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Previous: AARP TAX FREE INCOME TRUST, RW, 2000-03-06 |
Next: GENERAL NEW YORK MUNICIPAL BOND FUND INC, 497, 2000-03-06 |
GLOBAL ASSET MANAGEMENT(R)
==========================
GAM INTERNATIONAL FUND
GAM GLOBAL FUND
GAM EUROPE FUND
GAM PACIFIC BASIN FUND
GAM JAPAN CAPITAL FUND
GAM NORTH AMERICA FUND
GAMERICA CAPITAL
FUND
GAM FUNDS, INC.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31ST DECEMBER, 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>
- --------------------------------------------------------------------------------
The GAM Group
- --------------------------------------------------------------------------------
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$13.9 billion under management and employs a worldwide staff of
about 499 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).
- --------------------------------------------------------------------------------
Contents
- --------------------------------------------------------------------------------
GAM International ...................................................... 3
GAM Global ............................................................. 8
GAM Europe ............................................................. 13
GAM Pacific Basin ...................................................... 18
GAM Japan Capital ...................................................... 23
GAM North America ...................................................... 28
GAMerica Capital ....................................................... 32
Financial Statements ................................................... 38
Notes to Financial Statements .......................................... 45
Report of Independent Accountants ...................................... 68
Additional Federal Tax Information ..................................... 69
Supplemental Proxy Information ......................................... 70
<PAGE>
GAM INTERNATIONAL FUND
FUND MANAGEMENT
- --------------------------------------------------------------------------------
[PHOTO OF JEAN-PHILIPPE CREMERS]
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
THE FACTS - CLASS A SHARES
GAM
International
Class A (after Average
GAM maximum MSCI 1 Month
International sales load EAFE Deposit
Class A of 5%) Index Rate
31st Dec, 1999 US$32.16 US$33.85 1,760.04
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 31.00 24.45 17.05 1.44
- --------------------------------------------------------------------------------
Jan-Dec, 1999 6.99 1.64 27.30 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
5 years to Dec, 1999 15.96 14.78 13.15 5.60
- --------------------------------------------------------------------------------
10 years to Dec, 1999 14.10 13.52 7.35 5.39
- --------------------------------------------------------------------------------
Since inception 19.61 19.20 16.45 6.26
- --------------------------------------------------------------------------------
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
---
GAM INTERNATIONAL FUND / FUND MANAGEMENT
<PAGE>
[LINE CHART OMITTED]
MSCI Average GAM Int'l Class A
GAM Int'l EAF 1 Month (after Maximum
Class A Index Deposit Rate sales load of 5%)
--------- ----- ------------ -----------------
1985 10000 10000 10000 10000
10013 10125 10021 9512
9954 10153 10037 9456
9960 10187 10053 9462
10036 10256 10069 9534
10018 10046 10085 9517
9913 9876 10101 9417
10217 10085 10118 9706
10128 10258 10134 9622
10043 10226 10151 9541
10138 10335 10168 9631
10328 10734 10185 9812
10438 11014 10197 9916
10299 10933 10212 9784
10329 10850 10236 9813
10576 11045 10253 10047
10483 10873 10270 9959
10490 11001 10287 9966
10347 11011 10304 9830
10745 11358 10320 10208
10953 11507 10336 10405
10922 11425 10353 10376
10883 11582 10369 10339
11083 11554 10384 10529
11329 11801 10399 10763
11207 11705 10410 10647
11422 11859 10423 10851
11485 12289 10444 10911
11629 12600 10459 11048
11580 12513 10472 11001
11523 12388 10490 10947
11605 12271 10506 11025
11703 12396 10522 11118
11832 12648 10538 11240
11981 12735 10554 11382
11814 12461 10570 11223
11843 12174 10586 11251
11884 12290 10602 11290
12591 13063 10613 11961
12886 13802 10629 12242
12939 13843 10650 12292
13102 13862 10666 12447
13305 14074 10682 12640
13795 14401 10699 13105
13881 14664 10715 13187
13833 14509 10731 13141
14187 14644 10747 13478
14806 15049 10756 14066
14719 14919 10779 13983
14834 14879 10796 14092
15405 15344 10813 14635
15386 15360 10825 14617
1986 15926 15796 10841 15130
16344 15987 10863 15527
16381 15806 10879 15562
16256 15633 10896 15443
16798 16156 10913 15958
16957 16378 10929 16109
17352 16901 10946 16484
17640 17567 10963 16758
18033 17794 10979 17131
18229 18206 10996 17318
18935 18847 11012 17989
19366 19385 11029 18398
19355 19596 11041 18387
19655 20372 11057 18672
20177 20110 11077 19168
20631 20770 11093 19600
21273 21806 11109 20209
21584 21902 11124 20504
21240 21937 11139 20178
20982 21898 11153 19933
20080 21116 11168 19076
20282 21401 11178 19268
20268 21159 11197 19255
20537 21747 11212 19510
20608 21774 11227 19578
20624 22155 11238 19593
20956 22459 11253 19909
20580 22411 11272 19551
20595 22594 11283 19565
20205 22976 11302 19195
20381 23732 11317 19362
20443 23650 11330 19421
21359 24927 11344 20291
22345 26462 11358 21227
22677 25942 11372 21543
22918 26083 11386 21772
22855 26223 11398 21712
22245 24884 11411 21133
22421 25442 11420 21300
22546 25752 11432 21419
22662 25722 11449 21529
22442 25431 11462 21320
21689 24036 11475 20604
21782 24032 11488 20693
21801 24002 11501 20711
22272 24866 11514 21158
21822 24317 11527 20730
22394 25073 11540 21274
23010 25878 11553 21860
22970 25992 11566 21821
22827 26085 11580 21686
23270 26685 11590 22106
23492 26914 11604 22317
1987 23790 27488 11614 22600
24473 28211 11637 23249
25447 29194 11651 24175
25812 30133 11666 24521
25761 29906 11680 24473
25824 29824 11694 24532
25731 29899 11707 24444
26556 30431 11721 25228
26723 31337 11735 25387
26711 31237 11749 25376
27686 32104 11763 26302
28013 32664 11773 26613
28755 33448 11787 27317
29185 34224 11806 27726
30833 36351 11821 29292
30839 37164 11835 29297
30218 36208 11850 28707
31372 37931 11861 29803
31464 38100 11880 29891
30587 36886 11895 29057
29979 36743 11910 28480
30162 37322 11926 28654
30728 38457 11942 29191
30827 38212 11958 29286
30393 36723 11970 28873
29911 35556 11986 28416
29816 34569 12007 28325
30413 35485 12023 28893
29450 33632 12039 27978
30239 35533 12055 28727
30394 35045 12062 28875
30732 36095 12086 29195
30998 36610 12102 29448
31613 37851 12118 30032
31710 38340 12133 30124
30945 37413 12150 29398
31243 37069 12166 29681
31407 37071 12178 29837
31233 37658 12195 29671
31550 37806 12218 29972
31928 38836 12236 30332
28532 33952 12246 27105
26275 31225 12272 24962
25409 31955 12290 24139
25216 30458 12307 23955
25947 32387 12323 24649
25908 33163 12340 24613
25489 32566 12356 24214
25108 32339 12375 23853
26057 33556 12394 24754
26277 33832 12410 24963
26169 33373 12427 24861
1988 26159 33461 12439 24851
25288 33109 12466 24023
24995 33242 12483 23745
24816 33990 12497 23576
24735 34092 12516 23498
24696 34087 12532 23461
25571 34929 12548 24292
25979 36165 12564 24680
26397 37071 12573 25077
26902 37619 12596 25557
27252 37860 12612 25890
27274 38392 12626 25910
27092 38718 12640 25737
27110 38763 12660 25754
27308 39380 12676 25942
27188 39439 12683 25829
27200 39260 12709 25840
27124 39659 12718 25768
26324 38902 12742 25008
26500 39014 12759 25175
26757 38781 12776 25419
27180 38641 12793 25821
27439 39265 12811 26067
27738 39579 12830 26351
27240 38542 12845 25878
26650 37096 12861 25318
27503 37518 12885 26128
27165 37652 12904 25807
27103 37377 12923 25748
27328 38218 12942 25962
27441 38608 12961 26069
26491 37077 12981 25167
26636 37774 13001 25304
26660 37101 13021 25327
26333 35951 13040 25016
27089 36667 13061 25735
27159 36864 13082 25801
27499 36913 13090 26124
27390 37174 13117 26020
27674 37439 13144 26291
28120 38486 13164 26714
29490 39502 13185 28016
30041 40162 13206 28539
30278 40754 13227 28764
30506 41210 13248 28981
31061 42372 13269 29508
31597 43435 13290 30017
31646 43219 13310 30064
31984 43237 13335 30385
31572 43043 13360 29993
31516 42582 13384 29940
31751 43139 13402 30164
1989 32038 43729 13419 30437
32332 44464 13457 30716
31546 44234 13480 29969
32105 44584 13503 30500
31712 43945 13520 30127
32978 44839 13550 31329
32911 45525 13574 31265
32559 45130 13598 30931
31680 44126 13615 30096
31751 43989 13647 30164
31706 43898 13673 30121
31136 42643 13699 29579
30976 43343 13718 29427
31686 43930 13751 30102
31581 43612 13777 30002
31835 44087 13804 30244
31522 43860 13830 29946
31429 44120 13856 29858
31790 44157 13882 30201
30555 42753 13908 29027
30264 41440 13934 28751
30886 41686 13960 29342
31166 41371 13985 29608
30548 39946 14011 29021
31729 40905 14036 30143
32033 41512 14055 30431
33515 42495 14088 31839
34351 43578 14113 32634
34834 43181 14138 33092
35249 44586 14164 33486
35738 46545 14189 33951
35816 45891 14212 34026
35574 44943 14236 33795
35725 44788 14249 33939
35589 44448 14283 33810
35688 43615 14307 33903
35177 43455 14332 33418
35057 44015 14356 33304
35603 45869 14373 33822
35849 45366 14391 34057
35607 43897 14430 33827
34194 43999 14454 32485
34651 44441 14479 32918
34755 44156 14504 33018
34273 43973 14528 32559
35068 44461 14552 33314
35282 44650 14576 33517
36251 46188 14600 34438
37244 47303 14624 35382
37170 47635 14638 35312
37234 47108 14673 35372
38433 48524 14690 36511
1990 40029 48153 14715 38028
39728 47721 14745 37742
38442 46266 14769 36520
37503 45598 14783 35628
38727 46509 14813 36791
39357 46705 14840 37390
38329 46195 14863 36413
37968 44714 14886 36069
37826 43273 14909 35935
38041 42205 14933 36139
37771 40788 14957 35882
37930 39309 14980 36034
37861 39275 14997 35968
37958 37815 15014 36060
37815 38945 15051 35924
37928 38848 15076 36032
36940 38685 15100 35093
36919 39202 15124 35073
38028 40652 15148 36126
38641 42200 15173 36709
39328 42549 15198 37362
39627 43098 15222 37645
39881 42829 15236 37887
40022 41967 15271 38021
40108 41996 15295 38103
40772 42381 15312 38734
41883 43324 15329 39789
42165 43343 15360 40057
43130 44462 15388 40974
42411 43088 15415 40290
42739 43035 15436 40602
39671 39749 15463 37687
39770 40596 15479 37782
37625 37907 15506 35744
37875 38535 15526 35981
38294 37821 15556 36379
38236 38867 15576 36324
37627 36895 15590 35746
37134 34414 15620 35278
37192 36108 15640 35333
38041 37667 15675 36139
38696 38781 15700 36762
38972 39836 15724 37023
38048 38808 15749 36146
37523 38102 15759 35647
37199 37941 15796 35339
37287 37851 15810 35423
37148 37558 15843 35291
36028 36575 15867 34227
37507 38791 15893 35632
37403 38647 15919 35533
35554 36753 15938 33776
1991 36275 37133 15964 34461
35683 36478 15995 33899
34786 35110 16018 33047
36199 37099 16041 34389
36658 38004 16064 34826
38492 40016 16085 36567
39318 41754 16106 37352
38853 42168 16121 36910
38537 42416 16145 36610
38376 42007 16160 36457
38012 41472 16190 36111
37365 40361 16212 35497
37447 39870 16227 35575
38432 41591 16245 36511
38238 41257 16274 36326
38901 42161 16293 36956
37233 40137 16301 35371
37168 41095 16329 35309
37504 40581 16350 35629
37173 40509 16369 35315
37309 40136 16387 35444
37295 40632 16406 35430
37219 40111 16414 35358
36665 38906 16442 34832
36581 38205 16461 34752
36521 38236 16474 34695
36609 37477 16489 34778
36792 37761 16516 34953
36891 38416 16535 35047
37106 39277 16554 35250
37179 39652 16567 35320
37391 39736 16591 35521
37123 39229 16609 35267
36380 37861 16628 34561
36990 38064 16646 35140
37766 39240 16665 35878
37950 39496 16672 36052
38475 40125 16695 36551
38255 40541 16713 36342
39158 41683 16731 37200
38751 41122 16753 36814
39003 41039 16770 37053
38511 41090 16777 36586
39271 41403 16804 37307
39770 41909 16811 37782
39844 41766 16836 37852
39844 40582 16852 37852
39406 40061 16869 37436
39307 39824 16885 37342
39996 38931 16892 37996
40432 39924 16917 38410
41500 39551 16929 39425
1992 41955 41780 16946 39858
42624 41721 16964 40493
41439 39821 16977 39367
42007 40941 16991 39906
41894 40450 16997 39799
41662 41029 17018 39579
41564 40082 17032 39486
40674 38687 17045 38640
40943 39075 17058 38896
41148 38748 17068 39091
40795 37457 17077 38755
40848 36752 17098 38806
40792 37024 17108 38752
40519 35745 17122 38493
40905 34603 17139 38860
40985 36746 17152 38936
41029 36081 17166 38978
41422 36950 17180 39350
42005 37858 17189 39905
42572 39052 17205 40443
43019 39280 17210 40868
43040 38382 17224 40888
43720 39170 17235 41534
43628 38683 17255 41447
43937 37764 17268 41740
44489 37171 17277 42265
45561 38081 17290 43283
46517 38221 17306 44191
47043 38758 17319 44691
46280 36231 17332 43966
46784 36092 17337 44445
47257 36715 17353 44894
47741 34961 17368 45354
47539 35225 17378 45162
49139 37232 17389 46682
50030 38756 17395 47529
50042 39589 17411 47540
46113 37501 17422 43808
43417 38306 17430 41246
47717 38272 17441 45331
47206 37250 17449 44846
46434 37497 17459 44112
45350 36908 17475 43083
44753 36549 17479 42516
44445 36626 17496 42222
44296 35644 17505 42081
43375 35800 17517 41207
43640 36176 17524 41458
42808 36650 17532 40668
43310 36867 17551 41145
44109 37013 17565 41904
43331 37536 17577 41164
43346 36792 17589 41179
1993 43361 36742 17598 41193
43225 35949 17615 41063
44338 36491 17622 42121
44892 36610 17636 42647
43827 36747 17647 41636
44205 37134 17657 41995
45520 37557 17668 43244
46429 37765 17678 44107
47933 38480 17685 45536
48321 39180 17699 45905
46720 39292 17706 44384
47627 39896 17716 45246
48617 41280 17727 46186
48662 43088 17740 46229
50375 44242 17751 47856
50382 43701 17761 47863
50584 44568 17765 48054
51284 45481 17780 48719
51114 44553 17792 48559
50844 44515 17801 48302
51687 45757 17808 49103
52124 46082 17823 49517
51375 46206 17827 48806
51459 45350 17844 48886
50206 44035 17852 47696
51339 45464 17862 48772
51138 45048 17874 48581
50766 45517 17886 48228
50896 45559 17897 48351
51724 46178 17907 49138
53784 47873 17918 51095
55487 48281 17928 52713
57802 49572 17933 54912
56829 48332 17950 53987
58789 49448 17960 55849
59841 49289 17971 56849
59359 49272 17981 56391
59122 47934 17990 56166
61224 48437 17999 58163
62459 49746 18013 59336
64380 49830 18023 61161
65591 49749 18034 62311
64978 49348 18045 61729
66037 49989 18049 62735
65565 48128 18060 62287
66903 48521 18076 63558
65890 46900 18087 62596
66704 47075 18091 63369
69120 47489 18109 65664
70364 47888 18121 66846
74386 48659 18133 70666
77036 48976 18142 73184
1994 77694 49355 18152 73809
75887 49397 18168 72092
76864 50624 18179 73020
75649 50711 18185 71866
76793 53459 18196 72953
74299 51986 18211 70584
73631 52279 18217 69950
72904 52031 18226 69259
70495 51935 18243 66970
70608 51767 18255 67077
70389 52633 18267 66869
69177 51384 18278 65718
69488 50871 18288 66013
68311 50896 18304 64896
67453 51992 18317 64080
66609 51627 18322 63278
67421 52410 18334 64050
67333 51924 18354 63966
66662 52181 18368 63329
68131 52952 18381 64725
68467 52476 18395 65044
68078 52579 18409 64674
66959 52911 18423 63611
68181 53116 18434 64772
69728 52361 18451 66242
70579 53394 18464 67050
70826 53561 18477 67285
72266 54100 18490 68653
71017 54571 18515 67466
70390 53862 18531 66871
70218 54808 18537 66707
69519 54549 18555 66043
69878 54791 18569 66384
70947 55144 18593 67400
69749 55143 18600 66262
71142 54565 18626 67584
71354 54226 18642 67786
70830 54109 18659 67289
71145 53658 18672 67588
71002 52901 18689 67452
71438 53922 18711 67866
73493 54610 18729 69819
73343 54138 18736 69676
72772 54961 18764 69133
72515 53743 18782 68890
71354 53433 18792 67786
71607 51938 18812 68026
70769 52569 18833 67230
70211 51900 18857 66700
69797 51044 18878 66307
69474 52069 18900 66000
69405 52418 18915 65935
1995 68926 52302 18933 65479
70448 52108 18964 66926
70980 51867 18973 67431
72183 50022 19006 68573
72130 50934 19028 68523
71862 50784 19050 68269
72824 50975 19071 69183
74985 51244 19093 71235
76406 50547 19111 72586
80280 52095 19136 76266
81860 52115 19158 77767
81246 51468 19180 77184
82323 53077 19196 78206
83273 53510 19224 79109
81344 54533 19234 77277
84467 55878 19269 80243
83216 55634 19291 79055
83529 56992 19313 79352
83646 56738 19335 79464
81238 55271 19357 77176
82375 54640 19379 78257
85324 55327 19392 81057
86481 55959 19423 82157
84735 54546 19445 80498
85064 55187 19455 80810
83610 54358 19483 79429
84654 55367 19505 80421
83882 57172 19527 79688
83590 56656 19556 79410
83797 57216 19579 79607
83906 57126 19601 79711
83988 56818 19610 79788
81039 55969 19632 76987
81064 55764 19665 77011
81738 55121 19687 77651
82631 55331 19708 78500
82656 55824 19730 78523
84434 55631 19739 80213
84223 56057 19767 80012
84507 56289 19783 80282
84219 55254 19817 80008
85352 55693 19832 81084
87163 55552 19860 82805
86712 54796 19882 82377
87569 55394 19903 83191
88690 55412 19925 84256
89080 56450 19946 84626
88536 56458 19967 84109
90290 57513 19986 85776
89011 57572 20005 84560
89462 57763 20033 84989
90600 59006 20048 86070
1996 91067 59379 20067 86514
91323 59388 20097 86757
91195 58994 20119 86635
90940 58230 20140 86393
89409 59278 20161 84938
88303 59743 20178 83888
88260 59600 20202 83847
87665 59328 20213 83281
87495 59461 20242 83120
87324 59445 20262 82958
84772 58318 20282 80534
85793 59483 20291 81503
85963 60225 20316 81665
86729 60895 20333 82392
85113 60855 20362 80857
84857 60940 20382 80614
85070 62148 20402 80817
84177 62126 20414 79968
83496 61447 20443 79321
83369 61430 20463 79200
82263 61175 20478 78150
82858 60793 20504 78715
83326 61097 20524 79160
83113 61067 20545 78958
83326 61691 20565 79160
83581 61665 20580 79402
84219 61401 20597 80008
84262 60761 20627 80049
85708 59813 20647 81423
85368 58818 20668 81099
87409 59988 20689 83039
88983 60128 20710 84534
88441 60473 20731 84019
88995 61001 20745 84545
88782 60867 20772 84343
88014 59916 20793 83614
87929 59854 20814 83533
89634 61146 20814 85152
89932 61748 20864 85436
90913 61962 20870 86367
91936 61376 20897 87339
90700 61938 20918 86165
90955 61576 20939 86408
90913 61203 20960 86367
93427 61887 20972 88756
94706 62623 20995 89971
96539 63684 21016 91712
97690 63627 21042 92805
97434 62691 21062 92562
95559 62209 21084 90781
94621 61691 21093 89890
96753 61598 21120 91915
1997 99063 62776 21142 94110
97823 61883 21170 92931
100176 61630 21191 95167
101118 60944 21204 96062
100390 59729 21222 95371
103214 60521 21256 98054
105867 60876 21278 100574
107023 60924 21300 101672
107365 61935 21315 101997
107408 61417 21334 102038
107921 61614 21365 102525
104327 61106 21387 99111
105097 61487 21402 99842
102530 60839 21424 97403
105825 60018 21453 100533
105482 60134 21476 100208
107322 61629 21499 101956
109291 62181 21512 103826
112415 64524 21545 106794
115196 66842 21568 109436
113784 67541 21581 108095
113827 67370 21614 108135
114255 67019 21637 108542
114854 68723 21660 109111
114854 68874 21683 109111
118448 70422 21699 112526
119860 70190 21722 113867
123498 70978 21752 117323
128119 71580 21765 121713
128333 71338 21798 121917
130173 70794 21821 123665
129959 69681 21841 123461
127049 69385 21867 120697
127113 68752 21890 120757
121774 67178 21913 115685
123625 66900 21936 117444
121085 67075 21960 115030
122420 67036 21983 116299
125951 68973 21999 119653
129998 69696 22023 123498
129654 69951 22039 123171
127501 68797 22076 121126
126080 67692 22100 119776
120224 64604 22110 114212
121429 64837 22147 115358
115961 61708 22171 110163
119018 62740 22187 113067
119448 62785 22211 113476
123496 64445 22241 117321
126424 64463 22252 120103
127184 64790 22291 120825
125075 62547 22309 118821
127723 64068 22334 121337
1998 131044 63604 22367 124492
127364 62346 22393 120996
130056 65221 22418 123554
129563 67218 22429 123085
133692 69019 22455 127007
133602 70002 22493 126922
135801 69772 22517 129011
137865 69942 22540 130972
137551 71340 22564 130674
139436 71454 22588 132464
143610 72389 22605 136429
146123 74339 22629 138817
148097 73796 22653 140693
150117 74818 22684 142611
152989 76566 22709 145340
149489 75233 22733 142014
145180 72803 22753 137921
150341 75127 22781 142824
148008 74489 22806 140607
147873 74650 22820 140479
148187 73983 22848 140778
150835 74164 22868 143293
151284 73626 22889 143720
148815 72581 22927 141375
147604 72426 22945 140224
150252 75333 22969 142739
152989 76155 22993 145340
157387 77243 23018 149518
157073 76750 23042 149219
155323 74872 23067 147557
151688 72699 23091 144103
149102 69742 23116 141646
151698 71444 23140 144113
147598 68157 23165 140218
140583 67157 23189 133554
138806 68301 23214 131866
139171 67927 23238 132212
135344 65297 23263 128577
133704 63848 23287 127019
131107 63862 23311 124552
128055 66099 23334 121652
126233 69436 23358 119921
126278 68960 23381 119965
128101 73398 23404 121696
126233 71037 23428 119921
128875 71968 23451 122431
129695 74179 23474 123210
129057 72558 23498 122604
132337 74386 23523 125720
130834 73760 23547 124292
135025 76196 23572 128274
135982 76674 23597 129183
1999 140036 80467 23620 133034
132838 75872 23642 126196
133021 78468 23665 126370
130424 76494 23687 123903
129650 76853 23709 123167
126688 73939 23731 120354
126142 74583 23753 119835
127463 75554 23775 121090
124593 73335 23797 118363
124274 76636 23819 118060
124411 78636 23842 118190
122771 76467 23864 116632
122315 78222 23886 116199
122042 79895 23908 115940
124365 81384 23930 118147
121996 79252 23952 115896
123727 81819 23974 117541
123955 81047 23996 117757
123226 80546 24018 117065
121860 78460 24040 115767
120994 77607 24062 114944
120812 77888 24084 114771
121586 80340 24107 115507
121586 80558 24129 115507
121040 80751 24151 114988
120220 80264 24173 114209
121996 82391 24197 115896
119946 82152 24221 113949
118762 82411 24245 112824
116712 81536 24269 110876
114070 82340 24293 108366
112384 79578 24317 106765
114525 82683 24341 108799
115573 84064 24365 109794
115527 84315 24389 109751
116393 84561 24414 110573
114616 84725 24439 108886
113432 83566 24464 107760
112339 82766 24489 106722
113888 84964 24514 108193
113842 84783 24539 108150
113159 84199 24564 107501
112703 84414 24589 107068
117304 87108 24614 111439
119217 88651 24639 113257
121586 90040 24664 115507
123454 89938 24689 117281
126096 90456 24714 119791
133339 92899 24745 126673
128784 91541 24775 122345
137166 94518 24806 130308
144956 97084 24836 137708
146505 98141 24845 139180
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.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[BAR CHART OMITTED]
1 Year 5 Years 10 Years Since Inception
------ ------- -------- ---------------
GAM International 6.99 15.96 14.10 19.61
GAM International
(after maximum sales
loan of 5%) 1.64 14.78 13.52 19.20
MSCI EAFE Index 27.30 13.15 7.35 16.45
ANNUAL PERFORMANCE - CLASS A
[BAR CHART OMITTED]
GAM
INTERNATIONAL
GAM CLASS A MSCI
INTERNATIONAL (AFTER MAXIMUM EAFE
CLASS A SALES LOAD OF 5%) 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 6.99 1.64 27.30
- ----------
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.
