G T GLOBAL GROWTH SERIES, N-30D, 1996-03-04

G T GLOBAL GROWTH SERIES
N-30D, 1996-03-04

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<PAGE>
LGT ASSET MANAGEMENT
A PIONEER IN
GLOBAL
INVESTING
GT GLOBAL
WORLDWIDE
GROWTH FUND

ANNUAL REPORT
DECEMBER 31, 1995

[LOGO]
<PAGE>
TABLE
OF CONTENTS

<TABLE>
<S> <C>
Report from the Fund Managers.............. 1

Report of Independent Accountants.......... F-1

Financial Statements....................... F-2
</TABLE>

REPORT FROM THE FUND MANAGERS

The GT Global Worldwide Growth Fund seeks long-term growth of capital by
investing in equity securities of companies in markets around the world.
PERFORMANCE REVIEW
The Fund's total return for the 12 months ended December 31, 1995, for Class A
shares was 11.23%. Total return for Class B shares was 10.52%. Total return for
the Morgan Stanley Capital International (MSCI) World Index(1) over the same
period was 21.32%. The index is not available for investment and does not
include the effects of sales charges and professional management fees. For
additional performance information, please see page 6.
The Fund's concentration in smaller, less liquid stocks in Japan, which were
badly hit in the selloff at the beginning of the year, hurt the Fund's
performance relative to the index. These stocks performed poorly in the first
half of 1995 but recovered considerably in the second half and we believed they
have excellent long-term prospects. Similarly, smaller stocks in Europe
performed poorly as investors sought refuge in larger, safer companies.
In addition, we expected the dollar to recover in early 1995 and employed
foreign currency hedges, as provided for in the prospectus. While the dollar
eventually strengthened against the yen, it declined against the European
currencies, contributing to a loss on forward currency contracts to the
detriment of the Fund.
MARKET REVIEW
The Mexican financial crisis caused a steep decline in most emerging markets in
the first two months of 1995, as investors reassessed the risks of investing in
them in the face of rising U.S. interest rates. From March onward, it became
apparent that the U.S. economy was slowing and that interest rates could begin
to decline; bonds rose accordingly. The improving sentiment in the bond markets
spilled over into the stock markets, and a general recovery in world financial
markets occurred during the summer.

- ------------------
(1) The MSCI World Index is an arithmetic average, weighted by market value, of
the performance of 1,579 securities listed on the major world stock
exchanges -- the U.S., Europe, Canada, Australia, New Zealand and the Far
East. It includes the effect of reinvested dividends and is measured in U.S.
dollars.

1
<PAGE>
The slower pace of economic growth in the U.S. was matched by a similar slowdown
in Europe where, by the end of the year, the likelihood of some countries
slipping into recession became considerably more real. Further, the Japanese
economy continued to disappoint. As 1995 drew to a close, most of the developed
countries looked forward to lower inflation and low or falling interest rates.
These positives outweighed concerns that slower economic growth might hurt the
prospects for corporate profits. World stock markets, therefore, ended the year
with modest gains in most countries.

However, there were some marked divergences in trends. Emerging market equities
never fully recovered from the Mexico shock; Europe demonstrated reasonable
gains; Japanese markets declined, then recovered, to end the year little
changed; the U.S. stock market boomed. The relative outperformance of the U.S.
market has led several commentators to speculate that foreign markets have some
catching up to do. As 1995 ended, some U.S. investors appeared to be redirecting
their buying overseas.

PORTFOLIO STRATEGY
During the second half of the year, the Fund made a number of changes to its
country allocation. In June, over 40% of the Fund was invested in U.S. equities;
however, as the U.S. stock market became increasingly speculative, particularly
in technology equities, we progressively cut back this weighting. By the end of
the year, just under 27% of the Fund's holdings were invested in the U.S. The
reduction in the U.S. market was accompanied by a modest increase in the
exposure to Europe, to nearly 37% of the Fund's holdings at the end of December.

In Japan, we continued to be underweighted relative to the index, at about 16%.
Although the Japanese stock market recovered sharply in yen terms in the second
half of 1995, gains were largely offset by a steep decline in the yen. Although
we do find some selected stocks attractive, the structural problems in the
Japanese economy continue to cause concern, and we find stock price valuations
unappealing.

At the end of the year, 8.93% of the portfolio was invested in emerging markets,
mainly in Asia. Apart from emerging markets, which are not represented in the
MSCI World Index, the largest relative overweighting was in the Netherlands,
where we continue to find several companies attractive in terms of their stock
price valuations relative to their growth prospects.

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
MSCI JAPAN MSCI EUROPE MSCI EMERGING MKTS
INDEX INDEX GLOBAL INDEX
<S> <C> <C> <C>
1/6/1995 100 100 100
1/13/1995 100.937785 100.524596 97.0170337
1/20/1995 96.60812932 101.207714 94.5132253
1/27/1995 93.39620035 100.714169 92.2697687
2/3/1995 95.11946473 100.862886 95.0837834
2/10/1995 94.31494715 102.564145 94.6960255
2/17/1995 93.94247393 102.505311 92.1174353
2/24/1995 92.31962072 102.312469 91.8847805
3/3/1995 94.98128423 104.267037 90.3752943
3/10/1995 95.2779117 101.126001 88.9267414
3/17/1995 95.06020065 103.53816 91.2643678
3/24/1995 91.90937817 103.394346 92.0592716
3/31/1995 100.4240606 106.430789 92.4553386
4/7/1995 99.63121161 107.957183 94.1780917
4/14/1995 102.1906215 107.520837 93.1283756
4/21/1995 107.1273502 108.027456 94.0756128
4/28/1995 105.26437 109.620853 94.2196372
5/5/1995 106.4960189 111.16032 96.5932696
5/12/1995 100.5997034 110.132375 98.0529013
5/19/1995 98.91390127 108.416408 97.3770946
5/26/1995 101.7484439 112.699788 97.1416701
6/2/1995 100.8521131 113.059323 99.2964963
6/9/1995 96.37905676 112.761889 97.5100402
6/16/1995 94.78875273 112.825625 97.3327794
6/23/1995 97.17374817 114.616767 97.0945852
6/30/1995 93.90009858 112.487335 96.8176153
7/7/1995 99.6207713 116.128452 100.445922
7/14/1995 99.98188301 116.731492 101.645201
7/21/1995 99.0671281 116.156235 98.7010109
7/28/1995 100.4308161 118.648472 98.5569866
8/4/1995 97.98102936 119.037424 98.6650048
8/11/1995 95.931659 115.901291 96.3329179
8/18/1995 98.53590084 114.587351 95.4632322
8/25/1995 97.04600797 114.1412 95.3053594
9/1/1995 97.41694585 113.994117 94.9785348
9/8/1995 96.06646176 114.888054 96.1168813
9/15/1995 95.46368771 115.775454 96.6791303
9/22/1995 95.41854875 116.85733 96.5351059
9/29/1995 97.96321943 116.556627 95.7568204
10/6/1995 97.78450598 115.788528 96.2055117
10/13/1995 94.73010278 116.275535 95.3469049
10/20/1995 96.72819282 115.924171 95.0394682
10/27/1995 91.13218962 114.056218 92.9040299
ll/ 3/1995 92.79404044 115.90456 91.3696164
11/10/1995 94.68864863 115.79343 89.4142086
11/17/1995 94.11412482 117.368851 88.4115773
11/24/1995 95.24382718 118.140219 89.0818446
12/1/1995 98.92587692 116.826279 91.0483313
12/8/1995 101.1204903 116.437326 92.3085445
12/15/1995 100.6365515 117.385194 91.9318654
12/22/1995 102.8892007 118.187612 93.8097216
12/29/1995 102.8084419 119.864357 93.4108849
</TABLE>

Assuming a baseline of 100, European markets enjoyed strong gains on the back
of robust U.S. market performance; Developing markets continued to suffer in
the aftermath of the Mexican peso devaluation; Japanese market weakness
underscored its continuing economic difficulties.
Source: Bloomberg

2
<PAGE>
OUTLOOK
Looking ahead, with economic growth slowing and inflation pressures continuing
to abate in most of the industrialized world, we believe central banks are
likely to cut interest rates further. At some stage, we think the improvement in
liquidity may bring about a recovery in economic growth and corporate profits.
It is this prospect that has provided support to stock markets, since we see few
investors who believe there is anything on the horizon to cause longer term
concerns.

