GLOBAL ASSET MANAGEMENT(Reg. TM)
GAM FUNDS, INC.
SEMI-ANNUAL REPORT
(UNAUDITED)
FOR THE PERIOD ENDED
30TH JUNE, 1999
This report has been prepared for the information of shareholders of GAM Funds,
Inc., and is not authorized for distribution to prospective investors unless
preceded or accompanied by an effective prospectus that includes information
regarding the Funds' objectives, policies, management, records and other
information.
GAM FUNDS, INC.
Investment Adviser:
GAM International Management Limited
<PAGE>
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The GAM Group
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The GAM group was founded in April 1983 by Gilbert de Botton. GAM's
corporate policy is to attempt to harness the top investment talent in the
world, not only in-house but also outside the GAM organization, in order to
provide above average, long-term growth. The GAM group currently has
approximately US$14.1 billion under management and employs a worldwide staff of
about 526 people.
For US investors, GAM offers GAM Funds, Inc. an open-end diversified
management investment company registered under the Investment Company Act of
1940, as amended. The Fund consists of seven open-end mutual funds - GAM
International, GAM Global, GAM Europe, GAM Pacific Basin, GAM Japan Capital, GAM
North America and GAMerica Capital Funds.
For additional information about any of the GAM Funds, please contact your
financial consultant or call GAM at 1-800-426-4685 (toll-free).
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Contents
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GAM International .................................................... 3
GAM Global ........................................................... 9
GAM Europe ........................................................... 15
GAM Pacific Basin .................................................... 20
GAM Japan Capital .................................................... 25
GAM North America .................................................... 30
GAMerica Capital ..................................................... 34
Financial Statements ................................................. 38
Notes to Financial Statements ........................................ 44
<PAGE>
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GAM International Fund
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Fund Management
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[GRAPHIC OMITTED] JOHN R. HORSEMAN JOINED GAM IN 1987, INITIALLY AS A MEMBER
OF THE ASIAN TEAM BASED IN HONG KONG. SINCE MOVING TO THE
LONDON OFFICE IN 1990, HE HAS BEEN RESPONSIBLE FOR A NUMBER
OF GAM'S GLOBAL AND INTERNATIONAL FUNDS. PRIOR TO JOINING
GAM IN 1987, HE WORKED FOR BA INVESTMENT MANAGEMENT
INTERNATIONAL LTD AND WAS RESPONSIBLE FOR SOME OF THE BANK
OF AMERICA'S GLOBAL EQUITY FUNDS. HE COMMENCED MANAGEMENT OF
GAM GLOBAL AND GAM INTERNATIONAL FUNDS ON 20TH APRIL, 1990.
MR. HORSEMAN ALSO MANAGES THE OFFSHORE FUND GAM UNIVERSAL
US$ INC. HE WAS EDUCATED AT THE UNIVERSITY OF BIRMINGHAM.
PLEASE NOTE THAT FROM 20TH JULY, 1999 JEAN-PHILIPPE CREMERS
HAS TAKEN OVER MANAGEMENT OF THIS FUND.
[GRAPHIC OMITTED] JEAN-PHILIPPE CREMERS JOINED GAM IN APRIL, 1992. HE IS THE
INVESTMENT DIRECTOR RESPONSIBLE FOR GAM'S INTERNATIONAL/
GLOBAL INVESTMENTS. PRIOR TO THIS HE ANALYZED THE JAPANESE
AND US STOCK MARKETS AT THE TOKYO INVESTMENT INFORMATION
CENTRE IN HONG KONG. MR. CREMERS IS A GRADUATE IN APPLIED
MATHEMATICS FROM UNIVERSITE CATHOLIQUE DE LOUVAIN, BELGIUM
AND HAS AN MBA FROM CORNELL UNIVERSITY, NEW YORK.
The Fund's investment objective is to seek long-term capital appreciation,
generally through investment in equity securities issued by companies in
countries other than the United States, including Canada, the United Kingdom,
Continental Europe and the Pacific Basin. However, if the Fund determines that
the long-term capital appreciation of debt securities may equal or exceed the
return on equity securities, it may be substantially invested in debt securities
of companies and governments, their agencies and instrumentalities. Any income
realized by the Fund on its investments will be incidental to its goal of
long-term capital appreciation.
Investments in securities of foreign issuers involve additional risks and
expenses including currency rate fluctuations, political and economic
instability, foreign taxes and different accounting and reporting standards.
Report to Shareholders
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THE FACTS - CLASS A SHARES
<TABLE>
<CAPTION>
GAM
International
Class A
(after Average
GAM maximum MSCI 1 Month
International sales load EAFE Deposit
Class A of 5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$26.39 US$27.78 1,450.56
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% % % %
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Quarter to June, 1999 - 1.71 - 6.63 + 2.61 + 1.20
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Jan - June, 1999 -12.21 -16.60 + 4.11 + 2.43
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Average annual total return:
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1 year to June, 1999 -19.77 -23.78 + 7.92 + 5.26
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5 years to June, 1999 +11.34 +10.20 + 8.52 + 5.53
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10 years to June, 1999 + 14.20 + 13.62 + 6.95 + 5.57
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Since inception + 18.72 + 18.30 +15.46 + 6.28
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</TABLE>
Performance is calculated on a total return basis. Class A inception was on
2nd January, 1985, Class B on 26th May, 1998, Class C on 19th May, 1998 and
Class D on 18th September, 1995. Past performance is not necessarily indicative
of future performance. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost.
3
<PAGE>
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GAM International Fund - Report to Shareholders (CONTINUED)
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[GRAPHIC OMITTED]
[Plot Points for Chart]
Date INT/NTR EAF DUS INT/NTR/SL
1/2/85 10,000.00 10,000.00 10,000.00 10,000.00
1/9/85 10,013.00 10,125.28 10,020.88 9,512.35
1/16/85 9,954.00 10,153.16 10,036.96 9,456.30
1/23/85 9,960.00 10,186.75 10,053.04 9,462.00
1/30/85 10,036.00 10,256.29 10,069.11 9,534.20
2/6/85 10,018.00 10,046.36 10,085.30 9,517.10
2/13/85 9,913.00 9,875.99 10,101.47 9,417.35
2/20/85 10,217.00 10,085.00 10,117.66 9,706.15
2/27/85 10,128.00 10,258.21 10,133.84 9,621.60
3/6/85 10,043.00 10,226.03 10,150.97 9,540.85
3/13/85 10,138.00 10,334.63 10,168.09 9,631.10
3/20/85 10,328.00 10,733.76 10,185.21 9,811.60
3/27/85 10,438.00 11,013.92 10,197.44 9,916.10
4/3/85 10,299.00 10,932.71 10,212.11 9,784.05
4/10/85 10,329.00 10,849.86 10,236.36 9,812.55
4/17/85 10,576.00 11,044.60 10,253.28 10,047.20
4/24/85 10,483.00 10,873.31 10,270.20 9,958.85
5/1/85 10,490.00 11,000.96 10,287.11 9,965.50
5/8/85 10,347.00 11,010.86 10,303.50 9,829.65
5/15/85 10,745.00 11,358.04 10,319.90 10,207.75
5/22/85 10,953.00 11,507.34 10,336.30 10,405.35
5/29/85 10,922.00 11,424.68 10,352.69 10,375.90
6/5/85 10,883.00 11,582.43 10,369.08 10,338.85
6/12/85 11,083.00 11,554.40 10,384.12 10,528.85
6/19/85 11,329.00 11,801.09 10,399.15 10,762.55
6/26/85 11,207.00 11,705.45 10,409.89 10,646.65
7/3/85 11,422.00 11,859.38 10,422.77 10,850.90
7/10/85 11,485.00 12,288.58 10,444.33 10,910.75
7/17/85 11,629.00 12,599.65 10,459.46 11,047.55
7/24/85 11,580.00 12,512.70 10,472.42 11,001.00
7/31/85 11,523.00 12,387.58 10,489.70 10,946.85
8/7/85 11,605.00 12,270.71 10,505.67 11,024.75
8/14/85 11,703.00 12,395.69 10,521.65 11,117.85
8/21/85 11,832.00 12,648.11 10,537.62 11,240.40
8/28/85 11,981.00 12,735.10 10,553.59 11,381.95
9/4/85 11,814.00 12,460.98 10,569.57 11,223.30
9/11/85 11,843.00 12,173.78 10,585.65 11,250.85
9/18/85 11,884.00 12,290.45 10,601.74 11,289.80
9/25/85 12,591.00 13,062.70 10,613.24 11,961.45
10/2/85 12,886.00 13,801.66 10,629.32 12,241.70
10/9/85 12,939.00 13,842.67 10,650.11 12,292.05
10/16/85 13,102.00 13,862.33 10,666.29 12,446.90
10/23/85 13,305.00 14,073.94 10,682.48 12,639.75
10/30/85 13,795.00 14,401.00 10,698.66 13,105.25
11/6/85 13,881.00 14,664.03 10,714.83 13,186.95
11/13/85 13,833.00 14,508.76 10,730.98 13,141.35
11/20/85 14,187.00 14,643.91 10,747.14 13,477.65
11/27/85 14,806.00 15,048.50 10,756.37 14,065.70
12/4/85 14,719.00 14,918.83 10,779.46 13,983.05
12/11/85 14,834.00 14,878.93 10,796.12 14,092.30
12/18/85 15,405.00 15,344.16 10,812.79 14,634.75
12/25/85 15,386.00 15,360.07 10,824.69 14,616.70
1/1/86 15,926.00 15,795.88 10,841.36 15,129.70
1/8/86 16,344.00 15,987.49 10,862.76 15,526.80
1/15/86 16,381.00 15,806.14 10,879.41 15,561.95
1/22/86 16,256.00 15,633.16 10,896.04 15,443.20
1/29/86 16,798.00 16,155.54 10,912.69 15,958.10
2/5/86 16,957.00 16,377.74 10,929.33 16,109.15
2/12/86 17,352.00 16,900.96 10,945.96 16,484.40
2/19/86 17,640.00 17,566.52 10,962.60 16,758.00
2/26/86 18,033.00 17,793.97 10,979.23 17,131.35
3/5/86 18,229.00 18,206.33 10,995.87 17,317.55
3/12/86 18,935.43 18,847.22 11,012.34 17,988.66
3/19/86 19,366.41 19,385.28 11,028.81 18,398.09
3/26/86 19,354.62 19,596.32 11,040.57 18,386.89
4/2/86 19,654.81 20,372.27 11,057.05 18,672.07
4/9/86 20,176.92 20,109.56 11,077.41 19,168.08
4/16/86 20,631.49 20,769.95 11,093.06 19,599.92
4/23/86 21,272.61 21,806.40 11,108.71 20,208.98
4/30/86 21,583.52 21,902.23 11,124.38 20,504.34
5/7/86 21,240.45 21,936.96 11,138.90 20,178.42
5/14/86 20,982.07 21,898.29 11,153.43 19,932.97
5/21/86 20,080.43 21,115.91 11,167.96 19,076.41
5/28/86 20,281.99 21,401.19 11,178.34 19,267.89
6/4/86 20,268.05 21,158.86 11,197.02 19,254.65
6/11/86 20,537.15 21,747.42 11,212.05 19,510.29
6/18/86 20,607.91 21,773.51 11,227.08 19,577.51
6/25/86 20,623.99 22,154.85 11,237.82 19,592.79
7/2/86 20,956.34 22,458.50 11,252.85 19,908.52
7/9/86 20,580.03 22,411.18 11,272.00 19,551.03
7/16/86 20,595.04 22,593.68 11,282.60 19,565.29
7/23/86 20,204.80 22,975.98 11,301.70 19,194.56
7/30/86 20,380.62 23,731.89 11,316.56 19,361.59
8/6/86 20,442.80 23,649.76 11,330.40 19,420.66
8/13/86 21,359.45 24,927.36 11,344.25 20,291.48
8/20/86 22,344.71 26,462.36 11,358.10 21,227.47
8/27/86 22,677.06 25,942.09 11,371.95 21,543.21
9/3/86 22,918.28 26,082.51 11,385.79 21,772.37
9/10/86 22,855.03 26,223.05 11,398.21 21,712.28
9/17/86 22,245.00 24,883.79 11,410.64 21,132.75
9/24/86 22,420.83 25,441.97 11,419.51 21,299.79
10/1/86 22,546.26 25,752.12 11,431.94 21,418.95
10/8/86 22,662.05 25,722.29 11,448.64 21,528.95
10/15/86 22,442.27 25,430.88 11,461.80 21,320.16
10/22/86 21,688.58 24,036.03 11,474.96 20,604.15
10/29/86 21,781.86 24,031.67 11,488.12 20,692.76
11/5/86 21,801.15 24,001.53 11,501.28 20,711.10
11/12/86 22,271.81 24,866.38 11,514.10 21,158.22
11/19/86 21,821.52 24,316.92 11,526.91 20,730.45
11/26/86 22,394.02 25,073.37 11,539.72 21,274.32
12/3/86 23,010.48 25,878.01 11,552.54 21,859.96
12/10/86 22,969.74 25,992.39 11,566.39 21,821.26
12/17/86 22,827.15 26,084.96 11,580.24 21,685.80
12/24/86 23,269.93 26,685.14 11,590.13 22,106.43
12/31/86 23,491.86 26,913.63 11,603.98 22,317.26
1/7/87 23,789.90 27,487.72 11,614.13 22,600.40
1/14/87 24,472.83 28,211.15 11,636.87 23,249.19
1/21/87 25,447.37 29,193.60 11,651.34 24,175.00
1/28/87 25,811.88 30,132.89 11,665.81 24,521.29
2/4/87 25,761.49 29,906.05 11,680.28 24,473.42
2/11/87 25,823.67 29,823.73 11,693.86 24,532.49
2/18/87 25,730.82 29,899.28 11,707.43 24,444.28
2/25/87 26,555.78 30,431.30 11,721.01 25,227.99
3/4/87 26,723.12 31,336.78 11,734.58 25,386.96
3/11/87 26,711.38 31,237.24 11,748.78 25,375.81
3/18/87 27,686.06 32,104.05 11,762.98 26,301.76
3/25/87 28,013.40 32,663.84 11,773.13 26,612.73
4/1/87 28,754.69 33,448.17 11,787.33 27,316.96
4/8/87 29,184.79 34,224.20 11,805.94 27,725.55
4/15/87 30,833.24 36,351.16 11,820.51 29,291.58
4/22/87 30,839.11 37,163.84 11,835.07 29,297.16
4/29/87 30,218.19 36,207.64 11,849.64 28,707.28
5/6/87 31,371.96 37,930.76 11,860.50 29,803.36
5/13/87 31,464.44 38,100.22 11,880.04 29,891.21
5/20/87 30,586.63 36,886.47 11,895.24 29,057.30
5/27/87 29,978.92 36,742.87 11,910.44 28,479.98
6/3/87 30,162.41 37,322.09 11,925.65 28,654.29
6/10/87 30,727.55 38,457.16 11,941.96 29,191.17
6/17/87 30,827.37 38,212.42 11,958.26 29,286.00
6/24/87 30,392.87 36,723.43 11,969.91 28,873.23
7/1/87 29,911.40 35,556.00 11,986.22 28,415.83
7/8/87 29,815.98 34,569.28 12,006.84 28,325.19
7/15/87 30,413.42 35,485.12 12,022.80 28,892.75
7/22/87 29,450.48 33,631.97 12,038.75 27,977.95
7/29/87 30,238.74 35,533.39 12,054.72 28,726.80
8/5/87 30,394.34 35,044.87 12,061.56 28,874.62
8/12/87 30,731.95 36,094.60 12,086.30 29,195.36
8/19/87 30,997.64 36,609.86 12,101.92 29,447.76
8/26/87 31,612.69 37,850.93 12,117.55 30,032.06
9/2/87 31,709.58 38,340.07 12,133.18 30,124.10
9/9/87 30,944.80 37,412.71 12,149.77 29,397.56
9/16/87 31,242.78 37,069.24 12,166.36 29,680.64
9/23/87 31,407.19 37,071.07 12,178.21 29,836.83
9/30/87 31,232.51 37,657.68 12,194.80 29,670.88
10/7/87 31,549.57 37,805.87 12,217.67 29,972.10
10/14/87 31,928.29 38,836.32 12,235.80 30,331.88
10/21/87 28,531.57 33,952.22 12,246.17 27,104.99
10/28/87 26,275.41 31,225.35 12,272.07 24,961.64
11/4/87 25,409.35 31,955.01 12,290.20 24,138.88
11/11/87 25,215.59 30,457.54 12,306.70 23,954.81
11/18/87 25,946.60 32,386.85 12,323.20 24,649.27
11/25/87 25,908.44 33,162.65 12,339.70 24,613.01
12/2/87 25,488.62 32,566.37 12,356.20 24,214.18
12/9/87 25,108.43 32,338.84 12,375.16 23,853.01
12/16/87 26,056.69 33,556.35 12,394.12 24,753.86
12/23/87 26,276.88 33,831.69 12,410.37 24,963.03
12/30/87 26,169.01 33,372.96 12,426.61 24,860.56
1/6/88 26,159.10 33,461.48 12,439.25 24,851.15
1/13/88 25,287.73 33,109.10 12,465.70 24,023.34
1/20/88 24,994.63 33,242.10 12,482.55 23,744.90
1/27/88 24,816.39 33,990.28 12,496.98 23,575.57
2/3/88 24,735.20 34,092.00 12,516.22 23,498.44
2/10/88 24,695.59 34,086.60 12,532.12 23,460.81
2/17/88 25,570.92 34,928.96 12,548.02 24,292.38
2/24/88 25,978.89 36,164.79 12,563.92 24,679.94
3/2/88 26,396.75 37,070.61 12,573.01 25,076.91
3/9/88 26,901.75 37,619.42 12,595.96 25,556.67
3/16/88 27,252.28 37,860.34 12,612.09 25,889.67
3/23/88 27,274.07 38,391.94 12,625.92 25,910.37
3/30/88 27,091.87 38,718.19 12,639.75 25,737.28
4/6/88 27,109.70 38,762.91 12,660.42 25,754.21
4/13/88 27,307.51 39,380.35 12,676.49 25,942.14
4/20/88 27,187.97 39,438.72 12,683.37 25,828.57
4/27/88 27,200.34 39,259.81 12,708.62 25,840.32
5/4/88 27,124.08 39,658.60 12,717.80 25,767.87
5/11/88 26,324.37 38,901.61 12,741.77 25,008.15
5/18/88 26,499.56 39,013.66 12,758.85 25,174.58
5/25/88 26,757.20 38,780.54 12,775.94 25,419.34
6/1/88 27,179.73 38,641.46 12,793.02 25,820.74
6/8/88 27,439.42 39,265.01 12,811.26 26,067.45
6/15/88 27,738.28 39,579.30 12,829.51 26,351.37
6/22/88 27,239.50 38,542.31 12,845.14 25,877.52
6/29/88 26,650.02 37,095.90 12,860.79 25,317.52
7/6/88 27,503.32 37,517.60 12,884.97 26,128.15
7/13/88 27,165.30 37,651.90 12,903.93 25,807.03
7/20/88 27,103.47 37,377.17 12,922.90 25,748.29
7/27/88 27,328.12 38,217.66 12,941.87 25,961.72
8/3/88 27,441.49 38,608.22 12,960.84 26,069.41
8/10/88 26,491.32 37,077.08 12,980.72 25,166.75
8/17/88 26,635.60 37,773.51 13,000.61 25,303.82
8/24/88 26,660.33 37,101.25 13,020.50 25,327.31
8/31/88 26,332.61 35,951.19 13,040.37 25,015.98
9/7/88 27,089.04 36,666.67 13,061.01 25,734.59
9/14/88 27,159.11 36,864.16 13,081.64 25,801.16
9/21/88 27,499.20 36,913.01 13,090.48 26,124.24
9/28/88 27,389.96 37,173.90 13,117.01 26,020.46
10/5/88 27,674.39 37,439.45 13,143.54 26,290.67
10/12/88 28,119.59 38,486.23 13,164.33 26,713.61
10/19/88 29,490.22 39,502.10 13,185.13 28,015.71
10/26/88 30,040.53 40,161.77 13,205.93 28,538.51
11/2/88 30,277.56 40,753.61 13,226.72 28,763.68
11/9/88 30,506.34 41,209.93 13,247.65 28,981.02
11/16/88 31,060.78 42,372.01 13,268.57 29,507.74
11/23/88 31,596.66 43,435.31 13,289.50 30,016.83
11/30/88 31,646.13 43,218.69 13,310.43 30,063.82
12/7/88 31,984.15 43,237.36 13,335.00 30,384.94
12/14/88 31,571.93 43,043.15 13,359.57 29,993.33
12/21/88 31,516.28 42,581.63 13,384.14 29,940.47
12/28/88 31,751.22 43,139.24 13,401.69 30,163.66
1/4/89 32,038.47 43,728.90 13,419.24 30,436.55
1/11/89 32,332.21 44,464.08 13,456.62 30,715.60
1/18/89 31,546.04 44,233.69 13,479.97 29,968.74
1/25/89 32,105.43 44,583.85 13,503.32 30,500.16
2/1/89 31,712.34 43,944.53 13,520.00 30,126.73
2/8/89 32,977.99 44,838.73 13,550.34 31,329.09
2/15/89 32,911.03 45,524.60 13,574.01 31,265.48
2/22/89 32,558.99 45,129.75 13,597.68 30,931.04
3/1/89 31,679.95 44,125.81 13,614.59 30,095.95
3/8/89 31,751.22 43,989.37 13,647.32 30,163.66
3/15/89 31,705.86 43,898.32 13,673.27 30,120.57
3/22/89 31,135.68 42,642.87 13,699.23 29,578.89
3/29/89 30,975.85 43,342.93 13,717.77 29,427.06
4/5/89 31,686.43 43,930.34 13,751.15 30,102.10
4/12/89 31,580.60 43,612.35 13,777.36 30,001.57
4/19/89 31,835.45 44,086.53 13,803.57 30,243.68
4/26/89 31,522.28 43,859.50 13,829.77 29,946.17
5/3/89 31,429.41 44,119.88 13,855.98 29,857.94
5/10/89 31,790.10 44,157.07 13,881.89 30,200.59
5/17/89 30,554.69 42,753.35 13,907.80 29,026.96
5/24/89 30,264.11 41,439.94 13,933.71 28,750.90
5/31/89 30,886.38 41,686.18 13,959.62 29,342.06
6/7/89 31,165.85 41,371.17 13,985.22 29,607.56
6/14/89 30,547.95 39,946.41 14,010.82 29,020.55
6/21/89 31,729.17 40,904.90 14,036.42 30,142.71
6/28/89 32,032.66 41,512.20 14,054.71 30,431.03
7/5/89 33,515.19 42,494.64 14,087.62 31,839.43
7/12/89 34,351.43 43,578.30 14,112.95 32,633.86
7/19/89 34,833.96 43,180.93 14,138.27 33,092.27
7/26/89 35,248.81 44,585.76 14,163.61 33,486.37
8/2/89 35,737.89 46,544.68 14,188.93 33,951.00
8/9/89 35,816.49 45,890.67 14,212.48 34,025.67
8/16/89 35,574.14 44,943.19 14,236.02 33,795.43
8/23/89 35,724.79 44,787.51 14,249.48 33,938.55
8/30/89 35,589.42 44,448.47 14,283.11 33,809.95
9/6/89 35,687.67 43,615.06 14,307.42 33,903.29
9/13/89 35,176.76 43,455.05 14,331.74 33,417.92
9/20/89 35,056.67 44,015.03 14,356.05 33,303.84
9/27/89 35,602.52 45,869.10 14,373.42 33,822.39
10/4/89 35,849.24 45,365.50 14,390.78 34,056.78
10/11/89 35,606.89 43,897.44 14,429.53 33,826.54
10/18/89 34,194.23 43,999.04 14,454.40 32,484.52
10/25/89 34,650.56 44,440.63 14,479.25 32,918.03
11/1/89 34,755.36 44,156.45 14,504.12 33,017.59
11/8/89 34,272.83 43,973.18 14,528.11 32,559.19
11/15/89 35,067.59 44,461.17 14,552.11 33,314.21
11/22/89 35,281.56 44,650.49 14,576.09 33,517.48
11/29/89 36,250.99 46,188.09 14,600.08 34,438.44
12/6/89 37,244.44 47,303.23 14,624.41 35,382.22
12/13/89 37,170.20 47,634.53 14,638.31 35,311.69
12/20/89 37,233.85 47,108.45 14,673.06 35,372.15
12/27/89 38,432.56 48,524.44 14,690.43 36,510.94
1/3/90 40,029.32 48,153.13 14,714.76 38,027.85
1/10/90 39,727.91 47,720.91 14,745.35 37,741.52
1/17/90 38,441.77 46,266.05 14,769.00 36,519.68
1/24/90 37,503.04 45,598.35 14,782.51 35,627.89
1/31/90 38,727.07 46,508.72 14,812.91 36,790.71
2/7/90 39,357.48 46,704.84 14,839.56 37,389.61
2/14/90 38,329.03 46,194.51 14,862.82 36,412.58
2/21/90 37,967.80 44,714.41 14,886.08 36,069.41
2/28/90 37,826.28 43,273.05 14,909.35 35,934.96
3/7/90 38,041.49 42,204.73 14,932.94 36,139.42
3/14/90 37,770.74 40,787.77 14,956.53 35,882.20
3/21/90 37,930.41 39,309.16 14,980.11 36,033.89
3/28/90 37,860.99 39,274.54 14,996.96 35,967.94
4/4/90 37,958.18 37,814.67 15,013.82 36,060.27
4/11/90 37,814.71 38,944.61 15,051.43 35,923.97
4/18/90 37,928.10 38,848.02 15,075.57 36,031.69
4/25/90 36,939.98 38,684.99 15,099.70 35,092.98
5/2/90 36,919.15 39,201.97 15,123.84 35,073.19
5/9/90 38,027.61 40,652.40 15,148.49 36,126.23
5/16/90 38,640.84 42,199.68 15,173.15 36,708.80
5/23/90 39,328.13 42,549.46 15,197.81 37,361.72
5/30/90 39,626.65 43,097.89 15,222.46 37,645.32
6/6/90 39,881.20 42,828.93 15,236.22 37,887.14
6/13/90 40,022.36 41,966.87 15,270.62 38,021.24
6/20/90 40,107.98 41,995.68 15,294.71 38,102.58
6/27/90 40,772.13 42,380.92 15,311.91 38,733.52
7/4/90 41,882.90 43,323.77 15,329.12 39,788.75
7/11/90 42,165.22 43,342.63 15,360.09 40,056.96
7/18/90 43,130.20 44,462.36 15,387.62 40,973.69
7/25/90 42,410.51 43,088.29 15,415.15 40,289.99
8/1/90 42,739.11 43,034.81 15,435.80 40,602.16
8/8/90 39,670.62 39,749.41 15,462.56 37,687.09
8/15/90 39,770.12 40,595.82 15,479.22 37,781.62
8/22/90 37,624.95 37,907.39 15,505.87 35,743.70
8/29/90 37,874.87 38,535.08 15,525.86 35,981.13
9/5/90 38,293.73 37,821.17 15,555.83 36,379.04
9/12/90 38,235.87 38,866.96 15,576.13 36,324.08
9/19/90 37,627.27 36,894.69 15,589.67 35,745.90
9/26/90 37,134.36 34,414.05 15,620.11 35,277.64
10/3/90 37,192.22 36,108.10 15,640.41 35,332.60
10/10/90 38,041.49 37,666.55 15,675.13 36,139.42
10/17/90 38,696.38 38,781.20 15,699.71 36,761.56
10/24/90 38,971.76 39,835.63 15,724.28 37,023.17
10/31/90 38,048.43 38,807.90 15,748.86 36,146.01
11/7/90 37,523.13 38,102.40 15,758.96 35,646.97
11/14/90 37,199.16 37,941.47 15,796.05 35,339.20
11/21/90 37,287.09 37,850.97 15,809.53 35,422.74
11/28/90 37,148.25 37,558.34 15,843.23 35,290.83
12/5/90 36,028.22 36,575.05 15,866.84 34,226.81
12/12/90 37,506.93 38,791.14 15,893.08 35,631.59
12/19/90 37,402.80 38,646.81 15,919.33 35,532.66
12/26/90 35,553.83 36,753.00 15,938.07 33,776.14
1/2/91 36,274.95 37,132.93 15,964.32 34,461.20
1/9/91 35,682.73 36,477.51 15,994.79 33,898.59
1/16/91 34,785.93 35,110.05 16,017.76 33,046.64
1/23/91 36,198.80 37,099.27 16,040.74 34,388.86
1/30/91 36,658.48 38,003.52 16,063.71 34,825.56
2/6/91 38,491.54 40,015.99 16,084.69 36,566.97
2/13/91 39,317.83 41,753.73 16,105.69 37,351.94
2/20/91 38,852.52 42,168.12 16,120.68 36,909.89
2/27/91 38,536.67 42,415.65 16,144.66 36,609.83
3/6/91 38,375.92 42,006.85 16,159.82 36,457.12
3/13/91 38,011.82 41,472.34 16,190.24 36,111.23
3/20/91 37,365.40 40,360.80 16,211.53 35,497.13
3/27/91 37,447.26 39,869.94 16,226.74 35,574.90
4/3/91 38,432.42 41,591.16 16,244.99 36,510.80
4/10/91 38,237.65 41,257.10 16,273.60 36,325.77
4/17/91 38,901.01 42,161.12 16,293.07 36,955.96
4/24/91 37,232.73 40,136.91 16,301.42 35,371.10
5/1/91 37,167.81 41,094.87 16,329.26 35,309.42
5/8/91 37,503.72 40,580.77 16,350.44 35,628.53
5/15/91 37,173.45 40,508.59 16,368.84 35,314.78
5/22/91 37,308.95 40,135.60 16,387.25 35,443.50
5/29/91 37,294.83 40,632.01 16,405.65 35,430.09
6/5/91 37,218.62 40,110.56 16,413.53 35,357.69
6/12/91 36,665.35 38,905.93 16,442.36 34,832.08
6/19/91 36,580.67 38,205.33 16,460.66 34,751.63
6/26/91 36,521.39 38,236.48 16,473.74 34,695.32
7/3/91 36,608.89 37,476.63 16,489.43 34,778.45
7/10/91 36,792.38 37,761.23 16,516.06 34,952.76
7/17/91 36,891.17 38,416.28 16,534.85 35,046.61
7/24/91 37,105.71 39,276.55 16,553.64 35,250.42
7/31/91 37,179.10 39,651.76 16,567.06 35,320.14
8/7/91 37,390.81 39,735.85 16,590.90 35,521.27
8/14/91 37,122.64 39,229.09 16,609.38 35,266.51
8/21/91 36,380.25 37,861.26 16,627.84 34,561.23
8/28/91 36,989.97 38,064.35 16,646.32 35,140.47
9/4/91 37,766.24 39,239.63 16,664.79 35,877.93
9/11/91 37,949.72 39,496.34 16,672.41 36,052.24
9/18/91 38,474.76 40,124.96 16,695.27 36,551.03
9/25/91 38,254.59 40,541.02 16,713.05 36,341.86
10/2/91 39,157.88 41,683.26 16,730.83 37,199.99
10/9/91 38,751.40 41,122.07 16,752.95 36,813.83
10/16/91 39,002.63 41,039.17 16,770.01 37,052.50
10/23/91 38,511.46 41,089.75 16,777.31 36,585.89
10/30/91 39,270.79 41,403.35 16,804.11 37,307.25
11/6/91 39,770.43 41,909.10 16,811.01 37,781.91
11/13/91 39,843.82 41,765.73 16,836.34 37,851.63
11/20/91 39,843.82 40,581.98 16,852.45 37,851.63
11/27/91 39,406.29 40,060.93 16,868.56 37,435.97
12/4/91 39,307.49 39,823.61 16,884.68 37,342.12
12/11/91 39,996.25 38,931.13 16,891.71 37,996.44
12/18/91 40,432.09 39,923.54 16,917.47 38,410.49
12/25/91 41,499.96 39,551.03 16,929.17 39,424.96
1/1/92 41,955.28 41,780.27 16,945.57 39,857.51
1/8/92 42,624.20 41,721.30 16,963.86 40,492.99
1/15/92 41,439.37 39,821.15 16,977.47 39,367.40
1/22/92 42,006.55 40,940.54 16,991.09 39,906.22
1/29/92 41,893.71 40,449.62 16,996.92 39,799.02
2/5/92 41,662.09 41,028.60 17,018.31 39,578.98
2/12/92 41,564.09 40,082.41 17,031.57 39,485.89
2/19/92 40,673.54 38,686.74 17,044.82 38,639.86
2/26/92 40,943.47 39,074.98 17,058.09 38,896.29
3/4/92 41,148.36 38,748.29 17,067.56 39,090.94
3/11/92 40,794.99 37,456.57 17,077.13 38,755.24
3/18/92 40,848.44 36,752.18 17,098.36 38,806.02
3/25/92 40,792.02 37,023.59 17,108.00 38,752.42
4/1/92 40,518.83 35,745.15 17,121.51 38,492.89
4/8/92 40,904.86 34,603.30 17,138.92 38,859.62
4/15/92 40,985.04 36,746.18 17,152.46 38,935.79
4/22/92 41,029.28 36,080.58 17,166.01 38,977.82
4/29/92 41,421.56 36,950.31 17,179.56 39,350.48
5/6/92 42,004.91 37,858.22 17,188.53 39,904.67
5/13/92 42,571.94 39,051.92 17,204.68 40,443.34
5/20/92 43,019.15 39,279.63 17,210.06 40,868.19
5/27/92 43,039.93 38,382.27 17,224.42 40,887.94
6/3/92 43,719.95 39,169.84 17,235.19 41,533.95
6/10/92 43,627.89 38,682.88 17,255.17 41,446.50
6/17/92 43,936.72 37,764.33 17,267.99 41,739.89
6/24/92 44,489.05 37,170.70 17,277.14 42,264.60
7/1/92 45,561.04 38,080.99 17,289.96 43,282.99
7/8/92 46,517.22 38,221.33 17,306.26 44,191.36
7/15/92 47,042.82 38,758.27 17,318.91 44,690.68
7/22/92 46,279.66 36,231.24 17,331.55 43,965.67
7/29/92 46,784.47 36,092.41 17,336.97 44,445.25
8/5/92 47,256.62 36,714.66 17,353.23 44,893.79
8/12/92 47,740.65 34,960.74 17,367.66 45,353.62
8/19/92 47,538.73 35,225.40 17,378.48 45,161.79
8/26/92 49,139.29 37,231.85 17,389.29 46,682.32
9/2/92 50,030.14 38,756.44 17,395.48 47,528.63
9/9/92 50,042.01 39,589.36 17,411.17 47,539.91
9/16/92 46,113.37 37,501.04 17,422.22 43,807.70
9/23/92 43,417.06 38,305.89 17,430.11 41,246.21
9/30/92 47,716.90 38,272.48 17,441.17 45,331.05
10/7/92 47,206.14 37,249.93 17,448.72 44,845.83
10/14/92 46,434.07 37,496.60 17,458.97 44,112.37
10/21/92 45,350.20 36,907.68 17,475.06 43,082.69
10/28/92 44,753.33 36,549.48 17,479.45 42,515.67
11/4/92 44,444.51 36,625.74 17,495.56 42,222.28
11/11/92 44,296.03 35,643.75 17,504.54 42,081.23
11/18/92 43,375.49 35,800.19 17,516.53 41,206.71
11/25/92 43,639.77 36,175.77 17,524.02 41,457.78
12/2/92 42,808.31 36,649.51 17,531.51 40,667.90
12/9/92 43,310.16 36,866.80 17,551.37 41,144.65
12/16/92 44,108.95 37,013.38 17,565.25 41,903.51
12/23/92 43,330.94 37,536.19 17,577.14 41,164.40
12/30/92 43,345.79 36,791.67 17,589.03 41,178.50
1/6/93 43,361.48 36,742.16 17,597.61 41,193.41
1/13/93 43,224.73 35,949.01 17,614.51 41,063.49
1/20/93 44,338.31 36,491.16 17,622.19 42,121.40
1/27/93 44,891.85 36,610.41 17,636.01 42,647.26
2/3/93 43,827.11 36,746.86 17,646.76 41,635.75
2/10/93 44,204.81 37,134.47 17,657.13 41,994.57
2/17/93 45,520.28 37,556.68 17,667.50 43,244.26
2/24/93 46,428.73 37,765.22 17,677.86 44,107.29
3/3/93 47,933.05 38,479.66 17,685.27 45,536.40
3/10/93 48,320.52 39,179.92 17,698.61 45,904.50
3/17/93 46,720.22 39,291.66 17,706.04 44,384.21
3/24/93 47,626.97 39,895.89 17,716.42 45,245.63
3/31/93 48,616.83 41,279.52 17,726.81 46,185.99
4/7/93 48,662.41 43,088.27 17,740.19 46,229.29
4/14/93 50,375.12 44,241.57 17,750.61 47,856.37
4/21/93 50,381.64 43,700.83 17,761.02 47,862.55
4/28/93 50,583.51 44,567.61 17,765.48 48,054.34
5/5/93 51,283.58 45,480.85 17,780.36 48,719.40
5/12/93 51,114.26 44,552.50 17,792.08 48,558.54
5/19/93 50,844.00 44,514.65 17,800.84 48,301.80
5/26/93 51,687.33 45,757.18 17,808.15 49,102.96
6/2/93 52,123.65 46,081.99 17,822.77 49,517.47
6/9/93 51,374.75 46,205.68 17,827.35 48,806.01
6/16/93 51,459.40 45,350.12 17,844.13 48,886.43
6/23/93 50,205.81 44,034.77 17,851.76 47,695.52
6/30/93 51,338.93 45,464.46 17,862.45 48,771.98
7/7/93 51,137.83 45,048.10 17,874.49 48,580.94
7/14/93 50,765.86 45,516.94 17,886.48 48,227.56
7/21/93 50,896.10 45,558.78 17,896.98 48,351.29
7/28/93 51,723.77 46,177.73 17,907.47 49,137.58
8/4/93 53,784.26 47,873.46 17,917.96 51,095.05
8/11/93 55,487.20 48,281.13 17,928.48 52,712.84
8/18/93 57,802.29 49,571.94 17,932.99 54,912.17
8/25/93 56,828.71 48,332.33 17,949.53 53,987.28
9/1/93 58,788.89 49,448.39 17,960.06 55,849.44
9/8/93 59,840.61 49,289.12 17,970.60 56,848.58
9/15/93 59,358.70 49,272.37 17,981.15 56,390.77
9/22/93 59,122.41 47,934.11 17,990.19 56,166.29
9/29/93 61,224.45 48,436.52 17,999.23 58,163.23
10/6/93 62,458.51 49,745.60 18,012.82 59,335.58
10/13/93 64,379.61 49,830.14 18,023.39 61,160.63
10/20/93 65,590.88 49,748.70 18,033.97 62,311.33
10/27/93 64,978.11 49,347.51 18,044.54 61,729.21
11/3/93 66,036.96 49,989.37 18,049.07 62,735.12
11/10/93 65,564.83 48,127.69 18,059.66 62,286.59
11/17/93 66,903.09 48,520.70 18,076.32 63,557.93
11/24/93 65,890.44 46,899.85 18,086.93 62,595.92
12/1/93 66,704.46 47,074.99 18,091.48 63,369.24
12/8/93 69,120.49 47,489.32 18,109.46 65,664.47
12/15/93 70,364.32 47,888.12 18,121.40 66,846.10
12/22/93 74,385.60 48,659.46 18,133.32 70,666.32
12/29/93 77,036.07 48,975.63 18,141.85 73,184.27
1/5/94 77,693.81 49,354.55 18,152.07 73,809.11
1/12/94 75,886.83 49,396.50 18,168.07 72,092.48
1/19/94 76,863.67 50,624.42 18,178.95 73,020.48
1/26/94 75,648.66 50,710.73 18,185.16 71,866.23
2/2/94 76,793.02 53,459.04 18,196.05 72,953.37
2/9/94 74,299.07 51,986.36 18,211.19 70,584.12
2/16/94 73,631.43 52,278.60 18,217.17 69,949.86
2/23/94 72,903.74 52,031.23 18,226.14 69,258.55
3/2/94 70,494.57 51,934.68 18,242.60 66,969.84
3/9/94 70,607.61 51,767.04 18,254.84 67,077.23
3/16/94 70,388.60 52,633.17 18,267.09 66,869.17
3/23/94 69,176.95 51,383.95 18,277.58 65,718.10
3/30/94 69,487.81 50,871.21 18,288.08 66,013.42
4/6/94 68,311.49 50,896.08 18,304.07 64,895.91
4/13/94 67,453.09 51,992.25 18,316.58 64,080.43
4/20/94 66,608.82 51,627.43 18,321.93 63,278.38
4/27/94 67,421.30 52,410.31 18,334.43 64,050.23
5/4/94 67,332.98 51,923.78 18,354.07 63,966.33
5/11/94 66,661.81 52,180.54 18,367.70 63,328.72
5/18/94 68,131.33 52,952.21 18,381.35 64,724.76
5/25/94 68,466.92 52,475.87 18,394.98 65,043.57
6/1/94 68,078.34 52,578.62 18,408.62 64,674.42
6/8/94 66,958.54 52,910.54 18,423.41 63,610.61
6/15/94 68,180.78 53,116.14 18,433.97 64,771.74
6/22/94 69,728.02 52,360.71 18,450.87 66,241.62
6/29/94 70,579.35 53,394.46 18,463.53 67,050.38
7/6/94 70,826.45 53,560.53 18,476.74 67,285.12
7/13/94 72,266.20 54,100.28 18,490.21 68,652.89
7/20/94 71,016.95 54,571.09 18,514.91 67,466.10
7/27/94 70,390.49 53,862.34 18,530.62 66,870.96
8/3/94 70,218.30 54,807.59 18,537.36 66,707.39
8/10/94 69,518.58 54,549.02 18,555.24 66,042.65
8/17/94 69,877.60 54,790.78 18,568.58 66,383.72
8/24/94 70,947.34 55,144.09 18,593.02 67,399.97
8/31/94 69,749.38 55,143.31 18,599.69 66,261.91
9/7/94 71,141.51 54,565.01 18,625.54 67,584.43
9/14/94 71,353.99 54,225.76 18,642.49 67,786.29
9/21/94 70,830.11 54,109.45 18,659.44 67,288.60
9/28/94 71,145.17 53,658.05 18,671.55 67,587.91
10/5/94 71,002.29 52,900.53 18,688.50 67,452.18
10/12/94 71,438.25 53,921.84 18,711.05 67,866.34
10/19/94 73,493.47 54,610.21 18,728.75 69,818.80
10/26/94 73,343.27 54,137.80 18,736.33 69,676.11
11/2/94 72,771.76 54,961.39 18,764.15 69,133.18
11/9/94 72,515.32 53,742.59 18,781.92 68,889.55
11/16/94 71,353.99 53,433.25 18,792.07 67,786.29
11/23/94 71,606.77 51,938.21 18,812.37 68,026.43
11/30/94 70,768.93 52,568.66 18,832.69 67,230.48
12/7/94 70,210.98 51,900.29 18,856.67 66,700.43
12/14/94 69,797.00 51,043.58 18,878.12 66,307.15
12/21/94 69,473.88 52,069.35 18,899.56 66,000.18
12/28/94 69,404.84 52,417.73 18,914.88 65,934.60
1/4/95 68,925.66 52,301.54 18,933.27 65,479.37
1/11/95 70,448.49 52,108.43 18,963.80 66,926.07
1/18/95 70,980.47 51,867.40 18,972.95 67,431.45
1/25/95 72,182.50 50,021.82 19,006.49 68,573.37
2/1/95 72,129.71 50,934.26 19,027.83 68,523.22
2/8/95 71,861.69 50,783.99 19,049.50 68,268.60
2/15/95 72,824.12 50,974.54 19,071.17 69,182.91
2/22/95 74,984.52 51,243.78 19,092.83 71,235.29
3/1/95 76,405.83 50,547.23 19,111.41 72,585.54
3/8/95 80,279.93 52,094.98 19,136.49 76,265.94
3/15/95 81,859.62 52,115.13 19,158.49 77,766.64
3/22/95 81,246.43 51,468.43 19,180.48 77,184.10
3/29/95 82,322.56 53,076.98 19,196.19 78,206.44
4/5/95 83,272.82 53,509.74 19,224.47 79,109.17
4/12/95 81,343.89 54,532.81 19,233.95 77,276.69
4/19/95 84,466.72 55,878.32 19,268.72 80,243.38
4/26/95 83,215.96 55,633.91 19,290.83 79,055.16
5/3/95 83,528.65 56,992.43 19,312.96 79,352.22
5/10/95 83,646.42 56,737.83 19,334.95 79,464.10
5/17/95 81,238.30 55,270.56 19,356.94 77,176.39
5/24/95 82,375.36 54,639.91 19,378.93 78,256.59
5/31/95 85,323.57 55,327.14 19,391.50 81,057.39
6/7/95 86,480.93 55,958.67 19,423.02 82,156.88
6/14/95 84,734.74 54,546.01 19,445.11 80,498.00
6/21/95 85,063.67 55,186.63 19,454.58 80,810.49
6/28/95 83,609.87 54,357.55 19,482.98 79,429.38
7/5/95 84,653.52 55,367.10 19,505.07 80,420.85
7/12/95 83,881.95 57,172.35 19,527.42 79,687.85
7/19/95 83,589.57 56,655.96 19,556.28 79,410.09
7/26/95 83,796.67 57,216.47 19,578.74 79,606.84
8/2/95 83,906.32 57,126.29 19,601.19 79,711.00
8/9/95 83,987.53 56,818.21 19,610.35 79,788.16
8/16/95 81,039.32 55,968.62 19,631.73 76,987.35
8/23/95 81,063.69 55,763.56 19,665.33 77,010.50
8/30/95 81,737.80 55,121.25 19,686.71 77,650.91
9/6/95 82,631.19 55,331.38 19,708.42 78,499.63
9/13/95 82,655.56 55,823.65 19,730.12 78,522.78
9/20/95 84,434.23 55,630.66 19,739.43 80,212.52
9/27/95 84,223.07 56,057.39 19,767.34 80,011.91
10/4/95 84,507.33 56,289.12 19,782.85 80,281.96
10/11/95 84,219.01 55,254.39 19,816.85 80,008.05
10/18/95 85,352.00 55,693.03 19,832.27 81,084.40
10/25/95 87,163.16 55,551.50 19,860.03 82,805.00
11/1/95 86,712.40 54,795.73 19,881.63 82,376.78
11/8/95 87,569.25 55,393.52 19,903.07 83,190.79
11/15/95 88,690.06 55,411.86 19,924.52 84,255.55
11/22/95 89,079.90 56,450.31 19,945.97 84,625.91
11/29/95 88,535.74 56,458.13 19,967.41 84,108.95
12/6/95 90,290.05 57,513.39 19,986.08 85,775.55
12/13/95 89,010.87 57,571.77 20,004.75 84,560.32
12/20/95 89,461.63 57,763.04 20,032.75 84,988.55
12/27/95 90,599.55 59,006.34 20,048.30 86,069.57
1/3/96 91,067.44 59,379.28 20,066.98 86,514.06
1/10/96 91,322.65 59,388.11 20,097.49 86,756.51
1/17/96 91,195.04 58,994.21 20,118.66 86,635.29
1/24/96 90,939.83 58,229.65 20,139.84 86,392.84
1/31/96 89,408.57 59,278.20 20,161.02 84,938.14
2/7/96 88,302.66 59,743.32 20,178.41 83,887.53
2/14/96 88,260.13 59,600.02 20,201.61 83,847.12
2/21/96 87,664.64 59,328.01 20,213.21 83,281.40
2/28/96 87,494.50 59,461.15 20,242.21 83,119.77
3/6/96 87,324.36 59,444.74 20,262.11 82,958.14
3/13/96 84,772.26 58,318.19 20,282.00 80,533.64
3/20/96 85,793.10 59,482.64 20,290.53 81,503.44
3/27/96 85,963.24 60,224.57 20,316.11 81,665.07
4/3/96 86,728.87 60,894.98 20,333.16 82,392.42
4/10/96 85,112.54 60,855.24 20,361.93 80,856.91
4/17/96 84,857.33 60,940.24 20,382.16 80,614.46
4/24/96 85,070.00 62,147.64 20,402.40 80,816.50
5/1/96 84,176.77 62,126.04 20,413.96 79,967.93
5/8/96 83,496.21 61,447.43 20,442.96 79,321.39
5/15/96 83,368.60 61,430.23 20,463.28 79,200.17
5/22/96 82,262.69 61,174.54 20,477.79 78,149.56
5/29/96 82,858.18 60,792.77 20,503.91 78,715.27
6/5/96 83,326.07 61,096.89 20,524.22 79,159.76
6/12/96 83,113.39 61,067.04 20,544.64 78,957.72
6/19/96 83,326.07 61,691.44 20,565.06 79,159.76
6/26/96 83,581.28 61,665.00 20,579.65 79,402.21
7/3/96 84,219.30 61,401.45 20,597.15 80,008.34
7/10/96 84,261.84 60,761.04 20,626.65 80,048.74
7/17/96 85,708.03 59,813.01 20,647.40 81,422.62
7/24/96 85,367.75 58,817.78 20,668.15 81,099.36
7/31/96 87,409.43 59,988.03 20,688.89 83,038.95
8/7/96 88,983.22 60,128.19 20,709.72 84,534.06
8/14/96 88,440.65 60,472.71 20,730.55 84,018.62
8/21/96 88,994.74 61,001.37 20,745.43 84,545.00
8/28/96 88,781.63 60,866.88 20,772.21 84,342.54
9/4/96 88,014.43 59,916.16 20,793.04 83,613.71
9/11/96 87,929.19 59,854.44 20,813.86 83,532.73
9/18/96 89,634.07 61,146.40 20,813.86 85,152.36
9/25/96 89,932.42 61,747.68 20,864.39 85,435.80
10/2/96 90,912.73 61,962.02 20,870.34 86,367.09
10/9/96 91,935.65 61,376.29 20,897.31 87,338.87
10/16/96 90,699.62 61,937.67 20,918.32 86,164.64
10/23/96 90,955.35 61,576.35 20,939.34 86,407.58
10/30/96 90,912.73 61,202.69 20,960.36 86,367.09
11/6/96 93,427.42 61,886.92 20,972.00 88,756.05
11/13/96 94,706.08 62,623.28 20,995.25 89,970.78
11/20/96 96,538.83 63,684.42 21,015.60 91,711.89
11/27/96 97,689.62 63,626.72 21,041.77 92,805.14
12/4/96 97,433.89 62,691.12 21,062.12 92,562.20
12/11/96 95,558.52 62,208.87 21,083.58 90,780.60
12/18/96 94,620.84 61,690.93 21,092.77 89,889.80
12/25/96 96,752.71 61,597.78 21,120.36 91,915.08
1/1/97 99,063.48 62,776.02 21,141.82 94,110.31
1/8/97 97,822.51 61,883.28 21,169.63 92,931.39
1/15/97 100,176.07 61,630.12 21,191.29 95,167.27
1/22/97 101,117.50 60,943.94 21,203.68 96,061.62
1/29/97 100,390.03 59,729.20 21,222.26 95,370.53
2/5/97 103,214.30 60,521.25 21,256.32 98,053.59
2/12/97 105,867.41 60,875.98 21,278.10 100,574.04
2/19/97 107,022.79 60,924.35 21,299.89 101,671.65
2/26/97 107,365.13 61,935.41 21,315.44 101,996.87
3/5/97 107,407.92 61,417.47 21,334.12 102,037.52
3/12/97 107,921.42 61,614.47 21,365.20 102,525.35
3/19/97 104,326.90 61,106.38 21,386.94 99,110.55
3/26/97 105,097.15 61,487.00 21,402.48 99,842.29
4/2/97 102,529.63 60,838.62 21,424.22 97,403.15
4/9/97 105,824.62 60,017.50 21,453.30 100,533.39
4/16/97 105,482.28 60,133.90 21,476.16 100,208.17
4/23/97 107,322.34 61,628.61 21,499.02 101,956.22
4/30/97 109,290.77 62,180.54 21,512.09 103,826.23
5/7/97 112,414.58 64,524.21 21,544.84 106,793.85
5/14/97 115,196.06 66,841.73 21,567.80 109,436.26
5/21/97 113,783.93 67,541.47 21,580.92 108,094.73
5/28/97 113,826.72 67,369.59 21,613.72 108,135.38
6/4/97 114,254.64 67,019.01 21,636.68 108,541.91
6/11/97 114,853.73 68,723.32 21,659.76 109,111.04
6/18/97 114,853.73 68,874.44 21,682.84 109,111.04
6/25/97 118,448.26 70,422.19 21,699.33 112,525.84
7/2/97 119,860.39 70,189.92 21,722.41 113,867.37
7/9/97 123,497.71 70,977.58 21,752.06 117,322.83
7/16/97 128,119.25 71,580.45 21,765.23 121,713.29
7/23/97 128,333.21 71,338.22 21,798.16 121,916.55
7/30/97 130,173.26 70,794.13 21,821.20 123,664.60
8/6/97 129,959.30 69,681.16 21,840.93 123,461.34
8/13/97 127,049.45 69,385.10 21,867.24 120,696.98
8/20/97 127,113.12 68,751.87 21,890.25 120,757.46
8/27/97 121,773.68 67,178.39 21,913.27 115,685.00
9/3/97 123,625.26 66,900.20 21,936.29 117,444.00
9/10/97 121,084.72 67,074.73 21,959.56 115,030.48
9/17/97 122,419.58 67,035.72 21,982.83 116,298.60
9/24/97 125,950.50 68,973.14 21,999.45 119,652.98
10/1/97 129,998.14 69,695.94 22,022.72 123,498.23
10/8/97 129,653.66 69,950.73 22,039.44 123,170.98
10/15/97 127,500.66 68,797.19 22,076.37 121,125.63
10/22/97 126,079.68 67,691.78 22,099.87 119,775.70
10/29/97 120,223.52 64,604.07 22,109.94 114,212.34
11/5/97 121,429.20 64,837.04 22,146.87 115,357.74
11/12/97 115,960.58 61,707.53 22,170.50 110,162.55
11/19/97 119,017.84 62,739.84 22,187.38 113,066.95
11/26/97 119,448.44 62,785.26 22,211.00 113,476.02
12/3/97 123,496.08 64,445.40 22,241.37 117,321.28
12/10/97 126,424.16 64,462.95 22,252.06 120,102.95
12/17/97 127,184.25 64,790.40 22,291.23 120,825.04
12/24/97 125,074.99 62,546.71 22,309.03 118,821.24
12/31/97 127,722.79 64,067.93 22,333.96 121,336.65
1/7/98 131,043.76 63,604.39 22,366.79 124,491.57
1/14/98 127,363.76 62,346.42 22,392.50 120,995.58
1/21/98 130,056.44 65,220.82 22,418.20 123,553.62
1/28/98 129,562.79 67,218.30 22,429.22 123,084.65
2/4/98 133,691.56 69,018.56 22,454.93 127,006.98
2/11/98 133,601.81 70,001.94 22,493.19 126,921.72
2/18/98 135,800.83 69,772.48 22,516.75 129,010.79
2/25/98 137,865.22 69,942.38 22,540.32 130,971.96
3/4/98 137,551.07 71,339.57 22,563.89 130,673.52
3/11/98 139,435.95 71,454.14 22,587.96 132,464.15
3/18/98 143,609.60 72,389.28 22,605.15 136,429.12
3/25/98 146,122.77 74,338.89 22,629.22 138,816.63
4/1/98 148,097.40 73,795.93 22,653.29 140,692.53
4/8/98 150,116.91 74,817.88 22,684.34 142,611.06
4/15/98 152,989.10 76,565.77 22,708.52 145,339.65
4/22/98 149,488.62 75,233.05 22,732.68 142,014.19
4/29/98 145,180.33 72,802.90 22,753.41 137,921.31
5/6/98 150,341.30 75,127.47 22,781.28 142,824.24
5/13/98 148,007.64 74,488.65 22,805.69 140,607.26
5/20/98 147,873.01 74,649.52 22,819.64 140,479.36
5/27/98 148,187.16 73,982.51 22,847.54 140,777.80
6/3/98 150,834.96 74,164.26 22,868.47 143,293.21
6/10/98 151,283.74 73,625.86 22,889.33 143,719.55
6/17/98 148,815.45 72,581.14 22,927.34 141,374.68
6/24/98 147,603.74 72,425.85 22,944.67 140,223.55
7/1/98 150,251.54 75,333.40 22,968.93 142,738.97
7/8/98 152,989.10 76,154.59 22,993.44 145,339.65
7/15/98 157,387.15 77,242.66 23,017.94 149,517.79
7/22/98 157,073.00 76,750.15 23,042.44 149,219.35
7/29/98 155,322.76 74,871.99 23,066.95 147,556.62
8/5/98 151,687.64 72,698.74 23,091.43 144,103.26
8/12/98 149,101.52 69,741.64 23,115.92 141,646.44
8/19/98 151,698.15 71,443.70 23,140.39 144,113.24
8/26/98 147,598.20 68,157.08 23,164.87 140,218.29
9/2/98 140,582.73 67,157.42 23,189.34 133,553.59
9/9/98 138,806.09 68,301.14 23,213.80 131,865.78
9/16/98 139,170.53 67,926.75 23,238.25 132,212.00
9/23/98 135,343.91 65,296.71 23,262.71 128,576.71
9/30/98 133,703.93 63,847.86 23,287.16 127,018.73
10/7/98 131,107.29 63,862.07 23,310.77 124,551.93
10/14/98 128,055.11 66,099.14 23,334.21 121,652.35
10/21/98 126,232.91 69,436.16 23,357.67 119,921.26
10/28/98 126,278.46 68,960.02 23,381.12 119,964.54
11/4/98 128,100.66 73,398.08 23,404.49 121,695.63
11/11/98 126,232.91 71,036.77 23,427.76 119,921.26
11/18/98 128,875.10 71,968.10 23,451.04 122,431.34
11/25/98 129,695.09 74,178.56 23,474.31 123,210.33
12/2/98 129,057.32 72,558.40 23,497.80 122,604.45
12/9/98 132,337.28 74,385.89 23,522.59 125,720.41
12/16/98 130,833.96 73,760.22 23,547.37 124,292.26
12/23/98 135,025.02 76,195.74 23,572.15 128,273.77
12/30/98 135,981.68 76,674.13 23,596.93 129,182.59
1/6/99 140,036.07 80,467.14 23,619.98 133,034.27
1/13/99 132,838.38 75,872.13 23,642.35 126,196.46
1/20/99 133,020.60 78,468.49 23,664.71 126,369.57
1/27/99 130,423.97 76,493.59 23,687.07 123,902.77
2/3/99 129,649.53 76,853.44 23,709.33 123,167.05
2/10/99 126,688.46 73,939.46 23,731.33 120,354.03
2/17/99 126,141.80 74,582.51 23,753.33 119,834.71
2/24/99 127,462.89 75,553.82 23,775.34 121,089.75
3/3/99 124,592.93 73,335.28 23,797.36 118,363.28
3/10/99 124,274.04 76,635.93 23,819.44 118,060.34
3/17/99 124,410.71 78,636.39 23,841.53 118,190.17
3/24/99 122,770.73 76,466.61 23,863.61 116,632.19
3/31/99 122,315.18 78,221.94 23,885.69 116,199.42
4/7/99 122,041.85 79,895.42 23,907.86 115,939.75
4/14/99 124,365.15 81,384.08 23,930.03 118,146.89
4/21/99 121,996.29 79,251.52 23,952.20 115,896.48
4/28/99 123,727.38 81,819.41 23,974.38 117,541.01
5/5/99 123,955.16 81,047.08 23,996.44 117,757.40
5/12/99 123,226.28 80,546.05 24,018.43 117,064.96
5/19/99 121,859.63 78,459.55 24,040.42 115,766.64
5/26/99 120,994.08 77,607.08 24,062.40 114,944.38
6/2/99 120,811.86 77,887.66 24,084.42 114,771.27
6/9/99 121,586.30 80,339.78 24,106.64 115,506.98
6/16/99 121,586.30 80,558.21 24,128.85 115,506.98
6/23/99 121,039.64 80,751.33 24,151.06 114,987.65
6/30/99 120,219.65 80,263.71 24,173.28 114,208.66
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class A and a comparable index. The performance of Class A is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily and
Morgan Stanley Capital International.