4
---
GAM INTERNATIONAL FUND / REPORT TO SHAREHOLDERS
<PAGE>
THE FACTS - CLASS B SHARES
GAM
International Average
GAM Class B MSCI 1 Month
International (with deferred EAFE Deposit
Class B sales charge) Index Rate
31st Dec, 1999 US$32.31 1,760.04
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 30.81 25.81 17.05 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 6.25 1.25 27.30 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* (2.04) (4.50) 17.72 5.39
- --------------------------------------------------------------------------------
THE FACTS - CLASS C SHARES
GAM
International Average
GAM Class C MSCI 1 Month
International (with deferred EAFE Deposit
Class C sales charge) Index Rate
31st Dec, 1999 US$32.29 1,760.04
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 30.83 29.83 17.05 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 6.32 5.32 27.30 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* (0.61) (0.61) 19.30 5.40
- --------------------------------------------------------------------------------
THE FACTS - CLASS D SHARES
GAM
International
Class D (after Average
GAM maximum MSCI 1 Month
International sales load EAFE Deposit
Class D of 3.5%) Index Rate
31st Dec, 1999 US$31.96 US$33.12 1,760.04
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 31.04 26.45 17.05 1.44
- --------------------------------------------------------------------------------
Jan-Dec, 1999 6.82 3.08 27.30 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
2 years to Dec, 1999 6.97 5.08 23.77 5.47
- --------------------------------------------------------------------------------
3 years to Dec, 1999 13.80 12.46 16.06 5.53
- --------------------------------------------------------------------------------
Since inception* 13.88 12.94 14.34 5.52
- --------------------------------------------------------------------------------
* 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.
THE COMMENT
The fund returned a 6.99% (Class A) performance gain in 1999. Current
holdings are benefiting from strong market trends. The difficult first-half
performance was affected by bond holdings and other non-equity instruments (both
of which we are unlikely to hold again given current market conditions). However
this was more than compensated by the second-half performance, which was boosted
by an increased exposure to growth sectors: we have invested in dominant mobile
phone operators, such as Sonera in Finland, Mannesmann in Germany, NTT Docomo in
Japan, and China Telecom. Prospects for growth in mobile subscribers and new
products remain excellent. We increased the fund's exposure to the software and
IT industries, such as Getronics in Holland which has now become a world leader
in IT outsourcing, following its merger with Wang of the US and also Navision in
Denmark and Hitachi Software in Japan which are leading software companies with
excellent earnings growth. All benefit from increased demand for their products
and services due to the rapid adoption of the Internet. We invested in telecom
equipment companies (in addition to Nokia), such as Marconi (the old General
Electric Co. of the UK, now a pure play on telecom equipment) and Matsushita
Communication. Deregulation and innovation in telecoms is driving the demand for
these companies' products.
Overall, for these industries and companies, this is a period of
unprecedented strong earnings growth, and we are positioned to participate
fully.
Pharmaceuticals and consumer goods were two sectors which did not perform
well this year. We are keeping a high exposure to growing pharmaceutical
companies, as worries over political interference in the US healthcare system
should dissipate next year and as more mergers/acquisitions are likely. We have
reduced our holdings in the consumer goods industry, which is suffering from a
lack of volume growth and a difficult pricing environment.
Inflation remains low. This is a positive for equity investors.
We will continue to be invested in stocks which possess the best
combination of earnings growth and relative values, wherever they may be.
5
---
GAM INTERNATIONAL FUND / REPORT TO SHAREHOLDERS
<PAGE>
STATEMENT OF INVESTMENTS AS AT 31ST DECEMBER, 1999+
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
EQUITIES - 99.0%
BELGIUM - 0.6%
209,640 UCB 9,082,311
----------
9,082,311
----------
CHINA - 3.3%
*8,028,000 China Telecom (HK) 50,087,863
-----------
50,087,863
-----------
DENMARK - 1.6%
*340,571 Navision Software 24,635,013
-----------
24,635,013
-----------
FINLAND - 8.2%
*53,943 Comptel 3,791,302
349,317 Nokia 63,276,329
841,040 Sonera 57,596,200
------------
124,663,831
------------
FRANCE - 8.8%
131,228 AXA-UAP 18,277,284
143,515 Carrefour 26,444,459
92,162 Danone 21,702,851
27,968 L'Oreal 22,417,968
88,502 Pinault-Printemps-Redoute 23,334,765
*535,770 Sanofi-Synthelabo 22,289,376
------------
134,466,703
------------
GERMANY - 3.5%
90,593 Beiersdorf 6,077,277
195,874 Mannesmann 47,209,713
------------
53,286,990
------------
HONG KONG - 0.6%
412,500 Johnson Electric 2,647,938
2,400,000 Li & Fung New 6,020,454
------------
8,668,392
------------
INDIA - 1.3%
61,202 Infosys Technologies ADR 20,196,660
------------
20,196,660
------------
ISRAEL - 0.5%
*37,134 Check Point Software 7,380,383
------------
7,380,383
------------
ITALY - 3.3%
4,487,589 TIM 50,083,385
------------
50,083,385
------------
JAPAN - 21.4%
10,250 Bellsystem 24 11,237,275
19,500 Fujitsu Support and Service 9,562,940
7,900 Hikari Tsushin 15,852,584
82,300 Hitachi Software Engineering 12,003,426
476,000 KAO 13,582,028
156,200 Matsumotokiyoshi 12,094,186
63,000 Matsushita Communications Industrial 16,650,352
597,000 Minebea 10,244,137
40,000 Murata Manufacturing 9,397,024
1,219 NTT Mobile Communications Network 46,893,794
11,900 OBIC 8,433,438
305,900 ORIX 68,929,307
59,700 Rohm 24,543,853
42,600 Ryohin Keikaku 8,552,525
122,000 Secom 13,434,808
22,290 Shohkoh Fund 8,825,671
729,000 Takeda Chemical 36,036,120
------------
326,273,468
------------
NETHERLANDS - 12.0%
303,950 Aegon 29,333,900
803,488 Fortis AMEV 28,907,098
547,627 Getronics 43,647,471
284,877 Heineken 13,881,335
252,288 ING Groep 15,218,168
377,580 Koninklijke Ahold 11,167,543
*94,810 Qiagen 7,155,903
398,824 VNU 20,942,784
384,638 Wolters Kluwer 13,005,903
------------
183,260,105
------------
SPAIN - 3.9%
*3,777,456 Amadeus Global Travel Distribution 59,872,725
------------
59,872,725
------------
SWEDEN - 6.8%
914,593 Europolitan Holdings 16,134,182
1,434,196 Hennes & Mauritz B 48,070,782
*343,711 NetCom Systems B 24,172,548
870,902 Securitas B 15,773,128
------------
104,150,640
------------
SWITZERLAND - 2.5%
9,145 Novartis 13,427,753
2,087 Roche Holding Genussscheine 24,771,902
------------
38,199,655
------------
UNITED KINGDOM - 20.7%
751,131 Abbey National 12,014,663
*169,785 ARM Holdings 11,458,414
447,840 AstraZeneca Group 18,581,408
1,155,281 Bank of Scotland 13,420,764
904,090 Capita Group 16,506,342
282,308 CMG 20,785,618
1,317,208 Compass Group 18,089,810
*665,548 Energis 31,980,192
1,523,835 Johnston Press 8,986,520
1,036,905 Lloyds TSB Group 12,975,411
424,515 Logica 10,953,646
1,423,084 Marconi 25,188,578
232,092 Matalan 6,384,223
844,410 Sage Group 10,307,386
371,546 SEMA Group 6,687,419
264,786 Serco Group 8,310,301
1,834,057 Smithkline Beecham 23,409,959
3,715,039 WPP Group 58,883,431
--------------
314,924,085
--------------
TOTAL EQUITIES (COST $1,166,625,125) 1,509,232,209
--------------
6
---
GAM INTERNATIONAL FUND / STATEMENT OF INVESTMENTS
<PAGE>
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
PREFERRED SHARES - 0.6%
GERMANY - 0.6%
28,427 Marschollek, Lautenschlaeger
und Partner Pfd 8,582,253
-------------
TOTAL PREFERRED SHARES (COST $8,374,031) 8,582,253
-------------
TOTAL INVESTMENTS (COST $1,174,999,156**) - 99.6% 1,517,814,462
NET CURRENT ASSETS - 0.4% 6,076,598
-------------
TOTAL NET ASSETS - 100.0% 1,523,891,060
=============
* Non-income producing security.
** Cost for federal income tax purposes is $1,208,348,709 (Note 5).
+ All securities have been segregated to collateralize forward exchange
currency contracts and revolving demand note (Note 8).
Glossary of Terms:
ADR - American Depositary Receipt
See notes to financial statements.
GEOGRAPHIC ANALYSIS AS AT
31ST DECEMBER, 1999
[BAR CHARTS OMITTED]
FRANCE 8.8%
JAPAN 21.4%
NETHERLANDS 12.0%
SWEDEN 6.8%
UNITED KINGDOM 20.7%
NET CURRENT ASSETS 0.4%
OTHER 21.7%
FINLAND 8.2%
INVESTMENT ANALYSIS AS AT
31ST DECEMBER, 1999 (UNAUDITED)
TELECOMMUNICATIONS 25.1%
BUSINESS & PUBLIC SERVICES 13.6%
HEALTH & PERSONAL CARE 11.4%
MERCHANDISING 8.9%
FINANCIAL SERVICES 7.7%
ELECTRICAL & ELECTRONICS 6.4%
OTHER 26.5%
NET CURRENT ASSETS 0.4%
7
---
GAM INTERNATIONAL FUND / STATEMENT OF INVESTMENTS
<PAGE>
GAM GLOBAL FUND
FUND MANAGEMENT
- --------------------------------------------------------------------------------
[PHOTO OF JEAN-PHILIPPE CREMERS]
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 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
GAM
Global
Class A (after Average
GAM maximum MSCI 1 Month
Global sales load EAFE Deposit
Class A of 5%) Index Rate
31st Dec, 1999 US$21.75 US$22.89 1,420.89
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 24.64 18.41 16.96 1.44
- --------------------------------------------------------------------------------
Jan-Dec, 1999 14.23 8.52 25.34 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
5 years to Dec, 1999 19.42 18.20 20.25 5.60
- --------------------------------------------------------------------------------
10 years to Dec, 1999 12.82 12.24 11.98 5.39
- --------------------------------------------------------------------------------
Since inception 13.05 12.62 14.09 6.05
- --------------------------------------------------------------------------------
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.
8
---
GAM GLOBAL FUND / FUND MANAGEMENT
<PAGE>
[LINE CHART OMITTED]
MSCI Average GAM Global Class A
GAM Global World 1 Month (after Maximum
Class A Index Deposit Rate sales load of 5%)
--------- ----- ------------ ------------------
1986 10000 10000 10000 10000
9971 9886.16 10016.7 9472.45
9998 9975.95 10030.2 9498.1
10014 10053.2 10043.6 9513.3
10069 10215.3 10053.2 9565.55
10304 10365 10066.7 9788.8
10243 10166.1 10083.8 9730.85
10261 10074.1 10093.3 9747.95
10156 10239.6 10110.4 9648.2
10143 10380.2 10123.7 9635.85
10183 10376.2 10136 9673.85
10610 10866.4 10148.4 10079.5
10789 11316.2 10160.8 10249.5
10834 11252.7 10173.2 10292.3
10780 11236.6 10185.6 10241
10604 11229.7 10196.7 10073.8
10174 10623.2 10207.8 9665.3
10264 10840.2 10215.8 9750.8
10229 10867.9 10226.9 9717.55
10382 10917.6 10241.8 9862.9
10283 10878.8 10253.6 9768.85
10045 10498.1 10265.3 9542.75
9860 10582.5 10277.1 9367
9895 10689.3 10288.9 9400.25
10008 10907.2 10300.4 9507.6
9904 10605.2 10311.8 9408.8
10233 10994.7 10323.3 9721.35
10533 11298.6 10334.8 10006.3
10355 11275.7 10347.1 9837.25
10263 11246.3 10359.5 9749.85
10411 11379.1 10368.4 9890.45
10469 11349.8 10380.8 9945.55
1987 10515 11753.4 10389.9 9989.25
10743 12068 10410.2 10205.8
10848 12411.8 10423.1 10305.6
10874 12800.5 10436.1 10330.3
10813 12828.8 10449 10272.3
10836 12774.1 10461.2 10294.2
10853 12945.9 10473.3 10310.3
11025 13044.5 10485.5 10473.8
11039 13376.2 10497.6 10487
11064 13382.1 10510.3 10510.8
11286 13666.2 10523 10721.7
11208 13960.2 10532.1 10647.6
11349 13998.3 10544.8 10781.5
11409 14292.3 10561.4 10838.5
11285 14596.2 10574.5 10720.8
11490 14836.3 10587.5 10915.5
11318 14550.8 10600.5 10752.1
11690 15185.6 10610.2 11105.5
11666 15201.5 10627.7 11082.7
11456 14604.5 10641.3 10883.2
11526 14752 10654.9 10949.7
11603 14986.1 10668.5 11022.8
11662 15348.8 10683.1 11078.9
11850 15425.8 10697.7 11257.5
11845 15100.7 10708.1 11252.8
11673 14743.3 10722.7 11089.3
11631 14611.1 10741.2 11049.5
11826 14887.8 10755.4 11234.7
11461 14401.2 10769.7 10888
11641 15010 10784 11059
11656 14942 10790.1 11073.2
11826 15464.2 10812.2 11234.7
11934 15551 10826.2 11337.3
12056 15957.7 10840.2 11453.2
12146 15860.7 10854.2 11538.7
11840 15485.8 10869 11248
11836 15408 10883.9 11244.2
11905 15530.7 10894.5 11309.8
11839 15701.9 10909.3 11247
11921 15679.2 10929.8 11325
12016 15750.3 10946 11415.2
10789 13567.2 10955.3 10249.5
9926 12409.4 10978.4 9429.7
9765 12859.5 10994.7 9276.75
9721 12356.8 11009.4 9234.95
9979 12908.1 11024.2 9480.05
9987 13083.3 11038.9 9487.65
9743 12742.4 11053.7 9255.85
9695 12788.1 11070.7 9210.25
10028 13259.6 11087.6 9526.6
10207 13416.2 11102.2 9696.64
10113.2 13211.5 11116.7 9607.56
1988 10157.3 13442.9 11128 9649.48
9838.55 13110.7 11151.7 9346.62
9718.31 13088 11166.7 9232.4
9645.51 13384.8 11179.6 9163.23
9679.7 13456.7 11196.8 9195.72
9716.1 13538.6 11211.1 9230.3
10086.8 13816.3 11225.3 9582.41
10272.1 14215.4 11239.5 9758.46
10441.9 14526.2 11247.7 9919.85
10617.3 14680.1 11268.2 10086.5
10807.1 14736 11282.6 10266.7
10780 14886.9 11295 10241
10676.3 14779 11307.4 10142.5
10799.7 14920.2 11325.8 10259.7
10963.3 15192.7 11340.2 10415.2
10855 14937.2 11346.4 10312.2
10957.6 15023.2 11369 10409.7
10909.2 15056.6 11377.2 10363.7
10397.3 14735.4 11398.6 9877.49
10374.3 14732.6 11413.9 9855.59
10449.2 14723.3 11429.2 9926.76
10807.7 14927.7 11444.5 10267.3
10905.7 15181.7 11460.8 10360.4
11094.7 15317.5 11477.1 10540
10896.5 15090.8 11491.1 10351.7
10751.2 14640.1 11505.1 10213.7
11038.3 14775.6 11526.7 10486.3
10828.5 14766.2 11543.7 10287
10858.4 14710.6 11560.7 10315.5
10910.3 14787.1 11577.6 10364.8
11098.2 15074.7 11594.6 10543.3
10675.2 14480.1 11612.4 10141.4
10844.6 14638.9 11630.2 10302.4
10858.4 14477 11648 10315.5
10778.9 14189.2 11665.8 10240
11031.3 14454.5 11684.2 10479.8
11144.3 14567.8 11702.7 10587.1
11309.1 14598.3 11710.6 10743.7
11303.4 14652 11734.3 10738.2
11502.8 14771.9 11758 10927.7
11629.6 15091 11776.6 11048.1
12027.3 15417.1 11795.2 11425.9
12188.7 15677.1 11813.8 11579.2
12245.1 15787.5 11832.5 11632.9
12235.9 15794.8 11851.2 11624.1
12248.6 15925.1 11869.9 11636.2
12371.9 16305.3 11888.6 11753.3
12496.4 16346.1 11907.3 11871.6
12716.6 16426.9 11929.3 12080.8
12565.6 16331.2 11951.3 11937.3
12599 16258.7 11973.3 11969.1
12688.9 16403 11989 12054.5
1989 12831.9 16594.1 12004.7 12190.3
12971.3 16845.6 12038.1 12322.8
12752.3 16876.8 12059 12114.7
12932.1 17025 12079.9 12285.5
12874.5 17019.3 12094.8 12230.8
13299.8 17284.5 12122 12634.9
13297.5 17369.1 12143.1 12632.7
13124.6 17202.6 12164.3 12468.4
12845.7 16871.8 12179.4 12203.4
12899.9 16966.4 12208.7 12254.9
12869.9 16997.3 12231.9 12226.4
12712 16565.4 12255.2 12076.4
12693.5 16780.9 12271.7 12058.9
12907.9 17154.2 12301.6 12262.5
12980.5 16970.3 12325 12331.5
13159.2 17240 12348.5 12501.3
13030.1 17180.4 12371.9 12378.6
12950.6 17275.4 12395.4 12303.1
13033.6 17239.2 12418.6 12381.9
12747.7 17095.3 12441.7 12110.3
12676.3 16786.4 12464.9 12042.5
12893.9 16874.7 12488.1 12249.2
13091.4 16922.5 12511 12436.8
12961.3 16498.3 12533.9 12313.2
13312.5 16691.2 12556.8 12646.9
13450.9 16951.8 12573.2 12778.3
13855.3 17135.1 12602.6 13162.6
14101.3 17595.7 12625.3 13396.3
14248 17597 12647.9 13535.6
14471.5 18021.2 12670.6 13747.9
14828.6 18648.2 12693.2 14087.2
14872.4 18534.2 12714.3 14128.8
14795.5 18264.4 12735.4 14055.7
14796.7 18197.6 12747.4 14056.9
14722.2 18222.3 12777.5 13986.1
14745.8 17975.6 12799.2 14008.6
14622.8 17864.5 12821 13891.7
14533 18034.9 12842.7 13806.3
14771.9 18507.6 12858.3 14033.3
14935.1 18593.5 12873.8 14188.3
14847.5 18203.9 12908.5 14105.2
14321.3 17960.1 12930.7 13605.2
14465.6 18103.7 12953 13742.3
14465.6 18012.8 12975.2 13742.3
14304.7 17922.1 12996.7 13589.5
14503.4 18103.7 13018.1 13778.2
14674.9 18183.1 13039.6 13941.1
15020.2 18627.4 13061 14269.2
15422.3 19014.1 13082.8 14651.2
15371.4 19186.2 13095.2 14602.9
15307.1 18880.8 13126.3 14541.8
15576.2 19356.8 13141.9 14797.4
1990 16214.7 19440.3 13163.6 15404
15963.7 19144.2 13191 15165.5
15470 18593.5 13212.2 14696.5
15033.2 18287.4 13224.2 14281.5
15379.5 18490.4 13251.4 14610.6
15647.5 18649.7 13275.3 14865.1
15371.1 18473.3 13296.1 14602.5
15221.4 17988.8 13316.9 14460.3
15317.2 17689.2 13337.7 14551.3
15402 17492.3 13358.8 14631.9
15326.8 17117.8 13379.9 14560.5
15411.7 16778 13401 14641.1
15383.8 16798.3 13416.1 14614.6
15474.7 16389.4 13431.2 14701
15412.9 16711.2 13464.8 14642.2
15472.3 16661.9 13486.4 14698.6
15102.7 16464.1 13508 14347.5
15114.8 16712.9 13529.6 14359
15563.2 17180.2 13551.7 14785
15929.1 17782.4 13573.7 15132.7
16218.7 17978.5 13595.8 15407.8
16326.6 18169.1 13617.8 15510.2
16462.3 18167.6 13630.1 15639.2
16544.7 17976.4 13660.9 15717.5
16509.6 17866.6 13682.4 15684.1
16838 17906.3 13697.8 15996.1
17189.4 18259 13713.2 16329.9
17299.7 18292.9 13740.9 16434.7
17359 18664.5 13765.6 16491.1
17326.3 18170.4 13790.2 16460
17265.7 18131.7 13808.7 16402.4
15896.4 16949.5 13832.6 15101.6
16058.8 17224.3 13847.5 15255.8
15148.7 16092.9 13871.4 14391.3
15027.5 16389.9 13889.2 14276.2
15273.5 16192.7 13916 14509.8
15302.6 16434.6 13934.2 14537.5
15093 15803.8 13946.3 14338.3
14923.3 14944.7 13973.6 14177.2
14670 15519.6 13991.7 13936.6
14993.6 15742.4 14022.8 14243.9
14958.5 16003.4 14044.8 14210.5
15062.7 16538.8 14066.7 14309.5
14756.1 16119.3 14088.7 14018.3
14624 15972.6 14097.8 13892.8
14567 16190.9 14130.9 13838.7
14430.1 16107.7 14143 13708.6
14358.6 16058.1 14173.2 13640.7
14008.4 16034.9 14194.3 13308
14476.2 16636.2 14217.8 13752.3
14370.7 16597.4 14241.2 13652.2
13743 16098.4 14258 13055.9
1991 13978.9 16190.7 14281.5 13279.9
13639.5 15697.7 14308.7 12957.5
13424.6 15419.8 14329.3 12753.4
14004.9 16197.8 14349.8 13304.6
14333.4 16635.9 14370.4 13616.7
14850.7 17499.9 14389.2 14108.1
15493.9 18179.2 14407.9 14719.2
15209.2 18235.4 14421.4 14448.8
15210.6 18132.9 14442.8 14450.1
15228.4 18388 14456.4 14467
14890.4 18220.8 14483.6 14145.8
14556.4 17791.3 14502.6 13828.6
14880.8 17797.5 14516.2 14136.8
15311.9 18331.3 14532.6 14546.3
15142.2 18144.9 14558.2 14385.1
15472 18708.4 14575.6 14698.4
14890.4 18024.2 14583 14145.8
14828.8 18251.1 14608 14087.3
14956.1 18076.2 14626.9 14208.3
14579.7 17888.6 14643.4 13850.7
14743.9 17929.7 14659.8 14006.7
14930.1 18184.4 14676.3 14183.6
14952 18099.8 14683.3 14204.4
14697.4 17638.8 14709.1 13962.5
14661.8 17415 14725.5 13928.7
14481.2 17352.3 14737.2 13757.1
14504.4 17191.7 14751.2 13779.2
14582.4 17311.2 14775.1 13853.3
14696 17583.3 14791.9 13961.2
14672.8 17765.1 14808.7 13939.1
14798.7 18046.1 14820.7 14058.7
14841.1 18127.2 14842 14099
14756.2 17976.4 14858.5 14018.4
14529.1 17617.8 14875 13802.6
14672.8 17775.9 14891.6 13939.1
14627.6 18000.2 14908.1 13896.2
14609.8 17975.8 14914.9 13879.3
14607.1 18187.4 14935.4 13876.7
14637.2 18288.8 14951.3 13905.3
14809.6 18647.2 14967.2 14069.1
14471.6 18296.6 14987 13748
14693.3 18566.9 15002.2 13958.6
14482.5 18506.5 15008.8 13758.4
14711.4 18690.4 15032.7 13975.8
14932.8 18790.7 15038.9 14186.2
14883.5 18886.2 15061.6 14139.4
14605.7 18229.5 15076 13875.4
14322.4 18046.7 15090.4 13606.3
14410 18057.8 15104.8 13689.5
14660.4 17757.9 15111.1 13927.4
14892.2 18134.4 15134.2 14147.5
15363.2 18317.9 15144.6 14595.1
1992 15565.1 19264.8 15159.3 14786.8
15748.2 19263.2 15175.7 14960.8
15153.2 18799.1 15187.8 14395.5
15420.8 19065.3 15200 14649.7
15306.9 18787.2 15205.2 14541.6
15383.8 19030.1 15224.4 14614.6
15217.2 18811.8 15236.2 14456.3
14719.7 18274.9 15248.1 13983.7
14754.6 18510.3 15260 14016.8
14684.8 18342.5 15268.4 13950.6
14562.4 17881.6 15277 13834.3
14530.1 17771.6 15296 13803.6
14499.9 17816.3 15304.6 13774.9
14518.6 17425.8 15316.7 13792.7
14645.1 16931.7 15332.2 13912.8
14617.8 17906 15344.4 13886.9
14611.5 17601.1 15356.5 13880.9
14543 17874.7 15368.6 13815.9
14856 18223.7 15376.6 14113.2
15001.5 18557.4 15391.1 14251.5
15163.9 18605.1 15395.9 14405.7
15056.1 18290.2 15408.7 14303.3
15215.6 18565.1 15418.4 14454.8
15293.2 18290.8 15436.3 14528.6
15432.6 17951.8 15447.7 14661
15569.2 17818.7 15455.9 14790.7
