<PAGE>
LGT ASSET MANAGEMENT
OVER 25 YEARS
OF INVESTING
WORLDWIDE
GT GLOBAL
WORLDWIDE
GROWTH FUND
SEMIANNUAL REPORT
JUNE 30, 1996
[LOGO]
<PAGE>
TABLE
OF CONTENTS
<TABLE>
<S> <C>
Report from the Fund
Managers and Key
Portfolio Holdings... 1
Financial
Statements........... F1
The views of the
Funds' management and
portfolio holdings
described in this
semiannual report are
as of June 30, 1996;
these views and
portfolio holdings
may have changed.
</TABLE>
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
INVESTMENT OBJECTIVE
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 SUMMARY
GT GLOBAL WORLDWIDE MSCI
GROWTH FUND A World Index
------------------- -----------
09-Jun-87 9,525 10,000
9,887 9,718
10,449 9,914
10,897 10,502
11,059 10,320
7,858 8,570
7,763 8,363
8,420 8,727
8,525 8,942
9,058 9,462
9,087 9,750
9,458 9,874
9,315 9,679
9,401 9,667
9,439 9,851
8,944 9,311
9,011 9,708
9,392 10,356
9,611 10,718
9,794 10,817
10,361 11,210
10,419 11,142
10,717 11,072
11,179 11,329
11,304 11,053
11,208 10,931
12,045 12,168
12,266 11,875
12,564 12,212
12,045 11,807
12,516 12,280
13,475 12,677
13,099 12,087
12,862 11,571
12,971 10,874
12,645 10,719
13,722 11,850
13,841 11,768
14,246 11,877
12,625 10,767
11,458 9,634
11,864 10,535
11,834 10,364
11,786 10,583
31-Dec-91 12,135 10,972
12,972 11,990
13,231 11,638
13,231 11,731
13,769 11,999
13,141 11,260
13,888 11,794
13,958 11,758
13,998 12,069
14,088 12,267
13,420 11,734
14,174 12,590
14,224 12,359
14,617 12,148
14,305 11,578
14,576 11,741
15,030 12,211
14,566 11,804
14,415 11,836
14,133 12,126
13,720 12,017
14,033 11,694
14,274 11,905
14,637 12,004
14,971 12,046
15,032 12,334
15,790 13,051
15,881 13,658
16,488 13,975
16,306 13,860
16,721 14,148
17,672 14,799
17,621 14,528
18,086 14,930
17,237 14,088
18,672 14,780
19,602 15,757
18,896 15,556
17,774 14,888
18,116 15,351
18,020 15,393
17,667 15,353
18,127 15,647
19,024 16,121
18,565 15,701
18,629 16,150
17,870 15,452
17,430 15,605
16,285 15,374
16,117 15,601
16,229 16,356
16,958 16,929
17,127 17,077
17,733 17,075
18,878 17,933
18,878 17,537
19,416 18,051
19,024 17,770
19,203 18,390
19,388 18,931
19,687 19,277
19,583 19,398
19,929 19,725
20,275 20,192
20,194 20,213
30-Jun-96 20,252 20,319
The chart above shows the performance of the GT Global Worldwide Growth Fund,
Class A shares, since the Fund's inception versus the MSCIWorld Index. 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.
This represents a cumulative return of 102.52% and an average annual total
return of 8.10% for the Fund. A $10,000 investment in the Fund's Class B
shares at inception on April 1, 1993, would have been valued at $12,209 on
June 30, 1996. This figure reflects the applicable contingent deferred sales
charge (5% in the first year, decreasing to 0% after six years). A $10,000
investment in Advisor Class shares at inception on June 1, 1995, would have
been worth $11,885. The Fund is a professionally managed mutual fund while
the index is unmanaged, does not incur expenses and is not available for
investment.
AVERAGE ANNUAL TOTAL RETURNS(1)
JUNE 30, 1996
SHARE CLASS WITHOUT SALES CHARGE(2) WITH SALES CHARGE
----------------------------- -----------------------------
1-YEAR 5-YEAR LIFE OF FUND 1-YEAR 5-YEAR LIFE OF FUND
------ ------ ------------ ------ ------ ------------
CLASS A(3) 14.21 9.04 8.68 8.78 7.98 8.10
CLASS B(3) 13.52 N/A 7.14 8.52 N/A 6.34
ADVISOR CLASS(4) 14.71 N/A 17.30 N/A N/A N/A
HISTORICAL PERFORMANCE(2)
ANNUAL TOTAL RETURNS
1987 1988 1989 1990 1991 1992 1993 1994 1995
---- ---- ---- ---- ---- ---- ---- ---- ----
CLASS A -11.603 16.31 37.59 -12.53 20.26 3.27 27.56 -6.65 11.23
CLASS B N/A N/A N/A N/A N/A N/A 17.29(3) -7.32 10.52
(1) Figures assume reinvestment of all dividends and capital gain
distributions at net asset value.
(2) Performance data do not reflect the maximum 4.75% sales charge and the
contingent deferred sales charge (5% in the first year, decreasing to 0%
after six years) for Class A and Class B shares, respectively, which, if
included, would have reduced the performance quoted.
(3) The Fund began operations on June 9, 1987; Class B shares commenced on
April 1, 1993.
(4) 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.
The above data 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.
1
<PAGE>
INTERVIEW WITH CHIEF INVESTMENT OFFICER CHRISTIAN WIGNALL
Q HOW DID THE FUND PERFORM?
A The Fund's total return for the six months ended June 30, 1996, for Class A
shares was 4.46% (-0.50% including the effect of the maximum 4.75% sales
charge). Total return for Class B shares was 4.12% (-0.88% including the
effect of the maximum 5% contingent deferred sales charge). Total return for
the Morgan Stanley Capital International (MSCI) World Index(5) over the same
period was 7.33%. While the Fund's six-month performance was slightly under
the index, over its lifetime, the Fund has performed nearly in line with the
index (see page 1).
Q WHAT FACTORS AFFECTED THE FUND'S PERFORMANCE OVER THE SIX MONTHS?
A Part of the underperformance can be attributed to our cutting down the
Fund's allocation to U.S. securities. We felt the U.S. was looking expensive,
having experienced a bull market for quite some time, and took the opportunity
to shift into more defensive stocks. While this cost us some in the short
term, we believe they will stand as good investments during a market
correction.
On the other hand, the Fund's currency hedge contributed
positively to performance. The Fund held a short position in yen which meant
that as the value of the yen fell over the period, the Fund was able to
protect the value of its assets.
Q WHICH COMPANIES HAVE DONE PARTICULARLY WELL?
A Several companies stand out. For example, Assa Abloy, the Swedish locks
maker, has grown extremely fast and was the top performer in the period.