The MSCI Europe, Australasia and Far East Index is a market value weighted,
unmanaged index of the weighted share prices of some 1,093 companies listed on
the stock exchanges of Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway,
Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The
combined market capitalization of these companies represents approximately 60%
of the aggregate market value of the stock exchanges of the above 20 countries.
The percentage change in the value of the index includes dividends reinvested.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
GAM International
GAM International (after maximum sales load of 5%) MSCI EAFE Index
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year (19.77) (23.78) 7.92
Five Years 11.34 10.20 8.52
Ten Years 14.20 13.62 6.95
Since inception 18.72 18.30 15.46
</TABLE>
ANNUAL PERFORMANCE - CLASS A
[GRAPHIC OMITTED]
GAM International Annual Performance data for table
GAM
International
GAM Class A
International (after maximum MSCI
Class A sales load of 5%) EAFE Index
Year % % %
- -----------------------------------------------------------
1995 30.09 23.59 11.55
1996 8.98 3.53 6.36
1997 28.93 22.48 2.06
1998 7.22 1.85 20.33
1999* (12.21) (16.60) 4.11
*6 months
GAM
International
GAM Class A
International (After Maximum MSCI
Class A Sales Load of 5%) EAFE Index
Year % % %
- --------------------------------------------------------------------------------
1995 30.09 23.59 11.55
1996 8.98 3.53 6.36
1997 28.93 22.48 2.06
1998 7.22 1.85 20.33
1999* (12.21) (16.60) 4.11
*6 Months
4
<PAGE>
- --------------------------------------------------------------------------------
GAM International Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
THE FACTS - CLASS B SHARES
<TABLE>
<CAPTION>
GAM
International Average
GAM Class B MSCI 1 Month
International (with deferred EAFE Deposit
Class B sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$26.61 1,450.56
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 - 1.88 - 6.79 + 2.61 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 -12.50 -16.87 + 4.11 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -20.40 -23.58 + 7.92 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* -18.72 -21.69 + 5.60 + 5.30
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS C SHARES
<TABLE>
<CAPTION>
GAM
International Average
GAM Class C MSCI 1 Month
International (with deferred EAFE Deposit
Class C sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$26.59 1,450.56
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 - 1.85 - 2.83 + 2.61 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 -12.45 -13.32 + 4.11 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -20.32 -20.32 + 7.92 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* -16.74 -16.74 + 7.87 + 5.31
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS D SHARES
<TABLE>
<CAPTION>
GAM
International
Class D
(after Average
GAM maximum MSCI 1 Month
International sales load EAFE Deposit
Class D of 3.5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$26.24 US$27.19 1,450.56
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 - 1.76 - 5.20 + 2.61 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 -12.30 -15.37 + 4.11 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -19.90 -22.70 + 7.92 + 5.26
- -------------------------------------------------------------------------------------------
2 years to June, 1999 + 0.61 - 1.17 + 7.15 + 5.51
- -------------------------------------------------------------------------------------------
3 years to June, 1999 +12.27 +10.95 + 9.12 + 5.49
- -------------------------------------------------------------------------------------------
Since inception* + 9.98 + 8.95 +10.37 + 5.51
- -------------------------------------------------------------------------------------------
</TABLE>
* Inception was on 26th May, 1998 for Class B shares, 19th May, 1998 for Class
C shares and 18th September, 1995 for Class D shares.
[GRAPHIC OMITTED]
[Plot Points for Chart]
Date IND/NTR EAF DUS IND/NTR/SL
9/18/95 10,000.00 10,000.00 10,000.00 10,000.00
9/25/95 10,195.15 10,049.79 10,011.00 9,838.32
10/2/95 10,188.79 10,113.96 10,021.99 9,832.18
10/9/95 10,244.55 10,175.80 10,028.28 9,885.99
10/16/95 10,257.26 10,128.81 10,047.03 9,898.26
10/23/95 10,492.03 10,128.45 10,050.16 10,124.81
10/30/95 10,431.87 9,909.43 10,061.09 10,066.75
11/6/95 10,464.64 10,003.98 10,072.03 10,098.38
11/13/95 10,526.75 9,960.40 10,082.90 10,158.32
11/20/95 10,675.93 10,186.71 10,093.76 10,302.27
11/27/95 10,659.30 10,216.76 10,104.63 10,286.22
12/4/95 10,787.93 10,364.94 10,115.49 10,410.35
12/11/95 10,751.25 10,431.82 10,131.25 10,374.95
12/18/95 10,823.63 10,426.50 10,137.56 10,444.81
12/25/95 10,794.29 10,583.35 10,153.32 10,416.49
1/1/96 10,932.92 10,676.94 10,164.36 10,550.27
1/8/96 10,984.13 10,823.54 10,170.66 10,599.68
1/15/96 10,984.13 10,651.87 10,181.39 10,599.68
1/22/96 11,004.61 10,582.12 10,192.12 10,619.45
1/29/96 10,748.57 10,555.77 10,202.84 10,372.37
2/5/96 10,579.59 10,785.41 10,213.57 10,209.30
2/12/96 10,553.98 10,763.29 10,223.86 10,184.59
2/19/96 10,641.03 10,889.61 10,240.02 10,268.60
2/26/96 10,507.89 10,804.36 10,244.43 10,140.12
3/4/96 10,518.14 10,777.23 10,254.71 10,150.00
3/11/96 10,180.16 10,513.22 10,264.79 9,823.86
3/18/96 10,210.89 10,702.23 10,279.18 9,853.51
3/25/96 10,349.15 10,895.25 10,289.27 9,986.93
4/1/96 10,359.39 10,995.92 10,299.34 9,996.81
4/8/96 10,395.24 11,006.66 10,305.10 10,031.40
4/15/96 10,128.95 11,025.21 10,315.35 9,774.44
4/22/96 10,256.97 11,234.09 10,325.61 9,897.98
4/29/96 10,175.04 11,335.20 10,341.72 9,818.92
5/6/96 9,970.21 11,165.18 10,346.11 9,621.25
5/13/96 9,985.57 11,019.96 10,356.40 9,636.08
5/20/96 9,985.57 11,103.70 10,374.05 9,636.08
5/27/96 9,888.28 10,974.88 10,376.99 9,542.19
6/3/96 10,021.42 11,032.39 10,387.28 9,670.67
6/10/96 9,944.61 10,965.85 10,397.57 9,596.54
6/17/96 9,990.69 11,104.65 10,407.92 9,641.02
6/24/96 9,970.21 11,159.01 10,422.70 9,621.25
7/1/96 10,128.95 11,183.03 10,433.04 9,774.44
7/8/96 10,000.93 10,965.44 10,438.95 9,650.90
7/15/96 10,098.23 10,846.04 10,449.46 9,744.79
7/22/96 10,318.42 10,789.01 10,459.97 9,957.28
7/29/96 10,369.63 10,740.55 10,470.49 10,006.70
8/5/96 10,630.79 11,011.68 10,481.00 10,258.72
8/12/96 10,662.38 10,898.18 10,491.55 10,289.19
8/19/96 10,641.85 10,956.09 10,508.13 10,269.39
8/26/96 10,605.94 11,054.76 10,512.65 10,234.73
9/2/96 10,493.05 10,820.28 10,523.21 10,125.80
9/9/96 10,585.41 10,868.73 10,533.76 10,214.92
9/16/96 10,703.43 10,984.76 10,544.30 10,328.81
9/23/96 10,662.38 11,061.02 10,569.90 10,289.19
9/30/96 10,754.74 11,170.04 10,569.90 10,378.32
10/7/96 10,929.19 11,175.20 10,575.93 10,546.67
10/14/96 10,944.59 11,157.67 10,586.58 10,561.53
10/21/96 10,954.85 11,236.45 10,597.23 10,571.43
10/28/96 10,883.01 11,082.45 10,607.87 10,502.11
11/4/96 10,929.19 11,082.10 10,624.42 10,546.67
11/11/96 11,247.32 11,322.11 10,636.20 10,853.66
11/18/96 11,498.74 11,422.72 10,646.51 11,096.29
11/25/96 11,673.20 11,554.67 10,649.45 11,264.64
12/2/96 11,827.13 11,428.27 10,659.76 11,413.18
12/9/96 11,575.71 11,272.46 10,670.07 11,170.56
12/16/96 11,390.99 11,183.54 10,685.60 10,992.31
12/23/96 11,566.93 11,236.61 10,698.02 11,162.09
12/30/96 11,777.42 11,274.98 10,707.34 11,365.21
1/6/97 11,705.55 11,294.42 10,713.56 11,295.85
1/13/97 11,705.55 11,062.71 10,724.54 11,295.85
1/20/97 12,003.32 11,019.37 10,741.79 11,583.20
1/27/97 11,962.25 10,799.47 10,751.20 11,543.57
2/3/97 12,162.47 10,934.08 10,759.04 11,736.79
2/10/97 12,578.33 11,042.62 10,768.45 12,138.09
2/17/97 12,840.16 11,052.47 10,779.49 12,390.76
2/24/97 12,701.54 11,222.71 10,798.41 12,256.99
3/3/97 12,732.35 11,083.11 10,807.87 12,286.72
3/10/97 12,999.32 11,208.31 10,812.60 12,544.34
3/17/97 12,665.61 10,994.28 10,823.61 12,222.31
3/24/97 12,301.09 10,935.70 10,839.35 11,870.55
3/31/97 12,532.12 11,186.28 10,850.37 12,093.50
4/7/97 12,521.85 10,847.85 10,856.66 12,083.59
4/14/97 12,414.04 10,704.63 10,868.24 11,979.55
4/21/97 12,681.01 11,100.58 10,879.83 12,237.17
4/28/97 12,855.56 11,042.50 10,898.03 12,405.62
5/5/97 13,327.89 11,424.71 10,902.99 12,861.42
5/12/97 13,661.60 11,985.66 10,914.62 13,183.45
5/19/97 13,656.47 12,154.62 10,932.90 13,178.49
5/26/97 13,677.01 12,216.36 10,937.88 13,198.31
6/2/97 13,564.06 12,050.88 10,951.17 13,089.32
6/9/97 13,702.68 12,368.66 10,961.14 13,223.08
6/16/97 13,897.77 12,541.84 10,972.84 13,411.35
6/23/97 13,841.30 12,506.96 10,989.54 13,356.85
6/30/97 14,159.60 12,646.67 11,001.23 13,664.02
7/7/97 14,642.20 12,873.47 11,007.92 14,129.72
7/14/97 15,093.99 12,887.82 11,026.27 14,565.70
7/21/97 14,888.63 12,722.80 11,031.27 14,367.53
7/28/97 15,402.03 12,790.88 11,042.95 14,862.96
8/4/97 15,432.84 12,540.88 11,054.62 14,892.69
8/11/97 15,253.15 12,560.25 11,066.29 14,719.29
8/18/97 14,927.27 12,321.74 11,077.95 14,404.81
8/25/97 14,694.91 12,230.24 11,089.61 14,180.59
9/1/97 14,493.54 11,816.17 11,101.27 13,986.27
9/8/97 14,679.42 12,161.52 11,112.93 14,165.64
9/15/97 14,348.97 12,025.97 11,124.72 13,846.76
9/22/97 14,953.08 12,241.04 11,143.24 14,429.72
9/29/97 15,169.94 12,485.67 11,153.34 14,639.00
10/6/97 15,670.79 12,664.45 11,165.18 15,122.31
10/13/97 15,242.23 12,492.41 11,171.99 14,708.75
10/20/97 14,989.23 12,241.29 11,183.89 14,464.60
10/27/97 14,292.17 11,616.47 11,200.90 13,791.95
11/3/97 14,302.50 11,743.90 11,207.70 13,801.91
11/10/97 14,018.51 11,351.03 11,219.61 13,527.87
11/17/97 14,199.23 11,494.54 11,240.13 13,702.26
11/24/97 14,225.05 11,594.17 11,250.38 13,727.17
12/1/97 14,607.14 11,625.33 11,255.51 14,095.89
12/8/97 14,947.92 11,678.44 11,272.89 14,424.74
12/15/97 14,801.79 11,379.28 11,280.11 14,283.73
12/22/97 14,925.59 11,223.87 11,301.76 14,403.20
12/29/97 15,264.69 11,486.31 11,310.78 14,730.42
1/5/98 15,609.17 11,593.49 11,318.00 15,062.84
1/12/98 14,963.27 10,952.93 11,331.02 14,439.55
1/19/98 15,619.93 11,731.07 11,344.04 15,073.23
1/26/98 15,286.22 12,020.22 11,362.65 14,751.20
2/2/98 15,991.32 12,333.23 11,375.67 15,431.62
2/9/98 16,002.09 12,602.07 11,383.11 15,442.01
2/16/98 16,142.03 12,480.18 11,395.05 15,577.06
2/23/98 16,335.80 12,643.08 11,406.99 15,764.05
3/2/98 16,610.31 13,105.00 11,418.93 16,028.94
3/9/98 16,588.78 12,939.44 11,430.87 16,008.17
3/16/98 16,906.34 13,097.34 11,451.77 16,314.62
3/23/98 17,196.99 13,288.07 11,462.22 16,595.10
3/30/98 17,406.91 13,241.50 11,472.67 16,797.67
4/6/98 18,085.10 13,478.75 11,479.64 17,452.12
4/13/98 18,079.72 13,683.16 11,491.89 17,446.93
4/20/98 18,004.37 13,600.68 11,504.14 17,374.21
4/27/98 17,288.50 13,078.19 11,516.38 16,683.40
5/4/98 17,972.07 13,682.79 11,528.63 17,343.05
5/11/98 17,762.15 13,606.33 11,541.00 17,140.48
5/18/98 17,293.88 13,178.83 11,560.43 16,688.59
5/25/98 17,896.72 13,650.37 11,572.80 17,270.33
6/1/98 17,837.51 13,232.82 11,583.40 17,213.20
6/8/98 18,225.05 13,513.94 11,595.74 17,587.17
6/15/98 17,659.89 12,609.78 11,602.76 17,041.79
6/22/98 17,433.82 13,049.56 11,620.26 16,823.64
6/29/98 17,929.01 13,300.89 11,632.62 17,301.50
7/6/98 18,052.81 13,708.69 11,644.93 17,420.96
7/13/98 18,413.43 13,713.50 11,657.34 17,768.96
7/20/98 18,940.92 14,281.80 11,669.76 18,277.98
7/27/98 18,671.79 13,555.70 11,682.17 18,018.28
8/3/98 18,424.20 13,331.46 11,694.58 17,779.35
8/10/98 18,056.39 12,821.62 11,706.98 17,424.42
8/17/98 17,635.84 12,491.84 11,719.38 17,018.59
8/24/98 17,548.45 12,439.77 11,731.78 16,934.26
8/31/98 16,876.67 11,912.05 11,744.18 16,285.98
9/7/98 16,527.12 12,494.28 11,756.58 15,948.67
9/14/98 16,412.42 12,254.16 11,768.96 15,837.99
9/21/98 15,964.56 11,464.97 11,781.35 15,405.80
9/28/98 16,193.95 11,820.77 11,793.74 15,627.16
10/5/98 15,445.70 10,822.72 11,805.84 14,905.10
10/12/98 15,046.99 11,850.30 11,817.72 14,520.35
10/19/98 15,172.61 12,428.08 11,829.60 14,641.57
10/26/98 15,014.22 12,525.89 11,841.48 14,488.73
11/2/98 15,363.77 13,105.96 11,853.35 14,826.04
11/9/98 14,943.22 12,793.39 11,865.14 14,420.21
11/16/98 15,292.77 13,083.86 11,876.93 14,757.52
11/23/98 15,658.71 13,486.13 11,888.72 15,110.65
11/30/98 15,593.16 13,413.91 11,900.51 15,047.40
12/7/98 15,642.32 13,237.20 11,912.96 15,094.84
12/14/98 15,636.86 13,236.19 11,925.51 15,089.57
12/21/98 15,942.71 13,686.87 11,938.07 15,384.72
12/28/98 16,172.11 13,820.32 11,950.62 15,606.08
1/4/99 16,614.50 14,250.21 11,962.65 16,033.00
1/11/99 16,243.11 14,265.37 11,973.98 15,674.60
1/18/99 15,909.94 14,097.97 11,985.31 15,353.10
1/25/99 15,664.17 13,813.74 11,996.64 15,115.92
2/1/99 15,434.78 14,037.93 12,007.97 14,894.56
2/8/99 15,287.31 13,649.85 12,019.11 14,752.25
2/15/99 15,156.23 13,611.18 12,030.26 14,625.76
2/22/99 15,052.46 13,511.17 12,041.40 14,525.62
3/1/99 14,795.76 13,374.60 12,052.55 14,277.90
3/8/99 15,008.76 13,604.29 12,063.74 14,483.46
3/15/99 14,932.30 14,102.40 12,074.92 14,409.67
3/22/99 14,801.22 14,186.86 12,086.11 14,283.18
3/29/99 14,566.36 13,970.84 12,097.30 14,056.54
4/5/99 14,495.36 14,124.54 12,108.51 13,988.02
4/12/99 14,653.75 14,534.92 12,119.75 14,140.87
4/19/99 14,681.06 14,666.72 12,130.98 14,167.22
4/26/99 14,604.60 14,612.03 12,142.21 14,093.44
5/3/99 14,752.06 14,746.12 12,153.42 14,235.74
5/10/99 14,653.75 14,763.62 12,164.56 14,140.87
5/17/99 14,336.97 14,099.19 12,175.70 13,835.18
5/24/99 14,517.21 14,210.02 12,186.83 14,009.11
5/31/99 14,331.51 13,971.62 12,197.97 13,829.91
6/7/99 14,489.90 14,284.26 12,209.21 13,982.75
6/14/99 14,298.74 14,546.83 12,220.46 13,798.29
6/21/99 14,599.13 14,795.40 12,231.72 14,088.17
6/28/99 14,407.98 14,575.28 12,242.97 13,903.70
6/30/99 14,331.51 14,519.55 12,246.19 13,829.91
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class D and a comparable index. The performance of Class D is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily, The
Financial Times and Morgan Stanley Capital International.
The MSCI Europe, Australasia and Far East Index is a market value weighted,
unmanaged index of the weighted share prices of some 1,093 companies listed on
the stock exchanges of Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway,
Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The
combined market capitalization of these companies represents approximately 60%
of the aggregate market value of the stock exchanges of the above 20 countries.
The percentage change in the value of the index includes dividends reinvested.
5
<PAGE>
- --------------------------------------------------------------------------------
GAM International Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
THE COMMENT
The six-month period under review continues to be a challenging one for us.
A sharp upwards move in the Japanese and other Asian stockmarkets, combined with
strong moves in many of Europe's major international cyclical companies,
underlined investors' belief that an economic upturn is on the way in Asia and
that the European economies are about to enter a period of economic growth
superior to that of the last two years. Those companies most closely associated
with the economic cycle such as manufacturing, metal processing and chemical
companies in Europe have mirrored the gains made by many traditional sectors in
Japan such as shipbuilding, steel, engineering and the depressed banking sector.
These moves in industries and markets where we are not represented have left the
fund trailing the indices over the last six months. Moreover, the steady growth
nature of many of our investments in food manufacturing, pharmaceuticals and
utilities, for example, have been shunned as investors judged they were not
sensitive to the anticipated economic upturn, causing the price of these
securities to decline during the last six months.
Insofar as it is possible to form a general view, it is difficult to find
much evidence for such an upturn either in Europe or in Japan. For example in
Japan, car sales, housing starts, department store sales and capital spending to
name a few measures are all lower than where they were a year ago. Even exports,
the traditional mainstay of Japan's economic fortunes have not shown any growth,
as growth in exports to the United States has not offset declines in exports to
Europe and the rest of Asia. The much-heralded announcement of
better-than-expected GDP growth numbers in the first quarter, revealed on closer
inspection that the economy had not grown at all compared with the first quarter
of 1998. Against this background, the forecast of a tripling of company earnings
in the year to March 2000 seems to rely heavily on companies' efforts to
restructure operations by lowering costs. While there is some evidence that this
is underway to a limited extent for some companies, it in no way seems to be of
the scale required to meet analysts' expectations. Nor does such a move,
assuming it occurs, appear to offer the potential to act as a surprise. For
example, if earnings were to triple, the forward multiple for the Japanese
stockmarket - the TSE - stands at a demanding 52x current year earnings.
In Europe, we believe much better value is to be found overall, even though
we can see little evidence of faster growth which many believe. Europe's bond
markets have fallen sharply, in turn triggering declines in prices in many
growing companies as investors attached a lower multiple to those companies
earnings. In addition, the enthusiasm for more rapid growth, combined with
perhaps higher inflation, caused investors to shun investments in more stable
growth sectors. In our view this represents an opportunity to increase holdings
in those areas which have been sold down yet still offer an attractive outlook.
For example, we have been adding to our exposure in publishing with the Dutch
publisher VNU and to the global consumer goods concern, Unilever. Elsewhere, the
improving efficiency and profitability of Britain's commuter rail industry
offers some attractive opportunities and we have been adding to our positions in
Railtrack and Stagecoach. These purchases have been financed largely from our
bond holdings. If, as we expect, long-term interest rates for euro-denominated
bonds start to decline again, a relatively better performance will be achieved
from these sectors and their respective stocks than from the bonds themselves.
At the time of writing there seems to be some evidence that this is beginning to
occur.
The fund remained substantially hedged back into the US dollar for the last
six months. We are satisfied with the outlook and are confident that the
conditions of low inflation and moderate economic growth in our major markets
will favour our investment position. Every opportunity appears to be there to
improve upon the disappointing returns achieved over the last nine months.
Also of note, as of 28th July, 1999 the fund manager received Board
approval to change a non-fundamental investment restriction which will allow the
fund to engage in short selling.
6
<PAGE>
- --------------------------------------------------------------------------------
GAM International Fund - Statement of Investments
- --------------------------------------------------------------------------------
AS AT 30TH JUNE, 1999 (UNAUDITED)
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
ADJUSTABLE RATE INDEX NOTES - 3.6%
UNITED KINGDOM - 3.6%
+ DLJ ARIN, Indexed to 26,745,352 shares
Telecom Basket 1999-10-18 72,359,435
+ DLJ ARIN, Indexed to 7,307,127 shares
TeleWest Communications 1999-12-07 12,453,741
--------------
TOTAL ADJUSTABLE RATE INDEX NOTES (COST $80,400,309) 84,813,176
--------------
BONDS - 2.6%
GERMANY - 2.6%
$ 51,526,924 Bundes Deutschland 6.50%
2027-07-04 61,544,803
--------------
TOTAL BONDS (COST $75,324,745) 61,544,803
--------------
BOND WARRANTS - 0.4%
GERMANY - 0.4%
*375,404,530 Bundes Deutschland 5.62%
DEM Calls 104.92 2000-06-02 8,705,490
--------------
TOTAL BOND WARRANTS (COST $11,976,420) 8,705,490
--------------
EQUITIES - 83.3%
DENMARK - 2.1%
476,015 Den Danske Bank 51,481,060
--------------
51,481,060
--------------
FINLAND - 3.4%
908,664 Nokia A 79,603,737
--------------
79,603,737
--------------
FRANCE - 11.8%
597,434 AXA - UAP 72,842,675
330,414 Carrefour 48,527,119
*2,746,581 Credit Lyonnais 101,426,264
51,224 L'Oreal 34,606,477
160,045 Union des Assurances Federales 18,969,294
--------------
276,371,829
--------------
GERMANY - 1.0%
86,391 Allianz 23,951,459
--------------
23,951,459
--------------
JAPAN - 4.3%
1,046 NTT Mobile Communications Network 14,183,637
4,184 NTT Mobile Communications Network
New 56,042,664
659,000 Takeda Chemical 30,567,531
--------------
100,793,832
--------------
NETHERLANDS - 15.0%
2,778,561 Fortis AMEV 85,768,531
914,261 ING 49,469,863
1,064,848 Koninklijke 37,698,630
1,430,100 Unilever 96,321,493
1,326,362 VNU 52,971,831
741,014 Wolters Kluwer 29,479,826
--------------
351,710,174
--------------
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
SWEDEN - 0.7%
1,404,503 OM Gruppen 15,887,107
--------------
15,887,107
--------------
SWITZERLAND - 15.0%
55,611 Adecco 29,803,746
52,154 Nestle 93,986,588
34,141 Novartis 49,861,719
8,844 Roche Holding Genussscheine 90,926,539
157,148 Zurich Allied 89,377,104
--------------
353,955,696
--------------
UNITED KINGDOM - 30.0%
5,243,819 Bank of Scotland 69,437,393
2,026,959 Barclays 58,985,204
4,410,539 Dairy Crest Group 20,580,210
276,645 Eidos 9,092,751
1,764,884 EMAP 30,882,011
4,999,977 Express Dairies 11,350,028
1,064,637 Glaxo Wellcome 29,588,319
2,595,297 Hyder 30,643,284
3,785,078 National Express Group 60,413,819
5,254,123 National Power 38,265,610
4,673,101 Newsquest 33,665,711
6,353,174 Norwich Union 43,090,155
2,356,046 Railtrack Group 48,171,500
7,073,237 Scottish Power 61,103,375
3,588,097 Severn Trent 52,971,026
14,723,188 Stagecoach Holdings 52,743,892
3,457,791 Thames Water 54,835,669
--------------
705,819,957
--------------
TOTAL EQUITIES (COST $1,704,180,816) 1,959,574,851
--------------
INDEX WARRANTS - 0.1%
JAPAN - 0.1%
*990,000 Nomura Intl. 13417.00
Put Wts 2000-03-10 1,940,400
--------------
TOTAL INDEX WARRANTS (COST $16,929,000) 1,940,400
--------------
OPTIONS - 0.7%
FRANCE - 0.4%
*47,350 Bouygues
322.33 FRF Puts 2000-02-22 9,668,021
--------------
9,668,021
--------------
GERMANY - 0.0%
*550,000,000 Bundes Deutschland
114.50 DEM Calls 1999-12-09 405,762
--------------
405,762
--------------
JAPAN - 0.3%
*83,478 Tostem
2822.13 JPY Puts 1999-09-14 686,253
*243,794 Tostem
3618.60 JPY Puts 2000-05-25 5,215,130
--------------
5,901,383
--------------
TOTAL OPTIONS (COST $31,412,074) 15,975,166
--------------
7
<PAGE>
- --------------------------------------------------------------------------------
GAM International Fund - Statement of Investments (CONTINUED)
- --------------------------------------------------------------------------------
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
PREFERRED SHARES - 2.2%
GERMANY - 2.2%
127,704 SAP Pfd 51,002,024
--------------
TOTAL PREFERRED SHARES (COST $58,719,738) 51,002,024
--------------
TOTAL INVESTMENTS (COST $1,978,943,102**) - 92.9% 2,183,555,910
--------------
FUTURES - (0.7)%
JAPAN - (0.7)%
US$
*270,682,781 NIKKEI 225 Index (SMX) Futures
1999-08-30 (39,711,589)
--------------
TOTAL FUTURES (39,711,589)
MARGIN ON DEPOSIT AS COLLATERAL 22,565,366
--------------
DUE TO BROKERS FOR FUTURES CONTRACTS (17,146,223)
--------------
NET CURRENT ASSETS - 7.8% 184,474,292
--------------
TOTAL NET ASSETS - 100.0% 2,350,883,979
==============
* Non-income producing security.
** Cost for federal income tax purposes is identical.
+ Adjustable rate index notes are inversely indexed to the value of the
underlying security.
Glossary of Terms:
DEM - German Mark
FRF - French Franc
JPY - Japanese Yen
SMX - Singapore International Monetary Exchange
See notes to financial statements.
GEOGRAPHIC ANALYSIS AS AT
30TH JUNE, 1999
[GRAPHIC OMITTED]
United Kingdom 33.6
Switzerland 15.0
Sweden 0.7
Netherlands 15.0
Japan 4.0
Germany 6.2
France 12.2
Finland 3.4
Denmark 2.1
Net Current Assets 7.8
-----
100.0
INVESTMENT ANALYSIS AS AT
30TH JUNE, 1999
Banking 12
Insurance 14.2
Net current assets 7.8
Other 26.9
Business & Public Services 11.4
Food & Household Products 11.1
Health & Personal Care 10
Telecommunications 6.6
----
100
8
<PAGE>
- --------------------------------------------------------------------------------
GAM Global Fund
- --------------------------------------------------------------------------------
Fund Management
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] JOHN R. HORSEMAN JOINED GAM IN 1987, INITIALLY AS A MEMBER
OF THE ASIAN TEAM BASED IN HONG KONG. SINCE MOVING TO THE
LONDON OFFICE IN 1990, HE HAS BEEN RESPONSIBLE FOR A NUMBER
OF GAM'S GLOBAL AND INTERNATIONAL FUNDS. PRIOR TO JOINING
GAM IN 1987, HE WORKED FOR BA INVESTMENT MANAGEMENT
INTERNATIONAL LTD AND WAS RESPONSIBLE FOR SOME OF THE BANK
OF AMERICA'S GLOBAL EQUITY FUNDS. HE COMMENCED MANAGEMENT OF
GAM GLOBAL AND GAM INTERNATIONAL FUNDS ON 20TH APRIL, 1990.
MR. HORSEMAN ALSO MANAGES THE OFFSHORE FUND GAM UNIVERSAL
US$ INC. HE WAS EDUCATED AT THE UNIVERSITY OF BIRMINGHAM.
PLEASE NOTE THAT FROM 20TH JULY, 1999 JEAN-PHILIPPE CREMERS
HAS TAKEN OVER THE MANAGEMENT OF THIS FUND.
[GRAPHIC OMITTED] JEAN-PHILIPPE CREMERS JOINED GAM IN APRIL, 1992. HE IS THE
INVESTMENT DIRECTOR RESPONSIBLE FOR GAM'S INTERNATIONAL/
GLOBAL INVESTMENTS. PRIOR TO THIS HE ANALYZED THE JAPANESE
AND US STOCK MARKETS AT THE TOKYO INVESTMENT INFORMATION
CENTRE IN HONG KONG. MR. CREMERS IS A GRADUATE IN APPLIED
MATHEMATICS FROM UNIVERSITE CATHOLIQUE DE LOUVAIN, BELGIUM
AND HAS AN MBA FROM CORNELL UNIVERSITY, NEW YORK.
The Fund's investment objective is to seek long-term capital appreciation,
generally through investment in equity securities issued by companies with
principal offices in the United States, Canada, the United Kingdom, Continental
Europe, and the Pacific Basin. However, if the Fund determines that the
long-term capital appreciation of debt securities may equal or exceed the return
on equity securities, it may substantially invest in debt securities of
companies and governments, their agencies and instrumentalities. Any income
realized by the Fund on its investments will be incidental to its goal of
long-term capital appreciation.
Investments in securities of foreign issuers involve additional risks and
expenses including currency rate fluctuations, political and economic
instability, foreign taxes and different accounting and reporting standards.
Report to Shareholders
- --------------------------------------------------------------------------------
THE FACTS - CLASS A SHARES
<TABLE>
<CAPTION>
GAM
International
Class A
(after Average
GAM maximum MSCI 1 Month
International sales load EAFE Deposit
Class A of 5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$18.74 US$19.73 1,240.75
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 + 1.35 - 3.72 + 4.86 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 - 1.58 - 6.50 + 8.69 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -14.61 -18.88 +16.08 + 5.26
- -------------------------------------------------------------------------------------------
5 years to June, 1999 +15.13 +13.95 +17.25 + 5.53
- -------------------------------------------------------------------------------------------
10 years to June, 1999 +13.09 +12.51 +12.05 + 5.57
- -------------------------------------------------------------------------------------------
Since inception +12.30 +11.86 +13.43 + 6.07
- -------------------------------------------------------------------------------------------
</TABLE>
Performance is calculated on a total return basis. Class A inception was on
28th May, 1986, Class B on 26th May, 1998, Class C on 19th May, 1998 and Class D
on 6th October, 1995. Past performance is not necessarily indicative of future
performance. The investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost.
9
<PAGE>
- --------------------------------------------------------------------------------
GAM Global Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
[Plot Points for Chart]
Date GLB/NTR WCI DUS GLB/NTR/SL
5/28/86 10,000.00 10,000.00 10,000.00 10,000.00
6/4/86 9,971.00 9,886.16 10,016.71 9,472.45
6/11/86 9,998.00 9,975.95 10,030.16 9,498.10
6/18/86 10,014.00 10,053.19 10,043.60 9,513.30
6/25/86 10,069.00 10,215.29 10,053.21 9,565.55
7/2/86 10,304.00 10,364.99 10,066.65 9,788.80
7/9/86 10,243.00 10,166.13 10,083.78 9,730.85
7/16/86 10,261.00 10,074.10 10,093.27 9,747.95
7/23/86 10,156.00 10,239.64 10,110.36 9,648.20
7/30/86 10,143.00 10,380.23 10,123.65 9,635.85
8/6/86 10,183.00 10,376.19 10,136.03 9,673.85
8/13/86 10,610.00 10,866.38 10,148.42 10,079.50
8/20/86 10,789.00 11,316.22 10,160.81 10,249.55
8/27/86 10,834.00 11,252.73 10,173.20 10,292.30
9/3/86 10,780.00 11,236.59 10,185.58 10,241.00
9/10/86 10,604.00 11,229.72 10,196.70 10,073.80
9/17/86 10,174.00 10,623.15 10,207.81 9,665.30
9/24/86 10,264.00 10,840.23 10,215.75 9,750.80
10/1/86 10,229.00 10,867.87 10,226.87 9,717.55
10/8/86 10,382.00 10,917.62 10,241.81 9,862.90
10/15/86 10,283.00 10,878.78 10,253.58 9,768.85
10/22/86 10,045.00 10,498.10 10,265.35 9,542.75
10/29/86 9,860.00 10,582.51 10,277.13 9,367.00
11/5/86 9,895.00 10,689.34 10,288.90 9,400.25
11/12/86 10,008.00 10,907.16 10,300.36 9,507.60
11/19/86 9,904.00 10,605.22 10,311.83 9,408.80
11/26/86 10,233.00 10,994.71 10,323.29 9,721.35
12/3/86 10,533.00 11,298.59 10,334.75 10,006.35
12/10/86 10,355.00 11,275.73 10,347.14 9,837.25
12/17/86 10,263.00 11,246.30 10,359.53 9,749.85
12/24/86 10,411.00 11,379.12 10,368.38 9,890.45
12/31/86 10,469.00 11,349.84 10,380.77 9,945.55
1/7/87 10,515.00 11,753.37 10,389.86 9,989.25
1/14/87 10,743.00 12,068.01 10,410.19 10,205.85
1/21/87 10,848.00 12,411.78 10,423.14 10,305.60
1/28/87 10,874.00 12,800.52 10,436.08 10,330.30
2/4/87 10,813.00 12,828.76 10,449.03 10,272.35
2/11/87 10,836.00 12,774.08 10,461.18 10,294.20
2/18/87 10,853.00 12,945.89 10,473.32 10,310.35
2/25/87 11,025.00 13,044.49 10,485.46 10,473.75
3/4/87 11,039.00 13,376.16 10,497.61 10,487.05
3/11/87 11,064.00 13,382.14 10,510.31 10,510.80
3/18/87 11,286.00 13,666.15 10,523.01 10,721.70
3/25/87 11,208.00 13,960.17 10,532.09 10,647.60
4/1/87 11,349.00 13,998.27 10,544.79 10,781.55
4/8/87 11,409.00 14,292.29 10,561.44 10,838.55
4/15/87 11,285.00 14,596.17 10,574.48 10,720.75
4/22/87 11,490.00 14,836.26 10,587.51 10,915.50
4/29/87 11,318.00 14,550.75 10,600.53 10,752.10
5/6/87 11,690.00 15,185.56 10,610.25 11,105.50
5/13/87 11,666.00 15,201.54 10,627.73 11,082.70
5/20/87 11,456.00 14,604.54 10,641.33 10,883.20
5/27/87 11,526.00 14,751.99 10,654.93 10,949.70
6/3/87 11,603.00 14,986.11 10,668.54 11,022.85
6/10/87 11,662.00 15,348.85 10,683.12 11,078.90
6/17/87 11,850.00 15,425.79 10,697.71 11,257.50
6/24/87 11,845.00 15,100.70 10,708.13 11,252.75
7/1/87 11,673.00 14,743.33 10,722.72 11,089.35
7/8/87 11,631.00 14,611.11 10,741.17 11,049.45
7/15/87 11,826.00 14,887.80 10,755.44 11,234.70
7/22/87 11,461.00 14,401.20 10,769.71 10,887.95
7/29/87 11,641.00 15,010.01 10,784.00 11,058.95
8/5/87 11,656.00 14,942.03 10,790.12 11,073.20
8/12/87 11,826.00 15,464.19 10,812.25 11,234.70
8/19/87 11,934.00 15,550.99 10,826.23 11,337.30
8/26/87 12,056.00 15,957.66 10,840.21 11,453.20
9/2/87 12,146.00 15,860.70 10,854.19 11,538.70
9/9/87 11,840.00 15,485.85 10,869.03 11,248.00
9/16/87 11,836.00 15,408.01 10,883.87 11,244.20
9/23/87 11,905.00 15,530.67 10,894.47 11,309.75
9/30/87 11,839.00 15,701.89 10,909.31 11,247.05
10/7/87 11,921.00 15,679.18 10,929.77 11,324.95
10/14/87 12,016.00 15,750.29 10,945.99 11,415.20
10/21/87 10,789.00 13,567.25 10,955.26 10,249.55
10/28/87 9,926.00 12,409.39 10,978.44 9,429.70
11/4/87 9,765.00 12,859.53 10,994.66 9,276.75
11/11/87 9,721.00 12,356.80 11,009.42 9,234.95
11/18/87 9,979.00 12,908.09 11,024.18 9,480.05
11/25/87 9,987.00 13,083.34 11,038.94 9,487.65
12/2/87 9,743.00 12,742.40 11,053.70 9,255.85
12/9/87 9,695.00 12,788.12 11,070.66 9,210.25
12/16/87 10,028.00 13,259.63 11,087.62 9,526.60
12/23/87 10,206.98 13,416.20 11,102.16 9,696.64
12/30/87 10,113.22 13,211.52 11,116.69 9,607.56
1/6/88 10,157.34 13,442.94 11,127.99 9,649.48
1/13/88 9,838.55 13,110.68 11,151.66 9,346.62
1/20/88 9,718.31 13,087.97 11,166.73 9,232.40
1/27/88 9,645.51 13,384.83 11,179.64 9,163.23
2/3/88 9,679.70 13,456.69 11,196.85 9,195.72
2/10/88 9,716.10 13,538.56 11,211.08 9,230.30
2/17/88 10,086.75 13,816.30 11,225.30 9,582.41
2/24/88 10,272.07 14,215.35 11,239.52 9,758.46
3/2/88 10,441.94 14,526.25 11,247.65 9,919.85
3/9/88 10,617.34 14,680.13 11,268.18 10,086.47
3/16/88 10,807.07 14,736.01 11,282.62 10,266.72
3/23/88 10,780.05 14,886.90 11,294.98 10,241.05
3/30/88 10,676.31 14,779.04 11,307.36 10,142.49
4/6/88 10,799.65 14,920.22 11,325.85 10,259.66
4/13/88 10,963.33 15,192.73 11,340.22 10,415.16
4/20/88 10,854.98 14,937.25 11,346.38 10,312.23
4/27/88 10,957.57 15,023.16 11,368.97 10,409.69
5/4/88 10,909.15 15,056.62 11,377.18 10,363.70
5/11/88 10,397.35 14,735.41 11,398.62 9,877.49
5/18/88 10,374.30 14,732.57 11,413.90 9,855.59
5/25/88 10,449.23 14,723.31 11,429.19 9,926.76
6/1/88 10,807.72 14,927.69 11,444.47 10,267.33
6/8/88 10,905.69 15,181.67 11,460.79 10,360.41
6/15/88 11,094.74 15,317.48 11,477.11 10,540.00
6/22/88 10,896.47 15,090.84 11,491.10 10,351.65
6/29/88 10,751.23 14,640.09 11,505.10 10,213.67
7/6/88 11,038.26 14,775.60 11,526.73 10,486.34
7/13/88 10,828.46 14,766.19 11,543.69 10,287.04
7/20/88 10,858.43 14,710.61 11,560.66 10,315.51
7/27/88 10,910.31 14,787.10 11,577.63 10,364.79
8/3/88 11,098.20 15,074.70 11,594.60 10,543.29
8/10/88 10,675.15 14,480.08 11,612.39 10,141.40
8/17/88 10,844.60 14,638.90 11,630.18 10,302.37
8/24/88 10,858.43 14,476.95 11,647.97 10,315.51
8/31/88 10,778.90 14,189.20 11,665.75 10,239.95
9/7/88 11,031.34 14,454.54 11,684.21 10,479.77
9/14/88 11,144.30 14,567.78 11,702.67 10,587.09
9/21/88 11,309.14 14,598.26 11,710.58 10,743.68
9/28/88 11,303.38 14,652.05 11,734.31 10,738.21
10/5/88 11,502.79 14,771.86 11,758.04 10,927.65
10/12/88 11,629.59 15,090.99 11,776.64 11,048.11
10/19/88 12,027.27 15,417.13 11,795.25 11,425.91
10/26/88 12,188.65 15,677.08 11,813.85 11,579.22
11/2/88 12,245.13 15,787.49 11,832.45 11,632.88
11/9/88 12,235.91 15,794.81 11,851.17 11,624.11
11/16/88 12,248.59 15,925.09 11,869.90 11,636.16
11/23/88 12,371.93 16,305.32 11,888.62 11,753.33
11/30/88 12,496.42 16,346.10 11,907.34 11,871.60
12/7/88 12,716.59 16,426.93 11,929.32 12,080.76
12/14/88 12,565.58 16,331.16 11,951.30 11,937.30
12/21/88 12,599.01 16,258.70 11,973.28 11,969.06
12/28/88 12,688.92 16,403.02 11,988.98 12,054.48
1/4/89 12,831.86 16,594.11 12,004.68 12,190.26
1/11/89 12,971.33 16,845.55 12,038.12 12,322.77
1/18/89 12,752.32 16,876.77 12,059.01 12,114.70
1/25/89 12,932.14 17,024.98 12,079.90 12,285.53
2/1/89 12,874.51 17,019.30 12,094.82 12,230.78
2/8/89 13,299.85 17,284.49 12,121.96 12,634.86
2/15/89 13,297.55 17,369.05 12,143.13 12,632.67
2/22/89 13,124.64 17,202.62 12,164.31 12,468.41
3/1/89 12,845.69 16,871.84 12,179.44 12,203.40
3/8/89 12,899.87 16,966.41 12,208.71 12,254.87
3/15/89 12,869.90 16,997.34 12,231.94 12,226.40
3/22/89 12,711.98 16,565.42 12,255.16 12,076.38
3/29/89 12,693.53 16,780.86 12,271.74 12,058.86
4/5/89 12,907.93 17,154.21 12,301.61 12,262.54
4/12/89 12,980.55 16,970.30 12,325.05 12,331.53
4/19/89 13,159.22 17,239.97 12,348.50 12,501.26
4/26/89 13,030.12 17,180.36 12,371.94 12,378.61
5/3/89 12,950.58 17,275.38 12,395.39 12,303.06
5/10/89 13,033.58 17,239.22 12,418.56 12,381.90
5/17/89 12,747.71 17,095.35 12,441.74 12,110.32
5/24/89 12,676.29 16,786.39 12,464.92 12,042.47
5/31/89 12,893.89 16,874.68 12,488.09 12,249.19
6/7/89 13,091.38 16,922.49 12,511.00 12,436.81
6/14/89 12,961.30 16,498.34 12,533.90 12,313.23
6/21/89 13,312.53 16,691.22 12,556.80 12,646.90
6/28/89 13,450.89 16,951.77 12,573.16 12,778.35
7/5/89 13,855.34 17,135.09 12,602.61 13,162.57
7/12/89 14,101.32 17,595.69 12,625.26 13,396.26
7/19/89 14,247.96 17,597.04 12,647.92 13,535.57
7/26/89 14,471.48 18,021.19 12,670.58 13,747.90
8/2/89 14,828.62 18,648.22 12,693.24 14,087.19
8/9/89 14,872.38 18,534.23 12,714.30 14,128.76
8/16/89 14,795.51 18,264.41 12,735.36 14,055.73
8/23/89 14,796.69 18,197.63 12,747.40 14,056.86
8/30/89 14,722.19 18,222.28 12,777.49 13,986.08
9/6/89 14,745.84 17,975.62 12,799.24 14,008.55
9/13/89 14,622.85 17,864.46 12,820.99 13,891.71
9/20/89 14,532.97 18,034.93 12,842.74 13,806.32
9/27/89 14,771.86 18,507.63 12,858.27 14,033.26
10/4/89 14,935.06 18,593.54 12,873.80 14,188.30
10/11/89 14,847.54 18,203.90 12,908.47 14,105.17
10/18/89 14,321.29 17,960.08 12,930.72 13,605.22
10/25/89 14,465.56 18,103.65 12,952.96 13,742.29
11/1/89 14,465.56 18,012.82 12,975.20 13,742.29
11/8/89 14,304.73 17,922.13 12,996.66 13,589.49
11/15/89 14,503.41 18,103.65 13,018.13 13,778.24
11/22/89 14,674.88 18,183.14 13,039.59 13,941.14
11/29/89 15,020.20 18,627.45 13,061.05 14,269.19
12/6/89 15,422.29 19,014.10 13,082.81 14,651.17
12/13/89 15,371.43 19,186.21 13,095.25 14,602.86
12/20/89 15,307.11 18,880.84 13,126.34 14,541.76
12/27/89 15,576.25 19,356.83 13,141.87 14,797.44
1/3/90 16,214.70 19,440.34 13,163.63 15,403.97
1/10/90 15,963.67 19,144.23 13,191.00 15,165.48
1/17/90 15,470.04 18,593.54 13,212.16 14,696.54
1/24/90 15,033.15 18,287.42 13,224.25 14,281.49
1/31/90 15,379.53 18,490.45 13,251.44 14,610.55
2/7/90 15,647.46 18,649.71 13,275.28 14,865.09
2/14/90 15,371.08 18,473.27 13,296.09 14,602.52
2/21/90 15,221.42 17,988.77 13,316.90 14,460.35
2/28/90 15,317.15 17,689.22 13,337.71 14,551.29
3/7/90 15,401.98 17,492.31 13,358.82 14,631.88
3/14/90 15,326.85 17,117.76 13,379.92 14,560.50
3/21/90 15,411.67 16,778.02 13,401.02 14,641.09
3/28/90 15,383.80 16,798.34 13,416.09 14,614.61
4/4/90 15,474.69 16,389.43 13,431.17 14,700.95
4/11/90 15,412.88 16,711.24 13,464.82 14,642.24
4/18/90 15,472.26 16,661.94 13,486.41 14,698.65
4/25/90 15,102.66 16,464.13 13,508.00 14,347.53
5/2/90 15,114.78 16,712.88 13,529.59 14,359.04
5/9/90 15,563.15 17,180.21 13,551.65 14,784.99
5/16/90 15,929.11 17,782.44 13,573.71 15,132.66
5/23/90 16,218.73 17,978.46 13,595.76 15,407.79
5/30/90 16,326.58 18,169.09 13,617.82 15,510.25
6/6/90 16,462.30 18,167.60 13,630.12 15,639.19
6/13/90 16,544.71 17,976.36 13,660.90 15,717.47
6/20/90 16,509.56 17,866.56 13,682.45 15,684.09
6/27/90 16,837.96 17,906.30 13,697.84 15,996.06
7/4/90 17,189.38 18,259.03 13,713.23 16,329.91
7/11/90 17,299.66 18,292.95 13,740.94 16,434.67
7/18/90 17,359.04 18,664.51 13,765.57 16,491.08
7/25/90 17,326.32 18,170.44 13,790.20 16,460.00
8/1/90 17,265.73 18,131.74 13,808.67 16,402.44
8/8/90 15,896.39 16,949.53 13,832.61 15,101.57
8/15/90 16,058.77 17,224.28 13,847.51 15,255.83
8/22/90 15,148.71 16,092.87 13,871.35 14,391.28
8/29/90 15,027.53 16,389.88 13,889.23 14,276.16
9/5/90 15,273.53 16,192.67 13,916.05 14,509.85
9/12/90 15,302.61 16,434.55 13,934.21 14,537.48
9/19/90 15,092.97 15,803.78 13,946.32 14,338.32
9/26/90 14,923.32 14,944.72 13,973.55 14,177.15
10/3/90 14,670.05 15,519.62 13,991.71 13,936.55
10/10/90 14,993.60 15,742.37 14,022.77 14,243.92
10/17/90 14,958.46 16,003.38 14,044.76 14,210.54
10/24/90 15,062.67 16,538.83 14,066.74 14,309.54
10/31/90 14,756.09 16,119.31 14,088.72 14,018.28
11/7/90 14,624.00 15,972.60 14,097.77 13,892.80
11/14/90 14,567.05 16,190.87 14,130.94 13,838.70
11/21/90 14,430.11 16,107.66 14,143.00 13,708.61
11/28/90 14,358.62 16,058.06 14,173.15 13,640.69
12/5/90 14,008.41 16,034.90 14,194.27 13,307.99
12/12/90 14,476.16 16,636.24 14,217.75 13,752.35
12/19/90 14,370.74 16,597.39 14,241.22 13,652.20
12/26/90 13,743.02 16,098.40 14,257.99 13,055.87
1/2/91 13,978.88 16,190.73 14,281.47 13,279.94
1/9/91 13,639.47 15,697.70 14,308.73 12,957.49
1/16/91 13,424.60 15,419.82 14,329.29 12,753.37
1/23/91 14,004.88 16,197.75 14,349.84 13,304.64
1/30/91 14,333.35 16,635.94 14,370.39 13,616.68
2/6/91 14,850.68 17,499.93 14,389.16 14,108.14
2/13/91 15,493.92 18,179.25 14,407.94 14,719.22
2/20/91 15,209.25 18,235.43 14,421.35 14,448.79
2/27/91 15,210.62 18,132.94 14,442.81 14,450.09
3/6/91 15,228.41 18,387.96 14,456.37 14,466.99
3/13/91 14,890.37 18,220.78 14,483.58 14,145.85
3/20/91 14,556.43 17,791.26 14,502.63 13,828.61
3/27/91 14,880.79 17,797.53 14,516.23 14,136.75
4/3/91 15,311.90 18,331.34 14,532.56 14,546.30
4/10/91 15,142.19 18,144.89 14,558.15 14,385.08
4/17/91 15,472.02 18,708.43 14,575.57 14,698.42
4/24/91 14,890.37 18,024.17 14,583.04 14,145.85
5/1/91 14,828.78 18,251.09 14,607.95 14,087.34
5/8/91 14,956.06 18,076.20 14,626.90 14,208.26
5/15/91 14,579.70 17,888.61 14,643.36 13,850.71
5/22/91 14,743.93 17,929.73 14,659.82 14,006.73
5/29/91 14,930.06 18,184.38 14,676.28 14,183.55
6/5/91 14,951.96 18,099.85 14,683.33 14,204.36
6/12/91 14,697.40 17,638.80 14,709.12 13,962.53
6/19/91 14,661.81 17,414.97 14,725.50 13,928.72
6/26/91 14,481.16 17,352.28 14,737.20 13,757.10
7/3/91 14,504.42 17,191.72 14,751.24 13,779.20
7/10/91 14,582.43 17,311.23 14,775.06 13,853.31
7/17/91 14,696.03 17,583.29 14,791.87 13,961.23
7/24/91 14,672.76 17,765.13 14,808.67 13,939.12
7/31/91 14,798.67 18,046.12 14,820.68 14,058.74
8/7/91 14,841.10 18,127.17 14,842.01 14,099.04
8/14/91 14,756.25 17,976.43 14,858.53 14,018.43
8/21/91 14,529.06 17,617.84 14,875.05 13,802.60
8/28/91 14,672.76 17,775.95 14,891.58 13,939.12
9/4/91 14,627.60 18,000.23 14,908.11 13,896.22
9/11/91 14,609.81 17,975.82 14,914.93 13,879.31
9/18/91 14,607.07 18,187.36 14,935.38 13,876.71
9/25/91 14,637.18 18,288.77 14,951.28 13,905.32
10/2/91 14,809.62 18,647.23 14,967.18 14,069.14
10/9/91 14,471.58 18,296.58 14,986.98 13,748.00
10/16/91 14,693.29 18,566.88 15,002.23 13,958.63
10/23/91 14,482.53 18,506.52 15,008.77 13,758.40
10/30/91 14,711.37 18,690.43 15,032.74 13,975.80
11/6/91 14,932.79 18,790.70 15,038.92 14,186.15
11/13/91 14,883.53 18,886.16 15,061.57 14,139.35
11/20/91 14,605.70 18,229.47 15,075.99 13,875.41
11/27/91 14,322.40 18,046.73 15,090.40 13,606.28
12/4/91 14,409.99 18,057.84 15,104.81 13,689.49
12/11/91 14,660.44 17,757.93 15,111.10 13,927.42
12/18/91 14,892.15 18,134.40 15,134.15 14,147.54
12/25/91 15,363.22 18,317.90 15,144.62 14,595.06
1/1/92 15,565.09 19,264.77 15,159.29 14,786.83
1/8/92 15,748.18 19,263.22 15,175.65 14,960.77
1/15/92 15,153.16 18,799.06 15,187.83 14,395.50
1/22/92 15,420.78 19,065.35 15,200.01 14,649.74
1/29/92 15,306.90 18,787.15 15,205.23 14,541.55
2/5/92 15,383.76 19,030.13 15,224.36 14,614.58
2/12/92 15,217.22 18,811.79 15,236.22 14,456.35
2/19/92 14,719.70 18,274.87 15,248.08 13,983.72
2/26/92 14,754.58 18,510.27 15,259.95 14,016.85
3/4/92 14,684.83 18,342.50 15,268.42 13,950.58
3/11/92 14,562.41 17,881.63 15,276.98 13,834.28
3/18/92 14,530.09 17,771.64 15,295.97 13,803.59
3/25/92 14,499.91 17,816.30 15,304.60 13,774.92
4/1/92 14,518.59 17,425.85 15,316.68 13,792.66
4/8/92 14,645.07 16,931.73 15,332.25 13,912.81
4/15/92 14,617.76 17,905.96 15,344.37 13,886.87
4/22/92 14,611.48 17,601.14 15,356.50 13,880.91
4/29/92 14,543.03 17,874.67 15,368.61 13,815.88
5/6/92 14,856.03 18,223.65 15,376.64 14,113.23
5/13/92 15,001.54 18,557.38 15,391.08 14,251.46
5/20/92 15,163.90 18,605.11 15,395.90 14,405.70
5/27/92 15,056.11 18,290.18 15,408.74 14,303.30
6/3/92 15,215.64 18,565.07 15,418.38 14,454.85
6/10/92 15,293.25 18,290.85 15,436.26 14,528.58
6/17/92 15,432.65 17,951.85 15,447.72 14,661.02
6/24/92 15,569.19 17,818.69 15,455.91 14,790.73
7/1/92 15,938.55 18,251.91 15,467.37 15,141.62
7/8/92 16,197.24 18,257.09 15,481.96 15,387.38
