<PAGE>
[LOGO]
GT GLOBAL DOLLAR FUND
Fifty California Street, 27th Floor
San Francisco, California 94111
General Telephone No. 415/392-6181
General Fund Information 800/824-1580
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
REPORT FROM THE FUND MANAGER
The GT Global Dollar Fund's investment objective is to maximize current
income while maintaining liquidity and conserving capital.
The Fund's total return for the six months ended June 30, 1996 was 2.23% for
Class A shares and 1.85% for Class B shares. As of June 30, 1996, the Fund's SEC
seven-day yield was 4.38% for Class A shares and 3.63% for Class B shares.
Because the Fund invests only in short-term debt obligations with remaining
maturities of 13 months or less, its performance generally reflects the level of
short-term interest rates.
During the first half of 1996, the interest rate environment experienced a
trend reversal, turning toward higher rates. On January 31, the Federal Reserve
lowered the Federal funds rate by 0.25 percentage points, to 5.25%. Since then,
the official interest rate policy has been on hold. However, spring quarter
economic reports reflect increasing growth momentum which, combined with the
collapse of efforts to pass a seven-year balanced budget plan, has led to
progressively higher yields for bonds and notes.
On this basis, our view for the coming six months calls for slightly higher
interest rates, but we see significant risk that further stock and bond market
volatility may weaken the economy and cause the Fed to hold rates steady.
Accordingly, the Fund currently intends to invest in some longer instruments to
lock in yields. Meanwhile, we plan to keep a large portion of assets in
instruments under 30 days due to the high liquidity requirements of the Fund.
The Fund's strategy remains conservative. We continue to invest in
commercial paper of large issuers, rated in the highest categories by S&P or
Moody's or of equivalent quality, and U.S. Treasury and Agency obligations. We
do not use derivatives in the management of the Fund.
<TABLE>
<S> <C>
RALF LOCHMULLER JEFF GORMAN
CHIEF INVESTMENT OFFICER PORTFOLIO MANAGER
CORE MKT. DEBT SAN FRANCISCO
SAN FRANCISCO
</TABLE>
JUNE 30, 1996
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
GT GLOBAL DOLLAR FUND
PORTFOLIO OF INVESTMENTS
June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MATURITY PRINCIPAL MARKET % OF NET
SHORT-TERM INVESTMENTS YIELD DATE AMOUNT VALUE ASSETS
- ----------------------------------------------------------------- --------- --------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Commercial Paper - Discounted (57.0%)
Pitney Bowes Credit Corp. ..................................... 5.42% 17-Sep-96 14,400,000 $ 14,233,080 6.0
Motorola Credit Corp. ......................................... 5.36% 23-Jul-96 13,494,000 13,450,047 5.7
Coca Cola Co. ................................................. 5.28% 08-Jul-96 13,400,000 13,386,321 5.6
Shell Oil Co. ................................................. 5.32% 12-Jul-96 13,400,000 13,378,422 5.6
E.I. DuPont de Nemours & Co. .................................. 5.31% 19-Jul-96 13,400,000 13,364,691 5.6
Metlife Funding, Inc. ......................................... 5.45% 18-Sep-96 13,000,000 12,846,806 5.4
AT&T Corp. .................................................... 5.34% 05-Aug-96 12,450,000 12,386,211 5.2
GE Capital Corp. .............................................. 5.46% 02-Oct-96 11,500,000 11,340,763 4.8
Transamerica Finance Corp. .................................... 5.46% 11-Oct-96 9,400,000 9,258,577 3.9
Proctor & Gamble Co. .......................................... 5.40% 28-Aug-96 8,200,000 8,129,453 3.4
Bellsouth Telecom, Inc. ....................................... 5.39% 19-Aug-96 7,500,000 7,445,488 3.1
Schering Corp. ................................................ 5.32% 29-Jul-96 6,400,000 6,374,016 2.7
------------ -----
Total Commercial Paper - Discounted (amortized cost
$135,593,875) .................................................. 135,593,875 57.0
------------ -----
Government & Government Agency Obligations (27.3%)
Federal National Mortgage Association ......................... 5.73% 20-Sep-96 14,400,000 14,395,670 6.1
Federal Home Loan Mortgage Corp. .............................. 5.29% 12-Jul-96 14,400,000 14,376,812 6.1
Sallie Mae .................................................... 5.53% 19-Jul-96 12,400,000 12,399,163 5.2
Federal Farm Credit Bank ...................................... 5.25% 23-Aug-96 10,000,000 9,923,738 4.2
