<PAGE>
G.T. GROUP
[LOGO]
TWENTY-FIVE
YEARS OF
PROVIDING
ACCESS TO
GLOBAL MARKETS
/ /
G.T. GLOBAL
AMERICA
GROWTH FUND
/ /
SEMIANNUAL REPORT
JUNE 30, 1995
<PAGE>
TABLE
OF CONTENTS
<TABLE>
<S> <C>
Report from the Fund
Managers and Key
Portfolio Holdings..... 1
Financial Statements... F-1
</TABLE>
<PAGE>
REPORT FROM THE FUND MANAGERS
The G.T. Global America Growth Fund seeks long-term growth of capital by
investing in the equity securities of small to medium-sized companies in the
United States.
PERFORMANCE REVIEW
The Fund's total return for the six months ending June 30, 1995, was 23.97% for
Class A shares (18.08% including the maximum 4.75% sales charge), and 23.54% for
Class B shares (18.54% including the maximum 5% contingent deferred sales
charge). The Fund outperformed both the Standard & Poor's Midcap 400 Index,(1)
which had a total return of 17.62%, and the Russell 2000 Index(2) which had a
total return of 14.42% over this same investment period. For additional
performance information, please see page 5.
The Fund's strong performance continues to be a result of the investment
approach used in managing the Fund. Our investment process, which is based on
our own research, requires extensive knowledge about each company before it is
considered for inclusion in the Fund. After building a strong investment
hypothesis about each company, we only purchase its stock when we consider it
significantly undervalued. We believe this approach has proven its value in
terms of Fund performance.
PORTFOLIO STRATEGY
The G.T. Global America Growth Fund differs from many growth funds in that we
use a disciplined and consistently applied investment process rather than
varying strategies during different periods. The process guides the Fund in and
out of various sectors, depending on company fundamentals and valuation trends.
Technology holdings were an important part of the Fund's portfolio over the
period, ranging from 24.6% on January 1 to 30.2% at the end of June. Our
research determined that operating fundamentals for technology companies were
good, due to strong demand and an almost unprecedented competitive equilibrium
among many technology companies. Relative to expected growth rates
--------------
(1) The S&P Midcap 400 Index is composed of the capitalization-weighted average
price of 400 selected common stocks of medium-size domestic companies. It
does not include the effect of reinvested dividends and is measured in U.S.
dollars.
(2) The Russell 2000 Index is composed of 2,000 U.S.-domiciled common stocks
designed to measure small company stock performance. The index represents
roughly 10% of the U.S. stock market, and market capitalization of index
companies ranged from $104 million to $746 million as of June 1995. It
includes the effect of reinvested dividends and is measured in U.S. dollars.
1
<PAGE>
resulting from these fundamentals, stock valuations were also attractive. These
characteristics attracted attention from other investors in the first half of
1995 and supported significant gains in our technology holdings.
MARKET REVIEW
The U.S. stock market itself also did well during the first half of 1995,
attributable to strong gains in technology stocks and to the overall market
being revalued upward due to the decline in interest rates. Just as the concerns
about rising interest rates and inflation during 1994 resulted in a flat stock
market last year, the decline in interest rates so far this year and lessened
concerns about inflation have given confidence to many investors. The result has
been fairly broad appreciation for most market sectors with particularly good
gains in financial and capital goods stocks, in addition to the strength in the
technology area.
OUTLOOK
Although we are currently seeing a great deal of enthusiasm from the strong
market gains in the first half, the question remains whether these gains will
continue in the second half of the year. Because the U.S. economy is so broad
and diversified, we expect there to continue to be attractive opportunities in
individual stocks. However, a possibly slowing economy and high consumer debt
levels may have a negative effect on the earnings of many companies. We believe
our disciplined and valuation-sensitive investment process will enable the Fund
to produce attractive results over the intermediate and long term -- although we
caution investors that we do not expect the second half of 1995 to repeat the
large gains of the first half.
CHRISTIAN WIGNALL KEVIN L. WENCK
CHIEF INVESTMENT OFFICER PORTFOLIO MANAGER
GLOBAL EQUITIES SAN FRANCISCO
SAN FRANCISCO
JULY 19, 1995
Notice to shareholders: To reduce Fund expenses, only one copy of this report is
being mailed to each address, even if there is more than one account at that
address. For additional copies of this report, please call 1-800-223-2138.
G.T. GLOBAL AMERICA GROWTH FUND
2
<PAGE>
KEY HOLDINGS*
INTEGRATED DEVICE TECHNOLOGY, INC.
Integrated Device Technology develops, manufactures and markets integrated
computer circuits, which increase system speed while lowering system cost.
International subsidiaries promote the company's products overseas and are
located throughout Europe and Asia. Japan and Hong Kong are particularly large
markets for the company.
LAM RESEARCH CORP.
Lam Research manufactures, designs, markets and services semiconductor
processing equipment used to fabricate integrated circuits. Its products make it
possible to deposit special films on silicon wafers and etch away portions of
various films to create integrated circuits. The deposition and etching
processes are repeated many times in the fabrication cycle and are required to
manufacture every semiconductor produced today. Lam Research manufactures a wide
range of etch products and is the leading producer of etch systems.
MICRON TECHNOLOGY, INC.
Micron Technology is the parent company in a holding company format. Its
subsidiaries manufacture and sell semiconductor memory and enhancement products
for PCs and workstations. The components they manufacture include dynamic random
access memory chips, advanced graphics, static rams and a line of RAM-intensive
modules.
APPLIED MATERIALS, INC.
Applied Materials manufactures, develops, markets and services semiconductor
wafer fabrication equipment and spare parts for the semiconductor industry.
Customers include both semiconductor manufacturing companies that make
semiconductors for use in their own products and companies that manufacture
semiconductors for sale to others. Applied Materials operates solely in the
semiconductor wafer fabrication equipment industry.
CABLETRON SYSTEMS, INC.
Cabletron Systems manufactures, develops, markets, installs and services a wide
range of standards-based local area network connectivity products. Cabletron
Systems' products include smart hubs and related products, other network
interconnection equipment, network management software, high-speed adapter
cards, test equipment, and four commonly used LAN transmission media.
------------------
* There can be no assurance the Fund will continue to hold these or any other
securities mentioned in this report.
3
<PAGE>
ANNTAYLOR STORES, INC.