7/15/92 16,284.91 18,513.67 15,493.27 15,470.67
7/22/92 16,111.01 17,713.35 15,504.58 15,305.46
7/29/92 16,194.37 17,881.67 15,509.43 15,384.65
8/5/92 16,261.92 18,074.66 15,523.97 15,448.82
8/12/92 16,545.05 17,499.01 15,536.88 15,717.79
8/19/92 16,530.67 17,580.35 15,546.56 15,704.14
8/26/92 17,015.01 18,038.41 15,556.24 16,164.26
9/2/92 17,290.95 18,557.03 15,561.77 16,426.41
9/9/92 17,237.78 18,753.08 15,575.81 16,375.89
9/16/92 16,016.16 18,241.60 15,585.70 15,215.35
9/23/92 15,310.49 18,406.77 15,592.76 14,544.97
9/30/92 16,491.87 18,387.80 15,602.65 15,667.28
10/7/92 16,297.85 17,866.14 15,609.40 15,482.96
10/14/92 16,030.53 18,030.43 15,618.57 15,229.00
10/21/92 15,635.30 17,981.50 15,632.97 14,853.53
10/28/92 15,409.66 17,973.94 15,636.89 14,639.18
11/4/92 15,309.05 17,958.91 15,651.30 14,543.60
11/11/92 15,241.51 17,761.58 15,659.34 14,479.43
11/18/92 14,981.37 17,804.99 15,670.06 14,232.30
11/25/92 15,012.99 18,029.18 15,676.76 14,262.34
12/2/92 14,724.11 18,189.96 15,683.46 13,987.91
12/9/92 14,890.83 18,355.20 15,701.23 14,146.29
12/16/92 15,113.60 18,315.39 15,713.65 14,357.92
12/23/92 14,816.09 18,606.93 15,724.28 14,075.29
12/30/92 14,926.76 18,387.79 15,734.92 14,180.42
1/6/93 14,866.86 18,307.36 15,742.59 14,123.52
1/13/93 14,779.76 18,051.10 15,757.71 14,040.77
1/20/93 15,215.27 18,205.38 15,764.58 14,454.50
1/27/93 15,324.15 18,332.26 15,776.95 14,557.94
2/3/93 15,075.90 18,560.87 15,786.57 14,322.11
2/10/93 15,226.88 18,667.17 15,795.85 14,465.54
2/17/93 15,480.93 18,544.65 15,805.11 14,706.88
2/24/93 15,865.63 18,744.51 15,814.38 15,072.35
3/3/93 16,253.23 19,127.60 15,821.01 15,440.57
3/10/93 16,489.86 19,460.65 15,832.95 15,665.37
3/17/93 15,894.88 19,332.58 15,839.59 15,100.14
3/24/93 16,134.19 19,506.50 15,848.89 15,327.48
3/31/93 16,504.38 19,969.51 15,858.18 15,679.16
4/7/93 16,324.37 20,297.01 15,870.15 15,508.15
4/14/93 16,967.47 20,732.38 15,879.47 16,119.10
4/21/93 16,822.30 20,513.43 15,888.78 15,981.18
4/28/93 16,801.98 20,653.83 15,892.77 15,961.88
5/5/93 17,198.29 21,051.01 15,906.08 16,338.38
5/12/93 17,170.71 20,782.18 15,916.57 16,312.17
5/19/93 16,990.70 20,850.04 15,924.41 16,141.16
5/26/93 17,349.27 21,303.27 15,930.94 16,481.80
6/2/93 17,485.73 21,415.85 15,944.02 16,611.44
6/9/93 17,135.87 21,289.06 15,948.12 16,279.07
6/16/93 17,141.67 21,091.82 15,963.13 16,284.59
6/23/93 16,796.17 20,657.18 15,969.96 15,956.36
6/30/93 17,124.95 21,207.76 15,979.51 16,268.70
7/7/93 17,092.88 20,965.13 15,990.29 16,238.24
7/14/93 16,948.60 21,234.56 16,001.02 16,101.17
7/21/93 16,816.49 21,182.15 16,010.41 15,975.67
7/28/93 17,117.08 21,373.44 16,019.79 16,261.23
8/4/93 17,799.29 21,882.32 16,029.18 16,909.33
8/11/93 18,317.55 22,024.82 16,038.59 17,401.67
8/18/93 19,118.89 22,493.31 16,042.62 18,162.94
8/25/93 18,783.55 22,215.57 16,057.42 17,844.37
9/1/93 19,507.94 22,586.17 16,066.84 18,532.55
9/8/93 19,836.03 22,397.76 16,076.27 18,844.23
9/15/93 19,786.67 22,494.67 16,085.71 18,797.34
9/22/93 19,714.61 22,006.38 16,093.79 18,728.88
9/29/93 20,543.01 22,208.97 16,101.88 19,515.86
10/6/93 21,052.55 22,601.26 16,114.04 19,999.93
10/13/93 21,647.75 22,642.68 16,123.49 20,565.36
10/20/93 21,907.60 22,710.56 16,132.95 20,812.22
10/27/93 21,634.10 22,577.92 16,142.41 20,552.40
11/3/93 21,994.71 22,746.56 16,146.47 20,894.97
11/10/93 21,929.38 22,257.48 16,155.94 20,832.91
11/17/93 22,347.47 22,402.28 16,170.85 21,230.10
11/24/93 22,036.81 21,899.54 16,180.34 20,934.97
12/1/93 22,321.34 21,953.00 16,184.40 21,205.27
12/8/93 23,183.65 22,167.90 16,200.49 22,024.47
12/15/93 23,359.30 22,198.94 16,211.17 22,191.34
12/22/93 24,523.57 22,509.68 16,221.84 23,297.39
12/29/93 25,593.47 22,669.20 16,229.46 24,313.80
1/5/94 25,788.05 22,770.65 16,238.61 24,498.65
1/12/94 25,091.98 22,900.82 16,252.92 23,837.38
1/19/94 25,657.37 23,267.77 16,262.65 24,374.50
1/26/94 25,209.46 23,257.41 16,268.21 23,948.99
2/2/94 25,417.03 24,222.88 16,277.95 24,146.18
2/9/94 24,374.58 23,610.96 16,291.49 23,155.85
2/16/94 23,877.38 23,689.43 16,296.84 22,683.51
2/23/94 23,579.97 23,590.87 16,304.87 22,400.97
3/2/94 22,875.48 23,461.40 16,319.60 21,731.71
3/9/94 22,941.57 23,459.13 16,330.55 21,794.49
3/16/94 22,723.77 23,753.65 16,341.50 21,587.58
3/23/94 22,340.73 23,401.76 16,350.89 21,223.70
3/30/94 22,614.12 22,803.66 16,360.28 21,483.41
4/6/94 22,163.49 22,886.74 16,374.59 21,055.31
4/13/94 21,753.41 23,134.81 16,385.77 20,665.74
4/20/94 21,565.65 22,930.39 16,390.57 20,487.37
4/27/94 21,639.25 23,358.54 16,401.74 20,557.29
5/4/94 21,564.15 23,239.03 16,419.31 20,485.94
5/11/94 21,262.23 23,088.58 16,431.51 20,199.11
5/18/94 21,511.57 23,558.54 16,443.72 20,436.00
5/25/94 21,793.97 23,493.85 16,455.91 20,704.27
6/1/94 21,923.15 23,573.70 16,468.12 20,826.99
6/8/94 21,445.48 23,644.75 16,481.34 20,373.21
6/15/94 21,748.91 23,735.28 16,490.79 20,661.46
6/22/94 22,330.22 23,363.87 16,505.91 21,213.71
6/29/94 22,531.50 23,555.45 16,517.24 21,404.93
7/6/94 22,780.35 23,588.89 16,529.06 21,641.34
7/13/94 22,966.65 23,799.94 16,541.11 21,818.31
7/20/94 22,452.28 23,981.97 16,563.20 21,329.67
7/27/94 22,175.32 23,804.25 16,577.26 21,066.55
8/3/94 22,002.22 24,258.37 16,583.28 20,902.10
8/10/94 21,779.65 24,181.79 16,599.28 20,690.67
8/17/94 21,918.14 24,344.78 16,611.21 20,822.23
8/24/94 22,254.45 24,517.42 16,633.08 21,141.73
8/31/94 21,990.68 24,667.58 16,639.05 20,891.14
9/7/94 22,384.69 24,431.23 16,662.17 21,265.46
9/14/94 22,608.90 24,304.70 16,677.34 21,478.46
9/21/94 22,544.61 24,156.21 16,692.50 21,417.37
9/28/94 22,668.25 24,106.82 16,703.33 21,534.84
10/5/94 22,689.68 23,689.45 16,718.49 21,555.20
10/12/94 22,498.44 24,211.96 16,738.66 21,373.52
10/19/94 23,026.00 24,485.52 16,754.50 21,874.70
10/26/94 23,118.32 24,208.93 16,761.28 21,962.40
11/2/94 22,854.54 24,528.78 16,786.17 21,711.81
11/9/94 22,758.92 24,175.43 16,802.06 21,620.98
11/16/94 22,310.50 24,087.90 16,811.14 21,194.98
11/23/94 22,538.01 23,371.29 16,829.31 21,411.11
11/30/94 22,302.26 23,644.10 16,847.48 21,187.15
12/7/94 22,111.02 23,411.11 16,868.93 21,005.47
12/14/94 22,061.57 23,250.06 16,888.12 20,958.49
12/21/94 21,791.34 23,634.00 16,907.31 20,701.77
12/28/94 21,673.99 23,747.12 16,921.01 20,590.29
1/4/95 21,593.70 23,725.36 16,937.46 20,514.02
1/11/95 21,964.27 23,683.21 16,964.77 20,866.06
1/18/95 22,116.61 23,765.62 16,972.96 21,010.78
1/25/95 22,588.06 23,212.87 17,002.96 21,458.65
2/1/95 22,594.23 23,544.98 17,022.05 21,464.52
2/8/95 22,548.94 23,732.50 17,041.44 21,421.49
2/15/95 22,742.46 23,846.94 17,060.82 21,605.34
2/22/95 23,500.06 23,928.15 17,080.20 22,325.06
3/1/95 24,125.91 23,771.88 17,096.82 22,919.61
3/8/95 25,678.17 24,153.53 17,119.26 24,394.26
3/15/95 26,320.48 24,330.34 17,138.94 25,004.46
3/22/95 26,133.14 24,232.27 17,158.61 24,826.48
3/29/95 26,532.53 24,822.77 17,172.67 25,205.90
4/5/95 26,742.51 25,008.75 17,197.97 25,405.39
4/12/95 26,116.67 25,334.57 17,206.44 24,810.83
4/19/95 27,150.14 25,660.47 17,237.55 25,792.63
4/26/95 26,769.28 25,743.85 17,257.33 25,430.81
5/3/95 26,946.32 26,296.63 17,277.13 25,599.01
5/10/95 27,003.97 26,314.95 17,296.80 25,653.77
5/17/95 26,172.25 25,967.57 17,316.47 24,863.64
5/24/95 26,635.46 25,835.42 17,336.14 25,303.69
5/31/95 27,693.63 26,130.05 17,347.38 26,308.95
6/7/95 27,893.33 26,314.50 17,375.58 26,498.66
6/14/95 27,598.93 25,982.30 17,395.35 26,218.99
6/21/95 27,901.56 26,334.33 17,403.82 26,506.48
6/28/95 27,199.54 26,103.05 17,429.22 25,839.57
7/5/95 27,666.87 26,421.09 17,448.99 26,283.53
7/12/95 27,607.17 27,239.97 17,468.98 26,226.81
7/19/95 27,384.83 26,892.48 17,494.80 26,015.59
7/26/95 27,594.81 27,256.17 17,514.89 26,215.07
8/2/95 27,448.65 27,195.71 17,534.97 26,076.21
8/9/95 27,559.82 27,140.22 17,543.17 26,181.83
8/16/95 26,497.53 26,904.93 17,562.30 25,172.65
8/23/95 26,549.01 26,786.91 17,592.35 25,221.56
8/30/95 26,734.37 26,671.78 17,611.48 25,397.65
9/6/95 27,030.94 26,917.50 17,630.90 25,679.39
9/13/95 27,247.19 27,217.62 17,650.31 25,884.83
9/20/95 27,823.85 27,324.65 17,658.64 26,432.65
9/27/95 27,572.59 27,358.30 17,683.61 26,193.96
10/4/95 27,683.80 27,475.41 17,697.48 26,299.61
10/11/95 27,650.85 27,123.51 17,727.90 26,268.30
10/18/95 28,058.63 27,421.13 17,741.69 26,655.70
10/25/95 28,400.51 27,265.92 17,766.53 26,980.48
11/1/95 28,274.88 27,136.08 17,785.85 26,861.13
11/8/95 28,526.13 27,479.45 17,805.03 27,099.83
11/15/95 28,870.07 27,529.66 17,824.22 27,426.57
11/22/95 29,051.31 27,908.81 17,843.41 27,598.74
11/29/95 29,073.96 28,078.96 17,862.59 27,620.26
12/6/95 29,716.53 28,652.36 17,879.29 28,230.70
12/13/95 29,312.86 28,665.55 17,895.99 27,847.22
12/20/95 29,121.33 28,394.64 17,921.04 27,665.26
12/27/95 29,588.66 28,918.39 17,934.96 28,109.22
1/3/96 29,830.64 29,202.71 17,951.66 28,339.11
1/10/96 29,478.66 28,756.49 17,978.95 28,004.73
1/17/96 29,566.66 28,792.90 17,997.90 28,088.32
1/24/96 29,720.65 28,859.14 18,016.84 28,234.62
1/31/96 29,324.67 29,496.53 18,035.79 27,858.43
2/7/96 29,060.68 29,891.89 18,051.35 27,607.65
2/14/96 28,928.69 29,965.78 18,072.10 27,482.25
2/21/96 28,752.69 29,750.94 18,082.48 27,315.06
2/28/96 28,686.70 29,722.72 18,108.42 27,252.36
3/6/96 28,620.70 29,899.62 18,126.22 27,189.66
3/13/96 27,828.74 29,325.39 18,144.02 26,437.30
3/20/96 28,268.72 29,880.30 18,151.64 26,855.28
3/27/96 28,290.71 30,069.59 18,174.53 26,876.18
4/3/96 28,708.70 30,431.10 18,189.79 27,273.26
4/10/96 27,960.73 29,972.27 18,215.52 26,562.69
4/17/96 27,960.73 30,172.15 18,233.62 26,562.69
4/24/96 28,158.72 30,678.92 18,251.73 26,750.78
5/1/96 27,960.73 30,785.85 18,262.07 26,562.69
5/8/96 27,520.75 30,404.93 18,288.01 26,144.71
5/15/96 27,894.73 30,799.43 18,306.18 26,500.00
5/22/96 27,564.75 30,989.19 18,319.17 26,186.51
5/29/96 27,762.74 30,685.96 18,342.54 26,374.60
6/5/96 28,114.72 31,008.87 18,360.71 26,708.99
6/12/96 27,872.73 30,828.26 18,378.97 26,479.10
6/19/96 27,850.73 30,868.88 18,397.24 26,458.20
6/26/96 28,114.72 30,919.32 18,410.29 26,708.99
7/3/96 28,422.71 31,023.91 18,425.94 27,001.57
7/10/96 28,070.72 30,519.42 18,452.34 26,667.19
7/17/96 28,312.71 29,809.91 18,470.90 26,897.08
7/24/96 28,180.72 29,378.98 18,489.46 26,771.68
7/31/96 28,884.69 29,997.19 18,508.02 27,440.45
8/7/96 29,742.65 30,515.90 18,526.65 28,255.52
8/14/96 29,709.43 30,580.25 18,545.29 28,223.96
8/21/96 29,929.99 30,796.77 18,558.60 28,433.49
8/28/96 29,731.49 30,776.33 18,582.55 28,244.91
9/4/96 29,158.03 30,349.20 18,601.19 27,700.13
9/11/96 29,488.87 30,559.78 18,619.81 28,014.43
9/18/96 29,974.10 31,228.40 18,619.81 28,475.40
9/25/96 30,238.78 31,357.24 18,665.02 28,726.84
10/2/96 30,856.34 31,736.42 18,670.34 29,313.53
10/9/96 31,121.02 31,615.05 18,694.46 29,564.97
10/16/96 30,724.01 31,950.16 18,713.26 29,187.81
10/23/96 30,856.34 31,896.00 18,732.07 29,313.53
10/30/96 30,790.18 31,667.88 18,750.87 29,250.67
11/6/96 32,201.76 32,408.08 18,761.28 30,591.67
11/13/96 32,267.93 32,734.77 18,782.08 30,654.53
11/20/96 33,106.06 33,288.06 18,800.29 31,450.75
11/27/96 33,635.40 33,501.16 18,823.70 31,953.63
12/4/96 33,458.95 33,039.46 18,841.90 31,786.00
12/11/96 32,863.44 32,797.09 18,861.10 31,220.27
12/18/96 32,400.26 32,463.10 18,869.32 30,780.25
12/25/96 33,273.75 32,845.12 18,894.01 31,610.06
1/1/97 33,507.25 33,021.63 18,913.20 31,831.89
1/8/97 33,437.20 32,954.09 18,938.08 31,765.34
1/15/97 34,394.55 33,273.97 18,957.46 32,674.82
1/22/97 35,235.15 33,486.55 18,968.54 33,473.39
1/29/97 34,674.75 32,878.53 18,985.16 32,941.01
2/5/97 35,795.55 33,246.50 19,015.63 34,005.77
2/12/97 36,752.90 33,830.60 19,035.12 34,915.26
2/19/97 37,523.45 34,049.80 19,054.61 35,647.28
2/26/97 37,266.60 34,183.04 19,068.52 35,403.27
3/5/97 37,266.60 33,980.73 19,085.23 35,403.27
3/12/97 37,243.25 34,080.47 19,113.04 35,381.09
3/19/97 35,678.80 33,547.66 19,132.48 33,894.86
3/26/97 35,678.80 33,732.96 19,146.38 33,894.86
4/2/97 34,091.00 32,746.33 19,165.83 32,386.45
4/9/97 35,305.20 32,708.23 19,191.84 33,539.94
4/16/97 35,095.05 32,831.06 19,212.30 33,340.30
4/23/97 35,655.45 33,497.36 19,232.75 33,872.68
4/30/97 36,752.90 34,241.81 19,244.44 34,915.26
5/7/97 37,710.25 35,214.20 19,273.74 35,824.74
5/14/97 38,667.60 36,279.72 19,294.28 36,734.22
5/21/97 38,364.05 36,538.77 19,306.02 36,445.85
5/28/97 38,504.15 36,641.75 19,335.35 36,578.94
6/4/97 38,457.45 36,431.71 19,355.89 36,534.58
6/11/97 39,181.30 37,515.04 19,376.55 37,222.24
6/18/97 39,905.15 37,955.35 19,397.19 37,909.89
6/25/97 40,745.75 38,388.20 19,411.94 38,708.46
7/2/97 41,072.65 38,644.61 19,432.59 39,019.02
7/9/97 41,866.55 38,946.24 19,459.11 39,773.22
7/16/97 43,968.05 39,757.43 19,470.89 41,769.65
7/23/97 44,154.85 39,653.30 19,500.35 41,947.11
7/30/97 45,252.30 39,810.58 19,520.97 42,989.69
8/6/97 45,766.00 39,660.67 19,538.62 43,477.70
8/13/97 44,201.55 38,765.10 19,562.15 41,991.47
8/20/97 44,803.74 38,927.51 19,582.74 42,563.56
8/27/97 43,260.40 37,931.37 19,603.33 41,097.38
9/3/97 43,774.85 38,163.49 19,623.92 41,586.11
9/10/97 43,120.10 38,055.44 19,644.74 40,964.09
9/17/97 43,681.31 38,512.54 19,665.56 41,497.25
9/24/97 44,523.14 39,098.46 19,680.42 42,296.98
10/1/97 45,364.96 39,518.49 19,701.25 43,096.71
10/8/97 46,113.25 40,009.76 19,716.20 43,807.59
10/15/97 45,528.65 39,493.89 19,749.24 43,252.22
10/22/97 45,060.97 39,300.38 19,770.26 42,807.92
10/29/97 42,816.10 37,432.16 19,779.27 40,675.30
11/5/97 43,517.62 37,989.95 19,812.31 41,341.74
11/12/97 41,389.68 36,357.66 19,833.45 39,320.20
11/19/97 42,769.34 37,443.98 19,848.54 40,630.87
11/26/97 43,400.70 37,600.19 19,869.67 41,230.67
12/3/97 45,131.12 38,623.29 19,896.85 42,874.56
12/10/97 45,552.03 38,493.41 19,906.40 43,274.43
12/17/97 44,902.29 38,474.75 19,941.45 42,657.17
12/24/97 43,403.93 37,168.96 19,957.37 41,233.74
12/31/97 45,216.46 38,380.09 19,979.67 42,955.63
1/7/98 45,578.96 38,117.17 20,009.04 43,300.01
1/14/98 44,708.95 37,594.12 20,032.04 42,473.50
1/21/98 45,119.79 38,667.63 20,055.04 42,863.80
1/28/98 44,829.79 39,421.23 20,064.89 42,588.30
2/4/98 46,690.64 40,557.23 20,087.89 44,356.11
2/11/98 46,980.65 41,122.78 20,122.12 44,631.62
2/18/98 47,633.16 41,294.23 20,143.19 45,251.50
2/25/98 48,261.50 41,584.60 20,164.28 45,848.42
3/4/98 47,971.50 42,051.66 20,185.36 45,572.92
3/11/98 48,527.34 42,605.57 20,206.90 46,100.97
3/18/98 49,735.69 43,216.35 20,222.27 47,248.90
3/25/98 50,170.69 44,102.04 20,243.81 47,662.16
4/1/98 51,040.70 44,121.86 20,265.35 48,488.67
4/8/98 51,185.71 44,273.57 20,293.12 48,626.42
4/15/98 52,249.05 45,143.99 20,314.75 49,636.60
4/22/98 52,249.05 45,018.26 20,336.37 49,636.60
4/29/98 50,436.53 43,585.21 20,354.91 47,914.70
5/6/98 50,895.70 44,464.23 20,379.84 48,350.92
5/13/98 51,016.54 44,559.85 20,401.68 48,465.71
5/20/98 51,209.87 44,596.56 20,414.16 48,649.38
5/27/98 50,460.70 43,858.51 20,439.12 47,937.66
6/3/98 50,315.69 43,709.36 20,457.84 47,799.91
6/10/98 51,572.38 44,187.20 20,476.50 48,993.76
6/17/98 51,451.54 43,737.74 20,510.50 48,878.97
6/24/98 52,780.73 44,229.15 20,526.00 50,141.69
7/1/98 54,085.75 45,414.21 20,547.71 51,381.46
7/8/98 55,366.60 46,062.98 20,569.63 52,598.27
7/15/98 56,405.78 46,502.65 20,591.55 53,585.49
7/22/98 55,777.44 46,132.04 20,613.47 52,988.56
7/29/98 54,279.08 44,751.23 20,635.39 51,565.13
8/5/98 52,200.72 43,295.66 20,657.30 49,590.68
8/12/98 51,884.67 42,529.82 20,679.20 49,290.44
8/19/98 52,030.82 43,251.32 20,701.09 49,429.28
8/26/98 50,666.72 42,035.72 20,722.99 48,133.38
9/2/98 47,207.74 39,848.80 20,744.89 44,847.35
9/9/98 46,866.72 40,553.50 20,766.77 44,523.38
9/16/98 47,792.36 41,216.28 20,788.64 45,402.74
9/23/98 47,768.00 40,898.69 20,810.52 45,379.60
9/30/98 46,769.28 39,511.06 20,832.40 44,430.82
10/7/98 44,747.48 38,536.30 20,853.51 42,510.11
10/14/98 43,480.82 39,882.82 20,874.49 41,306.77
10/21/98 42,384.66 42,174.43 20,895.47 40,265.43
10/28/98 42,067.99 42,011.55 20,916.45 39,964.59
11/4/98 42,847.48 44,379.56 20,937.36 40,705.11
11/11/98 43,164.15 43,717.93 20,958.18 41,005.94
11/18/98 43,700.05 44,498.13 20,979.00 41,515.04
11/25/98 44,430.82 46,094.37 20,999.82 42,209.28
12/2/98 44,382.10 45,343.08 21,020.83 42,162.99
12/9/98 45,064.15 46,078.83 21,043.00 42,810.94
12/16/98 44,625.69 45,420.66 21,065.17 42,394.40
12/23/98 46,087.23 47,533.72 21,087.34 43,782.87
12/30/98 46,209.02 47,763.14 21,109.51 43,898.57
1/6/99 47,402.61 49,791.64 21,130.14 45,032.48
1/13/99 45,794.92 47,680.19 21,150.14 43,505.17
1/20/99 46,111.59 48,882.90 21,170.15 43,806.01
1/27/99 45,916.72 48,083.54 21,190.15 43,620.88
2/3/99 46,379.54 48,745.82 21,210.06 44,060.56
2/10/99 45,015.43 46,894.53 21,229.75 42,764.66
2/17/99 45,039.79 47,149.33 21,249.43 42,787.80
2/24/99 45,624.41 48,033.33 21,269.11 43,343.19
3/3/99 44,235.94 46,910.29 21,288.81 42,024.15
3/10/99 45,210.30 49,091.76 21,308.57 42,949.79
3/17/99 45,380.82 49,899.43 21,328.32 43,111.78
3/24/99 44,674.41 48,710.57 21,348.08 42,440.69
3/31/99 45,039.79 49,647.79 21,367.84 42,787.80
4/7/99 45,478.25 50,992.01 21,387.66 43,204.34
4/14/99 45,892.36 51,529.82 21,407.50 43,597.74
4/21/99 45,356.46 51,080.52 21,427.33 43,088.64
4/28/99 45,502.61 52,046.93 21,447.17 43,227.48
5/5/99 45,332.10 51,775.10 21,466.91 43,065.49
5/12/99 45,259.02 51,903.51 21,486.58 42,996.07
5/19/99 44,918.00 50,962.03 21,506.25 42,672.10
5/26/99 43,261.58 49,882.04 21,525.92 41,098.50
6/2/99 43,675.69 49,812.42 21,545.62 41,491.90
6/9/99 44,235.94 51,035.02 21,565.49 42,024.15
6/16/99 44,211.59 51,299.54 21,585.36 42,001.01
6/23/99 44,576.97 51,380.22 21,605.23 42,348.12
6/30/99 45,648.77 52,059.48 21,625.11 43,366.33
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class A and a comparable index. The performance of Class A is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily, The
Financial Times and Morgan Stanley Capital International.
The MSCI World Index is a market value weighted, unmanaged index of the weighted
share prices of companies listed on the stock exchanges of Australia, Austria,
Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy,
Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland, United Kingdom and the United States. The combined market
capitalization of these companies represents approximately 60% of the aggregate
market value of the stock exchanges of the above 22 countries. The percentage
change in the value of the index includes dividends reinvested.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[GRAPHIC OMITTED]
GAM Global
GAM Global (after maximum sales load of 5%) MSCI World Index
- -------------------------------------------------------------------------------
One Year (14.61) (18.88) 16.08
Five Years 15.13 13.95 17.25
Ten Years 13.09 12.51 12.05
Since inception 12.30 11.86 13.43
ANNUAL PERFORMANCE - CLASS A
[GRAPHIC OMITTED]
GAM Global Annual Performance data for table
GAM
Global
GAM Class A
Global (after maximum MSCI
Class A sales load of 5%) World Index
Year % % %
- ------------------------------------------------------------
1995 36.25 29.44 21.33
1996 12.74 7.11 14.00
1997 34.95 28.20 16.23
1998 2.57 (2.56) 24.80
1999* (1.58) (6.50) 8.69
*6 months
GAM Global
GAM Class A MSCI
Global (After Maximum World
Class A Sales Load of 5%) Index
Year % % %
- --------------------------------------------------------------------------------
1995 36.25 29.44 21.33
1996 12.74 7.11 14.00
1997 34.95 28.20 16.23
1998 2.57 (2.56) 24.80
1999* (1.58) (6.50) 8.69
*6 Months
10
<PAGE>
- --------------------------------------------------------------------------------
GAM Global Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
THE FACTS - CLASS B SHARES
<TABLE>
<CAPTION>
GAM Global Average
GAM Class B MSCI 1 Month
Global (with deferred EAFE Deposit
Class B sales charge Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$18.73 1,240.75
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 + 1.19 - 3.87 + 4.86 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 - 1.99 - 6.89 + 8.69 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -15.29 -18.68 +16.08 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* - 9.88 -13.18 +15.75 + 5.30
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS C SHARES
<TABLE>
<CAPTION>
GAM Global Average
GAM Class C MSCI 1 Month
Global (with deferred EAFE Deposit
Class C sales charge Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$18.71 1,240.75
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 + 1.14 + 0.12 + 4.86 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 - 2.04 - 3.02 + 8.69 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -15.38 -15.38 +16.08 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* -10.07 -10.07 +15.92 + 5.31
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS D SHARES
<TABLE>
<CAPTION>
GAM Global
Class D
(after Average
GAM maximum MSCI 1 Month
Global sales load EAFE Deposit
Class D of 3.5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$18.48 US$19.15 1,240.75
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 + 1.32 - 2.23 + 4.86 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 - 1.65 - 5.09 + 8.69 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -14.74 -17.73 +16.08 + 5.26
- -------------------------------------------------------------------------------------------
2 years to June, 1999 + 6.06 + 4.18 +16.77 + 5.51
- -------------------------------------------------------------------------------------------
3 years to June, 1999 +16.93 +15.54 +18.75 + 5.50
- -------------------------------------------------------------------------------------------
Since inception* +13.71 +12.63 +18.62 + 5.50
- -------------------------------------------------------------------------------------------
</TABLE>
* Inception was on 26th May, 1998 for Class B shares, 19th May, 1998 for Class
C shares and 6th October, 1995 for Class D shares.
[GRAPHIC OMITTED]
[Plot Points for Chart]
Date GBD/NTR WCI DUS GBD/NTR/SL
10/6/95 10,000.00 10,000.00 10,000.00 10,000.00
10/13/95 10,047.44 9,948.52 10,010.91 9,695.78
10/20/95 10,233.47 10,009.10 10,021.82 9,875.30
10/27/95 10,148.98 9,763.78 10,032.72 9,793.76
11/3/95 10,227.54 9,955.97 10,043.63 9,869.58
11/10/95 10,292.02 10,008.22 10,054.47 9,931.80
11/17/95 10,458.05 10,074.07 10,065.30 10,092.02
11/24/95 10,422.47 10,135.75 10,076.14 10,057.69
12/1/95 10,515.12 10,274.73 10,086.97 10,147.09
12/8/95 10,581.09 10,391.29 10,097.97 10,210.75
12/15/95 10,552.92 10,388.10 10,108.97 10,183.57
12/22/95 10,517.34 10,435.79 10,119.98 10,149.24
12/29/95 10,652.67 10,523.81 10,130.98 10,279.83
1/5/96 10,644.76 10,648.93 10,141.98 10,272.19
1/12/96 10,573.53 10,435.03 10,152.68 10,203.46
1/19/96 10,621.02 10,485.46 10,163.38 10,249.28
1/26/96 10,502.30 10,504.77 10,174.07 10,134.72
2/2/96 10,359.84 10,745.12 10,184.77 9,997.25
2/9/96 10,312.36 10,862.01 10,195.03 9,951.43
2/16/96 10,344.02 10,886.99 10,205.28 9,981.98
2/23/96 10,423.16 10,926.40 10,215.54 10,058.35
3/1/96 10,193.64 10,824.23 10,225.79 9,836.87
3/8/96 9,995.79 10,680.67 10,235.84 9,645.93
3/15/96 9,987.87 10,731.43 10,245.89 9,638.30
3/22/96 10,043.27 10,901.46 10,255.94 9,691.76
3/29/96 10,122.41 10,964.71 10,265.99 9,768.13
4/5/96 10,193.64 11,068.33 10,276.05 9,836.87
4/12/96 9,916.64 10,888.01 10,286.27 9,569.56
4/19/96 10,027.44 11,060.54 10,296.49 9,676.48
4/26/96 10,043.27 11,206.23 10,306.71 9,691.76
5/3/96 9,702.96 11,056.69 10,316.94 9,363.35
5/10/96 9,877.07 11,070.50 10,327.20 9,531.37
5/17/96 9,924.56 11,228.00 10,337.47 9,577.20
5/24/96 9,853.33 11,216.10 10,347.73 9,508.46
5/31/96 9,900.81 11,236.25 10,357.99 9,554.29
6/7/96 9,884.99 11,173.27 10,368.25 9,539.01
6/14/96 9,900.81 11,210.45 10,378.57 9,554.29
6/21/96 9,877.07 11,231.82 10,388.89 9,531.37
6/28/96 10,106.59 11,295.08 10,399.20 9,752.86
7/5/96 9,932.47 11,141.64 10,409.52 9,584.83
7/12/96 9,956.21 10,943.43 10,420.00 9,607.75
7/19/96 10,138.24 10,920.43 10,430.48 9,783.40
7/26/96 10,146.16 10,800.67 10,440.96 9,791.04
8/2/96 10,557.70 11,122.77 10,451.44 10,188.18
8/9/96 10,597.27 11,056.83 10,461.96 10,226.37
8/16/96 10,593.32 11,128.74 10,472.49 10,222.56
8/23/96 10,561.58 11,232.34 10,483.01 10,191.93
8/30/96 10,331.46 11,025.30 10,493.53 9,969.86
9/6/96 10,402.88 11,023.76 10,504.05 10,038.78
9/13/96 10,617.13 11,266.35 10,514.57 10,245.53
9/20/96 10,648.87 11,364.12 10,514.57 10,276.16
9/27/96 10,783.76 11,413.94 10,540.10 10,406.33
10/4/96 11,053.56 11,550.48 10,546.11 10,666.68
10/11/96 10,950.40 11,523.49 10,556.73 10,567.14
10/18/96 11,069.43 11,692.07 10,567.34 10,682.00
10/25/96 10,950.40 11,502.98 10,577.96 10,567.14
11/1/96 10,990.08 11,541.09 10,588.58 10,605.42
11/8/96 11,434.44 11,878.56 10,598.86 11,034.23
11/15/96 11,585.21 12,002.16 10,609.14 11,179.72
11/22/96 11,862.93 12,157.41 10,619.42 11,447.73
11/29/96 12,124.79 12,189.88 10,629.70 11,700.42
12/6/96 11,664.56 11,875.96 10,639.98 11,256.30
12/13/96 11,497.92 11,731.74 10,650.82 11,095.49
12/20/96 11,783.58 11,953.60 10,661.66 11,371.16
12/27/96 11,932.66 12,019.30 10,672.50 11,515.01
1/3/97 11,790.40 11,983.00 10,683.35 11,377.74
1/10/97 11,899.18 11,891.65 10,694.29 11,482.71
1/17/97 12,300.84 12,157.86 10,705.24 11,870.32
1/24/97 12,292.48 11,990.47 10,716.19 11,862.24
1/31/97 12,551.88 12,143.37 10,727.14 12,112.57
2/7/97 12,911.70 12,128.04 10,738.09 12,459.79
2/14/97 13,279.89 12,370.98 10,749.09 12,815.10
2/21/97 13,229.68 12,369.59 10,760.10 12,766.65
2/28/97 13,028.85 12,285.11 10,771.10 12,572.84
3/7/97 13,321.73 12,380.64 10,782.11 12,855.47
3/14/97 12,903.34 12,256.27 10,793.09 12,451.72
3/21/97 12,551.88 12,144.81 10,804.08 12,112.57
3/28/97 12,510.04 12,149.87 10,815.06 12,072.19
4/4/97 12,292.48 11,892.54 10,826.05 11,862.24
4/11/97 12,267.37 11,680.38 10,837.60 11,838.02
4/18/97 12,468.20 12,018.59 10,849.15 12,031.82
4/25/97 12,585.35 12,056.44 10,860.70 12,144.87
5/2/97 13,288.26 12,598.38 10,872.24 12,823.17
5/9/97 13,505.83 12,937.19 10,883.84 13,033.12
5/16/97 13,606.24 13,206.19 10,895.44 13,130.02
5/23/97 13,698.29 13,328.19 10,907.04 13,218.85
5/30/97 13,614.61 13,210.08 10,918.64 13,138.10
6/6/97 13,807.07 13,420.50 10,930.24 13,323.82
6/13/97 14,192.00 13,813.81 10,941.90 13,695.28
6/20/97 14,359.35 13,881.65 10,953.56 13,856.78
6/27/97 14,409.56 13,887.83 10,965.21 13,905.23
7/4/97 14,769.38 14,208.95 10,976.88 14,252.45
7/11/97 15,120.83 14,216.43 10,988.52 14,591.61
7/18/97 15,212.88 14,224.56 11,000.16 14,680.43
7/25/97 15,706.59 14,368.55 11,011.81 15,156.86
8/1/97 16,191.93 14,374.24 11,023.45 15,625.21
8/8/97 16,016.20 14,275.93 11,035.08 15,455.64
8/15/97 15,497.39 13,897.39 11,046.71 14,954.98
8/22/97 15,522.50 13,928.99 11,058.33 14,979.21
8/29/97 15,002.57 13,543.36 11,069.96 14,477.48
9/5/97 15,530.88 13,912.35 11,081.59 14,987.30
9/12/97 15,153.51 13,735.77 11,093.35 14,623.14
9/19/97 15,782.46 14,077.90 11,105.10 15,230.08
9/26/97 15,790.85 14,197.66 11,116.86 15,238.17
10/3/97 16,310.78 14,466.34 11,128.61 15,739.91
10/10/97 16,101.13 14,368.30 11,140.48 15,537.59
10/17/97 15,832.78 14,152.12 11,152.35 15,278.63
10/24/97 15,488.95 13,862.74 11,164.23 14,946.84
10/31/97 14,935.48 13,531.83 11,176.10 14,412.74
11/7/97 15,094.81 13,504.03 11,187.97 14,566.49
11/14/97 14,910.32 13,336.08 11,199.91 14,388.46
11/21/97 15,564.43 13,950.82 11,211.84 15,019.67
11/28/97 15,497.34 13,773.44 11,223.77 14,954.93
12/5/97 16,218.54 14,096.24 11,235.71 15,650.89
12/12/97 15,673.45 13,704.59 11,248.30 15,124.88
12/19/97 15,571.37 13,635.18 11,260.90 15,026.37
12/26/97 15,449.99 13,536.92 11,273.49 14,909.24
1/2/98 16,108.91 13,974.42 11,286.08 15,545.10
1/9/98 15,675.41 13,441.48 11,299.07 15,126.77
1/16/98 16,022.21 13,856.84 11,312.05 15,461.43
1/23/98 15,666.74 14,019.47 11,325.04 15,118.40
1/30/98 16,100.24 14,334.24 11,338.03 15,536.73
2/6/98 16,655.12 14,872.80 11,351.01 16,072.19
2/13/98 16,637.78 14,820.99 11,362.92 16,055.46
2/20/98 16,854.53 14,992.99 11,374.82 16,264.62
2/27/98 17,062.61 15,306.17 11,386.73 16,465.42
3/6/98 17,131.97 15,337.84 11,398.64 16,532.35
3/13/98 17,296.70 15,607.57 11,410.79 16,691.32
3/20/98 17,600.15 15,868.10 11,422.95 16,984.15
3/27/98 17,825.57 15,979.66 11,435.11 17,201.68
4/3/98 18,371.79 16,110.59 11,447.27 17,728.77
4/10/98 18,337.11 16,253.00 11,459.48 17,695.31
4/17/98 18,475.83 16,240.91 11,471.70 17,829.17
4/24/98 18,103.02 16,080.41 11,483.91 17,469.41
5/1/98 18,224.40 16,222.79 11,496.12 17,586.54
5/8/98 18,059.67 16,103.93 11,508.45 17,427.58
5/15/98 18,103.02 16,077.96 11,520.79 17,469.41
5/22/98 18,068.34 16,228.88 11,533.12 17,435.94
5/29/98 17,886.27 15,913.55 11,545.45 17,260.25
6/5/98 18,120.36 16,131.93 11,557.78 17,486.14
6/12/98 18,155.04 15,701.81 11,570.04 17,519.61
6/19/98 18,198.39 15,917.91 11,582.24 17,561.44
6/26/98 18,761.94 16,130.13 11,594.50 18,105.27
7/3/98 19,186.77 16,529.78 11,606.79 18,515.23
7/10/98 19,689.63 16,585.77 11,619.17 19,000.49
7/17/98 20,166.48 17,100.21 11,631.55 19,460.66
7/24/98 19,524.90 16,558.46 11,643.92 18,841.53
7/31/98 19,212.78 16,269.75 11,656.30 18,540.33
8/7/98 18,614.55 15,747.37 11,668.67 17,963.04
8/14/98 18,030.15 15,244.07 11,681.03 17,399.09
8/21/98 18,135.03 15,296.50 11,693.40 17,500.30
8/28/98 17,112.47 14,571.58 11,705.76 16,513.54
9/4/98 16,273.45 14,330.65 11,718.13 15,703.88
9/11/98 16,553.13 14,572.04 11,730.48 15,973.77
9/18/98 16,544.39 14,511.26 11,742.84 15,965.33
9/25/98 16,692.96 14,638.98 11,755.19 16,108.71
10/2/98 16,177.32 13,911.16 11,767.47 15,611.11
10/9/98 15,399.48 14,002.20 11,779.32 14,860.50
10/16/98 15,303.34 15,144.93 11,791.17 14,767.72
10/23/98 14,997.45 15,325.46 11,803.01 14,472.54
10/30/98 15,067.37 15,654.47 11,814.86 14,540.01
11/6/98 15,347.04 16,176.20 11,826.64 14,809.89
11/13/98 15,233.42 15,856.06 11,838.40 14,700.25
11/20/98 15,661.67 16,527.67 11,850.16 15,113.51
11/27/98 15,766.55 16,895.01 11,861.92 15,214.72
12/4/98 15,845.21 16,567.26 11,874.00 15,290.62
12/11/98 15,853.95 16,505.78 11,886.52 15,299.06
12/18/98 15,967.56 16,787.90 11,899.04 15,408.70
12/25/98 16,264.72 17,224.88 11,911.56 15,695.45
1/1/99 16,422.03 17,400.77 11,924.08 15,847.26
1/8/99 16,631.79 18,018.36 11,935.37 16,049.67
1/15/99 16,221.02 17,462.85 11,946.67 15,653.28
1/22/99 16,054.96 17,284.19 11,957.97 15,493.04
1/29/99 16,500.69 17,784.20 11,969.26 15,923.16
2/5/99 16,107.40 17,379.66 11,980.46 15,543.64
2/12/99 16,107.40 17,235.89 11,991.57 15,543.64
2/19/99 15,932.60 17,192.61 12,002.69 15,374.96
2/26/99 15,923.86 17,313.58 12,013.80 15,366.53
3/5/99 16,046.22 17,594.59 12,024.94 15,484.60
3/12/99 16,142.36 18,007.38 12,036.09 15,577.38
3/19/99 15,976.30 18,182.34 12,047.25 15,417.13
3/26/99 15,801.51 17,810.51 12,058.41 15,248.45
4/2/99 15,923.86 18,128.66 12,069.57 15,366.53
4/9/99 16,422.03 18,763.37 12,080.77 15,847.26
4/16/99 15,880.17 18,554.24 12,091.97 15,324.36
4/23/99 16,282.19 18,817.89 12,103.17 15,712.32
4/30/99 15,985.04 18,750.56 12,114.38 15,425.57
5/7/99 15,827.73 18,817.09 12,125.50 15,273.76
5/14/99 15,679.15 18,566.58 12,136.60 15,130.38
5/21/99 15,810.25 18,430.39 12,147.71 15,256.89
5/28/99 15,548.05 18,042.09 12,158.82 15,003.87
6/4/99 15,810.25 18,388.92 12,169.97 15,256.89
6/11/99 15,259.64 18,459.11 12,181.19 14,725.55
6/18/99 15,836.47 18,818.52 12,192.42 15,282.19
6/25/99 15,705.37 18,543.22 12,203.64 15,155.68
6/30/99 16,151.10 18,913.17 12,211.65 15,585.81
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class D and a comparable index. The performance of Class D is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily, The
Financial Times and Morgan Stanley Capital International.
The MSCI World Index is a market value weighted, unmanaged index of the weighted
share prices of companies listed on the stock exchanges of Australia, Austria,
Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy,
Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden,
Switzerland, United Kingdom and the United States. The combined market
capitalization of these companies represents approximately 60% of the aggregate
market value of the stock exchanges of the above 22 countries. The percentage
change in the value of the index includes dividends reinvested.
11
<PAGE>
- --------------------------------------------------------------------------------
GAM Global Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
THE COMMENT
The six-month period under review continues to be a challenging one for the
management of the fund. A sharp upwards move in the Japanese and other Asian
stockmarkets, combined with strong moves in the prices of cyclical companies and
other `value' driven opportunities in both the American and European
stockmarkets, underlined investors' belief that an economic upturn is on the way
in Asia and that the European economies are similarly about to enter a period of
economic growth superior to that of the last two years. Those companies most
closely associated with the economic cycle such as manufacturing, metal
processing and chemical companies in Europe have mirrored the gains made by many
traditional sectors in Japan such as shipbuilding, steel, engineering and the
depressed banking sector. These moves in industries and markets where we are not
represented have left the fund trailing the indices over the last six months.
Moreover, the steady growth nature of many of our investments in food
manufacturing, pharmaceuticals and utilities, for example, have been shunned as
investors judged they were not sensitive to the anticipated economic upturn,
causing the price of these securities to decline during the last six months. A
rise in European and North American bond yields exacerbated the move.
Insofar as it is possible to form a general view, it is difficult to find
much evidence for such an upturn either in Europe or in Japan. For example in
Japan, car sales, housing starts, department store sales and capital spending to
name a few measures are all lower than where they were a year ago. Even exports,
the traditional mainstay of Japan's economic fortunes, have not shown any
growth, as the growth in exports to the United States has not offset declines in
exports to Europe and the rest of Asia. The much-heralded announcement of
better-than-expected GDP growth numbers in the first quarter, revealed on closer
inspection that the economy had not grown at all compared with the first quarter
of 1998. Against this background, the forecast of a tripling of company earnings
in the year to March 2000 seems to rely heavily on companies' efforts to
restructure operations by lowering costs. While there is some evidence that this
is underway to a limited extent for some companies, it in no way seems to be of
the scale required to meet analysts' expectations. Nor does such a move,
assuming it occurs, appear to offer the potential to act as a surprise. For
example, if earnings were to triple, the forward multiple for the Japanese
stockmarket - the TSE - stands at a demanding 52x current year earnings.
In Europe, we believe much better value is to be found overall, even though
we can see little evidence of faster growth which many believe. Europe's bond
markets have fallen sharply, in turn triggering declines in prices in many
growing companies as investors attached a lower multiple to those companies'
earnings. In addition, the enthusiasm for more rapid growth, combined with
perhaps higher inflation, caused investors to shun investments in more stable
growth sectors. In our view this represents an opportunity to increase holdings
in those areas which have been sold down, yet still offer an attractive outlook.
For example, we have been adding to our exposure in Stagecoach in the United
Kingdom. The improving efficiency and profitability of Britain's commuter rail
industry offers an attractive opportunity for the major train operating
companies and the recent acquisition of Coach USA potentially offers the company
a springboard for further earnings enhancing deals. This purchase and others
have been financed largely from our bond holdings. If, as we expect, long-term
interest rates for euro-denominated bonds start to decline again, a relatively
better performance will be achieved from selected stocks than from the bonds
themselves. At the time of writing there seems to be some evidence that this is
beginning to occur.
The United States continues to be our largest area of investment. In large
part, this is because the industries in which we wish to invest, such as
technology, computer services and software, are best represented there but also
because it has been generally easier to identify companies with an earnings
outlook which is reasonably priced. During the last six months we have added
several new names to our holdings including Oracle and 3Coms. Both of these
companies' share prices have suffered from concerns which do not appear
justified and in our view have every chance of delivering growth above the
market average over the next few years.
The fund remained substantially hedged back into the US dollar for the last
six months. We are satisfied with the outlook and are confident that the
conditions of low inflation and moderate economic growth in our major markets
will favour our investment position. Every opportunity appears to be there to
improve upon the disappointing returns achieved over the last nine months.
Also of note, as of 28th July, 1999 the fund manager received Board
approval to change a non-fundamental investment restriction which will allow the
fund to engage in short selling.
12
<PAGE>
- --------------------------------------------------------------------------------
GAM Global Fund - Statement of Investments
- --------------------------------------------------------------------------------
AS AT 30TH JUNE, 1999 (UNAUDITED)
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
ADJUSTABLE RATE INDEX NOTES - 2.0%
UNITED KINGDOM - 2.0%
+ DLJ ARIN, Indexed to 200,000 shares
Colt Telecom 1999-10-06 1,328,062
+ DLJ ARIN, Indexed to 220,000 shares
Orange 1999-09-03 756,269
+ DLJ ARIN, Indexed to 100,000 shares
TeleWest Communications 2000-03-04 169,969
+ DLJ ARIN, Indexed to 71,069 shares
TeleWest Communications 2000-03-24 108,764
+ DLJ ARIN, Indexed to 202,113 shares
TeleWest Communications 2000-06-12 175,236
--------------
TOTAL ADJUSTABLE RATE INDEX NOTES (COST $2,898,139) 2,538,300
--------------
BONDS - 2.4%
GERMANY - 2.4%
$ 2,467,114 Bundes Deutschland 6.50% 2027-07-04 2,946,771
--------------
TOTAL BONDS (COST $3,537,589) 2,946,771
--------------
BOND WARRANTS - 0.4%
GERMANY - 0.4%
*19,870,550 Bundes Deutschland 5.62%
104.92 EUR Calls 2000-06-02 460,791
--------------
TOTAL BOND WARRANTS (COST $633,924) 460,791
--------------
EQUITIES - 89.8%
FINLAND - 2.9%
40,615 Nokia A 3,558,087
--------------
3,558,087
--------------
FRANCE - 3.9%
*83,101 Credit Lyonnais 3,068,770
2,653 L'Oreal 1,792,343
--------------
4,861,113
--------------
NETHERLANDS - 4.5%
119,598 Fortis AMEV 3,691,747
46,852 Wolters Kluwer 1,863,918
--------------
5,555,665
--------------
SWITZERLAND - 4.0%
1,372 Novartis 2,003,757
159 Roche Holding Genussscheine 1,634,704
2,144 Zurich Allied 1,219,389
--------------
4,857,850
--------------
UNITED KINGDOM - 7.8%
56,207 Barclays 1,635,643
120,122 Hyder 1,418,309
216,074 National Power 1,573,660
596,582 Stagecoach Holdings 2,137,177
180,373 Thames Water 2,860,460
--------------
9,625,249
--------------
UNITED STATES - 66.7%
137,184 3COM 3,661,098
59,067 Abbott Laboratories 2,687,549
32,251 American International Group 3,775,383
*79,037 Amerisource Health 2,015,444
41,941 Bristol-Myers Squibb 2,954,219
96,387 Computer Associates International 5,301,285
*45,683 Computer Sciences 3,160,693
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
64,640 Federal Home Loan Mortgage Association 3,749,120
69,686 First Union 3,275,242
73,436 Galileo International 3,924,236
43,946 IMS Health 1,373,312
86,105 Intel 5,123,247
37,566 Johnson & Johnson 3,681,468
62,501 Merck 4,625,074
*42,649 Microsoft 3,846,407
*111,936 Nielsen Media Research 3,274,128
*115,000 Oracle 4,269,375
72,106 Owens Corning 2,478,644
37,289 Pfizer 4,092,468
54,494 Procter & Gamble 4,863,589
82,838 Schering-Plough 4,390,414
*36,424 Starbucks 1,368,176
*64,392 Tellabs 4,350,484
--------------
82,241,055
--------------
TOTAL EQUITIES (COST $93,659,875)
110,699,019
--------------
OPTIONS - 1.6%
FRANCE - 0.6%
*3,706 Bouygues
322.33 EUR Puts 2000-02-22 756,699
--------------
756,699
--------------
JAPAN - 1.0%
*106,920 Tostem
3016.09 JPY Puts 1999-11-19 1,221,900
--------------
1,221,900
--------------
TOTAL OPTIONS (COST $2,785,062)
1,978,599
--------------
PREFERRED SHARES - 2.0%
GERMANY - 2.0%
6,231 SAP Pfd 2,488,517
--------------
TOTAL PREFERRED SHARES (COST $2,724,825)
2,488,517
--------------
TOTAL INVESTMENTS (COST $106,239,414**) - 98.2%
121,111,997
--------------
FUTURES - (0.6)%
US$ JAPAN - (0.6)%
*1,221,099 NIKKEI-225 Index (SMX) Futures
1999-09-30 (1,796,852)
--------------
TOTAL FUTURES
(1,796,852)
MARGIN ON DEPOSIT AS COLLATERAL
1,032,868
--------------
DUE TO BROKERS FOR FUTURE CONTRACTS
(763,984)
--------------
NET CURRENT ASSETS - 2.4%
2,933,040
--------------
TOTAL NET ASSETS - 100.0%
123,281,053
==============
* Non-income producing security.
** Cost for federal income tax purposes is identical.
+ Adjustable rate index notes are inversely indexed to the value of the
underlying security.
Glossary of Terms:
EUR - Euro
JPY - Japanese Yen
SMX - Singapore International Monetary Exchange
See notes to financial statements.
13
<PAGE>
- --------------------------------------------------------------------------------
GAM Global Fund - Statement of Investments (CONTINUED)
- --------------------------------------------------------------------------------
GEOGRAPHIC ANALYSIS AS AT
30TH JUNE, 1999
[GRAPHIC OMITTED]
United States 66.7
United Kingdom 9.8
Switzerland 4.0
Netherlands 4.5
Japan 0.4
Germany 4.8
France 4.5
Finland 2.9
Net Current Assets 2.4
----
100
INVESTMENT ANALYSIS AS AT
30TH JUNE, 1999
[GRAPHIC OMITTED]
Banking 6.5
Insurance 7
Net current assets 2.4
Other 24.7
Business & Public Services 19.2
Data Processing & Reproduction 9.6
Health & Personal Care 24.2
Electrical & Electronics 6.4
----
100
14
<PAGE>
- --------------------------------------------------------------------------------
GAM Europe Fund
- --------------------------------------------------------------------------------
Fund Management
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] JOHN BENNETT, INVESTMENT DIRECTOR, IS RESPONSIBLE FOR
EUROPEAN MARKETS. PRIOR TO JOINING GAM IN 1993, HE WAS A
SENIOR FUND MANAGER AT IVORY & SIME, RESPONSIBLE FOR
CONTINENTAL EUROPEAN EQUITY PORTFOLIOS. HE COMMENCED
MANAGEMENT OF GAM EUROPE FUND ON 1ST JANUARY, 1993. MR.
BENNETT ALSO MANAGES THE OFFSHORE FUND GAM PAN EUROPEAN INC.
HE IS BASED IN LONDON.
The Fund's investment objective is to seek long-term capital appreciation,
generally through investment in equity securities issued by companies in Europe.
However, if the Fund determines that the long-term capital appreciation of debt
securities may equal or exceed the return on equity securities, it may be
substantially invested in debt securities of companies and governments, their
agencies and instrumentalities. Any income realized by the Fund on its
investments will be incidental to its goal of long-term capital appreciation.
Investments in securities of foreign issuers involve additional risks and
expenses including currency rate fluctuations, political and economic
instability, foreign taxes and different accounting and reporting standards.
