"). Redemption proceeds (less any applicable contingent
deferred sales charge for Class B shares) normally will be paid by check or, if
offered by the broker/dealer, credited to the shareholder's brokerage account at
the election of the shareholder. Broker/dealers may impose a service charge for
handling redemption transactions placed through them and may have other
requirements concerning redemptions. Accordingly, shareholders should contact
their broker/dealers for more details.
REDEMPTIONS THROUGH THE TRANSFER AGENT. Redemption requests may be transmitted
to the Transfer Agent by telephone or by mail, in accordance with the
instructions provided in the Shareholder Account Manual. All redemptions will be
effected at the net asset value next determined after the Transfer Agent has
received the request in good order and any required supporting documentation
(less any applicable contingent deferred sales charge for Class B shares).
Redemption requests received before the close of regular trading on the NYSE on
any Business Day will be effected at the net asset value calculated on that day.
Redemption requests will not require a signature guarantee if the redemption
proceeds are to be sent either: (i) to the redeeming shareholder at the
shareholder's address of record as maintained by the Transfer Agent, provided
the shareholder's address of record has not been changed within the preceding
thirty days; or (ii) directly to a pre-designated bank, savings and loan or
credit union account ("Pre-Designated Account"). ALL OTHER REDEMPTION REQUESTS
MUST BE ACCOMPANIED BY A SIGNATURE GUARANTEE OF THE REDEEMING SHAREHOLDER'S
SIGNATURE. A signature guarantee can be obtained from any bank, U.S. trust
company, a member firm of a U.S. stock exchange or a foreign branch of any of
the foregoing or other eligible guarantor institution. A notary public is not an
acceptable guarantor. A shareholder with questions concerning the Funds'
signature guarantee requirement should contact the Transfer Agent.
Shareholders may qualify to have redemption proceeds sent to a Pre-Designated
Account by completing the appropriate section of the Account Application at the
end of this Prospectus. Shareholders with Pre-Designated Accounts should request
that redemption proceeds be sent either by bank wire or by check. The minimum
redemption amount for a bank wire is $1,000. Shareholders requesting a bank wire
should allow two business days from the time the redemption request is effected
for the proceeds to be deposited in the shareholder's Pre-Designated Account.
See "How to Redeem Shares -- Other Important Redemption Information."
Shareholders may change their Pre-Designated Accounts only by a letter of
instruction to the Transfer Agent containing all account signatures, each of
which must be guaranteed. The Transfer Agent currently does not charge a bank
wire service fee on each wire redemption sent, but reserves the right to do so
in the future.
REDEMPTIONS BY TELEPHONE. Redemption requests may be made by telephone by
calling the Transfer Agent at the appropriate toll free number provided in the
Shareholder Account Manual.
Prospectus Page 32
<PAGE>
G.T. GLOBAL GROWTH FUNDS
Shareholders who hold certificates for shares may not redeem by telephone.
REDEMPTION REQUESTS MAY NOT BE MADE BY TELEPHONE FOR THIRTY DAYS FOLLOWING ANY
CHANGE OF THE SHAREHOLDER'S ADDRESS OF RECORD.
Shareholders automatically have telephone privileges to authorize redemptions.
The Funds, G.T. Global and the Transfer Agent shall not be liable for any loss
or damage for acting in good faith upon instructions received by telephone and
reasonably believed to be genuine. The Funds employ reasonable procedures to
confirm that instructions communicated by telephone are genuine, including
requiring some form of personal identification prior to acting upon instructions
received by telephone, providing written confirmation of such transactions,
and/or tape recording of telephone instructions. The Funds may be liable for any
losses due to unauthorized or fraudulent instructions if they do not follow
reasonable procedures.
REDEMPTIONS BY MAIL. Redemption requests should be mailed directly to the
Transfer Agent at the appropriate address provided in the Shareholder Account
Manual. As discussed above, requests for payment of redemption proceeds to a
party other than the registered account owner(s) and/or requests that redemption
proceeds be mailed to an address other than the shareholder's address of record
require a signature guarantee. In addition, if the shareholder's address of
record has been changed within the preceeding thirty days, a signature guarantee
is required. Redemptions of shares for which certificates have been issued must
be accompanied by properly endorsed share certificates.
SYSTEMATIC WITHDRAWAL PLAN. Shareholders owning shares with a value of $10,000
or more may participate in the G.T. Global Systematic Withdrawal Plan. A
participating shareholder will receive proceeds from monthly, quarterly or
annual redemptions of Fund shares with respect to either Class A or Class B
shares. No contingent deferred sales charge will be imposed on redemptions made
under the Systematic Withdrawal Plan. The minimum withdrawal amount is $100. The
amount or percentage a participating shareholder specifies to be redeemed may
not, on an annualized basis, exceed 12% of the value of the account, as of the
time the shareholder elects to participate in the Systematic Withdrawal Plan. To
participate in the Systematic Withdrawal Plan, investors should complete the
appropriate portion of the Supplemental Application provided at the end of this
Prospectus. Investors should contact their broker/ dealers or the Transfer Agent
for more information. With respect to Class A shares, participation in the
Systematic Withdrawal Plan concurrent with purchases of Class A shares of the
Fund may be disadvantageous to investors because of the sales charges involved
and possible tax implications, and therefore is discouraged. In addition,
shareholders who participate in the Systematic Withdrawal Plan should not elect
to reinvest dividends or other distributions in additional Fund shares.
OTHER IMPORTANT REDEMPTION INFORMATION. A request for redemption will not be
processed until all of the necessary documentation has been received in good
order. A shareholder in doubt about what documents are required should contact
his or her broker/dealer or the Transfer Agent.
Except in extraordinary circumstances and as permitted under the 1940 Act,
payment for shares redeemed by telephone or by mail will be made promptly after
receipt of a redemption request, if in good order, but not later than seven days
after the date the request is executed. Requests for redemption which are
subject to any special conditions or which specify a future or past effective
date cannot be accepted.
If the Transfer Agent is requested to redeem shares for which a Fund has not yet
received good payment, the Fund may delay payment of redemption proceeds until
it has assured itself that good payment has been collected for the purchase of
the shares. In the case of purchases by check, it can take up to 10 business
days to confirm that the check has cleared and good payment has been received.
Redemption proceeds will not be delayed when shares have been paid for by wire
or when the investor's account holds a sufficient number of shares for which
funds already have been collected.
Each Fund may redeem the shares of any shareholder whose account is reduced to
less than $500 in net asset value through redemptions or other action by the
shareholder. Written notice will be given to the shareholder at least 60 days
prior to the date fixed for such redemption, during which time the shareholder
may increase his or her holdings to an aggregate amount of $500 or more (with a
minimum purchase of $100 or more).
Prospectus Page 33
<PAGE>
G.T. GLOBAL GROWTH FUNDS
SHAREHOLDER ACCOUNT MANUAL
- --------------------------------------------------------------------------------
Shareholders are encouraged to place purchase, exchange and redemption orders
through their broker/dealers. Shareholders also may place such orders directly
through G.T. Global in accordance with this Manual. See "How to Invest;" "How to
Make Exchanges;" "How to Redeem Shares;" and "Dividends, Other Distributions and
Federal Income Taxation -- Taxes" for more information.
Each Funds' Transfer Agent is G.T. GLOBAL INVESTOR SERVICES, INC.
INVESTMENTS BY MAIL
Send completed Account Application (if initial purchase) or letter stating Fund
name, class of shares, shareholder's registered name and account number (if
subsequent purchase) with a check to:
G.T. Global
P.O. Box 7345
San Francisco, California 94120-7345
INVESTMENTS BY BANK WIRE
An investor opening a new account should call 1-800-223-2138 to obtain an
account number. WITHIN SEVEN DAYS OF PURCHASE SUCH AN INVESTOR MUST SEND A
COMPLETED ACCOUNT APPLICATION CONTAINING THE INVESTOR'S CERTIFIED TAXPAYER
IDENTIFICATION NUMBER TO G.T. GLOBAL AT THE ADDRESS PROVIDED ABOVE UNDER
"INVESTMENTS BY MAIL." Wire instructions must state Fund name, class of shares,
shareholder's registered name and account number. Bank wires should be sent
through the Federal Reserve Bank Wire System to:
WELLS FARGO BANK, N.A.