Ann Taylor Stores, through its subsidiary AnnTaylor, Inc., is a national
specialty retailer of quality women's apparel, shoes and accessories. Ann Taylor
employs a merchandising strategy that focuses on achieving the Ann Taylor look
through products sold primarily under the Ann Taylor brand name. The Ann Taylor
look is a total wardrobing strategy reinforced by an emphasis on customer
service. Approximately two-thirds of the stores are located in regional malls
and upscale specialty retail centers, with the rest being located in downtown
locations.
MICHAELS STORES, INC.
Michaels Stores, a chain of 168 stores in 24 states, is the largest national
specialty retailer of arts, crafts and decorative products. The company's stores
offer a large selection of reasonably priced items, including picture framing
materials, silk and dried flowers, hobby and art supplies, creative crafts, and
seasonal items. Primary customers are women between the ages of 25 to 54 years
old with median household incomes above $30,000. Repeat customers account for a
substantial portion of sales.
COVENTRY CORP.
A health care benefit options provider to employee groups, Coventry Corporation
runs and operates HMOs located in Pennsylvania and St. Louis, Missouri. The
company also owns a subsidiary in American Service Companies, which sells and
underwrites individual reimbursement policies for hospital and medical expenses.
NATIONAL SEMICONDUCTOR CORP.
National Semiconductor designs, develops, manufactures and sells semiconductor
products. Products include linear and digital integrated circuits,
microprocessors, hybrid circuits and subsystems, electronic packaging and
miscellaneous services, and supplies for the international semiconductor
industry.
H&R BLOCK, INC.
H&R Block is a diversified service-oriented corporation and the parent company
in a two-tier holding company format. H&R Block Group, Inc., is the second-tier
holding company and the owner of all of the shares of H&R Block, Inc.'s primary
operating subsidiaries. The primary operating subsidiaries include H&R Block Tax
Services, CompuServe, and Interim Services. H&R Block, Inc. franchises and runs
more than 9,500 tax preparation offices.
4
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
PORTFOLIO SUMMARY
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
G.T. GLOBAL AMERICA GROWTH FUND - CLASS A S&P 400 MIDCAP INDEX RUSSELL 2000 INDEX
<S> <C> <C> <C>
09-Jun-87 9525 10,000 10,000
30-Jun-87 9,916 10,287 10,179
31-Jul-87 10,230 10,576 10,496
31-Aug-87 10,697 10,960 10,804
30-Sep-87 10,439 10,748 10,606
31-Oct-87 7,468 8,207 7,358
30-Nov-87 7,229 7,802 6,963
31-Dec-87 8,153 8,405 7,523
31-Jan-88 8,315 8,790 7,850
29-Feb-88 9,011 9,348 8,557
31-Mar-88 8,887 9,500 8,958
30-Apr-88 9,087 9,549 9,161
31-May-88 8,811 9,349 8,913
30-Jun-88 9,630 10,023 9,549
30-Jul-88 9,392 9,754 9,458
31-Aug-88 9,020 9,527 9,216
30-Sep-88 9,277 9,892 9,459
31-Oct-88 9,030 9,961 9,354
30-Nov-88 8,753 9,766 9,042
31-Dec-88 9,062 10,161 9,397
31-Jan-89 9,724 10,853 9,816
28-Feb-89 9,837 10,889 9,889
31-Mar-89 10,344 11,130 10,121
30-Apr-89 11,306 11,733 10,562
31-May-89 12,217 12,299 11,016
30-Jun-89 11,782 12,244 10,765
31-Jul-89 12,765 12,971 11,184
31-Aug-89 13,127 13,432 11,456
30-Sep-89 13,416 13,579 11,491
31-Oct-89 13,292 13,008 10,810
30-Nov-89 13,437 13,295 10,879
31-Dec-89 14,025 13,770 10,923
31-Jan-90 12,638 12,605 9,969
28-Feb-90 13,424 13,057 10,278
31-Mar-90 14,396 13,340 10,681
30-Apr-90 14,134 12,822 10,332
31-May-90 16,144 14,073 11,063
30-Jun-90 16,209 14,131 11,092
31-Jul-90 15,576 13,807 10,606
31-Aug-90 13,511 12,376 9,187
30-Sep-90 12,255 11,618 8,370
31-Oct-90 11,971 11,264 7,859
30-Nov-90 12,681 12,346 8,458
31-Dec-90 12,987 13,064 8,791
31-Jan-91 13,621 14,096 9,583
28-Feb-91 14,484 15,361 10,658
31-Mar-91 15,215 16,062 11,405
30-Apr-91 14,997 16,057 11,376
31-May-91 15,521 16,797 11,917
28-Jun-91 14,363 15,944 11,228
31-Jul-91 15,248 16,904 11,621
31-Aug-91 15,980 17,519 12,050
30-Sep-91 15,456 17,463 12,144
31-Oct-91 15,150 18,147 12,465
29-Nov-91 14,178 17,535 11,888
31-Dec-91 15,492 19,608 12,839
31-Jan-92 17,323 19,955 13,880
28-Feb-92 17,488 20,272 14,285
31-Mar-92 16,468 19,508 13,802
30-Apr-92 15,964 19,275 13,318
29-May-92 16,106 19,458 13,495
30-Jun-92 15,174 18,902 12,861
31-Jul-92 16,315 19,841 13,308
31-Aug-92 15,756 19,366 12,932
30-Sep-92 16,249 19,637 13,229
30-Oct-92 17,565 20,108 13,647
30-Nov-92 19,867 21,232 14,692
31-Dec-92 20,410 21,944 15,204
31-Jan-93 20,577 22,218 15,718
26-Feb-93 19,265 21,907 15,355
31-Mar-93 19,063 22,664 15,853
30-Apr-93 17,823 22,071 15,417
28-May-93 19,075 23,076 16,099
30-Jun-93 18,622 23,192 16,199
30-Jul-93 18,860 23,147 16,423
31-Aug-93 19,897 24,103 17,132
30-Sep-93 19,826 24,358 17,615
29-Oct-93 20,815 24,437 18,069
30-Nov-93 20,899 23,896 17,480
31-Dec-93 22,113 25,006 18,078
31-Jan-94 22,396 25,587 18,644
28-Feb-94 23,027 25,224 18,576
31-Mar-94 23,245 24,056 17,598
29-Apr-94 23,786 24,235 17,702
31-May-94 24,005 24,005 17,503
