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[LOGO]
G.T. GLOBAL DOLLAR FUND
Fifty California Street, 27th Floor
San Francisco, California 94111
General Telephone No. 415/392-6181
General Fund Information 800/824-1580
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REPORT FROM THE FUND MANAGERS
The G.T. Global Dollar Fund's investment objective is to maximize current
income with liquidity and conservation of capital.
The Fund's total return for the six months ended June 30, 1995, was 2.53%
for Class A shares and 2.15% for Class B shares. For Advisor Class* shares,
which became available June 1, 1995, total return since inception was 0.43%. As
of June 30, 1995, the Fund's SEC seven-day yield was 5.41% for Class A shares,
4.63% for Class B shares and 5.42% for Advisor Class shares. Because it invests
only in short-term debt obligations with maturities of 13 months or less, the
Fund's performance generally reflects the level of short-term interest rates.
Early in the first half of 1995, the Federal Reserve Bank hiked the Fed
funds rate for the seventh time since February 1994, to 6.00%. Since this last
0.50% increase in rates, the economy has shown signs of moderation which, in
turn, have caused optimism about a soft landing, where growth slows to a
moderate, sustainable rate. In line with this scenario, the Federal Reserve
eased rates 0.25% on July 6, 1995. Officials have indicated they may continue to
ease gradually to sustain growth.
Due to the Fund's liquidity requirement, a large portion of assets will be
kept in instruments under 30 days, while the remainder will be allocated to
slightly longer maturities to lock in yields in case of Fed easing.
The Fund's strategy remains conservative. We continue to invest only 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.
GARY KREPS JEFF GORMAN
CHIEF INVESTMENT OFFICER PORTFOLIO MANAGER
GLOBAL FIXED INCOME SAN FRANCISCO
SAN FRANCISCO
JULY 19, 1995
Notice to shareholders: To reduce Fund expenses, only one copy of this report is
being mailed to each address, even if there is more than one account at that
address. For additional copies of this report, please call 1-800-223-2138.
--------------
* Advisor Class shares are not sold directly to the general public and are only
available through certain employee benefit plans, financial institutions and
other entities that have entered into specific agreements with G.T. Global.
Please see the "Alternative Purchase Plan" section in the Fund's prospectus.
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<PAGE>
G.T. GLOBAL DOLLAR FUND
PORTFOLIO OF INVESTMENTS
June 30, 1995 (Unaudited)
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<TABLE>
<CAPTION>
Effective Maturity Principal Market % of Net
Short-Term Investments Yield Date Amount Value Assets *
------------------------------------------------ --------- --------- ----------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Commercial Paper - Discounted (58.3%)
Federal National Mortgage Association......... 5.88% 05-Sep-95 17,000,000 $ 16,818,610 4.7
Minnesota Mining & Manufacturing Co........... 6.09% 12-Jul-95 15,000,000 14,972,500 4.2
Emerson Electric Co........................... 6.02% 17-Jul-95 15,000,000 14,960,658 4.2
Ford Motor Credit Co.......................... 6.02% 10-Jul-95 14,000,000 13,979,245 3.9
General Electric Capital Corp................. 5.97% 06-Sep-95 14,000,000 13,848,357 3.9
Philip Morris Cos., Inc....................... 6.18% 03-Jul-95 13,600,000 13,595,391 3.8
Unilever Capital Corp......................... 6.00% 04-Aug-95 13,000,000 12,927,684 3.6
Banc One Corp................................. 6.05% 21-Jul-95 12,000,000 11,960,333 3.3
Coca Cola Co.................................. 6.09% 31-Aug-95 12,000,000 11,881,050 3.3
Toronto Dominion Holdings USA, Inc............ 5.99% 18-Sep-95 12,000,000 11,846,477 3.3
AT&T Corp..................................... 6.04% 11-Jul-95 10,000,000 9,983,472 2.8
Motorola Inc.................................. 6.03% 25-Jul-95 9,000,000 8,964,480 2.5
PHH Corp...................................... 6.07% 25-Jul-95 9,000,000 8,964,240 2.5
Shell Oil Co.................................. 5.97% 05-Jul-95 8,000,000 7,994,756 2.2
E.I. DuPont de Nemours & Co................... 6.03% 07-Jul-95 8,000,000 7,992,067 2.2
Shell Oil Co.................................. 5.95% 11-Aug-95 6,000,000 5,960,162 1.7
E.I. DuPont de Nemours & Co................... 6.03% 26-Jul-95 5,000,000 4,979,410 1.4
Procter & Gamble Co........................... 6.01% 04-Aug-95 5,000,000 4,972,139 1.4
AT&T Corp..................................... 6.02% 10-Aug-95 5,000,000 4,967,222 1.4
Ameritech Corp................................ 5.97% 06-Jul-95 2,400,000 2,398,033 0.7
Motorola, Inc................................. 6.03% 12-Jul-95 2,400,000 2,395,644 0.7
E.I. DuPont de Nemours & Co................... 6.04% 04-Aug-95 2,000,000 1,988,818 0.6
------------ -----
Total Commercial Paper - Discounted (amortized
cost $208,350,748)............................. 208,350,748 58.3
------------ -----
Medium-Term Notes - Floating Rate (12.9%)
Federal Farm Credit Corp...................... 5.99% 14-Nov-95 24,200,000 24,189,778 6.8