ABA 121000248
Attn: G.T. GLOBAL
ACCOUNT NO. 4023-050701
(Stating Fund name, class of shares, shareholder's registered name and
account number)
EXCHANGES BY TELEPHONE
Call G.T. Global at 1-800-223-2138
EXCHANGES BY MAIL
Send complete instructions, including name of Fund exchanging from, amount of
exchange, class of shares, name of the G.T. Global Mutual Fund exchanging into,
shareholder's registered name and account number, to:
G.T. Global
P.O. Box 7893
San Francisco, California 94120-7893
REDEMPTIONS BY TELEPHONE
Call G.T. Global at 1-800-223-2138
REDEMPTIONS BY MAIL
Send complete instructions, including name of Fund, class of shares, amount of
redemption, shareholder's registered name and account number, to:
G.T. Global
P.O. Box 7893
San Francisco, California 94120-7893
OVERNIGHT MAIL
Overnight mail services do not deliver to post office boxes. To send purchase,
exchange or redemption orders by overnight mail, comply with the above
instructions but send to the following:
G.T. Global Investor Services
California Plaza
2121 N. California Boulevard
Suite 450
Walnut Creek, CA 94596
ADDITIONAL QUESTIONS
Shareholders with additional questions regarding purchase, exchange and
redemption procedures may call G.T. Global at 1-800-223-2138.
Prospectus Page 34
<PAGE>
G.T. GLOBAL GROWTH FUNDS
CALCULATION OF NET ASSET VALUE
- --------------------------------------------------------------------------------
Each Fund calculates its net asset value as of the close of regular trading on
the NYSE (currently 4:00 p.m. Eastern Time, unless weather, equipment failure or
other factors contribute to an earlier closing time) each Business Day. Each
Fund's net asset value per share is computed by determining the value of its
total assets (the securities it holds plus any cash or other assets, including
interest and dividends accrued but not yet received), subtracting all the Fund's
liabilities (including accrued expenses), and dividing the result by the total
number of shares outstanding at such time. Net asset value is determined
separately for each class of shares of each Fund.
Equity securities held by a Fund are valued at the last sale price on the
exchange or in the principal over-the-counter market in which such securities
are traded, as of the close of business on the day the securities are being
valued or, lacking any sales, at the last available bid price. Long-term debt
obligations are valued at the mean of representative quoted bid or asked prices
for such securities, or, if such prices are not available, at prices for
securities of comparable maturity, quality and type; however, when G.T. Capital
deems it appropriate, prices obtained from a bond pricing service will be used.
Short-term debt investments are amortized to maturity based on their cost,
adjusted for foreign exchange translation and market fluctuations, provided that
such valuations represent fair value. When market quotations for futures and
options positions held by a Fund are readily available, those positions will be
valued based upon such quotations.
Securities and other assets for which market quotations are not readily
available are valued at fair value determined in good faith by or under
direction of the Company's Board of Trustees. Securities quoted in foreign
currencies will be valued in U.S. dollars based on the prevailing exchange rates
on that day.
Each Fund's portfolio securities, from time to time, may be traded primarily on
foreign exchanges or over-the-counter ("OTC") dealer markets which may trade on
days when the NYSE is closed (such as Saturday). As a result, the net asset
values of the Funds may be affected significantly by such trading on days when
shareholders have no access to the Funds.
The different expenses borne by each class of shares will result in different
net asset values and dividends. The per share net asset value of the Class B
shares of a Fund generally will be lower than that of the Class A shares of that
Fund because of the higher expenses borne by the Class B shares. It is expected,
however, that the net asset value per share of Class A and Class B shares of a
Fund will tend to converge immediately after the payment of dividends, which
will differ by approximately the amount of the service and distribution expense
accrual differential between the classes. The per share net asset value and
dividends of the Advisor Class shares of a Fund generally will be higher than
that of the Class A and Class B shares of that Fund because of the absence of
12b-1 service and distribution fees with respect to Advisor Class shares.
Prospectus Page 35
<PAGE>
G.T. GLOBAL GROWTH FUNDS
DIVIDENDS, OTHER DISTRIBUTIONS
AND FEDERAL INCOME TAXATION
- --------------------------------------------------------------------------------
DIVIDENDS AND OTHER DISTRIBUTIONS. Each Fund annually declares as a dividend all
its net investment income, if any, which includes dividends, accrued interest
and earned discount (including both original issue and market discounts) less
applicable expenses. Each Fund also normally distributes for each fiscal year
substantially all of its realized net short-term capital gain (the excess of
short-term capital gains over short-term capital losses), net capital gain (the
excess of net long-term capital gain over net short-term capital loss) and net
gains from foreign currency transactions, if any. Each Fund may make an
additional dividend or other distribution if necessary to avoid a 4% excise tax
on certain undistributed income and gain.
Dividends and other distributions paid by each Fund with respect to all classes
of its shares are calculated in the same manner and at the same time. The per
share income dividends on Class B shares of a Fund will be lower than the per
share income dividends on Class A shares of that Fund as a result of the higher
service and distribution fees applicable to Class B shares; the per share income
dividends on both such classes of shares of a Fund will be lower than the per
share income dividends on the Advisor Class shares of that Fund as a result of
the absence of any service and distribution fees applicable to Advisor Class
shares. SHAREHOLDERS MAY ELECT:
/ / to have all dividends and other distributions automatically reinvested in
additional Fund shares of the distributing class (or in shares of the
corresponding class of other G.T. Global Mutual Funds); or
/ / to receive dividends in cash and have other distributions automatically
reinvested in additional Fund shares of the distributing class (or in shares
of the corresponding class of other G.T. Global Mutual Funds); or
/ / to receive other distributions in cash and have dividends automatically
reinvested in additional Fund shares of the distributing class (or in shares
of the corresponding class of other G.T. Global Mutual Funds); or
/ / to receive dividends and other distributions in cash.
Automatic reinvestments in additional shares are made at net asset value without
imposition of a sales charge. IF NO ELECTION IS MADE BY A SHAREHOLDER, ALL
DIVIDENDS AND OTHER DISTRIBUTIONS WILL BE AUTOMATICALLY REINVESTED IN ADDITIONAL
FUND SHARES OF THE DISTRIBUTING CLASS. Reinvestments in another G.T. Global
Mutual Fund may only be directed to an account with the identical shareholder
registration and account number. These elections may be changed by a shareholder
at any time; to be effective with respect to a distribution, the shareholder or
the shareholder's broker must contact the Transfer Agent by mail or telephone at
least 15 Business Days prior to the payment date. THE FEDERAL INCOME TAX STATUS
OF DIVIDENDS AND OTHER DISTRIBUTIONS IS THE SAME WHETHER THEY ARE RECEIVED IN
CASH OR REINVESTED IN ADDITIONAL SHARES.
Any dividend or other distribution paid by a Fund has the effect of reducing the
net asset value per share on the ex-dividend date by the amount thereof.
Therefore, a dividend or other distribution paid shortly after a purchase of
shares would represent, in substance, a return of capital to the shareholder (to
the extent it is paid on the shares so purchased), even though subject to income
tax, as discussed below.
TAXES. Each Fund intends to continue to qualify for treatment as a regulated
investment company under the Code. In each taxable year that a Fund so
qualifies, the Fund (but not its shareholders) will be relieved of federal
income tax on that part of its investment company taxable income (consisting
generally of net investment income, net gains from certain foreign currency
transactions and net short-term capital gain) and net capital gain that is
distributed to its shareholders.
Dividends from a Fund's investment company taxable income (whether paid in cash
or reinvested in additional shares) are taxable to its shareholders as ordinary
income to the extent of the Fund's earnings and profits. Distributions of a
Fund's net capital gain, when designated as such, are taxable to its
shareholders as long-term capital gains, regardless of how long they have held
their Fund shares and whether such distributions are paid in cash or reinvested
in additional shares.
Each Fund provides federal tax information to its shareholders annually,
including information about dividends and other distributions paid during
Prospectus Page 36
<PAGE>
G.T. GLOBAL GROWTH FUNDS
the preceding year and, under certain circumstances, the shareholders'
respective shares of any foreign taxes paid by the Fund, in which event each
shareholder would be required to include in his or her gross income his or her
pro rata share of those taxes but might be entitled to claim a credit or
deduction for them.