30-Jun-94 23,928 23,179 16,912
29-Jul-94 23,760 23,963 17,191
31-Aug-94 25,241 25,218 18,148
30-Sep-94 25,446 24,748 18,087
31-Oct-94 25,511 25,018 18,013
30-Nov-94 25,176 23,890 17,286
30-Dec-94 25,581 24,109 17,748
31-Jan-95 25,755 24,360 17,524
28-Feb-95 27,042 25,637 18,254
31-Mar-95 28,054 26,082 18,566
28-Apr-95 29,110 26,606 18,979
31-May-95 29,804 27,248 19,305
30-Jun-95 31,713 28,445 20,307
</TABLE>
THE CHART AT LEFT SHOWS THE PERFORMANCE OF THE G.T. GLOBAL AMERICA GROWTH FUND
CLASS A SHARES SINCE THE FUND'S INCEPTION VERSUS THE RUSSELL 2000 INDEX AND THE
S&P 400 MIDCAP INDEX. THIS REPRESENTS A CUMULATIVE RETURN OF 217.13% AND AN
AVERAGE ANNUAL TOTAL RETURN OF 15.39%. THE CHART ASSUMES A HYPOTHETICAL $10,000
INITIAL INVESTMENT IN THE FUND'S CLASS A SHARES AND REFLECTS ALL FUND EXPENSES
AND THE MAXIMUM 4.75% SALES CHARGE. INVESTORS SHOULD NOTE THAT THE FUND IS A
PROFESSIONALLY MANAGED MUTUAL FUND WHILE THE INDICES ARE UNMANAGED, DO NOT INCUR
EXPENSES AND ARE NOT AVAILABLE FOR INVESTMENT.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
AVERAGE ANNUAL TOTAL RETURNS+
JUNE 30, 1995
<TABLE>
<CAPTION>
SHARE WITHOUT SALES CHARGE WITH SALES CHARGE++
LIFE OF LIFE OF
CLASS 1-YEAR 5-YEAR FUND 1-YEAR 5-YEAR FUND
<S> <C> <C> <C> <C> <C> <C>
CLASS A* 32.54% 14.37% 16.09% 26.24% 13.26% 15.39%
CLASS B** 31.74% N/A 24.97% 26.74% N/A 23.95%
ADV. CLASS*** N/A N/A 6.45% N/A N/A N/A
<FN>
* The Fund began operations on June 9, 1987.
** The Fund began offering Class B shares on April 1, 1993.
*** The Fund began offering Advisor Class shares on June 1, 1995. Advisor Class
shares are not sold directly to the general public and are only available
through certain employee benefit plans, financial institutions and other
entities that have entered into specific agreements with G.T. Global. Please
see the "Alternative Purchase Plan" section in the Fund's prospectus.
+ Figures assume reinvestment of all dividends and capital gains distributions
at net asset value.
++ The performance of the Class A shares reflects the effects of the maximum
4.75% sales charge. Class B share performance reflects the applicable
contingent deferred sales charge
(5.00% in the first year, decreasing to 0% after six years).
</TABLE>
THE DATA ABOVE REPRESENT PAST PERFORMANCE OF THE FUND'S SHARES, WHICH DOES NOT
GUARANTEE FUTURE RESULTS. THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN
INVESTMENT IN THE FUND WILL FLUCTUATE, SO THAT AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
SECTOR ALLOCATION OF NET ASSETS AS OF JUNE 30, 1995
<S> <C>
TECHNOLOGY 30.2%
SERVICES 14.4%
FINANCE 12.9%
CONSUMER NON-DURABLES 7.3%
HEALTH CARE 5.3%
OTHER EQUITY INVESTMENTS 3.9%
SHORT-TERM INVESTMENTS & OTHER 26.0%
</TABLE>
ALLOCATIONS WILL CHANGE BASED ON CURRENT MARKET CONDITIONS.
5
<PAGE>
/ /
G.T. GLOBAL
AMERICA
GROWTH FUND
/ /
FINANCIAL
STATEMENTS
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market % of Net
Equity Investments Shares Value Assets *
------------------------------------- ----------- ------------ -------------
<S> <C> <C> <C>
Technology (30.2%)
Integrated Device Technology,
Inc.(CHECK MARK).................. 436,700 $ 20,197,375 3.0
SEMICONDUCTORS
LAM Research Corp.(CHECK MARK)..... 306,500 19,616,000 3.0
SEMICONDUCTORS
Micron Technology, Inc............. 354,400 19,447,700 2.9
SEMICONDUCTORS
Applied Materials, Inc.(CHECK
MARK)............................. 218,700 18,944,888 2.9
SEMICONDUCTORS
Cabletron Systems, Inc.(CHECK
MARK)............................. 343,900 18,312,675 2.8
NETWORKING
National Semiconductor Corp.(CHECK
MARK)............................. 552,600 15,334,650 2.3
SEMICONDUCTORS
BMC Software, Inc.(CHECK MARK)..... 189,400 14,631,150 2.2
SOFTWARE
Cirrus Logic, Inc.(CHECK MARK)..... 231,000 14,480,813 2.2
SEMICONDUCTORS
Compuware Corp..................... 366,800 11,279,100 1.7
SOFTWARE
Seagate Technology, Inc.(CHECK
MARK)............................. 284,400 11,162,700 1.7
COMPUTERS & PERIPHERALS
Dallas Semiconductor Corp.......... 443,100 9,083,550 1.4
SEMICONDUCTORS
Cisco Systems, Inc.(CHECK MARK).... 175,400 8,868,663 1.3
NETWORKING
Lattice Semiconductor Corp.(CHECK
MARK)............................. 256,600 8,820,625 1.3
SEMICONDUCTORS
Microchip Technology, Inc.(CHECK
MARK)............................. 152,806 5,558,318 0.8
SEMICONDUCTORS
Excalibur Technologies Corp.(CHECK
MARK) (O)......................... 365,000 2,920,000 0.4
SOFTWARE
Chipcom Corp.(CHECK MARK).......... 80,300 1,907,125 0.3
COMPUTERS & PERIPHERALS
------------
200,565,332
------------
Services (14.4%)
AnnTaylor Stores, Inc.(CHECK
MARK)............................. 750,700 17,453,775 2.6
RETAILERS-APPAREL
Michaels Stores, Inc.(CHECK
MARK)............................. 793,300 16,857,625 2.5
RETAILERS-OTHER
Sports Authority, Inc.(CHECK
MARK)............................. 664,300 13,535,113 2.0
RETAILERS-OTHER
Kelly Services, Inc. "A"........... 445,100 11,461,325 1.7
BUSINESS & PUBLIC SERVICES
United Video Satellite Group, Inc.