15938.6 18251.9 15467.4 15141.6
16197.2 18257.1 15482 15387.4
16284.9 18513.7 15493.3 15470.7
16111 17713.3 15504.6 15305.5
16194.4 17881.7 15509.4 15384.6
16261.9 18074.7 15524 15448.8
16545.1 17499 15536.9 15717.8
16530.7 17580.3 15546.6 15704.1
17015 18038.4 15556.2 16164.3
17290.9 18557 15561.8 16426.4
17237.8 18753.1 15575.8 16375.9
16016.2 18241.6 15585.7 15215.4
15310.5 18406.8 15592.8 14545
16491.9 18387.8 15602.6 15667.3
16297.8 17866.1 15609.4 15483
16030.5 18030.4 15618.6 15229
15635.3 17981.5 15633 14853.5
15409.7 17973.9 15636.9 14639.2
15309 17958.9 15651.3 14543.6
15241.5 17761.6 15659.3 14479.4
14981.4 17805 15670.1 14232.3
15013 18029.2 15676.8 14262.3
14724.1 18190 15683.5 13987.9
14890.8 18355.2 15701.2 14146.3
15113.6 18315.4 15713.7 14357.9
14816.1 18606.9 15724.3 14075.3
14926.8 18387.8 15734.9 14180.4
1993 14866.9 18307.4 15742.6 14123.5
14779.8 18051.1 15757.7 14040.8
15215.3 18205.4 15764.6 14454.5
15324.2 18332.3 15777 14557.9
15075.9 18560.9 15786.6 14322.1
15226.9 18667.2 15795.8 14465.5
15480.9 18544.7 15805.1 14706.9
15865.6 18744.5 15814.4 15072.3
16253.2 19127.6 15821 15440.6
16489.9 19460.7 15833 15665.4
15894.9 19332.6 15839.6 15100.1
16134.2 19506.5 15848.9 15327.5
16504.4 19969.5 15858.2 15679.2
16324.4 20297 15870.2 15508.2
16967.5 20732.4 15879.5 16119.1
16822.3 20513.4 15888.8 15981.2
16802 20653.8 15892.8 15961.9
17198.3 21051 15906.1 16338.4
17170.7 20782.2 15916.6 16312.2
16990.7 20850 15924.4 16141.2
17349.3 21303.3 15930.9 16481.8
17485.7 21415.8 15944 16611.4
17135.9 21289.1 15948.1 16279.1
17141.7 21091.8 15963.1 16284.6
16796.2 20657.2 15970 15956.4
17124.9 21207.8 15979.5 16268.7
17092.9 20965.1 15990.3 16238.2
16948.6 21234.6 16001 16101.2
16816.5 21182.2 16010.4 15975.7
17117.1 21373.4 16019.8 16261.2
17799.3 21882.3 16029.2 16909.3
18317.6 22024.8 16038.6 17401.7
19118.9 22493.3 16042.6 18162.9
18783.6 22215.6 16057.4 17844.4
19507.9 22586.2 16066.8 18532.6
19836 22397.8 16076.3 18844.2
19786.7 22494.7 16085.7 18797.3
19714.6 22006.4 16093.8 18728.9
20543 22209 16101.9 19515.9
21052.6 22601.3 16114 19999.9
21647.8 22642.7 16123.5 20565.4
21907.6 22710.6 16133 20812.2
21634.1 22577.9 16142.4 20552.4
21994.7 22746.6 16146.5 20895
21929.4 22257.5 16155.9 20832.9
22347.5 22402.3 16170.8 21230.1
22036.8 21899.5 16180.3 20935
22321.3 21953 16184.4 21205.3
23183.7 22167.9 16200.5 22024.5
23359.3 22198.9 16211.2 22191.3
24523.6 22509.7 16221.8 23297.4
25593.5 22669.2 16229.5 24313.8
1994 25788.1 22770.7 16238.6 24498.7
25092 22900.8 16252.9 23837.4
25657.4 23267.8 16262.6 24374.5
25209.5 23257.4 16268.2 23949
25417 24222.9 16278 24146.2
24374.6 23611 16291.5 23155.8
23877.4 23689.4 16296.8 22683.5
23580 23590.9 16304.9 22401
22875.5 23461.4 16319.6 21731.7
22941.6 23459.1 16330.6 21794.5
22723.8 23753.7 16341.5 21587.6
22340.7 23401.8 16350.9 21223.7
22614.1 22803.7 16360.3 21483.4
22163.5 22886.7 16374.6 21055.3
21753.4 23134.8 16385.8 20665.7
21565.7 22930.4 16390.6 20487.4
21639.2 23358.5 16401.7 20557.3
21564.2 23239 16419.3 20485.9
21262.2 23088.6 16431.5 20199.1
21511.6 23558.5 16443.7 20436
21794 23493.8 16455.9 20704.3
21923.2 23573.7 16468.1 20827
21445.5 23644.8 16481.3 20373.2
21748.9 23735.3 16490.8 20661.5
22330.2 23363.9 16505.9 21213.7
22531.5 23555.4 16517.2 21404.9
22780.3 23588.9 16529.1 21641.3
22966.7 23799.9 16541.1 21818.3
22452.3 23982 16563.2 21329.7
22175.3 23804.2 16577.3 21066.6
22002.2 24258.4 16583.3 20902.1
21779.7 24181.8 16599.3 20690.7
21918.1 24344.8 16611.2 20822.2
22254.4 24517.4 16633.1 21141.7
21990.7 24667.6 16639.1 20891.1
22384.7 24431.2 16662.2 21265.5
22608.9 24304.7 16677.3 21478.5
22544.6 24156.2 16692.5 21417.4
22668.2 24106.8 16703.3 21534.8
22689.7 23689.4 16718.5 21555.2
22498.4 24212 16738.7 21373.5
23026 24485.5 16754.5 21874.7
23118.3 24208.9 16761.3 21962.4
22854.5 24528.8 16786.2 21711.8
22758.9 24175.4 16802.1 21621
22310.5 24087.9 16811.1 21195
22538 23371.3 16829.3 21411.1
22302.3 23644.1 16847.5 21187.2
22111 23411.1 16868.9 21005.5
22061.6 23250.1 16888.1 20958.5
21791.3 23634 16907.3 20701.8
21674 23747.1 16921 20590.3
1995 21593.7 23725.4 16937.5 20514
21964.3 23683.2 16964.8 20866.1
22116.6 23765.6 16973 21010.8
22588.1 23212.9 17003 21458.7
22594.2 23545 17022.1 21464.5
22548.9 23732.5 17041.4 21421.5
22742.5 23846.9 17060.8 21605.3
23500.1 23928.2 17080.2 22325.1
24125.9 23771.9 17096.8 22919.6
25678.2 24153.5 17119.3 24394.3
26320.5 24330.3 17138.9 25004.5
26133.1 24232.3 17158.6 24826.5
26532.5 24822.8 17172.7 25205.9
26742.5 25008.8 17198 25405.4
26116.7 25334.6 17206.4 24810.8
27150.1 25660.5 17237.6 25792.6
26769.3 25743.8 17257.3 25430.8
26946.3 26296.6 17277.1 25599
27004 26314.9 17296.8 25653.8
26172.2 25967.6 17316.5 24863.6
26635.5 25835.4 17336.1 25303.7
27693.6 26130.1 17347.4 26308.9
27893.3 26314.5 17375.6 26498.7
27598.9 25982.3 17395.3 26219
27901.6 26334.3 17403.8 26506.5
27199.5 26103.1 17429.2 25839.6
27666.9 26421.1 17449 26283.5
27607.2 27240 17469 26226.8
27384.8 26892.5 17494.8 26015.6
27594.8 27256.2 17514.9 26215.1
27448.7 27195.7 17535 26076.2
27559.8 27140.2 17543.2 26181.8
26497.5 26904.9 17562.3 25172.7
26549 26786.9 17592.3 25221.6
26734.4 26671.8 17611.5 25397.7
27030.9 26917.5 17630.9 25679.4
27247.2 27217.6 17650.3 25884.8
27823.8 27324.7 17658.6 26432.7
27572.6 27358.3 17683.6 26194
27683.8 27475.4 17697.5 26299.6
27650.8 27123.5 17727.9 26268.3
28058.6 27421.1 17741.7 26655.7
28400.5 27265.9 17766.5 26980.5
28274.9 27136.1 17785.8 26861.1
28526.1 27479.4 17805 27099.8
28870.1 27529.7 17824.2 27426.6
29051.3 27908.8 17843.4 27598.7
29074 28079 17862.6 27620.3
29716.5 28652.4 17879.3 28230.7
29312.9 28665.6 17896 27847.2
29121.3 28394.6 17921 27665.3
29588.7 28918.4 17935 28109.2
1996 29830.6 29202.7 17951.7 28339.1
29478.7 28756.5 17978.9 28004.7
29566.7 28792.9 17997.9 28088.3
29720.7 28859.1 18016.8 28234.6
29324.7 29496.5 18035.8 27858.4
29060.7 29891.9 18051.3 27607.7
28928.7 29965.8 18072.1 27482.2
28752.7 29750.9 18082.5 27315.1
28686.7 29722.7 18108.4 27252.4
28620.7 29899.6 18126.2 27189.7
27828.7 29325.4 18144 26437.3
28268.7 29880.3 18151.6 26855.3
28290.7 30069.6 18174.5 26876.2
28708.7 30431.1 18189.8 27273.3
27960.7 29972.3 18215.5 26562.7
27960.7 30172.2 18233.6 26562.7
28158.7 30678.9 18251.7 26750.8
27960.7 30785.8 18262.1 26562.7
27520.8 30404.9 18288 26144.7
27894.7 30799.4 18306.2 26500
27564.8 30989.2 18319.2 26186.5
27762.7 30686 18342.5 26374.6
28114.7 31008.9 18360.7 26709
27872.7 30828.3 18379 26479.1
27850.7 30868.9 18397.2 26458.2
28114.7 30919.3 18410.3 26709
28422.7 31023.9 18425.9 27001.6
28070.7 30519.4 18452.3 26667.2
28312.7 29809.9 18470.9 26897.1
28180.7 29379 18489.5 26771.7
28884.7 29997.2 18508 27440.4
29742.7 30515.9 18526.7 28255.5
29709.4 30580.2 18545.3 28224
29930 30796.8 18558.6 28433.5
29731.5 30776.3 18582.6 28244.9
29158 30349.2 18601.2 27700.1
29488.9 30559.8 18619.8 28014.4
29974.1 31228.4 18619.8 28475.4
30238.8 31357.2 18665 28726.8
30856.3 31736.4 18670.3 29313.5
31121 31615 18694.5 29565
30724 31950.2 18713.3 29187.8
30856.3 31896 18732.1 29313.5
30790.2 31667.9 18750.9 29250.7
32201.8 32408.1 18761.3 30591.7
32267.9 32734.8 18782.1 30654.5
33106.1 33288.1 18800.3 31450.8
33635.4 33501.2 18823.7 31953.6
33458.9 33039.5 18841.9 31786
32863.4 32797.1 18861.1 31220.3
32400.3 32463.1 18869.3 30780.2
33273.8 32845.1 18894 31610.1
1997 33507.2 33021.6 18913.2 31831.9
33437.2 32954.1 18938.1 31765.3
34394.6 33274 18957.5 32674.8
35235.1 33486.6 18968.5 33473.4
34674.8 32878.5 18985.2 32941
35795.6 33246.5 19015.6 34005.8
36752.9 33830.6 19035.1 34915.3
37523.4 34049.8 19054.6 35647.3
37266.6 34183 19068.5 35403.3
37266.6 33980.7 19085.2 35403.3
37243.2 34080.5 19113 35381.1
35678.8 33547.7 19132.5 33894.9
35678.8 33733 19146.4 33894.9
34091 32746.3 19165.8 32386.4
35305.2 32708.2 19191.8 33539.9
35095.1 32831.1 19212.3 33340.3
35655.4 33497.4 19232.8 33872.7
36752.9 34241.8 19244.4 34915.3
37710.2 35214.2 19273.7 35824.7
38667.6 36279.7 19294.3 36734.2
38364.1 36538.8 19306 36445.9
38504.1 36641.8 19335.3 36578.9
38457.4 36431.7 19355.9 36534.6
39181.3 37515 19376.6 37222.2
39905.1 37955.4 19397.2 37909.9
40745.8 38388.2 19411.9 38708.5
41072.6 38644.6 19432.6 39019
41866.6 38946.2 19459.1 39773.2
43968.1 39757.4 19470.9 41769.6
44154.9 39653.3 19500.3 41947.1
45252.3 39810.6 19521 42989.7
45766 39660.7 19538.6 43477.7
44201.6 38765.1 19562.2 41991.5
44803.7 38927.5 19582.7 42563.6
43260.4 37931.4 19603.3 41097.4
43774.9 38163.5 19623.9 41586.1
43120.1 38055.4 19644.7 40964.1
43681.3 38512.5 19665.6 41497.2
44523.1 39098.5 19680.4 42297
45365 39518.5 19701.2 43096.7
46113.2 40009.8 19716.2 43807.6
45528.6 39493.9 19749.2 43252.2
45061 39300.4 19770.3 42807.9
42816.1 37432.2 19779.3 40675.3
43517.6 37989.9 19812.3 41341.7
41389.7 36357.7 19833.4 39320.2
42769.3 37444 19848.5 40630.9
43400.7 37600.2 19869.7 41230.7
45131.1 38623.3 19896.8 42874.6
45552 38493.4 19906.4 43274.4
44902.3 38474.8 19941.4 42657.2
43403.9 37169 19957.4 41233.7
45216.5 38380.1 19979.7 42955.6
1998 45579 38117.2 20009 43300
44708.9 37594.1 20032 42473.5
45119.8 38667.6 20055 42863.8
44829.8 39421.2 20064.9 42588.3
46690.6 40557.2 20087.9 44356.1
46980.6 41122.8 20122.1 44631.6
47633.2 41294.2 20143.2 45251.5
48261.5 41584.6 20164.3 45848.4
47971.5 42051.7 20185.4 45572.9
48527.3 42605.6 20206.9 46101
49735.7 43216.4 20222.3 47248.9
50170.7 44102 20243.8 47662.2
51040.7 44121.9 20265.3 48488.7
51185.7 44273.6 20293.1 48626.4
52249.1 45144 20314.8 49636.6
52249.1 45018.3 20336.4 49636.6
50436.5 43585.2 20354.9 47914.7
50895.7 44464.2 20379.8 48350.9
51016.5 44559.9 20401.7 48465.7
51209.9 44596.6 20414.2 48649.4
50460.7 43858.5 20439.1 47937.7
50315.7 43709.4 20457.8 47799.9
51572.4 44187.2 20476.5 48993.8
51451.5 43737.7 20510.5 48879
52780.7 44229.1 20526 50141.7
54085.8 45414.2 20547.7 51381.5
55366.6 46063 20569.6 52598.3
56405.8 46502.6 20591.6 53585.5
55777.4 46132 20613.5 52988.6
54279.1 44751.2 20635.4 51565.1
52200.7 43295.7 20657.3 49590.7
51884.7 42529.8 20679.2 49290.4
52030.8 43251.3 20701.1 49429.3
50666.7 42035.7 20723 48133.4
47207.7 39848.8 20744.9 44847.4
46866.7 40553.5 20766.8 44523.4
47792.4 41216.3 20788.6 45402.7
47768 40898.7 20810.5 45379.6
46769.3 39511.1 20832.4 44430.8
44747.5 38536.3 20853.5 42510.1
43480.8 39882.8 20874.5 41306.8
42384.7 42174.4 20895.5 40265.4
42068 42011.6 20916.4 39964.6
42847.5 44379.6 20937.4 40705.1
43164.1 43717.9 20958.2 41005.9
43700.1 44498.1 20979 41515
44430.8 46094.4 20999.8 42209.3
44382.1 45343.1 21020.8 42163
45064.1 46078.8 21043 42810.9
44625.7 45420.7 21065.2 42394.4
46087.2 47533.7 21087.3 43782.9
46209 47763.1 21109.5 43898.6
1999 47402.6 49791.6 21130.1 45032.5
45794.9 47680.2 21150.1 43505.2
46111.6 48882.9 21170.2 43806
45916.7 48083.5 21190.2 43620.9
46379.5 48745.8 21210.1 44060.6
45015.4 46894.5 21229.8 42764.7
45039.8 47149.3 21249.4 42787.8
45624.4 48033.3 21269.1 43343.2
44235.9 46910.3 21288.8 42024.1
45210.3 49091.8 21308.6 42949.8
45380.8 49899.4 21328.3 43111.8
44674.4 48710.6 21348.1 42440.7
45039.8 49647.8 21367.8 42787.8
45478.2 50992 21387.7 43204.3
45892.4 51529.8 21407.5 43597.7
45356.5 51080.5 21427.3 43088.6
45502.6 52046.9 21447.2 43227.5
45332.1 51775.1 21466.9 43065.5
45259 51903.5 21486.6 42996.1
44918 50962 21506.2 42672.1
43261.6 49882 21525.9 41098.5
43675.7 49812.4 21545.6 41491.9
44235.9 51035 21565.5 42024.1
44211.6 51299.5 21585.4 42001
44577 51380.2 21605.2 42348.1
45648.8 52059.5 21625.1 43366.3
45624.4 53184 21646.4 43343.2
45307.7 53172.9 21667.9 43042.4
44552.6 52843.6 21689.4 42325
43383.4 52274.7 21711 41214.2
41775.7 51326.8 21732.5 39686.9
41142.4 50409.1 21754 39085.2
42823.1 51940.8 21775.5 40682
45259 53428.1 21797 42996.1
44333.4 52388.6 21818.5 42116.7
44966.7 52786.9 21840.7 42718.4
43870.6 52328.4 21862.9 41677
43651.3 51790.5 21885.1 41468.8
42092.4 50712.4 21907.4 39987.7
43846.2 52512.6 21929.7 41653.9
43188.5 51616 21952.2 41029.1
43675.7 51547 21974.6 41491.9
43407.7 51823 21997.1 41237.4
45453.9 53838.6 22019.5 43181.2
45794.9 54653.7 22041.9 43505.2
46574.4 55789.8 22064.3 44245.7
47012.9 56082.6 22086.8 44662.2
46379.5 55897.8 22109.2 44060.6
48450.1 56912.3 22136.5 46027.6
48060.3 56857.5 22163.8 45657.3
50837.2 58288.6 22191.1 48295.4
52639.8 59623.2 22218.4 50007.8
52980.8 60033.4 22226.2 50331.8
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.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[BAR CHART OMITTED]
1 Year 5 Years 10 Years Since Inception
------ ------- -------- ---------------
GAM Global 14.23 19.42 12.82 13.05
GAM Global (after maximum
sales load of 5%) 8.52 18.20 12.24 12.62
MSCI World Index 25.34 20.25 11.98 14.09
ANNUAL PERFORMANCE - CLASS A
[BAR CHART OMITTED]
GAM GLOBAL
GAM CLASS A MSCI
GLOBAL (AFTER SALES WORLD
CLASS A 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 14.23 8.52 25.34
- ----------
Sources used agree 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 all 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.
9
---
GAM GLOBAL FUND / REPORT TO SHAREHOLDERS
<PAGE>
THE FACTS - CLASS B SHARES
GAM
Global Average
GAM Class B MSCI 1 Month
Global (with deferred EAFE Deposit
Class B sales charge) Index Rate
31st Dec, 1999 US$21.66 1,420.89
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 24.48 19.48 16.96 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 13.34 8.34 25.34 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 1.98 (0.51) 20.84 5.39
- --------------------------------------------------------------------------------
THE FACTS - CLASS C SHARES
GAM
Global Average
GAM Class C MSCI 1 Month
Global (with deferred EAFE Deposit
Class C sales charge) Index Rate
31st Dec, 1999 US$21.63 1,420.89
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 24.45 23.45 16.96 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 13.25 12.25 25.34 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 1.66 1.66 20.90 5.40
- --------------------------------------------------------------------------------
THE FACTS - CLASS D SHARES
GAM
Global
Class D (after Average
GAM maximum MSCI 1 Month
Global sales load EAFE Deposit
Class D of 3.5%) Index Rate
31st Dec, 1999 US$21.41 US$22.19 1,420.89
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 24.55 20.19 16.96 1.44
- --------------------------------------------------------------------------------
Jan-Dec, 1999 13.94 9.96 25.34 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
2 years to Dec, 1999 8.01 6.10 25.07 5.47
- --------------------------------------------------------------------------------
3 years to Dec, 1999 16.29 14.91 22.05 5.53
- --------------------------------------------------------------------------------
Since inception* 15.94 14.97 20.21 5.51
- --------------------------------------------------------------------------------
* 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.
THE COMMENT
The fund returned a double-digit performance gain in 1999. Current holdings
are benefiting from strong market trends. The difficult first-half performance
was affected by bond holdings and other non-equity instruments (both of which we
are unlikely to hold again). However this was more than compensated by the
second-half performance, which was boosted by an increased exposure to growth
sectors: we have invested in dominant mobile phone operators, such as Sonera in
Finland, Mannesmann in Germany, NTT Docomo in Japan, and China Telecom.
Prospects for growth in mobile subscribers and new products remain excellent. We
increased the fund's exposure to the software industry, where Microsoft has long
been one of our favorites, but also other companies such as Citrix Systems,
Veritas Software and Computer Associates have equally strong positions in the
niches in which they operate. All benefit from increased demand due to the rapid
adoption of the Internet. We invested in telecom equipment companies (in
addition to Nokia), such as Marconi (the old General Electric Co. of the UK, now
a pure play on telecom equipment) and Cisco Systems. Deregulation and innovation
in telecoms is driving the demand for these companies' products.
Overall, for these industries and companies, this is a period of
unprecedented strong earnings growth, and we are positioned to participate
fully.
Pharmaceuticals and consumer goods were two sectors which did not perform
well this year. We are keeping a high exposure to growing pharmaceutical
companies, as worries over political interference in the US healthcare system
should dissipate next year and as more mergers/acquisitions are likely. We have
reduced our holdings in the consumer goods industry, which is suffering from a
lack of volume growth and a difficult pricing environment.
Inflation remains low. This is a positive for equity investors.
We will continue to be invested in stocks which possess the best
combination of earnings growth and relative values, wherever they may be.
10
---
GAM GLOBAL FUND / REPORT TO SHAREHOLDERS
<PAGE>
STATEMENT OF INVESTMENTS AS AT 31ST DECEMBER, 1999
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
EQUITIES - 100.5%
CHINA - 1.2%
*166,000 China Telecom (HK) 1,035,698
-----------
1,035,698
-----------
FINLAND - 6.5%
22,263 Nokia 4,032,787
26,292 Sonera 1,800,531
-----------
5,833,318
-----------
FRANCE - 6.2%
6,035 AXA-UAP 840,548
7,872 Carrefour 1,450,516
4,995 Danone 1,176,252
1,182 L'Oreal 947,441
4,373 Pinault-Printemps-Redoute 1,153,001
-----------
5,567,758
-----------
GERMANY - 1.2%
4,664 Mannesmann 1,124,121
-----------
1,124,121
-----------
ITALY - 2.7%
219,387 Telecom Italia Mobile 2,448,452
-----------
2,448,452
-----------
JAPAN - 9.4%
3,200 Hitachi Software Engineering 466,719
60 NTT Mobile Communications Network 2,308,144
16,900 ORIX 3,808,124
1,600 Rohm 657,792
4,000 Secom 440,486
15,000 Takeda Chemical 741,484
-----------
8,422,749
-----------
NETHERLANDS - 6.4%
16,051 Aegon 1,549,066
20,215 Fortis AMEV 727,275
19,795 Getronics 1,577,719
20,718 VNU 1,087,930
23,171 Wolters Kluwer 783,489
-----------
5,725,479
-----------
SPAIN - 0.9%
*50,638 Amadeus Global Travel Distribution 802,613
-----------
802,613
-----------
SWEDEN - 2.4%
25,955 Hennes & Mauritz B 869,949
*18,798 NetCom Systems B 1,322,028
-----------
2,191,977
-----------
SWITZERLAND - 1.4%
107 Roche Holding Genusscheine 1,270,050
-----------
1,270,050
-----------
UNITED KINGDOM - 3.9%
*20,840 Energis 1,001,381
65,734 Lloyds TSB Group 822,569
26,292 Marconi 465,368
74,554 WPP Group 1,181,682
-----------
3,471,000
-----------
UNITED STATES - 58.3%
*15,456 America Online 1,165,962
16,789 American International Group 1,815,311
30,626 Amgen 1,839,474
17,711 Automatic Data Processing 954,180
*23,207 BMC Software 1,855,110
29,760 Bristol-Myers Squibb 1,910,220
*22,909 Cisco Systems 2,454,127
*18,944 Citrix Systems 2,330,112
*14,729 Clear Channel Communications 1,314,563
28,675 Colgate-Palmolive 1,863,875
33,100 Computer Associates International 2,314,931
*31,462 Dell Computer 1,604,562
*7,667 EMC 837,620
49,000 Freddie Mac 2,306,062
*28,795 Fiserv 1,103,208
17,416 Home Depot 1,194,085
25,541 IMS Health 694,396
25,136 Intel 2,069,007
9,818 Johnson & Johnson 914,301
11,252 Linear Technology 805,221
16,749 Lucent Technologies 1,253,035
28,042 McDonald's 1,130,443
22,901 Medtronic 834,455
13,783 Merck 924,322
*31,509 Microsoft 3,678,676
10,121 Omnicom Group 1,012,100
*31,670 Oracle 3,549,019
18,613 Schering-Plough 785,236
19,449 Siebel Systems 1,633,716
*32,511 Starbucks 788,392
*20,572 Tellabs 1,320,465
*10,855 Veritas Software 1,553,622
*6,706 Vitesse Semiconductor 351,646
14,903 Wal-Mart Stores 1,030,170
14,849 Warner-Lambert 1,216,690
-----------
52,408,314
-----------
TOTAL EQUITIES (COST $70,284,235) 90,301,529
-----------
TOTAL INVESTMENTS (COST $70,284,235**) - 100.5% 90,301,529
NET CURRENT LIABILITIES - (0.5)% (489,347)
-----------
TOTAL NET ASSETS - 100.0% 89,812,182
===========
* Non-income producing security.