Each Fund must withhold 31% from dividends, capital gain distributions and
redemption proceeds payable to any individuals and certain other noncorporate
shareholders who have not furnished to the Fund a correct taxpayer
identification number or a properly completed claim for exemption on Form W-8 or
W-9. Withholding at that rate also is required from dividends and capital gain
distributions payable to such shareholders who otherwise are subject to backup
withholding. Fund accounts opened via a bank wire purchase (see "How to Invest
- -- Purchases Through the Distributor") are considered to have uncertified
taxpayer identification numbers unless a completed Form W-8 or W-9 or Account
Application is received by the Transfer Agent within seven days after the
purchase. A shareholder should contact the Transfer Agent if the shareholder is
uncertain whether a proper taxpayer identification number is on file with a
Fund.
A redemption of Fund shares may result in taxable gain or loss to the redeeming
shareholder, depending upon whether the redemption proceeds are more or less
than the shareholder's adjusted basis for the redeemed shares (which normally
includes any initial sales charge paid on Class A shares). An exchange of Fund
shares for shares of another G.T. Global Mutual Fund generally will have similar
tax consequences. However, special tax rules apply when a shareholder (1)
disposes of Class A shares of a Fund through a redemption or exchange within 90
days after purchase and (2) subsequently acquires Class A shares of the Fund or
any other G.T. Global Mutual Fund on which an initial sales charge normally is
imposed without paying a sales charge due to the reinstatement privilege or
exchange privilege. In these cases, any gain on the disposition of the original
Class A shares will be increased, or loss decreased, by the amount of the sales
charge paid when the shares were acquired, and that amount will increase the
adjusted basis of the shares subsequently acquired. In addition, if Fund shares
of a Fund are purchased within 30 days before or after redeeming other shares of
the same Fund (regardless of class) at a loss, all or part of the loss will not
be deductible and instead will increase the basis of the newly purchased shares.
The foregoing is only a summary of some of the important federal tax
considerations generally affecting each Fund and its shareholders. See "Taxes"
in the Statement of Additional Information for a further discussion. There may
be other federal, state, local or foreign tax considerations applicable to a
particular investor. Prospective investors therefore are urged to consult their
tax advisers.
- --------------------------------------------------------------------------------
MANAGEMENT
- --------------------------------------------------------------------------------
The Company's Board of Trustees has overall responsibility for the operation of
the Funds. Pursuant to such responsibility, the Board has approved contracts
with various financial organizations to provide, among other things, day to day
management services required by the Funds.
INVESTMENT MANAGEMENT AND ADMINISTRATION. Services provided by G.T. Capital as
each Fund's investment manager and administrator include, but are not limited
to, determining the composition of the Fund's portfolio and placing orders to
buy, sell or hold particular securities; furnishing corporate officers and
clerical staff; providing office space, services and equipment; and supervising
all matters relating to the Fund's operation. For these services, the America
Fund pays G.T. Capital investment management and administration fees, computed
daily and paid monthly, based on its average daily net assets, at the annualized
rate of .725% on the first $500 million, .70% on the next $500 million, .675% on
the next $500 million, and .65% on amounts thereafter. Each of the other Funds
pays G.T. Capital investment management and administration fees, computed daily
and paid monthly, based on its average daily net assets, at the annualized rate
of .975% on the first $500 million, .95% on the next $500 million, .925% on the
next $500 million, and .90% on amounts thereafter. These rates are higher than
those paid by most mutual funds.
Prospectus Page 37
<PAGE>
G.T. GLOBAL GROWTH FUNDS
G.T. Capital, organized in 1973, provides investment management and/or
administrative services to all the G.T. Global Mutual Funds as well as to other
institutional, corporate and individual clients. The offices of G.T. Capital are
located at 50 California Street, 27th Floor, San Francisco, California 94111.
G.T. Capital is the U.S. member of the G.T. Group, an international investment
advisory organization established in 1969 for the purpose of rendering
international portfolio management services to both institutional and individual
clients. Since the G.T. Group was established, it has gained a reputation as a
leader in identifying and investing in emerging and established markets around
the world. As of January 3, 1995, aggregate assets under G.T. Group management
exceeded $22 billion, of which more than $19 billion was invested in the
securities of non-U.S. issuers.
In addition to the San Francisco office, the G.T. Group maintains fully staffed
investment offices in London, Hong Kong, Tokyo, Toronto, Singapore and Sydney.
Many of G.T. Capital's investment managers are natives of the countries in which
they invest, and have the advantage of being close to the financial markets they
follow and speaking the languages of local corporate and government leaders.
G.T. Capital's experienced management team is situated to react quickly to
changes in foreign markets which are in time zones different from those in the
United States.
G.T. Capital and the other companies in the G.T. Group are subsidiaries of BIL
GT Group Limited ("BIL GT Group"), a financial services holding company. BIL GT
Group in turn is controlled by the Prince of Liechtenstein Foundation, which
serves as the parent organization for the various business enterprises of the
Princely Family of Liechtenstein. Its principal business address is Harrengasse
12, FL-9490, Vaduz, Liechtenstein.
In managing the Funds, G.T. Capital employs a team approach, taking advantage of
the resources of its various investment offices around the world in seeking to
achieve each Fund's investment objective. In addition, in managing the Funds
these individuals utilize the research and related work of other members of G.T.
Capital's investment staff.
The investment professionals primarily responsible for the portfolio management
of each Fund are as follows:
PACIFIC FUND
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND LAST FIVE YEARS
- -------------------------------------- -------------------------------------- --------------------------------------
<S> <C> <C>
Lawrence Yip Asset allocation and security Portfolio Manager for G.T. Management
Hong Kong selection for Asian countries (Asia) Ltd. and Portfolio Manager of
(excluding Japan) since 1993 G.T. Capital since 1993
Nicholas W. Andrews Security selection for Australia and Portfolio Manager for G.T. Management
Sydney New Zealand since 1991 (Australia) Ltd. and G.T. Capital
since 1991. Prior thereto Mr. Andrews
was an Investment Analyst for Legal
and General Life of Australia
(Sydney).
</TABLE>
Prospectus Page 38
<PAGE>
G.T. GLOBAL GROWTH FUNDS
EUROPE FUND
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND LAST FIVE YEARS
- -------------------------------------- -------------------------------------- --------------------------------------
<S> <C> <C>
Anna Powell Security selection for Continental Portfolio Manager for G.T. Management
London Europe since 1995 PLC (London) and G.T. Capital since
March 1995. From 1989 to 1995, Ms.
Powell was a Portfolio Manager for
Robert Fleming & Co., Ltd. (London).
Prior thereto, she was an equity
analyst for Charterhouse Bank Ltd.
(London).
Roger Yates Security selection for the UK since Portfolio Manager for G.T. Capital
London 1994 since 1994. Portfolio Manager for
G.T. Management PLC (London) since
1994. Prior thereto, Mr. Yates was an
Investment Manager for Morgan General
Asset Managment.
</TABLE>
AMERICA FUND
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND LAST FIVE YEARS
- -------------------------------------- -------------------------------------- --------------------------------------
<S> <C> <C>
Kevin L. Wenck Portfolio manager since 1991 Portfolio Manager for G.T. Capital
San Francisco since 1991. Prior thereto Mr. Wenck
was a Portfolio Manager for Matuschka
& Co. (Greenwich, CT).
Richard M. Parower Investment analyst since 1993 Investment Analyst for G.T. Capital
San Francisco since 1993. From 1991 to 1993, Mr.
Parower was a student at Columbia
University Graduate School of
Business (where he received a Masters
of Business Administration). In 1991,
he was an Analyst for Cowen Asset
Management (New York). Prior thereto,
Mr. Parower was an Analyst at
Matuschka & Co. (Greenwich, CT).
Jeanne M. Kraus Research analyst since 1993 Analyst for G.T. Capital since 1991.
From 1989 to 1991, Ms. Kraus was an
Assistant at Massachusetts Financial
Services.
</TABLE>
Prospectus Page 39
<PAGE>
G.T. GLOBAL GROWTH FUNDS
INTERNATIONAL FUND
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND LAST FIVE YEARS
- -------------------------------------- -------------------------------------- --------------------------------------
<S> <C> <C>
F. Christian Wignall Overall supervision and asset Chief Investment Officer -- Global
San Francisco allocation since 1987 Equities for G.T. Capital
Michael Lindsell Portfolio Manager since 1992 Chief Investment Officer -- Japan for
Tokyo G.T. Management (Japan) Ltd. as well
as Portfolio Manager for G.T. Capital
since 1992. Prior thereto Mr.