Report to Shareholders
- --------------------------------------------------------------------------------
THE FACTS - CLASS A SHARES
<TABLE>
<CAPTION>
GAM
Europe
Class A
(after Average
GAM maximum MSCI 1 Month
Europe sales load Europe Deposit
Class A of 5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$11.54 US$12.15 1,294.60
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 - 2.29 - 7.17 - 0.24 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 - 8.63 -13.20 - 2.27 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -15.35 -19.58 - 0.54 + 5.26
- -------------------------------------------------------------------------------------------
3 years to June, 1999 +10.90 + 9.02 +21.27 + 5.50
- -------------------------------------------------------------------------------------------
5 years to June, 1999 +12.68 +11.53 +19.62 + 5.53
- -------------------------------------------------------------------------------------------
Since inception + 5.89 + 5.32 +13.31 + 5.37
- -------------------------------------------------------------------------------------------
</TABLE>
Performance is calculated on a total return basis. Class A inception was on
1st January 1990, Class B on 26th May, 1998 and Class C on 20th May, 1998. Past
performance is not necessarily indicative of future performance. The investment
return and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
15
<PAGE>
- --------------------------------------------------------------------------------
GAM Europe Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
[Plot Points for Chart]
Date EUF/NTR MSE DUS EUF/NTR/SL
1/1/90 10,000.00 10,000.00 10,000.00 10,000.00
1/8/90 10,002.00 10,275.00 10,009.45 9,501.90
1/15/90 9,984.00 10,139.10 10,025.52 9,484.80
1/22/90 9,680.00 9,748.57 10,050.79 9,196.00
1/29/90 9,715.00 9,988.52 10,057.68 9,229.25
2/5/90 10,099.00 10,277.83 10,073.76 9,594.05
2/12/90 9,930.00 9,992.54 10,089.58 9,433.50
2/19/90 10,103.00 10,045.44 10,105.40 9,597.85
2/26/90 9,908.06 9,683.90 10,121.21 9,412.66
3/5/90 10,048.00 9,672.75 10,137.03 9,545.60
3/12/90 10,168.00 9,639.52 10,153.07 9,659.60
3/19/90 10,324.00 9,846.59 10,169.11 9,807.80
3/26/90 10,308.00 9,828.64 10,192.02 9,792.60
4/2/90 10,300.00 9,739.98 10,208.06 9,785.00
4/9/90 10,363.00 9,941.28 10,217.22 9,844.85
4/16/90 10,332.00 9,973.32 10,233.63 9,815.40
4/23/90 10,158.00 9,791.55 10,250.04 9,650.10
4/30/90 10,200.00 9,642.67 10,266.45 9,690.00
5/7/90 10,409.00 10,105.27 10,282.86 9,888.55
5/14/90 10,444.00 10,278.42 10,299.63 9,921.80
5/21/90 10,572.00 10,342.08 10,316.39 10,043.40
5/28/90 10,530.00 10,333.96 10,333.15 10,003.50
6/4/90 10,459.00 10,450.53 10,359.27 9,936.05
6/11/90 10,340.00 10,351.63 10,366.29 9,823.00
6/18/90 10,518.00 10,459.53 10,382.66 9,992.10
6/25/90 10,591.00 10,742.41 10,406.06 10,061.45
7/2/90 10,820.00 10,881.95 10,422.43 10,279.00
7/9/90 10,777.00 10,993.57 10,443.49 10,238.15
7/16/90 10,755.00 11,133.62 10,448.17 10,217.25
7/23/90 10,906.00 11,117.06 10,464.55 10,360.70
7/30/90 10,874.00 11,117.89 10,480.93 10,330.30
8/6/90 10,203.00 10,618.23 10,497.31 9,692.85
8/13/90 10,009.00 10,491.66 10,524.49 9,508.55
8/20/90 9,658.00 10,227.70 10,529.02 9,175.10
8/27/90 9,660.00 10,227.91 10,556.20 9,177.00
9/3/90 9,359.00 10,058.61 10,560.73 8,891.05
9/10/90 9,346.00 9,938.37 10,576.58 8,878.70
9/17/90 9,306.00 9,824.65 10,599.59 8,840.70
9/24/90 9,061.00 9,166.49 10,615.68 8,607.95
10/1/90 8,993.00 9,317.26 10,631.78 8,543.35
10/8/90 9,020.00 10,020.79 10,640.98 8,569.00
10/15/90 8,870.00 9,803.47 10,657.69 8,426.50
10/22/90 8,961.00 9,964.54 10,674.40 8,512.95
10/29/90 8,856.00 9,846.78 10,691.11 8,413.20
11/5/90 8,953.00 9,812.89 10,714.69 8,505.35
11/12/90 8,920.00 9,793.33 10,723.86 8,474.00
11/19/90 8,801.00 10,027.50 10,749.07 8,360.95
11/26/90 8,594.00 9,948.37 10,755.95 8,164.30
12/3/90 8,364.00 9,920.50 10,771.99 7,945.80
12/10/90 8,570.00 10,306.96 10,788.04 8,141.50
12/17/90 8,416.00 9,990.44 10,805.88 7,995.20
12/24/90 8,105.00 9,490.51 10,831.37 7,699.75
12/31/90 8,393.00 9,708.71 10,849.22 7,973.35
1/7/91 8,216.00 9,387.77 10,859.41 7,805.20
1/14/91 8,172.00 9,148.61 10,875.03 7,763.40
1/21/91 8,341.00 9,641.40 10,890.65 7,923.95
1/28/91 8,299.00 9,836.85 10,906.27 7,884.05
2/4/91 8,508.00 10,200.30 10,921.89 8,082.60
2/11/91 8,696.00 10,752.26 10,936.16 8,261.20
2/18/91 8,568.00 10,923.10 10,960.62 8,139.60
2/25/91 8,447.00 10,935.56 10,964.70 8,024.65
3/4/91 8,264.00 10,781.77 10,987.24 7,850.80
3/11/91 8,283.00 10,875.64 10,993.44 7,868.85
3/18/91 8,190.00 10,646.87 11,007.92 7,780.50
3/25/91 8,037.00 10,199.08 11,028.60 7,635.15
4/1/91 8,212.00 10,230.65 11,043.08 7,801.40
4/8/91 8,279.00 10,542.84 11,051.35 7,865.05
4/15/91 8,345.00 10,687.69 11,064.60 7,927.75
4/22/91 7,944.00 10,014.16 11,083.52 7,546.80
4/29/91 7,895.00 9,941.99 11,091.09 7,500.25
5/6/91 7,945.00 10,145.01 11,104.33 7,547.75
5/13/91 7,946.00 10,228.64 11,116.85 7,548.70
5/20/91 7,968.00 10,107.13 11,129.36 7,569.60
5/27/91 7,972.00 10,361.50 11,141.87 7,573.40
6/3/91 8,007.00 10,312.29 11,159.74 7,606.65
6/10/91 7,911.00 10,163.73 11,166.89 7,515.45
6/17/91 7,883.00 9,951.08 11,179.34 7,488.85
6/24/91 7,755.00 9,802.46 11,197.12 7,367.25
7/1/91 7,722.00 9,597.92 11,209.57 7,335.90
7/8/91 7,666.00 9,544.09 11,216.68 7,282.70
7/15/91 7,715.00 9,860.44 11,229.45 7,329.25
7/22/91 7,767.00 10,089.00 11,242.23 7,378.65
7/29/91 7,751.00 10,131.05 11,262.30 7,363.45
8/5/91 7,757.00 10,312.40 11,267.77 7,369.15
8/12/91 7,715.00 10,233.16 11,280.33 7,329.25
8/19/91 7,133.00 9,361.96 11,292.90 6,776.35
8/26/91 7,633.00 10,289.09 11,305.45 7,251.35
9/2/91 7,702.00 10,440.69 11,318.01 7,316.90
9/9/91 7,978.00 10,608.29 11,335.76 7,579.10
9/16/91 8,010.00 10,627.34 11,347.84 7,609.50
9/23/91 7,995.00 10,612.19 11,359.93 7,595.25
9/30/91 7,942.00 10,704.72 11,372.02 7,544.90
10/7/91 7,906.00 10,493.20 11,378.93 7,510.70
10/14/91 7,795.00 10,297.75 11,390.52 7,405.25
10/21/91 7,817.00 10,376.73 11,407.08 7,426.15
10/28/91 7,660.00 10,227.08 11,413.70 7,277.00
11/4/91 8,051.00 10,632.56 11,429.99 7,648.45
11/11/91 8,056.00 10,698.87 11,436.26 7,653.20
11/18/91 8,080.00 10,674.39 11,447.21 7,676.00
11/25/91 8,016.00 10,539.96 11,458.17 7,615.20
12/2/91 7,817.00 10,248.90 11,469.12 7,426.15
12/9/91 7,930.00 10,391.40 11,484.86 7,533.50
12/16/91 7,912.00 10,492.62 11,491.22 7,516.40
12/23/91 8,231.00 10,560.62 11,508.74 7,819.45
12/30/91 8,318.20 10,878.92 11,518.29 7,902.29
1/6/92 8,431.33 11,173.54 11,524.66 8,009.77
1/13/92 8,252.40 10,853.85 11,533.91 7,839.78
1/20/92 8,210.36 11,069.64 11,543.17 7,799.85
1/27/92 8,073.47 11,016.93 11,556.39 7,669.80
2/3/92 8,145.69 11,069.20 11,561.68 7,738.41
2/10/92 8,284.74 11,288.90 11,570.94 7,870.50
2/17/92 7,991.55 10,939.48 11,579.95 7,591.97
2/24/92 7,917.18 10,951.03 11,588.96 7,521.32
3/2/92 8,004.49 11,106.09 11,604.42 7,604.26
3/9/92 7,925.04 10,852.97 11,610.93 7,528.79
3/16/92 7,825.69 10,634.73 11,616.18 7,434.41
3/23/92 7,767.36 10,556.77 11,629.30 7,378.99
3/30/92 7,813.81 10,673.51 11,638.48 7,423.12
4/6/92 7,874.31 10,788.99 11,643.73 7,480.59
4/13/92 7,889.43 11,046.04 11,652.94 7,494.96
4/20/92 7,911.04 11,102.42 11,662.15 7,515.49
4/27/92 7,876.47 11,307.82 11,671.36 7,482.64
5/4/92 7,923.07 11,413.21 11,686.67 7,526.92
5/11/92 8,044.32 11,713.08 11,689.11 7,642.11
5/18/92 8,223.00 11,897.62 11,701.31 7,811.85
5/25/92 8,175.62 11,880.33 11,711.07 7,766.84
6/1/92 8,139.82 11,938.19 11,718.39 7,732.83
6/8/92 8,173.46 11,805.89 11,723.27 7,764.79
6/15/92 8,181.27 11,708.90 11,731.98 7,772.21
6/22/92 8,202.72 11,561.99 11,745.68 7,792.58
6/29/92 8,489.45 11,748.58 11,753.14 8,064.98
7/6/92 8,596.50 11,725.64 11,758.12 8,166.67
7/13/92 8,715.86 11,837.51 11,766.72 8,280.07
7/20/92 8,649.96 11,598.06 11,775.32 8,217.46
7/27/92 8,695.33 11,127.17 11,787.59 8,260.57
8/3/92 8,662.93 11,387.11 11,798.65 8,229.78
8/10/92 8,861.70 11,122.38 11,801.10 8,418.62
8/17/92 8,803.36 11,169.98 11,808.46 8,363.20
8/24/92 9,251.69 11,252.06 11,815.82 8,789.10
8/31/92 9,176.07 11,289.34 11,826.33 8,717.26
9/7/92 9,238.73 11,500.65 11,830.53 8,776.79
9/14/92 8,774.20 11,131.10 11,838.05 8,335.49
9/21/92 8,376.46 10,820.86 11,850.93 7,957.64
9/28/92 8,553.82 10,811.32 11,856.30 8,126.12
10/5/92 8,964.33 10,522.87 11,863.58 8,516.11
10/12/92 8,534.37 10,488.60 11,870.54 8,107.65
10/19/92 8,505.20 10,358.49 11,874.52 8,079.94
10/26/92 8,136.82 10,421.33 11,884.47 7,729.98
11/2/92 7,979.10 10,234.78 11,888.45 7,580.14
11/9/92 7,893.75 10,209.41 11,895.42 7,499.06
11/16/92 7,924.00 10,240.82 11,902.55 7,527.80
11/23/92 7,926.16 10,136.92 11,914.77 7,529.85
11/30/92 7,906.72 10,336.17 11,919.86 7,511.38
12/7/92 8,074.16 10,608.27 11,923.94 7,670.45
12/14/92 8,162.75 10,457.44 11,933.37 7,754.61
12/21/92 8,144.38 10,714.85 11,946.84 7,737.16
12/28/92 7,968.29 10,591.94 11,956.28 7,569.88
1/4/93 7,866.96 10,486.75 11,964.81 7,473.61
1/11/93 7,893.82 10,522.21 11,968.98 7,499.13
1/18/93 8,077.02 10,645.31 11,980.47 7,673.17
1/25/93 8,205.45 10,814.44 11,983.61 7,795.18
2/1/93 7,937.70 10,534.09 11,990.92 7,540.82
2/8/93 8,023.68 10,660.34 11,998.23 7,622.50
2/15/93 7,928.99 10,540.49 12,005.28 7,532.54
2/22/93 8,090.08 10,812.79 12,012.32 7,685.57
3/1/93 8,207.62 10,879.20 12,023.40 7,797.24
3/8/93 8,279.46 11,017.70 12,026.42 7,865.49
3/15/93 8,219.60 10,897.81 12,038.53 7,808.62
3/22/93 8,271.31 10,972.47 12,045.59 7,857.74
3/29/93 8,315.38 11,075.11 12,050.63 7,899.61
4/5/93 8,266.40 11,257.32 12,054.67 7,853.08
4/12/93 8,343.67 11,377.59 12,061.75 7,926.49
4/19/93 8,397.01 11,420.02 12,068.83 7,977.16
4/26/93 8,414.42 11,679.61 12,078.95 7,993.70
5/3/93 8,284.90 11,477.82 12,084.01 7,870.66
5/10/93 8,213.07 11,473.07 12,090.07 7,802.41
5/17/93 8,227.22 11,446.02 12,097.03 7,815.85
5/24/93 8,195.65 11,329.66 12,107.96 7,785.87
5/31/93 8,357.82 11,661.56 12,110.94 7,939.93
6/7/93 8,277.28 11,432.94 12,121.01 7,863.42
6/14/93 8,370.88 11,622.15 12,125.16 7,952.34
6/21/93 8,260.96 11,298.88 12,137.61 7,847.91
6/28/93 8,305.58 11,335.71 12,142.80 7,890.30
7/5/93 8,271.84 11,340.58 12,146.95 7,858.25
7/12/93 8,402.45 11,277.32 12,154.08 7,982.33
7/19/93 8,416.60 11,473.90 12,161.22 7,995.77
7/26/93 8,479.72 11,444.61 12,168.35 8,055.74
8/2/93 8,654.96 11,618.59 12,175.48 8,222.21
8/9/93 8,783.39 12,008.80 12,182.62 8,344.22
8/16/93 8,858.49 12,018.39 12,192.84 8,415.56
8/23/93 8,885.70 12,337.17 12,196.93 8,441.41
8/30/93 9,056.58 12,529.51 12,204.08 8,603.75
9/6/93 9,013.04 12,731.33 12,211.24 8,562.39
9/13/93 8,890.05 12,733.63 12,218.41 8,445.55
9/20/93 8,887.87 12,577.83 12,225.58 8,443.48
9/27/93 8,878.08 12,518.19 12,235.83 8,434.17
10/4/93 8,887.87 12,661.33 12,240.95 8,443.48
10/11/93 9,092.49 13,051.57 12,247.12 8,637.87
10/18/93 9,116.44 13,035.54 12,254.30 8,660.62
10/25/93 9,218.75 13,064.95 12,261.49 8,757.81
11/1/93 9,142.56 12,923.26 12,271.76 8,685.43
11/8/93 8,951.00 12,665.22 12,278.96 8,503.45
11/15/93 8,964.06 12,734.07 12,283.08 8,515.86
11/22/93 8,862.84 12,491.05 12,290.29 8,419.70
11/29/93 8,956.44 12,634.64 12,300.59 8,508.62
12/6/93 9,191.54 13,223.03 12,304.71 8,731.96
12/13/93 9,309.09 13,374.45 12,312.82 8,843.63
12/20/93 9,514.79 13,531.89 12,320.94 9,039.05
12/27/93 9,797.78 13,955.47 12,332.52 9,307.89
1/3/94 9,782.54 13,815.44 12,340.63 9,293.41
1/10/94 9,992.60 14,003.02 12,345.27 9,492.97
1/17/94 9,875.05 13,825.40 12,352.67 9,381.30
1/24/94 10,043.76 13,990.52 12,364.29 9,541.57
1/31/94 10,267.97 14,431.88 12,371.69 9,754.57
2/7/94 9,991.51 13,975.26 12,374.86 9,491.94
2/14/94 9,941.45 13,818.61 12,386.05 9,444.37
2/21/94 10,073.14 13,904.31 12,392.15 9,569.48
2/28/94 9,934.92 13,924.69 12,396.22 9,438.17
3/7/94 9,857.64 13,880.66 12,403.34 9,364.76
3/14/94 9,848.93 13,913.73 12,411.67 9,356.49
3/21/94 9,802.13 13,676.93 12,419.99 9,312.02
3/28/94 9,710.70 13,697.53 12,431.89 9,225.17
4/4/94 9,563.77 13,330.71 12,437.86 9,085.58
4/11/94 9,730.30 13,744.70 12,445.14 9,243.78
4/18/94 9,655.20 13,605.17 12,457.28 9,172.44
4/25/94 9,642.14 13,720.64 12,465.78 9,160.03
5/2/94 9,919.68 14,186.56 12,470.63 9,423.69
5/9/94 9,737.91 13,778.93 12,479.13 9,251.02
5/16/94 9,865.26 13,941.57 12,488.40 9,371.99
5/23/94 9,982.80 14,016.11 12,497.68 9,483.66
5/30/94 9,755.33 13,518.95 12,506.95 9,267.56
6/6/94 9,650.84 13,508.53 12,516.22 9,168.30
6/13/94 9,648.67 13,514.85 12,533.46 9,166.23
6/20/94 9,457.11 13,259.82 12,540.63 8,984.25
6/27/94 9,429.90 13,327.20 12,550.69 8,958.40
7/4/94 9,404.86 13,427.37 12,562.54 8,934.62
7/11/94 9,739.00 13,848.41 12,571.70 9,252.05
7/18/94 9,888.11 14,119.65 12,577.81 9,393.71
7/25/94 9,847.84 14,065.13 12,588.49 9,355.45
8/1/94 9,937.09 14,221.05 12,603.75 9,440.24
8/8/94 10,085.11 14,424.71 12,615.91 9,580.86
8/15/94 9,940.36 14,178.09 12,624.98 9,443.34
8/22/94 10,050.29 14,346.53 12,631.02 9,547.77
8/29/94 10,091.64 14,463.49 12,646.14 9,587.06
9/5/94 10,150.42 14,557.45 12,652.18 9,642.90
9/12/94 10,068.79 14,380.79 12,663.71 9,565.35
9/19/94 9,953.42 14,188.93 12,675.24 9,455.75
9/26/94 9,752.06 13,959.33 12,691.70 9,264.46
10/3/94 9,681.32 13,775.06 12,703.23 9,197.25
10/10/94 9,748.80 13,943.33 12,709.81 9,261.36
10/17/94 10,093.82 14,593.59 12,721.84 9,589.13
10/24/94 9,908.79 14,345.41 12,739.04 9,413.35
10/31/94 10,026.34 14,563.64 12,745.91 9,525.02
11/7/94 9,889.20 14,299.27 12,757.95 9,394.74
11/14/94 9,795.60 14,261.20 12,776.93 9,305.82
11/21/94 9,696.56 14,200.57 12,787.29 9,211.73
11/28/94 9,498.47 13,933.04 12,794.19 9,023.54
12/5/94 9,477.79 13,948.83 12,806.27 9,003.90
12/12/94 9,290.58 13,575.86 12,820.85 8,826.05
12/19/94 9,329.76 13,819.43 12,835.44 8,863.28
12/26/94 9,347.18 13,961.50 12,856.27 8,879.82
1/2/95 9,416.84 14,089.83 12,870.85 8,945.99
1/9/95 9,392.89 13,949.02 12,879.19 8,923.25
1/16/95 9,520.23 14,222.21 12,899.92 9,044.22
1/23/95 9,428.81 13,933.26 12,908.21 8,957.37
1/30/95 9,484.32 14,036.54 12,922.72 9,010.10
2/6/95 9,435.34 14,182.05 12,937.23 8,963.57
2/13/95 9,475.61 14,322.05 12,951.96 9,001.83
2/20/95 9,491.94 14,383.37 12,966.69 9,017.34
2/27/95 9,515.88 14,323.86 12,981.43 9,040.09
3/6/95 9,757.51 14,706.86 12,996.16 9,269.63
3/13/95 9,489.76 14,244.18 13,011.11 9,015.27
3/20/95 9,579.01 14,565.45 13,026.07 9,100.06
3/27/95 9,601.86 14,631.27 13,047.43 9,121.77
4/3/95 9,782.54 14,927.33 13,060.25 9,293.41
4/10/95 9,718.32 14,960.53 13,077.37 9,232.41
4/17/95 10,106.88 15,303.66 13,085.97 9,601.54
4/24/95 9,868.52 15,288.73 13,101.01 9,375.10
5/1/95 9,981.72 15,463.96 13,116.05 9,482.63
5/8/95 10,216.81 15,777.03 13,131.09 9,705.97
5/15/95 10,043.76 15,461.03 13,146.04 9,541.57
5/22/95 10,020.90 15,330.15 13,161.00 9,519.85
5/29/95 10,265.79 15,813.97 13,184.49 9,752.50
6/5/95 10,346.33 16,067.18 13,190.90 9,829.01
6/12/95 10,282.11 15,873.07 13,205.92 9,768.01
6/19/95 10,302.79 16,020.18 13,227.38 9,787.65
6/26/95 10,314.77 15,960.10 13,242.40 9,799.03
7/3/95 10,396.40 16,071.79 13,255.28 9,876.58
7/10/95 10,598.84 16,470.38 13,272.54 10,068.90
7/17/95 10,659.79 16,583.87 13,281.27 10,126.80
7/24/95 10,712.03 16,600.15 13,296.53 10,176.43
7/31/95 10,832.85 16,778.42 13,311.80 10,291.20
8/7/95 10,806.72 16,794.99 13,333.29 10,266.39
8/14/95 10,623.87 16,357.03 13,347.83 10,092.68
8/21/95 10,659.79 16,333.59 13,356.14 10,126.80
8/28/95 10,658.70 16,240.07 13,370.67 10,125.77
9/4/95 10,682.65 16,285.05 13,385.21 10,148.51
9/11/95 10,757.75 16,398.48 13,399.97 10,219.86
9/18/95 10,803.46 16,341.04 13,421.06 10,263.29
9/25/95 10,679.38 16,505.05 13,435.82 10,145.41
10/2/95 10,690.26 16,620.67 13,450.58 10,155.75
10/9/95 10,677.20 16,529.37 13,459.01 10,143.34
10/16/95 10,729.45 16,589.17 13,484.18 10,192.97
10/23/95 10,555.30 16,392.39 13,488.37 10,027.54
10/30/95 10,577.07 16,413.80 13,503.05 10,048.22
11/6/95 10,684.82 16,546.47 13,517.73 10,150.58
11/13/95 10,582.51 16,479.50 13,532.32 10,053.39
11/20/95 10,691.35 16,812.32 13,546.90 10,156.79
11/27/95 10,696.80 16,856.51 13,561.48 10,161.96
12/4/95 10,638.02 16,714.80 13,576.06 10,106.12
12/11/95 10,705.50 16,771.73 13,597.22 10,170.23
12/18/95 10,666.32 16,728.87 13,605.68 10,133.00
12/25/95 10,851.35 16,936.24 13,626.83 10,308.78
1/1/96 10,999.82 17,213.68 13,641.64 10,449.83
1/8/96 11,087.47 17,441.19 13,650.11 10,533.10
1/15/96 11,098.43 17,210.30 13,664.50 10,543.51
1/22/96 11,328.50 17,201.19 13,678.90 10,762.08
1/29/96 11,350.42 17,033.99 13,693.30 10,782.90
2/5/96 11,361.37 17,402.31 13,707.70 10,793.30
2/12/96 11,405.20 17,381.61 13,721.50 10,834.94
2/19/96 11,416.15 17,551.56 13,743.18 10,845.34
2/26/96 11,580.49 17,611.49 13,749.10 11,001.47
3/4/96 11,711.96 17,749.83 13,762.90 11,126.37
3/11/96 11,646.23 17,339.22 13,776.43 11,063.92
3/18/96 11,701.01 17,645.22 13,795.75 11,115.96
3/25/96 11,788.66 17,780.25 13,809.28 11,199.22
4/1/96 12,073.51 17,892.72 13,822.81 11,469.84
4/8/96 12,194.03 18,025.85 13,830.54 11,584.33
4/15/96 12,194.03 17,881.33 13,844.30 11,584.33
4/22/96 12,347.41 18,205.29 13,858.06 11,730.04
4/29/96 12,358.37 18,056.36 13,879.68 11,740.45
5/6/96 12,292.63 17,831.13 13,885.58 11,678.00
5/13/96 12,336.46 17,786.04 13,899.39 11,719.63
5/20/96 12,489.84 17,976.63 13,923.07 11,865.35
5/27/96 12,489.84 17,879.77 13,927.02 11,865.35
6/3/96 12,555.58 18,122.63 13,940.83 11,927.80
6/10/96 12,577.49 18,046.84 13,954.64 11,948.61
6/17/96 12,555.58 18,251.70 13,968.53 11,927.80
6/24/96 12,588.44 18,135.82 13,988.36 11,959.02
7/1/96 12,643.22 18,387.94 14,002.25 12,011.06
7/8/96 12,555.58 18,239.88 14,010.18 11,927.80
7/15/96 12,369.32 18,038.97 14,024.29 11,750.86
7/22/96 12,073.51 17,954.98 14,038.39 11,469.84
7/29/96 12,040.64 17,935.80 14,052.50 11,438.61
8/5/96 12,303.59 18,420.23 14,066.61 11,688.41
8/12/96 12,268.88 18,447.27 14,080.77 11,655.44
8/19/96 12,313.18 18,535.65 14,103.02 11,697.52
8/26/96 12,412.83 18,819.32 14,109.09 11,792.19
9/2/96 12,257.81 18,616.22 14,123.25 11,644.92
9/9/96 12,313.18 18,749.84 14,137.42 11,697.52
9/16/96 12,346.40 18,955.27 14,151.57 11,729.08
9/23/96 12,246.74 18,742.30 14,185.93 11,634.40
9/30/96 12,401.76 19,077.52 14,185.93 11,781.67
10/7/96 12,479.27 19,364.58 14,194.02 11,855.31
10/14/96 12,523.56 19,424.43 14,208.31 11,897.38
10/21/96 12,590.00 19,606.32 14,222.60 11,960.50
10/28/96 12,601.07 19,619.34 14,236.89 11,971.02
11/4/96 12,479.27 19,531.30 14,259.09 11,855.31
11/11/96 12,601.07 19,868.94 14,274.90 11,971.02
11/18/96 12,822.53 20,253.94 14,288.74 12,181.41
11/25/96 13,055.07 20,475.47 14,292.69 12,402.31
12/2/96 13,032.92 20,452.64 14,306.53 12,381.27
12/9/96 12,789.32 20,056.50 14,320.36 12,149.85
12/16/96 12,833.61 20,034.17 14,341.21 12,191.93
12/23/96 13,164.11 20,406.43 14,357.88 12,505.90
12/30/96 13,265.46 20,680.68 14,370.39 12,602.19
1/6/97 13,366.81 20,614.12 14,378.73 12,698.47
1/13/97 13,693.38 20,785.45 14,393.46 13,008.71
1/20/97 13,839.77 20,923.06 14,416.62 13,147.78
1/27/97 13,693.38 20,702.02 14,429.24 13,008.71
2/3/97 13,817.25 20,962.24 14,439.77 13,126.38
2/10/97 14,076.25 21,436.14 14,452.40 13,372.44
2/17/97 14,143.82 21,247.86 14,467.21 13,436.63
2/24/97 14,233.90 21,373.34 14,492.60 13,522.21
3/3/97 14,031.21 21,178.47 14,505.30 13,329.65
3/10/97 14,335.25 21,857.02 14,511.65 13,618.49
3/17/97 14,053.73 21,412.57 14,526.43 13,351.04
3/24/97 13,929.86 21,057.61 14,547.55 13,233.36
3/31/97 14,369.04 21,966.01 14,562.34 13,650.58
4/7/97 14,076.25 21,226.22 14,570.79 13,372.44
4/14/97 13,997.42 21,034.78 14,586.33 13,297.55
4/21/97 14,278.95 21,591.52 14,601.88 13,565.00
4/28/97 14,301.47 21,470.25 14,626.30 13,586.40
5/5/97 14,594.26 22,156.75 14,632.96 13,864.54
5/12/97 14,898.30 22,950.73 14,648.58 14,153.39
5/19/97 14,977.13 23,159.41 14,673.11 14,228.27
5/26/97 14,932.09 23,426.37 14,679.79 14,185.48
6/2/97 14,673.08 22,757.12 14,697.63 13,939.43
6/9/97 15,033.44 23,447.38 14,711.01 14,281.76
6/16/97 15,258.66 23,808.70 14,726.71 14,495.72
6/23/97 15,483.88 23,917.32 14,749.13 14,709.68
6/30/97 15,675.31 23,950.26 14,764.82 14,891.55
7/7/97 16,350.97 25,136.56 14,773.79 15,533.42
7/14/97 16,497.37 25,060.64 14,798.42 15,672.50
7/21/97 16,317.19 24,634.16 14,805.13 15,501.33
7/28/97 16,700.06 24,816.46 14,820.81 15,865.06
8/4/97 16,519.89 24,481.68 14,836.47 15,693.89
8/11/97 16,474.84 24,690.39 14,852.13 15,651.10
8/18/97 15,887.70 23,917.35 14,867.78 15,093.32
8/25/97 15,967.71 24,082.99 14,883.42 15,169.32
9/1/97 15,944.85 23,823.42 14,899.08 15,147.61
9/8/97 16,196.31 24,376.36 14,914.72 15,386.49
9/15/97 16,059.15 24,278.13 14,930.55 15,256.19
9/22/97 16,550.64 25,153.43 14,955.41 15,723.11
9/29/97 16,916.40 25,794.82 14,968.97 16,070.58
10/6/97 17,225.01 26,420.39 14,984.86 16,363.76
10/13/97 17,087.85 26,254.55 14,993.99 16,233.46
10/20/97 16,630.65 25,632.51 15,009.97 15,799.12
10/27/97 16,036.29 24,475.20 15,032.79 15,234.48
11/3/97 16,310.61 25,030.12 15,041.92 15,495.08
11/10/97 16,207.74 24,707.64 15,057.90 15,397.35
11/17/97 16,116.30 24,899.31 15,085.44 15,310.49
11/24/97 16,184.88 25,163.48 15,099.21 15,375.64
12/1/97 16,379.19 25,456.52 15,106.09 15,560.23
12/8/97 16,767.81 25,923.80 15,129.42 15,929.42
12/15/97 16,411.69 25,373.89 15,139.10 15,591.11
12/22/97 16,614.81 25,345.26 15,168.16 15,784.07
12/29/97 16,885.63 25,945.43 15,180.26 16,041.35
1/5/98 17,413.73 26,477.34 15,189.95 16,543.04
1/12/98 16,560.64 25,056.01 15,207.42 15,732.61
1/19/98 17,169.99 26,080.33 15,224.91 16,311.49
1/26/98 17,210.61 26,547.54 15,249.87 16,350.08
2/2/98 17,819.96 27,601.61 15,267.35 16,928.96
2/9/98 17,901.20 27,890.61 15,277.34 17,006.14
2/16/98 18,185.56 28,037.26 15,293.36 17,276.28
2/23/98 18,442.84 28,771.97 15,309.38 17,520.70
3/2/98 19,092.81 29,610.54 15,325.41 18,138.17
3/9/98 19,052.19 29,565.24 15,341.43 18,099.58
3/16/98 19,526.12 30,269.74 15,369.49 18,549.82
3/23/98 20,067.76 30,995.59 15,383.51 19,064.37
3/30/98 20,392.75 31,131.00 15,397.54 19,373.11
4/6/98 21,164.58 32,417.76 15,406.90 20,106.35
4/13/98 20,812.52 32,324.90 15,423.33 19,771.89
4/20/98 20,798.98 32,590.28 15,439.77 19,759.03
4/27/98 19,485.50 30,893.22 15,456.20 18,511.22
5/4/98 20,758.35 32,923.39 15,472.64 19,720.44
5/11/98 20,595.86 32,908.02 15,489.24 19,566.07
5/18/98 19,905.27 31,802.64 15,515.32 18,910.01
5/25/98 20,826.06 33,280.22 15,531.92 19,784.76
6/1/98 20,352.12 32,521.93 15,546.15 19,334.52
6/8/98 20,961.47 33,552.34 15,562.71 19,913.39
6/15/98 19,309.47 31,386.47 15,572.13 18,343.99
6/22/98 19,485.50 31,982.52 15,595.62 18,511.22
6/29/98 20,433.37 32,924.12 15,612.21 19,411.70
7/6/98 21,083.34 33,650.03 15,628.73 20,029.17
7/13/98 21,191.67 33,795.40 15,645.39 20,132.08
7/20/98 22,031.21 35,244.54 15,662.05 20,929.65
7/27/98 21,381.24 33,560.11 15,678.71 20,312.18
8/3/98 21,042.71 33,007.39 15,695.36 19,990.58
8/10/98 20,206.46 31,758.65 15,712.01 19,196.14
8/17/98 19,614.18 31,142.74 15,728.65 18,633.47
8/24/98 19,462.66 30,742.99 15,745.29 18,489.53
8/31/98 18,223.00 29,364.04 15,761.93 17,311.85
9/7/98 18,746.41 30,215.38 15,778.57 17,809.09
9/14/98 18,126.58 30,004.78 15,795.20 17,220.25
9/21/98 16,845.60 27,794.66 15,811.82 16,003.32
9/28/98 17,217.50 28,868.62 15,828.45 16,356.63
10/5/98 15,702.36 26,143.82 15,844.69 14,917.24
10/12/98 16,212.00 27,961.00 15,860.63 15,401.40
10/19/98 17,093.53 29,436.70 15,876.58 16,238.86
10/26/98 17,245.05 29,849.90 15,892.52 16,382.80
11/2/98 17,837.33 31,135.82 15,908.45 16,945.46
11/9/98 17,437.88 30,465.43 15,924.27 16,565.99
11/16/98 17,754.69 31,100.97 15,940.10 16,866.95
11/23/98 18,043.94 32,213.21 15,955.92 17,141.74
11/30/98 18,154.13 32,092.16 15,971.75 17,246.43
12/7/98 17,837.33 31,433.42 15,988.45 16,945.46
12/14/98 17,738.69 31,383.40 16,005.30 16,851.76
12/21/98 18,365.29 32,816.72 16,022.15 17,447.02
12/28/98 18,753.18 33,432.75 16,039.00 17,815.52
1/4/99 19,573.73 34,693.72 16,055.14 18,595.04
1/11/99 19,364.86 34,388.02 16,070.35 18,396.62
1/18/99 19,469.30 34,119.36 16,085.55 18,495.83
1/25/99 18,902.37 33,099.20 16,100.76 17,957.25
2/1/99 19,111.24 33,660.16 16,115.96 18,155.68
2/8/99 18,439.88 32,552.11 16,130.92 17,517.89
2/15/99 18,201.18 32,538.98 16,145.88 17,291.12
2/22/99 18,066.91 32,459.85 16,160.84 17,163.56
3/1/99 17,589.50 31,907.14 16,175.80 16,710.03
3/8/99 17,828.21 32,439.40 16,190.81 16,936.79
3/15/99 18,051.99 33,036.34 16,205.83 17,149.39
3/22/99 17,887.88 32,848.88 16,220.84 16,993.49
3/29/99 17,425.39 32,383.12 16,235.86 16,554.12
4/5/99 17,455.23 32,662.54 16,250.91 16,582.47
4/12/99 18,051.99 33,725.50 16,265.98 17,149.39
4/19/99 17,634.26 33,519.50 16,281.06 16,752.55
4/26/99 17,693.93 33,384.06 16,296.13 16,809.24
5/3/99 17,947.56 33,949.04 16,311.17 17,050.18
5/10/99 17,887.88 33,792.80 16,326.12 16,993.49
5/17/99 17,261.28 32,432.61 16,341.07 16,398.22
5/24/99 17,634.26 32,922.59 16,356.02 16,752.55
5/31/99 17,112.09 32,191.31 16,370.97 16,256.49
6/7/99 17,261.28 32,814.19 16,386.05 16,398.22
6/14/99 17,350.80 33,081.46 16,401.15 16,483.26
6/21/99 17,679.02 33,707.95 16,416.26 16,795.06
6/28/99 17,320.96 32,939.06 16,431.36 16,454.91
6/30/99 17,216.53 32,742.71 16,435.68 16,355.70
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class A and a comparable index. The performance of Class A is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily, The
Financial Times and Morgan Stanley Capital International.
The MSCI Europe Index is a market value weighted, unmanaged index of the
weighted share prices of companies listed on the stock exchanges of Austria,
Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway,
Portugal, Spain, Sweden, Switzerland and the United Kingdom. The combined market
capitalization of these companies represents approximately 60% of the aggregate
market value of the stock exchanges of the above 15 countries. The percentage
change in the value of the index includes dividends reinvested.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[GRAPHIC OMITTED]
GAM Europe
GAM Europe (after maximum sales load of 5%) MSCI Europe Index
- -------------------------------------------------------------------------------
One Year (15.35) (19.58) (0.54)
Three Years 10.90 9.02 21.27
Five Years 12.68 11.53 19.62
Since inception 5.89 5.32 13.31
ANNUAL PERFORMANCE - CLASS A
[GRAPHIC OMITTED]
GAM Europe Annual Performance data for table
GAM
Europe
GAM Class A
Europe (after maximum MSCI
Class A sales load of 5%) Europe Index
Year % % %
- ------------------------------------------------------------
1995 16.77 10.93 22.13
1996 21.32 15.25 21.57
1997 27.55 21.17 24.20
1998 10.70 5.17 28.91
1999* (8.63) (13.20) (2.27)
*6 months
GAM
Europe
Class A
GAM (After Maximum MSCI
Europe Sales Load Europe
Class A of 5%) Index
Year % % %
- --------------------------------------------------------------------------------
1995 16.77 10.93 22.13
1996 21.32 15.25 21.57
1997 27.55 21.17 24.20
1998 10.70 5.17 28.91
1999* (8.63) (13.20) (2.27)
* 6 months
16
<PAGE>
- --------------------------------------------------------------------------------
GAM Europe Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
THE FACTS - CLASS B SHARES
<TABLE>
<CAPTION>
GAM
Europe Average
GAM Class B MSCI 1 Month
Europe with deferred Europe Deposit
Class B sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$11.59 1,294.60
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 - 2.77 - 7.63 - 0.24 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 - 9.59 -14.11 - 2.27 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -16.63 -19.71 - 0.54 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* -17.01 -19.82 - 1.80 + 5.30
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS C SHARES
<TABLE>
<CAPTION>
GAM
Europe Average
GAM Class C MSCI 1 Month
Europe with deferred Europe Deposit
Class C sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$11.38 1,294.60
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 - 3.31 - 4.28 - 0.24 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 -10.39 -11.29 - 2.27 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 -17.93 -17.93 - 0.54 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* -17.03 -17.03 - 0.04 + 5.31
- -------------------------------------------------------------------------------------------
</TABLE>
* Inception was on 26th May, 1998 for Class B shares and 20th May, 1998 for
Class C shares.
THE COMMENT
The fund's Class A NAV fell by 8.63% during the half year to June, compared
with a decrease of 2.27% by the index. The fund was focused on the relatively
small number of companies commanding strong franchises and pricing power. Hence,
pharmaceuticals, domestic banks, insurance and media represented the key
industrial choices. The investment themes remain largely unchanged and
financials still represent 28.4% of the fund as the sector offers both economic
sensitivity and fundamental restructuring.
Our commitment to the telecoms sector was reduced during Q1 and further
disposals mean that exposure now represents 6.5% of assets compared to a
weighting of 14.6% in the index. We remain positive on the prospects for
selected equipment suppliers - the share price of Ericsson undervalues its
outstanding growth prospects and our position is 2.9% of assets. Somerfield
continues to disappoint. Following an outstanding 1998, its weakness made a dent
in YTD performance. We retain a reduced holding believing that substantial
undervaluation has now emerged.
A recent key feature is the emergence of opportunities in "mid cap" stocks.
We are unearthing a number of situations where the valuation discount to
Europe's "megacaps" is unsustainably large so some new positions have been
created, notably Castorama, Imetal and M6. Further opportunities in second line
stocks may arise.
The testing conditions produced by rising global bond yields look likely to
remain in the very short term. However, European 30-year bond yields nudging
5.5% are inconsistent with a zero or in some cases negative inflation rate. We
believe the nominal interest rate is too high and foresee that stockmarket
rotation into cyclicals will yield to investments in quality, growth franchises
and selective interest sensitive stocks.
17
<PAGE>
- --------------------------------------------------------------------------------
GAM Europe Fund - Statement of Investments
- --------------------------------------------------------------------------------
AS AT 30TH JUNE, 1999 (UNAUDITED)
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
EQUITIES - 97.1%
BELGIUM - 1.3%
11,415 Fortis B 358,240
--------------
358,240
--------------
DENMARK - 1.7%
4,195 Den Danske Bank 453,689
--------------
453,689
--------------
FINLAND - 2.1%
6,520 Nokia A 571,186
--------------
571,186
--------------
FRANCE - 16.4%
2,970 AXA-UAP 362,120
7,175 Banque Nationale de Paris 597,509
1,320 Carrefour 193,865
1,400 Castrorama Dubois 331,869
7,825 Compagnie Generale d'Industrie
et de Participations 378,241
2,590 Credit Commercial de France 279,751
2,850 Imetal 422,979
240 L'Oreal 162,142
1,615 Metropole Television 339,392
1,625 Pinault-Printemps-Redoute 278,688
*6,968 Sanofi-Synthelabo 295,522
3,250 Total 419,036
5,600 Valeo 461,731
--------------
4,522,845
--------------
GERMANY - 13.4%
1,385 Allianz 383,984
5,500 BASF 242,899
8,455 BHF Bank 289,310
480 BMW 329,973
4,205 DaimlerChrysler 364,046
16,365 Hoechst 740,443
5,460 HypoVereinsbank 354,523
2,515 Mannesmann 375,075
1,505 Munchener Ruckversicherung New 274,550
4,560 Siemens 351,542
--------------
3,706,345
--------------
ITALY - 2.3%
3,870 Assicurazioni Generali 134,018
35,240 TIM 210,293
28,000 Telecom Italia 290,891
--------------
635,202
--------------
NETHERLANDS - 13.7%
12,835 ABN Amro 277,796
3,520 Aegon 255,222
*1,865 Equant 171,841
5,380 ING 291,107
4,035 Koninklijke 138,900
2,842 Koninklijke Philips Electronics 280,169
33,445 Telgraaf Holdings 658,379
*1,950 Qiagen 129,630
11,950 Royal Dutch Petroleum 699,564
7,531 Unilever 507,235
9,635 VNU 384,800
--------------
3,794,643
--------------
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
PORTUGAL - 1.1%
7,505 Brisa-Auto Estradas de Portugal 309,401
++ *8,297 Sotancro -
--------------
309,401
--------------
SPAIN - 2.6%
12,800 Argentaria 291,418
6,620 Endesa 141,098
*5,970 Telefonica 287,406
--------------
719,922
--------------
SWEDEN - 4.4%
25,250 LM Ericsson B (Fria) 810,735
34,695 Svenska Handelsbank A 416,982
--------------
1,227,717
--------------
SWITZERLAND - 14.1%
970 Adecco 519,854
1,640 Credit Suisse Group 283,832
*1,360 Geberit International 310,185
135 Julius Baer Holding 384,771
250 Nestle 450,524
440 Novartis 642,605
59 Roche Holding Genussscheine 606,588
1,390 UBS 414,952
470 Zurich Allied 267,310
--------------
3,880,621
--------------
UNITED KINGDOM - 22.7%
27,385 Bank of Scotland 362,626
10,540 Barclays 306,718
26,850 BP Amoco 481,250
28,030 British Telecom 469,702
21,690 Daily Mail & General Trust A 1,195,014
22,535 EMAP 394,318
20,565 Glaxo Wellcome 571,541
*22,480 K S Biomedix Holdings 148,306
22,800 Lloyds TSB Group 309,101
24,360 National Express Group 388,811
7,600 Railtrack Group 155,389
18,560 Scottish Power 160,334
25,075 Smithkline Beecham 325,910
76,400 Somerfield 358,300
39,225 Sun Life & Provincial Holdings 280,264
18,150 Vodaphone AirTouch 357,646
--------------
6,265,230
--------------
UNITED STATES - 1.3%
6,520 Pharmacia & Upjohn 361,074
--------------
361,074
--------------
TOTAL EQUITIES (COST $26,792,816) 26,806,115
--------------
PREFERRED SHARES - 2.2%
GERMANY - 2.2%
16,373 Jungheinrich 269,829
719 Marshollek, Lautenschlaeger und Partner 342,359
--------------
TOTAL PREFERRED SHARES (COST $674,972) 612,188
--------------
TOTAL INVESTMENTS (COST $27,467,788**) - 99.3% 27,418,303
NET CURRENT ASSETS - 0.7% 181,821
--------------
TOTAL NET ASSETS -100.0% 27,600,124
==============
* Non-income producing security.
** Cost for federal income tax purposes is identical.
++ Fair value determined by Board of Directors.
See notes to financial statements.
18
<PAGE>
- --------------------------------------------------------------------------------
GAM Europe Fund - Statement of Investments (CONTINUED)
- --------------------------------------------------------------------------------
GEOGRAPHIC ANALYSIS AS AT
30TH JUNE, 1999
[GRAPHIC OMITTED]
United Kingdom 22.7
Switzerland 14.1
Sweden 4.4
Spain 2.6
Portugal 1.1
Netherland 13.7
Italy 2.3
Germany 15.6
France 16.4
Finland 2.1
Denmark 1.7
Belgium 1.3
United States 1.3
Net Current Assets 0.7
----
100
INVESTMENT ANALYSIS AS AT
30TH JUNE, 1999
[GRAPHIC OMITTED]
Banking 18.2
Insurance 8.6
Net current assets 0.7
Other 34.5
Telecommunications 6.5
Broadcasting & Publishing 10.8
Health & Personal Care 14.4
Electrical & Electronics 6.3
----
100
19
<PAGE>
- --------------------------------------------------------------------------------
GAM Pacific Basin Fund
- --------------------------------------------------------------------------------
Fund Management
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] MICHAEL S. BUNKER, INVESTMENT DIRECTOR, HAS OVERALL
RESPONSIBILITY FOR ASIAN INVESTMENT POLICY. PRIOR TO JOINING
GAM IN 1985, HE WORKED FOR J. ROTHSCHILD CHARTERHOUSE
MANAGEMENT LTD. IN HONG KONG. HE HAS OVER 20 YEARS
INVESTMENT EXPERIENCE, PRIMARILY IN ASIAN MARKETS. HE
COMMENCED MANAGEMENT OF GAM PACIFIC BASIN FUND ON 6TH MAY,
1987. MR. BUNKER ALSO MANAGES THE OFFSHORE FUND GAM PACIFIC
INC. MR. BUNKER IS NOW BASED IN LONDON, HAVING LIVED IN HONG
KONG FOR 3 YEARS.
The Fund's investment objective is to seek long-term capital appreciation,
generally through investment in equity securities issued by companies with
principal offices in the Pacific Basin, including Japan, Hong Kong, Singapore,
Malaysia, Indonesia, the Philippines, Korea, Taiwan, India, Australia and New
Zealand. However, if the Fund determines that the long-term capital appreciation
of debt securities may equal or exceed the return on equity securities, it may
be invested substantially in debt securities of Pacific Basin companies and
their governments, their agencies and instrumentalities. Any income realized by
the Fund on its investments will be incidental to its goal of long-term capital
appreciation.
Investments in securities of foreign issuers involve additional risks and
expenses including currency rate fluctuations, political and economic
instability, foreign taxes and different accounting and reporting standards.
Report to Shareholders
- --------------------------------------------------------------------------------
THE FACTS - CLASS A SHARES
<TABLE>
<CAPTION>
GAM
Pacific
Basin
Class A
GAM (after Average
Pacific maximum MSCI 1 Month
Basin sales load Pacific Deposit
Class A of 5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$10.96 US$11.54 1,932.14
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +24.12 +17.92 + 9.61 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +33.17 +26.51 +21.95 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +52.95 +45.30 +32.97 + 5.26
- -------------------------------------------------------------------------------------------
5 years to June, 1999 - 1.29 - 2.30 - 3.54 + 5.53
- -------------------------------------------------------------------------------------------
10 years to June, 1999 + 7.79 + 7.23 - 0.68 + 5.57
- -------------------------------------------------------------------------------------------
Since inception + 7.32 + 6.86 + 0.12 + 6.04
- -------------------------------------------------------------------------------------------
</TABLE>
Performance is calculated on a total return basis. Class A inception was on
6th May, 1987, Class B on 26th May, 1998, Class C on 1st June, 1998 and Class D
on 18th October, 1995. Past performance is not necessarily indicative of future
performance. The investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost.
20
<PAGE>
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GAM Pacific Basin Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
[Plot Points for Chart]
Date GPB/NTR CIP DUS GPB/NTR/SL
5/6/87 10,000.00 10,000.00 10,000.00 10,000.00
5/13/87 10,225.00 10,045.03 10,016.48 9,713.75
5/20/87 10,364.00 9,591.02 10,029.29 9,845.80
5/27/87 10,375.00 9,696.05 10,042.11 9,856.25
6/3/87 10,462.00 9,829.25 10,054.94 9,938.90
6/10/87 10,977.00 10,223.18 10,068.68 10,428.15
6/17/87 10,474.00 10,053.83 10,082.43 9,950.30
6/24/87 10,354.00 9,467.63 10,092.25 9,836.30
7/1/87 10,214.00 9,024.23 10,106.00 9,703.30
7/8/87 10,232.00 8,477.62 10,123.39 9,720.40
7/15/87 10,582.00 8,705.56 10,136.84 10,052.90
7/22/87 10,495.00 8,100.68 10,150.29 9,970.25
7/29/87 10,766.00 8,772.76 10,163.75 10,227.70
8/5/87 10,835.00 8,710.30 10,169.52 10,293.25
8/12/87 11,142.00 9,172.34 10,190.38 10,584.90
8/19/87 11,003.00 9,378.01 10,203.55 10,452.85
8/26/87 11,155.00 9,780.13 10,216.73 10,597.25
9/2/87 11,259.00 9,849.09 10,229.91 10,696.05
9/9/87 11,168.00 9,504.54 10,243.89 10,609.60
9/16/87 11,230.00 9,334.68 10,257.88 10,668.50
9/23/87 11,234.00 9,255.23 10,267.88 10,672.30
9/30/87 11,658.00 9,564.31 10,281.86 11,075.10
10/7/87 12,013.00 9,543.17 10,301.15 11,412.35
10/14/87 12,349.00 10,008.46 10,316.43 11,731.55
10/21/87 8,159.00 8,742.08 10,325.17 7,751.05
10/28/87 8,066.00 8,342.64 10,347.01 7,662.70
11/4/87 7,990.00 8,658.08 10,362.30 7,590.50
11/11/87 7,569.00 8,075.55 10,376.21 7,190.55
11/18/87 7,997.00 8,716.02 10,390.12 7,597.15
11/25/87 8,109.00 8,956.79 10,404.03 7,703.55
12/2/87 7,938.00 8,845.73 10,417.94 7,541.10
12/9/87 7,687.00 8,788.28 10,433.93 7,302.65
12/16/87 7,966.00 9,060.05 10,449.91 7,567.70
12/23/87 8,219.00 9,047.55 10,463.61 7,808.05
12/30/87 8,187.00 8,842.48 10,477.31 7,777.65
1/6/88 8,464.00 8,924.90 10,487.96 8,040.80
1/13/88 8,261.00 8,877.35 10,510.27 7,847.95
1/20/88 8,519.00 8,983.99 10,524.47 8,093.05
1/27/88 8,449.00 9,308.99 10,536.64 8,026.55
2/3/88 8,440.00 9,355.31 10,552.86 8,018.00
2/10/88 8,280.00 9,377.49 10,566.27 7,866.00
2/17/88 8,508.00 9,581.65 10,579.67 8,082.60
2/24/88 8,696.00 9,968.72 10,593.08 8,261.20
3/2/88 8,841.00 10,242.82 10,600.74 8,398.95
3/9/88 9,034.00 10,307.06 10,620.09 8,582.30
3/16/88 9,141.00 10,367.60 10,633.70 8,683.95
3/23/88 9,244.00 10,593.13 10,645.35 8,781.80
3/30/88 9,239.00 10,837.15 10,657.01 8,777.05
4/6/88 9,199.00 10,837.14 10,674.45 8,739.05
4/13/88 9,570.00 10,992.50 10,687.99 9,091.50
4/20/88 9,408.00 10,991.66 10,693.79 8,937.60
4/27/88 9,486.00 10,938.94 10,715.08 9,011.70
5/4/88 9,764.00 11,144.94 10,722.82 9,275.80
5/11/88 9,518.00 10,927.48 10,743.03 9,042.10
5/18/88 9,629.00 10,971.43 10,757.43 9,147.55
5/25/88 9,572.00 10,840.50 10,771.84 9,093.40
6/1/88 9,660.00 10,741.94 10,786.24 9,177.00
6/8/88 9,840.00 10,915.54 10,801.62 9,348.00
6/15/88 10,081.00 11,029.42 10,817.01 9,576.95
6/22/88 10,058.00 10,637.78 10,830.19 9,555.10
6/29/88 9,865.00 10,197.52 10,843.38 9,371.75
7/6/88 9,883.00 10,276.44 10,863.76 9,388.85
7/13/88 10,118.00 10,433.48 10,879.76 9,612.10
7/20/88 10,092.00 10,298.21 10,895.75 9,587.40
7/27/88 10,209.00 10,618.77 10,911.74 9,698.55
8/3/88 10,260.00 10,764.22 10,927.73 9,747.00
8/10/88 10,028.00 10,289.60 10,944.50 9,526.60
8/17/88 10,048.00 10,546.84 10,961.27 9,545.60
8/24/88 9,820.00 10,317.87 10,978.03 9,329.00
8/31/88 9,541.00 9,937.78 10,994.79 9,063.95
9/7/88 9,737.00 10,133.04 11,012.19 9,250.15
9/14/88 9,630.00 10,223.48 11,029.59 9,148.50
9/21/88 9,527.00 10,154.38 11,037.04 9,050.65
9/28/88 9,501.00 10,226.73 11,059.41 9,025.95
10/5/88 9,317.00 10,234.75 11,081.78 8,851.15
10/12/88 9,527.00 10,579.08 11,099.31 9,050.65
10/19/88 9,648.00 10,780.48 11,116.84 9,165.60
10/26/88 9,676.00 10,963.79 11,134.38 9,192.20
11/2/88 9,608.00 11,179.77 11,151.91 9,127.60
11/9/88 9,709.00 11,352.03 11,169.55 9,223.55
11/16/88 9,781.00 11,791.27 11,187.20 9,291.95
11/23/88 9,942.00 12,128.83 11,204.84 9,444.90
11/30/88 10,080.00 12,093.78 11,222.49 9,576.00
12/7/88 10,129.00 12,110.04 11,243.20 9,622.55
12/14/88 10,148.00 12,064.51 11,263.92 9,640.60
12/21/88 10,120.00 11,802.96 11,284.64 9,614.00
12/28/88 10,167.00 12,103.53 11,299.43 9,658.65
1/4/89 10,185.00 12,243.89 11,314.23 9,675.75
1/11/89 10,581.00 12,536.76 11,345.75 10,051.95
1/18/89 10,543.00 12,439.14 11,365.44 10,015.85
1/25/89 10,576.00 12,453.55 11,385.12 10,047.20
2/1/89 10,637.00 12,188.38 11,399.18 10,105.15
2/8/89 10,821.00 12,440.01 11,424.76 10,279.95
2/15/89 10,960.00 12,705.61 11,444.72 10,412.00
2/22/89 10,725.00 12,609.32 11,464.68 10,188.75
3/1/89 10,542.00 12,307.78 11,478.94 10,014.90
3/8/89 10,574.00 12,138.38 11,506.53 10,045.30
3/15/89 10,649.00 11,928.02 11,528.41 10,116.55
3/22/89 10,623.00 11,633.89 11,550.30 10,091.85
3/29/89 10,751.00 11,936.40 11,565.93 10,213.45
4/5/89 10,899.00 12,283.89 11,594.08 10,354.05
4/12/89 11,098.00 11,978.43 11,616.17 10,543.10
4/19/89 11,217.00 11,996.12 11,638.27 10,656.15
4/26/89 11,270.00 11,977.03 11,660.36 10,706.50
5/3/89 11,503.00 12,116.93 11,682.46 10,927.85
5/10/89 11,560.00 12,158.87 11,704.31 10,982.00
5/17/89 11,496.00 11,731.16 11,726.15 10,921.20
5/24/89 11,230.00 11,336.07 11,748.00 10,668.50
5/31/89 11,228.00 11,376.86 11,769.84 10,666.60
6/7/89 10,955.00 11,135.39 11,791.43 10,407.25
6/14/89 10,874.00 10,666.42 11,813.01 10,330.30
6/21/89 11,108.00 10,885.98 11,834.60 10,552.60
6/28/89 11,183.00 11,001.59 11,850.02 10,623.85
7/5/89 11,348.00 11,287.09 11,877.77 10,780.60
7/12/89 11,607.00 11,468.07 11,899.12 11,026.65
7/19/89 11,562.00 11,288.49 11,920.47 10,983.90
7/26/89 11,906.00 11,754.45 11,941.83 11,310.70
8/2/89 12,278.00 12,344.80 11,963.18 11,664.10
8/9/89 12,430.00 12,149.72 11,983.04 11,808.50
8/16/89 12,371.00 11,935.52 12,002.89 11,752.45
8/23/89 12,528.00 11,846.84 12,014.23 11,901.60
8/30/89 12,448.00 11,612.10 12,042.59 11,825.60
9/6/89 12,436.00 11,354.72 12,063.09 11,814.20
9/13/89 12,536.00 11,294.95 12,083.59 11,909.20
9/20/89 12,605.00 11,446.70 12,104.08 11,974.75
9/27/89 13,006.00 12,084.55 12,118.73 12,355.70
10/4/89 13,059.00 11,924.62 12,133.36 12,406.05
10/11/89 13,314.00 11,568.58 12,166.04 12,648.30
10/18/89 12,820.00 11,696.61 12,187.01 12,179.00
10/25/89 13,085.00 11,853.60 12,207.96 12,430.75
11/1/89 13,207.00 11,825.26 12,228.93 12,546.65
11/8/89 13,247.00 11,739.23 12,249.16 12,584.65
11/15/89 13,377.00 11,902.40 12,269.39 12,708.15
11/22/89 13,464.00 11,933.73 12,289.61 12,790.80
11/29/89 13,632.00 12,349.85 12,309.84 12,950.40
12/6/89 13,756.00 12,529.06 12,330.35 13,068.20
12/13/89 14,056.00 12,509.87 12,342.07 13,353.20
12/20/89 14,080.77 12,355.48 12,371.37 13,376.73
12/27/89 14,535.92 12,635.73 12,386.02 13,809.12
1/3/90 14,674.31 12,358.78 12,406.52 13,940.59
1/10/90 14,701.98 12,062.90 12,432.32 13,966.88
1/17/90 14,410.86 11,616.28 12,452.26 13,690.31
1/24/90 14,192.51 11,569.00 12,463.65 13,482.88
1/31/90 14,309.37 11,783.99 12,489.28 13,593.90
2/7/90 14,483.64 11,705.29 12,511.75 13,759.46
2/14/90 14,331.92 11,655.63 12,531.36 13,615.33