Merrill Lynch................................. 5.94% 18-Nov-95 17,000,000 16,998,316 4.8
PHH Corp...................................... 5.86% 19-Oct-95 4,500,000 4,500,000 1.3
------------ -----
Total Medium-Term Notes (amortized cost
$45,688,094)................................... 45,688,094 12.9
------------ -----
Treasury Bills (12.1%)
United States Treasury Bill................... 5.60% 28-Sep-95 44,000,000 43,407,161 12.1
------------ -----
Total Treasury Bills (amortized cost
$43,407,161)................................... 43,407,161 12.1
------------ -----
Market % of Net
Repurchase Agreement (25.3%) Value Assets *
------------------------------------------------ ------------ -------------
Dated June 30, 1995 with State Street Bank &
Trust Company, due July 3, 1995, for an
effective yield of 6.10% collateralized by
$67,830,000 United States Treasury Bond,
9.875% due 11/15/15 (market value of
collateral is $92,319,994, including accrued
interest). (cost $90,502,333)................. 90,502,333 25.3
------------ -----
Total Short-Term Investments (cost
$387,948,336)(DELTA)........................... 387,948,336 108.6
Other Assets and Liabilities.................... (30,627,691) (8.6)
------------ -----
Net Assets...................................... $357,320,645 100.0
------------ -----
------------ -----
<FN>
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* Percentages indicated are based on net assets of $357,320,645.
(DELTA) For Federal income tax purposes, cost is $387,948,336.
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
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G.T. GLOBAL DOLLAR FUND
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (Unaudited)
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<TABLE>
<S> <C>
ASSETS:
Investments in securities, at value (cost $297,446,003) (Note 1)............................................. $ 297,446,003
Repurchase agreement, at value and cost (Note 1)............................................................. 90,502,333
U.S. currency................................................................................................ 60,443
Receivable for Fund shares sold.............................................................................. 9,443,796
Interest receivable.......................................................................................... 370,988
Prepaid assets............................................................................................... 10,597
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Total assets................................................................................................. 397,834,160
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LIABILITIES:
Payable for Fund shares repurchased.......................................................................... 40,037,622
Payable for investment management and administration fees (Note 2)........................................... 128,639
Payable for printing and postage expenses.................................................................... 85,438
Payable for transfer agent fees (Note 2)..................................................................... 85,208
Payable for custodian and fund accounting fees............................................................... 57,964
Payable for service and distribution expenses (Note 2)....................................................... 57,890
Payable for professional fees................................................................................ 36,206
Payable for registration fees................................................................................ 4,348
Payable for Directors' fees and expenses (Note 2)............................................................ 3,352
Accrued expenses............................................................................................. 16,848
-------------
Total liabilities............................................................................................ 40,513,515
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Net assets (equivalent to $1.00 per share based on 357,336,331 shares of common stock issued and
outstanding)................................................................................................. $ 357,320,645
-------------
-------------
Class A:
Net asset value, offering and redemption price per share
($254,584,022 DIVIDED BY 254,606,381 shares outstanding).................................................... $ 1.00
-------------
-------------
Class B:+
Net asset value and offering price per share
($100,930,839 DIVIDED BY 100,924,190 shares outstanding).................................................... $ 1.00
-------------
-------------
Advisor Class (Notes 1 & 3):
Net asset value, offering and redemption price per share
($1,805,784 DIVIDED BY 1,805,760 shares outstanding)........................................................ $ 1.00
-------------
-------------
Net assets: At June 30, 1995, net assets consisted of paid in capital of $357,336,331 and accumulated net
realized losses of $15,686.