Lindsell was a Director of Warburg
Asset Management (Tokyo).
Malcolm Tulloch Portfolio Manager since 1994 Portfolio Manager for G.T. Management
London PLC (London) as well as Portfolio
Manager for G.T. Capital since 1994.
Prior thereto, Mr. Tulloch was
Managing Director of Tulloch Research
(London).
Soraya M. Betterton Security selection for Canada and Portfolio Manager for G.T. Capital
San Francisco Latin America since 1989
Nicholas W. Andrews Security selection for Australia and Portfolio Manager for G.T. Management
Sydney New Zealand since 1991 (Australia) Ltd. and G.T. Capital
since 1991. Prior thereto Mr. Andrews
was an Investment Analyst for Legal
and General Life of Australia
(Sydney).
Peter Eadon-Clarke Security selection for Asian countries Chief Investment Officer for G.T.
Hong Kong (excluding Japan) since 1992 Management (Asia) Ltd. as well as
Portfolio Manager of G.T. Capital
since 1992. Prior thereto Mr.
Eadon-Clarke was an Associate
Director of Wardley Investment
Services (Hong Kong).
Roger Yates Security selection for the UK since Portfolio Manager for G.T. Capital
London 1994 since 1994. Portfolio Manager for
G.T. Management PLC (London) since
1994. Prior thereto, Mr. Yates was an
Investment Manager for Morgan General
Asset Management.
Serge Selfslagh Security selection for Continental Portfolio Manager for G.T. Management
London Europe since 1993 PLC (London) and G.T. Capital since
1993. Prior thereto Mr. Selfslagh was
a Portfolio Manager for Schroeder
Investment Management (London) and
its U.S. affiliate SCMI.
</TABLE>
Prospectus Page 40
<PAGE>
G.T. GLOBAL GROWTH FUNDS
WORLDWIDE FUND
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND LAST FIVE YEARS
- -------------------------------------- -------------------------------------- --------------------------------------
<S> <C> <C>
F. Christian Wignall Overall supervision and asset Chief Investment Officer -- Global
San Francisco allocation since 1987 Equities for G.T. Capital
Malcolm Tulloch Portfolio Manager since 1994 Portfolio Manager for G.T. Management
London PLC (London) as well as Portfolio
Manager for G.T. Capital since 1994.
Prior thereto, Mr. Tulloch was
Managing Director of Tulloch Research
(London).
Soraya M. Betterton Security selection for North and South Portfolio Manager for G.T. Capital
San Francisco America since 1989
Nicholas W. Andrews Security selection for Australia and Portfolio Manager for G.T. Management
Sydney New Zealand since 1991 (Australia) Ltd. and G.T. Capital
since 1991. Prior thereto Mr. Andrews
was an Investment Analyst for Legal
and General Life of Australia
(Sydney).
Peter Eadon-Clarke Security selection for Asian countries Chief Investment Officer for G.T.
Hong Kong (excluding Japan) since 1992 Management (Asia) Ltd. as well as
Portfolio Manager for G.T. Capital
since 1992. Prior thereto Mr.
Eadon-Clarke was an Associate
Director of Wardley Investment
Services (Hong Kong).
Roger Yates Security selection for the UK since Portfolio Manager for G.T. Capital
London 1994 since 1994. Portfolio Manager for
G.T. Management PLC (London) since
1994. Prior thereto, Mr. Yates was an
Investment Manager for Morgan General
Asset Managment.
Serge Selfslagh Security selection for Continental Portfolio Manager for G.T. Management
London Europe since 1993 PLC (London) and G.T. Capital since
1993. Prior thereto Mr. Selfslagh was
a Portfolio Manager for Schroeder
Investment Management (London) and
its U.S. affiliate SCMI.
Michael Lindsell Security selection for Japan since Chief Investment Officer -- Japan for
Tokyo 1992 G.T. Management (Japan) Ltd. as well
as Portfolio Manager for G.T. Capital
since 1992. Prior thereto Mr.
Lindsell was a Director of Warburg
Asset Management (Tokyo).
</TABLE>
JAPAN FUND
<TABLE>
<CAPTION>
RESPONSIBILITIES FOR BUSINESS EXPERIENCE
NAME/OFFICE THE FUND LAST FIVE YEARS
- -------------------------------------- -------------------------------------- --------------------------------------
<S> <C> <C>
Michael Lindsell Portfolio Manager since 1992 Chief Investment Officer -- Japan for
Tokyo G.T. Management (Japan) Ltd. as well
as Portfolio Manager for G.T. Capital
since 1992. Prior thereto Mr.
Lindsell was a Director of Warburg
Asset Management (Tokyo).
</TABLE>
Prospectus Page 41
<PAGE>
G.T. GLOBAL GROWTH FUNDS
In placing orders for the Funds' portfolio transactions, G.T. Capital seeks to
obtain the best net results. G.T. Capital has no agreement or commitment to
place orders with any broker/dealer. Commissions or discounts in foreign
securities exchanges and OTC markets often are fixed and generally are higher
than those in U.S. securities exchanges or markets. Debt securities generally
are traded on a "net" basis with a dealer acting as principal for its own
account without a stated commission, although the price of the security usually
includes a profit to the dealer. U.S. and foreign government securities and
money market instruments generally are traded in the OTC markets. In
underwritten offerings, securities usually are purchased at a fixed price which
includes an amount of compensation to the underwriter. On occasion, securities
may be purchased directly from an issuer, in which case no commissions or
discounts are paid. Broker/dealers may receive commissions on futures, currency
and options transactions. Consistent with its obligation to obtain the best net
results, G.T. Capital may consider a broker/dealer's sale of shares of the G.T.
Global Mutual Funds as a factor in considering through whom portfolio
transactions will be effected. Brokerage transactions for the Fund may be
executed through any of the BIL GT Group affiliates.
The Funds' portfolio turnover rates during the fiscal year ended December 31,
1994 ranged between 49% and 102%. See the sub-caption "Portfolio Trading and
Turnover" in the Statement of Additional Information. Increases in portfolio
turnover would involve correspondingly greater transaction costs in the form of
dealer spreads or brokerage commissions and other costs that a Fund will bear
directly, and could result in the realization of net capital gains which would
be taxable when distributed to shareholders.
DISTRIBUTION OF FUND SHARES. G.T. Global is the distributor, or principal
underwriter, of each Fund's Class A and Class B shares. Like G.T. Capital, G.T.
Global is a subsidiary of BIL GT Group with offices at 50 California Street,
27th Floor, San Francisco, California 94111. G.T. Global collects the sales
charges imposed on purchases of Class A shares and and any contingent deferred
sales charges that may be imposed on certain redemptions of Class A and Class B
shares. G.T. Global reallows a portion of the sales charges on Class A shares to
broker/dealers that have sold such shares in accordance with the schedule set
forth above under "How to Invest." In addition, G.T. Global pays a brokerage
commission equal to 4.00% of the amount invested to broker/dealers who sell
Class B shares. A brokerage commission with respect to Class B shares is not
paid on exchanges or certain reinvestments in Class B shares.
G.T. Global, at its own expense, may provide additional promotional incentives
to broker/dealers that sell shares of the Funds and/or shares of the other G.T.
Global Mutual Funds. In some instances additional compensation or promotional
incentives may be offered to broker/dealers that have sold or may sell
significant amounts of shares during specified periods of time. Such
compensation and incentives may include, but are not limited to, cash,
merchandise, trips and financial assistance to brokers in connection with
preapproved conferences or seminars, sales or training programs for invited
sales personnel, payment for travel expenses (including meals and lodging)
incurred by sales personnel and members of their families or other invited
guests to various locations for such seminars or training programs, seminars for
the public, advertising and sales campaigns regarding one or more of the G.T.
Global Mutual Funds, and/or other events sponsored by the broker/dealer. In
addition, G.T. Global makes ongoing payments to brokerage firms, financial
institutions (including banks) and others that facilitate the administration and
servicing of shareholder accounts.