2/21/90 14,047.97 11,132.37 12,550.97 13,345.57
2/28/90 13,533.78 10,642.23 12,570.59 12,857.09
3/7/90 13,772.23 10,249.84 12,590.48 13,083.62
3/14/90 13,522.90 9,707.44 12,610.37 12,846.75
3/21/90 13,345.42 9,042.68 12,630.26 12,678.15
3/28/90 13,490.23 8,992.99 12,644.46 12,815.72
4/4/90 13,121.13 8,350.71 12,658.67 12,465.07
4/11/90 13,263.76 8,763.97 12,690.39 12,600.57
4/18/90 13,422.73 8,686.55 12,710.74 12,751.59
4/25/90 13,703.64 8,778.98 12,731.09 13,018.45
5/2/90 13,556.65 9,013.05 12,751.44 12,878.82
5/9/90 13,679.68 9,239.85 12,772.22 12,995.70
5/16/90 14,029.19 9,835.28 12,793.01 13,327.73
5/23/90 14,337.32 9,874.25 12,813.80 13,620.45
5/30/90 14,367.80 10,000.57 12,834.59 13,649.41
6/6/90 14,507.17 9,928.47 12,846.19 13,781.81
6/13/90 14,459.26 9,591.98 12,875.20 13,736.30
6/20/90 14,465.80 9,549.68 12,895.50 13,742.51
6/27/90 14,690.09 9,542.16 12,910.01 13,955.59
7/4/90 14,882.81 9,797.02 12,924.51 14,138.67
7/11/90 15,233.40 9,824.30 12,950.63 14,471.73
7/18/90 15,445.72 10,097.08 12,973.84 14,673.43
7/25/90 15,323.77 9,604.19 12,997.05 14,557.58
8/1/90 15,390.19 9,488.32 13,014.46 14,620.68
8/8/90 14,254.57 8,723.91 13,037.03 13,541.84
8/15/90 14,396.11 8,939.96 13,051.07 13,676.31
8/22/90 13,894.18 8,310.17 13,073.54 13,199.47
8/29/90 14,275.26 8,351.12 13,090.39 13,561.49
9/5/90 14,294.86 8,255.12 13,115.67 13,580.11
9/12/90 14,654.16 8,752.16 13,132.78 13,921.45
9/19/90 14,160.93 8,193.40 13,144.19 13,452.89
9/26/90 13,435.79 7,575.28 13,169.86 12,764.00
10/3/90 13,460.83 7,889.70 13,186.97 12,787.79
10/10/90 13,927.93 8,389.18 13,216.25 13,231.53
10/17/90 14,114.11 8,799.51 13,236.97 13,408.41
10/24/90 14,484.31 9,005.62 13,257.69 13,760.09
10/31/90 14,163.11 8,851.46 13,278.41 13,454.95
11/7/90 13,936.64 8,532.81 13,286.93 13,239.81
11/14/90 13,906.15 8,485.13 13,318.20 13,210.85
11/21/90 13,930.11 8,279.30 13,329.57 13,233.60
11/28/90 13,936.64 8,224.07 13,357.98 13,239.81
12/5/90 13,393.33 7,813.65 13,377.88 12,723.66
12/12/90 14,076.01 8,556.50 13,400.01 13,372.21
12/19/90 13,724.32 8,604.70 13,422.14 13,038.11
12/26/90 13,334.53 8,149.16 13,437.94 12,667.81
1/2/91 13,425.40 8,318.17 13,460.07 12,754.13
1/9/91 13,251.58 8,046.66 13,485.76 12,589.00
1/16/91 13,009.36 7,814.40 13,505.14 12,358.89
1/23/91 13,520.72 8,280.80 13,524.50 12,844.68
1/30/91 13,780.88 8,417.04 13,543.87 13,091.84
2/6/91 14,329.25 8,925.02 13,561.57 13,612.79
2/13/91 14,550.17 9,359.22 13,579.27 13,822.66
2/20/91 14,609.60 9,478.07 13,591.90 13,879.12
2/27/91 14,561.38 9,361.59 13,612.13 13,833.31
3/6/91 14,796.87 9,238.00 13,624.91 14,057.03
3/13/91 14,769.51 9,196.29 13,650.55 14,031.03
3/20/91 14,802.38 9,124.74 13,668.51 14,062.26
3/27/91 14,805.78 9,021.90 13,681.33 14,065.49
4/3/91 15,246.71 9,385.85 13,696.72 14,484.37
4/10/91 15,075.55 9,281.50 13,720.84 14,321.77
4/17/91 15,230.84 9,524.35 13,737.26 14,469.30
4/24/91 14,996.21 9,142.53 13,744.30 14,246.39
5/1/91 15,073.28 9,392.96 13,767.77 14,319.62
5/8/91 15,127.69 9,240.09 13,785.63 14,371.31
5/15/91 15,119.76 9,168.88 13,801.14 14,363.77
5/22/91 15,077.82 9,051.03 13,816.66 14,323.93
5/29/91 14,837.52 9,080.57 13,832.17 14,095.64
6/5/91 14,907.79 8,972.11 13,838.82 14,162.40
6/12/91 14,614.22 8,672.68 13,863.13 13,883.50
6/19/91 14,511.07 8,559.30 13,878.56 13,785.51
6/26/91 14,503.13 8,655.87 13,889.58 13,777.98
7/3/91 14,621.02 8,524.98 13,902.82 13,889.97
7/10/91 14,700.36 8,519.41 13,925.27 13,965.34
7/17/91 14,874.92 8,603.90 13,941.11 14,131.17
7/24/91 14,916.86 8,707.81 13,956.95 14,171.02
7/31/91 15,140.16 8,884.80 13,968.27 14,383.15
8/7/91 15,150.36 8,812.02 13,988.37 14,392.84
8/14/91 14,932.73 8,651.22 14,003.94 14,186.09
8/21/91 14,419.25 8,317.57 14,019.51 13,698.29
8/28/91 14,499.73 8,175.32 14,035.09 13,774.75
9/4/91 14,855.65 8,548.15 14,050.67 14,112.87
9/11/91 14,819.38 8,582.36 14,057.09 14,078.41
9/18/91 15,029.08 8,832.33 14,076.37 14,277.62
9/25/91 15,202.50 8,982.61 14,091.35 14,442.38
10/2/91 15,504.01 9,310.65 14,106.34 14,728.81
10/9/91 15,620.76 9,395.67 14,125.00 14,839.73
10/16/91 15,581.09 9,387.67 14,139.38 14,802.04
10/23/91 15,504.01 9,409.00 14,145.54 14,728.81
10/30/91 15,500.61 9,408.74 14,168.13 14,725.58
11/6/91 15,644.57 9,484.71 14,173.95 14,862.34
11/13/91 15,633.23 9,359.05 14,195.30 14,851.57
11/20/91 15,337.39 8,996.83 14,208.89 14,570.52
11/27/91 15,230.84 8,940.49 14,222.47 14,469.30
12/4/91 15,162.83 8,897.80 14,236.06 14,404.69
12/11/91 14,972.40 8,573.79 14,241.99 14,223.78
12/18/91 15,182.89 8,795.90 14,263.71 14,423.75
12/25/91 15,037.92 8,521.48 14,273.58 14,286.02
1/1/92 15,611.70 9,155.14 14,287.40 14,831.11
1/8/92 15,891.26 9,072.36 14,302.82 15,096.69
1/15/92 15,419.83 8,530.36 14,314.30 14,648.84
1/22/92 16,017.91 8,800.55 14,325.78 15,217.01
1/29/92 15,593.39 8,559.15 14,330.70 14,813.72
2/5/92 15,936.99 8,733.31 14,348.73 15,140.14
2/12/92 15,738.81 8,492.43 14,359.91 14,951.87
2/19/92 15,472.72 8,062.37 14,371.09 14,699.09
2/26/92 15,499.58 8,130.35 14,382.27 14,724.60
3/4/92 15,250.96 7,986.70 14,390.25 14,488.42
3/11/92 14,831.14 7,590.02 14,398.33 14,089.58
3/18/92 14,757.38 7,357.91 14,416.22 14,019.51
3/25/92 14,871.04 7,513.80 14,424.35 14,127.49
4/1/92 14,429.41 7,070.93 14,435.74 13,707.94
4/8/92 14,176.03 6,545.30 14,450.42 13,467.23
4/15/92 14,441.25 7,019.62 14,461.84 13,719.19
4/22/92 14,440.94 6,816.95 14,473.26 13,718.89
4/29/92 14,876.96 7,028.07 14,484.68 14,133.11
5/6/92 15,224.07 7,195.11 14,492.25 14,462.87
5/13/92 15,551.24 7,527.30 14,505.86 14,773.67
5/20/92 15,427.52 7,545.48 14,510.40 14,656.14
5/27/92 15,444.10 7,343.10 14,522.51 14,671.89
6/3/92 15,725.89 7,575.64 14,531.59 14,939.59
6/10/92 15,571.97 7,460.13 14,548.44 14,793.37
6/17/92 15,392.00 7,111.55 14,559.24 14,622.40
6/24/92 15,187.17 6,918.39 14,566.96 14,427.81
7/1/92 15,478.43 7,195.82 14,577.77 14,704.51
7/8/92 15,345.82 7,249.26 14,591.51 14,578.53
7/15/92 15,519.87 7,394.68 14,602.18 14,743.88
7/22/92 14,800.00 6,825.39 14,612.84 14,060.00
7/29/92 14,395.07 6,617.86 14,617.40 13,675.32
8/5/92 14,719.49 6,899.63 14,631.11 13,983.51
8/12/92 14,225.76 6,462.24 14,643.28 13,514.47
8/19/92 14,011.46 6,471.22 14,652.40 13,310.88
8/26/92 14,666.21 7,297.67 14,661.52 13,932.90
9/2/92 15,165.86 7,726.74 14,666.73 14,407.56
9/9/92 15,315.04 8,084.77 14,679.97 14,549.29
9/16/92 15,124.42 7,656.15 14,689.28 14,368.20
9/23/92 15,524.61 7,965.09 14,695.94 14,748.38
9/30/92 15,271.23 7,702.96 14,705.26 14,507.67
10/7/92 15,277.15 7,636.39 14,711.63 14,513.29
10/14/92 15,422.78 7,710.31 14,720.26 14,651.64
10/21/92 15,388.45 7,585.01 14,733.84 14,619.03
10/28/92 15,594.46 7,492.77 14,737.54 14,814.74
11/4/92 15,845.47 7,578.55 14,751.11 15,053.20
11/11/92 15,530.53 7,273.88 14,758.69 14,754.00
11/18/92 15,194.27 7,297.59 14,768.79 14,434.56
11/25/92 15,293.73 7,477.47 14,775.11 14,529.04
12/2/92 15,298.46 7,457.87 14,781.43 14,533.54
12/9/92 15,255.84 7,497.97 14,798.17 14,493.05
12/16/92 15,390.82 7,575.85 14,809.88 14,621.28
12/23/92 15,497.38 7,729.59 14,819.90 14,722.51
12/30/92 15,535.26 7,488.29 14,829.93 14,758.50
1/6/93 15,491.95 7,398.27 14,837.16 14,717.35
1/13/93 15,494.39 7,236.51 14,851.40 14,719.67
1/20/93 15,616.47 7,280.85 14,857.88 14,835.65
1/27/93 15,579.85 7,295.26 14,869.53 14,800.86
2/3/93 15,739.77 7,523.16 14,878.60 14,952.79
2/10/93 16,095.03 7,634.88 14,887.35 15,290.28
2/17/93 16,270.82 7,723.67 14,896.08 15,457.28
2/24/93 16,256.17 7,812.84 14,904.82 15,443.36
3/3/93 16,377.03 7,842.12 14,911.06 15,558.18
3/10/93 16,718.86 8,152.85 14,922.32 15,882.91
3/17/93 16,690.24 8,281.99 14,928.58 15,855.73
3/24/93 16,912.96 8,458.97 14,937.34 16,067.32
3/31/93 17,253.57 8,789.69 14,946.09 16,390.89
4/7/93 18,141.09 9,561.98 14,957.37 17,234.03
4/14/93 18,576.41 9,785.86 14,966.16 17,647.59
4/21/93 18,523.64 9,627.62 14,974.94 17,597.46
4/28/93 18,721.23 9,953.13 14,978.70 17,785.17
5/5/93 18,938.47 10,254.79 14,991.24 17,991.54
5/12/93 18,831.69 9,985.36 15,001.12 17,890.11
5/19/93 19,057.51 10,027.52 15,008.51 18,104.64
5/26/93 19,299.29 10,451.77 15,014.67 18,334.33
6/2/93 19,402.39 10,508.42 15,027.00 18,432.27
6/9/93 19,591.39 10,624.35 15,030.86 18,611.82
6/16/93 19,156.93 10,355.45 15,045.01 18,199.08
6/23/93 18,796.10 9,896.68 15,051.45 17,856.29
6/30/93 18,934.51 10,319.61 15,060.45 17,987.79
7/7/93 19,086.58 10,245.85 15,070.61 18,132.25
7/14/93 19,293.16 10,401.86 15,080.72 18,328.50
7/21/93 19,370.48 10,406.11 15,089.57 18,401.95
7/28/93 19,541.38 10,600.45 15,098.41 18,564.31
8/4/93 19,943.63 11,011.90 15,107.26 18,946.44
8/11/93 20,300.77 11,162.91 15,116.13 19,285.73
8/18/93 20,445.59 11,343.71 15,119.93 19,423.31
8/25/93 20,213.63 10,877.22 15,133.88 19,202.95
9/1/93 20,559.73 11,178.00 15,142.75 19,531.74
9/8/93 20,819.92 11,108.35 15,151.64 19,778.92
9/15/93 20,643.19 11,039.45 15,160.53 19,611.03
9/22/93 20,405.94 10,696.91 15,168.16 19,385.64
9/29/93 20,709.46 10,761.19 15,175.78 19,673.99
10/6/93 21,245.79 11,068.89 15,187.24 20,183.50
10/13/93 21,464.25 11,056.45 15,196.15 20,391.04
10/20/93 21,577.16 11,037.89 15,205.07 20,498.30
10/27/93 21,433.28 10,920.31 15,213.98 20,361.62
11/3/93 21,896.26 11,110.41 15,217.80 20,801.45
11/10/93 21,404.11 10,635.07 15,226.73 20,333.91
11/17/93 21,575.93 10,688.91 15,240.78 20,497.14
11/24/93 20,923.01 10,170.79 15,249.72 19,876.86
12/1/93 20,749.96 9,992.73 15,253.55 19,712.46
12/8/93 21,278.93 9,868.47 15,268.72 20,214.98
12/15/93 22,037.40 10,102.64 15,278.78 20,935.53
12/22/93 22,290.22 10,066.82 15,288.84 21,175.71
12/29/93 23,139.51 10,057.59 15,296.02 21,982.54
1/5/94 24,281.73 10,308.57 15,304.64 23,067.64
1/12/94 23,436.14 10,256.34 15,318.13 22,264.33
1/19/94 24,104.70 10,602.09 15,327.30 22,899.46
1/26/94 23,945.36 10,679.99 15,332.55 22,748.09
2/2/94 25,170.76 11,430.26 15,341.73 23,912.23
2/9/94 24,801.19 11,225.89 15,354.49 23,561.13
2/16/94 24,668.10 11,255.10 15,359.53 23,434.69
2/23/94 24,830.92 11,267.95 15,367.10 23,589.37
3/2/94 24,189.98 11,505.03 15,380.97 22,980.48
3/9/94 23,897.95 11,268.88 15,391.29 22,703.05
3/16/94 24,147.34 11,487.42 15,401.62 22,939.97
3/23/94 23,474.11 11,143.54 15,410.47 22,300.40
3/30/94 23,355.22 11,152.78 15,419.32 22,187.46
4/6/94 23,368.14 11,130.38 15,432.80 22,199.74
4/13/94 23,976.77 11,410.17 15,443.34 22,777.93
4/20/94 24,015.54 11,354.62 15,447.86 22,814.76
4/27/94 24,479.44 11,369.68 15,458.40 23,255.46
5/4/94 24,321.79 11,292.51 15,474.95 23,105.70
5/11/94 24,469.10 11,403.61 15,486.45 23,245.64
5/18/94 25,013.12 11,545.90 15,497.95 23,762.46
5/25/94 25,045.42 11,622.74 15,509.45 23,793.15
6/1/94 25,473.14 11,834.54 15,520.95 24,199.48
6/8/94 25,511.90 11,858.64 15,533.42 24,236.31
6/15/94 25,585.56 11,964.30 15,542.32 24,306.28
6/22/94 25,247.00 11,820.89 15,556.57 23,984.65
6/29/94 25,068.68 12,095.65 15,567.25 23,815.25
7/6/94 25,353.45 12,150.84 15,578.38 24,085.77
7/13/94 25,501.00 12,101.27 15,589.74 24,225.95
7/20/94 26,000.52 12,169.83 15,610.56 24,700.49
7/27/94 25,655.32 11,940.27 15,623.82 24,372.56
8/3/94 26,237.41 12,039.17 15,629.49 24,925.54
8/10/94 26,583.96 12,018.84 15,644.57 25,254.76
8/17/94 26,833.04 12,136.88 15,655.81 25,491.39
8/24/94 26,671.95 12,170.49 15,676.43 25,338.35
8/31/94 27,166.05 12,105.32 15,682.05 25,807.75
9/7/94 26,931.86 11,923.92 15,703.84 25,585.27
9/14/94 26,560.95 11,866.85 15,718.14 25,232.90
9/21/94 26,520.34 12,007.66 15,732.43 25,194.32
9/28/94 26,215.75 11,775.90 15,742.64 24,904.97
10/5/94 26,319.99 11,777.33 15,756.93 25,003.99
10/12/94 26,394.44 11,853.11 15,775.94 25,074.72
10/19/94 26,546.06 11,967.46 15,790.86 25,218.75
10/26/94 26,232.00 11,903.22 15,797.25 24,920.40
11/2/94 26,345.71 12,024.39 15,820.71 25,028.42
11/9/94 26,242.83 11,649.58 15,835.69 24,930.69
11/16/94 25,942.31 11,566.08 15,844.25 24,645.19
11/23/94 24,714.50 11,289.52 15,861.37 23,478.78
11/30/94 24,970.35 11,430.79 15,878.49 23,721.83
12/7/94 24,740.22 11,263.76 15,898.71 23,503.21
12/14/94 24,015.99 11,056.88 15,916.80 22,815.19
12/21/94 24,750.90 11,274.21 15,934.88 23,513.35
12/28/94 25,082.73 11,400.73 15,947.80 23,828.59
1/4/95 24,904.60 11,297.83 15,963.30 23,659.37
1/11/95 24,236.63 11,257.93 15,989.04 23,024.80
1/18/95 23,752.53 11,063.60 15,996.75 22,564.90
1/25/95 22,535.81 10,484.37 16,025.03 21,409.02
2/1/95 22,685.21 10,746.48 16,043.03 21,550.95
2/8/95 22,971.07 10,639.59 16,061.30 21,822.52
2/15/95 22,653.61 10,544.42 16,079.57 21,520.92
2/22/95 22,550.18 10,684.66 16,097.83 21,422.67
3/1/95 22,340.45 10,344.72 16,113.49 21,223.43
3/8/95 22,350.50 10,889.39 16,134.65 21,232.98
3/15/95 22,353.38 10,941.84 16,153.19 21,235.71
3/22/95 22,241.33 10,634.44 16,171.73 21,129.26
3/29/95 22,642.11 11,140.08 16,184.98 21,510.01
4/5/95 22,828.86 11,136.16 16,208.82 21,687.42
4/12/95 22,935.16 11,576.14 16,216.81 21,788.40
4/19/95 22,988.31 11,949.66 16,246.13 21,838.89
4/26/95 23,140.58 11,714.23 16,264.78 21,983.55
5/3/95 23,709.43 12,031.08 16,283.43 22,523.96
5/10/95 23,993.86 11,912.41 16,301.97 22,794.17
5/17/95 24,318.51 11,496.05 16,320.51 23,102.58
5/24/95 24,281.16 11,235.07 16,339.05 23,067.10
5/31/95 24,166.24 11,342.18 16,349.65 22,957.93
6/7/95 24,440.61 11,429.89 16,376.22 23,218.58
6/14/95 23,700.81 10,920.73 16,394.85 22,515.77
6/21/95 23,960.82 11,053.31 16,402.83 22,762.78
6/28/95 23,923.47 10,939.39 16,426.78 22,727.30
7/5/95 24,302.71 11,001.43 16,445.41 23,087.57
7/12/95 25,766.50 11,594.35 16,464.25 24,478.18
7/19/95 25,371.46 11,420.70 16,488.58 24,102.89
7/26/95 25,371.46 11,455.67 16,507.52 24,102.89
8/2/95 25,477.76 11,324.71 16,526.45 24,203.88
8/9/95 25,552.46 11,354.39 16,534.17 24,274.84
8/16/95 25,634.34 11,337.23 16,552.20 24,352.63
8/23/95 25,483.94 11,224.45 16,580.52 24,209.74
8/30/95 25,686.33 11,031.34 16,598.55 24,402.02
9/6/95 25,730.98 10,971.47 16,616.85 24,444.43
9/13/95 25,803.90 11,119.83 16,635.15 24,513.70
9/20/95 25,914.03 10,945.46 16,643.01 24,618.33
9/27/95 25,692.28 11,180.12 16,666.54 24,407.67
10/4/95 25,930.40 11,173.43 16,679.61 24,633.88
10/11/95 25,765.21 10,956.98 16,708.27 24,476.95
10/18/95 25,858.96 10,981.10 16,721.28 24,566.02
10/25/95 25,702.70 10,963.83 16,744.69 24,417.57
11/1/95 25,419.94 10,649.02 16,762.89 24,148.95
11/8/95 25,528.58 10,804.47 16,780.97 24,252.15
11/15/95 24,565.72 10,777.80 16,799.05 23,337.43
11/22/95 24,937.77 11,048.21 16,817.14 23,690.88
11/29/95 25,342.56 11,146.52 16,835.22 24,075.43
12/6/95 26,245.90 11,520.73 16,850.96 24,933.60
12/13/95 26,311.38 11,606.76 16,866.70 24,995.81
12/20/95 26,117.91 11,709.64 16,890.31 24,812.01
12/27/95 26,468.42 11,886.37 16,903.43 25,145.00
1/3/96 26,795.77 11,803.27 16,919.17 25,455.98
1/10/96 26,998.42 11,951.26 16,944.89 25,648.50
1/17/96 27,060.77 11,866.60 16,962.75 25,707.73
1/24/96 26,982.83 11,573.20 16,980.60 25,633.69
1/31/96 27,793.40 11,875.80 16,998.46 26,403.73
2/7/96 27,886.93 12,009.57 17,013.12 26,492.59
2/14/96 27,762.23 11,925.28 17,032.68 26,374.12
2/21/96 27,684.29 11,827.51 17,042.46 26,300.07
2/28/96 27,388.12 11,687.33 17,066.92 26,018.71
3/6/96 27,372.53 11,693.97 17,083.69 26,003.90
3/13/96 26,094.31 11,413.71 17,100.46 24,789.60
3/20/96 26,904.89 11,669.99 17,107.65 25,559.64
3/27/96 27,356.94 12,004.67 17,129.22 25,989.09
4/3/96 27,590.76 12,115.74 17,143.60 26,211.22
4/10/96 27,824.58 12,088.64 17,167.85 26,433.35
4/17/96 28,245.46 12,151.01 17,184.91 26,833.18
4/24/96 28,385.75 12,489.08 17,201.98 26,966.46
5/1/96 28,401.34 12,582.71 17,211.72 26,981.27
5/8/96 28,198.69 12,440.78 17,236.17 26,788.76
5/15/96 28,229.87 12,332.07 17,253.30 26,818.37
5/22/96 27,777.82 12,264.58 17,265.54 26,388.93
5/29/96 27,808.99 12,085.77 17,287.56 26,418.54
6/5/96 27,528.41 12,029.08 17,304.69 26,151.99
6/12/96 27,575.17 12,025.48 17,321.91 26,196.41
6/19/96 27,621.94 12,214.65 17,339.12 26,240.84
6/26/96 27,497.23 12,253.14 17,351.42 26,122.37
7/3/96 27,637.52 12,017.15 17,366.17 26,255.65
7/10/96 27,356.94 11,792.69 17,391.05 25,989.09
7/17/96 26,515.19 11,654.16 17,408.54 25,189.43
7/24/96 26,125.49 11,417.17 17,426.03 24,819.21
7/31/96 25,922.84 11,620.34 17,443.53 24,626.70
8/7/96 26,390.48 11,475.91 17,461.09 25,070.96
8/14/96 26,375.21 11,584.73 17,478.65 25,056.45
8/21/96 26,548.32 11,681.14 17,491.20 25,220.90
8/28/96 26,516.85 11,484.34 17,513.78 25,191.00
9/4/96 26,060.47 11,261.80 17,531.34 24,757.45
9/11/96 25,934.58 11,253.28 17,548.89 24,637.85
9/18/96 26,390.95 11,601.36 17,548.89 25,071.40
9/25/96 26,438.16 11,570.36 17,591.50 25,116.25
10/2/96 26,752.90 11,631.75 17,596.51 25,415.26
10/9/96 26,170.63 11,372.48 17,619.25 24,862.10
10/16/96 26,265.05 11,551.58 17,636.97 24,951.80
10/23/96 26,217.84 11,335.75 17,654.69 24,906.95
10/30/96 25,840.15 11,178.70 17,672.41 24,548.15
11/6/96 26,139.16 11,295.35 17,682.22 24,832.20
11/13/96 26,438.16 11,453.47 17,701.83 25,116.25
11/20/96 26,941.74 11,612.81 17,718.98 25,594.66
11/27/96 27,476.80 11,614.46 17,741.05 26,102.96
12/4/96 26,847.32 11,339.97 17,758.20 25,504.96
12/11/96 26,894.53 11,248.90 17,776.30 25,549.81
12/18/96 26,107.68 10,995.40 17,784.05 24,802.30
12/25/96 26,021.37 10,755.47 17,807.32 24,720.30
1/1/97 26,349.44 10,857.83 17,825.40 25,031.97
1/8/97 26,522.11 10,661.71 17,848.85 25,196.01
1/15/97 26,539.38 10,325.57 17,867.12 25,212.41
1/22/97 26,815.65 10,141.60 17,877.56 25,474.87
1/29/97 26,608.45 9,855.71 17,893.22 25,278.02
2/5/97 26,332.18 9,775.23 17,921.94 25,015.57
2/12/97 26,401.24 9,869.24 17,940.31 25,081.18
2/19/97 26,453.04 9,906.48 17,958.68 25,130.39
2/26/97 26,556.65 10,226.39 17,971.80 25,228.81
3/5/97 26,176.77 9,998.07 17,987.54 24,867.93
3/12/97 26,176.77 9,884.60 18,013.75 24,867.93
3/19/97 25,572.43 9,895.59 18,032.08 24,293.81
3/26/97 25,779.63 9,903.99 18,045.18 24,490.65
4/2/97 25,624.23 9,824.67 18,063.51 24,343.02
4/9/97 25,745.10 9,496.73 18,088.02 24,457.84
4/16/97 25,831.43 9,552.29 18,107.30 24,539.86
4/23/97 26,107.70 9,899.76 18,126.58 24,802.32
4/30/97 25,917.77 9,989.37 18,137.59 24,621.88
5/7/97 26,936.52 10,509.05 18,165.21 25,589.69
5/14/97 27,350.93 10,923.10 18,184.56 25,983.38
5/21/97 27,627.20 11,061.70 18,195.63 26,245.84
5/28/97 28,007.07 11,165.22 18,223.28 26,606.72
6/4/97 28,715.02 11,221.20 18,242.64 27,279.27
6/11/97 28,404.22 11,477.76 18,262.10 26,984.00
6/18/97 28,473.28 11,457.90 18,281.56 27,049.62
6/25/97 28,818.62 11,644.74 18,295.46 27,377.69
7/2/97 29,233.03 11,515.92 18,314.92 27,771.38
7/9/97 28,369.68 11,346.43 18,339.92 26,951.20
7/16/97 28,594.15 11,392.99 18,351.02 27,164.44
7/23/97 28,576.89 11,358.13 18,378.79 27,148.04
7/30/97 29,094.90 11,298.15 18,398.22 27,640.15
8/6/97 28,956.76 11,105.81 18,414.85 27,508.92
8/13/97 28,127.94 11,112.72 18,437.03 26,721.55
8/20/97 27,372.77 10,966.40 18,456.44 26,004.13
8/27/97 26,221.16 10,562.30 18,475.85 24,910.10
9/3/97 24,644.35 10,291.59 18,495.25 23,412.13
9/10/97 25,459.33 10,479.17 18,514.87 24,186.36
9/17/97 24,502.61 9,981.20 18,534.49 23,277.48
9/24/97 24,803.80 10,334.80 18,548.50 23,563.61
10/1/97 24,910.10 10,190.77 18,568.13 23,664.60
10/8/97 24,396.31 10,113.83 18,582.22 23,176.49
10/15/97 23,758.50 9,819.92 18,613.36 22,570.57
10/22/97 22,358.85 9,714.21 18,633.17 21,240.91
10/29/97 20,622.59 9,132.31 18,641.66 19,591.46
11/5/97 21,118.66 8,931.97 18,672.80 20,062.73
11/12/97 19,736.74 8,236.42 18,692.72 18,749.90
11/19/97 19,577.29 8,286.18 18,706.95 18,598.42
11/26/97 19,648.15 8,253.58 18,726.87 18,665.75
12/3/97 20,126.51 8,490.84 18,752.48 19,120.19
12/10/97 20,020.21 8,453.18 18,761.48 19,019.20
12/17/97 18,598.17 8,417.10 18,794.51 17,668.26
12/24/97 17,893.84 7,822.25 18,809.52 16,999.15
12/31/97 18,445.88 8,106.76 18,830.54 17,523.59
1/7/98 17,379.87 7,806.47 18,858.22 16,510.87
1/14/98 16,504.21 7,726.80 18,879.90 15,679.00
1/21/98 17,132.40 8,423.02 18,901.57 16,275.78
1/28/98 16,923.00 8,711.89 18,910.86 16,076.85
2/4/98 18,312.63 8,866.30 18,932.54 17,397.00
2/11/98 18,978.89 9,116.84 18,964.79 18,029.95
2/18/98 18,579.14 8,690.42 18,984.66 17,650.18
2/25/98 18,769.50 8,504.15 19,004.53 17,831.02
3/4/98 19,283.47 8,894.72 19,024.40 18,319.29
3/11/98 18,788.53 8,557.27 19,044.70 17,849.11
3/18/98 18,959.86 8,472.46 19,059.19 18,011.86
3/25/98 19,569.01 8,513.90 19,079.48 18,590.56
4/1/98 18,940.82 8,256.32 19,099.78 17,993.78
4/8/98 18,997.93 8,324.72 19,125.96 18,048.03
4/15/98 19,093.11 8,489.82 19,146.34 18,138.45
4/22/98 18,788.53 8,259.08 19,166.72 17,849.11
4/29/98 18,407.81 8,064.88 19,184.19 17,487.42
5/6/98 17,931.91 7,984.22 19,207.69 17,035.32
5/13/98 17,303.72 7,863.15 19,228.27 16,438.54
5/20/98 17,265.65 7,852.61 19,240.03 16,402.37
5/27/98 16,961.08 7,721.99 19,263.56 16,113.02
6/3/98 16,370.96 7,536.23 19,281.20 15,552.41
6/10/98 15,343.02 7,250.61 19,298.79 14,575.87
6/17/98 15,095.55 7,159.62 19,330.84 14,340.77
6/24/98 15,190.73 7,233.63 19,345.45 14,431.19
7/1/98 15,685.66 7,861.04 19,365.91 14,901.38
7/8/98 15,837.95 7,786.89 19,386.57 15,046.05
7/15/98 15,761.81 7,795.71 19,407.22 14,973.72
7/22/98 15,761.81 7,682.52 19,427.89 14,973.72
7/29/98 15,190.73 7,434.71 19,448.55 14,431.19
8/5/98 14,848.08 7,312.18 19,469.19 14,105.68
8/12/98 14,100.35 6,861.62 19,489.83 13,395.33
8/19/98 14,183.05 7,016.61 19,510.47 13,473.90
8/26/98 13,914.28 6,792.21 19,531.11 13,218.56
9/2/98 12,859.85 6,846.47 19,551.74 12,216.86
9/9/98 13,128.63 6,954.38 19,572.37 12,472.19
9/16/98 13,087.28 6,909.37 19,592.98 12,432.91
9/23/98 12,446.35 6,602.64 19,613.60 11,824.03
9/30/98 13,211.33 6,597.20 19,634.22 12,550.76
10/7/98 12,983.90 7,198.77 19,654.12 12,334.71
10/14/98 13,542.13 7,143.62 19,673.89 12,865.02
10/21/98 15,402.88 7,875.85 19,693.67 14,632.73
10/28/98 15,485.58 7,574.07 19,713.43 14,711.30
11/4/98 17,077.55 8,275.42 19,733.14 16,223.67
11/11/98 16,643.38 7,895.17 19,752.76 15,811.21
11/18/98 17,139.58 8,003.64 19,772.39 16,282.60
11/25/98 18,049.28 8,268.60 19,792.01 17,146.81
12/2/98 17,780.50 8,224.74 19,811.82 16,891.48
12/9/98 18,111.30 8,368.11 19,832.71 17,205.74
12/16/98 17,451.10 8,136.70 19,853.61 16,578.54
12/23/98 17,666.28 8,089.44 19,874.50 16,782.96
12/30/98 17,623.24 8,201.41 19,895.40 16,742.08
1/6/99 17,989.05 8,202.76 19,914.83 17,089.60
1/13/99 17,967.53 8,139.26 19,933.69 17,069.15
1/20/99 18,290.30 8,386.67 19,952.54 17,375.79
1/27/99 17,515.65 8,372.37 19,971.40 16,639.87
2/3/99 16,977.70 8,450.98 19,990.16 16,128.82
2/10/99 16,246.09 8,173.71 20,008.71 15,433.79
2/17/99 16,762.52 8,065.44 20,027.26 15,924.40
2/24/99 17,149.85 8,057.58 20,045.82 16,292.35
3/3/99 17,063.77 7,985.55 20,064.39 16,210.59
3/10/99 18,161.19 8,694.33 20,083.00 17,253.13
3/17/99 18,656.11 9,250.17 20,101.62 17,723.30
3/24/99 18,634.59 9,070.00 20,120.24 17,702.86
3/31/99 19,000.39 9,262.15 20,138.86 18,050.37
4/7/99 19,710.49 9,528.78 20,157.55 18,724.96
4/14/99 20,291.47 9,826.11 20,176.24 19,276.90
4/21/99 20,829.42 9,652.59 20,194.94 19,787.95
4/28/99 21,474.96 9,950.33 20,213.63 20,401.22
5/5/99 22,507.83 9,790.51 20,232.24 21,382.44
5/12/99 22,206.58 9,847.05 20,250.78 21,096.25
5/19/99 21,496.48 9,200.01 20,269.31 20,421.66
5/26/99 21,087.64 9,333.53 20,287.85 20,033.26
6/2/99 21,410.41 9,550.73 20,306.42 20,339.89
6/9/99 22,271.13 9,832.51 20,325.15 21,157.57
6/16/99 22,120.50 10,007.44 20,343.88 21,014.48
6/23/99 23,669.80 10,063.03 20,362.61 22,486.31
6/30/99 23,583.73 10,152.10 20,381.33 22,404.54
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class A and a comparable index. The performance of Class A is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily, The
Financial Times and Morgan Stanley Capital International.
The MSCI Pacific Index is an arithmetical average weighted by market value of
the performance of some 410 securities listed on the stock exchanges of
Australia, Hong Kong, New Zealand, Singapore/Malaysia and Japan. The combined
market capitalization of these companies represents approximately 60% of the
aggregate market value of the stock exchanges of the above 5 countries. The
percentage change in the value of the index includes dividends reinvested.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
GAM Pacific Basin
GAM Pacific Basin (after maximum sales load of 5%) MSCI Pacific Index
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year 52.95 45.30 32.97
Five Years (1.29) (2.30) (3.54)
Ten Years 7.79 7.23 (0.68)
Since inception 7.32 6.86 0.12
</TABLE>
ANNUAL PERFORMANCE - CLASS A
[GRAPHIC OMITTED]
GAM Pacific Basin Annual Performance data for table
GAM
Pacific Basin
GAM Class A
Pacific Basin (after maximum MSCI
Class A sales load of 5%) Pacific Index
Year % % %
- -------------------------------------------------------------
1995 +4.56 (0.72) +2.99
1996 (0.39) (5.37) (8.40)
1997 (30.00) (33.50) (25.34)
1998 (3.99) (8.79) +2.69
1999* +33.17 +26.51 +21.95
GAM
Pacific Basin
GAM Class A MSCI
Pacific Basin (After Maximum Pacific
Class A Sales Load of 5%) Index
Year % % %
- --------------------------------------------------------------------------------
1995 4.56 ( 0.72) 2.99
1996 ( 0.39) ( 5.37) ( 8.40)
1997 (30.00) (33.50) (25.34)
1998 ( 3.99) ( 8.79) 2.69
1999* 33.17 26.51 21.95
*6 months
21
<PAGE>
- --------------------------------------------------------------------------------
GAM Pacific Basin Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
THE FACTS - CLASS B SHARES
<TABLE>
<CAPTION>
GAM
GAM Pacific Basin Average
Pacific Class B MSCI 1 Month
Basin (with deferred Pacific Deposit
Class B sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$11.50 1,932.14
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +22.34 +16.22 + 9.61 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +28.35 +21.93 +21.95 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +42.37 +36.77 +32.97 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* +25.19 +20.69 +27.05 + 5.30
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS C SHARES
<TABLE>
<CAPTION>
GAM
GAM Pacific Basin Average
Pacific Class C MSCI 1 Month
Basin (with deferred Pacific Deposit
Class C sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$10.13 1,932.14
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +20.88 +19.67 + 9.61 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +24.75 +23.51 +21.95 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +26.29 +26.29 +32.97 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* +18.35 +18.35 +33.78 + 5.29
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS D SHARES
<TABLE>
<CAPTION>
GAM
Pacific Basin
Class D
GAM (after Average
Pacific maximum MSCI 1 Month
Basin sales load Pacific Deposit
Class D of 3.5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$10.76 US$11.15 1,932.14
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +23.82 +19.49 + 9.61 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +32.68 +28.03 +21.95 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +46.46 +41.33 +32.97 + 5.26
- -------------------------------------------------------------------------------------------
2 years to June, 1999 - 9.94 -11.53 - 6.65 + 5.51
- -------------------------------------------------------------------------------------------
3 years to June, 1999 - 5.63 - 6.74 - 5.88 + 5.49
- -------------------------------------------------------------------------------------------
Since inception* - 3.04 - 3.97 - 2.10 + 5.50
- -------------------------------------------------------------------------------------------
</TABLE>
* Inception was on 26th May, 1998 for Class B shares, 1st June, 1998 for Class
C shares and 18th October, 1995 for Class D shares.
[GRAPHIC OMITTED]
[Plot points for Chart]
Date PBD/NTR CIP DUS PBD/NTR/SL
10/18/95 10,000.00 10,000.00 10,000.00 10,000.00
10/25/95 9,938.42 9,984.28 10,014.00 9,590.58
11/1/95 9,827.93 9,697.59 10,024.89 9,483.96
11/8/95 9,868.79 9,839.16 10,035.70 9,523.38
11/15/95 9,495.89 9,814.87 10,046.51 9,163.53
11/22/95 9,638.60 10,061.12 10,057.33 9,301.25
11/29/95 9,793.41 10,150.64 10,068.14 9,450.64
12/6/95 10,140.99 10,491.42 10,077.55 9,786.06
12/13/95 10,165.16 10,569.77 10,086.97 9,809.38
12/20/95 10,093.80 10,663.45 10,101.09 9,740.52
12/27/95 10,221.87 10,824.40 10,108.93 9,864.11
1/3/96 10,348.44 10,748.71 10,118.35 9,986.24
1/10/96 10,426.79 10,883.48 10,133.73 10,061.85
1/17/96 10,444.87 10,806.39 10,144.41 10,079.30
1/24/96 10,414.74 10,539.20 10,155.08 10,050.22
1/31/96 10,734.17 10,814.77 10,165.76 10,358.48
2/7/96 10,758.28 10,936.59 10,174.53 10,381.74
2/14/96 10,716.09 10,859.83 10,186.23 10,341.03
2/21/96 10,679.93 10,770.79 10,192.08 10,306.13
2/28/96 10,559.39 10,643.14 10,206.70 10,189.81
3/6/96 10,559.39 10,649.18 10,216.74 10,189.81
3/13/96 10,059.14 10,393.96 10,226.77 9,707.07
3/20/96 10,372.55 10,627.34 10,231.07 10,009.51
3/27/96 10,547.33 10,932.12 10,243.96 10,178.18
4/3/96 10,637.74 11,033.27 10,252.56 10,265.42
4/10/96 10,728.14 11,008.59 10,267.07 10,352.66
4/17/96 10,884.85 11,065.39 10,277.27 10,503.88
4/24/96 10,939.09 11,373.26 10,287.48 10,556.22
5/1/96 10,945.12 11,458.52 10,293.31 10,562.04
5/8/96 10,866.77 11,329.27 10,307.92 10,486.43
5/15/96 10,878.82 11,230.27 10,318.17 10,498.06
5/22/96 10,704.04 11,168.81 10,325.49 10,329.39
5/29/96 10,716.09 11,005.98 10,338.66 10,341.03
6/5/96 10,607.60 10,954.35 10,348.90 10,236.34
6/12/96 10,619.66 10,951.07 10,359.20 10,247.97
6/19/96 10,637.74 11,123.34 10,369.50 10,265.42
6/26/96 10,589.52 11,158.39 10,376.85 10,218.89
7/3/96 10,643.77 10,943.49 10,385.67 10,271.23
7/10/96 10,529.25 10,739.08 10,400.55 10,160.73
7/17/96 10,209.82 10,612.93 10,411.01 9,852.47
7/24/96 10,059.14 10,397.11 10,421.47 9,707.07
7/31/96 9,974.76 10,582.13 10,431.93 9,625.65
8/7/96 10,155.57 10,450.61 10,442.44 9,800.13
8/14/96 10,149.78 10,549.70 10,452.94 9,794.53
8/21/96 10,210.63 10,637.50 10,460.44 9,853.25
8/28/96 10,198.46 10,458.29 10,473.95 9,841.51
9/4/96 10,028.08 10,255.62 10,484.45 9,677.09
9/11/96 9,973.31 10,247.87 10,494.94 9,624.24
9/18/96 10,149.78 10,564.85 10,494.94 9,794.53
9/25/96 10,168.03 10,536.62 10,520.43 9,812.15
10/2/96 10,283.65 10,592.52 10,523.42 9,923.72
10/9/96 10,064.59 10,356.41 10,537.02 9,712.33
10/16/96 10,095.01 10,519.52 10,547.62 9,741.69
10/23/96 10,082.84 10,322.97 10,558.22 9,729.94
10/30/96 9,936.80 10,179.95 10,568.82 9,589.01
11/6/96 10,046.33 10,286.18 10,574.68 9,694.71
11/13/96 10,161.95 10,430.17 10,586.41 9,806.28
11/20/96 10,338.41 10,575.27 10,596.67 9,976.57
11/27/96 10,539.22 10,576.78 10,609.86 10,170.34
12/4/96 10,295.82 10,326.82 10,620.12 9,935.46
12/11/96 10,320.16 10,243.88 10,630.94 9,958.95
12/18/96 10,003.74 10,013.03 10,635.58 9,653.60
12/25/96 9,966.97 9,794.54 10,649.49 9,618.12
1/1/97 10,099.86 9,887.74 10,660.31 9,746.37
1/8/97 10,166.31 9,709.15 10,674.33 9,810.49
1/15/97 10,166.31 9,403.04 10,685.26 9,810.49
1/22/97 10,272.62 9,235.51 10,691.51 9,913.08
1/29/97 10,192.89 8,975.16 10,700.87 9,836.13
2/5/97 10,093.22 8,901.88 10,718.05 9,739.95
2/12/97 10,113.15 8,987.48 10,729.03 9,759.19
2/19/97 10,139.73 9,021.40 10,740.02 9,784.84
2/26/97 10,179.60 9,312.73 10,747.86 9,823.31
3/5/97 10,026.77 9,104.80 10,757.27 9,675.83
3/12/97 10,026.77 9,001.47 10,772.95 9,675.83
3/19/97 9,800.85 9,011.48 10,783.91 9,457.82
3/26/97 9,880.59 9,019.13 10,791.75 9,534.77
4/2/97 9,820.79 8,946.90 10,802.71 9,477.06
4/9/97 9,860.65 8,648.26 10,817.37 9,515.53
4/16/97 9,893.88 8,698.85 10,828.90 9,547.59
4/23/97 10,000.19 9,015.28 10,840.43 9,650.18
4/30/97 9,927.10 9,096.88 10,847.01 9,579.65
5/7/97 10,312.49 9,570.13 10,863.53 9,951.55
5/14/97 10,471.96 9,947.19 10,875.10 10,105.44
5/21/97 10,578.28 10,073.40 10,881.72 10,208.04
5/28/97 10,724.46 10,167.68 10,898.26 10,349.10
6/4/97 10,996.89 10,218.66 10,909.83 10,612.00
6/11/97 10,877.28 10,452.29 10,921.47 10,496.58
6/18/97 10,897.22 10,434.20 10,933.11 10,515.82
6/25/97 11,036.76 10,604.35 10,941.43 10,650.47
7/2/97 11,196.23 10,487.04 10,953.06 10,804.36
7/9/97 10,857.35 10,332.69 10,968.01 10,477.34
7/16/97 10,943.73 10,375.09 10,974.65 10,560.70
7/23/97 10,937.09 10,343.35 10,991.26 10,554.29
7/30/97 11,136.43 10,288.73 11,002.88 10,746.65
8/6/97 11,083.27 10,113.57 11,012.82 10,695.35
8/13/97 10,764.33 10,119.86 11,026.09 10,387.57
8/20/97 10,480.12 9,986.62 11,037.69 10,113.31
8/27/97 10,036.91 9,618.62 11,049.30 9,685.62
9/3/97 9,423.24 9,372.10 11,060.91 9,093.43
9/10/97 9,736.89 9,542.92 11,072.64 9,396.10
9/17/97 9,375.51 9,089.44 11,084.37 9,047.37
9/24/97 9,484.61 9,411.44 11,092.75 9,152.65
10/1/97 9,525.52 9,280.28 11,104.49 9,192.13
10/8/97 9,327.78 9,210.22 11,112.92 9,001.31
10/15/97 9,089.13 8,942.57 11,131.54 8,771.01
10/22/97 8,550.47 8,846.30 11,143.39 8,251.20
10/29/97 7,861.79 8,316.39 11,148.47 7,586.63
11/5/97 8,052.71 8,133.95 11,167.09 7,770.87
11/12/97 7,520.86 7,500.54 11,179.00 7,257.63
11/19/97 7,459.50 7,545.86 11,187.51 7,198.41
11/26/97 7,486.77 7,516.18 11,199.42 7,224.73
12/3/97 7,670.87 7,732.24 11,214.74 7,402.39
12/10/97 7,650.42 7,697.94 11,220.13 7,382.65
12/17/97 7,110.02 7,665.08 11,239.88 6,861.17
12/24/97 6,838.81 7,123.38 11,248.85 6,599.46
12/31/97 7,051.38 7,382.47 11,261.42 6,804.58
1/7/98 6,640.91 7,109.01 11,277.98 6,408.47
1/14/98 6,311.06 7,036.46 11,290.94 6,090.17
1/21/98 6,545.62 7,670.47 11,303.90 6,316.52
1/28/98 6,472.32 7,933.53 11,309.46 6,245.79
2/4/98 7,000.07 8,074.15 11,322.42 6,755.07
2/11/98 7,256.62 8,302.30 11,341.71 7,002.64
2/18/98 7,102.69 7,913.98 11,353.59 6,854.10
2/25/98 7,175.99 7,744.35 11,365.48 6,924.83
3/4/98 7,373.90 8,100.03 11,377.36 7,115.81
3/11/98 7,183.32 7,792.73 11,389.50 6,931.90
3/18/98 7,249.29 7,715.49 11,398.16 6,995.56
3/25/98 7,476.52 7,753.23 11,410.30 7,214.84
4/1/98 7,241.96 7,518.66 11,422.44 6,988.49
4/8/98 7,256.62 7,580.96 11,438.09 7,002.64
4/15/98 7,300.60 7,731.30 11,450.29 7,045.08
4/22/98 7,183.32 7,521.18 11,462.47 6,931.90
4/29/98 7,036.72 7,344.33 11,472.92 6,790.44
5/6/98 6,860.80 7,270.88 11,486.97 6,620.68
5/13/98 6,618.92 7,160.62 11,499.28 6,387.25
5/20/98 6,611.59 7,151.02 11,506.32 6,380.18
5/27/98 6,501.64 7,032.08 11,520.39 6,274.08
6/3/98 6,274.41 6,862.91 11,530.94 6,054.81
6/10/98 5,878.59 6,602.81 11,541.46 5,672.84
6/17/98 5,790.64 6,519.95 11,560.62 5,587.96
6/24/98 5,827.29 6,587.35 11,569.36 5,623.33
7/1/98 6,025.19 7,158.70 11,581.60 5,814.31
7/8/98 6,083.83 7,091.18 11,593.95 5,870.90
7/15/98 5,856.61 7,099.21 11,606.30 5,651.62
7/22/98 5,856.61 6,996.13 11,618.66 5,651.62
7/29/98 5,636.71 6,770.46 11,631.02 5,439.42
8/5/98 5,497.44 6,658.88 11,643.36 5,305.03
8/12/98 5,234.01 6,248.57 11,655.71 5,050.82
8/19/98 5,266.12 6,389.71 11,668.05 5,081.81
8/26/98 5,153.73 6,185.37 11,680.39 4,973.35
9/2/98 4,736.30 6,234.78 11,692.73 4,570.53
9/9/98 4,840.66 6,333.04 11,705.07 4,671.23
9/16/98 4,824.60 6,292.06 11,717.39 4,655.74
9/23/98 4,567.72 6,012.73 11,729.73 4,407.85
9/30/98 4,872.77 6,007.78 11,742.06 4,702.22
10/7/98 4,776.44 6,555.61 11,753.96 4,609.26
10/14/98 4,993.18 6,505.38 11,765.78 4,818.42
10/21/98 5,739.75 7,172.19 11,777.61 5,538.86
10/28/98 5,763.83 6,897.37 11,789.43 5,562.10
11/4/98 6,414.07 7,536.06 11,801.22 6,189.58
11/11/98 6,253.52 7,189.78 11,812.95 6,034.64
11/18/98 6,454.21 7,288.57 11,824.69 6,228.31
11/25/98 6,831.51 7,529.85 11,836.42 6,592.40
12/2/98 6,727.15 7,489.91 11,848.27 6,491.70
12/9/98 6,863.62 7,620.47 11,860.76 6,623.39
12/16/98 6,621.32 7,409.74 11,873.26 6,389.57
12/23/98 6,704.92 7,366.69 11,885.75 6,470.25
12/30/98 6,696.56 7,468.66 11,898.25 6,462.18
1/6/99 6,830.32 7,469.89 11,909.87 6,591.26
1/13/99 6,813.60 7,412.07 11,921.15 6,575.12
1/20/99 7,281.77 7,637.37 11,932.43 7,026.91
1/27/99 6,704.92 7,624.35 11,943.70 6,470.25
2/3/99 6,495.91 7,695.93 11,954.93 6,268.55
2/10/99 6,220.02 7,443.44 11,966.02 6,002.32
2/17/99 6,412.31 7,344.84 11,977.11 6,187.88
2/24/99 6,554.43 7,337.69 11,988.21 6,325.03
3/3/99 6,512.63 7,272.09 11,999.31 6,284.69
3/10/99 6,939.00 7,917.55 12,010.45 6,696.14
3/17/99 7,131.29 8,423.73 12,021.58 6,881.69
3/24/99 7,122.93 8,259.65 12,032.72 6,873.63
3/31/99 7,265.05 8,434.63 12,043.85 7,010.78
4/7/99 7,524.22 8,677.44 12,055.03 7,260.87
4/14/99 7,749.95 8,948.20 12,066.21 7,478.70
4/21/99 7,958.95 8,790.19 12,077.39 7,680.39
4/28/99 8,201.40 9,061.33 12,088.57 7,914.35
5/5/99 8,594.33 8,915.79 12,099.70 8,293.53
5/12/99 8,485.65 8,967.28 12,110.78 8,188.65
5/19/99 8,209.76 8,378.05 12,121.87 7,922.42
5/26/99 8,050.92 8,499.64 12,132.95 7,769.14
6/2/99 8,176.32 8,697.43 12,144.06 7,890.15
6/9/99 8,502.37 8,954.03 12,155.26 8,204.79
6/16/99 8,443.85 9,113.34 12,166.46 8,148.31
6/23/99 9,037.43 9,163.96 12,177.66 8,721.12
6/30/99 8,995.63 9,245.07 12,188.86 8,680.78
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class D and a comparable index. The performance of Class D is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily, The
Financial Times and Morgan Stanley Capital International.
The MSCI Pacific Index is an arithmetical average weighted by market value of
the performance of some 410 securities listed on the stock exchanges of
Australia, Hong Kong, New Zealand, Singapore/Malaysia and Japan. The combined
market capitalization of these companies represents approximately 60% of the
aggregate market value of the stock exchanges of the above 5 countries. The
percentage change in the value of the index includes dividends reinvested.
22
<PAGE>
- --------------------------------------------------------------------------------
GAM Pacific Basin Fund - Statement of Investments
- --------------------------------------------------------------------------------
THE COMMENT
The announcement of a better than expected first quarter GDP figure in
Japan surprised most economists, but until there is an established upturn in
both consumption and capital expenditure, it is still premature to look for a
resumption of sustainable growth. As expected the results season demonstrated
the extent of the lack of corporate profitability although more groups are
indicating a willingness to restructure. Having been significant buyers, of the
broad market in the first quarter, foreign investors in recent weeks have again
been increasing their Japanese weightings, but with a selective approach
focusing primarily on electronics non-bank financials and small OTC listed
companies.
It is still too early to state that all of the Asian economies are on the
road to recovery, but there are some encouraging signs particularly in Singapore
where GDP forecasts are being upgraded as export demand improves. Shares of the
local banks have been particularly strong as new management focuses on
generating higher returns on the capital base. Property prices in Hong Kong have
stabilised with major developers finding strong demand for residential units at
the lower prices. The resumption of land sales by the Hong Kong government has
seen considerable interest as groups look to replace their land banks. Other
regional markets such as Thailand and Indonesia have seen domestic investors
actively trading even though at this stage of the recovery it is not possible to
assess fundamental valuations with any accuracy.
AS AT 30TH JUNE, 1999 (UNAUDITED)
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
EQUITIES - 89.2%
AUSTRALIA - 12.7%
*95,000 AMP 1,037,201
48,000 Australia & New Zealand Bank Group 352,493
112,000 Coles Myer 650,791
285,572 Colonial 1,009,959
101,000 GIO Australia Holdings 245,699
216,000 Novus Petroleum 238,454
21,575 Rio Tinto 353,302
--------------
3,887,899
--------------
CHINA - 1.5%
*168,000 China Telecom H 466,631
--------------
466,631
--------------
HONG KONG - 19.8%
109,000 Cheung Kong Holdings 969,376
690,618 Hong Kong & China Gas 1,001,399
540,000 Hong Kong Land Holdings 874,800
21,600 HSBC Holdings (HKD) 787,874
345,000 Kerry Properties 455,785
117,000 Kowloon Motor Bus Holdings 251,837
126,000 Sun Hung Kai Properties 1,148,983
112,500 Swire Pacific A 556,801
--------------
6,046,855
--------------
INDONESIA - 2.4%
2,036,024 Bank Bali (FR) 485,117
696,000 Mayorah Indah 97,993
*429,000 Modern Photo Film 153,325
--------------
736,435
--------------
JAPAN - 25.4%
10,800 Aiful 1,323,378
30,000 Anritsu 272,851
25,000 Canon 719,335
34,000 Hitachi 319,071
9,000 Japan Associated Finance 595,312
29,000 Mitsubishi Estate 283,178
26,000 Mori Seiko 354,707
9,000 Murata Manufacturing 592,335
42 Nippon Telegraph & Telephone 489,644
105,000 Nissan Fire & Marine Insurance 329,902
29,000 Omron 503,535
16,600 ORIX 1,482,327
49,000 Sumitomo Marine & Fire Insurance 295,754
7,000 Tachihi Enterprise 193,311
--------------
7,754,640
--------------
PHILIPPINES - 4.7%
1,636,200 Ayala Land B 516,016
221,120 Bank of The Philippine Islands 790,337
*4,728,000 Cebu Holdings (PHP) 114,317
--------------
1,420,670
--------------
SINGAPORE - 17.3%
305,000 DBS Land 609,283
120,775 Development Bank of Singapore (FR) 1,475,981
358,000 Kim Eng Holdings 334,442
186,111 Overseas Chinese Banking (FR) 1,552,747
84,900 Overseas Union Bank (FR) 409,036
54,000 Singapore Press Holdings 920,094
--------------
5,301,583
--------------
23
<PAGE>
- --------------------------------------------------------------------------------
GAM Pacific Basin Fund - Statement of Investments (CONTINUED)
- --------------------------------------------------------------------------------
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
THAILAND - 5.4%
*59,000 ABN Amro Asia 209,600
*177,000 Bangkok Bank (FR) 662,400
91,750 Post Publishing (FR) 89,573
*424,000 Securities One 104,634
*192,610 Thai Farmers Bank (FR) 595,459
--------------
1,661,666
--------------
TOTAL EQUITIES (COST $24,166,946) 27,276,379
--------------
EQUITY RIGHTS - 0.1%
THAILAND - 0.1%
*212,000 Securities One Rts (FR) 1999-07-23 23,572
--------------
TOTAL EQUITY RIGHTS (COST $27,036) 23,572
--------------
EQUITY WARRANTS - 0.1%
HONG KONG - 0.1%
*24,790 Hong Kong & China Gas Wts 1999-09-30 4,026
*19,167 Wharf Holdings Wts 1999-12-31 17,540
--------------
21,566
--------------
INDONESIA - 0.0%
*7,447 Bank Bali Wts 2000-08-29 564
--------------
564
--------------
THAILAND - 0.0%
*17,763 Thai Farmers Bank Wts 2002-09-15 4,191
--------------
4,191
--------------
TOTAL EQUITY WARRANTS (COST $17,592) 26,321
--------------
TIME DEPOSITS - 9.1%
UNITED STATES - 9.1%
$ 2,791,127 Wachovia Bank
6.25% 1999-07-01 2,791,127
--------------
TOTAL TIME DEPOSITS (COST $2,791,127) 2,791,127
--------------
TOTAL INVESTMENTS (COST $27,002,701**) - 98.5% 30,117,399
--------------
FUTURES - 0.2%
US$ HONG KONG - 0.2%
*850 Hang Seng 1999-7-29 214,411
--------------
TOTAL FUTURES 214,411
MARGIN ON DEPOSIT AS COLLATERAL (163,577)
--------------
DUE FROM BROKERS FOR FUTURE CONTRACTS 50,834
--------------
NET CURRENT ASSETS - 1.3% 412,536
--------------
TOTAL NET ASSETS - 100.0% 30,580,769
==============
* Non-income producing security.
** Cost for federal income tax purposes is identical.
Glossary of Terms:
FR - Foreign Registered
HKD - Hong Kong Dollar
PHP - Philippine Peso
See notes to financial statements.
GEOGRAPHIC ANALYSIS
AS AT 30TH JUNE, 1999
[GRAPHIC OMITTED]
Thailand 5.5
Singapore 17.3
Philippines 4.7
Japan 25.4
Indonesia 2.4
Hong Kong 20.1
Australia 12.7
Unites States 9.1
China 1.5
Net Current Assets 1.3
-----
100.0
INVESTMENT ANALYSIS
AS AT 30TH JUNE, 1999
[GRAPHIC OMITTED]
Banking 23.3
Time Deposits 9.1
Net current assets 1.3
Other 19.2
Utilities - Electrical & Gas 3.3
Broadcasting & Publishing 3.3
Real Estate 16.9
Electrical & Electronics 3.6
Financial Services 20
----
100
24
<PAGE>
- --------------------------------------------------------------------------------
GAM Japan Capital Fund
- --------------------------------------------------------------------------------
Fund Management
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] PAUL S. KIRKBY, INVESTMENT DIRECTOR, IS RESPONSIBLE FOR
INVESTMENTS IN THE JAPANESE MARKET. PRIOR TO JOINING GAM IN
1985, AS A SENIOR FUND MANAGER IN HONG KONG, HE WAS AN
INVESTMENT ANALYST WITH NEW JAPAN SECURITIES CO. LTD IN
TOKYO. HE COMMENCED MANAGEMENT OF GAM JAPAN CAPITAL FUND ON
1ST JULY, 1994. MR. KIRKBY ALSO MANAGES THE OFFSHORE FUND
GAM JAPAN INC. HE IS NOW BASED IN LONDON HAVING LIVED IN
HONG KONG FOR SEVEN YEARS.
The Fund's investment objective is to seek long-term capital appreciation,
generally through investment in equity securities issued by companies in Japan.
However, if the Fund determines that the long-term capital appreciation of debt
securities may equal or exceed the return on equity securities, it may be
substantially invested in debt securities of companies and governments, their
agencies and instrumentalities. Any income realized by the Fund on its
investments will be incidental to its goal of long-term capital appreciation.
Investments in securities of foreign issuers involve additional risks and
expenses including currency rate fluctuations, political and economic
instability, foreign taxes and different accounting and reporting standards.