"A"............................... 380,900 11,109,075 1.7
CABLE TELEVISION
Proffitt's, Inc.(CHECK MARK)....... 247,800 7,372,050 1.1
RETAILERS-OTHER
Savoy Pictures Entertainment,
Inc............................... 617,500 5,634,688 0.9
LEISURE & TOURISM
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-1
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
<TABLE>
<CAPTION>
Market % of Net
Equity Investments Shares Value Assets *
------------------------------------- ----------- ------------ -------------
<S> <C> <C> <C>
Services (Continued)
Rio Hotel and Casino, Inc.(CHECK
MARK)............................... 403,100 $ 5,542,625 0.8
LEISURE & TOURISM
Friedman's, Inc. "A"(CHECK MARK)... 248,300 4,717,700 0.7
RETAILERS-OTHER
Buckle, Inc.(CHECK MARK)........... 157,900 2,467,188 0.4
RETAILERS-APPAREL
------------
96,151,164
------------
Finance (12.9%)
H&R Block, Inc..................... 365,800 15,043,525 2.3
CONSUMER FINANCE
Equity Inns, Inc.(DIAMOND)......... 1,159,000 12,463,883 1.9
REAL ESTATE INVESTMENT TRUST
KeyCorp............................ 377,200 11,834,650 1.8
BANKS-REGIONAL
Signet Banking Corp................ 442,600 9,681,875 1.5
BANKS-REGIONAL
ADVANTA Corp. "B".................. 249,100 9,403,525 1.4
CONSUMER FINANCE
Leader Financial Corp.............. 314,800 8,932,450 1.4
SAVINGS&LOANS
RFS Hotel Investors, Inc........... 558,600 8,515,175 1.3
REAL ESTATE INVESTMENT TRUST
Mid-America Apartment Communities,
Inc............................... 180,900 4,522,500 0.7
REAL ESTATE INVESTMENT TRUST
Trans Financial Bancorp, Inc....... 178,433 2,721,103 0.4
BANKS-REGIONAL
Capitol American Financial Corp.... 67,900 1,544,725 0.2
INSURANCE - MULTI-LINE
------------
84,663,411
------------
Consumer Non-Durables (7.3%)
V F Corp........................... 240,400 12,921,500 2.0
TEXTILES & APPAREL
Haggar Corp.(DIAMOND).............. 587,400 11,454,300 1.7
TEXTILES & APPAREL
Premark International, Inc......... 206,900 10,732,938 1.6
HOUSEHOLD PRODUCTS
Jones Apparel Group, Inc.(CHECK
MARK)............................. 282,300 8,433,713 1.3
TEXTILES & APPAREL
Varsity Spirit Corp.(DIAMOND)...... 342,150 4,875,638 0.7
TEXTILES & APPAREL
------------
48,418,089
------------
Health Care (5.3%)
Coventry Corp.(CHECK MARK)......... 1,111,200 15,695,700 2.4
HEALTH CARE SERVICES
Health Systems International, Inc.
"A"(CHECK MARK)................... 396,800 11,507,200 1.7
HEALTH CARE SERVICES
Abaxis, Inc.(DIAMOND) (CHECK
MARK)............................. 752,800 5,269,600 0.8
MEDICAL TECHNOLOGY & SUPPLIES
GranCare, Inc.(CHECK MARK)......... 168,300 2,713,838 0.4
HEALTH CARE SERVICES
------------
35,186,338
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-2
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
<TABLE>
<CAPTION>
Market % of Net
Equity Investments Shares Value Assets *
------------------------------------- ----------- ------------ -------------
<S> <C> <C> <C>
Capital Goods (1.4%)
Eaton Corp......................... 158,900 $ 9,236,063 1.4
------------
INDUSTRIAL COMPONENTS
Materials/Basic Industries (1.3%)
Georgia Gulf Corp.................. 256,200 8,358,525 1.3
------------
CHEMICALS
Consumer Durables (1.2%)
Syratech Corp...................... 244,100 4,485,338 0.7
APPLIANCES & HOUSEHOLD
Lifetime Hoan Corp.(CHECK MARK).... 320,008 3,600,086 0.5
APPLIANCES & HOUSEHOLD
------------
8,085,424
------------ -----
Total Equity Investments (cost
$393,108,227)....................... 490,664,346 74.0
------------ -----
------------ -----
<CAPTION>
Principal Market % of Net
Short-Term Investments Amount Value Assets *
------------------------------------- ----------- ------------ -------------
<S> <C> <C> <C>
Repurchase Agreement (22.1%)
United States (22.1%)
Dated June 30, 1995 with State
Street Bank and Trust Company,
due July 3, 1995, for an
effective yield of 6.10%
collateralized by $109,665,000
United States Treasury Bond,
9.875% due 11/15/15 (market
value of collateral is
$149,259,504, including accrued
interest) (cost $146,323,790)... 146,323,790 22.1
------------
Commercial Paper - Discounted (6.0%)
United States (6.0%)
Federal National Mortgage
Association, effective yield
5.84%, due 8/7/95............... 27,000,000 26,838,772 4.0
Federal Home Loan Bank, effective
yield 6.07%, due 7/3/95......... 13,000,000 12,995,616 2.0
------------
Total Commercial Paper - Discounted
(cost $39,834,388).................. 39,834,388
------------ -----
Total Short-Term Investments (cost
$186,158,178)....................... 186,158,178 28.1
------------ -----
Total Investments (cost
$579,266,405)(DELTA)................ 676,822,524 102.1
Other Assets and Liabilities......... (13,666,394) (2.1)
------------ -----
Net Assets........................... $663,156,130 100.0
------------ -----
------------ -----
<FN>
-----------------
* Percentages indicated are based on net assets of $663,156,130.
(DIAMOND) See Note 5 of Notes to Financial Statements.
(CHECK Non-income producing security.