Under a plan of distribution adopted by the Company's Board of Trustees pursuant
to Rule 12b-1 under the 1940 Act, with respect to each Fund's Class A shares
("Class A Plan"), each Fund may pay G.T. Global a service fee at the annualized
rate of up to 0.25% of the average daily net assets of the Fund's Class A shares
for its expenditures incurred in servicing and maintaining shareholder accounts,
and may pay G.T. Global a distribution fee at the annualized rate of up to 0.35%
of the average daily net assets of the Fund's Class A Shares, less any amounts
paid by the Fund as the aforementioned service fee for its expenditures incurred
in providing services as distributor. All expenses for which G.T. Global is
reimbursed under the Class A Plan will have been incurred within one year of
such reimbursement.
Pursuant to a separate plan of distribution adopted with respect to each Fund's
Class B shares ("Class B Plan"), each Fund may pay G.T. Global a service fee at
the annualized rate of up to 0.25% of the average daily net assets of the Fund's
Class B Shares for its expenditures incurred in servicing and maintaining
shareholder accounts, and may pay G.T. Global a distribution fee at the
annualized rate
Prospectus Page 42
<PAGE>
G.T. GLOBAL GROWTH FUNDS
of up to 0.75% of the average daily net assets of the Fund's Class B Shares for
its expenditures incurred in providing services as distributor. Expenses
incurred under the Class B Plan in excess of 1.00% annually may be carried
forward for reimbursement in subsequent years as long as such Plan continues in
effect.
G.T. Global's service and distribution expenses under the Plans include the
payment of ongoing commissions; the cost of any additional compensation paid by
G.T. Global to brokers and dealers; the costs of printing and mailing to
prospective investors prospectuses and other materials relating to the Funds;
the costs of developing, printing, distributing and publishing advertisements
and other sales literature; and allocated costs relating to G.T. Global's
service and distribution activities, including, among other things, employee
salaries, bonuses and other overhead expenses. In addition, its expenses under
the Class B Plan include payment of initial sales commissions to broker/dealers
and interest on any unreimbursed amounts carried forward thereunder.
The Glass-Steagall Act and other applicable laws, among other things, generally
prohibit federally chartered or supervised banks from engaging in the business
of underwriting or distributing securities. Accordingly, G.T. Global intends to
engage banks (if at all) only to perform administrative and shareholder
servicing functions. If a bank were prohibited from so acting, its shareholder
clients would be permitted to remain shareholders, and alternative means for
continuing the servicing of such shareholders would be sought. It is not
expected that shareholders would suffer any adverse financial consequences as a
result of any of these occurrences.
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
CONFIRMATIONS AND REPORTS TO SHAREHOLDERS. Each time a transaction is made that
affects a shareholder's account in a Fund, such as an additional investment,
redemption or the payment of a dividend or other distribution, the shareholder
will receive from the Transfer Agent a confirmation statement reflecting the
transaction. Confirmations for transactions effected pursuant to a Fund's
Automatic Investment Plan, Systematic Withdrawal Plan, and automatic dividend
reinvestment program may be provided quarterly. Shortly after the end of the
Funds' fiscal year on December 31 and fiscal half-year on June 30 of each year,
shareholders will receive an annual and semiannual report, respectively. These
reports list the securities held by each Fund and includes each Fund's financial
statements. In addition, the federal income tax status of distributions made by
the Funds to shareholders will be reported after the end of the fiscal year on
Form 1099-DIV.
ORGANIZATION. The Company is organized as a Massachusetts business trust and is
registered with the SEC as a diversified open-end management investment company.
Each Fund corresponds to a distinct investment portfolio and a distinct series
of the Company's shares of beneficial interest. From time to time, the Company's
Board of Trustees may, in its discretion, establish additional funds and issue
shares of additional series of the Company's shares of beneficial interest.
Shares of each Fund are entitled to one vote per share (with proportional voting
for fractional shares) and are freely transferable. Shareholders have no
preemptive or conversion rights.
On any matter submitted to a vote of shareholders, shares of each Fund will be
voted by that Fund's shareholders individually when the matter affects the
specific interest of that Fund only, such as approval of that Fund's investment
management arrangements. In addition, each class of shares of a Fund has
exclusive voting rights with respect to its distribution plan. The shares of all
the Company's Funds will be voted in the aggregate on other matters, such as the
election of Trustees and ratification of the selection by the Board of Trustees
of the Company's independent accountants.
The Company normally will not hold meetings of shareholders, except as required
under the 1940 Act. The Company would be required to hold a shareholders meeting
in the event that at any time less than a majority of the Trustees holding
office had been elected by shareholders. Trustees shall continue to hold office
until their successors are
Prospectus Page 43
<PAGE>
G.T. GLOBAL GROWTH FUNDS
elected and have qualified. Shares of the Company's Funds do not have cumulative
voting rights, which means that the holders of a majority of the shares voting
for the election of Trustees can elect all the Trustees. A Trustee may be
removed upon a majority vote of the shareholders qualified to vote in the
election. Shareholders holding 10% of the Company's outstanding voting
securities may call a meeting of shareholders for the purpose of voting upon the
question of removal of any Trustee or for any other purpose. The 1940 Act
requires the Company to assist shareholders in calling such a meeting.
Pursuant to the Company's Declaration of Trust, the Company may issue an
unlimited number of shares for each of the Funds, including an unlimited number
of Class A, Class B and Advisor Class shares of each Fund. Each share of a Fund
represents an interest in the Fund only, has no par value, represents an equal
proportionate interest in the Fund with other shares of the Fund and is entitled
to such dividends and distributions out of the income earned and gain realized
on the assets belonging to the Fund as may be declared by the Board of Trustees.
Each Class A, Class B and Advisor Class share of each Fund is equal as to
earnings, assets and voting privileges to each other share in such Fund, except
as noted above, and each class bears the expenses, if any, related to the
distribution of its shares. Shares of the Funds, when issued, are fully paid and
nonassessable.
Each Fund is classified as a "diversified" fund under the 1940 Act, which means
that, with respect to 75% of each Fund's total assets: (i) no more than 5% will
be invested in the securities of any one issuer, and (ii) each Fund will
purchase no more than 10% of the outstanding voting securities of any one
issuer.
SHAREHOLDER INQUIRIES. Shareholder inquiries may be made by calling the Funds
toll free at (800) 223-2138 or by writing to the Funds at 50 California Street,
27th Floor, San Francisco, California 94111.
PERFORMANCE INFORMATION. Each Fund, from time to time, may include information
on its investment results and/or comparisons of its investment results to
various unmanaged indices or results of other mutual funds or groups of mutual
funds in advertisements, sales literature or reports furnished to present or
prospective shareholders.
In such materials, a Fund may quote its average annual total return
("Standardized Return"). Standardized Return is calculated separately for each
class of shares of each Fund. Standardized Return shows percentage rates
reflecting the average annual change in the value of an assumed investment in
the Fund at the end of a one-year period and at the end of five- and ten-year
periods, reduced by the maximum applicable sales charge imposed on sales of Fund
shares. If a one-, five- and/or ten-year period has not yet elapsed, data will
be provided as of the end of a shorter period corresponding to the life of the
Fund. Standardized Return assumes the reinvestment of all dividends and capital
gain distributions at net asset value on the reinvestment date established by
the Board of Trustees.
In addition, in order to more completely represent a Fund's performance or more
accurately compare such performance to other measures of investment return, a
Fund also may include in advertisements, sales literature and shareholder
reports other total return performance data ("Non-Standardized Return").
Non-Standardized Return reflects percentage rates of return encompassing all
elements of return (i.e., income and capital appreciation or depreciation); it
assumes reinvestment of all dividends and capital gain distributions.
Non-Standardized Return may be quoted for the same or different periods as those
for which Standardized Return is quoted; it may consist of an aggregate or
average annual percentage rate of return, actual year-by-year rates or any
combination thereof. Non-Standardized Return may or may not take sales charges
into account; performance data calculated without taking the effect of sales
charges into account will be higher than data including the effect of such
charges.
Each Fund's performance data reflects past performance and is not necessarily
indicative of future results. A Fund's investment results will vary from time to
time depending upon market conditions, the composition of its portfolio and its
operating expenses. These factors and possible differences in calculation
methods should be considered when comparing a Fund's investment results with
those published for other investment companies, other investment vehicles and
unmanaged indices. A Fund's results also should be considered relative to the
risks associated with its investment objective and policies. Each Fund will
include performance data for all classes of shares of the Fund in any
advertisement or information including performance data for such Fund. See
"Investment Results" in the Statement of Additional Information.