Emerging markets, in general, although they still represent heightened
investment risks compared to developed markets, are trading at much more
attractive valuations than they were two years ago at the height of the
investment bubble. We expect a gradual recovery in investor confidence toward
these markets as memories of the Mexican financial crisis recede and investors
come to believe that the crisis was not indicative of the prospects for the
third world in general.

CHRISTIAN WIGNALL SORAYA BETTERTON
CHIEF INVESTMENT OFFICER PORTFOLIO MANAGER
GLOBAL EQUITIES SAN FRANCISCO
SAN FRANCISCO MICHAEL LINDSELL
PORTFOLIO MANAGER
TOKYO
SERGE SELFSLAGH
PORTFOLIO MANAGER
LONDON

JANUARY 25, 1996

G.T. GLOBAL WORLDWIDE GROWTH FUND

3
<PAGE>
KEY PORTFOLIO HOLDINGS*

MERCK & CO., INC. UNITED STATES
Merck is the world's second-largest pharmaceutical company, specializing in
cardiovascular and cholesterol drugs. Notably, Zocor has seen accelerating
growth this year after becoming the first cholesterol-lowering drug specifically
indicated for lowering the incidence of congestive heart failure and mortality.
Also, Fosamax, a new drug shown to dramatically slow the rate of bone loss in
post-menopausal women, could become a significant drug in the treatment of
osteoporosis.

LEHMAN BROTHERS HOLDINGS, INC. UNITED STATES
Lehman Brothers is an internationally focused investment bank. We consider that
continued growth in its fixed income and equity divisions, along with further
internal restructuring efforts, is a positive basis for expecting that profits
and share price may rise in the future.

SOLA INTERNATIONAL, INC. UNITED STATES
Sola is one of the two largest manufacturers of plastic lenses for eye glasses
in the world. The market for eye glasses is only growing at about 3% per year;
however, plastic continues to take market share away from glass due to weight
and flexibility considerations. Sola is also benefiting from a change in its mix
of business from plain lenses to higher margin bifocals, coatings and special
lenses. In addition, Sola management is in the process of restructuring its
operations; this has already reduced costs significantly and could help to
further reduce costs over the next few years.

AMERICAN INTERNATIONAL GROUP (AIG), INC. UNITED STATES
American International Group is a large, globally competitive insurance company.
Due to the company's excellent record of expanding profitable operations outside
the U.S., the shares are highly valued. We believe the company should be a
beneficiary of continued global deflation concurrent with strong economic growth
in the emerging markets.

TAKEDA CHEMICAL INDUSTRIES JAPAN
A leading pharmaceutical manufacturer, Takeda Chemical, is best noted for its
vitamin tablet Alinamin. It has been a top antibiotics producer since 1965, and
manages overseas manufacturing operations in both the U.S. and Asia. We believe
Takeda's Asian manufacturing center, Central Research Lab, sets the standard for
pharmaceutical production in Asia.

AXA GROUP FRANCE
We believe Axa is Europe's best managed insurance company. It is headed by
Claude Bebear, an enterpreneur and investor, who multiplied premiums 40 times
over 20 years, mostly through acquisitions of mutual companies at low prices,
for example, Equitable in the US. Axa was the only major insurance company in
France to reduce its exposure to real estate before the 1992 market collapse.
Office prices in Paris have fallen by 50% since then. The company acquired
National Mutual of Australasia through which it will gain exposure to the fast
growing Asian markets.

AOYAMA TRADING CO., LTD. JAPAN
Aoyama Trading is the largest suburban discount chain store in Japan,
specializing in men's discount suits. Generally, Aoyama sells lesser-known brand
name items; it is developing a casual wear line to complement its business
clothing sales.

DAINI DENDEN INC. (DDI) JAPAN
As Japan's second-largest provider of cellular phone services, DDI has benefited
from the liberalization of domestic cellular services and cellular handset
sales. The company also has more than 10% of the domestic long-distance market,
which we expect to show respectable growth when the Japanese economy eventually
recovers and Japanese consumers gradually increase their spending. We expect the
market for cellular phone services to continue to grow at a healthy pace for the
rest of the decade.

CITICORP UNITED STATES
Citicorp's Citibank division is one of the largest and most profitable major
banks in the world today, with branches in more than 41 nations. Globally
diversified, more than half the company's earnings come from outside the United
States. We believe continued GDP growth in the developing world and falling
interest rates in the industrialized nations should bode well for Citicorp in
1996.

SEVEN-ELEVEN JAPAN LTD. JAPAN
Throughout the recession in Japan, sales in the existing convenience stores of
this nationwide franchise chain continued to grow, demonstrating the company's
expertise in merchandising, inventory control and promotion. We expect these
trends to continue and the company to expand at the expense of its competitors.
In our opinion, highly competent management continues to be the hallmark of
Seven-Eleven's success, and the shakeout in the rest of Japan's retailing
industry could present it with expansion opportunities.

- ------------------
* There can be no assurance the Fund will continue to hold these securities.

4
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
PORTFOLIO SUMMARY

EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC

<TABLE>
<CAPTION>
GT GLOBAL
WORLDWIDE
GROWTH FUND - MSCI
CLASS A WORLD INDEX
<S> <C> <C>
09-Jun-87 9525 10,000
30-Jun-87 9,887 9,722
31-Jul-87 10,449 9,918
31-Aug-87 10,897 10,506
30-Sep-87 11,059 10,325
31-Oct-87 7,858 8,573
30-Nov-87 7,763 8,366
31-Dec-87 8,420 8,730
31-Jan-88 8,525 8,945
29-Feb-88 9,058 9,466
31-Mar-88 9,087 9,754
30-Apr-88 9,458 9,878
31-May-88 9,315 9,683
30-Jun-88 9,401 9,671
30-Jul-88 9,439 9,855
31-Aug-88 8,944 9,315
30-Sep-88 9,011 9,712
31-Oct-88 9,392 10,360
30-Nov-88 9,611 10,723
31-Dec-88 9,794 10,821
31-Jan-89 10,361 11,215
28-Feb-89 10,419 11,146
31-Mar-89 10,717 11,076
30-Apr-89 11,179 11,334
31-May-89 11,304 11,058
30-Jun-89 11,208 10,935
31-Jul-89 12,045 12,172
31-Aug-89 12,266 11,880
30-Sep-89 12,564 12,217
31-Oct-89 12,045 11,812
30-Nov-89 12,516 12,285
31-Dec-89 13,475 12,682
31-Jan-90 13,099 12,092
28-Feb-90 12,862 11,575
31-Mar-90 12,971 10,878
30-Apr-90 12,645 10,723
31-May-90 13,722 11,855
30-Jun-90 13,841 11,772
31-Jul-90 14,246 11,882
31-Aug-90 12,625 10,771
30-Sep-90 11,458 9,638
31-Oct-90 11,864 10,539
30-Nov-90 11,834 10,368
31-Dec-90 11,786 10,587
31-Jan-91 12,135 10,977
28-Feb-91 12,972 11,995
31-Mar-91 13,231 11,643
30-Apr-91 13,231 11,736
31-May-91 13,769 12,004
28-Jun-91 13,141 11,265
31-Jul-91 13,888 11,799
31-Aug-91 13,958 11,763
30-Sep-91 13,998 12,074
31-Oct-91 14,088 12,271
29-Nov-91 13,420 11,739
31-Dec-91 14,174 12,595
31-Jan-92 14,224 12,364
28-Feb-92 14,617 12,153
31-Mar-92 14,305 11,583
30-Apr-92 14,576 11,746
29-May-92 15,030 12,216
30-Jun-92 14,566 11,809
31-Jul-92 14,415 11,841
31-Aug-92 14,133 12,131
30-Sep-92 13,720 12,022
30-Oct-92 14,033 11,699
30-Nov-92 14,274 11,910
31-Dec-92 14,637 12,008
31-Jan-93 14,971 12,051
26-Feb-93 15,032 12,339
31-Mar-93 15,790 13,056
30-Apr-93 15,881 13,664
28-May-93 16,488 13,981
30-Jun-93 16,306 13,866
30-Jul-93 16,721 14,154
31-Aug-93 17,672 14,805
30-Sep-93 17,621 14,534
29-Oct-93 18,086 14,936
30-Nov-93 17,237 14,094
31-Dec-93 18,672 14,786
31-Jan-94 19,602 15,764
28-Feb-94 18,896 15,562
31-Mar-94 17,774 14,894
29-Apr-94 18,116 15,357
31-May-94 18,020 15,399
30-Jun-94 17,667 15,359
29-Jul-94 18,127 15,654
31-Aug-94 19,024 16,128
30-Sep-94 18,565 15,707
31-Oct-94 18,629 16,157
30-Nov-94 17,870 15,459
30-Dec-94 17,430 15,611
31-Jan-95 16,285 15,380
28-Feb-95 16,117 15,607
31-Mar-95 16,229 16,362
28-Apr-95 16,958 16,936
31-May-95 17,127 17,084
30-Jun-95 17,733 17,082
30-Jul-95 18,878 17,940
31-Aug-95 18,878 17,544
30-Sep-95 19,416 18,058
31-Oct-95 19,024 17,777
30-Nov-95 19,203 18,398
31-Dec-95 19,388 18,932
</TABLE>