Report to Shareholders
- --------------------------------------------------------------------------------
THE FACTS - CLASS A SHARES
<TABLE>
<CAPTION>
GAM Japan
Capital
Class A
GAM (after Tokyo Average
Japan maximum Stock 1 Month
Capital sales load Exchange Deposit
Class A of 5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$9.80 US$10.32 1,416.20
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +15.70 + 9.92 + 9.55 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +28.10 +21.70 +21.92 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +25.93 +19.63 +33.34 + 5.26
- -------------------------------------------------------------------------------------------
3 years to June, 1999 + 3.59 + 1.84 - 8.35 + 5.50
- -------------------------------------------------------------------------------------------
5 years to June, 1999 + 4.48 + 2.36 - 6.24 + 5.53
- -------------------------------------------------------------------------------------------
Since inception + 4.49 + 3.42 - 6.24 + 5.54
- -------------------------------------------------------------------------------------------
</TABLE>
Performance is calculated on a total return basis. Class A inception was on
1st July, 1994, Class B on 26th May, 1998 and Class C on 19th May, 1998. Past
performance is not necessarily indicative of future performance. The investment
return and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
25
<PAGE>
- --------------------------------------------------------------------------------
GAM Japan Capital Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
[Plot Points for Chart]
Date JCF/NTR TSED DUS JCF/NTR/SL
7/1/94 10,000.00 10,000.00 10,000.00 10,000.00
7/8/94 10,000.00 10,006.87 10,008.51 9,500.00
7/15/94 10,000.00 10,122.58 10,017.02 9,500.00
7/22/94 10,004.00 9,856.28 10,025.53 9,503.80
7/29/94 10,017.00 9,711.86 10,034.04 9,516.15
8/5/94 10,009.00 9,756.06 10,042.55 9,508.55
8/12/94 10,003.00 9,817.88 10,050.98 9,502.85
8/19/94 10,013.00 9,922.15 10,059.40 9,512.35
8/26/94 9,960.00 9,696.18 10,067.83 9,462.00
9/2/94 10,005.00 9,817.00 10,076.26 9,504.75
9/9/94 9,860.00 9,504.38 10,085.43 9,367.00
9/16/94 9,758.00 9,482.71 10,094.62 9,270.10
9/23/94 9,797.00 9,644.40 10,103.79 9,307.15
9/30/94 9,733.00 9,478.49 10,112.97 9,246.35
10/7/94 9,684.00 9,368.23 10,122.15 9,199.80
10/14/94 9,787.00 9,645.28 10,131.74 9,297.65
10/21/94 9,761.00 9,688.08 10,141.32 9,272.95
10/28/94 9,676.00 9,584.51 10,150.91 9,192.20
11/4/94 9,679.00 9,555.81 10,160.49 9,195.05
11/11/94 9,512.00 9,268.19 10,170.11 9,036.40
11/18/94 9,494.00 9,208.13 10,179.73 9,019.30
11/25/94 9,305.00 8,949.22 10,189.35 8,839.75
12/2/94 9,373.00 8,993.61 10,198.98 8,904.35
12/9/94 9,324.00 8,958.03 10,210.59 8,857.80
12/16/94 9,267.00 8,975.29 10,222.20 8,803.65
12/23/94 9,473.00 9,188.58 10,233.82 8,999.35
12/30/94 9,623.00 9,313.81 10,245.43 9,141.85
1/6/95 9,481.00 9,037.11 10,257.05 9,006.95
1/13/95 9,449.00 9,148.25 10,268.60 8,976.55
1/20/95 9,143.00 8,775.21 10,280.16 8,685.85
1/27/95 8,911.00 8,502.39 10,291.71 8,465.45
2/3/95 8,791.00 8,667.42 10,303.27 8,351.45
2/10/95 8,707.00 8,601.02 10,315.00 8,271.65
2/17/95 8,534.00 8,571.25 10,326.74 8,107.30
2/24/95 8,482.00 8,410.80 10,338.47 8,057.90
3/3/95 8,419.00 8,630.43 10,350.20 7,998.05
3/10/95 8,206.00 8,655.62 10,362.11 7,795.70
3/17/95 8,526.00 8,635.89 10,374.02 8,099.70
3/24/95 8,265.00 8,343.17 10,385.93 7,851.75
3/31/95 8,573.00 9,040.81 10,397.84 8,144.35
4/7/95 8,593.00 9,006.29 10,409.75 8,163.35
4/14/95 8,693.00 9,238.07 10,421.73 8,258.35
4/21/95 8,770.00 9,666.94 10,433.71 8,331.50
4/28/95 8,670.00 9,473.55 10,445.68 8,236.50
5/5/95 8,771.00 9,613.05 10,457.66 8,332.45
5/12/95 8,536.00 9,086.25 10,469.57 8,109.20
5/19/95 8,467.00 8,882.47 10,481.48 8,043.65
5/26/95 8,355.00 9,136.62 10,493.38 7,937.25
6/2/95 8,406.00 9,086.25 10,505.29 7,985.70
6/9/95 8,310.00 8,689.96 10,517.26 7,894.50
6/16/95 8,263.00 8,520.18 10,529.22 7,849.85
6/23/95 8,492.00 8,737.69 10,541.18 8,067.40
6/30/95 8,333.00 8,439.16 10,553.14 7,916.35
7/7/95 8,491.00 8,963.66 10,565.11 8,066.45
7/14/95 8,803.00 9,002.06 10,577.26 8,362.85
7/21/95 8,771.00 8,902.02 10,589.42 8,332.45
7/28/95 8,844.00 9,024.25 10,601.58 8,401.80
8/4/95 9,098.00 8,810.26 10,613.74 8,643.10
8/11/95 9,267.00 8,625.50 10,625.31 8,803.65
8/18/95 9,577.00 8,864.86 10,636.89 9,098.15
8/25/95 9,512.37 8,746.15 10,648.47 9,036.75
9/1/95 9,708.97 8,769.40 10,660.04 9,223.52
9/8/95 9,693.84 8,633.43 10,671.80 9,209.15
9/15/95 9,776.52 8,568.26 10,683.55 9,287.69
9/22/95 9,497.24 8,582.35 10,695.31 9,022.38
9/29/95 9,798.70 8,744.39 10,707.06 9,308.76
10/6/95 9,823.90 8,743.15 10,718.82 9,332.71
10/13/95 9,667.63 8,493.93 10,730.51 9,184.25
10/20/95 9,781.56 8,670.59 10,742.20 9,292.48
10/27/95 9,572.86 8,193.81 10,753.89 9,094.22
11/3/95 9,616.21 8,311.99 10,765.59 9,135.40
11/10/95 9,735.18 8,491.47 10,777.20 9,248.42
11/17/95 9,575.88 8,451.49 10,788.81 9,097.09
11/24/95 9,535.56 8,544.83 10,800.43 9,058.78
12/1/95 9,817.85 8,877.01 10,812.04 9,326.96
12/8/95 10,035.62 9,061.42 10,823.83 9,533.84
12/15/95 9,918.67 9,008.23 10,835.62 9,422.74
12/22/95 10,122.33 9,195.80 10,847.42 9,616.21
12/29/95 10,233.23 9,191.22 10,859.21 9,721.57
1/5/96 10,485.28 9,353.61 10,871.01 9,961.02
1/12/96 10,344.13 9,108.27 10,882.47 9,826.93
1/19/96 10,344.13 9,049.79 10,893.94 9,826.93
1/26/96 10,323.97 9,002.24 10,905.40 9,807.77
2/2/96 10,434.87 9,117.95 10,916.87 9,913.13
2/9/96 10,424.79 9,111.61 10,927.86 9,903.55
2/16/96 10,374.38 9,157.58 10,938.85 9,855.66
2/23/96 10,182.82 8,995.54 10,949.85 9,673.68
3/1/96 10,102.16 8,927.91 10,960.84 9,597.06
3/8/96 9,940.85 8,779.08 10,971.61 9,443.81
3/15/96 9,890.44 8,821.88 10,982.38 9,395.92
3/22/96 10,202.98 8,936.89 10,993.16 9,692.83
3/29/96 10,586.10 9,226.45 11,003.93 10,056.80
4/5/96 10,606.26 9,293.73 11,014.71 10,075.95
4/12/96 10,727.25 9,266.08 11,025.66 10,190.89
4/19/96 10,797.82 9,455.41 11,036.62 10,257.93
4/26/96 11,090.20 9,787.41 11,047.58 10,535.69
5/3/96 10,989.38 9,696.71 11,058.54 10,439.91
5/10/96 10,817.99 9,481.48 11,069.54 10,277.09
5/17/96 10,959.13 9,516.53 11,080.54 10,411.18
5/24/96 10,828.07 9,316.10 11,091.54 10,286.66
5/31/96 10,908.72 9,369.64 11,102.54 10,363.29
6/7/96 10,838.15 9,173.79 11,113.54 10,296.24
6/14/96 10,949.05 9,426.88 11,124.60 10,401.60
6/21/96 11,100.28 9,457.70 11,135.66 10,545.27
6/28/96 11,201.10 9,414.73 11,146.71 10,641.05
7/5/96 11,160.77 9,194.57 11,157.77 10,602.74
7/12/96 10,979.30 8,978.46 11,169.01 10,430.33
7/19/96 10,868.40 9,088.36 11,180.24 10,324.98
7/26/96 10,626.43 8,933.55 11,191.48 10,095.11
8/2/96 10,697.00 9,016.15 11,202.71 10,162.15
8/9/96 10,555.85 8,749.49 11,213.99 10,028.06
8/16/96 10,653.97 8,866.27 11,225.27 10,121.27
8/23/96 10,684.47 8,944.29 11,236.55 10,150.24
8/30/96 10,409.98 8,580.76 11,247.83 9,889.48
9/6/96 10,399.82 8,537.79 11,259.11 9,879.83
9/13/96 10,501.48 8,617.93 11,270.38 9,976.40
9/20/96 10,552.31 8,760.06 11,270.38 10,024.69
9/27/96 10,704.80 8,843.72 11,297.74 10,169.56
10/4/96 10,552.31 8,630.61 11,304.18 10,024.69
10/11/96 10,470.98 8,508.20 11,315.56 9,947.43
10/18/96 10,633.64 8,671.29 11,326.94 10,101.95
10/25/96 10,338.82 8,304.24 11,338.32 9,821.88
11/1/96 10,318.49 8,289.45 11,349.71 9,802.57
11/8/96 10,409.98 8,545.36 11,360.73 9,889.48
11/15/96 10,450.65 8,516.65 11,371.74 9,928.12
11/22/96 10,470.98 8,556.28 11,382.77 9,947.43
11/29/96 10,389.65 8,306.36 11,393.79 9,870.17
12/6/96 10,328.66 8,142.21 11,404.80 9,812.22
12/13/96 10,328.66 7,983.16 11,416.42 9,812.22
12/20/96 10,166.00 7,822.36 11,428.04 9,657.70
12/27/96 10,247.65 7,690.61 11,439.66 9,735.27
1/3/97 10,236.73 7,662.43 11,451.28 9,724.89
1/10/97 9,777.88 6,983.11 11,463.02 9,288.98
1/17/97 9,832.50 7,177.20 11,474.75 9,340.88
1/24/97 9,745.10 6,895.05 11,486.49 9,257.85
1/31/97 9,963.60 6,847.84 11,498.23 9,465.42
2/7/97 9,843.43 6,519.72 11,509.96 9,351.25
2/14/97 10,171.18 6,780.56 11,521.76 9,662.62
2/21/97 10,083.78 7,031.90 11,533.56 9,579.59
2/28/97 9,985.45 6,983.46 11,545.35 9,486.18
3/7/97 9,810.65 6,772.11 11,557.14 9,320.12
3/14/97 9,745.10 6,651.11 11,568.92 9,257.85
3/21/97 9,887.13 6,907.02 11,580.69 9,392.77
3/28/97 10,094.70 6,750.44 11,592.47 9,589.97
4/4/97 10,214.88 6,693.73 11,604.25 9,704.13
4/11/97 10,105.63 6,428.48 11,616.62 9,600.34
4/18/97 10,203.95 6,679.11 11,629.00 9,693.75
4/25/97 10,553.55 6,794.83 11,641.38 10,025.87
5/2/97 10,881.30 7,028.55 11,653.76 10,337.24
5/9/97 11,165.35 7,372.88 11,666.19 10,607.08
5/16/97 11,438.48 7,914.47 11,678.62 10,866.55
5/23/97 11,318.30 7,840.32 11,691.06 10,752.39
5/30/97 11,656.98 7,749.44 11,703.49 11,074.13
6/6/97 11,842.70 7,948.99 11,715.92 11,250.57
6/13/97 11,984.73 8,105.22 11,728.42 11,385.49
6/20/97 12,061.20 8,108.92 11,740.92 11,458.14
6/27/97 12,072.13 8,205.08 11,753.41 11,468.52
7/4/97 12,028.43 8,103.46 11,765.91 11,427.00
7/11/97 12,148.60 8,046.04 11,778.40 11,541.17
7/18/97 12,214.15 8,101.70 11,790.88 11,603.44
7/25/97 12,257.85 8,041.28 11,803.36 11,644.96
8/1/97 12,323.40 7,792.77 11,815.84 11,707.23
8/8/97 12,268.78 7,890.17 11,828.30 11,655.34
8/15/97 12,236.00 7,803.86 11,840.77 11,624.20
8/22/97 11,763.37 7,543.90 11,853.23 11,175.20
8/29/97 11,152.43 7,223.52 11,865.69 10,594.81
9/5/97 11,363.48 7,253.82 11,878.15 10,795.31
9/12/97 11,074.68 7,036.48 11,890.76 10,520.94
9/19/97 11,063.57 6,944.89 11,903.35 10,510.39
9/26/97 11,063.57 7,007.94 11,915.96 10,510.39
10/3/97 11,152.43 6,864.40 11,928.56 10,594.81
10/10/97 11,230.19 6,901.91 11,941.28 10,668.68
10/17/97 11,196.86 6,901.56 11,954.01 10,637.02
10/24/97 10,908.06 6,690.03 11,966.73 10,362.65
10/31/97 10,552.60 6,470.75 11,979.46 10,024.97
11/7/97 10,397.09 6,052.63 11,992.18 9,877.23
11/14/97 9,875.01 5,648.59 12,004.98 9,381.26
11/21/97 10,463.74 6,166.93 12,017.77 9,940.55
11/28/97 10,252.68 5,983.23 12,030.56 9,740.05
12/5/97 10,241.58 5,795.30 12,043.35 9,729.50
12/12/97 10,130.50 5,612.13 12,056.85 9,623.97
12/19/97 9,982.81 5,522.48 12,070.35 9,483.67
12/26/97 9,923.60 5,360.80 12,083.85 9,427.42
1/2/98 9,982.81 5,419.80 12,097.35 9,483.67
1/9/98 10,148.59 5,334.03 12,111.26 9,641.16
1/16/98 10,255.17 5,688.39 12,125.19 9,742.41
1/23/98 10,456.49 6,056.50 12,139.10 9,933.66
1/30/98 10,456.49 6,105.47 12,153.03 9,933.66
2/6/98 10,444.64 6,317.52 12,166.94 9,922.41
2/13/98 10,361.75 6,240.91 12,179.71 9,843.66
2/20/98 10,219.65 6,039.77 12,192.46 9,708.66
2/27/98 10,385.43 6,156.37 12,205.23 9,866.16
3/6/98 10,444.64 6,158.66 12,217.99 9,922.41
3/13/98 10,172.28 6,087.32 12,231.02 9,663.66
3/20/98 10,006.49 5,884.78 12,244.06 9,506.17
3/27/98 10,219.65 5,905.91 12,257.09 9,708.66
4/3/98 10,148.59 5,375.06 12,270.13 9,641.16
4/10/98 10,255.17 5,886.01 12,283.21 9,742.41
4/17/98 10,243.33 5,634.85 12,296.30 9,731.16
4/24/98 10,338.07 5,787.20 12,309.39 9,821.16
5/1/98 10,255.17 5,602.62 12,322.48 9,742.41
5/8/98 10,113.07 5,484.79 12,335.70 9,607.41
5/15/98 10,195.96 5,512.44 12,348.92 9,686.16
5/22/98 10,101.23 5,552.25 12,362.14 9,596.16
5/29/98 9,982.81 5,400.07 12,375.36 9,483.67
6/5/98 9,899.91 5,276.96 12,388.58 9,404.92
6/12/98 9,888.07 5,002.73 12,401.72 9,393.67
6/19/98 9,769.65 5,433.19 12,414.79 9,281.17
6/26/98 9,734.12 5,114.57 12,427.93 9,247.42
7/3/98 10,006.49 5,579.72 12,441.11 9,506.17
7/10/98 9,994.65 5,400.43 12,454.37 9,494.92
7/17/98 10,207.80 5,615.13 12,467.64 9,697.41
7/24/98 10,148.59 5,479.68 12,480.91 9,641.16
7/31/98 10,006.49 5,363.26 12,494.18 9,506.17
8/7/98 9,959.12 5,156.67 12,507.43 9,461.17
8/14/98 9,694.68 4,928.76 12,520.69 9,209.94
8/21/98 9,732.80 4,972.61 12,533.94 9,246.16
8/28/98 9,402.44 4,658.40 12,547.20 8,932.32
9/4/98 9,364.32 5,003.26 12,560.45 8,896.11
9/11/98 9,199.14 5,022.28 12,573.69 8,739.19
9/18/98 9,161.03 4,963.98 12,586.93 8,702.97
9/25/98 9,084.79 4,765.84 12,600.18 8,630.55
10/2/98 8,894.20 4,626.70 12,613.34 8,449.49
10/9/98 8,716.32 5,161.24 12,626.04 8,280.50
10/16/98 8,919.61 5,346.53 12,638.74 8,473.63
10/23/98 9,110.20 5,564.40 12,651.43 8,654.69
10/30/98 9,008.55 5,472.81 12,664.14 8,558.13
11/6/98 9,300.79 5,671.66 12,676.76 8,835.75
11/13/98 9,173.73 5,511.39 12,689.37 8,715.05
11/20/98 9,440.56 5,793.68 12,701.97 8,968.53
11/27/98 9,631.15 5,803.71 12,714.57 9,149.59
12/4/98 9,529.50 5,828.07 12,727.53 9,053.03
12/11/98 9,643.85 5,889.95 12,740.94 9,161.66
12/18/98 9,631.15 5,873.07 12,754.36 9,149.59
12/25/98 9,504.09 5,752.19 12,767.78 9,028.88
1/1/99 9,720.09 5,944.02 12,781.20 9,234.09
1/8/99 9,580.32 5,859.28 12,793.31 9,101.31
1/15/99 9,453.26 5,799.26 12,805.42 8,980.60
1/22/99 9,580.32 5,934.12 12,817.53 9,101.31
1/29/99 9,605.74 5,973.46 12,829.64 9,125.45
2/5/99 9,529.50 5,928.77 12,841.63 9,053.03
2/12/99 9,478.68 5,885.92 12,853.55 9,004.74
2/19/99 9,313.50 5,608.52 12,865.46 8,847.82
2/26/99 9,554.91 5,831.28 12,877.37 9,077.17
3/5/99 9,593.03 5,794.66 12,889.31 9,113.38
3/12/99 10,050.45 6,198.30 12,901.27 9,547.92
3/19/99 10,533.27 6,700.50 12,913.23 10,006.61
3/26/99 10,647.63 6,525.77 12,925.19 10,115.25
4/2/99 10,914.45 6,687.08 12,937.15 10,368.73
4/9/99 11,168.57 6,857.19 12,949.16 10,610.15
4/16/99 11,232.10 7,032.43 12,961.16 10,670.50
4/23/99 11,092.34 6,918.39 12,973.17 10,537.72
4/30/99 11,143.16 6,929.78 12,985.18 10,586.00
5/7/99 11,232.10 7,014.17 12,997.10 10,670.50
5/14/99 11,003.40 6,830.90 13,009.00 10,453.23
5/21/99 10,901.75 6,541.35 13,020.91 10,356.66
5/28/99 10,927.16 6,619.44 13,032.81 10,380.80
6/4/99 11,130.46 6,691.00 13,044.77 10,573.93
6/11/99 11,791.17 7,238.92 13,056.80 11,201.61
6/18/99 12,045.29 7,162.33 13,068.83 11,443.02
6/25/99 12,261.29 7,186.63 13,080.86 11,648.23
6/30/99 12,451.88 7,247.01 13,089.45 11,829.29
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class A and a comparable index. The performance of Class A is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily, The
Financial Times and Datastream.
The Tokyo Stock Exchange Index (TOPIX) is a capitalization-weighted composite
index of approximately 1,200 companies listed on the First Section of the Tokyo
Stock Exchange. The combined market capitalization of these companies represents
approximately 95% of the aggregate market value of the First and Second Section.
The percentage change in the value of the index is calculated on a total return
basis with dividends reinvested.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
GAM Japan Capital
GAM Japan Capital (after maximum sales load of 5%) Tokyo Stock Exchange Index
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year 25.93 19.63 33.34
Three Years 3.59 1.84 (8.35)
Five Years 4.48 2.36 (6.24)
Since inception 4.49 3.42 (6.24)
</TABLE>
ANNUAL PERFORMANCE - CLASS A
[GRAPHIC OMITTED]
GAM
Japan Capital Tokyo
GAM Class A Stock Exchange
Japan Capital sales load of 5%) Index
Year % % %
- ---------------------------------------------------------------
1995 6.45 1.12 (1.32)
1996 0.16 (4.85) (16.55)
1997 (2.57) (7.44) (28.09)
1998 (2.75) (7.61) 7.77
1999* 28.10 21.70 21.92
GAM
Japan Capital
GAM Class A Tokyo Stock
Japan Capital (After Maximum Exchange
Class A Sales Load of 5%) Index
Year % % %
- --------------------------------------------------------------------------------
1995 6.45 1.12 (1.32)
1996 0.16 (4.85) (16.55)
1997 (2.57) (7.44) (28.09)
1998 (2.75) (7.61) 7.77
1999* 28.10 21.70 21.92
*6 months
26
<PAGE>
- --------------------------------------------------------------------------------
GAM Japan Capital Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
THE FACTS - CLASS B SHARES
<TABLE>
<CAPTION>
GAM
Japan
GAM Capital Tokyo Average
Japan Class B Stock 1 Month
Capital (with deferred Exchange Deposit
Class B sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$10.19 1,416.20
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +14.88 + 9.14 + 9.55 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +25.65 +19.36 +21.92 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +21.89 +17.01 +33.34 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* +18.14 +13.81 +29.24 + 5.30
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS C SHARES
<TABLE>
<CAPTION>
GAM
Japan
GAM Capital Tokyo Average
Japan Class C Stock 1 Month
Capital (with deferred Exchange Deposit
Class C sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$10.23 1,416.20
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +14.94 +13.79 + 9.55 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +25.99 +24.73 +21.92 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +22.51 +22.51 +33.34 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* +17.34 +17.34 +28.31 + 5.31
- -------------------------------------------------------------------------------------------
</TABLE>
* Inception was on 26th May, 1998 for Class B shares, and on 19th May for Class
C shares.
THE COMMENT
In the first half of 1999 Japanese stocks put in one of their strongest
performances for many years. The main driving force was the indication that
corporate restructuring was finally beginning-change at the micro level has long
been the missing ingredient in Japan's recovery process. The announcement by
Sony, a company held by the fund, that they were looking to close nearly a
quarter of their factories was significant in that here for the first time was a
strong company restructuring to get stronger rather than one forced to by
weakness. Many in stocks in what we would classify in the "restructuring from
the grave" category, companies struggling to survive in secularly declining
industries, performed well as did the likes of Sony. We are firmly of the view
that the strong will get stronger and that some of the darlings of the recent
rally will fail to make it out intensive care. In the case of a company like
Sony it benefits not only from its own restructuring but also from that of
weaker companies as they seek to cut back their exposure to consumer
electronics. We note that most Japanese companies' consumer electronics
divisions have operated in the red for many years.
Expectations for the economy have been upgraded thanks to the impact of a
number of pump priming measures in the later part of 1998 combined with the
government's =Y 60 trillion bail out of the banking system. In the first quarter
of the year the economy grew after five consecutive quarters of decline.
Although it would appear that the downward momentum of the economy has moderated
we do not believe that a strong economy can be expected over the coming 18
months. The logic of restructuring is to expect further falls in employment
income and subdued capital expenditure (aside from the technology area).
Moreover the government, one of the main contributors to growth in recent years,
can no longer be relied upon to prop up the economy - government debt
outstanding is equivalent to over 100% of GDP.
Despite being wary of the economy we have taken a more positive stance on
prospects than for many years. As companies increasingly focus on areas of
strength the perennial problem of low profitability in Japan should begin to be
addressed, even as the economy remains subdued. This opens up to us a wider
range of investment opportunities. During the first half the fund made new
investments in the areas of telecommunications, software and stock brokerage.
The fund benefited from gains in some of these holdings as well as from
positions held for many years, stocks such Orix, Shohkoh Fund, Suzuki and Rohm.
After such a strong start to the year a set back for the stockmarket should come
as no surprise but we remain confident in the companies in which, we are
invested. Currently approximately half of the fund's assets are hedged back to
the base currency.
27
<PAGE>
- --------------------------------------------------------------------------------
GAM Japan Capital Fund - Statement of Investments
- --------------------------------------------------------------------------------
AS AT 30TH JUNE, 1999 (UNAUDITED)
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
BONDS - 0.8%
JAPAN - 0.8%
$ 27,000,000 Nichiei 1.75%
2014-03-31 285,191
--------------
TOTAL BONDS (COST $239,331) 285,191
--------------
CONVERTIBLES - 1.4%
BANKING - 1.4%
*57,000,000 Sanwa International 1.25% Cnv
2005-08-01 500,744
--------------
TOTAL CONVERTIBLES (COST $479,312) 500,744
--------------
EQUITIES - 92.2%
APPLIANCES & HOUSEHOLD DURABLES - 6.7%
27,000 Matsushita Electric 524,619
39,000 Pioneer Electronics 759,395
10,600 Sony 1,143,743
--------------
2,427,757
--------------
AUTOMOBILES - 2.7%
60,000 Suzuki Motor 954,979
--------------
954,979
--------------
BANKING - 2.5%
65,000 Bank of Kyoto 297,201
72,000 Fuji Bank 502,444
18,000 Tochigi Bank 107,156
--------------
906,801
--------------
BROADCASTING & PUBLISHING - 0.4%
3,000 Nippon Broadcasting System 148,828
--------------
148,828
--------------
BUILDING MATERIAL & COMPONENTS - 0.2%
11,000 Inax 67,213
2,000 Okabe 6,945
--------------
74,158
--------------
BUSINESS & PUBLIC SERVICES - 4.2%
7,700 Asatsu 203,729
9,800 Sanix 474,017
8,000 Secom 833,437
2,700 Wesco 13,841
--------------
1,525,024
--------------
CHEMICALS - 2.4%
26,000 Shin-Etsu Chemical 870,644
--------------
870,644
--------------
DATA PROCESSING & REPRODUCTION - 5.1%
2,000 Fujitsu Support and Services 302,948
2,000 Nidec 301,129
24,000 Nihon Unisys 520,898
53,000 Ricoh 730,067
--------------
1,855,042
--------------
ELECTRICAL & ELECTRONICS - 4.6%
58,000 Anritsu 527,513
42,000 Hitachi 394,146
14,500 Hitachi Software Engineering 719,335
--------------
1,640,994
--------------
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
ELECTRONIC COMP. & INSTRUMENTS - 5.3%
7,400 Fuji Soft ABC 440,531
50,000 Koito Manufacturing 226,549
2,800 Mimasu Semiconductor Industry 48,385
6,000 Rohm 940,096
25,000 Yamatake Honeywell 245,773
--------------
1,901,334
--------------
FINANCIAL SERVICES - 16.5%
37,600 Credit Saison 786,539
83,000 Daiwa Securities Group 549,010
11,000 Japan Associated Finance 727,603
15,000 Kokusai Securities 186,035
4,240 Nichiei 371,607
41,000 Nomura Securities 480,359
18,700 ORIX 1,669,851
1,630 Shohkoh Fund 1,169,821
--------------
5,940,825
--------------
FOOD & HOUSEHOLD PRODUCTS - 2.6%
15,500 Matsumotokiyoshi 929,141
--------------
929,141
--------------
FOREST PRODUCTS & PAPER - 2.5%
48,000 Toppan Forms 912,812
--------------
912,812
--------------
HEALTH & PERSONAL CARE - 6.0%
44,000 Chugai Pharmaceutical 474,397
11,000 Sawai Pharmaceutical 118,236
24,000 Shiseido 359,965
14,000 Towa Pharmaceutical 173,633
27,000 Yamanouchi Pharmaceutical 1,033,610
--------------
2,159,841
--------------
INDUSTRIAL COMPONENTS - 6.0%
18,000 Bridgestone 544,711
87,000 Minebea 971,103
43,000 Sumitomo Electric Industries 489,214
8,000 Sumitomo Special Metals 138,906
--------------
2,143,934
--------------
INSURANCE - 4.9%
35,000 Chiyoda Fire & Marine Insurance 114,019
29,000 Dowa Fire & Marine Insurance 96,391
145,000 Mitsui Marine & Fire Insurance 713,341
155,000 Nissan Fire & Marine Insurance 486,998
57,000 Sumitomo Marine & Fire Insurance 344,040
--------------
1,754,789
--------------
MACHINERY & ENGINEERING - 1.6%
32,000 Kurita Water Industries 574,145
--------------
574,145
--------------
MERCHANDISING - 4.8%
4,710 Circle K Japan 196,274
27,500 Deo Deo 397,908
3,300 Ryohin Keikaku 830,832
13,400 Shimachu 296,929
--------------
1,721,943
--------------
REAL ESTATE - 1.2%
8,000 Sankei Building 28,839
2,000 Tachihi Enterprise 55,232
40,000 TOC 339,328
--------------
423,399
--------------
28
<PAGE>
- --------------------------------------------------------------------------------
GAM Japan Capital Fund - Statement of Investments (CONTINUED)
- --------------------------------------------------------------------------------
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
RECREATION & OTHER CONSUMER GOODS - 2.4%
9,000 Fuji Photo Film 340,816
12,700 Noritsu Koki 540,783
--------------
881,599
--------------
TELECOMMUNICATIONS - 5.5%
79 Nippon Telegraph and Telephone 920,997
16 NTT Mobile Communications Network 216,958
64 NTT Mobile Communications Network
New 857,249
--------------
1,995,204
--------------
TEXTILES & APPAREL - 1.1%
10,000 Tokyo Style 107,487
13,200 Xebio 298,499
--------------
405,986
--------------
UTILITIES - ELECTRIC & GAS - 0.1%
1,000 Okinawa Electric Power 21,084
--------------
21,084
--------------
WHOLESALE & INTERNATIONAL TRADE - 2.9%
4,800 Softbank 972,740
4,700 Yellow Hat 73,485
--------------
1,046,225
--------------
TOTAL EQUITIES (COST $27,417,901) 33,216,488
--------------
TOTAL INVESTMENTS (COST $28,136,544**) - 94.4% 34,002,423
NET CURRENT ASSETS - 5.6% 2,010,950
--------------
TOTAL NET ASSETS - 100.0% 36,013,373
==============
* Non-income producing security.
** Cost for federal income tax purposes is identical.
See notes to financial statements.
29
<PAGE>
- --------------------------------------------------------------------------------
GAM North America Fund
- --------------------------------------------------------------------------------
Fund Management
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] FAYEZ SAROFIM FOUNDED FAYEZ SAROFIM & CO IN 1958 AND IS THE
PRESIDENT AND CHAIRMAN OF THE BOARD. HE IS ALSO A DIRECTOR
OF TELEDYNE INC., ARGONAUT GROUP, UNITRIN, INC., MESA INS.,
IMPERIAL HOLLY CORP. AND EXOR GROUP. FROM 1951 TO 1958 MR.
SAROFIM WORKED FOR ANDERSON, CLAYTON & CO. WHERE HIS LAST
ASSIGNMENT WAS AS ASSISTANT TO THE PRESIDENT. HE COMMENCED
MANAGEMENT OF GAM NORTH AMERICA FUND ON 29TH JUNE, 1990. MR
SAROFIM ALSO MANAGES THE OFFSHORE FUND GAM U.S. INC.
The Fund's investment objective is to seek long-term capital appreciation,
generally through investment in equity securities issued by companies in the
United States and Canada. However, if the Fund determines that the long-term
capital appreciation of debt securities may equal or exceed the return on equity
securities, it may be substantially invested in debt securities of companies and
governments, their agencies and instrumentalities. Any income realized by the
Fund on its investments will be incidental to its goal of long-term capital
appreciation.
Report to Shareholders
- --------------------------------------------------------------------------------
THE FACTS - CLASS A SHARES
<TABLE>
<CAPTION>
GAM North
America
Class A
GAM (after Average
North maximum S & P 1 Month
America sales load Comp Deposit
Class A of 5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$17.82 US$18.76 1,372.71
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 + 3.60 - 1.58 + 7.05 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 + 6.45 + 1.13 +12.38 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +13.00 + 7.35 +22.89 + 5.26
- -------------------------------------------------------------------------------------------
3 years to June, 1999 +25.71 +23.57 +29.16 + 5.50
- -------------------------------------------------------------------------------------------
5 years to June, 1999 +25.97 +24.69 +27.90 + 5.53
- -------------------------------------------------------------------------------------------
Since inception +15.70 +15.08 +18.36 + 5.37
- -------------------------------------------------------------------------------------------
</TABLE>
Performance is calculated on a total return basis. Class A inception was on
1st January, 1990, Class B on 26th May, 1998 and Class C on 7th July, 1998. Past
performance is not necessarily indicative of future performance. The investment
return and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
30
<PAGE>
- --------------------------------------------------------------------------------
GAM North America Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Date NAF/NTR STP DUS NAF/NTR/SL
1/1/90 10,000.00 10,000.00 10,000.00 10,000.00
1/8/90 10,000.00 10,017.39 10,009.45 9,500.00
1/15/90 10,006.00 9,547.96 10,025.52 9,505.70
1/22/90 10,013.00 9,366.41 10,050.79 9,512.35
1/29/90 10,021.00 9,225.32 10,057.68 9,519.95
2/5/90 10,028.00 9,419.91 10,073.76 9,526.60
2/12/90 10,036.00 9,375.61 10,089.58 9,534.20
2/19/90 10,045.00 9,458.19 10,105.40 9,542.75
2/26/90 10,050.53 9,349.53 10,121.21 9,548.00
3/5/90 10,058.00 9,500.32 10,137.03 9,555.10
3/12/90 10,065.00 9,647.26 10,153.07 9,561.75
3/19/90 10,071.00 9,791.87 10,169.11 9,567.45
3/26/90 10,075.00 9,630.21 10,192.02 9,571.25
4/2/90 9,995.00 9,667.32 10,208.06 9,495.25
4/9/90 9,991.00 9,750.08 10,217.22 9,491.45
4/16/90 9,981.00 9,852.89 10,233.63 9,481.95
4/23/90 9,974.00 9,467.89 10,250.04 9,475.30
4/30/90 9,966.00 9,467.22 10,266.45 9,467.70
5/7/90 9,957.00 9,752.25 10,282.86 9,459.15
5/14/90 9,948.00 10,166.34 10,299.63 9,450.60
5/21/90 9,786.00 10,266.31 10,316.39 9,296.70
5/28/90 9,773.00 10,175.03 10,333.15 9,284.35
6/4/90 9,780.00 10,551.00 10,359.27 9,291.00
6/11/90 9,845.00 10,392.52 10,366.29 9,352.75
6/18/90 9,916.00 10,263.13 10,382.66 9,420.20
6/25/90 9,999.00 10,138.75 10,406.06 9,499.05
7/2/90 10,010.00 10,353.91 10,422.43 9,509.50
7/9/90 10,008.00 10,360.59 10,443.49 9,507.60
7/16/90 10,005.00 10,639.61 10,448.17 9,504.75
7/23/90 9,998.00 10,252.10 10,464.55 9,498.10
7/30/90 9,989.00 10,265.64 10,480.93 9,489.55
8/6/90 9,981.00 9,662.14 10,497.31 9,481.95
8/13/90 9,972.00 9,796.05 10,524.49 9,473.40
8/20/90 9,963.00 9,503.49 10,529.02 9,464.85
8/27/90 9,954.00 9,305.06 10,556.20 9,456.30
9/3/90 9,952.00 9,343.68 10,560.73 9,454.40
9/10/90 9,947.00 9,322.78 10,576.58 9,449.65
9/17/90 9,941.00 9,216.96 10,599.59 9,443.95
9/24/90 9,739.00 8,840.32 10,615.68 9,252.05
10/1/90 9,901.00 9,146.75 10,631.78 9,405.95
10/8/90 9,876.00 9,110.30 10,640.98 9,382.20
10/15/90 9,776.00 8,818.08 10,657.69 9,287.20
10/22/90 9,926.00 9,159.45 10,674.40 9,429.70
10/29/90 9,764.00 8,794.84 10,691.11 9,275.80
11/5/90 9,999.00 9,172.16 10,714.69 9,499.05
11/12/90 10,097.00 9,321.94 10,723.86 9,592.15
11/19/90 10,190.00 9,324.95 10,749.07 9,680.50
11/26/90 10,152.00 9,249.39 10,755.95 9,644.40
12/3/90 10,285.00 9,478.59 10,771.99 9,770.75
12/10/90 10,384.00 9,626.03 10,788.04 9,864.80
12/17/90 10,313.00 9,549.30 10,805.88 9,797.35
12/24/90 10,248.00 9,670.33 10,831.37 9,735.60
12/31/90 10,214.00 9,685.71 10,849.22 9,703.30
1/7/91 9,848.00 9,260.76 10,859.41 9,355.60
1/14/91 9,808.00 9,178.68 10,875.03 9,317.60
1/21/91 10,284.00 9,731.02 10,890.65 9,769.80
1/28/91 10,438.00 9,884.15 10,906.27 9,916.10
2/4/91 10,615.00 10,253.44 10,921.89 10,084.25
2/11/91 11,105.00 10,856.60 10,936.16 10,549.75
2/18/91 11,148.00 10,878.33 10,960.62 10,590.60
2/25/91 11,218.00 10,832.69 10,964.70 10,657.10
3/4/91 11,274.00 10,901.40 10,987.24 10,710.30
3/11/91 11,448.00 11,015.08 10,993.44 10,875.60
3/18/91 11,446.00 10,996.86 11,007.92 10,873.70
3/25/91 11,388.00 10,936.51 11,028.60 10,818.60
4/1/91 11,477.00 10,986.99 11,043.08 10,903.15
4/8/91 11,621.00 11,211.51 11,051.35 11,039.95
4/15/91 11,716.00 11,293.26 11,064.60 11,130.20
4/22/91 11,670.00 11,293.09 11,083.52 11,086.50
4/29/91 11,432.00 11,083.79 11,091.09 10,860.40
5/6/91 11,699.00 11,281.22 11,104.33 11,114.05
5/13/91 11,640.00 11,189.61 11,116.85 11,058.00
5/20/91 11,610.00 11,063.06 11,129.36 11,029.50
5/27/91 11,713.00 11,225.05 11,141.87 11,127.35
6/3/91 11,784.00 11,546.36 11,159.74 11,194.80
6/10/91 11,601.00 11,270.69 11,166.89 11,020.95
6/17/91 11,681.00 11,323.85 11,179.34 11,096.95
6/24/91 11,507.00 11,056.71 11,197.12 10,931.65
7/1/91 11,641.00 11,271.36 11,209.57 11,058.95
7/8/91 11,665.00 11,279.38 11,216.68 11,081.75
7/15/91 11,762.00 11,419.31 11,229.45 11,173.90
7/22/91 11,764.00 11,441.20 11,242.23 11,175.80
7/29/91 11,775.00 11,456.58 11,262.30 11,186.25
8/5/91 11,918.00 11,520.95 11,267.77 11,322.10
8/12/91 12,043.00 11,616.07 11,280.33 11,440.85
8/19/91 11,777.00 11,277.04 11,292.90 11,188.15
8/26/91 12,214.00 11,804.64 11,305.45 11,603.30
9/2/91 12,292.00 11,859.14 11,318.01 11,677.40
9/9/91 12,057.00 11,660.37 11,335.76 11,454.15
9/16/91 11,984.00 11,583.47 11,347.84 11,384.80
9/23/91 11,972.00 11,594.50 11,359.93 11,373.40
9/30/91 11,997.00 11,659.87 11,372.02 11,397.15
10/7/91 11,838.00 11,415.29 11,378.93 11,246.10
10/14/91 11,885.00 11,631.78 11,390.52 11,290.75
10/21/91 12,055.00 11,745.63 11,407.08 11,452.25
10/28/91 12,042.00 11,738.61 11,413.70 11,439.90
11/4/91 12,136.00 11,768.70 11,429.99 11,529.20
11/11/91 12,233.00 11,861.65 11,436.26 11,621.35
11/18/91 12,084.00 11,630.95 11,447.21 11,479.80
11/25/91 11,914.00 11,339.06 11,458.17 11,318.30
12/2/91 12,142.00 11,529.31 11,469.12 11,534.90
12/9/91 12,162.00 11,441.37 11,484.86 11,553.90
12/16/91 12,315.00 11,635.96 11,491.22 11,699.25
12/23/91 12,781.00 12,017.45 11,508.74 12,141.95
12/30/91 13,327.70 12,579.99 11,518.29 12,661.32
1/6/92 13,363.30 12,673.61 11,524.66 12,695.13
1/13/92 13,226.88 12,570.80 11,533.91 12,565.53
1/20/92 13,057.35 12,639.17 11,543.17 12,404.49
1/27/92 13,023.25 12,604.57 11,556.39 12,372.08
2/3/92 12,988.52 12,458.46 11,561.68 12,339.09
2/10/92 13,105.50 12,581.50 11,570.94 12,450.23
2/17/92 13,012.21 12,549.23 11,579.95 12,361.60
2/24/92 13,017.23 12,549.90 11,588.96 12,366.37
3/2/92 13,100.49 12,562.44 11,604.42 12,445.46
3/9/92 12,865.36 12,348.79 11,610.93 12,222.09
3/16/92 12,884.82 12,391.59 11,616.18 12,240.58
3/23/92 12,989.14 12,505.77 11,629.30 12,339.68
3/30/92 12,844.70 12,301.82 11,638.48 12,202.46
4/6/92 13,042.31 12,387.91 11,643.73 12,390.19
4/13/92 13,073.40 12,409.64 11,652.94 12,419.73
4/20/92 13,019.23 12,541.38 11,662.15 12,368.27
4/27/92 12,934.97 12,496.07 11,671.36 12,288.23
5/4/92 13,204.66 12,762.04 11,686.67 12,544.43
5/11/92 13,226.94 12,817.55 11,689.11 12,565.59
5/18/92 13,113.73 12,651.88 11,701.31 12,458.04
5/25/92 13,045.52 12,696.18 11,711.07 12,393.24
6/1/92 13,394.03 12,804.17 11,718.39 12,724.33
6/8/92 13,087.38 12,690.66 11,723.27 12,433.01
6/15/92 12,971.49 12,603.73 11,731.98 12,322.91
6/22/92 12,845.70 12,399.28 11,745.68 12,203.41
6/29/92 12,960.42 12,576.98 11,753.14 12,312.40
7/6/92 13,155.21 12,735.13 11,758.12 12,497.44
7/13/92 13,204.96 12,774.42 11,766.72 12,544.71
7/20/92 13,123.56 12,747.33 11,775.32 12,467.38
7/27/92 13,071.40 12,686.65 11,787.59 12,417.83
8/3/92 13,526.80 13,111.61 11,798.65 12,850.46
8/10/92 13,426.49 12,943.93 11,801.10 12,755.17
8/17/92 13,503.73 12,992.08 11,808.46 12,828.55
8/24/92 13,216.85 12,689.66 11,815.82 12,556.00
8/31/92 13,273.02 12,799.49 11,826.33 12,609.37
9/7/92 13,429.50 12,901.30 11,830.53 12,758.03
9/14/92 13,670.25 13,162.09 11,838.05 12,986.73
9/21/92 13,541.78 13,072.82 11,850.93 12,864.69
9/28/92 13,212.83 12,909.32 11,856.30 12,552.19
10/5/92 12,930.96 12,636.16 11,863.58 12,284.41
10/12/92 12,885.82 12,639.67 11,870.54 12,241.53
10/19/92 13,172.71 12,881.41 11,874.52 12,514.07
10/26/92 13,277.03 12,987.73 11,884.47 12,613.18
11/2/92 13,422.48 13,137.85 11,888.45 12,751.36
11/9/92 13,268.00 13,016.15 11,895.42 12,604.60
11/16/92 13,439.53 13,088.70 11,902.55 12,767.56
11/23/92 13,586.99 13,234.31 11,914.77 12,907.64
11/30/92 13,694.32 13,435.92 11,919.86 13,009.61
12/7/92 13,824.72 13,566.99 11,923.94 13,133.49
12/14/92 13,751.50 13,497.78 11,933.37 13,063.92
12/21/92 14,062.46 13,750.71 11,946.84 13,359.34
12/28/92 13,926.04 13,710.25 11,956.28 13,229.74
1/4/93 13,667.56 13,599.25 11,964.81 12,984.18
1/11/93 13,335.62 13,468.19 11,968.98 12,668.84
1/18/93 13,395.54 13,659.60 11,980.47 12,725.77
1/25/93 13,359.97 13,766.76 11,983.61 12,691.98
2/1/93 13,424.84 13,852.85 11,990.92 12,753.60
2/8/93 13,446.81 14,027.22 11,998.23 12,774.47
2/15/93 13,382.99 13,932.26 12,005.28 12,713.84
2/22/93 12,856.75 13,646.73 12,012.32 12,213.91
3/1/93 13,200.95 13,866.39 12,023.40 12,540.90
3/8/93 13,592.23 14,272.79 12,026.42 12,912.62
3/15/93 13,485.52 14,177.34 12,038.53 12,811.24
3/22/93 13,266.34 14,104.78 12,045.59 12,603.02
3/29/93 13,205.14 14,171.65 12,050.63 12,544.88
4/5/93 12,784.56 13,912.53 12,054.67 12,145.34
4/12/93 12,730.16 14,111.30 12,061.75 12,093.65
4/19/93 12,659.02 14,090.24 12,068.83 12,026.07
4/26/93 12,512.55 13,659.27 12,078.95 11,886.92
5/3/93 12,859.89 13,947.81 12,084.01 12,216.90
5/10/93 12,829.55 13,966.20 12,090.07 12,188.07
5/17/93 12,914.29 13,896.99 12,097.03 12,268.58
5/24/93 13,055.53 14,145.41 12,107.96 12,402.75
5/31/93 13,073.32 14,222.14 12,110.94 12,419.65
6/7/93 12,957.19 14,150.76 12,121.01 12,309.33
6/14/93 13,011.59 14,158.95 12,125.16 12,361.01
6/21/93 12,889.18 14,119.50 12,137.61 12,244.72
6/28/93 13,006.36 14,305.39 12,142.80 12,356.04
7/5/93 12,785.61 14,122.84 12,146.95 12,146.33
7/12/93 12,830.60 14,230.00 12,154.08 12,189.07
7/19/93 12,679.94 14,144.07 12,161.22 12,045.95
7/26/93 12,685.18 14,248.72 12,168.35 12,050.92
8/2/93 12,637.05 14,290.18 12,175.48 12,005.20
8/9/93 12,505.23 14,315.92 12,182.62 11,879.97
8/16/93 12,514.64 14,376.27 12,192.84 11,888.91
8/23/93 12,886.05 14,474.57 12,196.93 12,241.74
8/30/93 12,925.80 14,694.41 12,204.08 12,279.51
9/6/93 12,958.23 14,684.21 12,211.24 12,310.32
9/13/93 12,905.92 14,714.80 12,218.41 12,260.63
9/20/93 12,629.73 14,499.15 12,225.58 11,998.24
9/27/93 12,814.90 14,721.99 12,235.83 12,174.16
10/4/93 12,731.21 14,715.14 12,240.95 12,094.65
10/11/93 12,894.42 14,708.11 12,247.12 12,249.69
10/18/93 13,358.93 14,957.54 12,254.30 12,690.98
10/25/93 13,137.13 14,829.65 12,261.49 12,480.28
11/1/93 13,250.12 14,993.98 12,271.76 12,587.62
11/8/93 13,094.24 14,717.48 12,278.96 12,439.53
11/15/93 13,289.88 14,838.34 12,283.08 12,625.38
11/22/93 13,250.12 14,698.25 12,290.29 12,587.62
11/29/93 13,253.26 14,794.71 12,300.59 12,590.60
12/6/93 13,410.19 14,947.67 12,304.71 12,739.68
12/13/93 13,362.07 14,931.96 12,312.82 12,693.96
12/20/93 13,275.23 14,944.67 12,320.94 12,611.47
12/27/93 13,509.58 15,103.15 12,332.52 12,834.10
1/3/94 13,394.34 14,947.34 12,340.63 12,724.63
1/10/94 13,698.63 15,270.99 12,345.27 13,013.69
1/17/94 13,546.48 15,215.49 12,352.67 12,869.16
1/24/94 13,441.61 15,180.55 12,364.29 12,769.53
1/31/94 13,623.29 15,498.68 12,371.69 12,942.13
2/7/94 13,381.05 15,189.41 12,374.86 12,712.00
2/14/94 13,298.33 15,147.95 12,386.05 12,633.41
2/21/94 13,234.82 15,074.06 12,392.15 12,573.08
2/28/94 13,159.48 15,064.19 12,396.22 12,501.51
3/7/94 13,107.79 15,064.70 12,403.34 12,452.40
3/14/94 13,115.17 15,088.10 12,411.67 12,459.41
3/21/94 13,137.33 15,133.24 12,419.99 12,480.46
3/28/94 12,895.08 14,865.26 12,431.89 12,250.33
4/4/94 12,372.19 14,191.88 12,437.86 11,753.58
4/11/94 12,580.46 14,553.98 12,445.14 11,951.44
4/18/94 12,426.84 14,322.28 12,457.28 11,805.50
4/25/94 12,735.56 14,662.14 12,465.78 12,098.78
5/2/94 12,827.14 14,680.36 12,470.63 12,185.78
5/9/94 12,537.62 14,341.50 12,479.13 11,910.74
5/16/94 12,689.77 14,420.07 12,488.40 12,055.28
5/23/94 12,865.54 14,710.79 12,497.68 12,222.26
5/30/94 12,926.10 14,853.05 12,506.95 12,279.80
6/6/94 12,963.03 14,911.57 12,516.22 12,314.88
6/13/94 12,895.08 14,926.78 12,533.46 12,250.33
6/20/94 12,831.57 14,814.77 12,540.63 12,189.99
6/27/94 12,683.86 14,559.16 12,550.69 12,049.66
7/4/94 12,626.25 14,531.08 12,562.54 11,994.94
7/11/94 12,745.90 14,599.79 12,571.70 12,108.60
7/18/94 12,927.58 14,841.35 12,577.81 12,281.20
7/25/94 12,963.03 14,817.78 12,588.49 12,314.88
8/1/94 13,112.22 15,046.47 12,603.75 12,456.61
8/8/94 13,030.98 14,952.86 12,615.91 12,379.43
8/15/94 13,150.62 15,070.05 12,624.98 12,493.09
8/22/94 13,323.44 15,113.68 12,631.02 12,657.27
8/29/94 13,564.21 15,523.09 12,646.14 12,886.00
9/5/94 13,542.05 15,413.42 12,652.18 12,864.95
9/12/94 13,417.98 15,265.14 12,663.71 12,747.08
9/19/94 13,555.35 15,425.29 12,675.24 12,877.58
9/26/94 13,412.07 15,104.65 12,691.70 12,741.46
10/3/94 13,513.99 15,142.93 12,703.23 12,838.29
10/10/94 13,449.00 15,062.69 12,709.81 12,776.55
10/17/94 13,791.68 15,396.54 12,721.84 13,102.10
10/24/94 13,621.82 15,137.75 12,739.04 12,940.73
10/31/94 13,940.87 15,524.59 12,745.91 13,243.83
11/7/94 13,735.55 15,227.86 12,757.95 13,048.78
11/14/94 13,909.85 15,333.85 12,776.93 13,214.36
11/21/94 13,788.73 15,087.43 12,787.29 13,099.29
11/28/94 13,629.20 14,959.38 12,794.19 12,947.74
12/5/94 13,570.12 14,940.49 12,806.27 12,891.61
12/12/94 13,496.26 14,821.63 12,820.85 12,821.45
12/19/94 13,793.16 15,108.33 12,835.44 13,103.50
12/26/94 13,879.30 15,180.21 12,856.27 13,185.33
1/2/95 13,761.69 15,170.02 12,870.85 13,073.61
1/9/95 13,666.70 15,230.06 12,879.19 12,983.36
1/16/95 13,834.07 15,521.25 12,899.92 13,142.36
1/23/95 13,758.68 15,411.58 12,908.21 13,070.74
1/30/95 13,889.85 15,509.55 12,922.72 13,195.36
2/6/95 14,236.65 15,936.34 12,937.23 13,524.82
2/13/95 14,149.20 15,961.92 12,951.96 13,441.74
2/20/95 14,227.60 15,980.98 12,966.69 13,516.22
2/27/95 14,322.59 16,050.69 12,981.43 13,606.46
3/6/95 14,443.22 16,119.73 12,996.16 13,721.06
3/13/95 14,587.97 16,275.20 13,011.11 13,858.57
3/20/95 14,809.61 16,486.51 13,026.07 14,069.13
3/27/95 14,910.63 16,729.58 13,047.43 14,165.10
4/3/95 14,808.10 16,693.30 13,060.25 14,067.70
4/10/95 14,916.67 16,873.68 13,077.37 14,170.83
4/17/95 14,880.48 16,852.95 13,085.97 14,136.45
4/24/95 15,109.66 17,087.00 13,101.01 14,354.18
5/1/95 15,124.74 17,141.33 13,116.05 14,368.50
5/8/95 15,433.84 17,473.50 13,131.09 14,662.15
5/15/95 15,391.62 17,608.41 13,146.04 14,622.04
5/22/95 15,289.09 17,480.69 13,161.00 14,524.64
5/29/95 15,341.87 17,489.38 13,184.49 14,574.77
6/5/95 15,623.82 17,897.46 13,190.90 14,842.63
6/12/95 15,530.34 17,748.50 13,205.92 14,753.82
6/19/95 15,860.55 18,236.82 13,227.38 15,067.52
6/26/95 15,941.97 18,209.23 13,242.40 15,144.87
7/3/95 15,869.60 18,317.23 13,255.28 15,076.12
7/10/95 15,946.49 18,664.45 13,272.54 15,149.17
7/17/95 16,044.50 18,858.70 13,281.27 15,242.27
7/24/95 15,993.23 18,663.45 13,296.53 15,193.57
7/31/95 16,103.30 18,854.53 13,311.80 15,298.14
8/7/95 16,106.32 18,795.51 13,333.29 15,301.00
8/14/95 16,053.55 18,794.68 13,347.83 15,250.87
8/21/95 15,843.96 18,749.04 13,356.14 15,051.76
8/28/95 15,928.40 18,789.49 13,370.67 15,131.98
9/4/95 16,012.84 18,959.68 13,385.21 15,212.19
9/11/95 16,208.85 19,307.40 13,399.97 15,398.41
9/18/95 16,686.82 19,614.66 13,421.06 15,852.48
9/25/95 16,825.54 19,591.43 13,435.82 15,984.26
10/2/95 16,861.73 19,597.45 13,450.58 16,018.64
10/9/95 16,988.38 19,493.46 13,459.01 16,138.96
10/16/95 17,003.46 19,659.63 13,484.18 16,153.29
10/23/95 17,001.95 19,737.20 13,488.37 16,151.86
10/30/95 16,931.09 19,685.21 13,503.05 16,084.53
11/6/95 17,000.45 19,870.27 13,517.73 16,150.42
11/13/95 17,229.63 20,009.03 13,532.32 16,368.15
11/20/95 17,621.66 20,172.02 13,546.90 16,740.58
11/27/95 17,629.20 20,332.34 13,561.48 16,747.74
12/4/95 17,972.98 20,759.64 13,576.06 17,074.33
12/11/95 18,265.49 20,966.45 13,597.22 17,352.21
12/18/95 17,942.82 20,545.30 13,605.68 17,045.68
12/25/95 17,837.27 20,728.94 13,626.83 16,945.41
1/1/96 18,042.93 20,872.70 13,641.64 17,140.79
1/8/96 18,209.30 20,967.65 13,650.11 17,298.83
1/15/96 17,785.82 20,344.88 13,664.50 16,896.53
1/22/96 18,133.68 20,814.91 13,678.90 17,226.99
1/29/96 18,526.90 21,191.46 13,693.30 17,600.56
2/5/96 18,905.00 21,785.18 13,707.70 17,959.75
2/12/96 19,479.71 22,474.69 13,721.50 18,505.73
2/19/96 19,116.74 22,026.33 13,743.18 18,160.90
2/26/96 19,192.36 22,120.05 13,749.10 18,232.74
3/4/96 19,525.08 22,141.38 13,762.90 18,548.83
3/11/96 19,146.98 21,783.54 13,776.43 18,189.63
3/18/96 19,207.48 22,222.99 13,795.75 18,247.11
3/25/96 19,207.48 22,143.55 13,809.28 18,247.11
4/1/96 19,343.60 22,278.71 13,822.81 18,376.42
4/8/96 19,086.49 21,964.58 13,830.54 18,132.16
4/15/96 18,799.13 21,914.44 13,844.30 17,859.18
4/22/96 18,995.74 22,108.21 13,858.06 18,045.96
4/29/96 19,071.36 22,331.71 13,879.68 18,117.80
5/6/96 18,663.02 21,885.27 13,885.58 17,729.87
5/13/96 19,328.47 22,602.03 13,899.39 18,362.05
5/20/96 19,888.06 23,009.51 13,923.07 18,893.66
5/27/96 19,812.44 23,202.43 13,927.02 18,821.82
6/3/96 19,767.07 22,841.79 13,940.83 18,778.71
6/10/96 20,054.42 23,004.68 13,954.64 19,051.70
6/17/96 19,963.68 22,774.60 13,968.53 18,965.50
6/24/96 20,084.67 22,910.86 13,988.36 19,080.44
7/1/96 20,296.41 23,161.56 14,002.25 19,281.59
7/8/96 19,615.83 22,371.13 14,010.18 18,635.04
7/15/96 19,056.24 21,600.81 14,024.29 18,103.43
7/22/96 19,388.97 21,746.60 14,038.39 18,419.52
7/29/96 19,192.36 21,658.23 14,052.50 18,232.74
8/5/96 20,084.67 22,674.83 14,066.61 19,080.44
8/12/96 20,054.42 22,874.95 14,080.77 19,051.70
8/19/96 20,205.66 22,912.60 14,103.02 19,195.38
8/26/96 20,099.80 22,829.50 14,109.09 19,094.81
9/2/96 19,797.32 22,430.15 14,123.25 18,807.45
9/9/96 20,099.80 22,844.95 14,137.42 19,094.81
9/16/96 20,614.01 23,550.94 14,151.57 19,583.31
9/23/96 20,689.63 23,646.93 14,185.93 19,655.15
9/30/96 20,780.38 23,685.35 14,185.93 19,741.36
10/7/96 21,158.48 24,247.70 14,194.02 20,100.55
10/14/96 21,264.34 24,264.52 14,208.31 20,201.13
10/21/96 21,506.33 24,492.06 14,222.60 20,431.01
10/28/96 21,052.61 24,067.32 14,236.89 19,999.98
11/4/96 21,385.34 24,404.08 14,259.09 20,316.07
11/11/96 22,277.65 25,282.16 14,274.90 21,163.77
11/18/96 22,549.88 25,470.01 14,288.74 21,422.39
11/25/96 22,837.24 26,171.60 14,292.69 21,695.38
12/2/96 22,716.25 26,165.28 14,306.53 21,580.44
12/9/96 22,519.64 25,941.77 14,320.36 21,393.65
12/16/96 21,687.82 24,953.98 14,341.21 20,603.43
12/23/96 22,538.88 25,861.90 14,357.88 21,411.94
12/30/96 22,770.05 26,112.07 14,370.39 21,631.55
1/6/97 22,654.46 25,907.34 14,378.73 21,521.74
1/13/97 22,918.66 26,328.38 14,393.46 21,772.72
1/20/97 23,579.14 26,934.37 14,416.62 22,400.18
1/27/97 23,314.94 26,539.05 14,429.24 22,149.20
2/3/97 24,190.08 27,302.37 14,439.77 22,980.58
2/10/97 24,173.57 27,267.38 14,452.40 22,964.89
2/17/97 25,180.80 28,077.79 14,467.21 23,921.76
2/24/97 25,015.68 28,150.36 14,492.60 23,764.90
3/3/97 24,503.81 27,640.24 14,505.30 23,278.62
3/10/97 25,114.75 28,287.97 14,511.65 23,859.01
3/17/97 24,338.69 27,674.33 14,526.43 23,121.75
3/24/97 24,206.59 27,516.85 14,547.55 22,996.26
3/31/97 23,133.31 26,351.65 14,562.34 21,976.65
4/7/97 23,331.46 26,536.24 14,570.79 22,164.88
4/14/97 22,852.61 25,905.58 14,586.33 21,709.98
4/21/97 23,579.14 26,495.30 14,601.88 22,400.18
4/28/97 24,008.45 26,944.23 14,626.30 22,808.03
5/5/97 25,577.09 28,951.60 14,632.96 24,298.23
5/12/97 25,808.26 29,220.94 14,648.58 24,517.84
5/19/97 25,824.77 29,078.12 14,673.11 24,533.53
5/26/97 26,237.57 29,568.69 14,679.79 24,925.69
6/2/97 25,973.38 29,555.70 14,697.63 24,674.71
6/9/97 26,567.81 30,144.29 14,711.01 25,239.42
6/16/97 27,492.48 31,237.57 14,726.71 26,117.86
6/23/97 26,997.12 30,713.87 14,749.13 25,647.26
6/30/97 27,228.29 30,952.21 14,764.82 25,866.87
7/7/97 28,004.35 31,909.01 14,773.79 26,604.13
7/14/97 28,070.40 32,135.68 14,798.42 26,666.88
7/21/97 27,855.74 31,955.53 14,805.13 26,462.96
7/28/97 28,532.74 32,788.79 14,820.81 27,106.10
8/4/97 28,829.95 33,284.11 14,836.47 27,388.45
8/11/97 28,351.10 32,828.40 14,852.13 26,933.55
8/18/97 27,542.66 31,979.84 14,867.78 26,165.53
8/25/97 27,724.96 32,258.85 14,883.42 26,338.71
9/1/97 27,956.96 31,543.68 14,899.08 26,559.12
9/8/97 27,956.96 32,666.89 14,914.72 26,559.12
9/15/97 27,509.52 32,276.30 14,930.55 26,134.04
9/22/97 28,669.56 33,538.25 14,955.41 27,236.08
9/29/97 28,619.84 33,475.36 14,968.97 27,188.85
10/6/97 29,017.57 34,165.40 14,984.86 27,566.69
10/13/97 28,885.00 34,014.54 14,993.99 27,440.75
10/20/97 28,487.27 33,585.99 15,009.97 27,062.90
10/27/97 26,432.34 30,832.24 15,032.79 25,110.72
11/3/97 28,255.26 33,022.52 15,041.92 26,842.50
11/10/97 27,642.10 32,404.66 15,057.90 26,259.99
11/17/97 28,387.84 33,297.40 15,085.44 26,968.44
11/24/97 28,503.84 33,324.47 15,099.21 27,078.65
12/1/97 29,299.30 34,324.74 15,106.09 27,834.33
12/8/97 29,547.88 34,602.63 15,129.42 28,070.48
12/15/97 29,093.47 33,944.50 15,139.10 27,638.80
12/22/97 28,675.22 33,613.46 15,168.16 27,241.46
12/29/97 28,625.03 33,611.82 15,180.26 27,193.78
1/5/98 29,411.34 34,458.84 15,189.95 27,940.77
1/12/98 28,541.38 33,133.91 15,207.42 27,114.31
1/19/98 29,528.45 33,931.22 15,224.91 28,052.03
1/26/98 28,892.71 33,780.84 15,249.87 27,448.07
2/2/98 30,130.73 35,356.30 15,267.35 28,624.19
2/9/98 30,398.41 35,712.51 15,277.34 28,878.49
2/16/98 30,799.93 36,053.63 15,293.36 29,259.93
2/23/98 31,301.83 36,702.46 15,309.38 29,736.74
3/2/98 31,586.24 37,051.36 15,325.41 30,006.93
3/9/98 31,619.70 37,225.27 15,341.43 30,038.72
3/16/98 32,238.71 38,189.94 15,369.49 30,626.77
3/23/98 33,025.02 38,776.92 15,383.51 31,373.77
3/30/98 33,008.29 38,716.87 15,397.54 31,357.88
4/6/98 34,012.09 39,713.11 15,406.90 32,311.49
4/13/98 33,577.11 39,309.97 15,423.33 31,898.25
4/20/98 33,777.87 39,815.39 15,439.77 32,088.98
4/27/98 32,807.53 38,510.88 15,456.20 31,167.15
5/4/98 34,145.93 39,781.32 15,472.64 32,438.63
5/11/98 33,828.06 39,245.31 15,489.24 32,136.66
5/18/98 33,928.44 39,227.04 15,515.32 32,232.02
5/25/98 33,593.84 39,402.82 15,531.92 31,914.15
6/1/98 33,627.30 38,722.07 15,546.15 31,945.94
6/8/98 34,698.02 39,611.39 15,562.71 32,963.12
6/15/98 33,577.11 38,247.70 15,572.13 31,898.25
6/22/98 34,447.07 39,190.11 15,595.62 32,724.72
6/29/98 35,567.98 40,453.31 15,612.21 33,789.58
7/6/98 36,170.26 41,133.76 15,628.73 34,361.75
7/13/98 36,421.21 41,424.05 15,645.39 34,600.15
7/20/98 36,672.16 42,107.41 15,662.05 34,838.55
7/27/98 35,952.77 40,808.50 15,678.71 34,155.13
8/3/98 34,748.21 39,580.39 15,695.36 33,010.80
8/10/98 33,665.78 38,548.85 15,712.01 31,982.49
8/17/98 33,956.89 38,578.76 15,728.65 32,259.05
8/24/98 33,991.14 38,748.85 15,745.29 32,291.58
8/31/98 30,258.11 34,098.58 15,761.93 28,745.20
9/7/98 31,713.65 34,700.96 15,778.57 30,127.97
9/14/98 31,987.63 36,701.66 15,795.20 30,388.25
9/21/98 31,610.90 36,504.88 15,811.82 30,030.36
9/28/98 32,330.11 37,400.11 15,828.45 30,713.61
10/5/98 31,114.31 35,266.39 15,844.69 29,558.59
10/12/98 31,319.80 35,644.74 15,860.63 29,753.81
10/19/98 34,744.60 37,967.55 15,876.58 33,007.37
10/26/98 33,511.67 38,333.80 15,892.52 31,836.08
11/2/98 34,384.99 39,749.66 15,908.45 32,665.74
11/9/98 34,624.73 40,426.28 15,924.27 32,893.49
11/16/98 35,087.08 40,640.51 15,940.10 33,332.72
11/23/98 36,525.49 42,524.86 15,955.92 34,699.22
11/30/98 35,874.78 41,656.21 15,971.75 34,081.04
12/7/98 36,354.25 42,529.21 15,988.45 34,536.54
12/14/98 34,951.80 40,874.92 16,005.30 33,204.21
12/21/98 36,385.72 43,094.32 16,022.15 34,566.43
12/28/98 37,349.14 43,917.23 16,039.00 35,481.68
1/4/99 37,416.35 44,022.02 16,055.14 35,545.53
1/11/99 37,998.88 45,315.74 16,070.35 36,098.94
1/18/99 37,528.38 44,587.57 16,085.55 35,651.96
1/25/99 36,878.63 44,265.77 16,100.76 35,034.70
2/1/99 38,290.15 45,678.04 16,115.96 36,375.64
2/8/99 37,550.78 44,639.24 16,130.92 35,673.24
2/15/99 37,662.81 44,160.99 16,145.88 35,779.66
2/22/99 38,514.20 45,681.02 16,160.84 36,588.49
3/1/99 37,438.76 44,400.28 16,175.80 35,566.82
3/8/99 38,693.44 46,084.79 16,190.81 36,758.76
3/15/99 39,522.42 46,977.73 16,205.83 37,546.30
3/22/99 39,298.37 46,620.85 16,220.84 37,333.45
3/29/99 39,432.80 47,105.62 16,235.86 37,461.16
4/5/99 39,275.97 47,511.12 16,250.91 37,312.17
4/12/99 40,396.22 48,872.93 16,265.98 38,376.40
4/19/99 38,491.79 46,396.34 16,281.06 36,567.20
4/26/99 40,060.14 48,946.79 16,296.13 38,057.13
5/3/99 40,060.14 48,763.63 16,311.17 38,057.13
5/10/99 39,589.64 48,259.19 16,326.12 37,610.15
5/17/99 39,365.59 48,241.43 16,341.07 37,397.31
5/24/99 38,379.77 47,069.90 16,356.02 36,460.78
5/31/99 37,954.07 46,908.09 16,370.97 36,056.37
6/7/99 39,007.11 48,097.51 16,386.05 37,056.75
6/14/99 37,774.83 46,648.47 16,401.15 35,886.09
6/21/99 38,805.46 48,642.92 16,416.26 36,865.19
6/28/99 38,379.77 48,017.94 16,431.36 36,460.78
6/30/99 39,925.71 49,514.33 16,435.68 37,929.42
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class A and a comparable index. The performance of Class A is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily, The
Financial Times and Datastream.