Prospectus Page 44
<PAGE>
G.T. GLOBAL GROWTH FUNDS
Each Fund's annual report contains additional information with respect to its
performance. The annual report is available to investors upon request and free
of charge.
TRANSFER AGENT. Shareholder servicing, reporting and general transfer agent
functions for the Funds are performed by G.T. Global Investor Services, Inc. The
Transfer Agent is an affiliate of G.T. Capital and G.T. Global, a subsidiary of
BIL GT Group and maintains offices at 50 California Street, 27th Floor, San
Francisco, California 94111.
CUSTODIAN AND ACCOUNTING AGENT. State Street Bank and Trust Company, 225
Franklin Street, Boston, Massachusetts 02110 is custodian of each Fund's assets
and serves as each Fund's accounting agent.
COUNSEL. The law firm of Kirkpatrick & Lockhart, 1800 M Street, N.W.,
Washington, D.C. 20036-5891, acts as counsel to the Company and the Funds.
Kirkpatrick & Lockhart also acts as counsel to G.T. Capital, G.T. Global and
G.T. Global Investor Services, Inc. in connection with other matters.
INDEPENDENT ACCOUNTANTS. The Company's and each Fund's independent accountants
are Coopers & Lybrand L.L.P., One Post Office Square, Boston, Massachusetts
02109. Coopers & Lybrand L.L.P. conducts an annual audit of each Fund, assists
in the preparation of each Fund's federal and state income tax returns and
consults with the Company and each Fund as to matters of accounting, regulatory
filings, and federal and state income taxation.
MULTIPLE TRANSLATIONS OF THE PROSPECTUS. This Prospectus may be translated into
other languages. In the event of any inconsistency or ambiguity as to the
meaning of any word or phrase contained in a translation, the English text shall
prevail.
Prospectus Page 45
<PAGE>
G.T. GLOBAL GROWTH FUNDS
NOTES
- --------------------------------------------------------------------------------
Prospectus Page 46
<PAGE>
G.T. GLOBAL GROWTH FUNDS
NOTES
- --------------------------------------------------------------------------------
Prospectus Page 47
<PAGE>
G.T. GLOBAL GROWTH FUNDS
NOTES
- --------------------------------------------------------------------------------
Prospectus Page 48
<PAGE>
G.T. GLOBAL GROWTH FUNDS
NOTES
- --------------------------------------------------------------------------------
Prospectus Page 49
<PAGE>
<TABLE>
<S> <C> <C>
[LOGO]
G.T. GLOBAL
MUTUAL FUNDS
P.O. Box 7345 ACCOUNT APPLICATION
SAN FRANCISCO, CA 94120-7345
800/223-2138
</TABLE>
/ / INDIVIDUAL / / JOINT TENANT / / GIFT/TRANSFER FOR
MINOR / / TRUST / / CORP.
ACCOUNT REGISTRATION
/ / NEW ACCOUNT
/ / ACCOUNT REVISION (Account No.:
---------------------------------------)
NOTE: Trust registrations should specify name of trustee(s), beneficiary(ies)
and date of trust instrument. Registration for Uniform Gifts/Transfers to
Minors accounts should be in the name of one custodian and one minor and
include the state under which the custodianship is created.
<TABLE>
<S> <C> <C> <C>
------------------------------------ --------------------------------------------------------------------------------
Owner Social Security Number / / or Tax I.D. Number / / (Check applicable box)
------------------------------------ If more than one owner, social security number or taxpayer identification number
Co-owner 1 should be provided for first owner listed. If a purchase is made under Uniform Gift/
- ------------------------------------ Transfer to Minors Act, social security number of the minor must be provided.
Co-owner 2 Resident of / / U.S. / / Other (specify)-----------------------------------------
( )
---------------------------------------------------------------------- ---------------------------
Street Address Home Telephone
( )
---------------------------------------------------------------------- ---------------------------
City, State, Zip Code Business Telephone
</TABLE>
FUND SELECTION $500 minimum initial investment required for each Fund
selected. Checks should be made payable to "G.T. GLOBAL."
TO PURCHASE THE FUNDS LISTED BELOW PLEASE SELECT EITHER / / Class A Shares or
/ / Class B Shares (Not available for purchases of $500,000 or more or for the
G.T. Global Dollar Fund).
If a class share box is not checked, your investment will be made in Class A
shares.
<TABLE>
<S> <C> <C> <C> <C>
INITIAL INITIAL
INVESTMENT INVESTMENT
07 / / G.T. GLOBAL WORLDWIDE GROWTH FUND $ 03 / / G.T. GLOBAL EUROPE GROWTH FUND $
---------- ----------
05 / / G.T. GLOBAL INTERNATIONAL GROWTH FUND $ 13 / / G.T. LATIN AMERICA GROWTH FUND $
---------- ----------
16 / / G.T. GLOBAL EMERGING MARKETS FUND $ 06 / / G.T. GLOBAL AMERICA GROWTH FUND $
---------- ----------
11 / / G.T. GLOBAL HEALTH CARE FUND $ 04 / / G.T. GLOBAL JAPAN GROWTH FUND $
---------- ----------
15 / / G.T. GLOBAL TELECOMMUNICATIONS FUND $ 10 / / G.T. GLOBAL GROWTH & INCOME FUND $
---------- ----------
19 / / G.T. GLOBAL INFRASTRUCTURE FUND $ 09 / / G.T. GLOBAL GOVERNMENT INCOME FUND $
---------- ----------
17 / / G.T. GLOBAL FINANCIAL SERVICES FUND $ 08 / / G.T. GLOBAL STRATEGIC INCOME FUND $
---------- ----------
21 / / G.T. GLOBAL NATURAL RESOURCES FUND $ 18 / / G.T. GLOBAL HIGH INCOME FUND $
---------- ----------
22 / / G.T. GLOBAL CONSUMER PRODUCTS AND SERVICES FUND $ 01 / / G.T. GLOBAL DOLLAR FUND $
---------- ----------
02 / / G.T. GLOBAL NEW PACIFIC GROWTH FUND $
----------
CHECKWRITING PRIVILEGE
Checkwriting privilege available on Class A shares of G.T. Global Dollar Fund and G.T. Global Government Income Fund.
/ / Check here if desired. You will be sent a book of checks.
CAPITAL GAINS AND DIVIDEND DISTRIBUTIONS TOTAL INITIAL INVESTMENT: $
----------
All capital gains and dividend distributions will be reinvested in additional shares of the same class unless appropriate
boxes below are checked:
/ / Pay capital gain distributions only in cash / / Pay dividends only in cash / / Pay capital gain distributions AND
dividends in cash.
SPECIAL CAPITAL GAINS AND DIVIDEND DISTRIBUTIONS OPTION
Pay distributions noted above to another G.T. Global Fund: Fund Name ------------------------------------------
</TABLE>
AGREEMENTS & SIGNATURES
By the execution of this Account Application, I/we represent and warrant that
I/we have full right, power and authority and am/are of legal age in my/our
state of residence to make the investment applied for pursuant to this
Application. The person(s), if any, signing on behalf of the investor
represent and warrant that they are duly authorized to sign this Application
and to purchase, redeem or exchange shares of the Fund(s) on behalf of the
investor. I/WE HEREBY AFFIRM THAT I/WE HAVE RECEIVED A CURRENT PROSPECTUS OF
THE G.T. FUND(S) IN WHICH I/WE AM/ARE INVESTING AND I/WE AGREE TO ITS TERMS
AND CONDITIONS.
I/WE AND MY/OUR ASSIGNS AND SUCCESSORS UNDERSTAND AND AGREE THAT THE ACCOUNT
WILL BE SUBJECT TO THE TELEPHONE EXCHANGE AND TELEPHONE REDEMPTION PRIVILEGES
DESCRIBED IN THE CURRENT PROSPECTUS TO WHICH THIS APPLICATION IS ATTACHED AND
AGREE THAT G.T. GLOBAL FINANCIAL SERVICES, INC., G.T. GLOBAL GROWTH SERIES,
G.T. INVESTMENT FUNDS, INC., G.T. INVESTMENT PORTFOLIOS, INC. AND THE FUNDS'
TRANSFER AGENT, THEIR OFFICERS AND EMPLOYEES, WILL NOT BE LIABLE FOR ANY LOSS
OR DAMAGES ARISING OUT OF ANY SUCH TELEPHONE, TELEX OR TELEGRAPHIC
INSTRUCTIONS REASONABLY BELIEVED TO BE GENUINE, INCLUDING ANY SUCH LOSS OR
DAMAGES DUE TO NEGLIGENCE ON THE PART OF SUCH ENTITIES. THE INVESTOR(S)
CERTIFIES(Y) AND AGREE(S) THAT THE CERTIFICATIONS, AUTHORIZATIONS, DIRECTIONS
AND RESTRICTIONS CONTAINED HEREIN WILL CONTINUE UNTIL G.T. GLOBAL FINANCIAL
SERVICES, INC., G.T. GLOBAL GROWTH SERIES, G.T. INVESTMENT FUNDS, INC., G.T.