THE CHART AT RIGHT SHOWS THE PERFORMANCE OF THE GT GLOBAL WORLDWIDE GROWTH FUND
CLASS A SHARES SINCE THE FUND'S INCEPTION VERSUS THE MSCI WORLD INDEX. THIS
REPRESENTS A CUMULATIVE RETURN OF 93.88% AND AN AVERAGE ANNUAL TOTAL RETURN OF
8.03%. THE CHART ASSUMES A HYPOTHETICAL $10,000 INITAL 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 INDEX IS UNMANAGED, DOES NOT INCUR EXPENSES AND IS NOT AVAILABLE
FOR INVESTMENT.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

AVERAGE ANNUAL TOTAL RETURNS+
DECEMBER 31, 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* 11.23% 10.47% 8.65% 5.95% 9.40% 8.03%
CLASS B** 10.52% N/A 6.90% 5.52% N/A 5.92%
ADV. CLASS*** N/A N/A 13.46% 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 GT 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>
GEOGRAPHIC ALLOCATION OF
NET ASSETS AS OF
DECEMBER 31, 1995
<S> <C> <C> <C>
NORTH AMERICA & OTHER 37.1
EUROPE 36.4
ASIA /PACIFIC 26.5
SECTOR ALLOCATION OF
NET ASSETS AS OF
DECEMBER 31, 1995
FINANCE 27.8
SERVICES 20.8
HEALTH CARE 8.9
CAPITAL GOODS 6.5
ENERGY 6.4
MATERIALS/BASIC INDUSTRIES 5.7
CONSUMER NON-DURABLES 4.4
MULTI-INDUSTRY/MISC 3.8
TECHNOLOGY 3.6
CONSUMER DURABLES 2.2
OTHER 9.9
100.0
</TABLE>

ALLOCATIONS WILL CHANGE BASED ON CURRENT MARKET CONDITIONS.

5
<PAGE>
GT GLOBAL
WORLDWIDE
GROWTH FUND

FINANCIAL
STATEMENTS
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

REPORT OF
INDEPENDENT ACCOUNTANTS

- --------------------------------------------------------------------------------

To the Shareholders and Board of Trustees of
GT Global Growth Series:

We have audited the accompanying statement of assets and liabilities of GT
Global Worldwide Growth Fund, one of the funds organized as a series of GT
Global Growth Series, including the schedule of portfolio investments, as of
December 31, 1995, the related statement of operations for the year then ended,
the statements of changes in net assets for each of the two years in the period
then ended and the financial highlights for each of the four years in the period
then ended. These financial statements and the financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and the financial highlights based on our
audits. The financial highlights for the year ended December 31, 1991 were
audited by other auditors whose report dated January 31, 1992 expressed an
unqualified opinion on such financial highlights.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1995 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and the financial highlights referred
to above present fairly, in all material respects, the financial position of GT
Global Worldwide Growth Fund as of December 31, 1995, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended and the financial highlights for each of
the four years in the period then ended, in conformity with generally accepted
accounting principles.

COOPERS & LYBRAND L.L.P.
BOSTON, MASSACHUSETTS
FEBRUARY 12, 1996

F-1
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

PORTFOLIO OF INVESTMENTS

December 31, 1995

- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Market % of Net
Equity Investments Country Shares Value Assets {d}
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (27.8%)
Lehman Brothers Holdings, Inc. ............................ US 235,100 $ 4,995,875 2.5
INVESTMENT MANAGEMENT
American International Group, Inc. ........................ US 48,000 4,440,000 2.2
INSURANCE - MULTI-LINE
Axa Group ................................................. FR 60,772 4,101,597 2.0
INSURANCE - MULTI-LINE
Citicorp .................................................. US 57,700 3,880,325 1.9
BANKS-MONEY CENTER
HSBC Holdings PLC ......................................... HK 217,200 3,286,653 1.6
BANKS-MONEY CENTER
United Overseas Bank Ltd. - Foreign ....................... SING 260,000 2,500,707 1.2
BANKS-MONEY CENTER
Bangkok Bank Co., Ltd. - Foreign .......................... THAI 185,000 2,248,213 1.1
BANKS-MONEY CENTER
Swiss Reinsurance Co. - Registered-/- ..................... SWTZ 1,863 2,169,324 1.1
INSURANCE - MULTI-LINE
Nichiei Co., Ltd. ........................................ JPN 28,000 2,089,147 1.0
INVESTMENT MANAGEMENT
Sparbanken Sverige AB "A" ................................. SWDN 160,000 2,037,218 1.0
INVESTMENT MANAGEMENT
ITT Hartford Group, Inc.-/- .............................. US 35,700 1,726,988 0.8
INSURANCE - MULTI-LINE
Invesco PLC ............................................... UK 431,600 1,698,659 0.8
INVESTMENT MANAGEMENT
Skandia Forsakrings AB Free ............................... SWDN 61,869 1,673,395 0.8
INSURANCE - MULTI-LINE
Internationale Nederlanden Groep N.V. ..................... NETH 23,911 1,600,437 0.8
OTHER FINANCIAL
Land and House Co., Ltd. - Foreign ........................ THAI 90,000 1,479,746 0.7
REAL ESTATE
AEGON N.V. ................................................ NETH 32,968 1,461,494 0.7
INSURANCE-LIFE
UNI Storebrand AS "A"-/- .................................. NOR 260,142 1,439,339 0.7
INSURANCE - MULTI-LINE
Banco Intercontinental Espanol ............................ SPN 14,168 1,378,824 0.7
BANKS-MONEY CENTER
Assicurazioni Generali S.p.A. ............................. ITLY 52,700 1,277,069 0.6
INSURANCE - MULTI-LINE
Orix Corp. ................................................ JPN 30,600 1,260,174 0.6
OTHER FINANCIAL
M & G Group PLC ........................................... UK 64,200 1,254,895 0.6
INVESTMENT MANAGEMENT
Barclays PLC ............................................. UK 107,000 1,227,651 0.6
BANKS-MONEY CENTER
Thai Farmers Bank, Ltd. - Foreign ......................... THAI 121,000 1,220,572 0.6
BANKS-REGIONAL
Mercury Asset Management Group PLC ........................ UK 89,000 1,201,452 0.6
INVESTMENT MANAGEMENT
Sun Hung Kai Properties Ltd. .............................. HK 132,000 1,079,798 0.5
REAL ESTATE
</TABLE>

The accompanying notes are an integral part of the financial statements.