Federal Farm Credit Bank ...................................... 5.25% 09-Jul-96 7,500,000 7,491,367 3.2
Federal Home Loan Bank ........................................ 5.76% 02-Oct-96 6,000,000 5,998,571 2.5
------------ -----
Total Government & Government Agency Obligations (amortized cost
$64,585,321) ................................................... 64,585,321 27.3
------------ -----
Treasury Bills (6.3%)
United States Treasury Bill ................................... 5.04% 05-Jul-96 15,000,000 14,991,650 6.3
------------ -----
Total Treasury Bills (amortized cost $14,991,650) ............... 14,991,650 6.3
------------ -----
TOTAL SHORT-TERM INVESTMENTS (cost $215,170,846) ................ 215,170,846 90.6
------------ -----
<CAPTION>
MARKET % OF NET
REPURCHASE AGREEMENT VALUE ASSETS
- ----------------------------------------------------------------- ------------ -------------
<S> <C> <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 $40,130,000 Federal Home Loan Mortgage Corp., 6.07% due
11/20/98 (market value of collateral is $39,989,026, including
accrued interest). (cost $39,199,979) ........................ 39,199,979 16.5
------------ -----
TOTAL SHORT-TERM INVESTMENTS (cost $254,370,825) * .............. 254,370,825 107.1
Other Assets and Liabilities .................................... (16,901,119) (7.1)
------------ -----
NET ASSETS ...................................................... $237,469,706 100.0
------------ -----
------------ -----
</TABLE>
- --------------
* For Federal income tax purposes, cost is $254,370,825.
The accompanying notes are an integral part of the financial statements.
F1
<PAGE>
GT GLOBAL DOLLAR FUND
STATEMENT OF ASSETS
AND LIABILITIES
June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Assets:
Investments in securities, at value (amortized cost $215,170,846)(Note 1).......... $215,170,846
Repurchase agreement, at value and cost (Note 1)................................... 39,199,979
U.S. currency...................................................................... 11,702
Receivable for Fund shares sold.................................................... 28,233,441
Interest receivable................................................................ 441,463
Receivable from LGT Asset Management, Inc.......................................... 301,877
------------
Total assets..................................................................... 283,359,308
------------
Liabilities:
Payable for Fund shares repurchased................................................ 45,088,317
Payable for investment management and administration fees (Note 2)................. 308,262
Distribution payable............................................................... 128,178
Payable for printing and postage expenses.......................................... 92,160
Payable for transfer agent fees (Note 2)........................................... 82,427
Payable for registration and filing fees........................................... 81,020
Payable for service and distribution expenses (Note 2)............................. 63,824
Payable for professional fees...................................................... 16,807
Payable for custodian fees......................................................... 13,260
Payable for fund accounting fees (Note 2).......................................... 7,941
Payable for Directors' fees and expenses (Note 2).................................. 3,484
Other accrued expenses............................................................. 3,922
------------
Total liabilities................................................................ 45,889,602
------------
Net assets........................................................................... $237,469,706
------------
------------
Class A:
Net asset value and redemption price per share ($138,695,316 DIVIDED BY 138,706,141
shares outstanding)................................................................. $ 1.00
------------
------------
Class B:+
Net asset value and offering price per share ($94,063,734 DIVIDED BY 94,071,076
shares outstanding)................................................................. $ 1.00
------------
------------
Advisor Class:
Net asset value, offering price per share, and redemption price per share ($4,710,656
DIVIDED BY 4,711,277 shares outstanding)............................................ $ 1.00
------------
------------
Net assets: At June 30, 1996, net assets consisted of paid-in capital of
$237,469,706.
<FN>
- --------------
+ 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.