Benefiting from a favorable exchange rate, it returned 70%. Another company,
Cardif, the French insurance company, was a play on increasing demand for
private insurance given growing unease about the reliability of the social
security blanket provided by the government. Also, Carrefour, the French
hypermarket operator (large supermarkets), enjoyed solid returns. The company
has been expanding into fast-developing markets such as Spain, Brazil and
Taiwan, and we feel it provides a good play on emerging markets without too
much exposure to risk.
Q WHICH INVESTMENTS PROVED DISAPPOINTING OVER THE PERIOD?
A Kierkert, a German car lock manufacturer, did not fare as well as Assa
Abloy, as a result of intense competition in the automobile components
supplier industry. In New Zealand, The Warehouse appeared to be an undervalued
growth retailer, but the cyclical downturn in the economy has hurt them. In
addition, many Korean companies, like Samsung, experienced dramatic changes in
earnings expectations as exports slowed sharply. Many suffered as a result of
their heavy exposure to the electronics industry and semiconductors, which
have been experiencing difficulties.
Q WHAT CHANGES DID YOU MAKE IN YOUR INVESTMENT STRATEGY OVER THE PAST
SIX MONTHS?
A Our basic strategy has been to reduce the U.S. weighting as the market has
gone up, and take profits gradually. We began the year at about a 25%
allocation; currently we've reduced that to roughly 20%, a position
considerably underweighted against the index (40%). The reason for reducing
our position in the U.S. is that the stock market, in our view, is now quite
expensive. Dividend yields are at historical lows, profits growth is slowing
down and the bond market is not supportive (stocks tend to go up as bonds go
up, but bonds generally are going down)--all causes for relative concern.
The reduction in the U.S. has been used mainly to fund an increase in European
weightings. Of all the major regional blocks in the world, we're most positive
about Europe, leading to our overweighted position relative to the index. In
the UK and continental Europe combined, we have over 40% versus roughly 28%
for the index. Other places we've made changes include Asia, where we've
slightly reduced our exposure by trimming back on Thailand in response to
deteriorating prospects for profit growth.
Q WHAT TYPE OF COMPANIES DO YOU CURRENTLY HOLD IN THE U.S.?
A Within the U.S. we've concentrated on medium to large-cap quality growth. A
fair number of our U.S. stocks are reconstruction or reorganization stocks,
like Kodak and Boeing. Currently, we are also finding buying opportunities in
oil drilling companies. We believe they have yet to be fully appreciated by
investors, providing opportunities for undiscounted change. The Fund maintains
very little exposure to technology.
Q WHY DID YOU CUT BACK THE FUND'S POSITION IN JAPAN?
A The Japanese market experienced a strong recovery from July 1995 until
February/March of this year, making it an expensive market, in our opinion,
especially with its low dividend yields and high price-to-earnings ratio. We
are also suspicious about the perceived economic recovery. While first quarter
GNP figures were very strong, we don't think they are sustainable. Hence, we
believe some disappointments are likely on the economic front later this year,
particularly in light of the excessive expectations for the economy.
With this in mind, we don't believe the Japanese market is going to go up much
more from current values. Accordingly, we trimmed our position back to take
some profits, maintaining holdings in a select handful of companies. Amway,
the cosmetics door-to-door retailer, is one such company. We perceive it as an
exception to the low returns to shareholders generated by most companies in
Japan. At period end, Amway enjoyed a return-on-equity (ROE) of 30% and a
dividend yield of 1.8%. Moreover, it was one of the first companies to take
advantage of the regulation allowing share buybacks.
2
<PAGE>
Q WHAT IS THE FUND'S POSITION IN LATIN AMERICA?
A While many of the stock markets in this region have responded favorably to
the austerity measures implemented by governments following the Mexican peso
crisis, the Fund holds very little in Latin America. Nonetheless, we are open
minded, and if markets were to fall, we might take advantage of that
opportunity to increase our position.
Q WHERE DO YOU EXPECT TO FIND OPPORTUNITIES OVER THE REMAINDER OF THE YEAR?
A We believe the current environment provides a good entry point into Europe.
Liquidity is favorable, interest rates are very low and money supply growth is
rapid in Germany, suggesting a recovery in the business cycle is perhaps not
far off. Moreover, there is a growing tendency by European companies to focus
on shareholder value. Across Europe in general, we see a catalyst for change
in the increasing influence of the institutional investor within the
shareholder structure. As a result of an aging population, pension funds are
becoming much more important. These investors are proactive and powerful.
Consequently, companies are becoming increasingly sensitive to the
requirements of raising capital and doing it cost efficiently, and we expect
the change in pension fund relations will encourage demand for equities.
DRIVERS OF CORPORATE RESTRUCTURING
Increasing global competition in product markets
and capital markets
Institutional shareholder pressure on companies to achieve
greater corporate transparency and accountability
/ / Share buybacks
/ / Decrease in cross-shareholdings*
/ / Increase in dividend payouts
/ / Internal ROE targets
/ / De-mergers
*Holdings among group companies
We would also characterize the Pacific region as a place to watch. If prices
come down over the next 12 months, we believe it could create the buying
opportunity of the decade. In Hong Kong, in particular, our outlook is
positive for the remainder of the year, even in the absence of a reduction in
U.S. interest rates. Our view is underpinned by recovery of the business cycle
in China, which has been strengthening since the second half of 1995, and
continued credit easing on the part of Chinese authorities. As China continues
to spend on infrastructure development, Hong Kong companies could continue to
benefit. Also, to its favor, Hong Kong is less exposed to the downturn in
electronics. So, cyclically we think it's a good place to be.
Q COULD YOU DESCRIBE YOUR INVESTMENT PROCESS?
A We determine country allocations based on the careful assessment of
political and economic factors and the prospects for profits growth and
interest rate trends. For this information, we use the input of our unique
team of in house macroeconomists. After country allocations have been decided,
stock selection is conducted by our local team of experts who are looking for
undiscounted positive change in earnings.
ABOUT THE PORTFOLIO MANAGER
CHRISTIAN WIGNALL - Chairman, Global Investment Policy Committee for LGT Asset
Management since 1991, and Chief Investment Officer, Global Equities, since
1987. Established Tokyo office: Managing Director 1982-87. Hong Kong office:
Portfolio Manager, Japan 1980-82, Portfolio Manager, Fixed Income 1979-80,
Economist, Far East 1977-79. Mr. Wignall received his M.A. from Cambridge
University.
(5) The MSCI World Index is an arithmetic average, weighted by market value,
of the performance of 1,568 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. The index is not available for investment and does not incur
sales charges and professional management fees.