F-2
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
Market % of Net
Equity Investments Country Shares Value Assets {d}
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (Continued)
Phatra Thanakit Co., Ltd. - Foreign ....................... THAI 111,900 $ 959,905 0.5
INVESTMENT MANAGEMENT
Corporacion Mapfre ........................................ SPN 15,940 892,640 0.4
INSURANCE - MULTI-LINE
Mapfre Vida Seguros ....................................... SPN 13,227 785,438 0.4
INSURANCE-LIFE
National Westminster Bank PLC ............................. UK 76,875 774,002 0.4
BANKS-MONEY CENTER
Cardif S.A. ............................................... FR 6,517 743,734 0.4
INSURANCE - MULTI-LINE
------------
56,885,271
------------
Services (20.8%)
Aoyama Trading Co., Ltd. ................................. JPN 125,000 3,997,093 2.0
RETAILERS-APPAREL
DDI Corp. ................................................. JPN 515 3,992,248 2.0
WIRELESS COMMUNICATIONS
Seven-Eleven Japan Ltd. ................................... JPN 55,000 3,879,845 1.9
RETAILERS-OTHER
Viacom, Inc.-/- ........................................... US 75,100 3,557,863 1.7
BROADCASTING & PUBLISHING
ABC Rail Products Corp.-/- ................................ US 145,800 3,225,825 1.6
TRANSPORTATION - ROAD & RAIL
Elsevier N.V. ............................................. NETH 184,221 2,461,494 1.2
BROADCASTING & PUBLISHING
Fast Retailing Co., Ltd. .................................. JPN 47,200 2,346,279 1.2
RETAILERS-APPAREL
Autobacs Seven Co., Ltd. .................................. JPN 27,000 2,244,767 1.1
RETAILERS-OTHER
Tesco PLC ................................................. UK 433,000 1,996,600 1.0
RETAILERS-FOOD
Koninklijke Ahold N.V. .................................... NETH 48,507 1,983,772 1.0
RETAILERS-FOOD
Reuters Holdings PLC ..................................... UK 193,200 1,768,225 0.9
BROADCASTING & PUBLISHING
EMAP PLC ................................................. UK 202,200 1,679,506 0.8
BROADCASTING & PUBLISHING
Compass Group PLC ......................................... UK 213,007 1,617,147 0.8
RESTAURANTS
Carrefour Supermarche ..................................... FR 2,437 1,480,791 0.7
RETAILERS-FOOD
La Quinta Inns, Inc. ..................................... US 50,562 1,384,135 0.7
LEISURE & TOURISM
Dixons Group PLC .......................................... UK 174,100 1,206,888 0.6
RETAILERS-APPAREL
British Airport Authority PLC ............................ UK 152,800 1,150,567 0.6
TRANSPORTATION - AIRLINES
Granada Group PLC ......................................... UK 106,000 1,061,481 0.5
LEISURE & TOURISM
Telecom Italia Mobile S.p.A. .............................. ITLY 547,645 963,993 0.5
TELEPHONE NETWORKS
Marco Polo Developments Ltd. .............................. SING 59,000 90,545 --
LEISURE & TOURISM
------------
42,089,064
------------
</TABLE>

The accompanying notes are an integral part of the financial statements.

F-3
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
Market % of Net
Equity Investments Country Shares Value Assets {d}
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Health Care (8.9%)
Merck & Co., Inc. ......................................... US 83,600 $ 5,496,700 2.7
PHARMACEUTICALS
Sola International, Inc.-/- ............................... US 180,000 4,545,000 2.2
MEDICAL TECHNOLOGY & SUPPLIES
Takeda Chemical Industries ................................ JPN 250,000 4,118,217 2.0
PHARMACEUTICALS
Ciba-Geigy "B" ............................................ SWTZ 2,474 2,168,104 1.1
PHARMACEUTICALS
Medeva PLC ................................................ UK 417,400 1,749,697 0.9
PHARMACEUTICALS
------------
18,077,718
------------
Capital Goods (6.5%)
L.M. Ericsson Telephone Co. ............................... SWDN 103,523 2,027,875 1.0
TELECOM EQUIPMENT
Olivetti Group-/- ......................................... ITLY 2,424,774 1,964,296 1.0
OFFICE EQUIPMENT
Boeing Co. ................................................ US 22,800 1,786,950 0.9
AEROSPACE/DEFENSE
Nokia AB "A" .............................................. FIN 42,366 1,637,597 0.8
TELECOM EQUIPMENT
Bic ....................................................... FR 14,739 1,501,180 0.7
OFFICE EQUIPMENT
Siemens AG ................................................ GER 2,717 1,487,443 0.7
TELECOM EQUIPMENT
Lockheed Martin Corp. ..................................... US 17,200 1,358,800 0.7
AEROSPACE/DEFENSE
Bouygues ................................................. FR 9,815 990,232 0.5
CONSTRUCTION
Electrocomponents PLC ..................................... UK 69,000 385,119 0.2
ELECTRICAL PLANT/EQUIPMENT
------------
13,139,492
------------
Energy (6.4%)
Pacific Gas and Electric Co. .............................. US 130,700 3,708,613 1.8
ELECTRICAL & GAS UTILITIES
Sonat Offshore Drilling Co. ............................... US 67,200 3,007,200 1.5
OIL
North West Water PLC ...................................... UK 172,000 1,644,962 0.8
ENERGY SOURCES
Electrabel S.A. ........................................... BEL 6,303 1,508,777 0.7
ELECTRICAL & GAS UTILITIES
Korea Electric Power Corp.-/- ............................. KOR 26,000 1,114,946 0.5
ELECTRICAL & GAS UTILITIES
Yukong Ltd.: .............................................. KOR -- -- 0.5
OIL
Common ................................................. -- 23,044 796,157 --
New-/- .................................................. -- 5,502 184,388 --
C.A. La Electricidad de Caracas .......................... VENZ 1,163,231 796,193 0.4
ELECTRICAL & GAS UTILITIES
Compania Sevillana de Electricidad ........................ SPN 45,308 352,001 0.2
ELECTRICAL & GAS UTILITIES
------------
13,113,237
------------
</TABLE>

The accompanying notes are an integral part of the financial statements.