MARK)
(O) Restricted securities - At June 30, 1995, the Fund owned the
following restricted security constituting 0.4% of net assets which
may not be publicly sold without registration under the Securities
Act of 1933 (Note 1). Additional information on the restricted
security is as follows:
Market
Value
Per
Share
at
Acquisition Date Shares Cost 6/30/95
----------------- ------ ----------- ------
Excalibur Technologies Corp.................... 4/19/94 365,000 $ 2,920,000 $ 8.00
(DELTA) For Federal income tax purposes, cost is $579,674,457 and
appreciation (depreciation) is as follows:
Unrealized appreciation: $ 103,990,372
Unrealized depreciation: (6,842,305)
-------------
Net unrealized appreciation: $ 97,148,067
-------------
-------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-3
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
STATEMENT OF ASSETS
AND LIABILITIES
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
Assets:
Investments in securities, at value (cost $432,942,615) (Note 1).................................. $ 530,498,734
Repurchase agreement, at value and cost (Note 1).................................................. 146,323,790
U.S. currency..................................................................................... 561
Receivable for Fund shares sold................................................................... 7,772,878
Receivable for securities sold.................................................................... 2,769,536
Dividends receivable.............................................................................. 398,416
Prepaid assets.................................................................................... 394
-------------
Total assets...................................................................................... 687,764,309
-------------
Liabilities:
Payable for securities purchased.................................................................. 16,972,790
Payable for Fund shares repurchased............................................................... 6,666,500
Payable for investment management and administration fees (Note 2)................................ 373,490
Payable for service and distribution expenses (Note 2)............................................ 315,845
Payable for transfer agent fees (Note 2).......................................................... 125,884
Payable for printing and postage expenses......................................................... 40,551
Payable for custodian and fund accounting fees (Note 1)........................................... 21,504
Payable for registration fees..................................................................... 17,019
Payable for professional fees..................................................................... 13,589
Payable for Trustees' fees and expenses (Note 2).................................................. 2,985
Accrued expenses.................................................................................. 58,022
-------------
Total liabilities................................................................................. 24,608,179
-------------
Net assets.......................................................................................... $ 663,156,130
-------------
-------------
Class A:
Net asset value and redemption price per share
($385,804,045 DIVIDED BY 17,588,774 shares outstanding)........................................... $ 21.93
-------------
-------------
Maximum offering price per share
(100/95.25 of $21.93)*............................................................................. $ 23.02
-------------
-------------
Class B:+
Net asset value and offering price per share
($275,927,440 DIVIDED BY 12,762,827 shares outstanding)........................................... $ 21.62
-------------
-------------
Advisor Class (Notes 1 & 4):
Net asset value, offering price per share, and redemption price per share
($1,424,645 DIVIDED BY 64,926 shares outstanding)................................................. $ 21.94
-------------
-------------
Net assets consist of:
Paid in capital (Note 4).......................................................................... $ 537,090,485
Undistributed net investment income............................................................... 2,705,700
Accumulated net realized gain on investments...................................................... 25,803,826
Net unrealized appreciation of investments........................................................ 97,556,119
-------------
Total -- representing net assets applicable to capital shares outstanding......................... $ 663,156,130
-------------
-------------
<FN>
----------------
* On sales of $50,000 or more, the offering price is reduced.
+ Redemption price per share is equal to the net asset value per share less
any applicable contingent deferred sales charge.
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-4
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
STATEMENT OF OPERATIONS
Six months ended June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment income (Note 1):
Interest income...................................................................................... $ 5,567,920
Dividend income...................................................................................... 1,244,302
-------------
Total investment income.............................................................................. 6,812,222
-------------
Expenses:
Investment management and administration fees (Note 2)............................................... 1,710,820
Service and distribution expenses (Note 2):
Class A................................................................................. $ 524,253
Class B................................................................................. 866,751 1,391,004
---------
Transfer agent fees (Note 2)......................................................................... 781,051
Printing and postage expenses........................................................................ 101,337
Registration fees.................................................................................... 59,730
Custodian and fund accounting fees (Note 1).......................................................... 50,725
Professional fees.................................................................................... 40,461
Trustees' fees and expenses (Note 2)................................................................. 10,835
-------------
Total expenses....................................................................................... 4,145,963
-------------
Net investment income.................................................................................. 2,666,259
-------------
Net realized and unrealized gain on investments:
Net realized gain on investments..................................................................... 22,746,588
Net change in unrealized appreciation of investments................................................. 80,737,108
-------------
Net realized and unrealized gain on investments...................................................... 103,483,696
-------------
Net increase in net assets resulting from operations................................................... $ 106,149,955
-------------
-------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-5
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 DECEMBER 31,
(UNAUDITED) 1994
------------------- ----------------
<S> <C> <C>
Increase in net assets
Operations:
Net investment income..................... $ 2,666,259 $ 216,804
Net realized gain on investments.......... 22,746,588 24,664,201
Net change in unrealized appreciation of
investments.............................. 80,737,108 1,064,481
------------------- ----------------
Net increase in net assets resulting from
operations............................... 106,149,955 25,945,486
------------------- ----------------
Class A:
Distributions to shareholders (Note 1):
From net investment income................ -- (177,363)
From net realized gain on investments..... -- (18,246,884)
Class B:
Distributions to shareholders (Note 1):
From net investment income................ -- --
From net realized gain on investments..... -- (7,094,970)
Capital share transactions (Note 4):
Increase from capital shares sold and
reinvested............................... 867,175,387 842,423,864
Decrease from capital shares
repurchased.............................. (587,166,655) (684,302,549)
------------------- ----------------
Net increase from capital share
transactions............................. 280,008,732 158,121,315
------------------- ----------------
Total increase in net assets................ 386,158,687 158,547,584
Net assets:
Beginning of period....................... 276,997,443 118,449,859
------------------- ----------------
End of period............................. $ 663,156,130 $ 276,997,443
------------------- ----------------
------------------- ----------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-6
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding,
total investment return, ratios and supplemental data. This information has been
derived from information provided in the financial statements.