GEOGRAPHIC ALLOCATION OF NET ASSETS(6)
JUNE 30, 1996 JUNE 30, 1995
------------- -------------
AUSTRALIA 1.5% - %
FINLAND 0.8 1.8
FRANCE 6.4 4.0
GERMANY 5.6 1.3
HONG KONG 4.0 1.4
INDIA 0.8 1.0
ITALY 1.8 0.7
JAPAN 12.0 15.8
KOREA 1.6 2.1
MALAYSIA - 0.4
MEXICO 1.3 -
NETHERLANDS 4.4 3.7
NEW ZEALAND 0.8 -
NORWAY 0.6 -
PORTUGAL 0.9 -
SINGAPORE 3.0 1.7
SPAIN 2.8 1.1
SWEDEN 2.4 1.6
SWITZERLAND 6.5 3.5
THAILAND 2.2 4.3
UK 9.5 11.2
U.S. 21.1 40.4
VENEZUELA - 0.5
SHORT TERM & OTHER 10.0 3.5
3
<PAGE>
ALLOCATION OF NET ASSETS(6)
JUNE 30, 1996
-------------
FINANCE 20.0%
SERVICES 17.4
HEALTH CARE 9.9
MATERIALS/BASIC INDUSTRY 9.4
MULTI-INDUSTRY/MISC. 8.0
ENERGY 7.0
CAPITAL GOODS 7.0
CONSUMER NON-DURABLES 5.5
CONSUMER DURABLES 3.7
TECHNOLOGY 1.7
SHORT TERM & OTHER 10.4
GT GLOBAL WORLDWIDE GROWTH FUND
KEY PORTFOLIO HOLDINGS(7)
% of
Country Net Assets
------- ----------
SOLA INTERNATIONAL, INC. Sola designs,
manufactures and distributes eyeglass lenses
and is one of the two largest manufacturers of U.S. 2.7
plastic lenses in the world. Its lenses are sold
under the Spectralite, VIP Gold, XL Gold and
PermaGard Plus names.
EASTMAN KODAK The largest photography company in
the U.S. The company develops and manufactures U.S. 2.1
consumer and commercial imaging products around
the world.
SANDOZ AG A premier pharmaceutical company based
in Switzerland with leading products in the areas of SWITZERLAND 1.7
the central nervous system, oncology, transplantation/
immunology and dermatology. Sandoz currently has a
number of drugs in clinical trials.
AMWAY JAPAN LTD. A door-to-door marketer of
detergents, cosmetics, kitchenware and related
products. JAPAN 1.7
AMERICAN INTERNATIONAL GROUP (AIG) American
International Group is a large, globally competitive U.S. 1.7
insurance company. Due to the company's excellent
record of expanding profitable operations outside the
U.S., the shares are highly valued.
PACIFIC GAS AND ELECTRIC CO. Supplier of electric
and natural gas service throughout most of northern and U.S. 1.6
central California.
HERCULES, INC. Manufactures specialty chemicals,
aerospace products, films and fibers. U.S. 1.5
SONAT OFFSHORE DRILLING CO. Provider of contract
drilling services for offshore oil and gas wells to
most of the leading oil companies throughout the world, U.S. 1.4
including Royal Dutch/Shell, Conoco, British Petroleum
and Amoco.
GENERAL ELECTRIC CO. A conglomerate with several major
divisions. The company has business interests in U.S. 1.4
appliances, broadcasting (owns NBC), communications
and transportation.
DAINI DENDEN INC. (DDI) CORP. Japan's second-largest
provider of cellular phone services, DDI has benefited JAPAN 1.4
from the liberalization of domestic cellular services
and cellular handset sales. The company also has more
than 10% of the domestic long-distance market.
(6) Allocations in this report will change based on current market conditions.
(7) There is no assurance the Fund will continue to hold these or any other
securities mentioned in this report.
4
<PAGE>
GT GLOBAL
WORLDWIDE
GROWTH FUND
FINANCIAL
STATEMENTS
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
PORTFOLIO OF INVESTMENTS
June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET % OF NET
EQUITY INVESTMENTS COUNTRY SHARES VALUE ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (20.0%)
American International Group, Inc. ........................ US 32,200 $ 3,175,725 1.7
INSURANCE - MULTI-LINE
United Overseas Bank Ltd. - Foreign ....................... SING 260,000 2,488,478 1.3
BANKS - MONEY CENTER
Sparbanken Sverige AB "A" ................................. SWDN 160,000 2,078,895 1.1
INVESTMENT MANAGEMENT
ITT Hartford Group, Inc. .................................. US 35,700 1,901,025 1.0
INSURANCE - MULTI-LINE
Citicorp .................................................. US 20,900 1,726,863 0.9
BANKS - MONEY CENTER
Sun Hung Kai Properties Ltd. .............................. HK 162,000 1,637,685 0.9
REAL ESTATE
HSBC Holdings PLC ......................................... HK 106,800 1,614,314 0.8
BANKS - MONEY CENTER
Banco Intercontinental Espanol ............................ SPN 14,368 1,609,045 0.8
BANKS - MONEY CENTER
AEGON N.V. ................................................ NETH 32,968 1,519,815 0.8
INSURANCE - LIFE
Bangkok Bank Co., Ltd. - Foreign .......................... THAI 111,000 1,504,492 0.8
BANKS - MONEY CENTER
Banco Popular Espanol S.A.-/- ............................. SPN 8,390 1,497,559 0.8
BANKS - MONEY CENTER
Axa Group: ................................................ FR -- -- 0.7
INSURANCE - MULTI-LINE
Common .................................................. -- 24,433 1,338,586 --
New-/- .................................................. -- 501 26,497 --
Nichiei Co., Ltd. ......................................... JPN 18,000 1,202,416 0.6
OTHER FINANCIAL
UNI Storebrand AS "A"-/- .................................. NOR 264,202 1,189,109 0.6
INSURANCE - MULTI-LINE
Cardif S.A. ............................................... FR 8,309 1,162,290 0.6
INSURANCE - MULTI-LINE
Orix Corp. ................................................ JPN 30,600 1,136,859 0.6
OTHER FINANCIAL
Grupo Financiero Banamex Accival, S.A. de C.V. "B"-/- ..... MEX 518,000 1,077,003 0.6
BANKS - MONEY CENTER
Barclays PLC .............................................. UK 85,600 1,026,642 0.5
BANKS - MONEY CENTER
Cheung Kong (Holdings) Ltd. ............................... HK 140,000 1,008,333 0.5
REAL ESTATE
JACCS Co., Ltd. ........................................... JPN 102,000 932,449 0.5
CONSUMER FINANCE
Swiss Reinsurance Co. - Registered-/- ..................... SWTZ 886 910,517 0.5
INSURANCE - MULTI-LINE
Sanyo Shinpan Finance Co. ................................. JPN 13,000 833,913 0.4
CONSUMER FINANCE
Skandia Forsakrings AB Free ............................... SWDN 30,929 820,082 0.4
INSURANCE - MULTI-LINE
Thai Farmers Bank Ltd. - Foreign .......................... THAI 73,000 799,606 0.4
BANKS - REGIONAL
</TABLE>
The accompanying notes are an integral part of the financial statements.