F-4
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
Market % of Net
Equity Investments Country Shares Value Assets {d}
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Materials/Basic Industries (5.7%)
Eastman Kodak Co. ......................................... US 52,800 $ 3,537,600 1.7
MISC. MATERIALS & COMMODITIES
Hercules, Inc. ............................................ US 51,100 2,880,763 1.4
CHEMICALS
Pilkington PLC: ........................................... UK -- -- 1.0
BUILDING MATERIALS & COMPONENTS
Common ................................................. -- 525,000 1,646,483 --
New ..................................................... -- 131,250 411,621 --
RWE AG .................................................... GER 3,770 1,367,180 0.7
MISC. MATERIALS & COMMODITIES
Siam Cement Co., Ltd. - Foreign ........................... THAI 19,000 1,053,376 0.5
CEMENT
Construcciones y Auxiliar de Ferrocarriles S.A. .......... SPN 21,500 762,474 0.4
BUILDING MATERIALS & COMPONENTS
------------
11,659,497
------------
Consumer Non-Durables (4.4%)
Amway Japan Ltd. .......................................... JPN 64,400 2,720,775 1.3
HOUSEHOLD PRODUCTS
B.A.T. Industries PLC ..................................... UK 279,600 2,463,484 1.2
TOBACCO
Polygram .................................................. NETH 33,640 1,789,540 0.9
RECREATION
Reliance Industries Ltd. - 144A GDR{.} -/- {\/} ........... IND 113,500 1,518,630 0.7
TEXTILES & APPAREL
Adidas AG-/- .............................................. GER 13,486 713,849 0.3
TEXTILES & APPAREL
------------
9,206,278
------------
Multi Industry/Miscellaneous (3.8%)
Polaroid Corp. ............................................ US 50,000 2,368,750 1.2
MISCELLANEOUS
ITT Corp. - New-/- ........................................ US 35,700 1,892,100 0.9
CONGLOMERATE
Straits Steamship Land Ltd. .............................. SING 297,000 1,004,003 0.5
CONGLOMERATE
ITT Industries, Inc. ...................................... US 35,700 856,800 0.4
CONGLOMERATE
Citic Pacific Ltd. ........................................ HK 160,000 547,336 0.3
CONGLOMERATE
Hutchison Whampoa ......................................... HK 89,000 542,150 0.3
CONGLOMERATE
United Industrial Corp. ................................... SING 401,000 394,194 0.2
CONGLOMERATE
------------
7,605,333
------------
Technology (3.6%)
Matsushita-Kotobuki Electronics Ltd. ...................... JPN 110,000 2,792,636 1.4
COMPUTERS & PERIPHERALS
S.M.H. AG - Bearer ........................................ SWTZ 3,558 2,130,169 1.0
SEMICONDUCTORS
Koei Co., Ltd. ............................................ JPN 60,000 2,081,395 1.0
SOFTWARE
Logica PLC ................................................ UK 71,000 501,553 0.2
COMPUTERS & PERIPHERALS
------------
7,505,753
------------
</TABLE>

The accompanying notes are an integral part of the financial statements.

F-5
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
Market % of Net
Equity Investments Country Shares Value Assets {d}
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Consumer Durables (2.2%)
Samsung Electronics Co.: .................................. KOR -- -- 1.3
CONSUMER ELECTRONICS
Common ................................................. -- 7,428 $ 1,350,197 --
Preferred-/- ............................................ -- 4,434 514,451 --
Preferred New-/- ........................................ -- 2,856 325,474 --
New-/- .................................................. -- 1,470 259,188 --
New 2-/- ................................................ -- 200 35,264 --
PSA Peugeot Citroen S.A. .................................. FR 8,797 1,162,258 0.6
AUTOMOBILES
Kiekert AG-/- ............................................ GER 11,130 661,326 0.3
AUTO PARTS
------------
4,308,158
------------ -----

TOTAL EQUITY INVESTMENTS (cost $154,918,116) ................ 183,589,801 90.1
------------ -----
<CAPTION>

Market % of Net
Repurchase Agreement Value Assets {d}
- ------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C> <C>
Dated December 29, 1995, with State Street Bank & Trust
Company, due January 2, 1996, for an effective yield of
5.55%, collateralized by $12,475,000 U.S. Treasury Notes,
10.375% due 11/15/12 (market value of collateral is
$17,377,117, including accrued interest).
(cost $17,033,875) ...................................... 17,033,875 8.4
------------ -----

TOTAL INVESTMENTS (cost $171,951,991) * ..................... 200,623,676 98.5
Other Assets and Liabilities ................................ 3,146,393 1.5
------------ -----

NET ASSETS .................................................. $203,770,069 100.0
------------ -----
------------ -----
</TABLE>

- ----------------

{d} Percentages indicated are based on net assets of $203,770,069.
-/- Non-income producing security.
{\/} U.S. currency denominated.
{.} Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers.
* For Federal income tax purposes, cost is $172,534,069 and
appreciation (depreciation) is as follows:

Unrealized appreciation: $ 32,776,324
Unrealized depreciation: (4,686,717)
-------------
Net unrealized appreciation: $ 28,089,607
-------------
-------------

The accompanying notes are an integral part of the financial statements.

F-6
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

The Fund's Portfolio of Investments at December 31, 1995, was concentrated in
the following countries:

<TABLE>
<CAPTION>
Percentage of Net Assets {d}
------------------------------
Short-Term
Country (Country Code/Currency Code) Equity & Other Total
- -------------------------------------- ------ ------------- -----
<S> <C> <C> <C>
Belgium (BEL/BEF) ................... 0.7 0.7
Finland (FIN/FIM) .................... 0.8 0.8
France (FR/FRF) ...................... 4.9 4.9
Germany (GER/DEM) .................... 2.0 2.0
Hong Kong (HK/HKD) ................... 2.7 2.7
India (IND/INR) ...................... 0.7 0.7
Italy (ITLY/ITL) ..................... 2.1 2.1
Japan (JPN/JPY) ...................... 15.5 15.5
Korea (KOR/KRW) ...................... 2.3 2.3
Netherlands (NETH/NLG) ............... 4.6 4.6
Norway (NOR/NOK) ..................... 0.7 0.7
Singapore (SING/SGD) ................. 1.9 1.9
Spain (SPN/ESP) ...................... 2.1 2.1
Sweden (SWDN/SEK) .................... 2.8 2.8
Switzerland (SWTZ/CHF) ............... 3.2 3.2
Thailand (THAI/THB) .................. 3.4 3.4
United Kingdom (UK/GBP) .............. 12.5 12.5
United States (US/USD) ............... 26.8 9.9 36.7
Venezuela (VENZ/VEB) ................. 0.4 0.4
------ --- -----
Total ............................... 90.1 9.9 100.0
------ --- -----
------ --- -----
<FN>
- ----------------
{d} Percentages indicated are based on net assets of $203,770,069.
</TABLE>

- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------

FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
DECEMBER 31, 1995
<TABLE>
<CAPTION>
Unrealized
Market Value Contract Delivery Appreciation
Contracts to Buy: (U.S. Dollars) Price Date (Depreciation)
- ---------------------------------------------------------------------------- -------------- --------- -------- --------------
<S> <C> <C> <C> <C>
Japanese Yen................................................................ 1,395,287 100.25490 02/14/96 $ (31,078)
-------------- --------------

Total Contracts to Buy (Payable amount $1,426,365)........................ 1,395,287 (31,078)
-------------- --------------
THE VALUE OF CONTRACTS TO BUY AS A PERCENTAGE OF NET ASSETS IS 0.68%

Contracts to Sell:
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
French Francs............................................................... 4,093,886 4.91125 02/06/96 (21,603)
French Francs............................................................... 2,497,636 4.88280 02/16/96 930
Japanese Yen................................................................ 2,925,159 101.50000 02/09/96 30,506
Japanese Yen................................................................ 5,459,181 99.00000 02/14/96 192,334
Japanese Yen................................................................ 3,580,911 98.95800 02/14/96 127,733
Japanese Yen................................................................ 4,692,963 99.80000 02/29/96 116,656
Netherland Guilders......................................................... 2,442,213 1.58068 02/15/96 25,080
Netherland Guilders......................................................... 438,346 1.58000 02/15/96 4,692
Netherland Guilders......................................................... 1,377,659 1.60472 02/15/96 (6,703)
Swedish Krona............................................................... 2,302,972 6.60950 02/22/96 19,443
Swiss Francs................................................................ 4,725,579 1.15258 03/19/96 (40,438)
-------------- --------------
Total Contracts to Sell (Receivable amount $34,985,135)................... 34,536,505 448,630
-------------- --------------
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF NET ASSETS IS 16.95%

Total Open Forward Foreign Currency Contracts, Net........................ $ 417,552
--------------
--------------
</TABLE>

- ----------------
See Note 1 to the financial statements.

The accompanying notes are an integral part of the financial statements.