<TABLE>
<CAPTION>
CLASS A+
-------------------------------------------------------------------------
SIX MONTHS
ENDED JUNE YEAR ENDED DECEMBER 31,
30, 1995 ---------------------------------------------------------
(UNAUDITED) 1994(C) 1993 1992 1991 1990
---------- -------- ------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 17.69 $ 17.17 $ 17.12 $ 14.13 $ 11.89 $ 12.84
---------- -------- ------- -------- ------- -------
Income from investment operations:
Net investment income (loss).......... 0.12 0.04 (0.21) (0.11) 0.01 (0.01)
Net realized and unrealized gain
(loss) on investments................ 4.12 2.55 1.56 4.54 2.28 (0.94)
---------- -------- ------- -------- ------- -------
Net increase (decrease) from
investment operations................ 4.24 2.59 1.35 4.43 2.29 (0.95)
---------- -------- ------- -------- ------- -------
Distributions to shareholders:
From net investment income............ -- (0.02) -- -- (0.01) --
From net realized gain on
investments.......................... -- (2.05) (1.30) (1.44) (0.04) --
---------- -------- ------- -------- ------- -------
Total distributions................. -- (2.07) (1.30) (1.44) (0.05) --
---------- -------- ------- -------- ------- -------
Net asset value, end of period.......... $ 21.93 $ 17.69 $ 17.17 $ 17.12 $ 14.13 $ 11.89
---------- -------- ------- -------- ------- -------
---------- -------- ------- -------- ------- -------
Total investment
return (d)............................. 23.97%(a) 15.69% 8.3% 31.7% 19.3% (7.4)%
---------- -------- ------- -------- ------- -------
---------- -------- ------- -------- ------- -------
Ratios and supplemental data:
Net assets, end of period (in 000's).... $385,804 $196,937 $116,468 $166,712 $88,041 $65,413
Ratio of net investment income (loss) to
average net assets..................... 1.36%(b) 0.17% (0.7)% (1.1)% 0.0% (0.1)%
Ratio of expenses to average net assets:
With expense
reductions........................... 1.51%(b) 1.58% 1.6% 1.8% 1.7% 2.0%
Without expense reductions............ 1.51%(b) 1.58% --%* --%* --%* --%*
Portfolio turnover
rate++++............................... 56%(b) 102% 92% 114% 156% 145%
<CAPTION>
ADVISOR
CLASS B++ CLASS+++
------------------------------------- -----------
YEAR JUNE 1,
SIX MONTHS ENDED APRIL 1, 1995 TO
ENDED JUNE DECEMBER 1993 TO JUNE 30,
30, 1995 31, DECEMBER 1995
(UNAUDITED) 1994(C) 31, 1993 (UNAUDITED)
---------- -------- -------- -----------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 17.50 $17.09 $15.90 $20.61
---------- -------- -------- -----------
Income from investment operations:
Net investment income (loss).......... 0.05 (0.09 ) (0.29 ) 0.02
Net realized and unrealized gain
(loss) on investments................ 4.07 2.55 2.78 1.31
---------- -------- -------- -----------
Net increase (decrease) from
investment operations................ 4.12 2.46 2.49 1.33
---------- -------- -------- -----------
Distributions to shareholders:
From net investment income............ -- -- -- --
From net realized gain on
investments.......................... -- (2.05 ) (1.30 ) --
---------- -------- -------- -----------
Total distributions................. -- (2.05 ) (1.30 ) --
---------- -------- -------- -----------
Net asset value, end of period.......... $ 21.62 $17.50 $17.09 $21.94
---------- -------- -------- -----------
---------- -------- -------- -----------
Total investment
return (d)............................. 23.54%(a) 15.06 % 16.1 %(a) 6.45%(a)
---------- -------- -------- -----------
---------- -------- -------- -----------
Ratios and supplemental data:
Net assets, end of period (in 000's).... $275,927 $80,060 $1,982 $1,425
Ratio of net investment income (loss) to
average net assets..................... 0.71%(b) (0.48 )% (1.3 )%(b) 1.71%(b)
Ratio of expenses to average net assets:
With expense
reductions........................... 2.16%(b) 2.23 % 2.2 %(b) 1.16%(b)
Without expense reductions............ 2.16%(b) 2.23 % -- %* 1.16%(b)
Portfolio turnover
rate++++............................... 56%(b) 102 % 92 % 56%(b)
<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.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
* Calculation of "Ratio of expenses to average net assets" was made without
considering the effect of expense reductions, if any.
(a) Not annualized.
(b) Annualized.
(c) These selected per share data were calculated based upon weighted shares
outstanding during the year.
(d) Total investment return does not include sales charges.
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-7
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
NOTES TO
FINANCIAL STATEMENTS
June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
G.T. Global America Growth Fund ("Fund"), is a separate series of G.T. Global
Growth Series ("Company"). The Company is organized as a Massachusetts business
trust and is registered under the Investment Company Act of 1940, as amended
("1940 Act"), as a diversified, open-end management investment company. The
Company has six series of shares in operation, each series corresponding to a
distinct portfolio of investments.
The Fund offers Class A, Class B, and Advisor Class shares, each of which has
equal rights as to assets and voting privileges. Class A and Class B each has
exclusive voting rights with respect to its distribution plan. The Fund
commenced sale of Advisor Class shares on June 1, 1995. Investment income,
realized and unrealized capital gains and losses, and the common expenses of the
Fund are allocated on a pro rata basis to each class based on the relative net
assets of each class to the total net assets of the Fund. Each class of shares
differs in its respective distribution, transfer agent, registration, and
certain other class-specific fees and expenses.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of the financial statements. The
policies are in conformity with generally accepted accounting principles.
(A) PORTFOLIO VALUATION
The Fund calculates the net asset value of and completes orders to purchase,
exchange or repurchase Fund shares on each business day, with the exception of
those days on which the New York Stock Exchange is closed.
Equity securities are valued at the last sale price on the exchange on which
such securities are traded or on 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. In cases where securities are traded on more than one exchange, the
securities are valued on the exchange determined by G.T. Capital Management,
Inc. ("G.T. Capital") to be the primary market.
Fixed income investments are valued at the mean of representative quoted bid and
ask prices for such investments or, if such prices are not available, at prices
for investments of comparative maturity, quality and type; however, when G.T.
Capital deems it appropriate, prices obtained for the day of valuation from a
bond pricing service will be used. Short-term investments with a maturity of 60
days or less are valued at amortized cost, adjusted for market fluctuation, if
any.
Investments for which market quotations are not readily available (including
restricted securities which are subject to limitations on their sale) are valued
at fair value as determined in good faith by or under the direction of the
Company's Board of Trustees.