** Cost for federal income tax purposes is $71,791,223 (Note 5).
See notes to financial statements.
11
---
GAM GLOBAL FUND / STATEMENT OF INVESTMENTS
<PAGE>
GEOGRAPHIC ANALYSIS AS AT
31ST DECEMBER, 1999
[PIE CHART OMITTED]
FINLAND 6.5%
FRANCE 6.2%
NET CURRENT LIABILITIES -0.5%
JAPAN 9.4%
NETHERLANDS 6.4%
SWEDEN 2.4%
UNITED KINGDOM 3.9%
UNITED STATES 58.3%
OTHER 7.4%
INVESTMENT ANALYSIS AS AT
31ST DECEMBER, 1999 (UNAUDITED)
[PIE CHART OMITTED]
NET CURRENT LIABILITIES -0.5%
BUSINESS & PUBLIC SERVICES 22.7%
TELECOMMUNICATIONS 12.8%
HEALTH & PERSONAL CARE 12.7%
ELECTRICAL & ELECTRONICS 8.0%
ELECTRONIC COMP. & INSTRUMENTS 7.9%
DATA PROCESSING & REPRODUCTION 7.9%
OTHER 28.5%
12
---
GAM GLOBAL FUND / STATEMENT OF INVESTMENTS
<PAGE>
GAM EUROPE FUND
FUND MANAGEMENT
- --------------------------------------------------------------------------------
[PHOTO OF JOHN BENNETT]
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
GAM
Europe
Class A (after Average
GAM maximum MSCI 1 Month
Europe sales load Europe Deposit
Class A of 5%) Index Rate
31st Dec, 1999 US$13.08 US$13.77 1,525.77
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 27.94 21.55 17.47 1.44
- --------------------------------------------------------------------------------
Jan-Dec, 1999 16.21 10.40 16.23 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
3 years to Dec, 1999 17.95 15.95 23.00 5.53
- --------------------------------------------------------------------------------
5 years to Dec, 1999 18.37 17.17 22.54 5.60
- --------------------------------------------------------------------------------
Since inception 8.15 7.60 14.54 5.38
- --------------------------------------------------------------------------------
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.
13
--
GAM EUROPE FUND / FUND MANAGEMENT
<PAGE>
MSCI Average GAM Europe Class A
GAM Europe Europe 1 Month (after Maximum
Class A Index Deposit Rate sales load of 5%)
--------- ------ ------------ -----------------
1990 10000 10000 10000 10000
10002 10275 10009.5 9501.9
9984 10139.1 10025.5 9484.8
9680 9748.57 10050.8 9196
9715 9988.52 10057.7 9229.25
10099 10277.8 10073.8 9594.05
9930 9992.54 10089.6 9433.5
10103 10045.4 10105.4 9597.85
9908.06 9683.9 10121.2 9412.66
10048 9672.75 10137 9545.6
10168 9639.52 10153.1 9659.6
10324 9846.59 10169.1 9807.8
10308 9828.64 10192 9792.6
10300 9739.98 10208.1 9785
10363 9941.28 10217.2 9844.85
10332 9973.32 10233.6 9815.4
10158 9791.55 10250 9650.1
10200 9642.67 10266.5 9690
10409 10105.3 10282.9 9888.55
10444 10278.4 10299.6 9921.8
10572 10342.1 10316.4 10043.4
10530 10334 10333.2 10003.5
10459 10450.5 10359.3 9936.05
10340 10351.6 10366.3 9823
10518 10459.5 10382.7 9992.1
10591 10742.4 10406.1 10061.5
10820 10882 10422.4 10279
10777 10993.6 10443.5 10238.2
10755 11133.6 10448.2 10217.2
10906 11117.1 10464.5 10360.7
10874 11117.9 10480.9 10330.3
10203 10618.2 10497.3 9692.85
10009 10491.7 10524.5 9508.55
9658 10227.7 10529 9175.1
9660 10227.9 10556.2 9177
9359 10058.6 10560.7 8891.05
9346 9938.37 10576.6 8878.7
9306 9824.65 10599.6 8840.7
9061 9166.49 10615.7 8607.95
8993 9317.26 10631.8 8543.35
9020 10020.8 10641 8569
8870 9803.47 10657.7 8426.5
8961 9964.54 10674.4 8512.95
8856 9846.78 10691.1 8413.2
8953 9812.89 10714.7 8505.35
8920 9793.33 10723.9 8474
8801 10027.5 10749.1 8360.95
8594 9948.37 10756 8164.3
8364 9920.5 10772 7945.8
8570 10307 10788 8141.5
8416 9990.44 10805.9 7995.2
8105 9490.51 10831.4 7699.75
8393 9708.71 10849.2 7973.35
1991 8216 9387.77 10859.4 7805.2
8172 9148.61 10875 7763.4
8341 9641.4 10890.7 7923.95
8299 9836.85 10906.3 7884.05
8508 10200.3 10921.9 8082.6
8696 10752.3 10936.2 8261.2
8568 10923.1 10960.6 8139.6
8447 10935.6 10964.7 8024.65
8264 10781.8 10987.2 7850.8
8283 10875.6 10993.4 7868.85
8190 10646.9 11007.9 7780.5
8037 10199.1 11028.6 7635.15
8212 10230.7 11043.1 7801.4
8279 10542.8 11051.3 7865.05
8345 10687.7 11064.6 7927.75
7944 10014.2 11083.5 7546.8
7895 9941.99 11091.1 7500.25
7945 10145 11104.3 7547.75
7946 10228.6 11116.8 7548.7
7968 10107.1 11129.4 7569.6
7972 10361.5 11141.9 7573.4
8007 10312.3 11159.7 7606.65
7911 10163.7 11166.9 7515.45
7883 9951.08 11179.3 7488.85
7755 9802.46 11197.1 7367.25
7722 9597.92 11209.6 7335.9
7666 9544.09 11216.7 7282.7
7715 9860.44 11229.5 7329.25
7767 10089 11242.2 7378.65
7751 10131 11262.3 7363.45
7757 10312.4 11267.8 7369.15
7715 10233.2 11280.3 7329.25
7133 9361.96 11292.9 6776.35
7633 10289.1 11305.5 7251.35
7702 10440.7 11318 7316.9
7978 10608.3 11335.8 7579.1
8010 10627.3 11347.8 7609.5
7995 10612.2 11359.9 7595.25
7942 10704.7 11372 7544.9
7906 10493.2 11378.9 7510.7
7795 10297.8 11390.5 7405.25
7817 10376.7 11407.1 7426.15
7660 10227.1 11413.7 7277
8051 10632.6 11430 7648.45
8056 10698.9 11436.3 7653.2
8080 10674.4 11447.2 7676
8016 10540 11458.2 7615.2
7817 10248.9 11469.1 7426.15
7930 10391.4 11484.9 7533.5
7912 10492.6 11491.2 7516.4
8231 10560.6 11508.7 7819.45
8318.2 10878.9 11518.3 7902.29
1992 8431.33 11173.5 11524.7 8009.77
8252.4 10853.8 11533.9 7839.78
8210.36 11069.6 11543.2 7799.85
8073.47 11016.9 11556.4 7669.8
8145.69 11069.2 11561.7 7738.41
8284.74 11288.9 11570.9 7870.5
7991.55 10939.5 11580 7591.97
7917.18 10951 11589 7521.32
8004.49 11106.1 11604.4 7604.26
7925.04 10853 11610.9 7528.79
7825.69 10634.7 11616.2 7434.41
7767.36 10556.8 11629.3 7378.99
7813.81 10673.5 11638.5 7423.12
7874.31 10789 11643.7 7480.59
7889.43 11046 11652.9 7494.96
7911.04 11102.4 11662.2 7515.49
7876.47 11307.8 11671.4 7482.64
7923.07 11413.2 11686.7 7526.92
8044.32 11713.1 11689.1 7642.11
8223 11897.6 11701.3 7811.85
8175.62 11880.3 11711.1 7766.84
8139.82 11938.2 11718.4 7732.83
8173.46 11805.9 11723.3 7764.79
8181.27 11708.9 11732 7772.21
8202.72 11562 11745.7 7792.58
8489.45 11748.6 11753.1 8064.98
8596.5 11725.6 11758.1 8166.67
8715.86 11837.5 11766.7 8280.07
8649.96 11598.1 11775.3 8217.46
8695.33 11127.2 11787.6 8260.57
8662.93 11387.1 11798.7 8229.78
8861.7 11122.4 11801.1 8418.62
8803.36 11170 11808.5 8363.2
9251.69 11252.1 11815.8 8789.1
9176.07 11289.3 11826.3 8717.26
9238.73 11500.7 11830.5 8776.79
8774.2 11131.1 11838 8335.49
8376.46 10820.9 11850.9 7957.64
8553.82 10811.3 11856.3 8126.12
8964.33 10522.9 11863.6 8516.11
8534.37 10488.6 11870.5 8107.65
8505.2 10358.5 11874.5 8079.94
8136.82 10421.3 11884.5 7729.98
7979.1 10234.8 11888.5 7580.14
7893.75 10209.4 11895.4 7499.06
7924 10240.8 11902.5 7527.8
7926.16 10136.9 11914.8 7529.85
7906.72 10336.2 11919.9 7511.38
8074.16 10608.3 11923.9 7670.45
8162.75 10457.4 11933.4 7754.61
8144.38 10714.8 11946.8 7737.16
7968.29 10591.9 11956.3 7569.88
1993 7866.96 10486.8 11964.8 7473.61
7893.82 10522.2 11969 7499.13
8077.02 10645.3 11980.5 7673.17
8205.45 10814.4 11983.6 7795.18
7937.7 10534.1 11990.9 7540.82
8023.68 10660.3 11998.2 7622.5
7928.99 10540.5 12005.3 7532.54
8090.08 10812.8 12012.3 7685.57
8207.62 10879.2 12023.4 7797.24
8279.46 11017.7 12026.4 7865.49
8219.6 10897.8 12038.5 7808.62
8271.31 10972.5 12045.6 7857.74
8315.38 11075.1 12050.6 7899.61
8266.4 11257.3 12054.7 7853.08
8343.67 11377.6 12061.8 7926.49
8397.01 11420 12068.8 7977.16
8414.42 11679.6 12079 7993.7
8284.9 11477.8 12084 7870.66
8213.07 11473.1 12090.1 7802.41
8227.22 11446 12097 7815.85
8195.65 11329.7 12108 7785.87
8357.82 11661.6 12110.9 7939.93
8277.28 11432.9 12121 7863.42
8370.88 11622.2 12125.2 7952.34
8260.96 11298.9 12137.6 7847.91
8305.58 11335.7 12142.8 7890.3
8271.84 11340.6 12147 7858.25
8402.45 11277.3 12154.1 7982.33
8416.6 11473.9 12161.2 7995.77
8479.72 11444.6 12168.3 8055.74
8654.96 11618.6 12175.5 8222.21
8783.39 12008.8 12182.6 8344.22
8858.49 12018.4 12192.8 8415.56
8885.7 12337.2 12196.9 8441.41
9056.58 12529.5 12204.1 8603.75
9013.04 12731.3 12211.2 8562.39
8890.05 12733.6 12218.4 8445.55
8887.87 12577.8 12225.6 8443.48
8878.08 12518.2 12235.8 8434.17
8887.87 12661.3 12241 8443.48
9092.49 13051.6 12247.1 8637.87
9116.44 13035.5 12254.3 8660.62
9218.75 13065 12261.5 8757.81
9142.56 12923.3 12271.8 8685.43
8951 12665.2 12279 8503.45
8964.06 12734.1 12283.1 8515.86
8862.84 12491 12290.3 8419.7
8956.44 12634.6 12300.6 8508.62
9191.54 13223 12304.7 8731.96
9309.09 13374.5 12312.8 8843.63
9514.79 13531.9 12320.9 9039.05
9797.78 13955.5 12332.5 9307.89
1994 9782.54 13815.4 12340.6 9293.41
9992.6 14003 12345.3 9492.97
9875.05 13825.4 12352.7 9381.3
10043.8 13990.5 12364.3 9541.57
10268 14431.9 12371.7 9754.57
9991.51 13975.3 12374.9 9491.94
9941.45 13818.6 12386 9444.37
10073.1 13904.3 12392.2 9569.48
9934.92 13924.7 12396.2 9438.17
9857.64 13880.7 12403.3 9364.76
9848.93 13913.7 12411.7 9356.49
9802.13 13676.9 12420 9312.02
9710.7 13697.5 12431.9 9225.17
9563.77 13330.7 12437.9 9085.58
9730.3 13744.7 12445.1 9243.78
9655.2 13605.2 12457.3 9172.44
9642.14 13720.6 12465.8 9160.03
9919.68 14186.6 12470.6 9423.69
9737.91 13778.9 12479.1 9251.02
9865.26 13941.6 12488.4 9371.99
9982.8 14016.1 12497.7 9483.66
9755.33 13519 12507 9267.56
9650.84 13508.5 12516.2 9168.3
9648.67 13514.8 12533.5 9166.23
9457.11 13259.8 12540.6 8984.25
9429.9 13327.2 12550.7 8958.4
9404.86 13427.4 12562.5 8934.62
9739 13848.4 12571.7 9252.05
9888.11 14119.7 12577.8 9393.71
9847.84 14065.1 12588.5 9355.45
9937.09 14221 12603.8 9440.24
10085.1 14424.7 12615.9 9580.86
9940.36 14178.1 12625 9443.34
10050.3 14346.5 12631 9547.77
10091.6 14463.5 12646.1 9587.06
10150.4 14557.4 12652.2 9642.9
10068.8 14380.8 12663.7 9565.35
9953.42 14188.9 12675.2 9455.75
9752.06 13959.3 12691.7 9264.46
9681.32 13775.1 12703.2 9197.25
9748.8 13943.3 12709.8 9261.36
10093.8 14593.6 12721.8 9589.13
9908.79 14345.4 12739 9413.35
10026.3 14563.6 12745.9 9525.02
9889.2 14299.3 12758 9394.74
9795.6 14261.2 12776.9 9305.82
9696.56 14200.6 12787.3 9211.73
9498.47 13933 12794.2 9023.54
9477.79 13948.8 12806.3 9003.9
9290.58 13575.9 12820.8 8826.05
9329.76 13819.4 12835.4 8863.28
9347.18 13961.5 12856.3 8879.82
1995 9416.84 14089.8 12870.8 8945.99
9392.89 13949 12879.2 8923.25
9520.23 14222.2 12899.9 9044.22
9428.81 13933.3 12908.2 8957.37
9484.32 14036.5 12922.7 9010.1
9435.34 14182 12937.2 8963.57
9475.61 14322 12952 9001.83
9491.94 14383.4 12966.7 9017.34
9515.88 14323.9 12981.4 9040.09
9757.51 14706.9 12996.2 9269.63
9489.76 14244.2 13011.1 9015.27
9579.01 14565.4 13026.1 9100.06
9601.86 14631.3 13047.4 9121.77
9782.54 14927.3 13060.2 9293.41
9718.32 14960.5 13077.4 9232.41
10106.9 15303.7 13086 9601.54
9868.52 15288.7 13101 9375.1
9981.72 15464 13116 9482.63
10216.8 15777 13131.1 9705.97
10043.8 15461 13146 9541.57
10020.9 15330.2 13161 9519.85
10265.8 15814 13184.5 9752.5
10346.3 16067.2 13190.9 9829.01
10282.1 15873.1 13205.9 9768.01
10302.8 16020.2 13227.4 9787.65
10314.8 15960.1 13242.4 9799.03
10396.4 16071.8 13255.3 9876.58
10598.8 16470.4 13272.5 10068.9
10659.8 16583.9 13281.3 10126.8
10712 16600.2 13296.5 10176.4
10832.8 16778.4 13311.8 10291.2
10806.7 16795 13333.3 10266.4
10623.9 16357 13347.8 10092.7
10659.8 16333.6 13356.1 10126.8
10658.7 16240.1 13370.7 10125.8
10682.7 16285 13385.2 10148.5
10757.8 16398.5 13400 10219.9
10803.5 16341 13421.1 10263.3
10679.4 16505.1 13435.8 10145.4
10690.3 16620.7 13450.6 10155.8
10677.2 16529.4 13459 10143.3
10729.5 16589.2 13484.2 10193
10555.3 16392.4 13488.4 10027.5
10577.1 16413.8 13503 10048.2
10684.8 16546.5 13517.7 10150.6
10582.5 16479.5 13532.3 10053.4
10691.3 16812.3 13546.9 10156.8
10696.8 16856.5 13561.5 10162
10638 16714.8 13576.1 10106.1
10705.5 16771.7 13597.2 10170.2
10666.3 16728.9 13605.7 10133
10851.3 16936.2 13626.8 10308.8
1996 10999.8 17213.7 13641.6 10449.8
11087.5 17441.2 13650.1 10533.1
11098.4 17210.3 13664.5 10543.5
11328.5 17201.2 13678.9 10762.1
11350.4 17034 13693.3 10782.9
11361.4 17402.3 13707.7 10793.3
11405.2 17381.6 13721.5 10834.9
11416.2 17551.6 13743.2 10845.3
11580.5 17611.5 13749.1 11001.5
11712 17749.8 13762.9 11126.4
11646.2 17339.2 13776.4 11063.9
11701 17645.2 13795.8 11116
11788.7 17780.2 13809.3 11199.2
12073.5 17892.7 13822.8 11469.8
12194 18025.8 13830.5 11584.3
12194 17881.3 13844.3 11584.3
12347.4 18205.3 13858.1 11730
12358.4 18056.4 13879.7 11740.5
12292.6 17831.1 13885.6 11678
12336.5 17786 13899.4 11719.6
12489.8 17976.6 13923.1 11865.3
12489.8 17879.8 13927 11865.3
12555.6 18122.6 13940.8 11927.8
12577.5 18046.8 13954.6 11948.6
12555.6 18251.7 13968.5 11927.8
12588.4 18135.8 13988.4 11959
12643.2 18387.9 14002.2 12011.1
12555.6 18239.9 14010.2 11927.8
12369.3 18039 14024.3 11750.9
12073.5 17955 14038.4 11469.8
12040.6 17935.8 14052.5 11438.6
12303.6 18420.2 14066.6 11688.4
12268.9 18447.3 14080.8 11655.4
12313.2 18535.7 14103 11697.5
12412.8 18819.3 14109.1 11792.2
12257.8 18616.2 14123.2 11644.9
12313.2 18749.8 14137.4 11697.5
12346.4 18955.3 14151.6 11729.1
12246.7 18742.3 14185.9 11634.4
12401.8 19077.5 14185.9 11781.7
12479.3 19364.6 14194 11855.3
12523.6 19424.4 14208.3 11897.4
12590 19606.3 14222.6 11960.5
12601.1 19619.3 14236.9 11971
12479.3 19531.3 14259.1 11855.3
12601.1 19868.9 14274.9 11971
12822.5 20253.9 14288.7 12181.4
13055.1 20475.5 14292.7 12402.3
13032.9 20452.6 14306.5 12381.3
12789.3 20056.5 14320.4 12149.8
12833.6 20034.2 14341.2 12191.9
13164.1 20406.4 14357.9 12505.9
13265.5 20680.7 14370.4 12602.2
1997 13366.8 20614.1 14378.7 12698.5
13693.4 20785.4 14393.5 13008.7
13839.8 20923.1 14416.6 13147.8
13693.4 20702 14429.2 13008.7
13817.2 20962.2 14439.8 13126.4
14076.2 21436.1 14452.4 13372.4
14143.8 21247.9 14467.2 13436.6
14233.9 21373.3 14492.6 13522.2
14031.2 21178.5 14505.3 13329.7
14335.2 21857 14511.7 13618.5
14053.7 21412.6 14526.4 13351
13929.9 21057.6 14547.6 13233.4
14369 21966 14562.3 13650.6
14076.2 21226.2 14570.8 13372.4
13997.4 21034.8 14586.3 13297.5
14279 21591.5 14601.9 13565
14301.5 21470.2 14626.3 13586.4
14594.3 22156.8 14633 13864.5
14898.3 22950.7 14648.6 14153.4
14977.1 23159.4 14673.1 14228.3
14932.1 23426.4 14679.8 14185.5
14673.1 22757.1 14697.6 13939.4
15033.4 23447.4 14711 14281.8
15258.7 23808.7 14726.7 14495.7
15483.9 23917.3 14749.1 14709.7
15675.3 23950.3 14764.8 14891.6
16351 25136.6 14773.8 15533.4
16497.4 25060.6 14798.4 15672.5
16317.2 24634.2 14805.1 15501.3
16700.1 24816.5 14820.8 15865.1
16519.9 24481.7 14836.5 15693.9
16474.8 24690.4 14852.1 15651.1
15887.7 23917.3 14867.8 15093.3
15967.7 24083 14883.4 15169.3
15944.8 23823.4 14899.1 15147.6
16196.3 24376.4 14914.7 15386.5
16059.2 24278.1 14930.6 15256.2
16550.6 25153.4 14955.4 15723.1
16916.4 25794.8 14969 16070.6
17225 26420.4 14984.9 16363.8
17087.8 26254.6 14994 16233.5
16630.7 25632.5 15010 15799.1
16036.3 24475.2 15032.8 15234.5
16310.6 25030.1 15041.9 15495.1
16207.7 24707.6 15057.9 15397.4
16116.3 24899.3 15085.4 15310.5
16184.9 25163.5 15099.2 15375.6
16379.2 25456.5 15106.1 15560.2
16767.8 25923.8 15129.4 15929.4
16411.7 25373.9 15139.1 15591.1
16614.8 25345.3 15168.2 15784.1
16885.6 25945.4 15180.3 16041.4
17413.7 26477.3 15190 16543
1998 16560.6 25056 15207.4 15732.6
17170 26080.3 15224.9 16311.5
17210.6 26547.5 15249.9 16350.1
17820 27601.6 15267.4 16929
17901.2 27890.6 15277.3 17006.1
18185.6 28037.3 15293.4 17276.3
18442.8 28772 15309.4 17520.7
19092.8 29610.5 15325.4 18138.2
19052.2 29565.2 15341.4 18099.6
19526.1 30269.7 15369.5 18549.8
20067.8 30995.6 15383.5 19064.4
20392.8 31131 15397.5 19373.1
21164.6 32417.8 15406.9 20106.3
20812.5 32324.9 15423.3 19771.9
20799 32590.3 15439.8 19759
19485.5 30893.2 15456.2 18511.2
20758.3 32923.4 15472.6 19720.4
20595.9 32908 15489.2 19566.1
19905.3 31802.6 15515.3 18910
20826.1 33280.2 15531.9 19784.8
20352.1 32521.9 15546.2 19334.5
20961.5 33552.3 15562.7 19913.4
19309.5 31386.5 15572.1 18344
19485.5 31982.5 15595.6 18511.2
20433.4 32924.1 15612.2 19411.7
21083.3 33650 15628.7 20029.2
21191.7 33795.4 15645.4 20132.1
22031.2 35244.5 15662 20929.7
21381.2 33560.1 15678.7 20312.2
21042.7 33007.4 15695.4 19990.6
20206.5 31758.7 15712 19196.1
19614.2 31142.7 15728.6 18633.5
19462.7 30743 15745.3 18489.5
18223 29364 15761.9 17311.8
18746.4 30215.4 15778.6 17809.1
18126.6 30004.8 15795.2 17220.2
16845.6 27794.7 15811.8 16003.3
17217.5 28868.6 15828.4 16356.6
15702.4 26143.8 15844.7 14917.2
16212 27961 15860.6 15401.4
17093.5 29436.7 15876.6 16238.9
17245.1 29849.9 15892.5 16382.8
17837.3 31135.8 15908.4 16945.5
17437.9 30465.4 15924.3 16566
17754.7 31101 15940.1 16866.9
18043.9 32213.2 15955.9 17141.7
18154.1 32092.2 15971.8 17246.4
17837.3 31433.4 15988.4 16945.5
17738.7 31383.4 16005.3 16851.8
18365.3 32816.7 16022.2 17447
18753.2 33432.8 16039 17815.5
1999 19573.7 34693.7 16055.1 18595
19364.9 34388 16070.3 18396.6
19469.3 34119.4 16085.6 18495.8
18902.4 33099.2 16100.8 17957.2
19111.2 33660.2 16116 18155.7
18439.9 32552.1 16130.9 17517.9
18201.2 32539 16145.9 17291.1
18066.9 32459.8 16160.8 17163.6
17589.5 31907.1 16175.8 16710
17828.2 32439.4 16190.8 16936.8
18052 33036.3 16205.8 17149.4
17887.9 32848.9 16220.8 16993.5
17425.4 32383.1 16235.9 16554.1
17455.2 32662.5 16250.9 16582.5
18052 33725.5 16266 17149.4
17634.3 33519.5 16281.1 16752.6
17693.9 33384.1 16296.1 16809.2
17947.6 33949 16311.2 17050.2
17887.9 33792.8 16326.1 16993.5
17261.3 32432.6 16341.1 16398.2
17634.3 32922.6 16356 16752.6
17112.1 32191.3 16371 16256.5
17261.3 32814.2 16386.1 16398.2
17350.8 33081.5 16401.2 16483.3
17679 33707.9 16416.3 16795.1
17321 32939.1 16431.4 16454.9
17708.8 33914.4 16447.2 16823.4
17544.7 33334 16463.6 16667.5
17634.3 33233.5 16479.9 16752.6
17186.7 32647.4 16496.3 16327.4
17238.9 32979.7 16512.6 16377
17022.3 32457.7 16529 16171.2
17270.3 33071.9 16545.3 16406.8
17595.9 33604.7 16561.6 16716.1
17626.9 33612 16578 16745.6
17937 34135.9 16594.7 17040.1
17595.9 33428.2 16611.6 16716.1
17285.8 33176.3 16628.5 16421.6
17099.8 33076.9 16645.4 16244.8
17363.4 33530.9 16662.3 16495.2
17642.4 34117.6 16679.4 16760.3
17177.3 32889.8 16696.4 16318.5
17409.9 33376.6 16713.5 16539.4
17797.4 34367.8 16730.6 16907.6
17921.5 34593.1 16747.6 17025.4
18386.6 35464 16764.6 17467.2
18681.1 35444.2 16781.7 17747.1
19037.7 35734.8 16798.7 18085.8
19967.9 36887.4 16818.4 18969.5
20558.5 36849.1 16839.2 19530.6
20778.7 37189.7 16859.9 19739.8
21616.5 38428 16880.7 20535.7
21918.2 38941 16892.5 20822.2
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.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[BAR CHART OMITTED]
1 Year 3 Years 5 Years Since Inception
------ ------- ------- ---------------
GAM Europe 16.21 17.95 18.37 8.15
GAM Europe (after maximum
sales load of 5%) 10.40 15.95 17.17 7.60
MSCI Europe Index 16.23 23.00 22.54 14.54
ANNUAL PERFORMANCE - CLASS A
[BAR CHART OMITTED]
GAM EUROPE
GAM CLASS A MSCI
EUROPE (AFTER SALES EUROPE
CLASS A LOAD 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 16.21 10.40 16.23
- --------------
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 teh 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.