F-7
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

STATEMENT OF ASSETS
AND LIABILITIES

December 31, 1995

- --------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
Assets:
Investments in securities, at value (cost $171,951,991)
(Note 1)............................................... $200,623,676
U.S. currency.............................. $ 251
Foreign currencies (cost $467,274)......... 427,623 427,874
--------
Receivable for securities sold.......................... 3,045,240
Receivable for Fund shares sold......................... 503,196
Receivable for open forward foreign currency contracts,
net (Note 1)........................................... 417,552
Dividends and dividend withholding tax reclaims
receivable............................................. 381,800
Cash held as collateral for securities loaned (Note
1)..................................................... 10,328,426
------------
Total assets.......................................... 215,727,764
------------
Liabilities:
Payable for Fund shares repurchased..................... 607,335
Payable for securities purchased........................ 463,109
Payable for investment management and administration
fees (Note 2).......................................... 170,673
Payable for printing and postage expenses............... 138,348
Payable for service and distribution expenses (Note
2)..................................................... 91,522
Payable for transfer agent fees (Note 2)................ 79,778
Payable for professional fees........................... 37,135
Payable for registration and filing fees................ 16,006
Payable for custodian fees (Note 1)..................... 11,827
Payable for insurance expenses.......................... 4,998
Payable for fund accounting fees (Note 2)............... 4,358
Payable for Trustees' fees and expenses (Note 2)........ 3,680
Distribution payable.................................... 500
Collateral for securities loaned (Note 1)............... 10,328,426
------------
Total liabilities..................................... 11,957,695
------------
Net assets................................................ $203,770,069
------------
------------
Class A:
Net asset value and redemption price per share
($145,982,279 DIVIDED BY 8,679,483 shares outstanding)... $ 16.82
------------
------------
Maximum offering price per share
(100/95.25 of $16.82) *.................................. $ 17.66
------------
------------
Class B:+
Net asset value and offering price per share
($56,095,248 DIVIDED BY 3,400,308 shares outstanding).... $ 16.50
------------
------------
Advisor Class: (Notes 1 & 4)
Net asset value, offering price per share, and redemption
price per share
($1,692,542 DIVIDED BY 100,384 shares outstanding)....... $ 16.86
------------
------------
Net assets consist of:
Paid in capital (Note 4)................................ $170,433,182
Accumulated net realized gain on investments and foreign
currency transactions.................................. 4,280,496
Net unrealized appreciation on translation of assets and
liabilities in foreign currencies...................... 384,706
Net unrealized appreciation of investments.............. 28,671,685
------------
Total -- representing net assets applicable to capital
shares outstanding....................................... $203,770,069
------------
------------
<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-8
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

STATEMENT OF OPERATIONS

Year ended December 31, 1995

- --------------------------------------------------------------------------------

<TABLE>
<S> <C> <C>
Investment income: (Note 1)
Dividend income (net of foreign withholding tax of
$348,591)................................................. $ 3,312,606
Interest income............................................ 500,830
-----------
Total investment income.................................. 3,813,436
-----------
Expenses:
Investment management and administration fees (Note 2)..... 2,050,983
Service and distribution expenses: (Note 2)
Class A.................................. $ 550,183
Class B.................................. 522,040 1,072,223
-----------
Transfer agent fees (Note 2)............................... 563,984
Printing and postage expenses.............................. 308,473
Custodian fees (Note 1).................................... 165,402
Registration and filing fees............................... 67,270
Audit fees................................................. 65,300
Fund accounting fees (Note 2).............................. 52,845
Legal fees................................................. 25,021
Trustees' fees and expenses (Note 2)....................... 21,445
-----------
Total expenses before reductions......................... 4,392,946
-----------
Expense reductions (Notes 1 & 5)....................... (121,393)
-----------
Total net expenses....................................... 4,271,553
-----------
Net investment loss.......................................... (458,117)
-----------
Net realized and unrealized gain (loss) on
investments and foreign currencies: (Note 1)
Net realized gain on investments........... 13,048,225
Net realized loss on foreign currency
transactions.............................. (3,052,724)
-----------
Net realized gain during the year........................ 9,995,501
Net change in unrealized appreciation on
translation of assets and liabilities in
foreign
currencies................................ (595,367)
Net change in unrealized appreciation of
investments............................... 11,340,575
-----------
Net unrealized appreciation during the year.............. 10,745,208
-----------
Net realized and unrealized gain on investments and foreign
currencies.................................................. 20,740,709
-----------
Net increase in net assets resulting from operations......... $20,282,592
-----------
-----------
</TABLE>

The accompanying notes are an integral part of the financial statements.

F-9
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS

- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1995 DECEMBER 31, 1994
----------------- -----------------
<S> <C> <C>
Increase (Decrease) in net assets
Operations:
Net investment (loss)...................... $ (458,117) $ (364,638)
Net realized gain on investments and
foreign currency transactions............. 9,995,501 11,169,856
Net change in unrealized depreciation on
translation of assets and liabilities in
foreign currencies........................ (595,367) (439,209)
Net change in unrealized appreciation
(depreciation) of investments............. 11,340,575 (27,662,950)
----------------- -----------------
Net increase (decrease) in net assets
resulting from operations............... 20,282,592 (17,296,941)
----------------- -----------------
Class A:
Distributions to shareholders: (Note 1)
From net realized gain on investments...... (3,836,040) (8,774,504)
Class B:
Distributions to shareholders: (Note 1)
From net realized gain on investments...... (1,484,807) (2,518,790)
Advisor Class:
Distributions to shareholders: (Note 1)
From net realized gain on investments...... (44,576) --
----------------- -----------------
Total distributions...................... (5,365,423) (11,293,294)
----------------- -----------------
Capital share transactions: (Note 4)
Increase from capital shares sold and
reinvested................................ 134,626,823 146,805,682
Decrease from capital shares repurchased... (180,807,770) (97,769,940)
----------------- -----------------
Net increase (decrease) from capital
share transactions...................... (46,180,947) 49,035,742
----------------- -----------------
Total increase (decrease) in net assets...... (31,263,778) 20,445,507
Net assets:
Beginning of year.......................... 235,033,847 214,588,340
----------------- -----------------
End of year................................ $ 203,770,069 $235,033,847
----------------- -----------------
----------------- -----------------
</TABLE>

The accompanying notes are an integral part of the financial statements.

F-10
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

FINANCIAL HIGHLIGHTS

- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout each period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.

<TABLE>
<CAPTION>
CLASS A+
---------------------------------------------------------------
YEAR ENDED DECEMBER 31,
---------------------------------------------------------------
1995 * 1994 1993 * 1992 1991
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 15.53 $ 17.47 $ 14.47 $ 14.07 $ 11.83
----------- ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income (loss).......... (0.00) (0.00) 0.04 0.07 0.10
Net realized and unrealized gain
(loss) on investments................ 1.74 (1.16) 3.92 0.39 2.29
----------- ----------- ----------- ----------- -----------
Net increase (decrease) from
investment operations.............. 1.74 (1.16) 3.96 0.46 2.39
----------- ----------- ----------- ----------- -----------
Distributions to shareholders:
From net investment income............ -- -- -- -- (0.15)
From net realized gain on
investments.......................... (0.45) (0.78) (0.96) (0.06) --
----------- ----------- ----------- ----------- -----------
Total distributions................. (0.45) (0.78) (0.96) (0.06) (0.15)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period.......... $ 16.82 $ 15.53 $ 17.47 $ 14.47 $ 14.07
----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- -----------
Total investment return (c)............. 11.23% (6.65)% 27.6% 3.3% 20.3%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 145,982 $ 182,467 $ 193,997 $ 141,310 $ 126,868
Ratio of net investment income (loss) to
average net assets..................... (0.06)% (0.01)% 0.9% 0.5% 0.8%
Ratio of expenses to average net assets:
With expense reductions (Notes 1 & 5)... 1.87% 1.81% 1.9% 2.1% 2.0%
Without expense reductions.............. 1.93% 1.84% --%** --%** --%**
Portfolio turnover rate++++............. 113% 86% 92% 95% 122%
</TABLE>

- ----------------

+ 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.
* Calculated based upon weighted average shares outstanding during the
period.
** 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) Total investment return does not include sales charges.