(B) REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by the Fund, it is the Fund's
policy to always receive, as collateral, United States government securities or
other high quality debt securities of which the value,
including accrued interest, is at least equal to the amount to be repaid to the
Fund under each agreement at its maturity. G.T. Capital is responsible for
determining that the value of these underlying securities remains at least equal
to the resale price.
(C) OPTION ACCOUNTING PRINCIPLES
When the Fund writes a call or put option, an amount equal to the premium
received is included in the Fund's "Statement of Assets and Liabilities" as an
asset and an equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option. The current
market value of an option listed on a traded exchange is valued at its last bid
price, or, in the case of an over-the-counter option, is valued at average of
the last bid prices obtained from brokers. If an option expires on its
stipulated expiration date or if the Fund enters into a closing purchase
transaction, a gain or loss is realized without regard to any unrealized gain or
loss on the underlying security, and the liability related to such option is
extinguished. If a written call option is exercised, a gain or loss is realized
from the sale of the underlying security and the proceeds of the sale are
increased by the premium originally received. If a written put option is
exercised, the cost of the underlying security purchased would be decreased by
the premium originally received. The Fund can write options only on a covered
basis, which, for a call, requires that the Fund hold the underlying
F-8
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
security, and, for a put, requires the Fund to set aside cash, U.S. government
securities or other liquid, high grade debt securities in an amount not less
than the exercise price or otherwise provide adequate cover at all times while
the put option is outstanding. The Fund may use options to manage its exposure
to the stock market and to fluctuations in interest rates.
The premium paid by the Fund for the purchase of a call or put option is
included in the Fund's "Statement of Assets and Liabilities" as an investment
and subsequently "marked-to-market" to reflect the current market value of the
option. If an option which the Fund has purchased expires on the stipulated
expiration date, the Fund realizes a loss in the amount of the cost of the
option. If the Fund enters into a closing sale transaction, the Fund realizes a
gain or loss, depending on whether proceeds from the closing sale transaction
are greater or less than the cost of the option. If the Fund exercises a call
option, the cost of the securities acquired by exercising the call is increased
by the premium paid to buy the call. If the Fund exercises a put option, it
realizes a gain or loss from the sale of the underlying security, and the
proceeds from such sale are decreased by the premium originally paid.
The risk associated with purchasing options is limited to the premium originally
paid. The risk in writing a call option is that the Fund may forego the
opportunity of profit if the market value of the underlying security or index
increases and the option is exercised. The risk in writing a put option is that
the Fund may incur a loss if the market value of the underlying security or
index decreases and the option is exercised. In addition, there is the risk the
Fund may not be able to enter into a closing transaction because of an illiquid
secondary market.
(D) FUTURES CONTRACTS
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a contract the
Fund is required to pledge to the broker an amount of cash or securities equal
to the minimum "initial margin" requirements of the exchange on which the
contract is traded. Pursuant to the contract, the Fund agrees to receive from or
pay to the broker an amount of cash equal to the daily fluctuation in value of
the contract. Such receipts or payments are known as "variation margin" and are
recorded by the Fund as unrealized gains or losses. When the contract is closed,
the Fund records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it was
closed. The potential risk to the Fund is that the change in value of the
underlying securities may not correlate to the change in value of the contracts.
The Fund may use futures contracts to manage its exposure to the stock market
and to fluctuations in interest rates.
(E) SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME
Security transactions are accounted for on the trade date (date the order to buy
or sell is executed). The cost of securities sold is determined on a first-in,
first-out basis, unless otherwise specified. Dividends are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis. Where a high
level of uncertainty exists as to its collection, income is recorded net of all
withholding tax with any rebate recorded when received. The Fund may trade
securities on other than normal settlement terms. This may increase the risk if
the other party to the transaction fails to deliver and causes the Fund to
subsequently invest at less advantageous prices.
(F) TAXES
It is the policy of the Fund to meet the requirements for qualification as a
"regulated investment company" under the Internal Revenue Code of 1986, as
amended ("Code"). It is also the intention of the Fund to make distributions
sufficient to avoid imposition of any excise tax under Section 4982 of the Code.
Therefore, no provision has been made for Federal taxes on income, capital
gains, or unrealized appreciation of securities held, and excise tax on income
and capital gains.
(G) DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders are recorded by the Fund on the ex-date. Income
and capital gain distributions are determined in accordance with Federal income
tax regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities held by the Fund and timing differences.
(H) RESTRICTED SECURITIES
The Fund is permitted to invest in privately placed restricted securities. These
securities may be resold in transactions exempt from registration or to the
public if the securities are registered. Disposal of these securities may
involve time-consuming negotiations and expense, and prompt sale at an
acceptable price may be difficult. At the end of the period, restricted
securities (excluding 144A issues) are shown at the end of the Portfolio of
Investments.
(I) INDEXED SECURITIES
The Fund may invest in indexed securities whose value is linked either directly
or indirectly to changes in foreign currencies, interest rates, equities,
indices,
F-9
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
or other reference instruments. Indexed securities may be more volatile than the
reference instrument itself, but any loss is limited to the amount of the
original investment.
2. RELATED PARTIES
G.T. Capital is the Fund's investment manager and
administrator. The Fund pays investment management and administration fees to
G.T. Capital at the following annualized rates of 0.725% on the first $500
million of average daily net assets on the Fund; 0.70% on the next $500 million;
0.675% on the next $500 million and 0.65% on amounts thereafter. These fees are
computed daily and paid monthly, and are subject to reduction in any year to the
extent that the Fund's expenses (exclusive of brokerage commissions, taxes,
interest, distribution-related expenses and extraordinary expenses) exceed the
most stringent limits prescribed by the laws or regulations of any state in
which the Fund's shares are offered for sale, based on the average total net
asset value of the Fund.
G.T. Global Financial Services, Inc. ("G.T. Global"), an affiliate of G.T.
Capital, serves as the Fund's distributor. The Fund offers Class A, Class B, and
Advisor Class shares for purchase.
Class A shares are subject to initial sales charges imposed at the time of
purchase, in accordance with the schedule included in the Fund's current
prospectus. G.T. Global collects the sales charges imposed on sales of Class A
shares, and reallows a portion of such charges to dealers through which the
sales are made. For the period ended June 30, 1995, G.T. Global retained
$182,143 of such sales charges. Purchases of Class A shares exceeding $500,000
may be subject to a contingent deferred sales charge ("CDSC") upon redemption,
in accordance with the Fund's current prospectus. G.T. Global collected CDSCs in
the amount of $1,247 for the period ended June 30, 1995. G.T. Global also makes
ongoing shareholder servicing and trail commission payments to dealers whose
clients hold Class A shares.