F1
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
MARKET % OF NET
EQUITY INVESTMENTS COUNTRY SHARES VALUE ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (Continued)
Scor S.A. ................................................... FR 20,300 $ 791,858 0.4
INSURANCE - MULTI-LINE
Mapfre Vida Seguros ....................................... SPN 13,227 744,251 0.4
INSURANCE - LIFE
Land and House Co., Ltd. - Foreign ........................ THAI 50,000 630,418 0.3
REAL ESTATE
Phatra Thanakit Co., Ltd. - Foreign ....................... THAI 81,100 565,591 0.3
INVESTMENT MANAGEMENT
3I Group PLC .............................................. UK 80,730 552,739 0.3
INVESTMENT MANAGEMENT
M & G Group PLC ........................................... UK 28,670 511,885 0.3
INVESTMENT MANAGEMENT
Invesco PLC ............................................... UK 93,500 336,054 0.2
INVESTMENT MANAGEMENT
------------
38,350,994
------------
Services (17.4%)
DDI Corp. ................................................. JPN 307 2,685,688 1.4
WIRELESS COMMUNICATIONS
Wolters Kluwer CVA ........................................ NETH 18,140 2,062,960 1.1
BROADCASTING & PUBLISHING
Elsevier N.V. ............................................. NETH 132,151 2,007,455 1.0
BROADCASTING & PUBLISHING
Ito-Yokado Co., Ltd. ...................................... JPN 32,000 1,935,578 1.0
RETAILERS - OTHER
Burton Group PLC .......................................... UK 692,000 1,665,269 0.9
RETAILERS-APPAREL
Portugal Telecom S.A. - Registered-/- ..................... PORT 62,660 1,639,817 0.9
TELEPHONE NETWORKS
Reuters Holdings PLC ...................................... UK 130,300 1,575,900 0.8
BROADCASTING & PUBLISHING
Telefonica de Espana ...................................... SPN 80,700 1,488,371 0.8
TELEPHONE NETWORKS
Koninklijke Ahold N.V. .................................... NETH 26,217 1,422,330 0.7
RETAILERS - FOOD
Aoyama Trading Co., Ltd. .................................. JPN 54,000 1,418,192 0.7
RETAILERS-APPAREL
Adia S.A. - Bearer ........................................ SWTZ 5,640 1,416,315 0.7
CONSUMER SERVICES
Carrefour Supermarche ..................................... FR 2,437 1,367,375 0.7
RETAILERS - FOOD
Comptoirs Modernes ........................................ FR 2,880 1,301,043 0.7
RETAILERS - FOOD
Telecom Italia Mobile S.p.A. .............................. ITLY 570,510 1,279,642 0.7
WIRELESS COMMUNICATIONS
Hotel Properties Ltd.-/- .................................. SING 678,000 1,201,702 0.6
LEISURE & TOURISM
EMAP PLC .................................................. UK 100,800 1,108,002 0.6
BROADCASTING & PUBLISHING
Compass Group PLC ......................................... UK 120,807 1,098,160 0.6
RESTAURANTS
Telecom Corporation of New Zealand Ltd. - ADR{\/} ......... NZ 14,600 974,550 0.5
TELEPHONE NETWORKS
</TABLE>
The accompanying notes are an integral part of the financial statements.
F2
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
MARKET % OF NET
EQUITY INVESTMENTS COUNTRY SHARES VALUE ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Services (Continued)
Seven-Eleven Japan Ltd. ..................................... JPN 14,500 $ 927,480 0.5
RETAILERS - OTHER
British Airport Authority PLC ............................. UK 109,300 791,623 0.4
TRANSPORTATION - AIRLINES
Dixons Group PLC .......................................... UK 92,100 753,558 0.4
RETAILERS-APPAREL
Granada Group PLC ......................................... UK 52,000 695,513 0.4
LEISURE & TOURISM
Storehouse PLC ............................................ UK 133,600 662,047 0.3
RETAILERS - OTHER
The Warehouse Group Ltd. .................................. NZ 332,700 594,720 0.3
RETAILERS - OTHER
Cordiant PLC .............................................. UK 297,000 507,219 0.3
BROADCASTING & PUBLISHING
Rentokil Group PLC ........................................ UK 63,000 399,558 0.2
CONSUMER SERVICES
Fast Retailing Co., Ltd. .................................. JPN 3,000 126,007 0.1
RETAILERS-APPAREL
Securitas AB "B" .......................................... SWDN 4,860 102,062 0.1
BUSINESS & PUBLIC SERVICES
ASSA Abloy AB "B" ......................................... SWDN 5,730 83,107 --
BUSINESS & PUBLIC SERVICES
------------
33,291,243
------------
Health Care (9.9%)
Sola International, Inc.-/- ............................... US 180,000 5,175,000 2.7
MEDICAL TECHNOLOGY & SUPPLIES
Sandoz AG - Registered .................................... SWTZ 2,855 3,267,358 1.7
PHARMACEUTICALS
Bayer AG .................................................. GER 73,900 2,612,896 1.4
PHARMACEUTICALS
Takeda Chemical Industries ................................ JPN 146,000 2,591,874 1.3
PHARMACEUTICALS
Sanofi S.A. ............................................... FR 20,360 1,528,188 0.8
PHARMACEUTICALS
Siemens AG - New .......................................... GER 27,870 1,490,482 0.8
MEDICAL TECHNOLOGY & SUPPLIES
Roche Holdings AG Genusscheine ............................ SWTZ 181 1,381,674 0.7
PHARMACEUTICALS
M.L. Laboratories PLC-/- .................................. UK 150,291 987,007 0.5
PHARMACEUTICALS
------------
19,034,479
------------
Materials/Basic Industry (9.4%)
Eastman Kodak Co. ......................................... US 52,800 4,105,200 2.1
MISC. MATERIALS & COMMODITIES
Hercules, Inc. ............................................ US 51,100 2,823,275 1.5
CHEMICALS
Hoechst AG ................................................ GER 65,200 2,213,077 1.2
CHEMICALS
Western Mining Corporation Holdings Ltd. .................. AUSL 265,000 1,894,642 1.0
METALS - NON-FERROUS
UPM-Kymmene Oy-/- ......................................... FIN 70,820 1,476,277 0.8
FOREST PRODUCTS
</TABLE>
The accompanying notes are an integral part of the financial statements.