14
--
GAM EUROPE FUND / REPORT TO SHAREHOLDERS
<PAGE>
THE FACTS - CLASS B SHARES
GAM
Europe Average
GAM Class B MSCI 1 Month
Europe (with deferred Europe Deposit
Class B sales charge) Index Rate
31st Dec, 1999 US$13.08 1,525.77
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 27.72 22.72 17.47 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 14.48 9.49 16.23 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 2.02 (0.10) 10.08 5.39
- --------------------------------------------------------------------------------
THE FACTS - CLASS C SHARES
GAM
Europe Average
GAM Class C MSCI 1 Month
Europe (with deferred Europe Deposit
Class C sales charge) Index Rate
31st Dec, 1999 US$12.77 1,525.77
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 27.57 26.57 17.47 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 13.11 12.11 16.23 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 1.58 1.58 11.30 5.41
- --------------------------------------------------------------------------------
* Inception was on 26th May, 1998 for Class B shares and 20th May, 1998 for
Class C shares.
THE COMMENT
The fourth quarter produced excellent returns for the fund. Class A total
return rose by 27.9% compared with a rise of 17.5% in the benchmark index.
Performance was driven by the fund's selection of a number of key sectors
and stocks. In particular, our decision earlier in the year to invest in
Europe's growing band of technology opportunities proved timely. The opportunity
here is one which is not easily accessed via the Continent's "blue chip" names,
obvious exceptions being long-standing favourites such as Ericsson and Nokia.
Deeper drilling is required if we are to spot and capitalise on the very
real opportunity which Europe's technology sector offers. Thus, investors in the
fund will see the substantial commitment we have made to a carefully selected
group of businesses whose market value is, in our opinion, a fraction of what it
can become. While a good number of these investments have yielded outstanding
returns already, we consider that such gains represent only the beginning. The
discipline of long-termism is likely to reward the fund with yet greater returns
from these businesses, some of which we expect to become Europe's future
household names.
The outlook requires an appropriate degree of short-term caution, if only
to digest equity markets' recent exceptional gains. However we remain highly
confident in the revolution which is irreversibly transforming Europe's
businesses, a confidence which can only be bolstered by the ongoing taming of
inflation.
15
--
GAM EUROPE FUND / REPORT TO SHAREHOLDERS
<PAGE>
STATEMENT OF INVESTMENTS AS AT 31ST DECEMBER, 1999
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
EQUITIES - 95.8%
BELGIUM - 0.9%
6,050 Fortis (Belgium) 218,087
-------
218,087
-------
FINLAND - 5.7%
*3,200 Comptel 224,907
4,310 Nokia 780,727
1,780 Sonera 121,898
4,440 UPM-Kymmene 178,728
---------
1,306,260
---------
FRANCE - 22.4%
1,460 Alcatel 334,994
*5,380 Aventis 311,856
1,500 AXA-UAP 208,918
2,720 Banque Nationale de Paris 250,734
645 CAP Gemini 163,572
585 Carrefour 107,794
700 Castorama Dubois 212,742
1,289 Cerg Finance 175,639
5,390 Compagnie Generale d'Industrie 352,575
1,950 Credit Commercial de France 242,747
*5,435 Credit Lyonnais 248,316
2,275 France Telecom 300,604
1,820 Imerys 271,070
700 Metropole Television (M6) 346,587
2,510 Pechiney A 179,215
1,200 Pinault-Printemps-Redoute 316,397
*1,400 Titus Interactive 61,991
2,700 Total Fina B 360,022
1,180 Transiciel 142,380
14,785 Usinor Sacilor 277,491
2,535 Vivendi 228,706
---------
5,094,350
---------
GERMANY - 14.5%
950 Allianz 318,837
6,575 BASF 337,454
2,625 Bayerische Hypo-Vereinsbank 179,105
7,050 Bayerische Motoren Werke 214,971
*3,170 Cybio 129,200
7,640 Deutsche Telekom 543,578
*700 Freenet.De 76,785
*3,445 GfK 138,675
1,725 Mannesmann 415,761
2,200 Rhoen-Klinikum 80,810
14,690 Sartorius 106,440
2,655 Siemens 337,456
*3,235 Software 196,960
*4,700 Teamwork Information Management 218,992
---------
3,295,024
---------
ITALY - 4.3%
17,900 Telecom Italia 252,192
29,435 TIM 328,507
19,275 Telecom Italia Savings 117,354
57,880 Unicredito Italiano 284,248
-------
982,301
-------
NETHERLANDS - 13.5%
8,900 ABN AMRO Holding 222,122
2,080 Aegon 200,739
5,070 DSM 203,067
3,700 ING Groep 223,186
2,600 KPN 253,540
2,500 Philips 339,643
4,875 Libertel 127,555
3,900 Qiagen 294,357
6,325 Royal Dutch Petroleum 387,320
27,950 Telegraaf Holding 618,805
830 United Pan-Europe Communications A 106,079
2,730 Versatel Telecom 96,157
---------
3,072,570
---------
PORTUGAL - 2.2%
32,200 Brisa-Auto Estradas de Portugal 246,922
22,545 Portugal Telecom 247,074
++8,297 Sotancro --
---------
493,996
---------
SPAIN - 4.2%
4,750 Acerinox 189,294
*16,382 Amadeus Global Travel Distribution 259,655
10,360 Banco Argentaria 243,234
11,093 Telefonica 276,853
---------
969,036
---------
SWEDEN - 5.8%
15,100 L.M. Ericsson B (Fria) 971,387
*2,070 NetCom Systems B 145,579
15,900 Svenska Handelsbanken A 200,082
---------
1,317,048
---------
SWITZERLAND - 7.5%
315 Adecco 245,306
575 Credit Suisse 114,292
90 Julius Baer Holding 271,871
165 Novartis 242,272
35 Roche Holding Genussscheine 415,437
54 Schweizerische Rueckversiche 110,930
290 Swisscom 117,289
685 UBS 184,984
---------
1,702,381
---------
UNITED KINGDOM - 14.8%
*7,090 Barclays 204,134
62,845 BP Amoco (USD) 632,078
22,690 British Telecom 554,669
*7,115 Daily Mail & General Trust A 494,315
8,025 Glaxo Wellcome 226,905
*19,595 K S Biomedix Holdings 183,626
11,550 National Westminster Bank 248,196
3,230 NDS Group ADR 98,515
26,000 Sun Life & Provincial Holdings 220,963
*101,000 Vodafone AirTouch 500,572
----------
3,363,973
----------
TOTAL EQUITIES (COST $17,241,294) 21,815,026
----------
16
--
GAM EUROPE FUND / STATEMENT OF INVESTMENTS
<PAGE>
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
EQUITY WARRANTS - 0.2%
FRANCE - 0.2%
*4,360 Titus Interactive Wts 33.00 October 2003 45,720
---------
TOTAL WARRANTS (COST $0) 45,720
---------
PREFERRED SHARES- 2.7%
GERMANY - 2.7%
1,700 Marshollek, Lautenschlaeger und Partner Pfd 513,239
2,800 Rhoen-Klinikum Pfd 99,749
----------
TOTAL PREFERRED SHARES (COST $414,034) 612,988
----------
TOTAL INVESTMENTS (COST $17,655,328**) - 98.7% 22,473,734
NET CURRENT ASSETS - 1.3% 287,527
----------
TOTAL NET ASSETS - 100.0% 22,761,261
==========
* Non-income producing security.
** Cost for federal income tax purposes is $17,729,620 (Note 5).
++ Fair Value determined by Board of Directors.
Glossary of Terms:
ADR - American Depositary Receipt
See notes to financial statements.
GEOGRAPHIC ANALYSIS AS AT
31ST DECEMBER, 1999
[PIE CHART OMITTED]
FINLAND 5.7%
FRANCE 22.6%
GERMANY 17.2%
NETHERLANDS 13.5%
SWEDEN 5.8%
UNITED KINGDOM 14.8%
SWITZERLAND 7.5%
NET CURRENT ASSETS 1.3%
OTHER 11.6%
INVESTMENT ANALYSIS AS AT
31ST DECEMBER, 1999 (UNAUDITED)
[PIE CHART OMITTED]
BANKING 12.7%
ELECTRICAL & ELECTRONICS 11.1%
HEALTH & PERSONAL CARE 8.7%
INSURANCE 7.9%
BUSINESS & PUBLIC SERVICES 7.1%
OTHER 31.4%
NET CURRENT ASSETS 1.3%
TELECOMMUNICATIONS 19.8%
17
--
GAM EUROPE FUND / STATEMENT OF INVESTMENTS
<PAGE>
GAM PACIFIC BASIN FUND
FUND MANAGEMENT
- --------------------------------------------------------------------------------
[PHOTO OF MICHAEL S. BUNKER]
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 ON 6TH MAY, 1997. MR. BUNKER ALSO MANAGED THE OFFSHORE FUND GAM PACIFIC,
INC. MR. BUNKER IS NOW BASED IN LONDON, HAVING LIVED IN HONG KONG FOR THREE
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
GAM
Pacific Basin
Class A (after Average
GAM maximum MSCI 1 Month
Pacific Basin sales load Pacific Deposit
Class A of 5%) Index Rate
31st Dec, 1999 US$14.17 US$14.92 2,490.11
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 36.64 29.81 16.19 1.44
- --------------------------------------------------------------------------------
Jan-Dec, 1999 74.91 66.16 57.96 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
5 years to Dec, 1999 4.12 3.06 2.70 5.60
- --------------------------------------------------------------------------------
10 years to Dec, 1999 7.81 7.26 0.52 5.39
- --------------------------------------------------------------------------------
Since inception 9.32 8.88 2.19 6.02
- --------------------------------------------------------------------------------
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.
18
--
GAM PACIFIC BASIN FUND / FUND MANAGEMENT
<PAGE>
[LINE CHART OMITTED]
GAM
Pacific Basin
GAM MSCI Average Class A
Pacific Basin Pacific 1 Month (after Maximum
Class A Index Deposit Rate sales load of 5%)
--------- ----- ------------ -----------------
1987 10000 10000 10000 10000
10225 10045 10016.5 9713.75
10364 9591.02 10029.3 9845.8
10375 9696.05 10042.1 9856.25
10462 9829.25 10054.9 9938.9
10977 10223.2 10068.7 10428.2
10474 10053.8 10082.4 9950.3
10354 9467.63 10092.2 9836.3
10214 9024.23 10106 9703.3
10232 8477.62 10123.4 9720.4
10582 8705.56 10136.8 10052.9
10495 8100.68 10150.3 9970.25
10766 8772.76 10163.8 10227.7
10835 8710.3 10169.5 10293.2
11142 9172.34 10190.4 10584.9
11003 9378.01 10203.5 10452.8
11155 9780.13 10216.7 10597.2
11259 9849.09 10229.9 10696
11168 9504.54 10243.9 10609.6
11230 9334.68 10257.9 10668.5
11234 9255.23 10267.9 10672.3
11658 9564.31 10281.9 11075.1
12013 9543.17 10301.2 11412.3
12349 10008.5 10316.4 11731.5
8159 8742.08 10325.2 7751.05
8066 8342.64 10347 7662.7
7990 8658.08 10362.3 7590.5
7569 8075.55 10376.2 7190.55
7997 8716.02 10390.1 7597.15
8109 8956.79 10404 7703.55
7938 8845.73 10417.9 7541.1
7687 8788.28 10433.9 7302.65
7966 9060.05 10449.9 7567.7
8219 9047.55 10463.6 7808.05
8187 8842.48 10477.3 7777.65
1988 8464 8924.9 10488 8040.8
8261 8877.35 10510.3 7847.95
8519 8983.99 10524.5 8093.05
8449 9308.99 10536.6 8026.55
8440 9355.31 10552.9 8018
8280 9377.49 10566.3 7866
8508 9581.65 10579.7 8082.6
8696 9968.72 10593.1 8261.2
8841 10242.8 10600.7 8398.95
9034 10307.1 10620.1 8582.3
9141 10367.6 10633.7 8683.95
9244 10593.1 10645.3 8781.8
9239 10837.2 10657 8777.05
9199 10837.1 10674.5 8739.05
9570 10992.5 10688 9091.5
9408 10991.7 10693.8 8937.6
9486 10938.9 10715.1 9011.7
9764 11144.9 10722.8 9275.8
9518 10927.5 10743 9042.1
9629 10971.4 10757.4 9147.55
9572 10840.5 10771.8 9093.4
9660 10741.9 10786.2 9177
9840 10915.5 10801.6 9348
10081 11029.4 10817 9576.95
10058 10637.8 10830.2 9555.1
9865 10197.5 10843.4 9371.75
9883 10276.4 10863.8 9388.85
10118 10433.5 10879.8 9612.1
10092 10298.2 10895.8 9587.4
10209 10618.8 10911.7 9698.55
10260 10764.2 10927.7 9747
10028 10289.6 10944.5 9526.6
10048 10546.8 10961.3 9545.6
9820 10317.9 10978 9329
9541 9937.78 10994.8 9063.95
9737 10133 11012.2 9250.15
9630 10223.5 11029.6 9148.5
9527 10154.4 11037 9050.65
9501 10226.7 11059.4 9025.95
9317 10234.8 11081.8 8851.15
9527 10579.1 11099.3 9050.65
9648 10780.5 11116.8 9165.6
9676 10963.8 11134.4 9192.2
9608 11179.8 11151.9 9127.6
9709 11352 11169.5 9223.55
9781 11791.3 11187.2 9291.95
9942 12128.8 11204.8 9444.9
10080 12093.8 11222.5 9576
10129 12110 11243.2 9622.55
10148 12064.5 11263.9 9640.6
10120 11803 11284.6 9614
10167 12103.5 11299.4 9658.65
1989 10185 12243.9 11314.2 9675.75
10581 12536.8 11345.8 10052
10543 12439.1 11365.4 10015.8
10576 12453.5 11385.1 10047.2
10637 12188.4 11399.2 10105.2
10821 12440 11424.8 10280
10960 12705.6 11444.7 10412
10725 12609.3 11464.7 10188.8
10542 12307.8 11478.9 10014.9
10574 12138.4 11506.5 10045.3
10649 11928 11528.4 10116.5
10623 11633.9 11550.3 10091.8
10751 11936.4 11565.9 10213.5
10899 12283.9 11594.1 10354
11098 11978.4 11616.2 10543.1
11217 11996.1 11638.3 10656.2
11270 11977 11660.4 10706.5
11503 12116.9 11682.5 10927.8
11560 12158.9 11704.3 10982
11496 11731.2 11726.2 10921.2
11230 11336.1 11748 10668.5
11228 11376.9 11769.8 10666.6
10955 11135.4 11791.4 10407.2
10874 10666.4 11813 10330.3
11108 10886 11834.6 10552.6
11183 11001.6 11850 10623.8
11348 11287.1 11877.8 10780.6
11607 11468.1 11899.1 11026.7
11562 11288.5 11920.5 10983.9
11906 11754.5 11941.8 11310.7
12278 12344.8 11963.2 11664.1
12430 12149.7 11983 11808.5
12371 11935.5 12002.9 11752.5
12528 11846.8 12014.2 11901.6
12448 11612.1 12042.6 11825.6
12436 11354.7 12063.1 11814.2
12536 11295 12083.6 11909.2
12605 11446.7 12104.1 11974.8
13006 12084.5 12118.7 12355.7
13059 11924.6 12133.4 12406
13314 11568.6 12166 12648.3
12820 11696.6 12187 12179
13085 11853.6 12208 12430.8
13207 11825.3 12228.9 12546.7
13247 11739.2 12249.2 12584.7
13377 11902.4 12269.4 12708.2
13464 11933.7 12289.6 12790.8
13632 12349.8 12309.8 12950.4
13756 12529.1 12330.3 13068.2
14056 12509.9 12342.1 13353.2
14080.8 12355.5 12371.4 13376.7
14535.9 12635.7 12386 13809.1
1990 14674.3 12358.8 12406.5 13940.6
14702 12062.9 12432.3 13966.9
14410.9 11616.3 12452.3 13690.3
14192.5 11569 12463.7 13482.9
14309.4 11784 12489.3 13593.9
14483.6 11705.3 12511.8 13759.5
14331.9 11655.6 12531.4 13615.3
14048 11132.4 12551 13345.6
13533.8 10642.2 12570.6 12857.1
13772.2 10249.8 12590.5 13083.6
13522.9 9707.44 12610.4 12846.8
13345.4 9042.68 12630.3 12678.2
13490.2 8992.99 12644.5 12815.7
13121.1 8350.71 12658.7 12465.1
13263.8 8763.97 12690.4 12600.6
13422.7 8686.55 12710.7 12751.6
13703.6 8778.98 12731.1 13018.5
13556.6 9013.05 12751.4 12878.8
13679.7 9239.85 12772.2 12995.7
14029.2 9835.28 12793 13327.7
14337.3 9874.25 12813.8 13620.4
14367.8 10000.6 12834.6 13649.4
14507.2 9928.47 12846.2 13781.8
14459.3 9591.98 12875.2 13736.3
14465.8 9549.68 12895.5 13742.5
14690.1 9542.16 12910 13955.6
14882.8 9797.02 12924.5 14138.7
15233.4 9824.3 12950.6 14471.7
15445.7 10097.1 12973.8 14673.4
15323.8 9604.19 12997 14557.6
15390.2 9488.32 13014.5 14620.7
14254.6 8723.91 13037 13541.8
14396.1 8939.96 13051.1 13676.3
13894.2 8310.17 13073.5 13199.5
14275.3 8351.12 13090.4 13561.5
14294.9 8255.12 13115.7 13580.1
14654.2 8752.16 13132.8 13921.4
14160.9 8193.4 13144.2 13452.9
13435.8 7575.28 13169.9 12764
13460.8 7889.7 13187 12787.8
13927.9 8389.18 13216.2 13231.5
14114.1 8799.51 13237 13408.4
14484.3 9005.62 13257.7 13760.1
14163.1 8851.46 13278.4 13455
13936.6 8532.81 13286.9 13239.8
13906.2 8485.13 13318.2 13210.8
13930.1 8279.3 13329.6 13233.6
13936.6 8224.07 13358 13239.8
13393.3 7813.65 13377.9 12723.7
14076 8556.5 13400 13372.2
13724.3 8604.7 13422.1 13038.1
13334.5 8149.16 13437.9 12667.8
1991 13425.4 8318.17 13460.1 12754.1
13251.6 8046.66 13485.8 12589
13009.4 7814.4 13505.1 12358.9
13520.7 8280.8 13524.5 12844.7
13780.9 8417.04 13543.9 13091.8
14329.2 8925.02 13561.6 13612.8
14550.2 9359.22 13579.3 13822.7
14609.6 9478.07 13591.9 13879.1
14561.4 9361.59 13612.1 13833.3
14796.9 9238 13624.9 14057
14769.5 9196.29 13650.6 14031
14802.4 9124.74 13668.5 14062.3
14805.8 9021.9 13681.3 14065.5
15246.7 9385.85 13696.7 14484.4
15075.6 9281.5 13720.8 14321.8
15230.8 9524.35 13737.3 14469.3
14996.2 9142.53 13744.3 14246.4
15073.3 9392.96 13767.8 14319.6
15127.7 9240.09 13785.6 14371.3
15119.8 9168.88 13801.1 14363.8
15077.8 9051.03 13816.7 14323.9
14837.5 9080.57 13832.2 14095.6
14907.8 8972.11 13838.8 14162.4
14614.2 8672.68 13863.1 13883.5
14511.1 8559.3 13878.6 13785.5
14503.1 8655.87 13889.6 13778
14621 8524.98 13902.8 13890
14700.4 8519.41 13925.3 13965.3
14874.9 8603.9 13941.1 14131.2
14916.9 8707.81 13957 14171
15140.2 8884.8 13968.3 14383.2
15150.4 8812.02 13988.4 14392.8
14932.7 8651.22 14003.9 14186.1
14419.2 8317.57 14019.5 13698.3
14499.7 8175.32 14035.1 13774.8
14855.7 8548.15 14050.7 14112.9
14819.4 8582.36 14057.1 14078.4
15029.1 8832.33 14076.4 14277.6
15202.5 8982.61 14091.4 14442.4
15504 9310.65 14106.3 14728.8
15620.8 9395.67 14125 14839.7
15581.1 9387.67 14139.4 14802
15504 9409 14145.5 14728.8
15500.6 9408.74 14168.1 14725.6
15644.6 9484.71 14174 14862.3
15633.2 9359.05 14195.3 14851.6
15337.4 8996.83 14208.9 14570.5
15230.8 8940.49 14222.5 14469.3
15162.8 8897.8 14236.1 14404.7
14972.4 8573.79 14242 14223.8
15182.9 8795.9 14263.7 14423.8
15037.9 8521.48 14273.6 14286
1992 15611.7 9155.14 14287.4 14831.1
15891.3 9072.36 14302.8 15096.7
15419.8 8530.36 14314.3 14648.8
16017.9 8800.55 14325.8 15217
15593.4 8559.15 14330.7 14813.7
15937 8733.31 14348.7 15140.1
15738.8 8492.43 14359.9 14951.9
15472.7 8062.37 14371.1 14699.1
15499.6 8130.35 14382.3 14724.6
15251 7986.7 14390.2 14488.4
14831.1 7590.02 14398.3 14089.6
14757.4 7357.91 14416.2 14019.5
14871 7513.8 14424.3 14127.5
14429.4 7070.93 14435.7 13707.9
14176 6545.3 14450.4 13467.2
14441.2 7019.62 14461.8 13719.2
14440.9 6816.95 14473.3 13718.9
14877 7028.07 14484.7 14133.1
15224.1 7195.11 14492.2 14462.9
15551.2 7527.3 14505.9 14773.7
15427.5 7545.48 14510.4 14656.1
15444.1 7343.1 14522.5 14671.9
15725.9 7575.64 14531.6 14939.6
15572 7460.13 14548.4 14793.4
15392 7111.55 14559.2 14622.4
15187.2 6918.39 14567 14427.8
15478.4 7195.82 14577.8 14704.5
15345.8 7249.26 14591.5 14578.5
15519.9 7394.68 14602.2 14743.9
14800 6825.39 14612.8 14060
14395.1 6617.86 14617.4 13675.3
14719.5 6899.63 14631.1 13983.5
14225.8 6462.24 14643.3 13514.5
14011.5 6471.22 14652.4 13310.9
14666.2 7297.67 14661.5 13932.9
15165.9 7726.74 14666.7 14407.6
15315 8084.77 14680 14549.3
15124.4 7656.15 14689.3 14368.2
15524.6 7965.09 14695.9 14748.4
15271.2 7702.96 14705.3 14507.7
15277.2 7636.39 14711.6 14513.3
15422.8 7710.31 14720.3 14651.6
15388.4 7585.01 14733.8 14619
15594.5 7492.77 14737.5 14814.7
15845.5 7578.55 14751.1 15053.2
15530.5 7273.88 14758.7 14754
15194.3 7297.59 14768.8 14434.6
15293.7 7477.47 14775.1 14529
15298.5 7457.87 14781.4 14533.5
15255.8 7497.97 14798.2 14493
15390.8 7575.85 14809.9 14621.3
15497.4 7729.59 14819.9 14722.5
15535.3 7488.29 14829.9 14758.5
1993 15492 7398.27 14837.2 14717.4
15494.4 7236.51 14851.4 14719.7
15616.5 7280.85 14857.9 14835.7
15579.8 7295.26 14869.5 14800.9
15739.8 7523.16 14878.6 14952.8
16095 7634.88 14887.4 15290.3
16270.8 7723.67 14896.1 15457.3
16256.2 7812.84 14904.8 15443.4
16377 7842.12 14911.1 15558.2
16718.9 8152.85 14922.3 15882.9
16690.2 8281.99 14928.6 15855.7
16913 8458.97 14937.3 16067.3
17253.6 8789.69 14946.1 16390.9
18141.1 9561.98 14957.4 17234
18576.4 9785.86 14966.2 17647.6
18523.6 9627.62 14974.9 17597.5
18721.2 9953.13 14978.7 17785.2
18938.5 10254.8 14991.2 17991.5
18831.7 9985.36 15001.1 17890.1