The accompanying notes are an integral part of the financial statements.

F-11
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

FINANCIAL HIGHLIGHTS (CONT'D)

<TABLE>
<CAPTION>
CLASS B++ ADVISOR
------------------------------------- CLASS+++
--------------
YEAR ENDED DECEMBER APRIL 1, 1993 JUNE 1, 1995
31, TO TO
---------------------- DECEMBER 31, DECEMBER 31,
1995 * 1994 1993 * 1995 *
---------- ---------- ------------- --------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 15.34 $ 17.39 $ 15.67 $ 15.26
---------- ---------- ------------- -------
Income from investment operations:
Net investment income (loss).......... (0.12) (0.11) (0.04) 0.03
Net realized and unrealized gain
(loss) on investments................ 1.73 (1.16) 2.72 2.02
---------- ---------- ------------- -------
Net increase (decrease) from
investment operations.............. 1.61 (1.27) 2.68 2.05
---------- ---------- ------------- -------
Distributions to shareholders:
From net investment income............ -- -- -- --
From net realized gain on
investments.......................... (0.45) (0.78) (0.96) (0.45)
---------- ---------- ------------- -------
Total distributions................. (0.45) (0.78) (0.96) (0.45)
---------- ---------- ------------- -------
Net asset value, end of period.......... $ 16.50 $ 15.34 $ 17.39 $ 16.86
---------- ---------- ------------- -------
---------- ---------- ------------- -------
Total investment return (c)............. 10.52% (7.32)% 17.3 %(a) 13.46 %(a)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 56,095 $ 52,567 $ 20,592 $ 1,693
Ratio of net investment income (loss) to
average net assets..................... (0.71)% (0.66)% (0.4)%(b) 0.29 %(b)
Ratio of expenses to average net assets:
With expense reductions (Notes 1 & 5)... 2.52% 2.46% 2.5 %(b) 1.52 %(b)
Without expense reductions.............. 2.58% 2.49% -- %** 1.58 %(b)
Portfolio turnover rate++++............. 113% 86% 92 % 113 %
</TABLE>

- ----------------

The accompanying notes are an integral part of the financial statements.

F-12
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

NOTES TO
FINANCIAL STATEMENTS

December 31, 1995

- --------------------------------------------------------------------------------

1. SIGNIFICANT ACCOUNTING POLICIES
GT Global Worldwide Growth Fund ("Fund"), is a separate series of GT 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 eight 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 expenses, and may differ in its 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, and,
therefore, the financial statements may include certain estimates made by
management.

(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 LGT Asset Management, Inc.
("LGT", formerly known as G.T. Capital Management, Inc.) 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 LGT,
the Fund's investment manager, 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
foreign exchange translation and 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
Fund's Board of Trustees.

Portfolio securities which are primarily traded on foreign exchanges are
generally valued at the preceding closing values of such securities on their
respective exchanges, and those values are then translated into U.S. dollars at
the current exchange rate, except that when an occurrence subsequent to the time
a value was so established is likely to have materially changed such value, then
the fair value of those securities will be determined by consideration of other
factors by or under the direction of the Company's Board of Trustees.

(B) FOREIGN CURRENCY TRANSLATION
The accounting records of the Fund are maintained in U.S. dollars. The market
values of foreign securities, currency holdings, other assets and liabilities
are recorded in the books and records of the Fund after translation to U.S.
dollars based on the exchange rates on that day. The cost of each security is
determined using historical exchange rates. Income and withholding taxes are
translated at prevailing exchange rates when earned or incurred.

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

Reported net realized foreign exchange gains and losses arise from sales and
maturities of short-term securities, forward foreign currency contracts, sales
of foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities

F-13
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
transactions, and the differences between the amounts of dividends, interest,
and foreign withholding taxes recorded on the Fund's books and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains or losses arise from changes in the value of assets and
liabilities other than investments in securities at year end, resulting from
changes in exchange rates.

(C) REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by the Fund, it is the Fund's
policy to always receive, as collateral, U.S. 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. LGT is responsible for determining that the value of these
underlying securities remain at least equal to the resale price.

(D) FORWARD FOREIGN CURRENCY CONTRACTS
A forward foreign currency contract ("Forward Contract") is an agreement between
two parties to buy and sell a currency at a set price on a future date. The
market value of the Forward Contract fluctuates with changes in currency
exchange rates. The Forward Contract is marked-to-market daily and the change in
market value is recorded by the Fund as an unrealized gain or loss. When the
Forward Contract is closed, the Fund records a realized gain or loss equal to
the difference between the value at the time it was opened and the value at the
time it was closed. The Fund could be exposed to risk if a counterparty is
unable to meet the terms of a contract or if the value of the currency changes
unfavorably. The Fund may enter into Forward Contracts in connection with
planned purchases or sales of securities, or to hedge against adverse
fluctuations in exchange rates between currencies.

(E) 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 the average
of the last bid prices obtained from brokers, unless a quotation from only one
broker is available, in which case only that broker's price will be used. 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
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 currency values or 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.

(F) 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 the value
of the contract. Such receipts or payments are known as "variation margin" and
are recorded by the Fund as

F-14
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
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
currency values or interest rates.

(G) 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 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 of
the other party to the transaction fails to deliver and cause the Fund to
subsequently invest at less advantageous prices.

(H) PORTFOLIO SECURITIES LOANED
At December 31, 1995, stocks with an aggregate value of approximately $9,756,093
were on loan to brokers. The loans were secured by cash collateral of
$10,328,426, received by the Fund. For international securities, cash collateral
is received by the Fund against loaned securities in an amount at least equal to
105% of the market value of the loaned securities at the inception of each loan.
This collateral must be maintained at not less than 103% of the market value of
the loaned securities during the period of the loan. For domestic securities,
cash collateral is received by the Fund against loaned securities in an amount
at least equal to 102% of the market value of the loaned securities at the
inception of each loan. This collateral must be maintained at not less than 100%
of the market value of the loaned securities during the period of each loan. For
the year ended December 31, 1995, the Fund received securities lending fees of
$48,192, which were used to reduce custodian fees.

(I) 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, or excise tax on income
and capital gains.

(J) 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.

(K) FOREIGN SECURITIES
There are certain additional considerations and risks associated with investing
in foreign securities and currency transactions that are not inherent in
investments of domestic origin. The Fund's investment in emerging market
countries may involve greater risks than investments in more developed markets
and the prices of such investments may be volatile. These risks of investing in
foreign and emerging markets may include foreign currency exchange rate
fluctuations, perceived credit risk, adverse political and economic developments
and possible adverse foreign government intervention.

(L) 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.

(M) 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, 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
LGT is the Fund's investment manager and administrator. The Fund pays investment
management and administration fees at the following annualized rates: 0.975% on
the first $500 million of average daily net assets of the Fund; 0.95% on the
next $500 million; 0.925% on the next $500 million and 0.90% 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

F-15
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
state in which the Fund's shares are offered for sale, based on the average net
asset value of the Fund.

GT Global, Inc. ("GT Global", formerly known as G.T. Global Financial Services,
Inc.), an affiliate of LGT, 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. GT 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 year ended December 31, 1995, GT Global retained $28,527
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. GT Global collected CDSCs of
$4,493 for the year ended December 31, 1995. GT 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, GT 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 CDSC, in accordance with the Fund's current
prospectus. For the year ended December 31, 1995, GT Global collected CDSCs in
the amount of $255,556. In addition, GT 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 GT Global for a portion of its shareholder servicing and distribution
expenses. Under the Class A Plan, the Fund may pay GT 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 GT 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 GT 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 GT 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 GT 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 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 that Plan continues in
effect.