<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.
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STATEMENT OF OPERATIONS
Six months ended June 30, 1995 (Unaudited)
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<TABLE>
<S> <C> <C>
INVESTMENT INCOME: (NOTE 1)
Interest income............................................................................................... $10,244,255
-----------
Total investment income....................................................................................... 10,244,255
-----------
EXPENSES:
Investment management and administration fees (Note 2)........................................................ 852,780
Service and distribution expenses: (Note 2)
Class A.......................................................................................... $ 295,126
Class B.......................................................................................... 505,124 800,250
---------
Transfer agent fees (Note 2).................................................................................. 468,212
Registration fees............................................................................................. 153,477
Printing and postage expenses................................................................................. 74,010
Professional fees............................................................................................. 49,479
Custodian and fund accounting fees............................................................................ 41,069
Directors' fees and expenses (Note 2)......................................................................... 10,452
Other expenses................................................................................................ 14,441
-----------
Total expenses................................................................................................ 2,464,170
Expenses waived by G.T. Capital Management, Inc. -- Class A and Class B (Note 2).............................. (417,285)
-----------
Total net expenses after waiver............................................................................... 2,046,885
-----------
Net investment income........................................................................................... 8,197,370
-----------
Realized gain on investments:
Net realized gain on investments................................................................................ 2,751
-----------
Net increase in net assets resulting from operations............................................................ $ 8,200,121
-----------
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
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G.T. GLOBAL DOLLAR FUND
STATEMENTS OF CHANGES IN NET ASSETS
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<TABLE>
<CAPTION>
SIX MONTHS
ENDED
JUNE 30, 1995 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1994
--------------- ------------------
<S> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income................................................................. $ 8,197,370 $ 9,172,741
Net realized gain on investments...................................................... 2,751 2,228
--------------- ------------------
Net increase in net assets resulting from operations.................................. 8,200,121 9,174,969
--------------- ------------------
Class A:
Distributions to shareholders from (Note 1):
Net investment income............................................................... (6,007,927) (7,423,289)
Class B:
Distributions to shareholders from (Note 1):
Net investment income............................................................... (2,183,160) (1,749,452)
Advisor Class:
Distributions to shareholders from (Note 1):
Net investment income............................................................... (6,283) --
Capital share transactions (Note 3):
Increase from capital shares sold and reinvested...................................... 4,246,976,666 5,479,251,663
Decrease from capital shares repurchased.............................................. (4,320,453,184) (5,139,759,248)
--------------- ------------------
Net increase (decrease) from capital share transactions................................. (73,476,518) 339,492,415
--------------- ------------------
Total increase (decrease) in net assets................................................. (73,473,767) 339,494,643
Net assets:
Beginning of period................................................................... 430,794,412 91,299,769
--------------- ------------------
End of period......................................................................... $ 357,320,645 $ 430,794,412
--------------- ------------------
--------------- ------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
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FINANCIAL HIGHLIGHTS
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Contained below is per share operating performance data for a share outstanding,
total investment return, ratios and supplemental data. This information has been
derived from information provided in the financial statements.