19057.5 10027.5 15008.5 18104.6
19299.3 10451.8 15014.7 18334.3
19402.4 10508.4 15027 18432.3
19591.4 10624.3 15030.9 18611.8
19156.9 10355.5 15045 18199.1
18796.1 9896.68 15051.4 17856.3
18934.5 10319.6 15060.4 17987.8
19086.6 10245.8 15070.6 18132.2
19293.2 10401.9 15080.7 18328.5
19370.5 10406.1 15089.6 18401.9
19541.4 10600.5 15098.4 18564.3
19943.6 11011.9 15107.3 18946.4
20300.8 11162.9 15116.1 19285.7
20445.6 11343.7 15119.9 19423.3
20213.6 10877.2 15133.9 19202.9
20559.7 11178 15142.8 19531.7
20819.9 11108.3 15151.6 19778.9
20643.2 11039.5 15160.5 19611
20405.9 10696.9 15168.2 19385.6
20709.5 10761.2 15175.8 19674
21245.8 11068.9 15187.2 20183.5
21464.2 11056.5 15196.2 20391
21577.2 11037.9 15205.1 20498.3
21433.3 10920.3 15214 20361.6
21896.3 11110.4 15217.8 20801.4
21404.1 10635.1 15226.7 20333.9
21575.9 10688.9 15240.8 20497.1
20923 10170.8 15249.7 19876.9
20750 9992.73 15253.6 19712.5
21278.9 9868.47 15268.7 20215
22037.4 10102.6 15278.8 20935.5
22290.2 10066.8 15288.8 21175.7
23139.5 10057.6 15296 21982.5
1994 24281.7 10308.6 15304.6 23067.6
23436.1 10256.3 15318.1 22264.3
24104.7 10602.1 15327.3 22899.5
23945.4 10680 15332.6 22748.1
25170.8 11430.3 15341.7 23912.2
24801.2 11225.9 15354.5 23561.1
24668.1 11255.1 15359.5 23434.7
24830.9 11268 15367.1 23589.4
24190 11505 15381 22980.5
23897.9 11268.9 15391.3 22703.1
24147.3 11487.4 15401.6 22940
23474.1 11143.5 15410.5 22300.4
23355.2 11152.8 15419.3 22187.5
23368.1 11130.4 15432.8 22199.7
23976.8 11410.2 15443.3 22777.9
24015.5 11354.6 15447.9 22814.8
24479.4 11369.7 15458.4 23255.5
24321.8 11292.5 15475 23105.7
24469.1 11403.6 15486.4 23245.6
25013.1 11545.9 15498 23762.5
25045.4 11622.7 15509.4 23793.2
25473.1 11834.5 15521 24199.5
25511.9 11858.6 15533.4 24236.3
25585.6 11964.3 15542.3 24306.3
25247 11820.9 15556.6 23984.7
25068.7 12095.7 15567.2 23815.2
25353.4 12150.8 15578.4 24085.8
25501 12101.3 15589.7 24225.9
26000.5 12169.8 15610.6 24700.5
25655.3 11940.3 15623.8 24372.6
26237.4 12039.2 15629.5 24925.5
26584 12018.8 15644.6 25254.8
26833 12136.9 15655.8 25491.4
26671.9 12170.5 15676.4 25338.3
27166.1 12105.3 15682 25807.8
26931.9 11923.9 15703.8 25585.3
26560.9 11866.8 15718.1 25232.9
26520.3 12007.7 15732.4 25194.3
26215.8 11775.9 15742.6 24905
26320 11777.3 15756.9 25004
26394.4 11853.1 15775.9 25074.7
26546.1 11967.5 15790.9 25218.8
26232 11903.2 15797.2 24920.4
26345.7 12024.4 15820.7 25028.4
26242.8 11649.6 15835.7 24930.7
25942.3 11566.1 15844.2 24645.2
24714.5 11289.5 15861.4 23478.8
24970.3 11430.8 15878.5 23721.8
24740.2 11263.8 15898.7 23503.2
24016 11056.9 15916.8 22815.2
24750.9 11274.2 15934.9 23513.3
25082.7 11400.7 15947.8 23828.6
1995 24904.6 11297.8 15963.3 23659.4
24236.6 11257.9 15989 23024.8
23752.5 11063.6 15996.8 22564.9
22535.8 10484.4 16025 21409
22685.2 10746.5 16043 21550.9
22971.1 10639.6 16061.3 21822.5
22653.6 10544.4 16079.6 21520.9
22550.2 10684.7 16097.8 21422.7
22340.4 10344.7 16113.5 21223.4
22350.5 10889.4 16134.6 21233
22353.4 10941.8 16153.2 21235.7
22241.3 10634.4 16171.7 21129.3
22642.1 11140.1 16185 21510
22828.9 11136.2 16208.8 21687.4
22935.2 11576.1 16216.8 21788.4
22988.3 11949.7 16246.1 21838.9
23140.6 11714.2 16264.8 21983.6
23709.4 12031.1 16283.4 22524
23993.9 11912.4 16302 22794.2
24318.5 11496 16320.5 23102.6
24281.2 11235.1 16339 23067.1
24166.2 11342.2 16349.7 22957.9
24440.6 11429.9 16376.2 23218.6
23700.8 10920.7 16394.8 22515.8
23960.8 11053.3 16402.8 22762.8
23923.5 10939.4 16426.8 22727.3
24302.7 11001.4 16445.4 23087.6
25766.5 11594.3 16464.2 24478.2
25371.5 11420.7 16488.6 24102.9
25371.5 11455.7 16507.5 24102.9
25477.8 11324.7 16526.4 24203.9
25552.5 11354.4 16534.2 24274.8
25634.3 11337.2 16552.2 24352.6
25483.9 11224.5 16580.5 24209.7
25686.3 11031.3 16598.6 24402
25731 10971.5 16616.8 24444.4
25803.9 11119.8 16635.2 24513.7
25914 10945.5 16643 24618.3
25692.3 11180.1 16666.5 24407.7
25930.4 11173.4 16679.6 24633.9
25765.2 10957 16708.3 24476.9
25859 10981.1 16721.3 24566
25702.7 10963.8 16744.7 24417.6
25419.9 10649 16762.9 24148.9
25528.6 10804.5 16781 24252.2
24565.7 10777.8 16799.1 23337.4
24937.8 11048.2 16817.1 23690.9
25342.6 11146.5 16835.2 24075.4
26245.9 11520.7 16851 24933.6
26311.4 11606.8 16866.7 24995.8
26117.9 11709.6 16890.3 24812
26468.4 11886.4 16903.4 25145
1996 26795.8 11803.3 16919.2 25456
26998.4 11951.3 16944.9 25648.5
27060.8 11866.6 16962.8 25707.7
26982.8 11573.2 16980.6 25633.7
27793.4 11875.8 16998.5 26403.7
27886.9 12009.6 17013.1 26492.6
27762.2 11925.3 17032.7 26374.1
27684.3 11827.5 17042.5 26300.1
27388.1 11687.3 17066.9 26018.7
27372.5 11694 17083.7 26003.9
26094.3 11413.7 17100.5 24789.6
26904.9 11670 17107.7 25559.6
27356.9 12004.7 17129.2 25989.1
27590.8 12115.7 17143.6 26211.2
27824.6 12088.6 17167.8 26433.3
28245.5 12151 17184.9 26833.2
28385.8 12489.1 17202 26966.5
28401.3 12582.7 17211.7 26981.3
28198.7 12440.8 17236.2 26788.8
28229.9 12332.1 17253.3 26818.4
27777.8 12264.6 17265.5 26388.9
27809 12085.8 17287.6 26418.5
27528.4 12029.1 17304.7 26152
27575.2 12025.5 17321.9 26196.4
27621.9 12214.7 17339.1 26240.8
27497.2 12253.1 17351.4 26122.4
27637.5 12017.2 17366.2 26255.7
27356.9 11792.7 17391.1 25989.1
26515.2 11654.2 17408.5 25189.4
26125.5 11417.2 17426 24819.2
25922.8 11620.3 17443.5 24626.7
26390.5 11475.9 17461.1 25071
26375.2 11584.7 17478.7 25056.4
26548.3 11681.1 17491.2 25220.9
26516.8 11484.3 17513.8 25191
26060.5 11261.8 17531.3 24757.4
25934.6 11253.3 17548.9 24637.8
26390.9 11601.4 17548.9 25071.4
26438.2 11570.4 17591.5 25116.2
26752.9 11631.8 17596.5 25415.3
26170.6 11372.5 17619.2 24862.1
26265.1 11551.6 17637 24951.8
26217.8 11335.8 17654.7 24906.9
25840.2 11178.7 17672.4 24548.2
26139.2 11295.3 17682.2 24832.2
26438.2 11453.5 17701.8 25116.2
26941.7 11612.8 17719 25594.7
27476.8 11614.5 17741.1 26103
26847.3 11340 17758.2 25505
26894.5 11248.9 17776.3 25549.8
26107.7 10995.4 17784.1 24802.3
26021.4 10755.5 17807.3 24720.3
1997 26349.4 10857.8 17825.4 25032
26522.1 10661.7 17848.8 25196
26539.4 10325.6 17867.1 25212.4
26815.7 10141.6 17877.6 25474.9
26608.4 9855.71 17893.2 25278
26332.2 9775.23 17921.9 25015.6
26401.2 9869.24 17940.3 25081.2
26453 9906.48 17958.7 25130.4
26556.7 10226.4 17971.8 25228.8
26176.8 9998.07 17987.5 24867.9
26176.8 9884.6 18013.8 24867.9
25572.4 9895.59 18032.1 24293.8
25779.6 9903.99 18045.2 24490.7
25624.2 9824.67 18063.5 24343
25745.1 9496.73 18088 24457.8
25831.4 9552.29 18107.3 24539.9
26107.7 9899.76 18126.6 24802.3
25917.8 9989.37 18137.6 24621.9
26936.5 10509 18165.2 25589.7
27350.9 10923.1 18184.6 25983.4
27627.2 11061.7 18195.6 26245.8
28007.1 11165.2 18223.3 26606.7
28715 11221.2 18242.6 27279.3
28404.2 11477.8 18262.1 26984
28473.3 11457.9 18281.6 27049.6
28818.6 11644.7 18295.5 27377.7
29233 11515.9 18314.9 27771.4
28369.7 11346.4 18339.9 26951.2
28594.2 11393 18351 27164.4
28576.9 11358.1 18378.8 27148
29094.9 11298.2 18398.2 27640.2
28956.8 11105.8 18414.8 27508.9
28127.9 11112.7 18437 26721.6
27372.8 10966.4 18456.4 26004.1
26221.2 10562.3 18475.8 24910.1
24644.3 10291.6 18495.2 23412.1
25459.3 10479.2 18514.9 24186.4
24502.6 9981.2 18534.5 23277.5
24803.8 10334.8 18548.5 23563.6
24910.1 10190.8 18568.1 23664.6
24396.3 10113.8 18582.2 23176.5
23758.5 9819.92 18613.4 22570.6
22358.8 9714.21 18633.2 21240.9
20622.6 9132.31 18641.7 19591.5
21118.7 8931.97 18672.8 20062.7
19736.7 8236.42 18692.7 18749.9
19577.3 8286.18 18706.9 18598.4
19648.2 8253.58 18726.9 18665.8
20126.5 8490.84 18752.5 19120.2
20020.2 8453.18 18761.5 19019.2
18598.2 8417.1 18794.5 17668.3
17893.8 7822.25 18809.5 16999.2
18445.9 8106.76 18830.5 17523.6
1998 17379.9 7806.47 18858.2 16510.9
16504.2 7726.8 18879.9 15679
17132.4 8423.02 18901.6 16275.8
16923 8711.89 18910.9 16076.8
18312.6 8866.3 18932.5 17397
18978.9 9116.84 18964.8 18029.9
18579.1 8690.42 18984.7 17650.2
18769.5 8504.15 19004.5 17831
19283.5 8894.72 19024.4 18319.3
18788.5 8557.27 19044.7 17849.1
18959.9 8472.46 19059.2 18011.9
19569 8513.9 19079.5 18590.6
18940.8 8256.32 19099.8 17993.8
18997.9 8324.72 19126 18048
19093.1 8489.82 19146.3 18138.4
18788.5 8259.08 19166.7 17849.1
18407.8 8064.88 19184.2 17487.4
17931.9 7984.22 19207.7 17035.3
17303.7 7863.15 19228.3 16438.5
17265.7 7852.61 19240 16402.4
16961.1 7721.99 19263.6 16113
16371 7536.23 19281.2 15552.4
15343 7250.61 19298.8 14575.9
15095.6 7159.62 19330.8 14340.8
15190.7 7233.63 19345.4 14431.2
15685.7 7861.04 19365.9 14901.4
15838 7786.89 19386.6 15046
15761.8 7795.71 19407.2 14973.7
15761.8 7682.52 19427.9 14973.7
15190.7 7434.71 19448.6 14431.2
14848.1 7312.18 19469.2 14105.7
14100.3 6861.62 19489.8 13395.3
14183 7016.61 19510.5 13473.9
13914.3 6792.21 19531.1 13218.6
12859.8 6846.47 19551.7 12216.9
13128.6 6954.38 19572.4 12472.2
13087.3 6909.37 19593 12432.9
12446.3 6602.64 19613.6 11824
13211.3 6597.2 19634.2 12550.8
12983.9 7198.77 19654.1 12334.7
13542.1 7143.62 19673.9 12865
15402.9 7875.85 19693.7 14632.7
15485.6 7574.07 19713.4 14711.3
17077.6 8275.42 19733.1 16223.7
16643.4 7895.17 19752.8 15811.2
17139.6 8003.64 19772.4 16282.6
18049.3 8268.6 19792 17146.8
17780.5 8224.74 19811.8 16891.5
18111.3 8368.11 19832.7 17205.7
17451.1 8136.7 19853.6 16578.5
17666.3 8089.44 19874.5 16783
17623.2 8201.41 19895.4 16742.1
1999 17989.1 8202.76 19914.8 17089.6
17967.5 8139.26 19933.7 17069.2
18290.3 8386.67 19952.5 17375.8
17515.7 8372.37 19971.4 16639.9
16977.7 8450.98 19990.2 16128.8
16246.1 8173.71 20008.7 15433.8
16762.5 8065.44 20027.3 15924.4
17149.8 8057.58 20045.8 16292.3
17063.8 7985.55 20064.4 16210.6
18161.2 8694.33 20083 17253.1
18656.1 9250.17 20101.6 17723.3
18634.6 9070 20120.2 17702.9
19000.4 9262.15 20138.9 18050.4
19710.5 9528.78 20157.6 18725
20291.5 9826.11 20176.2 19276.9
20829.4 9652.59 20194.9 19787.9
21475 9950.33 20213.6 20401.2
22507.8 9790.51 20232.2 21382.4
22206.6 9847.05 20250.8 21096.2
21496.5 9200.01 20269.3 20421.7
21087.6 9333.53 20287.8 20033.3
21410.4 9550.73 20306.4 20339.9
22271.1 9832.51 20325.2 21157.6
22120.5 10007.4 20343.9 21014.5
23669.8 10063 20362.6 22486.3
23583.7 10152.1 20381.3 22404.5
24143.2 10445.2 20401.4 22936
24078.6 10621.6 20421.7 22874.7
23583.7 10764.8 20442 22404.5
22981.2 10587.6 20462.3 21832.2
23422.5 10814.9 20482.6 22251.3
22216.9 10339.9 20502.8 21106.1
22927.3 10943.8 20523.1 21780.9
23465.5 11099.7 20543.3 22292.2
23314.8 11161 20563.6 22149.1
23314.8 11050.6 20584.5 22149.1
23874.6 11717 20605.5 22680.8
22841.2 11387 20626.4 21699.2
22475.2 11024.8 20647.3 21351.5
23379.4 11293.8 20668.4 22210.4
23099.5 11299.5 20689.6 21944.6
22862.7 11294.7 20710.8 21719.6
23228.7 11475.8 20731.9 22067.3
24175.9 11716.4 20753 22967.2
25080.1 11913.1 20774.2 23826.1
25553.7 11988.2 20795.3 24276.1
26414.9 12334.1 20816.4 25094.1
26371.8 12294.9 20837.6 25053.2
27426.7 12311.9 20863.3 26055.3
27831.6 12269.5 20889 26440
29143.4 12727.5 20914.8 27686.2
30848.7 13063.5 20940.5 29306.3
30979.9 13150.2 20947.8 29430.9
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.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
1 Year 5 Years 10 Years Since Inception
GAM Pacific Basin 74.91 4.12 7.81 9.32
GAM Pacific Basin (after
maximum sales load of 5%) 66.16 3.06 7.26 8.88
MSCI Pacific Index 57.96 2.70 0.52 2.19
ANNUAL PERFORMANCE - CLASS A
[BAR CHART OMITTED]
GAM
PACIFIC BASIN
CLASS A (AFTER
GAM MAXIMUM MSCI
PACIFIC BASIN SALES LOAD PACIFIC
CLASS A OF 5%) INDEX
YEAR % % %
- --------------------------------------------------------------------------------
1995 4.50 (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 74.91 66.16 57.96
- ----------
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.
19
--
GAM PACIFIC BASIN FUND / REPORT TO SHAREHOLDERS
<PAGE>
THE FACTS - CLASS B SHARES
GAM
Pacific Basin Average
GAM Class B MSCI 1 Month
Pacific Basin (with deferred Pacific Deposit
Class B sales charge) Index Rate
31st Dec, 1999 US$14.89 2,490.11
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 36.26 31.26 16.19 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 67.89 62.90 57.96 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 37.98 35.90 38.51 5.39
- --------------------------------------------------------------------------------
THE FACTS - CLASS C SHARES
GAM
Pacific Basin Average
GAM Class C MSCI 1 Month
Pacific Basin (with deferred Pacific Deposit
Class C sales charge) Index Rate
31st Dec, 1999 US$13.21 2,490.11
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 36.71 35.72 16.19 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 63.15 62.15 57.96 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 32.89 32.89 43.61 5.39
- --------------------------------------------------------------------------------
THE FACTS - CLASS D SHARES
GAM
Pacific Basin
Class D (after Average
GAM maximum MSCI 1 Month
Pacific Basin sales load Pacific Deposit
Class D of 3.5%) Index Rate
31st Dec, 1999 US$13.95 US$14.46 2,490.11
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 35.59 31.48 16.19 1.44
- --------------------------------------------------------------------------------
Jan-Dec, 1999 73.71 67.64 57.96 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
2 years to Dec, 1999 28.71 26.44 27.36 5.47
- --------------------------------------------------------------------------------
3 years to Dec, 1999 4.97 3.73 6.59 5.53
- --------------------------------------------------------------------------------
Since inception* 3.77 2.89 4.38 5.51
- --------------------------------------------------------------------------------
* 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.
THE COMMENT
Investors anticipating a broad-based economic recovery in Japan continue to
be disappointed as business surveys indicate that key areas such as consumption
and capital expenditure are unlikely to meet forecasted rates of growth. This
has resulted in a further concentration of both foreign and domestic investors'
attention to a narrow range of companies-primarily in telecommunications,
electronics and non-bank finance. With most heavy industrial, manufacturing and
bank shares being held by local groups and institutions who are perceived to be
sellers in the next few years, it remains improbable that broad market indices
can return to 1989 highs. Against the US dollar, the yen has settled into a
100-105 trading range, which appears unlikely to be broken in the short term.
Hong Kong has confounded most economists in 1999, with GDP forecasts being
upgraded due to improving levels of trade and tourism. 2000 should see further
evidence of a return to growth with investors seeking beneficiaries from China's
entry into the WTO and improved demand in the property sector. Singapore has
also learnt lessons from the Asian crisis and is now looking to create a
business environment that is internationally competitive, with more experienced
management and a clearer focus on generating higher returns on capital for the
benefit of shareholders. Weaker regional economies such as Thailand, Indonesia
and the Philippines will continue to see highly volatile stockmarkets until
corporate earnings growth returns.
20
--
GAM PACIFIC BASIN FUND / REPORT TO SHAREHOLDERS
<PAGE>
STATEMENT OF INVESTMENTS AS AT 31ST DECEMBER, 1999
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
EQUITIES - 89.2%
AUSTRALIA - 7.0%
170,000 Coles Myer 878,777
360,572 Colonial 1,613,260
26,500 Commonwealth Bank of Australia 456,677
*272,000 Novus Petroleum 259,121
32,575 Rio Tinto 700,288
---------
3,908,123
---------
HONG KONG - 21.6%
404,000 Cable & Wireless HKT 1,166,759
142,000 Cheung Kong Holdings 1,799,318
*1,136,000 China Everbright 927,973
100,000 Henderson Land 643,211
1,111,618 Hong Kong & China Gas 1,522,960
793,000 Hong Kong Land Holdings 1,173,640
*85,200 HSBC Holdings (HKD) 1,194,674
462,000 Kerry Properties 647,817
173,000 Kowloon Motor Bus Holdings 379,449
*570,000 Pacific Century Insurance Holdings 342,799
145,000 Sun Hung Kai Properties 1,492,250
132,000 Swire Pacific A 779,417
---------
12,070,267
----------
INDONESIA - 0.9%
3,036,024 Bank Bali (FR) 194,478
*696,000 Mayorah Indah 94,121
*588,000 Modern Photo Film 200,883
---------
489,482
---------
JAPAN - 35.7%
7,500 Aiful 917,678
33,000 Anritsu 232,576
40,000 Canon 1,589,663
12,600 Fanuc 1,604,601
22,000 Fuji Photo Film 803,250
6,000 Jafco 2,143,696
35,000 Kokusai Securities 548,502
5,900 Kyocera 1,530,443
36,000 Mori Seiko 482,772
4,000 Murata Manufacturing 939,703
2,100 Nidec 606,402
42,000 Nomura Securities 758,516
18,500 ORIX 4,168,657
1,140 Shohkoh Fund 451,380
11,000 Software Research Associates 387,627
10,000 Tachihi Enterprise 264,291
6,500 Trend Micro 1,641,543
15,000 Uni-Charm 864,820
----------
19,936,120
----------
PHILIPPINES - 2.8%
2,357,200 Ayala Land B 614,159
293,120 Bank of Philippine Islands 843,720
*6,255,000 Cebu Holdings 133,481
---------
1,591,360
---------
SINGAPORE - 17.0%
159,351 DBS Group Holdings 2,611,998
400,250 DBS Land 788,244
417,000 Kim Eng Holdings 262,894
227,966 Overseas Chinese Bank (FR) 2,094,194
152,203 Overseas Union Bank (FR) 891,011
132,000 Singapore Airlines 1,497,928
64,000 Singapore Press Holdings 1,387,211
---------
9,533,480
---------
TAIWAN - 0.9%
*30,000 Compal Electronics GDR 477,900
---------
477,900
---------
THAILAND - 3.3%
*87,000 ABN Amro Asia Securities (FR) 163,451
*297,000 Bangkok Bank (FR) 751,899
136,750 Post Publishing (FR) 102,039
*498,220 Thai Farmers Bank (FR) 836,452
---------
1,853,841
----------
TOTAL EQUITIES (COST $37,700,237) 49,860,573
----------
EQUITY WARRANTS - 0.0%
INDONESIA - 0.0%
*7,447 Bank Bali Wts August 2000 74
---------
74
---------
THAILAND - 0.0%
*17,763 Thai Farmers Bank Wts September 2002 4,402
---------
4,402
---------
TOTAL EQUITY WARRANTS (COST $17,592) 4,476
---------
MUTUAL FUNDS - 1.5%
TAIWAN - 1.5%
41,000 Taiwan Fund 835,375
---------
TOTAL MUTUAL FUNDS (COST $776,137) 835,375
---------
TIME DEPOSITS - 2.8%
UNITED STATES - 2.8%
$1,554,819 Republic National Bank
3.75% 2000-01-01 1,554,819
---------
TOTAL TIME DEPOSITS (COST $1,554,819) 1,554,819
---------
TOTAL INVESTMENTS (COST $40,048,785**) - 93.5% 52,255,243
NET CURRENT ASSETS - 6.5% 3,653,993
----------
TOTAL NET ASSETS - 100.0% 55,909,236
==========
* Non-income producing security.