INVESTMENT PORTFOLIOS, INC. OR THE FUNDS' TRANSFER AGENT RECEIVES WRITTEN
NOTICE OF ANY CHANGE OR REVOCATION. ANY CHANGE IN THESE INSTRUCTIONS MUST BE
IN WRITING AND IN SOME CASES, AS DESCRIBED IN THE PROSPECTUS, REQUIRES THAT
ALL SIGNATURES BE GUARANTEED.
PLEASE INDICATE THE NUMBER OF SIGNATURES REQUIRED TO PROCESS CHECKS OR
WRITTEN REDEMPTION REQUESTS: / / ONE / / TWO / / THREE / / FOUR.
(If you do not indicate the number of required signatures, ALL account
owners must sign checks and/or written redemption requests.)
Under penalties of perjury, I certify that the Taxpayer Identification
Number provided on this form is my (or my employer's, trust's, minor's or
other payee's) true, correct and complete Number and may be assigned to any
new account opened under the exchange privilege. I further certify that I am
(or the payee whose Number is given is) not subject to backup withholding
because: (a) I am (or the payee is) exempt from backup withholding; (b) the
Internal Revenue Service has not notified me that I am (or the payee is)
subject to backup withholding as a result of a failure to report all interest
or dividends; OR (c) the I.R.S. has notified me that I am (the payee is) no
longer subject to backup withholding;
OR, / / I am (the payee is) subject to backup withholding.
ALL ACCOUNT OWNERS MUST SIGN BELOW (Minors are not authorized signers)
Account revisions may require that signatures be guaranteed. Please see the
Prospectus.
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Date
X X
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X X
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ACCOUNT PRIVILEGES
TELEPHONE EXCHANGE AND REDEMPTION AUTHORITY TO TRANSMIT REDEMPTION PROCEEDS TO
PRE-DESIGNATED ACCOUNT
I/We, either directly or through the Authorized By completing the following section, redemptions
Agent, if any, named below, hereby authorize the which exceed $1,000
Transfer Agent of the G.T. Global Mutual Funds, may be wired or mailed to a Pre-Designated Account
to honor any telephone, telex or telegraphic at your bank. (Wiring instructions may be obtained
instructions reasonably believed to be authentic from your bank.) A bank wire service fee may be
for redemption and/or exchange between a similar charged.
class of shares of any of the Funds distributed
by G.T. Global Financial Services, Inc. --------------------------------------------------
Name of Bank
SPECIAL PURCHASE AND REDEMPTION PLANS
/ / I have completed and attached the --------------------------------------------------
Supplemental Application for: Bank Address
/ / AUTOMATIC INVESTMENT PLAN
/ / SYSTEMATIC WITHDRAWAL PLAN --------------------------------------------------
OTHER Bank A.B.A Number Account
/ / I/We owned shares of one or more Funds Number
distributed by G.T. Global Financial
Services, Inc. as of April 30, 1987 and --------------------------------------------------
since that date continuously have owned Names(s) in which Bank Account is Established
shares of such Funds. Attached is a schedule A corporation (or partnership) must also submit a
showing the numbers of each of my/our "Corporate Resolution"
Shareholder Accounts. (or "Certificate of Partnership") indicating the
names and titles of Officers authorized to act on
its behalf.
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RIGHT OF ACCUMULATION -- CLASS A SHARES
/ / I/We qualify for the Right of Accumulation sales charge discount
described in the Prospectus and Statement of Additional Information of
the Fund purchased.
/ / I/We own shares of more than one Fund distributed by G.T. Global. Listed
below are the numbers of each of my/our Shareholder Accounts.
/ / The registration of some of my/our shares differs from that shown on this
Application. Below are the account number(s) and registration(s) in each
case.
LIST OF OTHER G.T. FUND ACCOUNTS:
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Account Numbers Account Registrations
LETTER OF INTENT -- CLASS A SHARES
/ / I agree to the terms of the Letter of Intent set forth below. Although I
am not obligated to do so, it is my intention to invest over a
thirteen-month period in Class A shares of one or more of the G.T. Global
Mutual Funds in an aggregate amount at least equal to:
/ / $50,000 / / $100,000 / / $250,000 / / $500,000
When a shareholder signs a Letter of Intent in order to qualify for a reduced
sales charge, Class A shares equal to 5% (in no case in excess of 1/2 of 1%
after an aggregate of $500,000 has been purchased under the Letter) of the
dollar amount specified in this Letter will be held in escrow in the
Shareholder's Account out of the initial purchase (or subsequent purchases, if
necessary) by G.T. Global Financial Services, Inc. ("G.T. Global"). All
dividends and other distributions will be credited to the Shareholder's
Account in shares (or paid in cash, if requested). If the intended investment
is not completed within the specified thirteen-month period, the purchaser
will remit to G.T. Global the difference between the sales charge actually
paid and the sales charge which would have been paid if the total of such
purchases had been made at a single time. If this difference is not paid
within twenty days after written request by G.T. Global or the shareholder's
Authorized Agent, the appropriate number of escrowed shares will be redeemed
to pay such difference. If the proceeds from this redemption are inadequate,
the purchaser will be liable to G.T. Global for the balance still outstanding.
The Letter of Intent may be revised upward at any time during the
thirteen-month period, and such a revision will be treated as a new Letter,
except that the thirteen-month period during which the purchase must be made
will remain unchanged. Exchange requests involving escrowed shares must
specifically reference those shares. Exchanges of escrowed shares may be
delayed to allow for the extra processing required.
Any questions relating to this Letter of Intent should be directed to G.T.
Global, 50 California Street, 27th Floor, San Francisco, CA 94111.
FOR USE BY AUTHORIZED AGENT (BROKER/DEALER) ONLY
We hereby submit this Account Application for the purchase of Class A shares
including such shares purchased under a Right of Accumulation or Letter of
Intent or for the purchase of Class B shares in accordance with the terms of
our Dealer Agreement with G.T. Global Financial Services, Inc. and with the
Prospectus and Statement of Additional Information of each Fund purchased. We
agree to notify G.T. Global Financial Services, Inc. of any purchases properly
made under a Letter of Intent or Right of Accumulation.
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Investment Dealer Name
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Main Office Address Branch Number Representative's Number Representative's
Name
( )
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Branch Address Telephone
X
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Investment Dealer's Authorized Signature Title
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[LOGO]
G.T. GLOBAL
MUTUAL FUNDS
P.O. Box 7345 SUPPLEMENTAL APPLICATION
San Francisco, CA SPECIAL INVESTMENT AND
94120-7345 WITHDRAWAL OPTIONS
800/223-2138
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ACCOUNT REGISTRATION
Please supply the following information exactly as it appears on the Fund's records.
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Fund Name Account Number
- ---------------------------------------------------------- ----------------------------------------------------------
Owner's Name Co-Owner 1
- ---------------------------------------------------------- ----------------------------------------------------------
Co-Owner 2 Telephone Number
- ---------------------------------------------------------- ----------------------------------------------------------
Street Address Social Security or Tax I.D. Number
- ----------------------------------------------------------
City, State, Zip Code
Resident of / / U.S. / / Other
- ---------------------------
AUTOMATIC INVESTMENT PLAN / / YES / / NO
I/We hereby authorize the Transfer Agent of the G.T. Global Mutual Funds to debit my/our personal checking account on
the designated dates in order to purchase / / Class A shares or / / Class B shares of the Fund indicated at the top of
this Supplemental Application at the applicable public offering price determined on that day.
/ / Monthly on the 25th day / / Quarterly beginning on the 25th day of the month you first select
(The request for participation in the Plan must be received by the 1st day of the month in which you wish investments
to begin.)