F2
<PAGE>
GT GLOBAL DOLLAR FUND
STATEMENT OF OPERATIONS
Six months ended June 30, 1996 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment income: (Note 1)
Interest income......................................................................... $9,091,551
----------
Total investment income............................................................... 9,091,551
----------
Expenses:
Investment management and administration fees (Note 2).................................. 843,577
Transfer agent fees (Note 2)............................................................ 530,220
Registration and filing fees............................................................ 396,725
Service and distribution expenses (Note 2)
Class A............................................................................... 293,207
Class B............................................................................... 493,756
Printing and postage expenses........................................................... 62,066
Custodian fees (Note 4)................................................................. 59,197
Fund accounting fees (Note 2)........................................................... 42,328
Audit fees.............................................................................. 14,411
Legal fees.............................................................................. 13,640
Directors' fees and expenses (Note 2)................................................... 13,504
Insurance expenses...................................................................... 3,052
Other expenses.......................................................................... 10,494
----------
Total expenses before reductions...................................................... 2,776,177
----------
Expenses waived and reimbursed by LGT Asset Management, Inc. (Note 2)............... (719,532)
Expense reductions (Note 4)......................................................... (47,779)
----------
Total net expenses.................................................................... 2,008,866
----------
Net investment income..................................................................... 7,082,685
----------
Net increase in net assets resulting from operations...................................... $7,082,685
----------
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F3
<PAGE>
GT GLOBAL DOLLAR 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......................................................... $ 7,082,685 $ 15,708,939
---------------- -----------------
Net increase in net assets resulting from operations........................ 7,082,685 15,708,939
---------------- -----------------
Class A:
Distributions to shareholders: (Note 1)
From net investment income.................................................... (5,156,859) (11,346,132)
Class B:
Distributions to shareholders: (Note 1)
From net investment income.................................................... (1,815,611) (4,308,505)
Advisor Class: (Note 1)
Distributions to shareholders:
From net investment income.................................................... (110,215) (54,302)
---------------- -----------------
Total distributions......................................................... (7,082,685) (15,708,939)
---------------- -----------------
Capital share transactions: (Note 3)
Increase from capital shares sold and reinvested.............................. 7,376,722,610 9,659,790,290
Decrease from capital shares repurchased...................................... (7,424,260,395) (9,805,577,211)
---------------- -----------------
Net decrease from capital share transactions................................ (47,537,785) (145,786,921)
---------------- -----------------
Total decrease in net assets.................................................... (47,537,785) (145,786,921)
Net assets:
Beginning of period........................................................... 285,007,491 430,794,412
---------------- -----------------
End of period................................................................. $ 237,469,706 $ 285,007,491
---------------- -----------------
---------------- -----------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F4
<PAGE>
GT GLOBAL DOLLAR 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+
-----------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1996 ----------------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992 1991
----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net investment income................... 0.022 0.050 0.032 0.022 0.028 0.051
Distributions from net investment
income................................. (0.022) (0.050) (0.032) (0.022) (0.028) (0.051)
----------- ---------- ---------- ---------- ---------- ----------
Net asset value (unchanged during the
period)................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ---------- ---------- ---------- ---------- ----------
----------- ---------- ---------- ---------- ---------- ----------
Total investment return (a)............. 2.23% 5.08% 3.30% 2.2% 2.8% 5.1%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 138,695 $ 183,761 $ 320,858 $ 87,822 $ 81,674 $ 70,295
Ratio of net investment income to
average net assets:
With expense reductions and
reimbursement by LGT Asset
Management, Inc. (b)(Notes 2 & 4).... 4.42% 4.94% 3.40% 2.17% 2.78% 5.10%
Without expense reductions, waivers
and reimbursement by LGT Asset
Management, Inc. (b)................. 3.96% 4.66% 3.15% 1.46% 2.47% 4.90%
Ratio of expenses to average net
assets: (b)
With expense reductions, waivers and
reimbursement by LGT Asset
Management, Inc. (b)(Notes 2 & 4).... 0.97% 0.97% 0.92% 1.00% 1.25% 1.25%
Without expense reductions, waivers
and reimbursement by LGT Asset
Management, Inc. (b)................. 1.43% 1.25% 1.17% 1.72% 1.56% 1.45%
</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.