F3
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
MARKET % OF NET
EQUITY INVESTMENTS COUNTRY SHARES VALUE ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Materials/Basic Industry (Continued)
Kimberly-Clark de Mexico, S.A. de C.V. "A" ................ MEX 73,000 $ 1,329,024 0.7
PAPER/PACKAGING
Pilkington PLC ............................................ UK 400,000 1,124,049 0.6
BUILDING MATERIALS & COMPONENTS
SGL Carbon AG ............................................. GER 9,250 1,083,081 0.6
METALS - NON-FERROUS
Fletcher Challenge Paper-/- ............................... AUSL 512,000 997,612 0.5
PAPER/PACKAGING
Siam Cement Co., Ltd. - Foreign ........................... THAI 17,300 849,322 0.4
CEMENT
------------
17,895,559
------------
Multi-Industry/Miscellaneous (8.0%)
General Electric Co. ...................................... US 31,300 2,707,450 1.4
CONGLOMERATE
ITT Corp. (ITT Destinations, Inc.)-/- ..................... US 35,700 2,365,125 1.2
CONGLOMERATE
ROC Taiwan Fund-/- ........................................ US 204,800 2,329,600 1.2
COUNTRY FUNDS
Polaroid Corp. ............................................ US 50,000 2,281,250 1.2
MISCELLANEOUS
Citic Pacific Ltd. ........................................ HK 394,000 1,593,205 0.8
CONGLOMERATE
Straits Steamship Land Ltd. ............................... SING 297,000 993,860 0.5
CONGLOMERATE
Swire Pacific Ltd. "A" .................................... HK 112,000 958,594 0.5
MULTI-INDUSTRY
ITT Industries, Inc. ...................................... US 35,700 896,963 0.5
CONGLOMERATE
Parkway Holdings Ltd. ..................................... SING 264,000 786,104 0.4
MULTI-INDUSTRY
United Industrial Corp. ................................... SING 401,000 409,387 0.2
CONGLOMERATE
Kinnevik AB "B" Free ...................................... SWDN 7,800 235,099 0.1
MULTI-INDUSTRY
Hutchison Whampoa ......................................... HK 6,000 37,749 --
MULTI-INDUSTRY
------------
15,594,386
------------
Energy (7.0%)
Pacific Gas and Electric Co. .............................. US 130,700 3,038,775 1.6
ELECTRICAL & GAS UTILITIES
Sonat Offshore Drilling Co. ............................... US 53,800 2,716,900 1.4
OIL
Elektrowatt AG ............................................ SWTZ 4,357 1,613,317 0.8
ELECTRICAL & GAS UTILITIES
ABB Asea Brown Boveri Ltd. - Bearer ....................... SWTZ 1,234 1,527,697 0.8
ENERGY EQUIPMENT & SERVICES
RWE AG .................................................... GER 38,200 1,490,107 0.8
ELECTRICAL & GAS UTILITIES
United Utilities PLC ...................................... UK 125,700 1,056,770 0.6
ENERGY SOURCES
Korea Electric Power Corp. ................................ KOR 26,000 1,050,259 0.5
ELECTRICAL & GAS UTILITIES
</TABLE>
The accompanying notes are an integral part of the financial statements.
F4
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
MARKET % OF NET
EQUITY INVESTMENTS COUNTRY SHARES VALUE ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Energy (Continued)
Yukong Ltd. ................................................. KOR 28,546 $ 837,725 0.4
OIL
National Power PLC ........................................ UK 30,600 247,042 0.1
ELECTRICAL & GAS UTILITIES
------------
13,578,592
------------
Capital Goods (7.0%)
Canon, Inc. ............................................... JPN 106,000 2,211,567 1.2
OFFICE EQUIPMENT
Bic ....................................................... FR 14,739 2,096,150 1.1
OFFICE EQUIPMENT
Boeing Co. ................................................ US 22,800 1,986,450 1.0
AEROSPACE/DEFENSE
Allen Group, Inc. ......................................... US 81,900 1,781,325 0.9
TELECOM EQUIPMENT
Lockheed Martin Corp. ..................................... US 17,200 1,444,800 0.8
AEROSPACE/DEFENSE
Murata Manufacturing Co., Ltd. ............................ JPN 37,000 1,405,106 0.7
ELECTRICAL PLANT/EQUIPMENT
Premier Farnell PLC ....................................... UK 87,368 918,307 0.5
INDUSTRIAL COMPONENTS
Smiths Industries PLC ..................................... UK 78,290 855,708 0.4
AEROSPACE/DEFENSE
Telefonaktiebolaget LM Ericsson "B" ....................... SWDN 36,683 792,529 0.4
TELECOM EQUIPMENT
------------
13,491,942
------------
Consumer Non-Durables (5.5%)
Amway Japan Ltd. .......................................... JPN 64,400 3,241,215 1.7
HOUSEHOLD PRODUCTS
Gucci Group - NY Registered Shares-/- {\/} ................ ITLY 31,690 2,044,005 1.1
TEXTILES & APPAREL
Heineken N.V. ............................................. NETH 6,938 1,551,996 0.8
BEVERAGES - ALCOHOLIC
Reliance Industries Ltd. - 144A ADR{.} -/- {\/} ........... IND 113,500 1,447,125 0.8
TEXTILES & APPAREL
B.A.T. Industries PLC ..................................... UK 152,500 1,186,190 0.6
TOBACCO
Giordano International Ltd. ............................... HK 964,000 934,048 0.5
TEXTILES & APPAREL
------------
10,404,579
------------
Consumer Durables (3.7%)
Volkswagen AG ............................................. GER 3,964 1,474,570 0.8
AUTOMOBILES
Samsung Electronics Co.: .................................. KOR -- -- 0.7
CONSUMER ELECTRONICS
Common-/- ............................................... -- 9,559 802,673 --
Preferred-/- ............................................ -- 7,290 319,897 --
Bonus-/- ................................................ -- 2,880 229,080 --
Preferred - Bonus-/- .................................... -- 2,197 93,505 --
Sharp Corp. ............................................... JPN 74,000 1,300,146 0.7
CONSUMER ELECTRONICS
</TABLE>
The accompanying notes are an integral part of the financial statements.