** Cost for federal income tax purposes is $46,166,371 (Note 5).
Glossary of Terms:
FR -- Foreign Registered
GDR -- Global Depository Receipts
HKD -- Hong Kong Dollar
See notes to financial statements.
21
--
GAM PACIFIC BASIN FUND / STATEMENT OF INVESTMENTS
<PAGE>
GEOGRAPHIC ANALYSIS AS AT
31ST DECEMBER, 1999
[PIE CHART OMITTED]
HONG KONG 21.6%
JAPAN 35.7%
SINGAPORE 17.0%
AUSTRALIA 7.0%
THAILAND 3.3%
PHILIPPINES 2.8%
UNITED STATES 2.8%
NET CURRENT ASSETS 6.5%
OTHER 3.3%
INVESTMENT ANALYSIS AS AT
31ST DECEMBER, 1999 (UNAUDITED)
[PIE CHART OMITTED]
FINANCIAL SERVICES 19.7%
BANKING 17.7%
REAL ESTATE 13.5%
ELECTRONIC COMP. & INSTRUMENTS 11.1%
DATA PROCESSING & REPRODUCTION 3.9%
UTILITIES - ELECTRICAL & GAS 2.7%
OTHER 24.9%
NET CURRENT ASSETS 6.5%
22
--
GAM PACIFIC BASIN FUND / STATEMENT OF INVESTMENTS
<PAGE>
GAM JAPAN CAPITAL FUND
FUND MANAGEMENT
- --------------------------------------------------------------------------------
[PHOTO OF PAUL S. KIRKBY]
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 (after Tokyo Average
GAM maximum Stock 1 Month
Japan Capital sales load Exchange Deposit
Class A of 5%) Index Rate
31st Dec, 1999 US$13.85 US$14.58 1,722.20
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
% % % %
- ------------------------------------------------------------------------------------------------
Quarter to Dec, 1999 21.68 15.60 19.07 1.44
- ------------------------------------------------------------------------------------------------
Jan-Dec, 1999 87.05 77.71 75.89 5.27
- ------------------------------------------------------------------------------------------------
Average annual total return:
- ------------------------------------------------------------------------------------------------
3 years to Dec, 1999 21.02 18.97 10.87 5.53
- ------------------------------------------------------------------------------------------------
5 years to Dec, 1999 13.57 12.41 2.34 5.60
- ------------------------------------------------------------------------------------------------
Since inception 11.48 10.45 0.81 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.
23
--
GAM JAPAN CAPITAL FUND / FUND MANAGEMENT
<PAGE>
[LINE CHART OMITTED]
Tokyo Average GAM Japan Class A
GAM Japan Stock Exchange 1 Month (after Maximum
Class A Index Deposit Rate sales load of 5%)
--------- ----- ------------ -----------------
1994 10000 10000 10000 10000
10000 10006.9 10008.5 9500
10000 10122.6 10017 9500
10004 9856.28 10025.5 9503.8
10017 9711.86 10034 9516.15
10009 9756.06 10042.5 9508.55
10003 9817.88 10051 9502.85
10013 9922.15 10059.4 9512.35
9960 9696.18 10067.8 9462
10005 9817 10076.3 9504.75
9860 9504.38 10085.4 9367
9758 9482.71 10094.6 9270.1
9797 9644.4 10103.8 9307.15
9733 9478.49 10113 9246.35
9684 9368.23 10122.2 9199.8
9787 9645.28 10131.7 9297.65
9761 9688.08 10141.3 9272.95
9676 9584.51 10150.9 9192.2
9679 9555.81 10160.5 9195.05
9512 9268.19 10170.1 9036.4
9494 9208.13 10179.7 9019.3
9305 8949.22 10189.3 8839.75
9373 8993.61 10199 8904.35
9324 8958.03 10210.6 8857.8
9267 8975.29 10222.2 8803.65
9473 9188.58 10233.8 8999.35
9623 9313.81 10245.4 9141.85
1995 9481 9037.11 10257 9006.95
9449 9148.25 10268.6 8976.55
9143 8775.21 10280.2 8685.85
8911 8502.39 10291.7 8465.45
8791 8667.42 10303.3 8351.45
8707 8601.02 10315 8271.65
8534 8571.25 10326.7 8107.3
8482 8410.8 10338.5 8057.9
8419 8630.43 10350.2 7998.05
8206 8655.62 10362.1 7795.7
8526 8635.89 10374 8099.7
8265 8343.17 10385.9 7851.75
8573 9040.81 10397.8 8144.35
8593 9006.29 10409.8 8163.35
8693 9238.07 10421.7 8258.35
8770 9666.94 10433.7 8331.5
8670 9473.55 10445.7 8236.5
8771 9613.05 10457.7 8332.45
8536 9086.25 10469.6 8109.2
8467 8882.47 10481.5 8043.65
8355 9136.62 10493.4 7937.25
8406 9086.25 10505.3 7985.7
8310 8689.96 10517.3 7894.5
8263 8520.18 10529.2 7849.85
8492 8737.69 10541.2 8067.4
8333 8439.16 10553.1 7916.35
8491 8963.66 10565.1 8066.45
8803 9002.06 10577.3 8362.85
8771 8902.02 10589.4 8332.45
8844 9024.25 10601.6 8401.8
9098 8810.26 10613.7 8643.1
9267 8625.5 10625.3 8803.65
9577 8864.86 10636.9 9098.15
9512.37 8746.15 10648.5 9036.75
9708.97 8769.4 10660 9223.52
9693.84 8633.43 10671.8 9209.15
9776.52 8568.26 10683.5 9287.69
9497.24 8582.35 10695.3 9022.38
9798.7 8744.39 10707.1 9308.76
9823.9 8743.15 10718.8 9332.71
9667.63 8493.93 10730.5 9184.25
9781.56 8670.59 10742.2 9292.48
9572.86 8193.81 10753.9 9094.22
9616.21 8311.99 10765.6 9135.4
9735.18 8491.47 10777.2 9248.42
9575.88 8451.49 10788.8 9097.09
9535.56 8544.83 10800.4 9058.78
9817.85 8877.01 10812 9326.96
10035.6 9061.42 10823.8 9533.84
9918.67 9008.23 10835.6 9422.74
10122.3 9195.8 10847.4 9616.21
10233.2 9191.22 10859.2 9721.57
1996 10485.3 9353.61 10871 9961.02
10344.1 9108.27 10882.5 9826.93
10344.1 9049.79 10893.9 9826.93
10324 9002.24 10905.4 9807.77
10434.9 9117.95 10916.9 9913.13
10424.8 9111.61 10927.9 9903.55
10374.4 9157.58 10938.8 9855.66
10182.8 8995.54 10949.8 9673.68
10102.2 8927.91 10960.8 9597.06
9940.85 8779.08 10971.6 9443.81
9890.44 8821.88 10982.4 9395.92
10203 8936.89 10993.2 9692.83
10586.1 9226.45 11003.9 10056.8
10606.3 9293.73 11014.7 10076
10727.2 9266.08 11025.7 10190.9
10797.8 9455.41 11036.6 10257.9
11090.2 9787.41 11047.6 10535.7
10989.4 9696.71 11058.5 10439.9
10818 9481.48 11069.5 10277.1
10959.1 9516.53 11080.5 10411.2
10828.1 9316.1 11091.5 10286.7
10908.7 9369.64 11102.5 10363.3
10838.2 9173.79 11113.5 10296.2
10949 9426.88 11124.6 10401.6
11100.3 9457.7 11135.7 10545.3
11201.1 9414.73 11146.7 10641
11160.8 9194.57 11157.8 10602.7
10979.3 8978.46 11169 10430.3
10868.4 9088.36 11180.2 10325
10626.4 8933.55 11191.5 10095.1
10697 9016.15 11202.7 10162.2
10555.8 8749.49 11214 10028.1
10654 8866.27 11225.3 10121.3
10684.5 8944.29 11236.5 10150.2
10410 8580.76 11247.8 9889.48
10399.8 8537.79 11259.1 9879.83
10501.5 8617.93 11270.4 9976.4
10552.3 8760.06 11270.4 10024.7
10704.8 8843.72 11297.7 10169.6
10552.3 8630.61 11304.2 10024.7
10471 8508.2 11315.6 9947.43
10633.6 8671.29 11326.9 10102
10338.8 8304.24 11338.3 9821.88
10318.5 8289.45 11349.7 9802.57
10410 8545.36 11360.7 9889.48
10450.7 8516.65 11371.7 9928.12
10471 8556.28 11382.8 9947.43
10389.7 8306.36 11393.8 9870.17
10328.7 8142.21 11404.8 9812.22
10328.7 7983.16 11416.4 9812.22
10166 7822.36 11428 9657.7
10247.7 7690.61 11439.7 9735.27
1997 10236.7 7662.43 11451.3 9724.89
9777.88 6983.11 11463 9288.98
9832.5 7177.2 11474.8 9340.88
9745.1 6895.05 11486.5 9257.85
9963.6 6847.84 11498.2 9465.42
9843.43 6519.72 11510 9351.25
10171.2 6780.56 11521.8 9662.62
10083.8 7031.9 11533.6 9579.59
9985.45 6983.46 11545.3 9486.18
9810.65 6772.11 11557.1 9320.12
9745.1 6651.11 11568.9 9257.85
9887.13 6907.02 11580.7 9392.77
10094.7 6750.44 11592.5 9589.97
10214.9 6693.73 11604.2 9704.13
10105.6 6428.48 11616.6 9600.34
10204 6679.11 11629 9693.75
10553.5 6794.83 11641.4 10025.9
10881.3 7028.55 11653.8 10337.2
11165.3 7372.88 11666.2 10607.1
11438.5 7914.47 11678.6 10866.5
11318.3 7840.32 11691.1 10752.4
11657 7749.44 11703.5 11074.1
11842.7 7948.99 11715.9 11250.6
11984.7 8105.22 11728.4 11385.5
12061.2 8108.92 11740.9 11458.1
12072.1 8205.08 11753.4 11468.5
12028.4 8103.46 11765.9 11427
12148.6 8046.04 11778.4 11541.2
12214.2 8101.7 11790.9 11603.4
12257.8 8041.28 11803.4 11645
12323.4 7792.77 11815.8 11707.2
12268.8 7890.17 11828.3 11655.3
12236 7803.86 11840.8 11624.2
11763.4 7543.9 11853.2 11175.2
11152.4 7223.52 11865.7 10594.8
11363.5 7253.82 11878.2 10795.3
11074.7 7036.48 11890.8 10520.9
11063.6 6944.89 11903.3 10510.4
11063.6 7007.94 11916 10510.4
11152.4 6864.4 11928.6 10594.8
11230.2 6901.91 11941.3 10668.7
11196.9 6901.56 11954 10637
10908.1 6690.03 11966.7 10362.7
10552.6 6470.75 11979.5 10025
10397.1 6052.63 11992.2 9877.23
9875.01 5648.59 12005 9381.26
10463.7 6166.93 12017.8 9940.55
10252.7 5983.23 12030.6 9740.05
10241.6 5795.3 12043.3 9729.5
10130.5 5612.13 12056.8 9623.97
9982.81 5522.48 12070.3 9483.67
9923.6 5360.8 12083.8 9427.42
1998 9982.81 5419.8 12097.3 9483.67
10148.6 5334.03 12111.3 9641.16
10255.2 5688.39 12125.2 9742.41
10456.5 6056.5 12139.1 9933.66
10456.5 6105.47 12153 9933.66
10444.6 6317.52 12166.9 9922.41
10361.8 6240.91 12179.7 9843.66
10219.7 6039.77 12192.5 9708.66
10385.4 6156.37 12205.2 9866.16
10444.6 6158.66 12218 9922.41
10172.3 6087.32 12231 9663.66
10006.5 5884.78 12244.1 9506.17
10219.7 5905.91 12257.1 9708.66
10148.6 5375.06 12270.1 9641.16
10255.2 5886.01 12283.2 9742.41
10243.3 5634.85 12296.3 9731.16
10338.1 5787.2 12309.4 9821.16
10255.2 5602.62 12322.5 9742.41
10113.1 5484.79 12335.7 9607.41
10196 5512.44 12348.9 9686.16
10101.2 5552.25 12362.1 9596.16
9982.81 5400.07 12375.4 9483.67
9899.91 5276.96 12388.6 9404.92
9888.07 5002.73 12401.7 9393.67
9769.65 5433.19 12414.8 9281.17
9734.12 5114.57 12427.9 9247.42
10006.5 5579.72 12441.1 9506.17
9994.65 5400.43 12454.4 9494.92
10207.8 5615.13 12467.6 9697.41
10148.6 5479.68 12480.9 9641.16
10006.5 5363.26 12494.2 9506.17
9959.12 5156.67 12507.4 9461.17
9694.68 4928.76 12520.7 9209.94
9732.8 4972.61 12533.9 9246.16
9402.44 4658.4 12547.2 8932.32
9364.32 5003.26 12560.5 8896.11
9199.14 5022.28 12573.7 8739.19
9161.03 4963.98 12586.9 8702.97
9084.79 4765.84 12600.2 8630.55
8894.2 4626.7 12613.3 8449.49
8716.32 5161.24 12626 8280.5
8919.61 5346.53 12638.7 8473.63
9110.2 5564.4 12651.4 8654.69
9008.55 5472.81 12664.1 8558.13
9300.79 5671.66 12676.8 8835.75
9173.73 5511.39 12689.4 8715.05
9440.56 5793.68 12702 8968.53
9631.15 5803.71 12714.6 9149.59
9529.5 5828.07 12727.5 9053.03
9643.85 5889.95 12740.9 9161.66
9631.15 5873.07 12754.4 9149.59
9504.09 5752.19 12767.8 9028.88
1999 9720.09 5944.02 12781.2 9234.09
9580.32 5859.28 12793.3 9101.31
9453.26 5799.26 12805.4 8980.6
9580.32 5934.12 12817.5 9101.31
9605.74 5973.46 12829.6 9125.45
9529.5 5928.77 12841.6 9053.03
9478.68 5885.92 12853.5 9004.74
9313.5 5608.52 12865.5 8847.82
9554.91 5831.28 12877.4 9077.17
9593.03 5794.66 12889.3 9113.38
10050.5 6198.3 12901.3 9547.92
10533.3 6700.5 12913.2 10006.6
10647.6 6525.77 12925.2 10115.2
10914.5 6687.08 12937.2 10368.7
11168.6 6857.19 12949.2 10610.2
11232.1 7032.43 12961.2 10670.5
11092.3 6918.39 12973.2 10537.7
11143.2 6929.78 12985.2 10586
11232.1 7014.17 12997.1 10670.5
11003.4 6830.9 13009 10453.2
10901.8 6541.35 13020.9 10356.7
10927.2 6619.44 13032.8 10380.8
11130.5 6691 13044.8 10573.9
11791.2 7238.92 13056.8 11201.6
12045.3 7162.33 13068.8 11443
12261.3 7186.63 13080.9 11648.2
12909.3 7463.55 13093 12263.8
12858.5 7413.88 13106.1 12215.5
13531.9 7720.26 13119.1 12855.3
12960.1 7648.01 13132.1 12312.1
13481.1 7986.26 13145.2 12807
13087.2 7690.14 13158.2 12432.8
13163.4 7715.21 13171.2 12505.2
13862.2 8343.75 13184.2 13169.1
13709.8 8206.41 13197.2 13024.3
14535.7 8425.07 13210.3 13808.9
15005.8 8649.02 13223.8 14255.5
14967.7 8712.31 13237.2 14219.3
14700.8 8530.14 13250.7 13965.8
15361.6 8945.34 13264.1 14593.5
15221.8 8845.35 13277.7 14460.7
15158.3 8875.11 13291.3 14400.3
15221.8 8878.45 13304.9 14460.7
15730 9301.89 13318.5 14943.5
16123.9 9323.18 13332 15317.7
16301.8 9402.24 13345.6 15486.7
16212.9 9609.41 13359.2 15402.2
17216.6 10161.2 13372.8 16355.8
16543.2 9770.12 13387.2 15716
16835.4 9859.7 13403.7 15993.7
17027 9820.7 13420.2 16175.7
17394.6 10194 13436.8 16524.9
18182.3 10454.8 13453.3 17273.2
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.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[BAR CHART OMITTED]
1 Year 3 Years 5 Years Since Inception
------ ------- ------- ---------------
GAM Japan Capital 87.05 21.02 13.57 11.48
GAM Japan Capital (after
maximum sales load of 5%) 77.71 18.97 12.41 10.45
Tokyo Stock Exchange Index 75.89 10.87 2.34 0.81
ANNUAL PERFORMANCE - CLASS A
[BAR CHART OMITTED]
GAM
JAPAN CAPITAL
CLASS A
GAM (AFTER MAXIMUM TOKYO STOCK
JAPAN CAPITAL SALES LOAD EXCHANGE
CLASS A OF 5%) INDEX
YEAR % % %
- --------------------------------------------------------------------------------
1995 6.45 1.12 (1.32)
1996 0.15 (4.85) (16.55)
1997 (2.58) (7.44) (28.09)
1998 (2.75) (7.61) 7.77
1999 87.05 77.71 75.89
- -------------
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 includes dividends reinvested.
24
--
GAM JAPAN CAPITAL FUND / REPORT TO SHAREHOLDERS
<PAGE>
THE FACTS - CLASS B SHARES
GAM
Japan Capital Tokyo Average
GAM Class B Stock 1 Month
Japan Capital (with deferred Exchange Deposit
Class B sales charge) Index Rate
31st Dec, 1999 US$14.45 1,722.20
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 21.31 16.31 19.07 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 82.18 77.18 75.89 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 41.41 39.37 49.91 5.39
- --------------------------------------------------------------------------------
THE FACTS - CLASS C SHARES
GAM
Japan Capital Tokyo Average
GAM Class C Stock 1 Month
Japan Capital (with deferred Exchange Deposit
Class C sales charge) Index Rate
31st Dec, 1999 US$14.65 1,722.20
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 21.60 20.60 19.07 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 83.30 82.31 75.89 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 40.76 40.76 48.90 5.40
- --------------------------------------------------------------------------------
* Inception was on 26th May, 1998 for Class B shares, and on 19th May, 1998 for
Class C shares.
THE COMMENT
The stock market continued its gentle ascent as foreign investors and
domestic investment trusts continued to raise weightings in recognition of the
end of the nine-year bear market. In line with many of the world's stock
markets, gains were concentrated in technology stocks. So pronounced were the
gains that the rise of the overall market masked weakness in many sectors. We
remain optimistic about the prospects for earnings growth in the technology area
but are less certain of the level that valuations have reached. With a
substantial amount of the fund invested in technology-related companies we
remain cautious bulls but have continued to reduce positions into strength,
particularly in the highly rated Internet arena. Amongst financial stocks, which
approximates 25% of the fund, we have cut back our exposure to the non-banks
with the exception of ORIX, which remains the fund's largest position. We have
added to the position in brokerage companies, which we believe will continue to
benefit from the growth of new products and the shift from deposits into risk
assets. The fund continues to be fully exposed to the yen.
While we would not be surprised to see some pullback we remain committed
medium-term bulls. The anxious drive of investors into technology stocks, the
part of the market moving now, is beginning to throw up new opportunities in the
broader market.
25
--
GAM JAPAN CAPITAL FUND / REPORT TO SHAREHOLDERS
<PAGE>
STATEMENT OF INVESTMENTS AS AT 31ST DECEMBER, 1999
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
CONVERTIBLES - 1.1%
FINANCIAL SERVICES - 1.1%
80,000,000 Kokusai Securities 0.25% Cnv
2014-09-30 822,240
----------
TOTAL CONVERTIBLES (COST $778,914) 822,240
----------
EQUITIES - 87.0%
APPLIANCES & HOUSEHOLD DURABLES - 8.1%
69,000 Matsushita Electric Industrial 1,911,413
25,000 Pioneer Electronics 660,728
11,100 Sony 3,292,189
----------
5,864,330
----------
AUTOMOBILES - 1.1%
57,000 Suzuki Motor 831,901
----------
831,901
----------
BANKING - 2.0%
107,000 Bank of Fukuoka 742,590
102,000 Bank of Kyoto 575,098
18,000 Tochigi Bank 111,883
----------
1,429,571
----------
BROADCASTING & PUBLISHING - 0.4%
3,000 Nippon Broadcasting 261,355
----------
261,355
----------
BUSINESS & PUBLIC SERVICES - 3.7%
13,100 Sanix 1,436,179
11,000 Secom 1,211,335
---------
2,647,514
---------
CHEMICALS - 1.0%
16,000 Shin-Etsu Chemical 689,115
--------
689,115
--------
CONSTRUCTION & HOUSING - 1.3%
86,400 Daito Trust Construction 964,135
--------
964,135
--------
DATA PROCESSING & REPRODUCTION - 5.4%
2,300 Fujitsu Support and Service 1,127,937
5,300 Nidec 1,530,442
16,000 Nihon Unisys 551,292
35,000 Ricoh 659,847
---------
3,869,518
---------
ELECTRICAL & ELECTRONICS - 1.9%
73,000 Anritsu 514,487
5,900 Hitachi Software Engineering 860,513
---------
1,375,000
---------
ELECTRONIC COMP. & INSTRUMENTS - 7.1%
4,600 Fuji Soft ABC 360,219
50,000 Koito Manufacturing 278,485
28,000 Mitsumi Electric 877,056
6,300 Rohm 2,590,055
7,000 Tokyo Electron 959,279
2,000 Yamatake-Honeywell 14,781
----------
5,079,875
----------
FINANCIAL SERVICES - 21.9%
83,000 The 77th Bank 870,135
54,100 Credit Saison 942,619
108,000 Daiwa Securities 1,690,407
10,000 Jafco 3,572,827
60,000 Kokusai Securities 940,290
139,000 Nikko Securities 1,759,270
24,800 ORIX 5,588,254
1,020 Shohkoh Fund 403,866
----------
15,767,668
----------
FOOD & HOUSEHOLD PRODUCTS - 1.5%
14,100 Matsumotokiyoshi 1,091,729
----------
1,091,729
----------
FOREST PRODUCTS & PAPER - 1.0%
26,200 Toppan Forms 705,266
----------
705,266
----------
HEALTH & PERSONAL CARE - 6.1%
59,000 Chugai Pharmaceutical 638,166
46,000 Eisai 884,789
2,300 Fancl 616,875
13,000 Kissei Pharmaceutical 188,332
9,500 Sawai Pharmaceutical 118,099
20,000 Shiseido 291,699
11,000 Towa Pharmaceutical 147,514
44,000 Yamanouchi Pharmaceutical 1,537,588
----------
4,423,062
----------
INDUSTRIAL COMPONENTS - 3.8%
112,000 Minebea 1,921,848
63,000 Sumitomo Electric Industries 728,299
7,000 Sumitomo Special Metals 75,646
----------
2,725,793
----------
INSURANCE - 3.5%
261,000 Mitsui Marine & Fire Insurance 1,548,218
174,000 Nissan Fire & Marine Insurance 538,215
71,000 Sumitomo Marine & Fire Insurance 437,843
---------
2,524,276
---------
MACHINERY & ENGINEERING - 1.5%
68,000 Kurita Water Industries 1,080,971
---------
1,080,971
---------
MERCHANDISING - 4.0%
950 Bellsystem 24 1,041,504
1,910 Circle K Japan 78,337
35,500 Deo Deo 434,020
5,200 FamilyMart 346,124
3,800 Ryohin Keikaku 762,901
26
--
GAM JAPAN CAPITAL FUND / STATEMENT OF INVESTMENTS
<PAGE>
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
15,000 Shimachu 207,028
---------
2,869,914
---------
REAL ESTATE - 0.7%
5,500 Sumitomo Real Estate Sales 174,971
2,000 Tachihi Enterprise 52,858
40,000 TOC 266,640
---------
494,469
---------
RECREATION & OTHER CONSUMER GOODS - 2.7%
33,000 Fuji Photo Film 1,204,874
19,000 Noritsu Koki 725,333
---------
1,930,207
---------
TELECOMMUNICATIONS - 6.3%
400 Hikari Tsushin 802,663
1 Japan Telecom 40,133
94 Nippon Telegraph and Telephone 1,610,219
55 NTT Mobile Communications Network 2,115,799
---------
4,568,814
---------
TEXTILES & APPAREL - 0.7%
28,000 Tokyo Style 230,227
13,200 Xebio 249,374
---------
479,601
---------
UTILITIES - ELECTRIC & GAS - 0.0%
1,000 Okinawa Electric Power 21,045
---------
21,045
---------
WHOLESALE & INTERNATIONAL TRADE - 1.3%
1,000 Softbank 957,322
----------
957,322
----------
TOTAL EQUITIES (COST $43,157,938) 62,652,451
----------
PREFERRED SHARES - 0.9%
BANKING - 0.9%
57,000,000 Sanwa International 1.25% Cnv Pfd
2005-08-01 613,743
---------
TOTAL PREFERRED SHARES (COST $479,312) 613,743
---------
TIME DEPOSITS - 0.7%
UNITED STATES - 0.7%
$520,743 First National Bank Chicago
3.75% 2000-1-3 520,743
---------
TOTAL TIME DEPOSITS (COST $520,743) 520,743
---------
TOTAL INVESTMENTS (COST $44,936,907**) - 89.7% 64,609,177
NET CURRENT ASSETS - 10.3% 7,403,393
----------
TOTAL NET ASSETS - 100.0% 72,012,570
==========
** Cost for federal income tax purposes is $51,625,712 (Note 5).
See notes to financial statements.