(a) Not annualized for periods of less than one year.
(b) Annualized for periods of less than one year.
The accompanying notes are an integral part of the financial statements.
F5
<PAGE>
GT GLOBAL DOLLAR FUND
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
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 B++ ADVISOR CLASS+++
-------------------------------------------------- --------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED DECEMBER APRIL 1, 1993 ENDED JUNE 1, 1995
JUNE 30, 31, TO JUNE 30, TO
1996 ---------------------- DECEMBER 31, 1996 DECEMBER 31,
(UNAUDITED) 1995 1994 1993 (UNAUDITED) 1995
----------- ---------- ---------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income................... 0.018 0.040 0.025 0.010 0.022 0.030
Distributions from net investment
income................................. (0.018) (0.040) (0.025) (0.010) (0.022) (0.030)
----------- ---------- ---------- ------------- ----------- -------------
Net asset value (unchanged during the
period)................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ---------- ---------- ------------- ----------- -------------
----------- ---------- ---------- ------------- ----------- -------------
Total investment return (a)............. 1.85% 4.29% 2.53% 1.4% 2.23% 2.92%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 94,064 $ 99,151 $ 109,936 $ 3,478 $ 4,711 $ 2,096
Ratio of net investment income to
average net assets:
With expense reductions and
reimbursement by LGT Asset
Management, Inc. (b)(Notes 2 & 4).... 3.67% 4.19% 2.65% 1.42% 4.42% 4.94%
Without expense reductions, waivers
and reimbursement by LGT Asset
Management, Inc. (b)................. 3.21% 3.91% 2.40% 0.86% 4.21% 4.91%
Ratio of expenses to average net
assets: (b)
With expense reductions, waivers and
reimbursement by LGT Asset
Management, Inc. (b)(Notes 2 & 4).... 1.72% 1.72% 1.67% 1.75% 0.97% 0.97%
Without expense reductions, waivers
and reimbursement by LGT Asset
Management, Inc. (b)................. 2.18% 2.00% 1.92% 2.31% 1.18% 1.00%
</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.
(a) Not annualized for periods of less than one year.
(b) Annualized for periods of less than one year.
The accompanying notes are an integral part of the financial statements.
F6
<PAGE>
GT GLOBAL DOLLAR FUND
NOTES TO
FINANCIAL STATEMENTS
June 30, 1996
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
GT Global Dollar Fund ("Fund") is a diversified series of GT Investment
Portfolios, Inc. ("Company"). The Company is registered under the Investment
Company Act of 1940, as amended (1940 Act), as an open-end management investment
company.
The Fund offers Class A, Class B, and Advisor Class shares, each of which has
equal rights as to assets and voting privileges. Each Class 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 followed by the
Fund in the preparation of its financial statements. The policies are in
conformity with generally accepted accounting principles.
(A) PORTFOLIO VALUATION
Securities are valued at amortized cost, which approximates market value.
(B) FEDERAL INCOME 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, and unrealized appreciation of securities held, or for excise tax on
income and capital gains.
(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 Asset Management, Inc. ("LGT") is responsible for determining
that the value of these underlying securities remains at least equal to the
resale price.
(D) OTHER
Security transactions are recorded on the trade date (date the order to buy or
sell is executed). Interest income is recorded on an accrual basis. Dividends to
shareholders from net investment income are declared daily and paid or
reinvested monthly.
2. RELATED PARTIES
LGT serves as the investment manager and administrator of the Fund. The Fund
pays LGT investment management and administration fees at the annualized rate of
0.50% of the Fund's average daily net assets. 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 sold.
GT Global, Inc., an affiliate of LGT, serves as the Fund's distributor. The Fund
offers Class A shares for purchase. Certain redemptions of Class A shares made
within one year of purchase are subject to contingent deferred sales charges
("CDSCs"), in accordance with the Fund's current prospectus. Class B shares of
the Fund are available only through an exchange of Class B shares of other GT
Global Mutual Funds. Certain redemptions of Class B shares made within six years
of purchase are also 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 $503,713. In addition, GT Global may, from time to time, make ongoing
payments to brokerage firms, financial institutions (including banks) and others
that facilitate the administration and servicing of shareholder accounts.