F5
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
<TABLE>
<CAPTION>
MARKET % OF NET
EQUITY INVESTMENTS COUNTRY SHARES VALUE ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Consumer Durables (Continued)
Bridgestone Corp. ........................................... JPN 65,000 $ 1,243,137 0.6
AUTO PARTS
PSA Peugeot Citroen S.A. .................................. FR 9,067 1,215,401 0.6
AUTOMOBILES
Garphyttan Industrier AB .................................. SWDN 35,100 540,906 0.3
AUTO PARTS
------------
7,219,315
------------
Technology (1.7%)
S.M.H. AG - Bearer-/- ..................................... SWTZ 3,696 2,571,593 1.3
SEMICONDUCTORS
Group Axime-/- ............................................ FR 5,470 766,226 0.4
COMPUTERS & PERIPHERALS
------------
3,337,819
------------ -----
TOTAL EQUITY INVESTMENTS (cost $149,219,778) ................ 172,198,908 89.6
------------ -----
<CAPTION>
NO. OF MARKET % OF NET
RIGHTS COUNTRY RIGHTS VALUE ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Carrefour Supermarche Rights, expire 7/2/96 (cost
$477,549)-/- ............................................. FR 2,437 674,205 0.4
------------ -----
RETAILERS - FOOD
<CAPTION>
NO. OF MARKET % OF NET
WARRANTS COUNTRY WARRANTS VALUE ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Straits Steamship Land Ltd. Warrants, expire 12/12/00 (cost
$41,831)-/- .............................................. SING 74,250 93,174 --
------------ -----
CONGLOMERATE
<CAPTION>
MARKET % OF NET
REPURCHASE AGREEMENT VALUE ASSETS
- ------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C> <C>
Dated June 28, 1996, with State Street Bank & Trust Co.,
due July 1, 1996, for an effective yield of 5.2%,
collateralized by $18,365,000 U.S. Treasury Bills,
effective yield 7.37% due 8/22/92 (market value of
collateral is $18,174,702, including accrued interest).
(cost $17,823,720) ....................................... 17,823,720 9.3
------------ -----
TOTAL INVESTMENTS (cost $167,562,878) * ..................... 190,790,007 99.3
Other Assets and Liabilities ................................ 1,430,837 0.7
------------ -----
NET ASSETS .................................................. $192,220,844 100.0
------------ -----
------------ -----
</TABLE>
- --------------
-/- 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 $168,144,956 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 26,871,046
Unrealized depreciation: (4,225,995)
-------------
Net unrealized appreciation: $ 22,645,051
-------------
-------------
</TABLE>
Abbreviation:
ADR--American Depository Receipt
The accompanying notes are an integral part of the financial statements.
F6
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
The Fund's Portfolio of Investments at June 30, 1996, was concentrated in the
following countries:
<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS {D}
-------------------------------------------
FIXED INCOME,
RIGHTS & SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY WARRANTS & OTHER TOTAL
- -------------------------------------- ------ ------------- ---------- -----
<S> <C> <C> <C> <C>
Australia (AUSL/AUD) ................. 1.5 1.5
Finland (FIN/FIM) .................... 0.8 0.8
France (FR/FRF) ...................... 6.0 0.4 6.4
Germany (GER/DEM) .................... 5.6 5.6
Hong Kong (HK/HKD) ................... 4.0 4.0
India (IND/INR) ...................... 0.8 0.8
Italy (ITLY/ITL) ..................... 1.8 1.8
Japan (JPN/JPY) ...................... 12.0 12.0
Korea (KOR/KRW) ...................... 1.6 1.6
Mexico (MEX/MXN) ..................... 1.3 1.3
Netherlands (NETH/NLG) ............... 4.4 4.4
New Zealand (NZ/NZD) ................. 0.8 0.8
Norway (NOR/NOK) ..................... 0.6 0.6
Portugal (PORT/PTE) .................. 0.9 0.9
Singapore (SING/SGD) ................. 3.0 3.0
Spain (SPN/ESP) ...................... 2.8 2.8
Sweden (SWDN/SEK) .................... 2.4 2.4
Switzerland (SWTZ/CHF) ............... 6.5 6.5
Thailand (THAI/THB) .................. 2.2 2.2
United Kingdom (UK/GBP) .............. 9.5 9.5
United States & Other (US/USD) ....... 21.1 10.0 31.1
------ ----- ----- -----
Total ............................... 89.6 0.4 10.0 100.0
------ ----- ----- -----
------ ----- ----- -----
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $192,220,844.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
UNREALIZED
MARKET VALUE CONTRACT DELIVERY APPRECIATION
CONTRACTS TO SELL: (U.S. DOLLARS) PRICE DATE (DEPRECIATION)
- ---------------------------------------- -------------- ----------- -------- --------------
<S> <C> <C> <C> <C>
French Francs........................... 3,898,228 5.14610 08/06/96 $ (11,790)
French Francs........................... 2,379,417 5.18000 08/19/96 (24,205)
Japanese Yen............................ 4,062,958 105.65000 07/08/96 139,598
Japanese Yen............................ 2,762,142 103.67800 08/09/96 131,432
Japanese Yen............................ 2,946,631 103.60000 08/14/96 140,241
Japanese Yen............................ 4,433,150 107.41200 08/30/96 35,624
Swiss Francs............................ 4,348,919 1.24000 09/19/96 5,920
-------------- --------------
Total Contracts to Sell (Receivable
amount $25,248,265).................. 24,831,445 416,820
-------------- --------------
THE VALUE OF CONTRACTS TO SELL AS
PERCENTAGE OF NET ASSETS IS 12.92%
Total Open Forward Foreign Currency
Contracts, Net....................... $ 416,820
--------------
--------------
</TABLE>
- ----------------
See Note 1 to the financial statements.
The accompanying notes are an integral part of the financial statements.