The Standard and Poor's Composite Index is an unmanaged weighted index of the
stock performance of 500 industrial, transportation, utility and financial
companies. The percentage change in the value of the index includes dividends
reinvested.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
GAM North America
GAM North America (after maximum sales load of 5%) Standard & Poor's Composite Index
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year 13.00 7.35 22.89
Three Years 25.71 23.57 29.16
Five Years 25.97 24.69 27.90
Since inception 15.70 15.08 18.36
</TABLE>
ANNUAL PERFORMANCE - CLASS A
[GRAPHIC OMITTED]
GAM
North America
GAM Class A S&P
North America (after maximum Comp
Class A sales load of 5%) Index
Year % % %
- ------------------------------------------------------
1995 30.90 24.35 37.60
1996 24.10 17.89 22.95
1997 29.41 22.94 33.35
1998 29.44 22.96 28.76
1999* 6.45 1.13 12.38
*6 months
GAM North
America Standard &
GAM Class A Poor's
North America (After Maximum Composite
Class A Sales Load of 5%) Index
Year % % %
- --------------------------------------------------------------------------------
1995 30.90 24.35 37.60
1996 24.10 17.89 22.95
1997 29.41 22.94 33.35
1998 29.44 22.96 28.76
1999* 6.45 1.13 12.38
*6 months
31
<PAGE>
- --------------------------------------------------------------------------------
GAM North America Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
THE FACTS - CLASS B SHARES
<TABLE>
<CAPTION>
GAM
North America Average
GAM Class B S & P 1 Month
North America (with deferred Comp Deposit
Class B sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$17.79 1,372.71
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 + 3.19 - 1.97 + 7.05 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 + 5.45 + 0.18 +12.38 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +10.01 + 6.64 +22.89 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* +14.21 +11.01 +24.88 + 5.30
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS C SHARES
<TABLE>
<CAPTION>
GAM
North America Average
GAM Class C S & P 1 Month
North America (with deferred Comp Deposit
Class C sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$17.50 1,372.71
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 + 3.31 + 2.27 + 7.05 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 + 5.55 + 4.49 +12.38 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
Since inception* + 6.28 + 5.47 +21.11 + 5.25
- -------------------------------------------------------------------------------------------
</TABLE>
* Inception was on 26th May, 1998 for Class B shares and 7th July, 1998 for
Class C shares.
THE COMMENT
During the first half of 1999, the momentum of the US economy has continued
to outpace consensus expectations. Global growth has also stabilized more
quickly than we had anticipated. The massive liquefaction provided by numerous
incremental reductions in interest rates, of central banks around the globe, and
robust consumer demand in the US have been the principal catalysts behind the
improving trends in global economic activity. Increasingly open and
independently accountable monetary authorities among many of the former
depressed economies, have also contributed to economic stability and revived
investor confidence in developing markets. Economic fundamentals in the US
continue to support our outlook for a secular decline in interest rates.
However, market forces have caused bond yields to rise during the first half of
the year, reflecting the resonant level of economic activity. Although the low
level of unemployment has prompted concern about imminent wage inflation, in the
general economy, we believe that job security is of primary concern,
particularly against the competitive global backdrop, and the historically high
level of layoffs and job loss due to corporate restructuring, consolidation and
technological change. Pricing flexibility remains illusive, and we continue to
expect that another year-over-year decline in average annual inflation is
possible. This backdrop continues to present a constructive environment for US
financial assets and the dollar. The expected preemptive increase in the Federal
Funds rate on June 30, may slow consumption as the possibility of further rate
increases could undermine consumer expectations. The stimulus to demand from the
"wealth effect" from rising equity prices would also be absent, if equity
markets remain in a trading range until visible signs of slower growth emerge,
and interest rates begin a declining trend. The absence of 1998's sources of
supplemental liquidity, provided by mortgage refinancing, declining fuel and
import prices, and the measurable rise in real income growth, as inflation
declined, should also weaken consumption. In the short run, however, the
tightening bias in monetary policy, announced on May 18, may have contributed to
the most recent surge in housing activity, in anticipation of higher costs of
capital. A rising trend in weekly jobless claims, declining money supply growth
and weakening bank credit demand, are factors which already point to moderating
economic activity. Although consumer spending in the US remains robust, and
global demand is firming, we see little evidence of inflation. We cite ample
global capacity, and thus the ability to readily produce additional supply as
demand increases, and relentless global competition, as secular factors, which
argue against global reflation. In addition, we expect the global expansion to
gain momentum slowly, with risks to the downside, stronger than to the upside.
Vigilant monetary policy in the US should insure price stability, and the
viability of the current business cycle, now in its 99th month.
32
<PAGE>
- --------------------------------------------------------------------------------
GAM North America Fund - Statement of Investments
- --------------------------------------------------------------------------------
AS AT 30TH JUNE, 1999 (UNAUDITED)
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
EQUITIES - 97.7%
AUTOMOBILES - 4.1%
7,018 DaimlerChrysler 623,725
18,018 Ford Motor 1,016,891
--------------
1,640,616
--------------
BANKING - 6.2%
10,000 Bankamerica 733,125
12,000 Chase Manhattan 1,039,500
10,000 SunTrust Banks 694,375
--------------
2,467,000
--------------
BEVERAGES & TOBACCO - 8.7%
25,000 Coca-Cola 1,562,500
20,000 PepsiCo 773,750
28,000 Philip Morris 1,125,250
--------------
3,461,500
--------------
BROADCASTING & PUBLISHING - 3.0%
*20,000 Fox Entertainment Group 538,750
12,000 McGraw-Hill 647,250
--------------
1,186,000
--------------
COMPUTER SOFTWARE - 3.6%
*16,000 Microsoft 1,443,000
--------------
1,443,000
--------------
DATA PROCESSING & REPRODUCTION - 2.3%
4,900 Compaq Computer 116,068
8,000 Hewlett Packard 804,000
--------------
920,068
--------------
ELECTRICAL & ELECTRONICS - 1.6%
10,000 Emerson Electric 628,750
--------------
628,750
--------------
ELECTRONIC COMP. & INSTRUMENTS - 7.5%
*16,100 Cisco Systems 1,038,450
*3,000 Conexant Systems 174,188
30,000 Intel 1,785,000
--------------
2,997,638
--------------
ENERGY SOURCES - 4.0%
6,000 BP Amoco ADR 651,000
3,200 Chevron 304,600
4,200 Exxon 323,925
3,200 Mobil 316,800
--------------
1,596,325
--------------
FINANCIAL SERVICES - 9.3%
5,000 American Express 650,625
16,098 Associates First Capital A 713,343
16,500 Citigroup 783,750
15,000 Fannie Mae 1,025,625
7,000 Goldman Sachs Group 505,750
--------------
3,679,093
--------------
FOOD & HOUSEHOLD PRODUCTS - 3.4%
6,000 Colgate-Palmolive 592,500
8,500 Proctor & Gamble 758,625
--------------
1,351,125
--------------
HEALTH & PERSONAL CARE - 18.9%
17,000 Abbott Laboratories 773,500
14,000 American Home Products 805,000
12,000 Bristol-Myers Squibb 845,250
1,200 Estee Lauder A 60,150
15,000 Gillette 615,000
12,000 Johnson & Johnson 1,176,000
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
17,000 Merck 1,258,000
18,000 Pfizer 1,975,500
--------------
7,508,400
--------------
INDUSTRIAL COMPONENTS - 1.8%
12,000 Rockwell International 729,000
--------------
729,000
--------------
INSURANCE - 2.1%
1,200 American General 90,450
10,000 Marsh & McLennan Companies 755,000
--------------
845,450
--------------
LEISURE & TOURISM - 1.9%
15,000 McDonald's 619,687
*2,350 Tricon Global Restaurants 127,194
--------------
746,881
--------------
MERCHANDISING - 3.7%
26,000 Walgreen 763,750
15,000 Wal-Mart Stores 723,750
--------------
1,487,500
--------------
MULTI-INDUSTRY - 8.5%
12,000 Allied Signal 756,000
*10 Berkshire Hathaway 689,000
*150 Berkshire Hathaway B 337,350
14,000 General Electric 1,582,000
--------------
3,364,350
--------------
RECREATION & OTHER
CONSUMER GOODS - 0.2%
*4,800 Polo Ralph Lauren A 91,200
--------------
91,200
--------------
TELECOMMUNICATIONS - 5.5%
4,600 Bell Atlantic 300,725
18,000 Bellsouth 843,750
18,064 SBC Communications 1,047,712
--------------
2,192,187
--------------
TRANSPORTATION - ROAD & RAIL - 1.4%
8,000 Norfolk Southern 542,250
--------------
542,250
--------------
TOTAL EQUITIES (COST $33,086,950) 38,878,333
--------------
PREFERRED SHARES - 0.1%
BROADCASTING & PUBLISHING - 0.1%
1,800 News Corp ADR 56,812
--------------
TOTAL PREFERRED SHARES (COST $36,333) 56,812
--------------
TIME DEPOSITS - 2.4%
UNITED STATES - 2.4%
$935,934 Republic National Bank
6.25% 1999-07-01 935,934
--------------
TOTAL TIME DEPOSITS (COST $935,934) 935,934
--------------
TOTAL INVESTMENTS (COST $34,059,217**) - 100.2% 39,871,079
NET CURRENT LIABILITIES - (0.2)% (80,062)
--------------
TOTAL NET ASSETS - 100.0% 39,791,017
==============
* Non-income producing security.
** Cost for federal income tax purposes is identical
Glossary of terms:
ADR -American Depositary Receipt
See notes to financial statements.
33
<PAGE>
- --------------------------------------------------------------------------------
GAMerica Capital Fund
- --------------------------------------------------------------------------------
Fund Management
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] GORDON GRENDER, DIRECTOR, HAS BEEN ASSOCIATED WITH GAM SINCE
1983. HE HAS BEEN ACTIVELY INVOLVED IN FUND MANAGEMENT IN
NORTH AMERICAN STOCK MARKETS SINCE 1974. HE COMMENCED
MANAGEMENT OF GAMERICA CAPITAL FUND ON 12TH MAY, 1995. MR.
GRENDER ALSO MANAGES GAMERICA INC., AN OFFSHORE FUND WITH
SIMILAR INVESTMENT OBJECTIVES.
The Fund's investment objective is to seek long-term capital appreciation,
generally through investment in equity securities issued by companies in the
United States. However, if the Fund determines that the long-term capital
appreciation of debt securities may equal or exceed the return on equity
securities, it may be substantially invested in debt securities of companies and
governments, their agencies and instrumentalities. Any income realized by the
Fund on its investments will be incidental to its goal of long-term capital
appreciation.
Report to Shareholders
- --------------------------------------------------------------------------------
THE FACTS - CLASS A SHARES
<TABLE>
<CAPTION>
GAMerica
Capital
Class A
(after Average
GAMerica maximum S & P 1 Month
Capital sales load Comp Deposit
Class A of 5%) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$20.09 US$21.15 1,372.71
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +16.67 +10.83 + 7.05 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +17.62 +11.74 +12.38 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +22.21 +16.10 +22.89 + 5.26
- -------------------------------------------------------------------------------------------
2 years to June, 1999 +36.25 +32.80 +26.48 + 5.51
- -------------------------------------------------------------------------------------------
3 years to June, 1999 +25.80 +23.66 +29.16 + 5.50
- -------------------------------------------------------------------------------------------
Since inception +25.16 +23.62 +28.55 + 5.55
- -------------------------------------------------------------------------------------------
</TABLE>
Performance is calculated on a total return basis. Class A inception was on
12th May 1995, Class B and Class C on 26th May, 1998. Past performance is not
necessarily indicative of future performance. The investment return and
principal value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
34
<PAGE>
- --------------------------------------------------------------------------------
GAMerica Capital Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
Date AMF/NTR STP DUS AMF/NTR/SL
5/12/95 10,000.00 10,000.00 10,000.00 10,000.00
5/19/95 10,006.00 9,883.96 10,011.38 9,505.70
5/26/95 9,943.00 9,973.88 10,022.75 9,445.85
6/2/95 9,946.00 10,147.59 10,034.12 9,448.70
6/9/95 9,952.00 10,065.50 10,045.55 9,454.40
6/16/95 9,958.00 10,297.29 10,056.98 9,460.10
6/23/95 9,964.00 10,490.93 10,068.40 9,465.80
6/30/95 9,970.00 10,401.31 10,079.82 9,471.50
7/7/95 9,976.00 10,628.33 10,091.25 9,477.20
7/14/95 9,982.00 10,700.69 10,102.86 9,482.90
7/21/95 9,990.00 10,585.90 10,114.47 9,490.50
7/28/95 9,997.00 10,769.05 10,126.09 9,497.15
8/4/95 10,002.00 10,697.83 10,137.70 9,501.90
8/11/95 10,007.00 10,629.66 10,148.76 9,506.65
8/18/95 10,121.00 10,713.28 10,159.82 9,614.95
8/25/95 10,153.00 10,735.49 10,170.87 9,645.35
9/1/95 10,190.00 10,812.34 10,181.93 9,680.50
9/8/95 10,241.00 10,987.01 10,193.16 9,728.95
9/15/95 10,282.00 11,197.06 10,204.38 9,767.90
9/22/95 10,246.00 11,171.13 10,215.62 9,733.70
9/29/95 10,244.00 11,227.76 10,226.84 9,731.80
10/6/95 10,209.00 11,196.01 10,238.07 9,698.55
10/13/95 10,250.00 11,239.87 10,249.24 9,737.50
10/20/95 10,217.00 11,301.94 10,260.41 9,706.15
10/27/95 10,233.00 11,157.78 10,271.57 9,721.35
11/3/95 10,491.00 11,372.30 10,282.74 9,966.45
11/10/95 10,458.00 11,418.93 10,293.83 9,935.10
11/17/95 10,529.00 11,565.85 10,304.92 10,002.55
11/24/95 10,406.00 11,569.19 10,316.02 9,885.70
12/1/95 10,480.00 11,709.64 10,327.11 9,956.00
12/8/95 10,383.00 11,917.51 10,338.38 9,863.85
12/15/95 10,075.00 11,900.72 10,349.64 9,571.25
12/22/95 10,050.00 11,821.40 10,360.90 9,547.50
12/29/95 10,137.32 11,903.41 10,372.17 9,630.45
1/5/96 9,935.18 11,923.72 10,383.43 9,438.42
1/12/96 9,783.58 11,640.86 10,394.38 9,294.40
1/19/96 9,581.44 11,840.04 10,405.34 9,102.36
1/26/96 9,813.90 12,034.86 10,416.29 9,323.20
2/2/96 9,864.43 12,315.53 10,427.24 9,371.21
2/9/96 9,874.54 12,718.61 10,437.74 9,380.81
2/16/96 9,985.72 12,561.35 10,448.24 9,486.43
2/23/96 10,268.71 12,781.95 10,458.74 9,755.28
3/1/96 10,268.71 12,502.01 10,469.24 9,755.28
3/8/96 10,228.28 12,296.34 10,479.53 9,716.87
3/15/96 10,662.89 12,455.61 10,489.82 10,129.74
3/22/96 10,723.53 12,639.46 10,500.10 10,187.35
3/29/96 10,844.81 12,545.33 10,510.39 10,302.57
4/5/96 11,208.66 12,752.06 10,520.69 10,648.23
4/12/96 10,865.03 12,385.07 10,531.15 10,321.77
4/19/96 11,046.95 12,553.14 10,541.62 10,494.60
4/26/96 11,612.94 12,721.87 10,552.09 11,032.30
5/3/96 11,481.55 12,496.87 10,562.55 10,907.47
5/10/96 11,623.05 12,706.08 10,573.06 11,041.90
5/17/96 11,845.40 13,039.40 10,583.57 11,253.13
5/24/96 12,714.61 13,232.08 10,594.08 12,078.88
5/31/96 12,623.64 13,054.47 10,604.59 11,992.46
6/7/96 12,744.93 13,141.75 10,615.09 12,107.68
6/14/96 12,563.00 13,001.56 10,625.65 11,934.85
6/21/96 12,552.89 13,026.52 10,636.21 11,925.25
6/28/96 12,704.50 13,106.15 10,646.77 12,069.27
7/5/96 12,583.22 12,853.80 10,657.34 11,954.05
7/12/96 12,249.68 12,639.24 10,668.07 11,637.20
7/19/96 12,037.44 12,498.84 10,678.80 11,435.57
7/26/96 11,997.01 12,449.04 10,689.53 11,397.16
8/2/96 12,482.15 12,975.39 10,700.26 11,858.04
8/9/96 12,704.50 12,973.39 10,711.03 12,069.27
8/16/96 12,805.57 13,039.91 10,721.80 12,165.29
8/23/96 12,593.32 13,081.17 10,732.58 11,963.66
8/30/96 12,704.50 12,791.64 10,743.35 12,069.27
9/6/96 12,411.40 12,869.58 10,754.12 11,790.83
9/13/96 12,684.29 13,363.26 10,764.89 12,050.07
9/20/96 12,775.25 13,496.38 10,764.89 12,136.49
9/27/96 12,502.36 13,485.48 10,791.03 11,877.24
10/4/96 12,664.07 13,791.25 10,797.18 12,030.87
10/11/96 12,704.50 13,781.15 10,808.05 12,069.27
10/18/96 12,552.89 13,986.66 10,818.92 11,925.25
10/25/96 12,209.26 13,797.41 10,829.79 11,598.79
11/1/96 11,986.90 13,859.11 10,840.66 11,387.56
11/8/96 12,037.44 14,397.51 10,851.19 11,435.57
11/15/96 12,037.44 14,537.16 10,861.71 11,435.57
11/22/96 11,804.98 14,761.83 10,872.24 11,214.73
11/29/96 11,815.08 14,930.95 10,882.77 11,224.33
12/6/96 11,653.37 14,592.94 10,893.29 11,070.70
12/13/96 11,602.84 14,382.25 10,904.39 11,022.69
12/20/96 11,663.48 14,787.33 10,915.48 11,080.30
12/27/96 11,838.78 14,949.57 10,926.58 11,246.84
1/3/97 11,982.89 14,782.25 10,937.68 11,383.74
1/10/97 12,193.50 15,014.69 10,948.89 11,583.83
1/17/97 11,916.38 15,350.01 10,960.10 11,320.56
1/24/97 11,982.89 15,243.88 10,971.31 11,383.74
1/31/97 12,437.37 15,559.08 10,982.52 11,815.50
2/7/97 12,415.20 15,632.18 10,993.73 11,794.44
2/14/97 12,537.14 16,012.61 11,005.00 11,910.28
2/21/97 12,381.95 15,885.41 11,016.26 11,762.85
2/28/97 11,927.46 15,674.10 11,027.53 11,331.09
3/7/97 11,883.12 15,960.37 11,038.80 11,288.96
3/14/97 11,705.76 15,732.15 11,050.04 11,120.47
3/21/97 11,606.00 15,557.97 11,061.29 11,025.70
3/28/97 11,339.96 15,360.86 11,072.54 10,772.96
4/4/97 10,763.54 15,049.41 11,083.78 10,225.36
4/11/97 10,896.56 14,652.97 11,095.61 10,351.73
4/18/97 11,151.51 15,228.71 11,107.43 10,593.93
4/25/97 11,007.41 15,215.21 11,119.26 10,457.03
5/2/97 11,517.32 16,167.49 11,131.08 10,941.45
5/9/97 11,816.61 16,408.32 11,142.95 11,225.78
5/16/97 11,883.12 16,513.08 11,154.83 11,288.96
5/23/97 12,182.42 16,862.91 11,166.70 11,573.29
5/30/97 12,603.65 16,893.74 11,178.57 11,973.46
6/6/97 12,503.88 17,093.54 11,190.45 11,878.69
6/13/97 12,936.20 17,802.15 11,202.39 12,289.39
6/20/97 13,113.56 17,916.37 11,214.33 12,457.88
6/27/97 13,545.87 17,695.05 11,226.26 12,868.58
7/4/97 13,789.74 18,291.82 11,238.20 13,100.25
7/11/97 14,044.70 18,293.02 11,250.13 13,342.46
7/18/97 13,944.93 18,271.34 11,262.04 13,247.68
7/25/97 14,244.23 18,746.17 11,273.97 13,532.01
8/1/97 14,543.52 18,918.83 11,285.89 13,816.34
8/8/97 14,654.37 18,652.93 11,297.79 13,921.65
8/15/97 14,643.29 18,004.63 11,309.70 13,911.12
8/22/97 14,752.93 18,465.01 11,321.60 14,015.29
8/29/97 15,001.07 17,989.34 11,333.51 14,251.02
9/5/97 15,384.56 18,586.91 11,345.41 14,615.33
9/12/97 15,925.95 18,490.02 11,357.45 15,129.65
9/19/97 16,388.39 19,028.38 11,369.48 15,568.97
9/26/97 17,110.24 18,928.41 11,381.52 16,254.73
10/3/97 17,155.36 19,331.11 11,393.55 16,297.59
10/10/97 17,031.29 19,376.11 11,405.71 16,179.73
10/17/97 16,726.76 18,924.63 11,417.86 15,890.42
10/24/97 17,076.41 18,879.90 11,430.01 16,222.59
10/31/97 16,670.36 18,343.94 11,442.17 15,836.84
11/7/97 16,591.41 18,608.39 11,454.32 15,761.84
11/14/97 16,320.71 18,631.24 11,466.54 15,504.68
11/21/97 16,760.59 19,334.60 11,478.76 15,922.56
11/28/97 16,670.36 19,186.23 11,490.98 15,836.84
12/5/97 17,121.52 19,762.45 11,503.20 16,265.45
12/12/97 16,410.95 19,157.64 11,516.09 15,590.40
12/19/97 16,048.34 19,030.68 11,528.98 15,245.92
12/26/97 16,011.56 18,829.21 11,541.87 15,210.98
1/2/98 16,477.44 19,611.08 11,554.77 15,653.57
1/9/98 16,391.62 18,664.52 11,568.06 15,572.04
1/16/98 17,139.48 19,350.99 11,581.36 16,282.51
1/23/98 17,249.82 19,278.12 11,594.65 16,387.33
1/30/98 17,335.64 19,741.03 11,607.95 16,468.86
2/6/98 17,936.38 20,401.57 11,621.25 17,039.56
2/13/98 18,353.22 20,561.47 11,633.44 17,435.56
2/20/98 18,610.68 20,852.27 11,645.62 17,680.15
2/27/98 18,904.92 21,163.56 11,657.81 17,959.67
3/6/98 18,819.10 21,297.87 11,670.00 17,878.15
3/13/98 19,015.26 21,564.74 11,682.45 18,064.50
3/20/98 19,542.44 22,187.52 11,694.90 18,565.32
3/27/98 20,020.58 22,118.58 11,707.35 19,019.55
4/3/98 20,584.54 22,675.24 11,719.80 19,555.31
4/10/98 20,474.20 22,541.09 11,732.30 19,450.49
4/17/98 21,123.98 22,688.13 11,744.80 20,067.78
4/24/98 21,295.62 22,394.72 11,757.30 20,230.84
5/1/98 21,160.76 22,665.81 11,769.81 20,102.72
5/8/98 20,768.44 22,412.10 11,782.44 19,730.02
5/15/98 20,645.84 22,430.25 11,795.06 19,613.55
5/22/98 20,498.72 22,471.62 11,807.69 19,473.78
5/29/98 20,621.32 22,080.12 11,820.31 19,590.25
6/5/98 20,265.78 22,552.86 11,832.94 19,252.49
6/12/98 19,996.06 22,254.97 11,845.49 18,996.26
6/19/98 20,118.66 22,297.82 11,857.98 19,112.73
6/26/98 20,547.76 22,963.54 11,870.53 19,520.37
7/3/98 20,976.86 23,237.68 11,883.11 19,928.02
7/10/98 21,099.46 23,606.96 11,895.78 20,044.49
7/17/98 21,393.70 24,067.86 11,908.46 20,324.02
7/24/98 20,817.48 23,142.08 11,921.13 19,776.61
7/31/98 20,106.40 22,739.89 11,933.80 19,101.08
8/7/98 19,983.80 22,112.62 11,946.46 18,984.61
8/14/98 19,443.85 21,576.87 11,959.12 18,471.66
8/21/98 19,294.18 21,958.51 11,971.78 18,329.47
8/28/98 18,084.40 20,865.72 11,984.44 17,180.18
9/4/98 17,772.60 19,789.97 11,997.10 16,883.97
9/11/98 18,071.93 20,511.03 12,009.75 17,168.33
9/18/98 18,084.40 20,741.54 12,022.40 17,180.18
9/25/98 18,121.82 21,249.25 12,035.05 17,215.73
10/2/98 17,435.86 20,398.11 12,047.62 16,564.06
10/9/98 16,375.74 20,056.78 12,059.75 15,556.95
10/16/98 17,236.30 21,531.23 12,071.88 16,374.49
10/23/98 17,685.30 21,828.24 12,084.01 16,801.03
10/30/98 18,708.00 22,405.65 12,096.14 17,772.60
11/6/98 19,132.05 23,275.79 12,108.20 18,175.45
11/13/98 19,369.02 22,970.34 12,120.24 18,400.57
11/20/98 19,556.10 23,748.81 12,132.28 18,578.29
11/27/98 21,701.28 24,342.73 12,144.31 20,616.22
12/4/98 20,267.00 24,030.83 12,156.68 19,253.65
12/11/98 20,267.00 23,827.21 12,169.50 19,253.65
12/18/98 19,903.21 24,274.31 12,182.32 18,908.05
12/25/98 21,564.96 25,062.23 12,195.14 20,486.71
1/1/99 21,502.01 25,129.17 12,207.95 20,426.91
1/8/99 21,967.81 26,073.17 12,219.52 20,869.41
1/15/99 21,992.98 25,428.62 12,231.08 20,893.33
1/22/99 21,841.92 25,065.29 12,242.65 20,749.82
1/29/99 21,967.81 26,185.79 12,254.22 20,869.41
2/5/99 21,753.79 25,368.67 12,265.67 20,666.10
2/12/99 21,275.41 25,185.31 12,277.05 20,211.64
2/19/99 21,111.75 25,378.02 12,288.43 20,056.17
2/26/99 21,174.70 25,366.26 12,299.81 20,115.96
3/5/99 20,973.27 26,133.71 12,311.22 19,924.61
3/12/99 21,489.42 26,532.12 12,322.64 20,414.95
3/19/99 21,627.90 26,634.99 12,334.06 20,546.51
3/26/99 21,564.96 26,303.48 12,345.48 20,486.71
4/2/99 21,955.22 26,533.99 12,356.91 20,857.46
4/9/99 22,559.49 27,661.46 12,368.38 21,431.51
4/16/99 22,962.34 27,066.01 12,379.84 21,814.22
4/23/99 23,025.28 27,849.33 12,391.31 21,874.02
4/30/99 23,163.76 27,411.05 12,402.78 22,005.57
5/7/99 23,528.84 27,619.18 12,414.17 22,352.40
5/14/99 23,818.39 27,477.81 12,425.54 22,627.47
5/21/99 24,145.70 27,330.06 12,436.91 22,938.42
5/28/99 23,893.92 26,752.06 12,448.28 22,699.23
6/4/99 24,082.76 27,291.24 12,459.70 22,878.62
6/11/99 23,856.16 26,596.62 12,471.19 22,663.35
6/18/99 24,309.36 27,614.80 12,482.68 23,093.89
6/25/99 24,359.72 27,055.13 12,494.17 23,141.73
6/30/99 25,291.30 28,239.81 12,502.38 24,026.74
NOTE: The graph compares the performance results of a hypothetical $10,000
investment in Class A and a comparable index. The performance of Class A is
shown after adjustment to reflect the maximum sales load, which is waived for
certain investors. The performance of the index does not reflect brokerage
commissions and other expenses that would be incurred to acquire a comparable
portfolio of securities.
- -------------------------
Sources used are the net asset value of the Fund which is computed daily, The
Financial Times and Datastream.
The Standard and Poor's Composite Index is an unmanaged weighted index of the
stock performance of 500 industrial, transportation, utility and financial
companies. The percentage change in the value of the index includes dividends
reinvested.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[GRAPHIC OMITTED]
<TABLE>
<CAPTION>
GAMerica Capital
GAMerica Capital (after maximum sales load of 5%) Standard & Poor's Composite Index
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
One Year 22.21 16.10 22.89
Two Years 36.25 32.80 26.48
Three Years 25.80 23.66 29.16
Since inception 25.16 23.62 28.55
</TABLE>
ANNUAL PERFORMANCE - CLASS A
[GRAPHIC OMITTED]
GAMerica Capital Annual Performance data for table
GAMerica
Capital
GAMerica Class A S&P
Capital (after maximum Comp
Class A sales load of 5%) Index
Year % % %
- ------------------------------------------------------
1995 1.38 (3.70) 19.03
1996 18.31 12.40 22.95
1997 37.28 30.41 33.35
1998 30.59 24.06 28.76
1999* 17.62 11.74 12.38
*6 months
GAMerica
Capital Standard &
GAMerica Class A Poor's
Capital (After Maximum Composite
Class A Sales Load of 5%) Index
Year % % %
- --------------------------------------------------------------------------------
1995 1.38 (3.70) 19.03
1996 18.31 12.40 22.95
1997 37.28 30.41 33.35
1998 30.59 24.06 28.76
1999* 17.62 11.74 12.38
*6 months
35
<PAGE>
- --------------------------------------------------------------------------------
GAMerica Capital Fund - Report to Shareholders (CONTINUED)
- --------------------------------------------------------------------------------
THE FACTS - CLASS B SHARES
<TABLE>
<CAPTION>
GAMerica
Capital Average
GAMerica Class B S & P 1 Month
Capital (with deferred Comp Deposit
Class B sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$20.19 1,372.71
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +16.23 +10.42 + 7.05 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +16.98 +11.13 +12.38 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +20.79 +16.00 +22.89 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* +20.78 +16.41 +24.88 + 5.30
- -------------------------------------------------------------------------------------------
</TABLE>
THE FACTS - CLASS C SHARES
<TABLE>
<CAPTION>
GAMerica
Capital Average
GAMerica Class C S & P 1 Month
Capital (with deferred Comp Deposit
Class C sales charge) Index Rate
<S> <C> <C> <C> <C>
30th June, 1999 US$20.07 1,372.71
- -------------------------------------------------------------------------------------------
% % % %
- -------------------------------------------------------------------------------------------
Quarter to June, 1999 +16.28 +15.12 + 7.05 + 1.20
- -------------------------------------------------------------------------------------------
Jan - June, 1999 +17.16 +15.99 +12.38 + 2.43
- -------------------------------------------------------------------------------------------
Average annual total return:
- -------------------------------------------------------------------------------------------
1 year to June, 1999 +20.01 +20.01 +22.89 + 5.26
- -------------------------------------------------------------------------------------------
Since inception* +20.14 +20.14 +24.88 + 5.30
- -------------------------------------------------------------------------------------------
</TABLE>
* Inception was on 26th May, 1998 for Class B and Class C shares.
THE COMMENT
During the first half of the year the US stockmarket measured by the S & P
Composite Index had another strong increase rising by 12.38%.
US economic performance has continued its strength in contrast to the poor
background in much of the world. US real consumer spending in the second quarter
probably increased at a 4.5% annual rate, a slowdown from the first quarter, but
still very strong.
The Federal Reserve raised the Federal Funds rate by a 0.25% on 30th June,
the first increase in over two years but a statement suggesting it might not
raise rates again in the "near term" accompanied this. The Federal Reserve is
concerned about the effect a rapid rise in increase rates could have on what
might be a slowing US economy and improving world economies.
Recent homebuilder sales survey figures in fact, suggest some slowing in
this area which is likely to be accentuated by the increase rate rise.
While the unemployment rate has fallen to very low levels strengthening
productivity growth has contained inflationary pressures.
While good markets may well continue, the S & P Composite Index is selling
at the highest multiple of estimated operating profits of the past 50 years.
Phenomena such as the very high level of takeover activity and the rampant
speculation in internet stocks have in the past been associated with market
peaks. We will do our best to try to identify reasonably valued stocks.
36
<PAGE>
- --------------------------------------------------------------------------------
GAMerica Capital Fund - Statement of Investments
- --------------------------------------------------------------------------------
AS AT 30TH JUNE, 1999 (UNAUDITED)
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
BONDS - 1.2%
TELECOMMUNICATIONS - 1.2%
$663,000 Globalstar LP 11.375% 2004-02-15 455,580
--------------
455,580
--------------
TOTAL BONDS (COST $455,010)
EQUITIES - 51.6%
AUTOMOBILES - 3.2%
*25,000 Keystone Automotive Industries 434,375
*15,000 United Auto Group 768,750
--------------
1,203,125
--------------
BANKING - 0.1%
*3,000 Friedman, Billings, Ramsey Group A 35,625
--------------
35,625
--------------
BEVERAGE & TOBACCO - 0.1%
2,000 Gallaher Group ADR 48,875
--------------
48,875
--------------
BROADCASTING & PUBLISHING - 3.0%
*15,400 Pegasus Communications 607,337
*15,000 TCI Music 530,625
--------------
1,137,962
--------------
BUILDING MATERIALS & COMPONETS - 4.2%
*63,000 Trex Company 1,598,625
--------------
1,598,625
--------------
BUSINESS & PUBLIC SERVICES - 0.5%
*27,000 Professional Staff ADR 175,500
--------------
175,500
--------------
CONSTRUCTION & HOUSING - 0.7%
*9,765 Palm Harbor Homes 244,735
--------------
244,735
--------------
DATA PROCESSING & REPRODUCTION - 3.4%
*15,000 Beyond.com 430,312
*40,000 Edgar Online 320,000
*70,000 Optibase 538,125
--------------
1,288,437
--------------
ELECTRICAL & ELECTRONICS - 0.4%
2,500 AVX 60,938
*5,000 Catapult Communications 94,375
--------------
155,313
--------------
ELECTRONIC COMP. & INSTRUMENTS - 6.0%
*70,000 Power One 1,723,750
15,000 Raychem 555,000
--------------
2,278,750
--------------
ENERGY SOURCES - 7.7%
*30,000 Barrett Resources 1,151,250
20,000 Burlington Resource 865,000
*50,000 Tom Brown 778,125
3,000 Unocal 118,875
--------------
2,913,250
--------------
FINANCIAL SERVICES - 0.8%
*26,400 Titan 290,400
--------------
290,400
--------------
FOOD & HOUSEHOLD PRODUCTS - 1.4%
3,472 Archer-Daniels-Midland 53,599
15,000 Delta & Pine Land 472,500
--------------
526,099
--------------
HEALTH & PERSONAL CARE - 1.2%
*4,500 ClinTrials Research 22,500
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
8,400 Intimate Brands A 397,950
*5,600 Unilab 33,600
--------------
454,050
--------------
INSURANCE - 1.9%
15,000 Orion Capital 538,125
3,500 XL Capital A 197,750
--------------
735,875
--------------
MACHINERY & ENGINEERING - 2.3%
40,000 Gerber Scientific 882,500
--------------
882,500
--------------
MERCHANDISING - 4.9%
*24,000 Best Buy 1,620,000
*4,150 Cdnow 73,144
6,250 Fred's A 97,656
*12,500 Jumbosports 1,250
++ *7,500 Party City 15,938
806 Pep Boys 17,430
--------------
1,825,418
--------------
MISC. MATERIALS & COMMODITIES - 1.0%
*70,000 Foamex International 389,375
--------------
389,375
--------------
REAL ESTATE - 4.5%
20,000 Bradley Real Estate 415,000
*80,000 Fairfield Communities 1,290,000
--------------
1,705,000
--------------
RECREATION & OTHER CONSUMER
GOODS - 0.4%
2,000 Fortune Brands 82,750
*7,500 Select Comfort 67,031
--------------
149,781
--------------
TELECOMMUNICATIONS - 1.4%
*6,000 MCI WorldCom 516,375
--------------
516,375
--------------
WHOLESALE & INTERNATIONAL TRADE - 2.5%
*50,000 CyberShop International 343,750
*50,000 Point of Sale 625,000
--------------
968,750
--------------
TOTAL EQUITIES (COST $13,632,603) 19,523,820
--------------
TIME DEPOSITS - 47.1%
UNITED STATES - 47.1%
$17,848,165 Morgan Guaranty London
6.25% 1999-07-01 17,848,165
--------------
TOTAL TIME DEPOSITS (COST $17,848,165) 17,848,165
--------------
TOTAL INVESTMENTS (COST $31,935,778**) - 99.9% 37,827,565
NET CURRENT ASSETS - 0.1% 41,813
--------------
TOTAL NET ASSETS - 100.0% 37,869,378
==============
* Non-income producing security.
** Cost for federal income tax purposes is identical.
++ Fair value determined by Board of Directors.
Glossary of Terms:
ADR - American Depositary Receipt
See notes to financial statements.
37
<PAGE>
- --------------------------------------------------------------------------------
GAM Funds, Inc. - Statements of Assets and Liabilities
- --------------------------------------------------------------------------------
AS AT 30TH JUNE, 1999 (UNAUDITED)
<TABLE>
GAM GAM
INTERNATIONAL GLOBAL
----------------- --------------
<S> <C> <C>
ASSETS (IN US$)
Investments in securities at value $2,183,555,910 $ 121,111,997
Cash - Foreign currencies 69,499,660 2,691,532
Receivables:
Securities sold 70,742,349 721,002
Capital shares sold 6,511,131 115,163
Dividends, interest and other 10,832,153 327,756
Due from broker for futures contracts (Note 6) - -
Net equity in foreign currency exchange contracts (Note 6) 125,619,157 1,814,282
Deferred organizational expenses and other assets 108,450 40,990
-------------- -------------
TOTAL ASSETS 2,466,868,810 126,822,722
-------------- -------------
LIABILITIES
Due to Custodian 52,844,305 933,242
Payables:
Securities purchased 26,227,329 767,812
Capital shares redeemed 10,140,343 548,087
Due to broker for futures contracts (Note 6) 17,146,223 763,984
Net equity in foreign currency exchange contracts (Note 6) - -
Accrued management fee 6,301,722 335,183
Accrued distribution fee 1,941,825 103,791
Accrued expenses and other 1,383,084 89,570
-------------- -------------
TOTAL LIABILITIES 115,984,831 3,541,669
-------------- -------------
NET ASSETS $2,350,883,979 $ 123,281,053
============== =============
SOURCE OF NET ASSETS
Net capital paid in on shares of capital stock (Note 4) $2,269,318,898 $ 120,949,017
Accumulated net investment income/(loss) 67,329,692 (73,294)
Accumulated net realized gains/(losses) (315,548,659) (14,352,661
Net unrealized appreciation/(depreciation) 329,784,048 16,757,991
-------------- -------------
NET ASSETS $2,350,883,979 $ 123,281,053
============== =============
CLASS A SHARES OUTSTANDING 78,200,118 5,027,329
CLASS A NET ASSETS $2,064,073,660 $ 94,218,903
Net asset value and redemption value per share (Note 4) $ 26.39 $ 18.74
Offering price per share (100/95 x net asset value per share reduced
on sales of $100,000 or more) $ 27.78 $ 19.73
CLASS B SHARES OUTSTANDING 2,759,690 580,356
CLASS B NET ASSETS $ 73,431,063 $ 10,868,668
Net asset value and offering price per share (Note 4) $ 26.61 $ 18.73
CLASS C SHARES OUTSTANDING 3,487,261 528,830
CLASS C NET ASSETS $ 92,709,060 $ 9,892,283
Net asset value and offering price per share (Note 4) $ 26.59 $ 18.71
CLASS D SHARES OUTSTANDING 4,598,471 449,265
CLASS D NET ASSETS $ 120,670,196 $ 8,301,199
Net asset value and redemption value per share (Note 4) $ 26.24 $ 18.48
Offering price per share (100/96.5 x net asset value per share reduced on sales of
$100,000 or more) $ 27.19 $ 19.15
Identified cost of investments $1,978,943,102 $ 106,239,414
</TABLE>
<TABLE>
<CAPTION>
GAM
GAM PACIFIC
EUROPE BASIN
-------------- ----------------
<S> <C> <C>
ASSETS (IN US$)
Investments in securities at value $27,418,303 $ 30,117,399
Cash - Foreign currencies 346,885 142,560
Receivables:
Securities sold 1,107,293 298,384
Capital shares sold - 143,508
Dividends, interest and other 116,990 38,167
Due from broker for futures contracts (Note 6) - 50,834
Net equity in foreign currency exchange contracts (Note 6) - 107,776
Deferred organizational expenses and other assets 28,652 31,733
----------- --------------
TOTAL ASSETS 29,018,123 30,930,361
----------- --------------
LIABILITIES
Due to Custodian 209,817 -
Payables:
Securities purchased 933,637 194,548
Capital shares redeemed 99,158 11,309
Due to broker for futures contracts (Note 6) - -
Net equity in foreign currency exchange contracts (Note 6) - -
Accrued management fee 81,486 62,484
Accrued distribution fee 27,505 14,597
Accrued expenses and other 66,396 66,654
----------- --------------
TOTAL LIABILITIES 1,417,999 349,592
----------- --------------
NET ASSETS $27,600,124 $ 30,580,769
=========== ==============
SOURCE OF NET ASSETS
Net capital paid in on shares of capital stock (Note 4) $25,257,590 $ 48,466,120
Accumulated net investment income/(loss) (667,424) (1,625,949)
Accumulated net realized gains/(losses) 3,064,639 (19,532,516)
Net unrealized appreciation/(depreciation) (54,681) 3,273,114
----------- --------------
NET ASSETS $27,600,124 $ 30,580,769
=========== ==============
CLASS A SHARES OUTSTANDING 2,202,138 2,544,648
CLASS A NET ASSETS $25,410,779 $ 27,883,535
Net asset value and redemption value per share (Note 4) $ 11.54 $ 10.96
Offering price per share (100/95 x net asset value per share reduced
on sales of $100,000 or more) $ 12.15 $ 11.54
CLASS B SHARES OUTSTANDING 132,091 84,630
CLASS B NET ASSETS $ 1,530,505 $ 973,074
Net asset value and offering price per share (Note 4) $ 11.59 $ 11.50
CLASS C SHARES OUTSTANDING 57,896 48,403
CLASS C NET ASSETS $ 658,840 $ 490,370
Net asset value and offering price per share (Note 4) $ 11.38 $ 10.13
CLASS D SHARES OUTSTANDING - 114,646
CLASS D NET ASSETS - $ 1,233,790
Net asset value and redemption value per share (Note 4) - $ 10.76
Offering price per share (100/96.5 x net asset value per share reduced on sales of
$100,000 or more) - $ 11.15
Identified cost of investments $27,467,788 $ 27,002,701
</TABLE>
See notes to financial statements.
38
<PAGE>
- --------------------------------------------------------------------------------
GAM Funds, Inc. - Statements of Assets and Liabilities (CONTINUED)
- --------------------------------------------------------------------------------
AS AT 30TH JUNE, 1999 (UNAUDITED)
<TABLE>
GAM GAM
Japan North GAMerica
Capital America Capital
-------------- -------------- ----------------
<S> <C> <C> <C>
ASSETS (IN US$)
Investments in securities at value $ 34,002,423 $39,871,079 $ 37,827,565
Cash - currencies 1,708,102 - -
Receivables:
Securities sold 399 - -
Capital shares sold 66,662 157,414 171,764
Dividends, interest and other 459,584 30,900 41,344
Due from broker for futures contracts (Note 6) - - -
Net equity in foreign currency exchange contracts (Note 6) - - -
Deferred organizational expenses and other assets 33,307 34,289 11,885
------------ ----------- ------------
TOTAL ASSETS 36,270,477 40,093,682 38,052,558
------------ ----------- ------------
LIABILITIES
Due to Custodian - 52,412 31,516
Payables:
Securities purchased 401 - -
Capital shares redeemed 18,151 121,159 51,127
Due to broker for futures contracts (Note 6) - - -
Net equity in foreign currency exchange contracts (Note 6) 76,733 - -
Accrued management fee 80,507 92,505 75,122
Accrued distribution fee 24,641 29,113 24,283
Accrued expenses and other 56,671 7,476 1,132
------------ ----------- ------------
TOTAL LIABILITIES 257,104 302,665 183,180
------------ ----------- ------------
NET ASSETS $ 36,013,373 $39,791,017 $ 37,869,378
============ =========== ============
SOURCE OF NET ASSETS
Net capital paid in on shares of capital stock (Note 4) $ 39,730,336 $34,049,949 $ 30,951,404
Accumulated net investment income/(loss) (746,467) (63,902) 29,698
Accumulated net realized gains/(losses) (8,759,298) (6,890) 996,488
Net unrealized appreciation/(depreciation) 5,788,802 5,811,860 5,891,788
------------ ----------- ------------
NET ASSETS $ 36,013,373 $39,791,017 $ 37,869,378
============ =========== ============
CLASS A SHARES OUTSTANDING 3,394,531 1,729,463 1,386,455
CLASS A NET ASSETS $ 33,259,598 $30,814,890 $ 27,851,029
Net asset value and redemption value per share (Note 4) $ 9.80 $ 17.82 $ 20.09
Offering price per share (100/95 x net asset value per share reduced
on sales of $100,000 or more) $ 10.32 $ 18.76 $ 21.15
CLASS B SHARES OUTSTANDING 123,540 178,679 186,988
CLASS B NET ASSETS $ 1,258,873 $ 3,178,376 $ 3,775,334
Net asset value and offering price per share (Note 4) $ 10.19 $ 17.79 $ 20.19
CLASS C SHARES OUTSTANDING 146,132 331,356 311,019
CLASS C NET ASSETS $ 1,494,902 $ 5,797,751 $ 6,243,015
Net asset value and offering price per share (Note 4) $ 10.23 $ 17.50 $ 20.07
Identified cost of investments $ 28,136,544 $34,059,217 $ 31,935,778
</TABLE>
See notes to financial statements.
39
<PAGE>
- --------------------------------------------------------------------------------
GAM Funds, Inc. - Statements of Operations
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED 30TH JUNE, 1999 (UNAUDITED)
<TABLE>
GAM GAM
INTERNATIONAL GLOBAL
----------------- --------------
<S> <C> <C>
INVESTMENT INCOME (IN US$)
Dividends (Note 5) $ 33,842,536 $ 728,272
Interest (Note 5) 7,872,268 380,818
-------------- ------------
41,714,804 1,109,090
-------------- ------------
EXPENSES
Investment advisory fee (Note 2) 13,247,228 742,085
Custodian fees and expenses 1,438,045 79,352
Transfer agent fees and expenses 686,352 39,790
Shareholder servicing fees 1,041,293 36,924
Distribution Fee - Class A (Note 2) 3,499,404 178,275
Distribution Fee - Class B (Note 2) 345,796 52,101
Distribution Fee - Class C (Note 2) 438,625 47,004
Distribution Fee - Class D (Note 2) 339,871 22,164
Professional fees 37,286 19,186
Administrative expenses 964,187 61,027
Printing 217,200 12,851
Amortization of organization costs - -
Filing fees 49,174 38,845
Other 298,287 47,241
-------------- ------------
Total operating expenses 22,602,748 1,376,845
Interest expense 627,217 36,569
-------------- ------------
Total expenses 23,229,965 1,413,414
-------------- ------------
Net investment income/(loss) 18,484,839 (304,324)
-------------- ------------
REALIZED AND UNREALIZED
GAIN/(LOSS) FROM INVESTMENTS
AND FOREIGN CURRENCY
Net realized gain/(loss) from:
Securities and futures (122,725,685) 3,855,437
Foreign currency transactions (78,773,686) (2,305,076)
-------------- ------------
(201,499,371) 1,550,361
-------------- ------------
Unrealized appreciation/(depreciation) for the period:
Securities and futures (365,750,510) (7,563,208)
Foreign currency translation of assets and liabilities other than investments 184,333,422 2,802,187
-------------- ------------
(181,417,088) (4,761,021)
-------------- ------------
Net gain/(loss) on investments and foreign currencies (382,916,459) (3,210,660)
-------------- ------------
NET INCREASE/(DECREASE) ON NET ASSETS FROM OPERATIONS $ (364,431,620) $ (3,514,984)
============== ============
</TABLE>
<TABLE>
<CAPTION>
GAM
GAM PACIFIC
EUROPE BASIN
--------------- --------------
<S> <C> <C>
INVESTMENT INCOME (IN US$)
Dividends (Note 5) $ 431,884 $ 169,693
Interest (Note 5) 3,834 37,347
------------ -------------
435,718 207,040
------------ -------------
EXPENSES
Investment advisory fee (Note 2) 203,764 108,890
Custodian fees and expenses 70,228 54,481
Transfer agent fees and expenses 11,946 9,955
Shareholder servicing fees 30,770 10,498
Distribution Fee - Class A (Note 2) 56,872 29,831
Distribution Fee - Class B (Note 2) 8,427 2,309
Distribution Fee - Class C (Note 2) 4,019 1,243
Distribution Fee - Class D (Note 2) - 2,547
Professional fees 17,376 18,281
Administrative expenses 32,218 12,127
Printing 2,172 4,344
Amortization of organization costs - -
Filing fees 29,088 39,011
Other 9,786 10,497
------------ ------------
Total operating expenses 476,666 304,014
Interest expense 45,525 7,408
------------ -------------
Total expenses 522,191 311,422
------------ -------------
Net investment income/(loss) (86,473) (104,382)
------------ -------------
REALIZED AND UNREALIZED
GAIN/(LOSS) FROM INVESTMENTS
AND FOREIGN CURRENCY
Net realized gain/(loss) from:
Securities and futures 2,556,970 (1,346,067)
Foreign currency transactions (334,945) 148,002
------------ -------------
2,222,025 (1,198,065)
------------ -------------
Unrealized appreciation/(depreciation) for the period:
Securities and futures (5,939,421) 7,675,764
Foreign currency translation of assets and liabilities other than investments (6,868) 326,217
------------ -------------
(5,946,289) 8,001,981
------------ -------------
Net gain/(loss) on investments and foreign currencies (3,724,264) 6,803,916
------------ -------------
NET INCREASE/(DECREASE) ON NET ASSETS FROM OPERATIONS $ (3,810,737) $ 6,699,534
============ =============
</TABLE>
See notes to financial statements.
40
<PAGE>
- --------------------------------------------------------------------------------
GAM Funds, Inc. - Statements of Operations (CONTINUED)
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED 30TH JUNE, 1999 (UNAUDITED)
<TABLE>
GAM GAM
Japan North GAMerica
Capital America Capital
------------- ------------- ------------
<S> <C> <C> <C>
INVESTMENT INCOME (IN US$)
Dividends (Note 5) $ 84,031 $ 203,907 $ 46,555
Interest (Note 5) 80,591 38,620 231,958
---------- ---------- ----------
164,622 242,527 278,513
---------- ---------- ----------
EXPENSES
Investment advisory fee (Note 2) 141,963 152,040 120,958
Custodian fees and expenses 56,472 18,824 13,937
Transfer agent fees and expenses 7,421 3,982 2,534
Shareholder servicing fees 17,376 8,326 2,896
Distribution Fee - Class A (Note 2) 39,291 36,052 27,396
Distribution Fee - Class B (Note 2) 4,485 11,128 9,639
Distribution Fee - Class C (Note 2) 5,373 19,671 17,670
Distribution Fee - Class D (Note 2) - - -
Professional fees 12,851 9,955 9,955
Administrative expenses 15,023 8,507 5,973
Printing 2,715 1,086 720
Amortization of organization costs 3,620 - 2,534
Filing fees 30,090 28,793 26,644
Other 9,955 8,065 7,950
---------- ---------- ----------
Total operating expenses 346,635 306,429 248,806
Interest expense - - 9
---------- ---------- ----------
Total expenses 346,635 306,429 248,815
---------- ---------- ----------
Net investment income/(loss) (182,013) (63,902) 29,698
---------- ---------- ----------
REALIZED AND UNREALIZED
GAIN/(LOSS) FROM INVESTMENTS
AND FOREIGN CURRENCY
Net realized gain/(loss) from:
Securities and futures 711,467 (2,371) 243,709
Foreign currency transactions 561,520 - -
---------- ---------- ----------
1,272,987 (2,371) 243,709
---------- ---------- ----------
Unrealized appreciation/(depreciation) for the period:
Securities and futures 6,323,148 1,808,157 4,462,204
Foreign currency translation of forwards and other assets and
liabilities 120,437 - -
---------- ---------- ----------
6,443,585 1,808,157 4,462,204
---------- ---------- ----------
Net gain/(loss) on investments and foreign currencies 7,716,572 1,805,786 4,705,913
---------- ---------- ----------
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS $7,534,559 $1,741,884 $4,735,611
========== ========== ==========
</TABLE>
See notes to financial statements.
41
<PAGE>
- --------------------------------------------------------------------------------
GAM Funds, Inc. - Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
<TABLE>
GAM
GAM GAM GAM Pacific
International Global Europe Basin
----------------- ---------------- --------------- --------------
<S> <C> <C> <C> <C>
PERIOD ENDED 30TH JUNE, 1999 (unaudited)
INCREASE/(DECREASE) IN NET
ASSETS FROM:
Operations
Net investment income/(loss) $ 18,484,839 $ (304,324) $ (86,473) $ (104,382)
Net realized gain/(loss) (201,499,371) 1,550,361 2,222,025 (1,198,065)
Unrealized appreciation/
(depreciation) for the period (181,417,088) (4,761,021) (5,946,289) 8,001,981
-------------- ------------- ------------- ------------
Net increase/(decrease) in net
assets from operations (364,431,620) (3,514,984) (3,810,737) 6,699,534
Dividends paid to shareholders from:
Net investment income
Class A - - - -
Class B - - - -
Class C - - - -
Class D - - - -
Net realized gain on investments
Class A - - - -
Class B - - - -
Class C - - - -
Class D - - - -
Capital share transactions (Note 4) (272,885,640) (42,976,169) (20,821,030) 5,423,523
-------------- ------------- ------------- ------------
Total increase/(decrease) in net assets (637,317,260) (46,491,153) (24,631,767) 12,123,057
NET ASSETS
Beginning of period 2,988,201,239 169,772,206 52,231,891 18,457,712
-------------- ------------- ------------- ------------
End of period $2,350,883,979 $ 123,281,053 $ 27,600,124 $ 30,580,769
============== ============= ============= ============
</TABLE>
<TABLE>
GAM
GAM GAM GAM Pacific
International Global Europe Basin
----------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
YEAR ENDED 31ST DEC, 1998
INCREASE/(DECREASE) IN NET
ASSETS FROM:
Operations
Net investment income/(loss) $ 6,149,117 $ (408,750) $ 97,507 $ (33,643)
Net realized gain/(loss) 7,476,566 (15,250,153) 2,939,106 (11,701,135)
Unrealized appreciation/
(depreciation) for the period 87,495,823 11,132,333 (136,956) 9,927,352
-------------- ------------- ------------ -------------
Net increase/(decrease) in net
assets from operations 101,121,506 (4,526,570) 2,899,657 (1,807,426)
Dividends paid to shareholders from:
Net investment income
Class A (3,801,544) - (57,979) (431,742)
Class B - - - (936)
Class C - - - -
Class D (162,472) - - (28,893)
Net realized gain on investments
Class A (37,602,228) (1,094,319) (4,571,876) (1,566,094)
Class B - - (114,513) (2,587)
Class C - - (59,514) (1,405)
Class D (2,310,145) (78,435) - (72,474)
Capital share transactions (Note 4) 1,038,008,110 105,964,032 15,035,528 (2,259,071)
-------------- ------------- ------------ -------------
Total increase/(decrease) in net assets 1,095,253,227 100,264,708 13,131,303 (6,170,628)
NET ASSETS
Beginning of year 1,892,948,012 69,507,498 39,100,588 24,628,340
-------------- ------------- ------------ -------------
End of year $2,988,201,239 $ 169,772,206 $ 52,231,891 $ 18,457,712
============== ============= ============ =============
</TABLE>
See notes to financial statements.
42
<PAGE>
- --------------------------------------------------------------------------------
GAM Funds, Inc. - Statements of Changes in Net Assets (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
GAM GAM
Japan North GAMerica
Capital America Capital
-------------- --------------- --------------
<S> <C> <C> <C>
PERIOD ENDED 30TH JUNE, 1999 (unaudited)
INCREASE/(DECREASE) IN NET
ASSETS FROM:
Operations
Net investment income/(loss) $ (182,013) $ (63,902) $ 29,698
Net realized gain/(loss) 1,272,987 (2,371) 243,709
Unrealized appreciation/
(depreciation) for the period 6,443,585 1,808,157 4,462,204
----------- ----------- -----------
Net increase/(decrease) in net
assets from operations 7,534,559 1,741,884 4,735,611
Dividends paid to shareholders from:
Net investment income
Class A - - -
Class B - - -
Class C - - -
Class D - - -
Net realized gain on investments
Class A - - -
Class B - - -
Class C - - -
Class D - - -
Capital share transactions (Note 4) 4,205,963 18,570,855 19,488,923
----------- ----------- -----------
Total increase/(decrease) in net assets 11,740,522 20,312,739 24,224,534
NET ASSETS
Beginning of period 24,272,851 19,478,278 13,644,844
----------- ----------- -----------
End of period $36,013,373 $39,791,017 $37,869,378
=========== =========== ===========
</TABLE>
<TABLE>
GAM GAM
Japan North GAMerica
Capital America Capital
-------------- --------------- ---------------
<S> <C> <C> <C>
YEAR ENDED 31ST DEC, 1998
INCREASE/(DECREASE) IN NET
ASSETS FROM:
Operations
Net investment income/(loss) $ (235,428) $ (72,019) $ (19,581)
Net realized gain/(loss) (4,760,514) 4,184,527 880,209
Unrealized appreciation/
(depreciation) for the period 4,104,960 570,859 902,365
------------ ------------ -----------
Net increase/(decrease) in net
assets from operations (890,982) 4,683,367 1,762,993
Dividends paid to shareholders from:
Net investment income
Class A - - -
Class B - - -
Class C - - -
Class D - - -
Net realized gain on investments
Class A (1,796,842) (4,058,087) (253,783)
Class B - (169,676) (8,302)
Class C - (196,849) (7,626)
Class D - - -
Capital share transactions (Note 4) (3,911,099) 8,253,350 8,352,505
------------ ------------ -----------
Total increase/(decrease) in net assets (6,598,923) 8,512,105 9,845,787
NET ASSETS
Beginning of year 30,871,774 10,966,173 3,799,057
------------ ------------ -----------
End of year $ 24,272,851 $ 19,478,278 $13,644,844
============ ============ ===========
</TABLE>
See notes to financial statements.