Class B shares are not subject to initial sales charges. When Class B shares are
sold, G.T. Global from its own resources pays commissions to dealers through
which the sales are made. Certain redemptions of Class B shares made within six
years of purchase are subject to CDSCs, in accordance with the Fund's current
prospectus. For the period ended June 30, 1995, G.T. Global collected CDSCs in
the amount of $352,370. In addition, G.T. Global makes ongoing shareholder
servicing and trail commission payments to dealers whose clients hold Class B
shares.
Pursuant to Rule 12b-1 under the 1940 Act, the Company's Board of Trustees has
adopted separate distribution plans with respect to the Fund's Class A shares
("Class A Plan") and Class B shares ("Class B Plan"), pursuant to which the Fund
reimburses G.T. Global for a portion of its shareholder servicing and
distribution expenses. Under the Class A Plan, the 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 G.T. Global's 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 G.T. Global 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 the Fund's Class B Plan, the 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 G..T. Global's 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 the Fund's
Class B shares for G.T. Global's 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
that Plan continues in effect.
G.T. Capital and G.T. Global voluntarily have undertaken to limit the Fund's
expenses (exclusive of brokerage commissions, taxes, interest, and extraordinary
items) to the maximum annual level of 2.00%, 2.65%, and 1.65% of the average
daily net assets of the Fund's Class A, Class B, and Advisor Class shares,
respectively. If necessary, this limitation will be effected by waivers by G.T.
Capital of investment management and administration fees, waivers by G.T. Global
of payments under the Class A Plan and/or Class B Plan and/or reimbursements by
G.T. Capital or G.T. Global of portions of the Fund's other operating expenses.
G.T. Global Investor Services, Inc. ("G.T. Services"), an affiliate of G.T.
Capital and G.T. Global, is the transfer agent of the Fund.
The Company pays each of its Trustees who is not an employee, officer or
director of G.T. Capital, G.T. Global or G.T. Services $5,000 per year plus $300
for each meeting of the board or any committee thereof attended by the Trustee.
F-10
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
3. PURCHASES AND SALES OF SECURITIES
For the period ended June 30, 1995, purchases and sales of investment securities
by the Fund, other than U.S. government obligations and short-term investments,
aggregated $292,509,073 and $82,832,474, respectively. There were no purchases
or sales of U.S. government obligations by the Fund during the period.
4. CAPITAL SHARES
At June 30, 1995, there were an unlimited number of shares of beneficial
interest authorized, at no par value. Transactions in capital shares of the Fund
were as follows:
CAPITAL SHARE TRANSACTIONS
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 (UNAUDITED) DECEMBER 31, 1994
-------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
CLASS A
Shares sold............................................................... 33,698,030 $ 658,597,283 37,768,865 $ 699,605,033
Shares issued in connection with reinvestment of distributions............ -- -- 902,149 15,125,347
----------- ------------- ----------- -------------
33,698,030 658,597,283 38,671,014 714,730,380
Shares repurchased........................................................ (27,240,084) (536,893,326) (34,322,058) (638,933,258)
----------- ------------- ----------- -------------
Net increase (decrease)................................................... 6,457,946 $ 121,703,957 4,348,956 $ 75,797,122
----------- ------------- ----------- -------------
----------- ------------- ----------- -------------
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1995 (UNAUDITED) DECEMBER 31, 1994
-------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
CLASS B
Shares sold............................................................... 10,769,761 $ 207,205,880 6,565,639 $ 121,728,093
Shares issued in connection with reinvestment of distributions............ -- -- 359,927 5,965,391
----------- ------------- ----------- -------------
10,769,761 207,205,880 6,925,566 127,693,484
Shares repurchased........................................................ (2,582,455) (50,267,750) (2,466,010) (45,369,291)
----------- ------------- ----------- -------------
Net increase.............................................................. 8,187,306 $ 156,938,130 4,459,556 $ 82,324,193
----------- ------------- ----------- -------------
----------- ------------- ----------- -------------
<CAPTION>
JUNE 1, 1995
(COMMENCEMENT OF SALE OF
SHARES) TO JUNE 30, 1995
(UNAUDITED)
--------------------------
ADVISOR CLASS SHARES AMOUNT
----------- -------------
<S> <C> <C>
Shares sold............................................................... 65,180 $ 1,372,224
Shares repurchased........................................................ (254) (5,579)
----------- -------------
Net increase.............................................................. 64,926 $ 1,366,645
----------- -------------
----------- -------------
</TABLE>
5. HOLDINGS OF 5% VOTING SECURITIES OF PORTFOLIO COMPANIES
Investments of 5% or more of an issuer's outstanding voting securities by the
Fund are defined in the Investment Company Act of 1940, as amended, as an
affiliated company. Investments in affiliated companies at June 30, 1995,
amounted to $34,063,421. Transactions with affiliated companies are as follows:
<TABLE>
<CAPTION>
PURCHASES NET REALIZED DIVIDEND
AFFILIATES COST SALES COST GAIN INCOME
-------------------------------------------------------------------------------- ---------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
Abaxis, Inc..................................................................... $ 411,025 $ -- $ -- $ --
Equity Inns, Inc................................................................ 7,876,095 -- -- 234,648
Haggar Corp..................................................................... 4,471,290 -- -- 35,100
Varsity Spirit Corp............................................................. -- -- -- 20,529
</TABLE>
F-11
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
NOTES
--------------------------------------------------------------------------------
<PAGE>
G.T. GLOBAL AMERICA GROWTH FUND
[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 MUTUAL FUNDS, PLEASE CONTACT YOUR INVESTMENT COUNSELOR OR CALL
G.T. GLOBAL DIRECTLY AT 1-800-824-1580. THE PROSPECTUS CONTAINS MORE
COMPLETE INFORMATION, INCLUDING CHARGES, EXPENSES AND RISKS. INVESTORS
SHOULD READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
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
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
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS.
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G.T. GLOBAL FINANCIAL SERVICES
FIFTY CALIFORNIA STREET, 27TH FLOOR
SAN FRANCISCO, CALIFORNIA 94111
DATED MATERIAL
PLEASE EXPEDITE