F7
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
STATEMENT OF ASSETS
AND LIABILITIES
June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Assets:
Investments in securities, at value (cost $167,562,878)(Note 1)........................... $ 190,790,007
U.S. currency................................................................. $ 230 --
Foreign currencies (cost $4,738,831).......................................... 4,739,068 4,739,298
----------
Receivable for securities sold............................................................ 4,079,484
Dividends and dividend withholding tax reclaims receivable................................ 596,318
Receivable for open forward foreign currency contracts, net (Note 1)...................... 416,820
Receivable for Fund shares sold........................................................... 64,344
Miscellaneous receivable.................................................................. 21,310
Cash held as collateral for securities loaned (Note 1).................................... 11,698,131
--------------
Total assets............................................................................ 212,405,712
--------------
Liabilities:
Payable for securities purchased.......................................................... 4,763,538
Payable for Fund shares repurchased....................................................... 3,121,314
Payable for printing and postage expenses................................................. 158,662
Payable for investment management and administration fees (Note 2)........................ 155,736
Payable for service and distribution expenses (Note 2).................................... 85,425
Payable for transfer agent fees (Note 2).................................................. 71,271
Payable for forward foreign currency contracts -- closed (Note 1)......................... 46,157
Payable for professional fees............................................................. 26,802
Payable for custodian fees (Note 1)....................................................... 14,523
Payable for registration and filing fees.................................................. 8,916
Payable for Trustees' fees and expenses (Note 2).......................................... 5,805
Payable for insurance expenses............................................................ 4,998
Payable for fund accounting fees (Note 2)................................................. 3,934
Other accrued expenses.................................................................... 19,656
Collateral for securities loaned (Note 1)................................................. 11,698,131
--------------
Total liabilities....................................................................... 20,184,868
--------------
Net assets.................................................................................. $ 192,220,844
--------------
--------------
Class A:
Net asset value and redemption price per share ($134,560,187 DIVIDED BY 7,657,580 shares
outstanding)............................................................................... $ 17.57
--------------
--------------
Maximum offering price per share (100/95.25 of $17.57) *.................................... $ 18.45
--------------
--------------
Class B:+
Net asset value and offering price per share ($55,922,425 DIVIDED BY 3,255,109 shares
outstanding)............................................................................... $ 17.18
--------------
--------------
Advisor Class:
Net asset value, offering price per share, and redemption price per share ($1,738,232
DIVIDED BY 98,464 shares outstanding)...................................................... $ 17.65
--------------
--------------
Net assets consist of:
Paid in capital (Note 4).................................................................. $ 150,193,200
Undistributed net investment income....................................................... 236,781
Accumulated net realized gain on investments and foreign currency transactions............ 18,163,576
Net unrealized appreciation on translation of assets and liabilities in foreign
currencies............................................................................... 400,158
Net unrealized appreciation of investments................................................ 23,227,129
--------------
Total -- representing net assets applicable to capital shares outstanding................... $ 192,220,844
--------------
--------------
<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.
F8
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
STATEMENT OF OPERATIONS
Six months ended June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment income: (Note 1)
Dividend income (net of foreign withholding tax of $232,923)............................... $ 1,903,753
Interest income............................................................................ 268,041
-------------
Total investment income.................................................................. 2,171,794
-------------
Expenses:
Investment management and administration fees (Note 2)..................................... 972,509
Service and distribution expenses: (Note 2)
Class A..................................................................... $ 247,773
Class B..................................................................... 280,837 528,610
-----------
Transfer agent fees (Note 2)............................................................... 279,552
Printing and postage expenses.............................................................. 81,759
Custodian fees (Note 1).................................................................... 74,277
Registration and filing fees............................................................... 31,433
Audit fees................................................................................. 25,844
Fund accounting fees (Note 2).............................................................. 25,013
Trustees' fees and expenses (Note 2)....................................................... 7,644
Legal fees................................................................................. 5,824
Insurance expenses......................................................................... 1,586
Other expenses............................................................................. 8,185
-------------
Total expenses before reductions......................................................... 2,042,236
-------------
Expense reductions (Notes 1 & 5)....................................................... (107,223)
-------------
Total net expenses....................................................................... 1,935,013
-------------
Net investment income........................................................................ 236,781
-------------
Net realized and unrealized gain (loss) on investments and foreign currencies:
(Note 1)
Net realized gain on investments.............................................. 11,445,906
Net realized gain on foreign currency transactions............................ 2,437,174
-----------
Net realized gain during the period...................................................... 13,883,080
Net change in unrealized appreciation on translation of assets and liabilities
in foreign currencies........................................................ 15,452
Net change in unrealized appreciation of investments.......................... (5,444,556)
-----------
Net unrealized depreciation during the period............................................ (5,429,104)
-------------
Net realized and unrealized gain on investments and foreign currencies....................... 8,453,976
-------------
Net increase in net assets resulting from operations......................................... $ 8,690,757
-------------
-------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F9
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1995
---------------- ------------------
<S> <C> <C>
Decrease in net assets
Operations:
Net investment income (loss).................................................. $ 236,781 $ (458,117)
Net realized gain on investments and foreign currency transactions............ 13,883,080 9,995,501
Net change in unrealized appreciation (depreciation) on translation of assets
and liabilities in foreign currencies........................................ 15,452 (595,367)
Net change in unrealized appreciation (depreciation) of investments........... (5,444,556) 11,340,575
---------------- ------------------
Net increase in net assets resulting from operations........................ 8,690,757 20,282,592
---------------- ------------------
Class A:
Distributions to shareholders: (Note 1)
From net realized gain on investments......................................... -- (3,836,040)
Class B:
Distributions to shareholders: (Note 1)
From net realized gain on investments......................................... -- (1,484,807)
Advisor Class:
Distributions to shareholders:
From net realized gain on investments......................................... -- (44,576)
---------------- ------------------
Total distributions......................................................... -- (5,365,423)
---------------- ------------------
Capital share transactions: (Note 4)
Increase from capital shares sold and reinvested.............................. 75,774,004 134,626,823
Decrease from capital shares repurchased...................................... (96,013,986) (180,807,770)
---------------- ------------------
Net decrease from capital share transactions................................ (20,239,982) (46,180,947)
---------------- ------------------
Total decrease in net assets.................................................... (11,549,225) (31,263,778)
Net assets:
Beginning of period........................................................... 203,770,069 235,033,847
---------------- ------------------
End of period *............................................................... $192,220,844 $ 203,770,069
---------------- ------------------
---------------- ------------------
*Including undistributed net investment income of............................. $ 236,781 $ 0
---------------- ------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F10
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, 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 30, YEAR ENDED DECEMBER 31,
1996 ----------------------------------------------------------
(UNAUDITED) 1995 * 1994 1993 * 1992 1991
----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 16.82 $ 15.53 $ 17.47 $ 14.47 $ 14.07 $ 11.83
----------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income (loss).......... 0.04 0.00 0.00 0.04 0.07 0.10
Net realized and unrealized gain
(loss) on investments................ 0.71 1.74 (1.16) 3.92 0.39 2.29
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) from
investment operations.............. 0.75 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.......... $ 17.57 $ 16.82 $ 15.53 $ 17.47 $ 14.47 $ 14.07
----------- ---------- ---------- ---------- ---------- ----------
----------- ---------- ---------- ---------- ---------- ----------
Total investment return (c)............. 4.46%(a) 11.23% (6.65)% 27.6% 3.3% 20.3%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 134,560 $ 145,982 $ 182,467 $ 193,997 $ 141,310 $ 126,868
Ratio of net investment income (loss) to
average net assets..................... 0.42%(b) (0.06)% (0.01)% 0.9% 0.5% 0.8%
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 1.76%(b) 1.87% 1.81% 1.9% 2.1% 2.0%
Without expense reductions............ 1.87%(b) 1.93% 1.84% --** --** --**
Portfolio turnover rate++++............. 88%(b) 113% 86% 92% 95% 122%
Average commission rate paid on
portfolio transactions++++............. $ 0.0248 N/A N/A N/A N/A N/A
</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 rate and average commision rate are 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.