43
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements
- --------------------------------------------------------------------------------
AS AT 30TH JUNE, 1999 (UNAUDITED)
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
GAM Funds, Inc. (the "Company"), is an open-end diversified investment company
registered under the Investment Company Act of 1940 comprised of seven
portfolios: GAM International Fund, GAM Global Fund, GAM Europe Fund, GAM
Pacific Basin Fund, GAM Japan Capital Fund, GAM North America Fund and GAMerica
Capital Fund (the "Funds").
Each Fund seeks long-term capital appreciation by investing primarily in equity
securities. GAM International Fund invests primarily in securities of companies
in Europe, the Pacific Basin and Canada. GAM Global Fund invests primarily in
securities of companies in the United States, Europe, the Pacific Basin and
Canada. GAM Europe Fund invests primarily in securities of companies in Europe.
GAM Pacific Basin Fund invests primarily in securities of companies in the
Pacific Basin. GAM Japan Capital Fund invests primarily in securities of
companies in Japan. GAM North America Fund invests primarily in securities of
companies in the United States and Canada. GAMerica Capital Fund invests
primarily in securities of companies in the United States.
The Funds offer Class A, Class B, Class C and Class D shares. Class A, Class B
and Class C shares currently are available for all funds and Class D shares
currently are available only for GAM International Fund, GAM Global Fund and GAM
Pacific Basin Fund. Class A shares are sold with a front-end sales charge of up
to 5.0% and Class D shares are sold with a front-end sales charge of up to 3.5%.
There is no front-end sales charge on Class B or Class C shares. Class B shares
are currently sold with a contingent deferred sales charge which declines from
5.0% to zero depending on the period of time the shares are held. Class B shares
will automatically convert to Class A shares eight years after the end of the
calendar month of purchase. Class C shares redeemed within one year of purchase
will be subject to a contingent deferred sales charge of 1.0%. The four classes
of shares have identical voting, dividend, liquidation and other rights, except
that each class bears its separate distribution and certain class expenses, and
has exclusive voting rights with respect to any matter on which a separate vote
of any class is required by federal or state law. The following is a summary of
significant accounting policies followed in the preparation of the Company's
financial statements.
VALUATION OF SECURITIES
Investment securities are stated at value based on the last sale price on the
principal exchange on which the securities are traded, or, lacking any sales, at
the last available bid price. Securities traded in the over-the-counter market
are valued at the last available bid price. Short-term securities maturing in 60
days or less are valued on an amortized cost basis which approximates market
value. Forward foreign currency contracts are valued at the forward rate and are
marked to market daily. Other securities for which market quotations are not
readily available are valued at fair value as determined by or under the
direction of the Board of Directors.
ADJUSTABLE RATE INDEX NOTES
Each Fund may invest in adjustable rate index notes (ARINs) or similar
instruments. An ARIN is a form of promissory note issued by a brokerage firm or
other counterparty which provides that the amount of principal or interest paid
will vary inversely in proportion to changes in the value of a specified
security. The Funds could suffer losses in the event of a default or insolvency
of the brokerage firm or other counterparty issuing the ARIN.
FOREIGN CURRENCY
Portfolio securities and other assets and liabilities denominated in foreign
currencies are translated into US dollar amounts at date of valuation. Purchases
and sales of portfolio securities and income items denominated in foreign
currencies are translated into US dollar amounts on the respective dates of such
transactions. The Funds do 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 or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, the difference between the
amounts of dividends, interest and foreign withholding taxes recorded on the
Funds' books, and the US dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in the
value of assets and liabilities other than investments in securities at period
end, resulting from changes in the exchange rate.
44
<PAGE>
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Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
FOREIGN CURRENCY CONTRACTS
Each Fund may enter into forward foreign currency exchange contracts primarily
in order to hedge against foreign currency exchange rate risks on the non-US
dollar denominated investment securities. These contracts are valued daily and
the Funds' equity therein, representing unrealized gain or loss on the
contracts, is included in the Statement of Assets and Liabilities. Realized and
unrealized gains and losses on these contracts are included in the Statement of
Operations.
FUTURES CONTRACTS
Initial margin deposits made with respect to futures contracts traded on
domestic exchanges are maintained by the Funds' custodian in segregated asset
accounts. Initial margin deposits made upon entering into futures contracts
traded on foreign exchanges are recognized as assets due from the broker (the
Funds' agent in acquiring the futures positions). These deposits are made by the
Funds as a partial guarantee of their performance under the contract. Subsequent
changes in the daily valuation of open contracts are recognized as unrealized
gains or losses. Variation margin payments are made or received on domestically
traded futures as appreciation or depreciation in the value of these contracts
occurs. Realized gains or losses are recorded when a contract is closed.
FEDERAL INCOME TAXES
It is each Fund's policy to satisfy the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
taxable income to shareholders. Therefore, no provision for Federal income taxes
is required.
OPTION CONTRACTS
The Funds may invest, for hedging and other purposes, in call and put options on
securities, currencies and futures contracts. Call and put options give the
Funds the right but not the obligation to buy (calls) or sell (puts) the
instrument underlying the option at a specified price. The premium paid on the
option, should it be excercised, will, on a call, increase the cost of the
instrument acquired and, on a put, reduce the proceeds received from the sale of
the instrument underlying the option. If the options are not exercised, the
premium paid will be recorded as a capital loss upon expiration. The Funds may
incur additional risk to the extent that the value of the underlying instrument
does not correlate with the movement of the option value.
DISTRIBUTIONS TO SHAREHOLDERS
Distributions are recorded on the ex-dividend date. Income and capital gain
distributions are determined in accordance with income tax regulations which may
differ from generally accepted accounting principles. These differences, which
may result in distribution reclassifications, are primarily due to differing
treatments for futures transactions, foreign currency transactions, passive
foreign investment companies (PFIC), capital loss carryforwards and losses
deferred due to wash sales and excise tax regulations. Permanent book and tax
basis differences relating to shareholder distributions will result in
reclassifications to paid- in capital and may affect the per share distribution
between net investment income and realized and unrealized gain/(loss). The
calculation of Net Investment Income per share in the Selected Financial
Information excludes these adjustments. Undistributed net investment
income/(loss) and accumulated undistributed net realized gain/(loss) on
investments and foreign currency transactions may include temporary book and tax
basis differences which will reverse in a subsequent period. Any taxable income
or gain remaining at fiscal year end is distributed in the following year.
DEFERRED ORGANIZATION EXPENSES
Organization costs for GAM Japan Capital Fund and GAMerica Capital Fund have
been deferred and are being amortized on a straight-line basis over a five-year
period from each Fund's commencement of operations.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expense during the reporting period. Actual
results could differ from those estimates.
OTHER
Securities transactions are recorded on trade date. Interest is accrued on a
daily basis and market discount is accreted on a straight-line basis. Dividend
income is recorded on the ex-dividend date, except that certain dividends on
foreign securities are recorded as soon as information is available to the Fund.
Interest expense primarily relates to custodian bank overdraft charges incurred
during the year.
45
<PAGE>
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Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 2. INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Investment Adviser, GAM International Management Limited, receives a fee
under its agreement with the Company equivalent to 1.00% per annum of each
Fund's average daily net assets, except for GAM North America Fund. With respect
to GAM North America Fund, GAM International Management Limited and Fayez
Sarofim & Co. serve as co-investment advisers to the Fund. Each co-adviser
receives a fee under its agreement equivalent to 0.50% per annum of the Fund's
average daily net assets.
GAM Services, Inc. acts as principal underwriter of the Fund. For the six months
ended 30th June, 1999, GAM Services, Inc. retained front-end sales load charges
of $557,402 and contingent deferred sales charges of $195,294 from the sale of
Fund shares. Front end sales charges are waived for Class A and Class D
purchases of $1 million or more, but are subject to contingent deferred sales
charges of 1.0% for shares sold within 18 months of purchase.
Effective 5th September, 1995, the Funds adopted a Class D Distribution Plan
pursuant to Rule 12b-1 under the Investment Company Act of 1940 which provides
for payments by the Funds to GAM Services at the annual rate of up to 0.50% of
each applicable Fund's average net assets attributable to Class D Shares.
Effective 9th October, 1996, the Funds adopted a Class A Distribution Plan
pursuant to this rule which provides for payments by the Funds to GAM Services
at the annual rate of up to 0.30% of each applicable Fund's average net assets
attributable to Class A shares. Effective 29th April, 1998, the Funds adopted a
Class B and Class C Distribution Plan pursuant to this rule which provides for
payments by the Funds to GAM Services at the annual rate of up to 1.00% of each
applicable Fund's average net assets attributable to Class B and Class C shares.
NOTE 3. DIRECTORS FEES
The Funds do not pay any compensation to their officers or to any directors,
officers or employees of GAM International Management Limited, GAM Services Inc.
or their affiliates. Each disinterested director was compensated by each Fund as
follows:
<TABLE>
GAM GAM GAM
GAM GAM GAM Pacific Japan North GAMerica
International Global Europe Basin Capital America Capital
=============== ======== ======== ========= ========= ========= =========
<S> <C> <C> <C> <C> <C> <C> <C>
Annual Retainer $3,571 $3,571 $3,571 $3,571 $3,571 $3,571 $3,571
Annual Meeting Fee 571 571 571 571 571 571 571
</TABLE>
NOTE 4. CAPITAL STOCK
The Company declared a 10-for-1 stock split to shareholders of record as of 19th
December, 1995. All per share data have been restated to reflect the stock
split.
At 30th June, 1999, GAM Funds, Inc. had 1,550,000,000 shares of common stock,
$0.001 par value authorized. For each of the seven active funds shares were
allocated as follows: 260,000,000, 160,000,000, 147,500,000 and 50,000,000
shares, respectively, were allocated to each of Class A, Class B, Class C and
Class D of GAM International; 85,000,000, 75,000,000, 20,000,000 and 25,000,000
shares, respectively, were allocated to Class A, Class B, Class C and Class D of
GAM Global; 60,000,000, 50,000,000, 20,000,000 and 25,000,000 shares,
respectively, were allocated to Class A, Class B, Class C and Class D of GAM
Europe and GAM Pacific Basin; 55,000,000, 50,000,000, 20,000,000 and 12,500,000
shares, respectively, were allocated to Class A, Class B, Class C and Class D of
GAM Japan Capital; 55,000,000, 50,000,000, 15,000,000 and 25,000,000 shares,
respectively, were allocated to Class A, Class B, Class C and Class D of GAM
North America; while 30,000,000, 25,000,000, 15,000,000 and 25,000,000 shares,
respectively, were allocated to Class A, Class B, Class C and Class D of
GAMerica Capital.
46
<PAGE>
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Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
Changes in each Fund's capital stock are summarized as follows:
<TABLE>
Class A Class B*
Shares US$ Shares US$
---------------- ----------------- ------------- ---------------
<S> <C> <C> <C> <C>
GAM INTERNATIONAL
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 15,670,375 438,510,635 890,629 24,995,046
Shares reinvested - - - -
Shares redeemed (26,809,355) (735,406,575) (276,167) (7,605,948)
----------- ------------ -------- ----------
Net increase/(decrease) (11,138,980) (296,895,940) 614,462 17,389,098
=========== ============ ======== ==========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 45,400,274 1,410,892,506 2,207,863 69,950,241
Shares reinvested 1,087,592 36,118,910 - -
Shares redeemed (20,171,368) (616,480,333) (62,635) (1,862,050)
----------- ------------- --------- ----------
Net increase 26,316,498 830,531,083 2,145,228 68,088,191
=========== ============= ========= ==========
GAM GLOBAL
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 903,574 16,945,512 113,666 2,123,489
Shares reinvested - - - -
Shares redeemed (3,242,856) (60,056,214) (77,690) (1,443,375)
----------- ------------- --------- ----------
Net increase/(decrease) (2,339,282) (43,110,702) 35,976 680,114
=========== ============= ========= ==========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 5,703,377 114,235,277 573,771 11,824,991
Shares reinvested 42,648 913,190 - -
Shares redeemed (1,892,961) (36,700,992) (29,391) (547,356)
----------- ------------- --------- ----------
Net increase 3,853,064 78,447,475 544,380 11,277,635
=========== ============= ========= ==========
GAM EUROPE
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 304,476 3,735,517 16,936 215,051
Shares reinvested - - - -
Shares redeemed (2,031,057) (24,415,818) (24,281) (296,038)
----------- ------------- --------- ----------
Net decrease (1,726,581) (20,680,301) (7,345) (80,987)
=========== ============= ========= ==========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 2,751,899 39,135,869 132,088 1,912,188
Shares reinvested 289,531 3,590,914 7,455 89,985
Shares redeemed (2,222,956) (30,614,504) (107) (1,427)
----------- ------------- --------- ----------
Net increase 818,474 12,112,279 139,436 2,000,746
=========== ============= ========= ==========
</TABLE>
<TABLE>
<CAPTION>
Class C** Class D
Shares US$ Shares US$
------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
GAM INTERNATIONAL
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 1,415,609 39,880,162 335,331 9,308,322
Shares reinvested - - - -
Shares redeemed (511,422) (14,095,234) (1,044,861) (28,472,048)
--------- ----------- ---------- -----------
Net increase/(decrease) 904,187 25,784,928 (709,530) (19,163,726)
========= =========== ========== ===========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 2,701,915 85,010,147 2,569,061 81,219,579
Shares reinvested - - 61,660 2,038,502
Shares redeemed (118,841) (3,552,764) (825,441) (25,326,628)
--------- ----------- ---------- -----------
Net increase 2,583,074 81,457,383 1,805,280 57,931,453
========= =========== ========== ===========
GAM GLOBAL
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 140,223 2,619,984 68,923 1,265,111
Shares reinvested - - - -
Shares redeemed (83,317) (1,548,800) (156,332) (2,881,876)
--------- ----------- ---------- -----------
Net increase/(decrease) 56,906 1,071,184 (87,409) (1,616,765)
========= =========== ========== ===========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 497,048 10,044,918 443,861 8,783,427
Shares reinvested - - 2,800 59,198
Shares redeemed (25,124) (469,047) (113,686) (2,179,574)
--------- ----------- ---------- -----------
Net increase 471,924 9,575,871 332,975 6,663,051
========= =========== ========== ===========
GAM EUROPE
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 15,017 196,037
Shares reinvested - -
Shares redeemed (21,199) (255,779)
--------- -----------
Net decrease (6,182) (59,742)
========= ===========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 68,931 988,167
Shares reinvested 3,477 41,622
Shares redeemed (8,330) (107,286)
--------- -----------
Net increase 64,078 922,503
========= ===========
</TABLE>
* Class B inception dates: GAM International: 26th May, 1998; GAM Global: 26th
May, 1998; GAM Europe: 26th May, 1998.
** Class C inception dates: GAM International: 19th May, 1998; GAM Global: 19th
May, 1998; GAM Europe: 20th May, 1998.
47
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
Class A Class B*
Shares US$ Shares US$
--------------- --------------- ----------- -------------
<S> <C> <C> <C> <C>
GAM PACIFIC BASIN
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 1,287,932 12,537,042 60,614 634,056
Shares reinvested - - - -
Shares redeemed (804,136) (7,835,378) (6,461) (65,621)
--------- ---------- ------ -------
Net increase/(decrease) 483,796 4,701,664 54,153 568,435
========= ========== ====== =======
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 1,630,440 14,115,594 35,743 313,454
Shares reinvested 254,764 1,876,104 346 3,105
Shares redeemed (2,203,361) (18,453,528) (5,612) (47,195)
---------- ----------- ------ -------
Net increase/(decrease) (318,157) (2,461,830) 30,477 269,364
========== =========== ====== =======
GAM JAPAN CAPITAL
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 1,563,953 13,265,231 45,667 401,567
Shares reinvested - - - -
Shares redeemed (1,132,545) (9,694,154) (4,156) (38,799)
---------- ----------- ------ -------
Net increase 431,408 3,571,077 41,511 362,768
========== =========== ====== =======
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 2,689,003 22,104,590 84,512 686,362
Shares reinvested 189,127 1,469,516 - -
Shares redeemed (3,571,289) (29,092,373) (2,483) (19,815)
---------- ----------- ------ -------
Net increase/(decrease) (693,159) (5,518,267) 82,029 666,547
========== =========== ====== =======
GAM NORTH AMERICA
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 800,271 13,830,806 149,789 2,589,199
Shares reinvested - - - -
Shares redeemed (108,598) (1,859,883) (28,567) (488,221)
---------- ----------- ------- ---------
Net increase 691,673 11,970,923 121,222 2,100,978
========== =========== ======= =========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 1,110,616 20,630,033 50,419 953,797
Shares reinvested 180,046 2,853,737 7,641 120,349
Shares redeemed (885,969) (17,552,935) (603) (9,536)
---------- ----------- ------- ---------
Net increase 404,693 5,930,835 57,457 1,064,610
========== =========== ======= =========
GAMERICA CAPITAL
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 819,363 15,018,731 147,226 2,689,094
Shares reinvested - - - -
Shares redeemed (104,365) (2,269,277) (17,889) (315,931)
---------- ----------- ------- ---------
Net increase 714,998 12,749,454 129,337 2,373,163
========== =========== ======= =========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 510,150 8,088,698 67,936 1,076,014
Shares reinvested 10,128 160,863 513 8,214
Shares redeemed (131,637) (1,925,319) (10,798) (175,102)
---------- ----------- ------- ---------
Net increase 388,641 6,324,242 57,651 909,126
========== =========== ======= =========
</TABLE>
<TABLE>
<CAPTION>
Class C** Class D
Shares US$ Shares US$
------------- --------------- ------------ ---------------
<S> <C> <C> <C> <C>
GAM PACIFIC BASIN
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 30,330 280,256 24,330 239,051
Shares reinvested - - - -
Shares redeemed (2,017) (16,824) (39,180) (349,059)
------ ------- ------- --------
Net increase/(decrease) 28,313 263,432 (14,850) (110,008)
====== ======= ======= ========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 24,845 201,259 86,774 789,743
Shares reinvested 165 1,346 10,952 82,721
Shares redeemed (4,920) (41,279) (132,815) (1,100,395)
------ ------- -------- ----------
Net increase/(decrease) 20,090 161,326 (35,089) (227,931)
====== ======= ======== ==========
GAM JAPAN CAPITAL
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 34,129 316,667
Shares reinvested - -
Shares redeemed (5,543) (44,549)
------ -------
Net increase 28,586 272,118
====== =======
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 207,654 1,680,813
Shares reinvested - -
Shares redeemed (90,108) (740,192)
------- ---------
Net increase/(decrease) 117,546 940,621
======= =========
GAM NORTH AMERICA
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 380,421 6,535,023
Shares reinvested - -
Shares redeemed (117,925) (2,036,069)
-------- ----------
Net increase 262,496 4,498,954
======== ==========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 59,835 1,126,114
Shares reinvested 10,461 162,047
Shares redeemed (1,436) (30,256)
-------- ----------
Net increase 68,860 1,257,905
======== ==========
GAMERICA CAPITAL
SIX MONTHS ENDING 30TH JUNE, 1999 (UNAUDITED)
Shares sold 295,178 5,414,973
Shares reinvested - -
Shares redeemed (53,067) (1,048,667)
-------- ----------
Net increase 242,111 4,366,306
======== ==========
YEAR ENDING 31ST DECEMBER, 1998
Shares sold 69,325 1,125,809
Shares reinvested 312 4,950
Shares redeemed (729) (11,622)
-------- ----------
Net increase 68,908 1,119,137
======== ==========
</TABLE>
* Class B inception dates: GAM Pacific Basin: 26th May, 1998; GAM Japan
Capital: 26th May, 1998; GAM North America: 26th May, 1998; GAMerica Capital:
26th May, 1998.
** Class C inception dates: GAM Pacific Basin: 1st June, 1998; GAM Japan
Capital: 19th May, 1998; GAM North America: 7th July, 1998; GAMerica Capital:
26th May, 1998.
48
<PAGE>
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Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 5. INVESTMENT TRANSACTIONS
The cost of purchases and proceeds of sales of investment securities for the six
months ended 30th June, 1999 excluding short-term securities, were as follows:
<TABLE>
GAM GAM GAM
GAM GAM GAM Pacific Japan North GAMerica
International Global Europe Basin Capital America Capital
=============== ============ ============ =========== ============ ============ ==========
<S> <C> <C> <C> <C> <C> <C> <C>
In US$
Purchases 1,174,043,971 51,775,680 45,071,670 8,328,106 14,272,604 19,104,380 6,827,676
Sales 1,710,065,564 96,808,828 67,740,085 4,717,563 6,984,437 88,688 1,199,644
</TABLE>
Realized gains and losses are reported on an identified cost basis. At 30th
June, 1999, the aggregate gross unrealized appreciation and depreciation of
securities, based on cost for federal income tax purposes, were as follows:
<TABLE>
GAM GAM GAM
GAM GAM GAM Pacific Japan North GAMerica
International Global Europe Basin Capital America Capital
================= =============== =============== =============== =============== ============= ===============
<S> <C> <C> <C> <C> <C> <C> <C>
In US$
Appreciation 372,161,826 21,092,242 1,933,234 6,091,291 7,227,070 6,127,158 7,197,926
Depreciation (167,458,081) (6,129,286) (1,984,403) (2,976,703) (1,361,161) (315,298) (1,306,138)
------------ ---------- ---------- ---------- ---------- --------- ----------
Net 204,703,745 14,962,956 (51,169) 3,114,588 5,865,909 5,811,860 5,891,788
============ ========== ========== ========== ========== ========= ==========
</TABLE>
At 31st December, 1998, the Funds had tax basis net capital losses as follows.
These losses may be carried over to offset future capital gains through the
expiration dates shown:
<TABLE>
GAM GAM GAM
GAM GAM GAM Pacific Japan North GAMerica
International Global Europe Basin Capital America Capital
=============== ============ ======== ============= =================== ========= =========
<S> <C> <C> <C> <C> <C> <C> <C>
In US$ 84,471,948 10,210,753 - 760,353 507,841 - -
14,482,801 2,474,673
6,403,283
Carryforward 31st Dec. 31st dec. - 31st Dec. 31st Dec. - -
Expiration dates 2006 2006 - 2005 & 2006 2003, 2005 & 2006 - -
</TABLE>
Foreign taxes withheld from dividends and interest for the six months ended 30th
June, 1999, were as follows:
<TABLE>
GAM GAM GAM
GAM GAM GAM Pacific Japan North GAMerica
International Global Europe Basin Capital America Capital
=============== ======== ======== ========= ========= ========= =========
<S> <C> <C> <C> <C> <C> <C> <C>
In US$
Dividends 6,322,740 64,230 54,555 15,424 14,812 2,017 194
Interest - - - - 37 - -
</TABLE>
NOTE 6. FINANCIAL INSTRUMENTS
During the period, several of the Funds have been party to financial instruments
with off-balance sheet risks, including forward foreign currency contracts and
futures contracts, primarily in an attempt to minimize the risk to the Fund, in
respect of its portfolio transactions. These instruments involve market and/or
credit risk in excess of the amount recognized in the Statement of Assets and
Liabilities. Risks arise from the possible inability of counterparties to meet
the terms of their contracts and from unexpected movement in currencies,
securities values and interest rates. The contract amounts indicate the extent
of the Funds' involvement in such contracts.
Forwards: When entering a forward currency contract, the Fund agrees to receive
or deliver a fixed quantity of foreign currency for an agreed upon price on an
agreed upon future date.
At 30th June, 1999, the Fund had outstanding forward contracts for the purchase
and sale of currencies as set out below. The contracts are reported in the
financial statements at the Fund's net equity, as measured by the difference
between the forward foreign exchange rates at the dates of entry into the
contracts and the forward rates at the reporting date, or the date an offsetting
position, if any, has been entered into.
49
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
Net
Unrealized
Local Settlement Market Appreciation/
Currency Date Value (Depreciation)
================= ===================== ============= ===============
US$ US$
<S> <C> <C> <C> <C>
GAM INTERNATIONAL FUND
To sell:
Euro 440,099,981 9th August, 1999 454,962,157 44,947,412
Euro* 18,900,019 9th August, 1999 20,000,000 1,468,531
Euro 135,092,538 9th August, 1999 139,654,613 10,345,387
Euro 177,265,677 9th August, 1999 183,251,939 16,748,061
Euro 91,802,075 9th August, 1999 94,902,231 5,097,769
Swiss Francs 114,144,000 18th August, 1999 73,867,308 6,132,692
Swiss Francs 275,976,140 18th August, 1999 178,595,587 17,104,413
Swiss Francs 72,355,000 18th August, 1999 46,823,916 3,176,084
Swiss Francs 44,070,000 18th August, 1999 28,519,522 1,480,478
Swiss Francs 15,030,000 18th August, 1999 9,726,535 273,465
Japanese Yen 5,616,480,000 18th August, 1999 46,772,766 1,169,871
Japanese Yen* 3,755,520,000 18th August, 1999 32,000,000 57,362
Japanese Yen 3,534,900,000 18th August, 1999 29,437,842 562,158
Pound Sterling 62,073,246 8th September, 1999 97,929,208 2,070,792
Pound Sterling 457,337,884 5th November, 1999 722,119,140 14,880,860
Danish Kroner 177,630,000 2nd December, 1999 24,896,178 103,822
----------
Net equity in foreign currency exchange contracts. 125,619,157
===========
GAM GLOBAL FUND
To sell:
Euro 14,272,971 9th August, 1999 4,392,278 407,722
Swiss Francs 6,787,200 18th August, 1999 14,754,969 1,245,031
Pound Sterling 4,964,319 5th November, 1999 7,838,471 161,529
-----------
Net equity in foreign currency exchange contracts. 1,814,282
===========
GAM PACIFIC BASIN FUND
To sell:
Hong Kong Dollar 33,355,100 15th July, 1999 4,298,053 1,946
Japanese Yen 601,953,000 30th July, 1999 4,998,747 101,253
Japanese Yen 85,549,750 30th July, 1999 710,423 4,577
-----------
Net equity in foreign currency exchange contracts. 107,776
===========
</TABLE>
* The Fund has entered into offsetting forward foreign currency contracts.
50
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
Net
Unrealized
Local Settlement Market Appreciation/
Currency Date Value (Depreciation)
================= ====================== ============ ===============
US$ US$
<S> <C> <C> <C> <C>
GAM JAPAN CAPITAL FUND
To sell:
Japanese Yen 2,096,500,000 30th September, 1999 17,576,733 (76,733)
-----------
Net equity in foreign currency (76,733)
===========
exchange contracts.
</TABLE>
* The Fund has entered into offsetting forward foreign currency contracts.
At 30th June, 1999 the Funds had sufficient cash and/or securities to cover any
commitments under these contracts.
Futures: A futures contract obligates one party to sell and the other party to
purchase a specific instrument for an agreed price on an agreed future date. At
30th June, 1999 GAM International Fund, GAM Global Fund and GAM Pacific Basin
Fund had outstanding futures contracts as set out in their respective Statement
of Investments.
NOTE 7. RISKS ASSOCIATED WITH FOREIGN INVESTMENTS
Investing in securities issued by companies whose principal business activities
are outside the United States may involve significant risks not present in
domestic investments. For example, there is generally less publicly available
information about foreign companies, particularly those not subject to the
disclosure and reporting requirements of the U.S. securities laws. Foreign
issuers are generally not bound by uniform accounting, auditing, and financial
reporting requirements and standards of practice comparable to those applicable
to domestic issuers. Investments in foreign securities also involve the risk of
possible adverse changes in investment or exchange control regulations,
expropriation or confiscatory taxation, limitation on the removal of funds or
other assets of the Portfolio, political or financial instability or diplomatic
and other developments which could affect such investments. Foreign stock
markets, while growing in volume and sophistication, are generally not as
developed as those in the United States, and securities of some foreign issuers
(particularly those located in developing countries) may be less liquid and more
volatile than securities of comparable U.S. companies. In general, there is less
overall governmental supervision and regulation of foreign securities markets,
broker-dealers, and issuers than in the United States.
51
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 8. FINANCIAL HIGHLIGHTS
GAM INTERNATIONAL FUND
<TABLE>
<CAPTION>
CLASS A
1999(A) 1998 1997 1996 1995 1994
========== ========== ========== ========== ========== ==========
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 30.06 $ 28.46 $ 23.15 $ 21.37 $ 17.21 $ 23.90
---------- --------- --------- --------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) 0.20 (b) 0.08 (b) 0.08 (b) 0.57 (b) 0.52 0.34
Net realized and unrealized gain/(loss)
on investments ( 3.87) 2.03 6.58 1.34 4.64 ( 2.58)
---------- --------- --------- --------- ------- ---------
Total from investment operations ( 3.67) 2.11 6.66 1.91 5.16 ( 2.24)
---------- --------- --------- --------- ------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income - ( 0.05) ( 0.18) ( 0.09) ( 0.47) ( 0.66)
Distributions from net realized gains - ( 0.46) ( 1.17) ( 0.04) ( 0.53) ( 3.79)
---------- --------- --------- --------- -------- ---------
Total distributions - ( 0.51) ( 1.35) ( 0.13) ( 1.00) ( 4.45)
---------- --------- --------- --------- -------- ---------
Net asset value, end of period $ 26.39 $ 30.06 $ 28.46 $ 23.15 $ 21.37 $ 17.21
========== ========= ========= ========= ======== =========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) (12.21)% 7.22% 28.93% 8.98% 30.09% (10.23)
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 2,064 $ 2,686 $ 1,794 $ 1,010 $ 560 $ 158
Expenses 1.71%(c) 1.66% 1.68% 1.56%(d) 1.57% 1.60%
Net investment income/(loss) 1.45%(c) 0.27% 0.28% 2.70% 3.89% 2.74%
Portfolio turnover rate 92% 73% 48% 82% 35% 110%
</TABLE>
52
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM INTERNATIONAL FUND
CLASS B CLASS C
1999(A) 1998(E) 1999(A) 1998(F)
================== ================== ================ ==================
$ 30.41 $ 33.39 $ 30.37 $ 32.61
---------- ---------- ---------- ----------
0.12 (b) ( 0.20)(b) 0.13 (b) ( 0.20)(b)
( 3.92) ( 2.78) ( 3.91) ( 2.04)
----------- ---------- ---------- ----------
( 3.80) ( 2.98) ( 3.78) ( 2.24)
----------- ---------- ---------- ----------
- - - -
- - - -
----------- ---------- ---------- ----------
- - - -
----------- ---------- ---------- ----------
$ 26.61 $ 30.41 $ 26.59 $ 30.37
=========== ========== ========== ==========
( 12.50)% ( 8.92)% (12.45)% ( 6.87)%
$ 73 $ 65 $ 93 $ 78
2.47%(c) 2.54%(c) 2.45%(c) 2.52%(c)
0.90%(c) ( 1.10)%(c) 0.92%(c) ( 1.14)%(c)
92% 73% 92% 73%
<TABLE>
<CAPTION>
CLASS D
1999(A) 1998 1997 1996 1995(G)
============== ================ ================ ================ ================
<S> <C> <C> <C> <C>
$ 29.92 $ 28.34 $ 23.07 $ 21.35 $ 20.46
- ---------- --------- --------- --------- ---------
0.17 (b) 0.04 (b) 0.01 (b) 0.45 (b) 0.10
( 3.85) 2.03 6.59 1.32 1.78
- ---------- --------- --------- --------- ---------
( 3.68) 2.07 6.60 1.77 1.88
- ---------- --------- --------- --------- ---------
- ( 0.03) ( 0.16) ( 0.01) ( 0.46)
- ( 0.46) ( 1.17) ( 0.04) ( 0.53)
- ---------- --------- --------- --------- ---------
- ( 0.49) ( 1.33) ( 0.05) ( 0.99)
- ---------- --------- --------- --------- ---------
$ 26.24 $ 29.92 $ 28.34 $ 23.07 $ 21.35
========== ========= ========= ========= =========
(12.30)% 7.13% 28.78% 8.33% 9.26%
$ 121 $ 159 $ 99 $ 39 $ 9
1.92%(c) 1.80% 1.82% 2.06%(d) 2.22%(c)
1.25%(c) 0.14% 0.05% 2.13% 1.90%(c)
92% 73% 48% 82% 35%
</TABLE>
(a) For the six months ended 30th June, 1999 (unaudited).
(b) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(c) Annualized.
(d) Ratios of expenses to average net assets for the year ended 31st December,
1996 include amounts paid through expense offset arrangements. Prior and
subsequent ratios exclude these amounts.
(e) For the period from 26th May, 1998 (commencement of distribution) to 31st
December, 1998.
(f) For the period from 19th May, 1998 (commencement of distribution) to 31st
December, 1998.
(g) For the period from 18th September, 1995 (commencement of distribution) to
31st December, 1995.
(*) Total return calculated for a period of less than one year is not
annualized.
53
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM GLOBAL FUND
CLASS A
1999(A) 1998
================== ================
NET ASSET VALUE,
beginning of period $ 19.04 $ 18.71
---------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) - (b) ( 0.05)(b)
Net realized and unrealized gain/(loss)
on investments ( 0.30) 0.55
---------- ---------
Total from investment operations ( 0.30) 0.50
---------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income - -
Distributions from net realized gains - ( 0.17)
---------- ---------
Total distributions - ( 0.17)
---------- ---------
Net asset value, end of period $ 18.74 $ 19.04
========== =========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) ( 1.58)% 2.57%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 94 $ 140
Expenses 1.77%(c) 1.71%
Net investment income/(loss) ( 0.27)%(c) ( 0.25)%
Portfolio turnover rate 72% 123%
<TABLE>
<CAPTION>
CLASS A
1997 1996 1995 1994
================ ================ =========== =============
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 14.35 $ 13.51 $ 10.60 $ 17.92
--------- --------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) ( 0.04)(b) 0.16 (b) 0.35 0.19
Net realized and unrealized gain/(loss)
on investments 5.04 1.55 3.48 ( 2.94)
--------- --------- ------- ---------
Total from investment operations 5.00 1.71 3.83 ( 2.75)
--------- --------- ------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income ( 0.02) ( 0.08) ( 0.30) ( 0.49)
Distributions from net realized gains ( 0.62) ( 0.79) ( 0.62) ( 4.08)
--------- --------- -------- ---------
Total distributions ( 0.64) ( 0.87) ( 0.92) ( 4.57)
--------- --------- -------- ---------
Net asset value, end of period $ 18.71 $ 14.35 $ 13.51 $ 10.60
========= ========= ======== =========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 34.95% 12.74% 36.25% (16.15)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 66 $ 20 $ 26 $ 20
Expenses 1.83% 2.26%(d) 2.16% 2.29%
Net investment income/(loss) ( 0.25)% 1.17% 2.96% 0.91%
Portfolio turnover rate 48% 107% 60% 123%
</TABLE>
54
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM GLOBAL FUND
CLASS B CLASS C
1999(A) 1998(E) 1999(A) 1998(F)
==== ==== ==== ====
$ 19.11 $ 20.99 $ 19.10 $ 21.06
------------ ---------- ---------- ----------
( 0.02) (b) ( 0.13)(b) ( 0.02)(b) ( 0.14)(b)
( 0.36) ( 1.75) ( 0.37) ( 1.82)
------------ ---------- ---------- ----------
( 0.38) ( 1.88) ( 0.39) ( 1.96)
------------ ---------- ---------- ----------
- - - -
- - - -
------------ ---------- ---------- ----------
- - - -
------------ ---------- ---------- ----------
$ 18.73 $ 19.11 $ 18.71 $ 19.10
============ ========== ========== ==========
( 1.99)% ( 8.96)% ( 2.04)% ( 9.31)%
$ 11 $ 10 $ 10 $ 9
2.76%(c) 2.70%(c) 2.79%(c) 2.83%(c)
( 1.22)%(c) ( 1.14)%(c) ( 1.25)%(c) ( 1.27)%(c)
72% 123% 72% 123%
<TABLE>
<CAPTION>
CLASS D
1999(A) 1998 1997 1996 1995(G)
==== ===== ===== ===== ====
<S> <C> <C> <C> <C>
$ 18.79 $ 18.50 $ 14.22 $ 13.48 $ 13.46
---------- --------- --------- --------- ----------
( 0.01)(b) ( 0.08)(b) ( 0.09)(b) 0.07 (b) -
( 0.30) 0.54 5.02 1.47 0.92
---------- --------- --------- --------- ----------
( 0.31) 0.46 4.93 1.54 0.92
---------- --------- --------- --------- ----------
- - ( 0.03) ( 0.01) ( 0.28)
- ( 0.17) ( 0.62) ( 0.79) ( 0.62)
---------- --------- --------- --------- ----------
- ( 0.17) ( 0.65) ( 0.80) ( 0.90)
---------- --------- --------- --------- ----------
$ 18.48 $ 18.79 $ 18.50 $ 14.22 $ 13.48
========== ========= ========= ========= ==========
( 1.65)% 2.38% 34.80% 11.54% 6.97%
$ 11 $ 8 $ 10 $ 4 $ 0.8 $ 0.3
2.76%(c) 2.03%(c) 1.87% 2.01% 2.88%(d) 2.81%(c)
( 1.22)%(c) ( 0.51)%(c) ( 0.41)% ( 0.53)% 0.52% ( 0.09)%(c)
72% 72% 123% 48% 107% 60%
</TABLE>
(a) For the six months ended 30th June, 1999 (unaudited).
(b) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(c) Annualized.
(d) Ratios of expenses to average net assets for the year ended 31st December,
1996 include amounts paid through expense offset arrangements. Prior and
subsequent ratios exclude these amounts.
(e) For the period from 26th May, 1998 (commencement of distribution) to 31st
December, 1998.
(f) For the period from 19th May, 1998 (commencement of distribution) to 31st
December, 1998.
(g) For the period from 6th October, 1995 (commencement of distribution) to
31st December, 1995.
(*) Total return calculated for a period of less than one year is not
annualized.
55
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM EUROPE FUND
CLASS A
1999(A) 1998
================== ================
NET ASSET VALUE,
beginning of period $ 12.63 $ 12.57
---------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) ( 0.02)(b) 0.03 (b)
Net realized and unrealized gain/(loss)
on investments ( 1.07) 1.28
---------- ---------
Total from investment operations ( 1.09) 1.31
---------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income - ( 0.02)
Distributions from net realized gains - ( 1.23)
---------- ---------
Total distributions - ( 1.25)
---------- ---------
Net asset value, end of period $ 11.54 $ 12.63
========== =========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) ( 8.63)% 10.70%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 25 $ 49
Expenses 2.42%(c) 2.06%
Net investment income/(loss) ( 0.29)%(c) 0.24%
Portfolio turnover rate 226% 168%
<TABLE>
<CAPTION>
CLASS A
1997 1996 1995 1994
================ ================ ========== ============
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 11.85 $ 10.04 $ 8.66 $ 8.93
--------- --------- ------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) 0.02 (b) 0.07 (b) 0.07 -
Net realized and unrealized gain/(loss)
on investments 3.15 2.06 1.38 (0.27)
--------- --------- ------- --------
Total from investment operations 3.17 2.13 1.45 (0.27)
--------- --------- ------- --------
LESS DISTRIBUTIONS
Dividends from net investment income ( 0.06) ( 0.01) ( 0.06) -
Distributions from net realized gains ( 2.39) ( 0.31) ( 0.01) -
--------- --------- ------- --------
Total distributions ( 2.45) ( 0.32) ( 0.07) -
--------- --------- ------- --------
Net asset value, end of period $ 12.57 $ 11.85 $ 10.04 $ 8.66
========= ========= ======= ========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 27.55% 21.32% 16.77% (3.11)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 39 $ 25 $ 23 $ 32
Expenses 1.81% 1.89%(d) 2.12% 2.35%
Net investment income/(loss) 0.15% 0.59% 0.75% (0.06)%
Portfolio turnover rate 80% 76% 145% 75%
</TABLE>
56
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM EUROPE FUND
<TABLE>
<CAPTION>
CLASS B CLASS C
1999(A) 1998(E) 1999(A) 1998(F)
==== ==== ==== ====
<S> <C> <C> <C>
$ 12.82 $ 15.38 $ 12.70 $ 15.16
----------- --------- ---------- ---------
( 0.12)(b) ( 0.20)(b) ( 0.23)(b) ( 0.28)(b)
( 1.11) ( 1.37) ( 1.09) ( 1.19)
----------- --------- ---------- ---------
( 1.23) ( 1.57) ( 1.32) ( 1.47)
----------- --------- ---------- ---------
- - - -
- ( 0.99) - ( 0.99)
----------- --------- ---------- ---------
- ( 0.99) - ( 0.99)
----------- --------- ---------- ---------
$ 11.59 $ 12.82 $ 11.38 $ 12.70
=========== ========= ========== =========
( 9.59)% ( 9.82)% (10.39)% ( 9.32)%
$ 2 $ 2 $ 1 $ 1
4.59%(c) 3.93%(c) 6.21%(c) 4.93%(c)
( 2.05)%(c) ( 2.58)%(c) ( 3.76)%(c) ( 3.46)%(c)
226% 168% 226% 168%
</TABLE>
(a) For the six months ended 30th June, 1999 (unaudited).
(b) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(c) Annualized.
(d) Ratios of expenses to average net assets for the year ended 31st December,
1996 include amounts paid through expense offset arrangements. Prior and
subsequent ratios exclude these amounts.
(e) For the period from 26th May, 1998 (commencement of distribution) to 31st
December, 1998.
(f) For the period from 20th May, 1998 (commencement of distribution) to 31st
December, 1998.
(*) Total return calculated for a period of less than one year is not
annualized.
57
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM PACIFIC BASIN FUND
<TABLE>
<CAPTION>
CLASS A
1999(A) 1998
================== ================
<S> <C> <C>
NET ASSET VALUE,
beginning of period $ 8.23 $ 9.69
---------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) ( 0.30)(b) (0.01)(b)
Net realized and unrealized gain/(loss) on investments 3.03 (0.51)
---------- ---------
Total from investment operations 2.73 (0.52)
---------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income - (0.22)
Distributions from net realized gains - (0.72)
---------- ---------
Total distributions - (0.94)
---------- ---------
Net asset value, end of period $ 10.96 $ 8.23
========== =========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 33.17% (3.99)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 28 $ 17
Expenses 2.59%(c) 2.42%
Net investment income/(loss) ( 0.67)%(c) (0.11)%
Portfolio turnover rate 48% 55%
</TABLE>
<TABLE>
<CAPTION>
CLASS A
1997 1996 1995 1994
============= ================ =========== ===========
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 15.26 $ 16.97 $ 17.62 $ 19.20
--------- --------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) -(b) 0.04 (b) - ( 0.05)
Net realized and unrealized gain/(loss) on investments ( 4.45) ( 0.11) 0.61 1.36
--------- --------- -------- --------
Total from investment operations ( 4.45) ( 0.07) 0.61 1.31
--------- --------- -------- --------
LESS DISTRIBUTIONS
Dividends from net investment income - ( 0.74) - -
Distributions from net realized gains ( 1.12) ( 0.90) ( 1.26) ( 2.89)
--------- --------- -------- --------
Total distributions ( 1.12) ( 1.64) ( 1.26) ( 2.89)
--------- --------- -------- --------
Net asset value, end of period $ 9.69 $ 15.26 $ 16.97 $ 17.62
========= ========= ======== ========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) (30.00)% ( 0.39)% 4.56% 7.41%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 23 $ 50 $ 54 $ 49
Expenses 1.98% 1.76%(d) 1.98% 1.78%
Net investment income/(loss) 0.02% 0.22% ( 0.07)% ( 0.35)%
Portfolio turnover rate 42% 46% 64% 29%
</TABLE>
58
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM PACIFIC BASIN FUND
CLASS B CLASS C
1999(A) 1998(E) 1999(A) 1998(F)
=================== ================== =================== ===================
$ 8.96 $ 9.15 $ 8.12 $ 8.54
---------- ---------- ----------- -----------
( 0.35)(b) ( 0.35)(b) ( 0.53)(b) ( 0.70)(b)
2.89 0.32 2.54 0.37
----------- ---------- ----------- -----------
2.54 ( 0.03) 2.01 ( 0.33)
----------- ---------- ----------- -----------
- ( 0.04) - -
- ( 0.12) - ( 0.09)
----------- ---------- ----------- -----------
- ( 0.16) - ( 0.09)
----------- ---------- ----------- -----------
$ 11.50 $ 8.96 $ 10.13 $ 8.12
=========== ========== =========== ===========
28.35% ( 0.35)% 24.75% ( 3.87)%
$ 1 $ 0.3 $ 0.5 $ 0.2
9.17%(c) 9.39%(c) 14.38%(c) 20.34%(c)
( 7.31)%(c) ( 7.52)%(c) (12.49)%(c) (19.15)%(c)
48% 55% 48% 55%
<TABLE>
<CAPTION>
CLASS D
1999(A) 1998 1997 1996 1995(G)
================== ================ ================ ================ ==================
<S> <C> <C> <C> <C>
$ 8.11 $ 9.62 $ 15.20 $ 16.96 $ 17.36
---------- --------- --------- --------- ----------
( 0.05)(b) (0.01)(b) 0.01 (b) ( 0.10)(b) ( 0.02)
2.70 (0.53) ( 4.47) ( 0.11) 0.26
---------- --------- --------- --------- ----------
2.65 (0.54) ( 4.46) ( 0.21) 0.24
---------- --------- --------- --------- ----------
- (0.25) - ( 0.65) -
- (0.72) ( 1.12) ( 0.90) ( 0.64)
---------- --------- --------- --------- ----------
- (0.97) ( 1.12) ( 1.55) ( 0.64)
---------- --------- --------- --------- ----------
$ 10.76 $ 8.11 $ 9.62 $ 15.20 $ 16.96
========== ========= ========= ========= ==========
32.68% (4.64)% (30.18)% ( 1.19)% 2.35%
$ 1 $ 1 $ 2 $ 2 $ 2
2.98%(c) 2.53% 2.08% 2.28%(d) 2.63%(c)
( 1.12)%(c) (0.17)% ( 0.09)% 0.57% ( 1.49)%(c)
48% 55% 42% 46% 64%
</TABLE>
(a) For the six months ended 30th June, 1999 (unaudited).
(b) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(c) Annualized.
(d) Ratios of expenses to average net assets for the year ended 31st December,
1996 include amounts paid through expense offset arrangements. Prior and
subsequent ratios exclude these amounts.
(e) For the period from 26th May, 1998 (commencement of distribution) to 31st
December, 1998.
(f) For the period from 1st June, 1998 (commencement of distribution) to 31st
December, 1998.
(g) For the period from 18th October, 1995 (commencement of distribution) to
31st December, 1995.
(*) Total return calculated for a period of less than one year is not
annualized.
59
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM JAPAN CAPITAL FUND
CLASS A
1999(A) 1998
================== ==================
NET ASSET VALUE,
beginning of period $ 7.65 $ 8.44
---------- ----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.04)(b) (0.06) (b)
Net realized and unrealized gain/(loss)
on investments 2.19 (0.16)
---------- ----------
Total from investment operations 2.15 (0.22)
---------- ----------
LESS DISTRIBUTIONS
Dividends from net investment income - -
Distributions from net realized gains - (0.57)
---------- ----------
Total distributions - (0.57)
---------- ----------
Net asset value, end of period $ 9.80 $ 7.65
========== ==========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 28.10% (2.75)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 33 $ 22
Expenses 2.23%(c) 2.16%
Net investment income/(loss) (1.06)%(c) (0.78)%
Portfolio turnover rate 56% 59%
<TABLE>
<CAPTION>
CLASS A
1997 1996 1995 1994
================== ================== ================== ===========
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 9.39 $ 10.16 $ 9.62 $ 10.00
---------- ---------- ---------- --------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.10) (b) ( 0.05) (b) ( 0.07) 0.02
Net realized and unrealized gain/(loss)
on investments (0.11) 0.07 0.69 ( 0.40)
---------- ---------- ---------- --------
Total from investment operations (0.21) 0.02 0.62 ( 0.38)
---------- ---------- ---------- --------
LESS DISTRIBUTIONS
Dividends from net investment income - ( 0.70) ( 0.05) -
Distributions from net realized gains (0.74) ( 0.09) ( 0.03) -
---------- ---------- ---------- --------
Total distributions (0.74) ( 0.79) ( 0.08) -
---------- ---------- ---------- --------
Net asset value, end of period $ 8.44 $ 9.39 $ 10.16 $ 9.62
========== ========== ========== ========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) (2.57)% 0.16% 6.45% ( 3.77)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 31 $ 37 $ 4 $ 9
Expenses 2.15% 1.84% (d) 3.61% (g) 2.19%
Net investment income/(loss) (1.06)% ( 0.50)% ( 2.35)% 0.70%
Portfolio turnover rate 76% 23% 122% 7%
</TABLE>
60
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM JAPAN CAPITAL FUND
<TABLE>
<CAPTION>
CLASS B CLASS C
1999(A) 1998(E) 1999(A) 1998(F)
==================== ================== ================== ==================
<S> <C> <C> <C>
$ 8.11 $ 8.49 $ 8.12 $ 8.56
---------- --------- --------- ---------
( 0.20)(b) (0.19)(b) ( 0.18)(b) (0.15)(b)
2.28 (0.19) 2.29 (0.29)
----------- --------- --------- ---------
2.08 (0.38) 2.11 (0.44)
----------- --------- --------- ---------
- - - -
- - - -
----------- --------- --------- ---------
- - - -
----------- --------- --------- ---------
$ 10.19 $ 8.11 $ 10.23 $ 8.12
=========== ========= ========= =========
25.65% (4.48)% 25.99% (5.14)%
$ 1 $ 1 $ 2 $ 1
5.77%(c) 5.31%(c) 5.29%(c) 3.99%(c)
( 4.65)%(c) (4.22)%(c) ( 4.15)%(c) (3.00)%(c)
56% 59% 56% 59%
</TABLE>
(a) For the six months ended 30th June, 1999 (unaudited).
(b) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(c) Annualized.
(d) Ratios of expenses to average net assets for the year ended 31st December,
1996 include amounts paid through expense offset arrangements. Prior and
subsequent ratios exclude these amounts.
(e) For the period from 26th May, 1998 (commencement of distribution) to 31st
December, 1998.
(f) For the period from 19th May, 1998 (commencement of distribution) to 31st
December, 1998.
(g) In the absence of expense reimbursement, expenses on an annualized basis
would have represented 4.61% of average net assets for the period ended
31st December, 1995.
(*) Total return calculated for a period of less than one year is not
annualized.
61
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM NORTH AMERICA FUND
CLASS A
1999(A) 1998
================== ================
NET ASSET VALUE,
beginning of period $ 16.74 $ 17.32
---------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) ( 0.01)(b) ( 0.07)(b)
Net realized and unrealized gain/(loss)
on investments 1.09 4.76
---------- ---------
Total from investment operations 1.08 4.69
---------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income - -
Distributions from net realized gains - ( 5.27)
---------- ---------
Total distributions - ( 5.27)
---------- ---------
Net asset value, end of period $ 17.82 $ 16.74
========== =========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 6.45% 29.44%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 31 $ 17
Expenses 1.73%(c) 2.10%
Net investment income/(loss) ( 0.12)%(c) ( 0.34)%
Portfolio turnover rate 1% 70%
<TABLE>
<CAPTION>
CLASS A
1997 1996 1995 1994
============== ================ ================ ================
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 13.56 $ 11.93 $ 9.14 $ 12.80
------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) - (b) ( 0.05)(b) - 0.04
Net realized and unrealized gain/(loss)
on investments 3.99 2.93 2.83 0.23
------- --------- --------- ---------
Total from investment operations 3.99 2.88 2.83 0.27
------- --------- --------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income - - - ( 0.23)
Distributions from net realized gains ( 0.23) ( 1.25) ( 0.04) ( 3.70)
------- --------- --------- ---------
Total distributions ( 0.23) ( 1.25) ( 0.04) ( 3.93)
------- --------- --------- ---------
Net asset value, end of period $ 17.32 $ 13.56 $ 11.93 $ 9.14
======= ========= ========= =========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 29.41% 24.10% 30.90% 2.97%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 11 $ 6 $ 6 $ 2
Expenses 1.94% 2.61%(d) 2.98%(g) 2.54%(g)
Net investment income/(loss) 0.00% ( 0.39)% 0.01% 0.37%
Portfolio turnover rate 15% 9% 9% 3%
</TABLE>
62
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAM NORTH AMERICA FUND
<TABLE>
<CAPTION>
CLASS B CLASS C
1999(A) 1998(E) 1999(A) 1998(F)
==================== ================== ================== ==================
<S> <C> <C> <C>
$ 16.87 $ 20.08 $ 16.58 $ 21.58
---------- --------- --------- ---------
( 0.16)(b) ( 0.57)(b) ( 0.12)(b) ( 0.44)(b)
1.08 2.17 1.04 0.25
----------- --------- --------- ---------
0.92 1.60 0.92 ( 0.19)
----------- --------- --------- ---------
- - - -
- ( 4.81) - ( 4.81)
----------- --------- --------- ---------
- ( 4.81) - ( 4.81)
----------- --------- --------- ---------
$ 17.79 $ 16.87 $ 17.50 $ 16.58
=========== ========= ========= =========
5.45% 9.68% 5.55% 0.69%
$ 3 $ 1 $ 6 $ 1
3.51%(c) 7.56%(c) 3.01%(c) 8.16%(c)
( 1.91)%(c) ( 5.81)%(c) ( 1.45)%(c) ( 6.50)%(c)
1% 70% 1% 70%
</TABLE>
(a) For the six months ended 30th June, 1999 (unaudited).
(b) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(c) Annualized.
(d) Ratios of expenses to average net assets for the year ended 31st December,
1996 include amounts paid through expense offset arrangements. Prior and
subsequent ratios exclude these amounts.
(e) For the period from 26th May, 1998 (commencement of distribution) to 31st
December, 1998.
(f) For the period from 7th July, 1998 (commencement of distribution) to 31st
December, 1998.
(g) In the absence of expense reimbursement, expenses on an annualized basis
would have been 3.27% and 5.81% of average net assets for the period ended
31st December, 1995 and 31st December, 1994, respectively.
(*) Total return calculated for a period of less than one year is not
annualized.
63
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAMERICA CAPITAL FUND
CLASS A
1999(A) 1998
================ ================
NET ASSET VALUE,
beginning of period $ 17.08 $ 13.43
--------- ---------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) 0.05 (b) ( 0.01)(b)
Net realized and unrealized gain/(loss)
on investments 2.96 4.08
--------- ---------
Total from investment operations 3.01 4.07
--------- ---------
LESS DISTRIBUTIONS
Dividends from net investment income - -
Distributions from net realized gains - ( 0.42)
--------- ---------
Total distributions - ( 0.42)
--------- ---------
Net asset value end of period $ 20.09 $ 17.08
========= =========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 17.62% 30.59%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 28 $ 11
Expenses 1.72%(c) 2.46%
Net investment income 0.59%(c) ( 0.03)%
Portfolio turnover rate 17% 29%
<TABLE>
<CAPTION>
CLASS A
1997 1996 1995(E)
================ ====================== ======================
<S> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 10.82 $ 10.03 $ 10.00
--------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) ( 0.24)(b) ( 0.42)(b) 0.07
Net realized and unrealized gain/(loss)
on investments 4.23 2.22 0.07
--------- ----------- -----------
Total from investment operations 3.99 1.80 0.14
--------- ----------- -----------
LESS DISTRIBUTIONS
Dividends from net investment income - - ( 0.07)
Distributions from net realized gains ( 1.38) ( 1.01) ( 0.04)
--------- ----------- -----------
Total distributions ( 1.38) ( 1.01) ( 0.11)
--------- ----------- -----------
Net asset value end of period $ 13.43 $ 10.82 $ 10.03
========= =========== ===========
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 37.28% 18.31% 1.38%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $ 4 $ 2 $ 3
Expenses 3.45% 5.16%(d)(g) 3.73%(c)(g)
Net investment income ( 2.04)% ( 3.79)% 1.36%(c)
Portfolio turnover rate 22% 27% 11%
</TABLE>
64
<PAGE>
- --------------------------------------------------------------------------------
Notes to Financial Statements (CONTINUED)
- --------------------------------------------------------------------------------
GAMERICA CAPITAL FUND
<TABLE>
<CAPTION>
CLASS B CLASS C
1999(a) 1998(f) 1999(a) 1998(f)
==================== ================== ================== ==================
<S> <C> <C> <C>
$ 17.26 $ 16.57 $ 17.13 $ 16.57
- ---------- --------- --------- ---------
( 0.11)(b) ( 0.26)(b) ( 0.07)(b) ( 0.37)(b)
3.04 1.10 3.01 1.08
- ---------- ---------- --------- ---------
2.93 0.84 2.94 0.71
- ---------- ---------- --------- ---------
- - - -
- ( 0.15) - ( 0.15)
- ---------- ---------- --------- ---------
- ( 0.15) - ( 0.15)
- ---------- ---------- --------- ---------
$ 20.19 $ 17.26 $ 20.07 $ 17.13
========== ========== ========= =========
16.98% 5.13% 17.16% 4.34%
$ 4 $ 1 $ 6 $ 1
3.59%(c) 5.19%(c) 3.08%(c) 7.15%(c)
( 1.23)%(c) ( 2.74)%(c) ( 0.72)%(c) ( 4.77)%(c)
17% 29% 17% 29%
</TABLE>
(a) For the six months ended 30th June, 1999 (unaudited).
(b) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(c) Annualized.
(d) Ratios of expenses to average net assets for the year ended 31st December,
1996 include amounts paid through expense offset arrangements. Prior and
subsequent ratios exclude these amounts.
(e) For the period 12th May, 1995 (commencement of distribution) to 31st
December, 1995.
(f) For the period 26th May, 1998 (commencement of distribution) to 31st
December, 1998.
(g) In the absence of expense reimbursement, expenses on an annualized basis
would have been 6.16% and 4.73% of average net assets for the period ended
31st December, 1996 and 31st December, 1995, respectively.
(*) Total return calculated for a period of less than one year is not
annualized.
65
<PAGE>
<TABLE>
<CAPTION>
BOARD OF DIRECTORS
<S> <C>
Gilbert de Botton - President CHAIRMAN, Global Asset Management Limited, London
George W. Landau SENIOR ADVISER, Latin America Group, The Coca-Cola
Company, New York
Roland Weiser PRESIDENT, Intervista, Summit, New Jersey
Robert J. McGuire, Esq. ATTORNEY/CONSULTANT, Morvillo, Abramowitz, Grand, Iason
& Silberberg, P.C., New York, New York
Address of the Company: 135 East 57th Street
New York, New York 10022
Tel: (212) 407-4600
1-800-426-4685 (toll free)
Fax: (212) 407-4684
Registrar and Transfer Agent: Boston Financial Data Services
P.O. Box 8264
Boston, Massachusetts 02266-8264
Tel: 1-800-426-4685 (toll free)
Fax: (617) 483-2405
</TABLE>
Copies of this report may be obtained from the Fund, from the Transfer Agent or
from:
In the United Kingdom (for authorized persons only);
Global Asset Management Limited, a member of IMRO,
12 St. James's Place, London SW1A 1NX, UK
Tel: 44-171-493-9990 Fax: 44-171-493-0715 Tlx: 296099 GAMUK G
On Internet;
Information on GAM's SEC-registered funds -www.gam.com
Email enquiries on GAM - [email protected]