<TABLE>
<CAPTION>
CLASS A+
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SIX
MONTHS
ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
1995 -------------------------------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991 1990
--------- --------- --------- --------- --------- -------------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income......... $ 0.024 $ 0.032 $ 0.022 $ 0.028 $ 0.051 $ 0.069
Distributions from net
investment income............ (0.024) (0.032) (0.022) (0.028) (0.051) (0.069)
--------- --------- --------- --------- --------- ----------
Net asset value (unchanged
during the period)........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- --------- --------- ----------
--------- --------- --------- --------- --------- ----------
Total investment return....... 2.53%(a) 3.30% 2.2% 2.8% 5.1% 6.9%
--------- --------- --------- --------- --------- ----------
--------- --------- --------- --------- --------- ----------
Ratios and supplemental data:
Net assets, end of period
(in 000's)................. $254,584 $320,858 $ 87,822 $ 81,674 $ 70,925 $123,218
Ratio of net investment income
to average net assets:
With expense waivers
(Note 2)(b)................ 5.08% 3.40% 2.17% 2.78% 5.10% 6.95%
Without expense
waivers(b)................. 4.83% 3.15% 1.46% 2.47% 4.90% 6.64%
Ratio of expenses to average
net assets:
With expense waivers
(Note 2)(b)................ 0.99% 0.92% 1.00% 1.25% 1.25% 1.25%
Without expense
waivers(b)................. 1.24% 1.17% 1.72% 1.56% 1.45% 1.56%
<CAPTION>
CLASS B++
---------------------------------------------------------------------
APRIL 1, ADVISOR CLASS+++
1993 -------------------
SIX MONTHS ENDED YEAR ENDED TO JUNE 1, 1995 TO
JUNE 30, 1995 DECEMBER 31, DECEMBER 31, JUNE 30, 1995
(UNAUDITED) 1994 1993 (UNAUDITED)
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Net investment income......... $ 0.022 $ 0.025 $ 0.010 $ 0.004
Distributions from net
investment income............ (0.022) (0.025) (0.010) (0.004)
---------- ---------- ---------- ----------
Net asset value (unchanged
during the period)........... $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Total investment return....... 2.15%(a) 2.53% 1.4%(b) 0.43%(a)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Ratios and supplemental data:
Net assets, end of period
(in 000's)................. $100,931 $109,936 $ 3,478 $ 1,806
Ratio of net investment income
to average net assets:
With expense waivers
(Note 2)(b)................ 4.33% 2.65% 1.42% 5.08%
Without expense
waivers(b)................. 4.08% 2.40% 0.86% 5.08%
Ratio of expenses to average
net assets:
With expense waivers
(Note 2)(b)................ 1.74% 1.67% 1.75% 0.99%
Without expense
waivers(b)................. 1.99% 1.92% 2.31% 0.99%
<FN>
------------------
+ All capital shares issued and outstanding as of March 31, 1993 were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
(a) Not annualized for periods of less than one year.
(b) Annualized for periods of less than one year.
</TABLE>
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G.T. GLOBAL DOLLAR FUND
NOTES TO FINANCIAL STATEMENTS -- June 30, 1995
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1. SIGNIFICANT ACCOUNTING POLICIES
G.T. Global Dollar Fund ("Fund"), formerly G.T. Money Market Fund, is a
diversified series of G.T. 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. The Fund commenced sale
of Advisor Class shares on June 1, 1995. Investment income, realized and
unrealized capital gains and losses, and the common expenses of the Fund are
allocated on a pro rata basis to each class based on the relative net assets
of each class to the total net assets of the Fund. Each class of shares
differs in its respective distribution, transfer agent, registration, and
certain other class-specific fees and expenses.
The following is a summary of significant accounting policies 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. The Fund currently has a capital loss
carryforward of $18,437 which expires in 2001.
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. G.T. Capital 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
G.T. Capital Management, Inc. ("G.T. Capital") serves as the investment
manager and administrator of the Fund. The Fund pays G.T. Capital 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.
G.T. Global Financial Services, Inc. ("G.T. Global"), an affiliate of G.T.