N/A Not applicable.
The accompanying notes are an integral part of the financial statements.
F11
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
CLASS B++ ADVISOR CLASS+++
-------------------------------------------------- --------------------------
SIX MONTHS APRIL 1, SIX MONTHS
ENDED YEAR ENDED 1993 ENDED JUNE 1, 1995
JUNE 30, DECEMBER 31, TO JUNE 30, TO
1996 --------------------- DECEMBER 31, 1996 DECEMBER 31,
(UNAUDITED) 1995 * 1994 1993 * (UNAUDITED) 1995 *
----------- --------- --------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 16.50 $ 15.34 $ 17.39 $ 15.67 $ 16.86 $ 15.26
----------- --------- --------- ------------ ----------- ------------
Income from investment operations:
Net investment income (loss).......... (0.03) (0.12) (0.11) (0.04) 0.08 0.03
Net realized and unrealized gain
(loss) on investments................ 0.71 1.73 (1.16) 2.72 0.71 2.02
----------- --------- --------- ------------ ----------- ------------
Net increase (decrease) from
investment operations.............. 0.68 1.61 (1.27) 2.68 0.79 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.......... $ 17.18 $ 16.50 $ 15.34 $ 17.39 $ 17.65 $ 16.86
----------- --------- --------- ------------ ----------- ------------
----------- --------- --------- ------------ ----------- ------------
Total investment return (c)............. 4.12%(a) 10.52% (7.32)% 17.3% (a) 4.69% (a) 13.46% (a)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 55,922 $ 56,095 $ 52,567 $20,592 $ 1,738 $ 1,693
Ratio of net investment income (loss) to
average net assets..................... (0.23)%(b) (0.71)% (0.66)% (0.4)% (b) 0.77% (b) 0.29% (b)
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 2.41%(b) 2.52% 2.46% 2.5% (b) 1.41% (b) 1.52% (b)
Without expense reductions............ 2.52%(b) 2.58% 2.49% --* * 1.52% (b) 1.58% (b)
Portfolio turnover rate++++............. 88%(b) 113% 86% 92% 88% (b) 113%
Average commission rate paid on
portfolio transactions++++............. $ 0.0248 N/A N/A N/A $0.0248 N/A
</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 rate and average commision rate are 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.
N/A Not applicable.
The accompanying notes are an integral part of the financial statements.
F12
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
NOTES TO
FINANCIAL STATEMENTS
June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
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. 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 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") 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 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 period
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
F13
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
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 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 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 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.
(H) PORTFOLIO SECURITIES LOANED
At June 30, 1996, stocks with an aggregate value of approximately $11,142,257
were on loan to brokers. The loans were secured by cash collateral of
$11,698,131, 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 period ended June 30, 1996, the Fund received securities lending fees of
$43,601, which were used to reduce custodian fees.
F14
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
(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
F15
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
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
fluctuation, 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 state in which the Fund's shares are offered for sale,
based on the average net asset value of the Fund.
GT Global, 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 period ended June 30, 1996, GT Global retained $13,448
of such sales charges. Purchases of Class A shares exceeding $500,000 may by
subject to a contingent deferred sales charge ("CDSC") upon redemption, in
accordance with the Fund's current prospectus. GT Global collected such CDSCs in
the amount of $204 for the period ended June 30, 1996. 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 CDSCs, in accordance with the Fund's current
prospectus. For the period ended June 30, 1996, GT Global collected CDSCs in the
amount of $129,929. 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
F16
<PAGE>
GT GLOBAL WORLDWIDE GROWTH FUND
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.
LGT is the 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 and
0.02% to the assets in excess of $5 billion and allocating the result according
to the Fund's average daily net assets.
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.
3. PURCHASES AND SALES OF SECURITIES
For the period ended June 30, 1996, purchases and sales of investment securities
by the Fund, other than U.S. government obligations and short-term investments,
aggregated $80,263,409 and $97,458,861 respectively. There were no purchases or
sales of U.S. government obligations by the Fund during the period.
4. CAPITAL SHARES
At June 30, 1996, 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
JUNE 30, 1996 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1995
----------------------------- -----------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------- ------------ --------------- ------------ ---------------
<S> <C> <C> <C> <C>
Shares sold............................. 3,927,454 $ 67,607,654 6,947,488 $ 112,415,112
Shares issued in connection with
reinvestment of distributions......... -- -- 198,449 3,306,220
------------ --------------- ------------ ---------------
3,927,454 67,607,654 7,145,937 115,721,332
Share repurchased....................... (4,949,357) (85,366,492) (10,218,028) (163,317,151)
------------ --------------- ------------ ---------------
Net decrease............................ (1,021,903) $ (17,758,838) (3,072,091) $ (47,595,819)
------------ --------------- ------------ ---------------
------------ --------------- ------------ ---------------
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1995
----------------------------- -----------------------------
CLASS B SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------- ------------ --------------- ------------ ---------------
<S> <C> <C> <C> <C>
Shares sold............................. 479,378 $ 8,079,019 1,002,715 $ 15,948,611
Shares issued in connection with
reinvestment of distributions......... -- -- 79,120 1,293,841
------------ --------------- ------------ ---------------
479,378 8,079,019 1,081,835 17,242,452
Share repurchased....................... (624,577) (10,525,548) (1,107,459) (17,390,637)
------------ --------------- ------------ ---------------
Net decrease............................ (145,199) $ (2,446,529) (25,624) $ (148,185)
------------ --------------- ------------ ---------------
------------ --------------- ------------ ---------------
<CAPTION>
SIX MONTHS ENDED JUNE 1, 1995
JUNE 30, 1996 (COMMENCEMENT OF SALE OF
(UNAUDITED) SHARES) TO DECEMBER 31, 1995
----------------------------- -----------------------------
ADVISOR CLASS SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------- ------------ --------------- ------------ ---------------
<S> <C> <C> <C> <C>
Shares sold............................. 5,071 $ 87,331 103,579 $ 1,618,463
Shares issued in connection with
reinvestment of distributions......... -- -- 2,669 44,576
------------ --------------- ------------ ---------------
5,071 87,331 106,248 1,663,039
Share repurchased....................... (6,991) (121,946) (5,864) (99,982)
------------ --------------- ------------ ---------------
Net increase (decrease)................. (1,920) $ (34,615) 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 period ended June 30, 1996, the Fund's expenses were
reduced by $63,622 under these arrangements.
F17
<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
GT GLOBAL WORLDWIDE GROWTH FUND
WORSR60832M