Amount of each debit (minimum $100) $
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NOTE: A Bank Authorization Form (below) and a voided personal check must accompany the Automatic Investment Plan
Application.
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G.T. GLOBAL
MUTUAL FUNDS AUTOMATIC INVESTMENT PLAN
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[LOGO]
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BANK AUTHORIZATION
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Bank Name Bank Address Bank Account Number
I/We authorize you, the above named bank, to debit my/our account for amounts drawn by the Transfer Agent of the G.T.
Global Mutual Funds, acting as my agent. I/We agree that your rights in respect to each withdrawal shall be the same
as if it were a check drawn upon you and signed by me/us. This authority shall remain in effect until I/we revoke it
in writing and you receive it. I/We agree that you shall incur no liability when honoring any such debit.
I/We further agree that you will incur no liability to me if you dishonor any such withdrawal. This will be so even
though such dishonor results in the forfeiture of investment.
- --------------------------------------------------------- ---------------------------------------------------------
Account Holder's Name Joint Account Holder's Name
X X
- ------------------------------------ -------------- ------------------------------------ --------------
Account Holder's Signature Date Joint Account Holder's Signature Date
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(OVER)
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SYSTEMATIC WITHDRAWAL PLAN / / YES / / NO
MINIMUM REQUIREMENTS: $10,000 INITIAL ACCOUNT BALANCE AND $100 MINIMUM PERIODIC PAYMENT.
I/We hereby authorize the Transfer Agent of the G.T. Global Mutual Funds to redeem the necessary number of / / Class
A or / / Class B shares from my/our G.T. Global Account on the designated dates in order to make the following
periodic payments:
/ / Monthly on the 25th day / / Quarterly beginning on the 25th day of the month you first select
(The request for participation in the Plan must be received by the 18th day of the month in which you wish
withdrawals to begin.)
Maximum annual withdrawal of 12% of initial account balance for shares subject to a contingent deferred sales charge.
Withdrawals in excess of 12% of the initial account balance annually may result in assessment of a contingent
deferred sales charge, as described in the applicable Fund's prospectus.
Amount of each check ($100 minimum): $
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Please make checks payable to: -------------------------------------------------------------------------------------
(TO BE COMPLETED ONLY IF Recipient
REDEMPTION PROCEEDS TO BE PAID -------------------------------------------------------------------------------------
TO OTHER THAN ACCOUNT HOLDER Street Address
OF RECORD OR MAILED TO ADDRESS -------------------------------------------------------------------------------------
OTHER THAN ADDRESS OF RECORD) City, State, Zip Code
NOTE: If recipient of checks is not the registered shareholder, signature(s) below must be guaranteed. A corporation
(or partnership) must also submit a "Corporate Resolution" (or "Certification of Partnership") indicating the names
and titles of Officers authorized to act on its behalf.
AGREEMENT AND SIGNATURES
The investor(s) certifies(y) and agree(s) that the certifications, authorizations, directions and restrictions
contained herein will continue until the Transfer Agent of the G.T. Global Mutual Funds receives written notice of
any change or revocation. Any change in these instructions must be in writing with all signatures guaranteed (if
applicable).
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Date
X X
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Signature Signature
- ----------------------------------------------------------- --------------------------------------------------------
Signature Guarantee* (if applicable) Signature Guarantee* (if applicable)
X X
- ----------------------------------------------------- --------------------------------------------------
Signature Signature
- ----------------------------------------------------------- --------------------------------------------------------
Signature Guarantee* (if applicable) Signature Guarantee* (if applicable)
*Acceptable signature guarantors: (1) a commercial bank; (2) a U.S. trust company; (3) a member firm of a U.S. stock
exchange;
(4) a foreign branch of any of the foregoing; or (5) any other eligible guarantor institution. A notary public is NOT
an acceptable guarantor. An investor with questions concerning the G.T. Global Mutual Funds signature guarantee
requirement should contact the Transfer Agent.
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INDEMNIFICATION AGREEMENT
To: Bank Named on the Reverse
In consideration of your compliance with the request and authorization of the
depositor(s) named on the reverse, the Transfer Agent of the G.T. Global Mutual
Funds hereby agrees:
1. To indemnify and hold you harmless from any loss you may incur because of the
payment by you and of any debit by the Transfer Agent to its own order on the
account of such depositor(s) and received by you in the regular course of
business for payment, or arising out of the dishonor by you of any debit,
provided there are sufficient funds in such account to pay the same upon
presentation.
2. To defend at its own expense any action which might be brought by any
depositor or any other persons because of your actions taken pursuant to the
above mentioned request or in any manner arising by reason of your participation
in connection with such request.
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G.T. GLOBAL GROWTH FUNDS
[LOGO]
G.T. GLOBAL GROUP OF FUNDS
G.T. GLOBAL OFFERS A BROAD RANGE OF MUTUAL FUNDS TO COMPLEMENT MANY
INVESTORS' PORTFOLIOS. FOR MORE INFORMATION AND A PROSPECTUS ON ANY OF THE
G.T. GLOBAL FUNDS, PLEASE CONTACT YOUR INVESTMENT COUNSELOR OR CALL G.T.
GLOBAL DIRECTLY AT 1-800-824-1580.
GROWTH FUNDS
/ / GLOBALLY DIVERSIFIED FUNDS
G.T. GLOBAL WORLDWIDE GROWTH FUND
Invests around the world, including the U.S.
G.T. GLOBAL INTERNATIONAL GROWTH FUND
Provides portfolio diversity by investing outside
the U.S.
G.T. GLOBAL EMERGING MARKETS FUND
Gives access to the growth potential of developing economies
/ / GLOBAL THEME FUNDS
G.T. GLOBAL HEALTH CARE FUND
Invests in growing health care industries worldwide
G.T. GLOBAL TELECOMMUNICATIONS FUND
Invests in companies worldwide that develop, manufacture or sell
telecommunications services or equipment
G.T. GLOBAL INFRASTRUCTURE FUND
Seeks companies that build, improve or maintain a country's infrastructure
G.T. GLOBAL FINANCIAL SERVICES FUND
Focuses on the worldwide opportunities from the demand for financial services
and products
G.T. GLOBAL NATURAL RESOURCES FUND
Concentrates on companies that own, explore or develop natural resources
G.T. GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
Invests in companies that manufacture, market, retail, or distribute consumer
products or services
/ / REGIONALLY DIVERSIFIED FUNDS
G.T. GLOBAL NEW PACIFIC GROWTH FUND
Offers access to the emerging and established markets of the Pacific Rim,
excluding Japan
G.T. GLOBAL EUROPE GROWTH FUND
Focuses on investment opportunities in the new, unified Europe
G.T. LATIN AMERICA GROWTH FUND
Invests in the emerging markets of Latin America
/ / SINGLE COUNTRY FUNDS
G.T. GLOBAL AMERICA GROWTH FUND
Concentrates on small and medium-sized companies in the U.S.
G.T. GLOBAL JAPAN GROWTH FUND
Provides U.S. investors with direct access to the Japanese market
GROWTH AND INCOME FUND
G.T. GLOBAL GROWTH & INCOME FUND
Invests in blue-chip stocks and government bonds from around the world
INCOME FUNDS
G.T. GLOBAL GOVERNMENT INCOME FUND
Earns monthly income from global government securities
G.T. GLOBAL STRATEGIC INCOME FUND
Allocates its assets among debt securities from the U.S., developed foreign
countries and emerging markets
G.T. GLOBAL HIGH INCOME FUND
Invests in debt securities in emerging markets
MONEY MARKET FUND
G.T. GLOBAL DOLLAR FUND
Invests in high quality, U.S. dollar-denominated money market securities
worldwide for stability and preservation of capital
NO DEALER, SALESMAN OR OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANY
INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS PROSPECTUS
AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED
UPON AS HAVING BEEN AUTHORIZED BY G.T. GLOBAL GROWTH SERIES, G.T. CAPITAL
MANAGEMENT, INC. OR G.T. GLOBAL FINANCIAL SERVICES, INC. THIS PROSPECTUS
DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF ANY OFFER TO BUY ANY
OF THE SECURITIES OFFERED HEREBY IN ANY JURISDICTION TO ANY PERSON TO WHOM
IT IS UNLAWFUL TO MAKE SUCH OFFER IN SUCH JURISDICTION.
GRWPR503157MC