LGT and GT Global have voluntarily undertaken to limit the Fund's expenses
(exclusive of brokerage commissions, taxes, interest and extraordinary items) to
the maximum annual level of 2.25%, 2.90%, and 1.90% 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 LGT of investment
management and administration fees, waivers by GT Global of payments under the
Class A Plan and/or Class B Plan and/or reimbursements by LGT or GT Global of
portions of the Fund's other operating expenses.

GT Global Investor Services, Inc. ("GT Services"), an affiliate of LGT and GT
Global, is the transfer agent of the Fund. For performing shareholder servicing,
reporting, and general transfer agent services, GT services receives an annual
maintenance fee of $17.50 per account, a new account fee of $4.00 per account, a
per transaction fee of $1.75 for all transactions other than exchanges and a per
exchange fee of $2.25. The Transfer Agent also is reimbursed by the Fund for its
out-of-pocket expenses for such items as postage, forms, telephone charges,
stationery and office supplies.

Effective July 1, 1995, LGT has assumed the role of pricing and accounting agent
for the Fund. The monthly fee for these services to LGT is a percentage, not to
exceed 0.03% annually, of the Fund's average daily net assets. The annual fee
rate is derived by applying 0.03% to the first $5 billion of assets of all
registered mutual funds advised by LGT ("GT Funds") and 0.02% to the assets in
excess of $5 billion and dividing the result by the aggregated assets of the GT
Funds. For the period ended December 31, 1995, the Fund paid fund accounting
fees of $22,092 to LGT.

The Company pays each of its Trustees who is not an employee, officer or
director of LGT, GT Global or GT Services $5,000 per year plus $300 for each
meeting of the board or any committee thereof attended by the Trustee.

F-16
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

3. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 1995, purchases and sales of investment
securities by the Fund, other than U.S. government obligations and short-term
investments, aggregated $191,266,449 and $252,366,205, respectively. There were
no purchases or sales of U.S. government obligations by the Fund during the
year.

4. CAPITAL SHARES
At December 31, 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>
YEAR ENDED YEAR ENDED
DECEMBER 31, 1995 DECEMBER 31, 1994
-------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
CLASS A
Shares sold................................................................. 6,947,488 $ 112,415,112 5,542,867 $ 94,463,212
Shares issued in connection with reinvestment of distributions.............. 198,449 3,306,220 455,250 7,079,197
----------- ------------- ---------- -------------
7,145,937 115,721,332 5,998,117 101,542,409
Shares repurchased.......................................................... (10,218,028) (163,317,151) (5,352,193) (90,753,350)
----------- ------------- ---------- -------------
Net increase (decrease)..................................................... (3,072,091) $ (47,595,819) 645,924 $ 10,789,059
----------- ------------- ---------- -------------
----------- ------------- ---------- -------------

YEAR ENDED YEAR ENDED
DECEMBER 31, 1995 DECEMBER 31, 1994
-------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
----------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
CLASS B
Shares sold................................................................. 1,002,715 $ 15,948,611 2,513,641 $ 43,054,428
Shares issued in connection with reinvestment of distributions.............. 79,120 1,293,841 143,692 2,208,845
----------- ------------- ---------- -------------
1,081,835 17,242,452 2,657,333 45,263,273
Shares repurchased.......................................................... (1,107,459) (17,390,637) (415,621) (7,016,590)
----------- ------------- ---------- -------------
Net increase (decrease)..................................................... (25,624) $ (148,185) 2,241,712 $ 38,246,683
----------- ------------- ---------- -------------
----------- ------------- ---------- -------------
</TABLE>

<TABLE>
<CAPTION>
JUNE 1, 1995
(COMMENCEMENT OF SALE OF
SHARES) TO DECEMBER 31,
1995
------------------------
SHARES AMOUNT
---------- ------------
<S> <C> <C>
ADVISOR CLASS
Shares sold.................................................................. 103,579 $ 1,618,463
Shares issued in connection with reinvestment of distributions............... 2,669 44,576
---------- ------------
106,248 1,663,039
Shares repurchased........................................................... (5,864) (99,982)
---------- ------------
Net increase................................................................. 100,384 $ 1,563,057
---------- ------------
---------- ------------
</TABLE>

5. EXPENSE REDUCTIONS
LGT has directed certain portfolio trades to brokers who paid a portion of the
Fund's expenses. For the year ended December 31, 1995, the Fund's expenses were
reduced by $73,201 under these arrangements.

- --------------
FEDERAL TAX INFORMATION (UNAUDITED):

Pursuant to Section 852 of the Internal Revenue Code, the Fund designates
$5,365,423 as capital gain dividends for the fiscal year ended December 31,
1995.

F-17
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

NOTES

- --------------------------------------------------------------------------------
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND

GT GLOBAL MUTUAL FUNDS

GT GLOBAL OFFERS A BROAD RANGE OF MUTUAL FUNDS TO COMPLEMENT MANY INVESTORS'
PORTFOLIOS. FOR MORE INFORMATION AND A PROSPECTUS ON ANY OF THE GT GLOBAL
MUTUAL FUNDS, PLEASE CONTACT YOUR INVESTMENT COUNSELOR OR CALL GT 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

GT GLOBAL WORLDWIDE GROWTH FUND
Invests around the world, including the U.S.

GT GLOBAL INTERNATIONAL GROWTH FUND
Provides portfolio diversity by investing outside
the U.S.

GT GLOBAL EMERGING MARKETS FUND
Gives access to the growth potential of developing economies

/ / GLOBAL THEME FUNDS

GT GLOBAL HEALTH CARE FUND
Invests in growing health care industries worldwide

GT GLOBAL TELECOMMUNICATIONS FUND
Invests in companies worldwide that develop, manufacture, or sell
telecommunications services or equipment

GT GLOBAL INFRASTRUCTURE FUND
Seeks companies that build, improve, or maintain a country's infrastructure

GT GLOBAL FINANCIAL SERVICES FUND
Focuses on the worldwide opportunities from the demand for financial services
and products

GT GLOBAL NATURAL RESOURCES FUND
Concentrates on companies that own, explore, or develop natural resources

GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
Invests in companies that manufacture, market, retail, or distribute consumer
products or services

/ / REGIONALLY DIVERSIFIED FUNDS

GT GLOBAL NEW PACIFIC GROWTH FUND
Offers access to the emerging and established markets of the Pacific Rim

GT GLOBAL EUROPE GROWTH FUND
Focuses on investment opportunities in the new, unified Europe

GT GLOBAL LATIN AMERICA GROWTH FUND
Invests in the emerging markets of Latin America

/ / SINGLE COUNTRY FUNDS

GT GLOBAL AMERICA GROWTH FUND
Concentrates on small and medium-sized companies in the U.S.

GT GLOBAL AMERICA SMALL CAP GROWTH FUND
Invests in equity securities of small U.S. companies

GT GLOBAL AMERICA VALUE FUND
Concentrates on large cap equity securities of U.S. companies believed to be
undervalued

GT GLOBAL JAPAN GROWTH FUND
Provides U.S. investors with direct access to the Japanese market

GROWTH AND INCOME FUND

GT GLOBAL GROWTH & INCOME FUND
Invests in blue-chip stocks and government bonds from around the world

INCOME FUNDS

GT GLOBAL GOVERNMENT INCOME FUND
Earns monthly income from global government securities

GT GLOBAL STRATEGIC INCOME FUND
Allocates its assets among debt securities from the U.S., developed foreign
countries and emerging markets

GT GLOBAL HIGH INCOME FUND
Invests in debt securities in emerging markets

MONEY MARKET FUND

GT GLOBAL DOLLAR FUND
Invests in high quality, U.S. dollar-denominated money market securities
worldwide for stability and preservation of capital

[LOGO]

THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS.
<PAGE>
[LOGO]

GT Global, Inc.
Fifty California Street
27th Floor
San Francisco, California
94111-4624

DATED MATERIAL
PLEASE EXPEDITE