Capital, serves as the Fund's distributor. The Fund offers Class A shares for
purchase. Certain redemptions of Class A shares made within two years 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 G.T. 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, 1995, G.T. Global collected CDSCs
in the amount of $890,634. In addition, G.T. 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 reimburses G.T. Global for a portion of its shareholder
servicing and distribution expenses. Under the Class A Plan, the Fund may pay
G.T. Global a service fee at the annualized rate of up to 0.25% of the
average daily net assets of the Fund's Class A shares for G.T. Global's
expenditures incurred in servicing and maintaining shareholder accounts, and
may pay G.T. Global a distribution fee at the annualized rate of up to 0.25%
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 G.T. Global's
expenditures incurred in providing services as distributor. G.T. Global does
not currently intend to seek reimbursement of any amounts under the Class A
Plan. All expenses for which G.T. Global is reimbursed under the Class A Plan
will have been incurred within one year of such reimbursement.
Pursuant to the Fund's Class B Plan, the Fund may pay G.T. Global a service
fee at the annualized rate of up to 0.25% of the average daily net assets of
the Fund's Class B shares for G.T. Global's expenditures
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<PAGE>
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G.T. GLOBAL DOLLAR FUND
NOTES TO FINANCIAL STATEMENTS -- (Continued)
--------------------------------------------------------------------------------
incurred in servicing and maintaining shareholder accounts, and may pay G.T.
Global a distribution fee at the annualized rate of up to 0.75% of the average
daily net assets of the Fund's Class B shares for G.T. Global's expenditures
incurred in providing services as distributor. G.T. Global does not currently
intend to seek reimbursement 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 reimbursement in
subsequent years as long as that Plan continues in effect.
G.T. Capital and G.T. 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 G.T. Capital of its investment management and administration fees,
waivers by G.T. Global of payments under the Class A Plan and/ or Class B Plan
and/or reimbursements by G.T. Capital or G.T. Global of portions of the Fund's
other operating expenses.
G.T. Global Investor Services, Inc. ("G.T. Services"), an affiliate of G.T.
Capital and G.T. Global, is the transfer agent for the Fund.
The Company pays each of its Directors who is not an employee, officer or
director of G.T. Capital, G.T. Global or G.T. Services $1,000 per year plus
$300 for each meeting of the board or any committee thereof attended by the
Director.
3. CAPITAL SHARES
At June 30, 1995, 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, 1995 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1994
----------------- ------------------
SHARES & AMOUNT SHARES & AMOUNT
----------------- ------------------
<S> <C> <C>
CLASS A:
Shares sold........................................................................... 3,695,283,727 4,869,818,720
Shares issued in connection with reinvestment of distributions........................ 5,255,325 6,725,406
----------------- ------------------
3,700,539,052 4,876,544,126
Shares repurchased.................................................................... (3,766,813,160) (4,643,506,545)
----------------- ------------------
Net increase (decrease)............................................................... (66,274,108) 233,037,581
----------------- ------------------
----------------- ------------------
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1995 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1994
----------------- ------------------
SHARES & AMOUNT SHARES & AMOUNT
----------------- ------------------
<S> <C> <C>
CLASS B:
Shares sold........................................................................... 542,855,990 601,281,318
Shares issued in connection with reinvestment of distributions........................ 1,748,016 1,426,219
----------------- ------------------
544,604,006 602,707,537
Shares repurchased.................................................................... (553,612,176) (496,252,703)
----------------- ------------------
Net increase (decrease)............................................................... (9,008,170) 106,454,834
----------------- ------------------
----------------- ------------------
<CAPTION>
JUNE 1, 1995
(COMMENCEMENT
OF SALE OF
SHARES)
TO JUNE 30, 1995
(UNAUDITED)
-----------------
SHARES & AMOUNT
-----------------
<S> <C>
ADVISOR CLASS:
Shares sold.............................................................................. 1,825,496
Shares issued in connection with reinvestment of distributions........................... 8,112
-----------------
1,833,608
Shares repurchased....................................................................... (27,848)
-----------------
Net increase............................................................................. 1,805,760
-----------------
-----------------
</TABLE>
<PAGE>
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G.T. GLOBAL DOLLAR FUND
NOTES
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