Pursuant to Rule 12b-1 under the 1940 Act, the Company's Board of Directors 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
pays 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 GT Global's expenditures incurred in servicing and
maintaining shareholder accounts, and may pay GT Global a distribution fee at
the annualized rate of up to 0.25% 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 GT Global's expenditures incurred in providing services as distributor.
GT Global does not currently intend to seek payment of any amounts under the
Class A Plan. All expenses for which GT Global is paid under the Class A Plan
will have been incurred within one year of such payment.
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 GT Global's 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 GT Global's expenditures incurred in providing services as
distributor. GT Global does not currently intend to seek payment of any amounts
in excess of 0.75% of average daily net assets under the Class B Plan. Expenses
incurred under the Class B Plan in excess of 1.00% annually may be carried
forward for payment in subsequent years as long as that Plan continues in
effect.
F7
<PAGE>
GT GLOBAL DOLLAR FUND
LGT and GT Global have voluntarily undertaken to limit the Fund's expenses
(exclusive of brokerage commissions, interest, taxes and extraordinary expenses)
to the annual rate of 1.00%, 1.75%, and 1.00% 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 its 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 for 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.
The Company pays each of its Directors who is not an employee, officer or
director of LGT, GT Global or GT Services $1,000 per year plus $300 for each
meeting of the board or any committee thereof attended by the Director.
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.
3. CAPITAL SHARES
At June 30, 1996, there were 2,000,000,000 shares of the Company's common stock
authorized, at $0.001 per share. Of this number, 1,500,000,000 shares have been
classified as shares of the Fund; 500 million shares have been classified as
Class A shares, 500 million have been classified as Class B shares, and 500
million have been classified as Advisor Class shares. These amounts may be
increased from time to time at the discretion of the Board of Directors.
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>
Shares sold..................................................................... 6,330,254,973 8,377,131,000
Shares issued in connection with reinvestment of distributions.................. 3,486,813 9,256,942
---------------- --------------------
6,333,741,786 8,386,387,942
Shares repurchased.............................................................. (6,378,829,752) (8,523,474,325)
---------------- --------------------
Net decrease.................................................................... (45,087,965) (137,086,383)
---------------- --------------------
---------------- --------------------
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1996 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1995
---------------- --------------------
CLASS B SHARES & AMOUNT SHARES & AMOUNT
- -------------------------------------------------------------------------------- ---------------- --------------------
<S> <C> <C>
Shares sold..................................................................... 969,440,949 1,264,724,918
Shares issued in connection with reinvestment of distributions.................. 1,068,155 3,247,874
---------------- --------------------
970,509,104 1,267,972,792
Share repurchased............................................................... (975,589,699) (1,278,753,481)
---------------- --------------------
Net decrease.................................................................... (5,080,595) (10,780,689)
---------------- --------------------
---------------- --------------------
<CAPTION>
JUNE 1, 1995
SIX MONTHS ENDED (COMMENCEMENT
JUNE 30, 1996 OF SALE OF SHARES)
(UNAUDITED) TO DECEMBER 31, 1995
---------------- --------------------
ADVISOR CLASS SHARES & AMOUNT SHARES & AMOUNT
- -------------------------------------------------------------------------------- ---------------- --------------------
<S> <C> <C>
Shares sold..................................................................... 72,395,281 5,375,327
Shares issued in connection with reinvestment of distributions.................. 77,034 54,229
---------------- --------------------
72,472,315 5,429,556
Share repurchased............................................................... (69,841,189) (3,349,405)
---------------- --------------------
Net increase.................................................................... 2,631,126 2,080,151
---------------- --------------------
---------------- --------------------
</TABLE>
4. EXPENSE REDUCTIONS
For the period ended June 30, 1996, the Fund's custody fees were offset by
$47,779 of credits on cash held at the custodian.
F8
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
GT GLOBAL DOLLAR FUND
NOTES
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