27
--
GAM JAPAN CAPITAL FUND / STATEMENT OF INVESTMENTS
<PAGE>
GAM NORTH AMERICA FUND
FUND MANAGEMENT
- --------------------------------------------------------------------------------
[PHOTO OF FAYEZ SAROFIM]
FAYEZ SAROFIM FOUNDED FAYEZ SAROFIM & CO. IN 1958 AND IS THE PRESIDENT AND
CHAIRMAN OF THE BOARD. HE IS ALSO 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
GAM
North America
Class A (after Average
GAM maximum S&P 1 Month
North America sales load Comp Deposit
Class A of 5%) Index Rate
31st Dec, 1999 US$18.30 US$19.26 1,469.25
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 10.71 5.17 14.90 1.44
- --------------------------------------------------------------------------------
Jan-Dec, 1999 9.32 3.85 21.04 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
3 years to Dec, 1999 22.34 20.27 27.61 5.53
- --------------------------------------------------------------------------------
5 years to Dec, 1999 24.36 23.09 28.59 5.60
- --------------------------------------------------------------------------------
Since inception 15.16 14.57 18.23 5.38
- --------------------------------------------------------------------------------
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.
28
--
GAM NORTH AMERICA FUND / FUND MANAGEMENT
<PAGE>
[LINE CHART OMITTED}
GAM North America
GAM Average Class A
North America S&P's 1 Month (after Maximum
Class A Index Deposit Rate sales load of 5%)
--------- ----- ------------ -----------------
1990 10000 10000 10000 10000
10000 10017.4 10009.5 9500
10006 9547.96 10025.5 9505.7
10013 9366.41 10050.8 9512.35
10021 9225.32 10057.7 9519.95
10028 9419.91 10073.8 9526.6
10036 9375.61 10089.6 9534.2
10045 9458.19 10105.4 9542.75
10050.5 9349.53 10121.2 9548
10058 9500.32 10137 9555.1
10065 9647.26 10153.1 9561.75
10071 9791.87 10169.1 9567.45
10075 9630.21 10192 9571.25
9995 9667.32 10208.1 9495.25
9991 9750.08 10217.2 9491.45
9981 9852.89 10233.6 9481.95
9974 9467.89 10250 9475.3
9966 9467.22 10266.5 9467.7
9957 9752.25 10282.9 9459.15
9948 10166.3 10299.6 9450.6
9786 10266.3 10316.4 9296.7
9773 10175 10333.2 9284.35
9780 10551 10359.3 9291
9845 10392.5 10366.3 9352.75
9916 10263.1 10382.7 9420.2
9999 10138.8 10406.1 9499.05
10010 10353.9 10422.4 9509.5
10008 10360.6 10443.5 9507.6
10005 10639.6 10448.2 9504.75
9998 10252.1 10464.5 9498.1
9989 10265.6 10480.9 9489.55
9981 9662.14 10497.3 9481.95
9972 9796.05 10524.5 9473.4
9963 9503.49 10529 9464.85
9954 9305.06 10556.2 9456.3
9952 9343.68 10560.7 9454.4
9947 9322.78 10576.6 9449.65
9941 9216.96 10599.6 9443.95
9739 8840.32 10615.7 9252.05
9901 9146.75 10631.8 9405.95
9876 9110.3 10641 9382.2
9776 8818.08 10657.7 9287.2
9926 9159.45 10674.4 9429.7
9764 8794.84 10691.1 9275.8
9999 9172.16 10714.7 9499.05
10097 9321.94 10723.9 9592.15
10190 9324.95 10749.1 9680.5
10152 9249.39 10756 9644.4
10285 9478.59 10772 9770.75
10384 9626.03 10788 9864.8
10313 9549.3 10805.9 9797.35
10248 9670.33 10831.4 9735.6
10214 9685.71 10849.2 9703.3
1991 9848 9260.76 10859.4 9355.6
9808 9178.68 10875 9317.6
10284 9731.02 10890.7 9769.8
10438 9884.15 10906.3 9916.1
10615 10253.4 10921.9 10084.2
11105 10856.6 10936.2 10549.8
11148 10878.3 10960.6 10590.6
11218 10832.7 10964.7 10657.1
11274 10901.4 10987.2 10710.3
11448 11015.1 10993.4 10875.6
11446 10996.9 11007.9 10873.7
11388 10936.5 11028.6 10818.6
11477 10987 11043.1 10903.2
11621 11211.5 11051.3 11040
11716 11293.3 11064.6 11130.2
11670 11293.1 11083.5 11086.5
11432 11083.8 11091.1 10860.4
11699 11281.2 11104.3 11114
11640 11189.6 11116.8 11058
11610 11063.1 11129.4 11029.5
11713 11225 11141.9 11127.3
11784 11546.4 11159.7 11194.8
11601 11270.7 11166.9 11021
11681 11323.8 11179.3 11097
11507 11056.7 11197.1 10931.7
11641 11271.4 11209.6 11059
11665 11279.4 11216.7 11081.8
11762 11419.3 11229.5 11173.9
11764 11441.2 11242.2 11175.8
11775 11456.6 11262.3 11186.2
11918 11521 11267.8 11322.1
12043 11616.1 11280.3 11440.8
11777 11277 11292.9 11188.2
12214 11804.6 11305.5 11603.3
12292 11859.1 11318 11677.4
12057 11660.4 11335.8 11454.2
11984 11583.5 11347.8 11384.8
11972 11594.5 11359.9 11373.4
11997 11659.9 11372 11397.2
11838 11415.3 11378.9 11246.1
11885 11631.8 11390.5 11290.8
12055 11745.6 11407.1 11452.2
12042 11738.6 11413.7 11439.9
12136 11768.7 11430 11529.2
12233 11861.7 11436.3 11621.3
12084 11631 11447.2 11479.8
11914 11339.1 11458.2 11318.3
12142 11529.3 11469.1 11534.9
12162 11441.4 11484.9 11553.9
12315 11636 11491.2 11699.2
12781 12017.5 11508.7 12142
13327.7 12580 11518.3 12661.3
1992 13363.3 12673.6 11524.7 12695.1
13226.9 12570.8 11533.9 12565.5
13057.3 12639.2 11543.2 12404.5
13023.2 12604.6 11556.4 12372.1
12988.5 12458.5 11561.7 12339.1
13105.5 12581.5 11570.9 12450.2
13012.2 12549.2 11580 12361.6
13017.2 12549.9 11589 12366.4
13100.5 12562.4 11604.4 12445.5
12865.4 12348.8 11610.9 12222.1
12884.8 12391.6 11616.2 12240.6
12989.1 12505.8 11629.3 12339.7
12844.7 12301.8 11638.5 12202.5
13042.3 12387.9 11643.7 12390.2
13073.4 12409.6 11652.9 12419.7
13019.2 12541.4 11662.2 12368.3
12935 12496.1 11671.4 12288.2
13204.7 12762 11686.7 12544.4
13226.9 12817.5 11689.1 12565.6
13113.7 12651.9 11701.3 12458
13045.5 12696.2 11711.1 12393.2
13394 12804.2 11718.4 12724.3
13087.4 12690.7 11723.3 12433
12971.5 12603.7 11732 12322.9
12845.7 12399.3 11745.7 12203.4
12960.4 12577 11753.1 12312.4
13155.2 12735.1 11758.1 12497.4
13205 12774.4 11766.7 12544.7
13123.6 12747.3 11775.3 12467.4
13071.4 12686.7 11787.6 12417.8
13526.8 13111.6 11798.7 12850.5
13426.5 12943.9 11801.1 12755.2
13503.7 12992.1 11808.5 12828.5
13216.8 12689.7 11815.8 12556
13273 12799.5 11826.3 12609.4
13429.5 12901.3 11830.5 12758
13670.2 13162.1 11838 12986.7
13541.8 13072.8 11850.9 12864.7
13212.8 12909.3 11856.3 12552.2
12931 12636.2 11863.6 12284.4
12885.8 12639.7 11870.5 12241.5
13172.7 12881.4 11874.5 12514.1
13277 12987.7 11884.5 12613.2
13422.5 13137.8 11888.5 12751.4
13268 13016.2 11895.4 12604.6
13439.5 13088.7 11902.5 12767.6
13587 13234.3 11914.8 12907.6
13694.3 13435.9 11919.9 13009.6
13824.7 13567 11923.9 13133.5
13751.5 13497.8 11933.4 13063.9
14062.5 13750.7 11946.8 13359.3
13926 13710.2 11956.3 13229.7
1993 13667.6 13599.2 11964.8 12984.2
13335.6 13468.2 11969 12668.8
13395.5 13659.6 11980.5 12725.8
13360 13766.8 11983.6 12692
13424.8 13852.8 11990.9 12753.6
13446.8 14027.2 11998.2 12774.5
13383 13932.3 12005.3 12713.8
12856.8 13646.7 12012.3 12213.9
13201 13866.4 12023.4 12540.9
13592.2 14272.8 12026.4 12912.6
13485.5 14177.3 12038.5 12811.2
13266.3 14104.8 12045.6 12603
13205.1 14171.7 12050.6 12544.9
12784.6 13912.5 12054.7 12145.3
12730.2 14111.3 12061.8 12093.7
12659 14090.2 12068.8 12026.1
12512.5 13659.3 12079 11886.9
12859.9 13947.8 12084 12216.9
12829.5 13966.2 12090.1 12188.1
12914.3 13897 12097 12268.6
13055.5 14145.4 12108 12402.8
13073.3 14222.1 12110.9 12419.7
12957.2 14150.8 12121 12309.3
13011.6 14159 12125.2 12361
12889.2 14119.5 12137.6 12244.7
13006.4 14305.4 12142.8 12356
12785.6 14122.8 12147 12146.3
12830.6 14230 12154.1 12189.1
12679.9 14144.1 12161.2 12046
12685.2 14248.7 12168.3 12050.9
12637 14290.2 12175.5 12005.2
12505.2 14315.9 12182.6 11880
12514.6 14376.3 12192.8 11888.9
12886 14474.6 12196.9 12241.7
12925.8 14694.4 12204.1 12279.5
12958.2 14684.2 12211.2 12310.3
12905.9 14714.8 12218.4 12260.6
12629.7 14499.2 12225.6 11998.2
12814.9 14722 12235.8 12174.2
12731.2 14715.1 12241 12094.7
12894.4 14708.1 12247.1 12249.7
13358.9 14957.5 12254.3 12691
13137.1 14829.7 12261.5 12480.3
13250.1 14994 12271.8 12587.6
13094.2 14717.5 12279 12439.5
13289.9 14838.3 12283.1 12625.4
13250.1 14698.2 12290.3 12587.6
13253.3 14794.7 12300.6 12590.6
13410.2 14947.7 12304.7 12739.7
13362.1 14932 12312.8 12694
13275.2 14944.7 12320.9 12611.5
13509.6 15103.2 12332.5 12834.1
1994 13394.3 14947.3 12340.6 12724.6
13698.6 15271 12345.3 13013.7
13546.5 15215.5 12352.7 12869.2
13441.6 15180.6 12364.3 12769.5
13623.3 15498.7 12371.7 12942.1
13381 15189.4 12374.9 12712
13298.3 15148 12386 12633.4
13234.8 15074.1 12392.2 12573.1
13159.5 15064.2 12396.2 12501.5
13107.8 15064.7 12403.3 12452.4
13115.2 15088.1 12411.7 12459.4
13137.3 15133.2 12420 12480.5
12895.1 14865.3 12431.9 12250.3
12372.2 14191.9 12437.9 11753.6
12580.5 14554 12445.1 11951.4
12426.8 14322.3 12457.3 11805.5
12735.6 14662.1 12465.8 12098.8
12827.1 14680.4 12470.6 12185.8
12537.6 14341.5 12479.1 11910.7
12689.8 14420.1 12488.4 12055.3
12865.5 14710.8 12497.7 12222.3
12926.1 14853 12507 12279.8
12963 14911.6 12516.2 12314.9
12895.1 14926.8 12533.5 12250.3
12831.6 14814.8 12540.6 12190
12683.9 14559.2 12550.7 12049.7
12626.2 14531.1 12562.5 11994.9
12745.9 14599.8 12571.7 12108.6
12927.6 14841.4 12577.8 12281.2
12963 14817.8 12588.5 12314.9
13112.2 15046.5 12603.8 12456.6
13031 14952.9 12615.9 12379.4
13150.6 15070 12625 12493.1
13323.4 15113.7 12631 12657.3
13564.2 15523.1 12646.1 12886
13542 15413.4 12652.2 12865
13418 15265.1 12663.7 12747.1
13555.4 15425.3 12675.2 12877.6
13412.1 15104.6 12691.7 12741.5
13514 15142.9 12703.2 12838.3
13449 15062.7 12709.8 12776.5
13791.7 15396.5 12721.8 13102.1
13621.8 15137.8 12739 12940.7
13940.9 15524.6 12745.9 13243.8
13735.6 15227.9 12758 13048.8
13909.8 15333.8 12776.9 13214.4
13788.7 15087.4 12787.3 13099.3
13629.2 14959.4 12794.2 12947.7
13570.1 14940.5 12806.3 12891.6
13496.3 14821.6 12820.8 12821.5
13793.2 15108.3 12835.4 13103.5
13879.3 15180.2 12856.3 13185.3
1995 13761.7 15170 12870.8 13073.6
13666.7 15230.1 12879.2 12983.4
13834.1 15521.2 12899.9 13142.4
13758.7 15411.6 12908.2 13070.7
13889.8 15509.6 12922.7 13195.4
14236.6 15936.3 12937.2 13524.8
14149.2 15961.9 12952 13441.7
14227.6 15981 12966.7 13516.2
14322.6 16050.7 12981.4 13606.5
14443.2 16119.7 12996.2 13721.1
14588 16275.2 13011.1 13858.6
14809.6 16486.5 13026.1 14069.1
14910.6 16729.6 13047.4 14165.1
14808.1 16693.3 13060.2 14067.7
14916.7 16873.7 13077.4 14170.8
14880.5 16852.9 13086 14136.4
15109.7 17087 13101 14354.2
15124.7 17141.3 13116 14368.5
15433.8 17473.5 13131.1 14662.2
15391.6 17608.4 13146 14622
15289.1 17480.7 13161 14524.6
15341.9 17489.4 13184.5 14574.8
15623.8 17897.5 13190.9 14842.6
15530.3 17748.5 13205.9 14753.8
15860.6 18236.8 13227.4 15067.5
15942 18209.2 13242.4 15144.9
15869.6 18317.2 13255.3 15076.1
15946.5 18664.4 13272.5 15149.2
16044.5 18858.7 13281.3 15242.3
15993.2 18663.4 13296.5 15193.6
16103.3 18854.5 13311.8 15298.1
16106.3 18795.5 13333.3 15301
16053.6 18794.7 13347.8 15250.9
15844 18749 13356.1 15051.8
15928.4 18789.5 13370.7 15132
16012.8 18959.7 13385.2 15212.2
16208.8 19307.4 13400 15398.4
16686.8 19614.7 13421.1 15852.5
16825.5 19591.4 13435.8 15984.3
16861.7 19597.4 13450.6 16018.6
16988.4 19493.5 13459 16139
17003.5 19659.6 13484.2 16153.3
17001.9 19737.2 13488.4 16151.9
16931.1 19685.2 13503 16084.5
17000.4 19870.3 13517.7 16150.4
17229.6 20009 13532.3 16368.2
17621.7 20172 13546.9 16740.6
17629.2 20332.3 13561.5 16747.7
17973 20759.6 13576.1 17074.3
18265.5 20966.4 13597.2 17352.2
17942.8 20545.3 13605.7 17045.7
17837.3 20728.9 13626.8 16945.4
1996 18042.9 20872.7 13641.6 17140.8
18209.3 20967.7 13650.1 17298.8
17785.8 20344.9 13664.5 16896.5
18133.7 20814.9 13678.9 17227
18526.9 21191.5 13693.3 17600.6
18905 21785.2 13707.7 17959.8
19479.7 22474.7 13721.5 18505.7
19116.7 22026.3 13743.2 18160.9
19192.4 22120.1 13749.1 18232.7
19525.1 22141.4 13762.9 18548.8
19147 21783.5 13776.4 18189.6
19207.5 22223 13795.8 18247.1
19207.5 22143.6 13809.3 18247.1
19343.6 22278.7 13822.8 18376.4
19086.5 21964.6 13830.5 18132.2
18799.1 21914.4 13844.3 17859.2
18995.7 22108.2 13858.1 18046
19071.4 22331.7 13879.7 18117.8
18663 21885.3 13885.6 17729.9
19328.5 22602 13899.4 18362.1
19888.1 23009.5 13923.1 18893.7
19812.4 23202.4 13927 18821.8
19767.1 22841.8 13940.8 18778.7
20054.4 23004.7 13954.6 19051.7
19963.7 22774.6 13968.5 18965.5
20084.7 22910.9 13988.4 19080.4
20296.4 23161.6 14002.2 19281.6
19615.8 22371.1 14010.2 18635
19056.2 21600.8 14024.3 18103.4
19389 21746.6 14038.4 18419.5
19192.4 21658.2 14052.5 18232.7
20084.7 22674.8 14066.6 19080.4
20054.4 22874.9 14080.8 19051.7
20205.7 22912.6 14103 19195.4
20099.8 22829.5 14109.1 19094.8
19797.3 22430.2 14123.2 18807.4
20099.8 22844.9 14137.4 19094.8
20614 23550.9 14151.6 19583.3
20689.6 23646.9 14185.9 19655.2
20780.4 23685.3 14185.9 19741.4
21158.5 24247.7 14194 20100.6
21264.3 24264.5 14208.3 20201.1
21506.3 24492.1 14222.6 20431
21052.6 24067.3 14236.9 20000
21385.3 24404.1 14259.1 20316.1
22277.7 25282.2 14274.9 21163.8
22549.9 25470 14288.7 21422.4
22837.2 26171.6 14292.7 21695.4
22716.2 26165.3 14306.5 21580.4
22519.6 25941.8 14320.4 21393.7
21687.8 24954 14341.2 20603.4
22538.9 25861.9 14357.9 21411.9
22770.1 26112.1 14370.4 21631.6
1997 22654.5 25907.3 14378.7 21521.7
22918.7 26328.4 14393.5 21772.7
23579.1 26934.4 14416.6 22400.2
23314.9 26539.1 14429.2 22149.2
24190.1 27302.4 14439.8 22980.6
24173.6 27267.4 14452.4 22964.9
25180.8 28077.8 14467.2 23921.8
25015.7 28150.4 14492.6 23764.9
24503.8 27640.2 14505.3 23278.6
25114.8 28288 14511.7 23859
24338.7 27674.3 14526.4 23121.8
24206.6 27516.9 14547.6 22996.3
23133.3 26351.7 14562.3 21976.7
23331.5 26536.2 14570.8 22164.9
22852.6 25905.6 14586.3 21710
23579.1 26495.3 14601.9 22400.2
24008.4 26944.2 14626.3 22808
25577.1 28951.6 14633 24298.2
25808.3 29220.9 14648.6 24517.8
25824.8 29078.1 14673.1 24533.5
26237.6 29568.7 14679.8 24925.7
25973.4 29555.7 14697.6 24674.7
26567.8 30144.3 14711 25239.4
27492.5 31237.6 14726.7 26117.9
26997.1 30713.9 14749.1 25647.3
27228.3 30952.2 14764.8 25866.9
28004.3 31909 14773.8 26604.1
28070.4 32135.7 14798.4 26666.9
27855.7 31955.5 14805.1 26463
28532.7 32788.8 14820.8 27106.1
28829.9 33284.1 14836.5 27388.4
28351.1 32828.4 14852.1 26933.6
27542.7 31979.8 14867.8 26165.5
27725 32258.8 14883.4 26338.7
27957 31543.7 14899.1 26559.1
27957 32666.9 14914.7 26559.1
27509.5 32276.3 14930.6 26134
28669.6 33538.2 14955.4 27236.1
28619.8 33475.4 14969 27188.9
29017.6 34165.4 14984.9 27566.7
28885 34014.5 14994 27440.8
28487.3 33586 15010 27062.9
26432.3 30832.2 15032.8 25110.7
28255.3 33022.5 15041.9 26842.5
27642.1 32404.7 15057.9 26260
28387.8 33297.4 15085.4 26968.4
28503.8 33324.5 15099.2 27078.7
29299.3 34324.7 15106.1 27834.3
29547.9 34602.6 15129.4 28070.5
29093.5 33944.5 15139.1 27638.8
28675.2 33613.5 15168.2 27241.5
28625 33611.8 15180.3 27193.8
1998 29411.3 34458.8 15190 27940.8
28541.4 33133.9 15207.4 27114.3
29528.4 33931.2 15224.9 28052
28892.7 33780.8 15249.9 27448.1
30130.7 35356.3 15267.4 28624.2
30398.4 35712.5 15277.3 28878.5
30799.9 36053.6 15293.4 29259.9
31301.8 36702.5 15309.4 29736.7
31586.2 37051.4 15325.4 30006.9
31619.7 37225.3 15341.4 30038.7
32238.7 38189.9 15369.5 30626.8
33025 38776.9 15383.5 31373.8
33008.3 38716.9 15397.5 31357.9
34012.1 39713.1 15406.9 32311.5
33577.1 39310 15423.3 31898.2
33777.9 39815.4 15439.8 32089
32807.5 38510.9 15456.2 31167.1
34145.9 39781.3 15472.6 32438.6
33828.1 39245.3 15489.2 32136.7
33928.4 39227 15515.3 32232
33593.8 39402.8 15531.9 31914.2
33627.3 38722.1 15546.2 31945.9
34698 39611.4 15562.7 32963.1
33577.1 38247.7 15572.1 31898.2
34447.1 39190.1 15595.6 32724.7
35568 40453.3 15612.2 33789.6
36170.3 41133.8 15628.7 34361.8
36421.2 41424.1 15645.4 34600.1
36672.2 42107.4 15662 34838.6
35952.8 40808.5 15678.7 34155.1
34748.2 39580.4 15695.4 33010.8
33665.8 38548.9 15712 31982.5
33956.9 38578.8 15728.6 32259
33991.1 38748.9 15745.3 32291.6
30258.1 34098.6 15761.9 28745.2
31713.7 34701 15778.6 30128
31987.6 36701.7 15795.2 30388.2
31610.9 36504.9 15811.8 30030.4
32330.1 37400.1 15828.4 30713.6
31114.3 35266.4 15844.7 29558.6
31319.8 35644.7 15860.6 29753.8
34744.6 37967.6 15876.6 33007.4
33511.7 38333.8 15892.5 31836.1
34385 39749.7 15908.4 32665.7
34624.7 40426.3 15924.3 32893.5
35087.1 40640.5 15940.1 33332.7
36525.5 42524.9 15955.9 34699.2
35874.8 41656.2 15971.8 34081
36354.2 42529.2 15988.4 34536.5
34951.8 40874.9 16005.3 33204.2
36385.7 43094.3 16022.2 34566.4
37349.1 43917.2 16039 35481.7
1999 37416.4 44022 16055.1 35545.5
37998.9 45315.7 16070.3 36098.9
37528.4 44587.6 16085.6 35652
36878.6 44265.8 16100.8 35034.7
38290.1 45678 16116 36375.6
37550.8 44639.2 16130.9 35673.2
37662.8 44161 16145.9 35779.7
38514.2 45681 16160.8 36588.5
37438.8 44400.3 16175.8 35566.8
38693.4 46084.8 16190.8 36758.8
39522.4 46977.7 16205.8 37546.3
39298.4 46620.9 16220.8 37333.4
39432.8 47105.6 16235.9 37461.2
39276 47511.1 16250.9 37312.2
40396.2 48872.9 16266 38376.4
38491.8 46396.3 16281.1 36567.2
40060.1 48946.8 16296.1 38057.1
40060.1 48763.6 16311.2 38057.1
39589.6 48259.2 16326.1 37610.1
39365.6 48241.4 16341.1 37397.3
38379.8 47069.9 16356 36460.8
37954.1 46908.1 16371 36056.4
39007.1 48097.5 16386.1 37056.8
37774.8 46648.5 16401.2 35886.1
38805.5 48642.9 16416.3 36865.2
38379.8 48017.9 16431.4 36460.8
40149.8 50189 16447.2 38142.3
40329 50484.9 16463.6 38312.6
40530.6 50805 16479.9 38504.1
39298.4 48654.7 16496.3 37333.4
38626.2 47954.4 16512.6 36694.9
37864.4 46873.5 16529 35971.2
38738.2 48076.1 16545.3 36801.3
39925.7 49151.8 16561.6 37929.4
39074.3 47854.8 16578 37120.6
39679.3 49067.2 16594.7 37695.3
39253.6 48604.7 16611.6 37290.9
39074.3 48305.7 16628.5 37120.6
37438.8 46428.2 16645.4 35566.8
37864.4 47210 16662.3 35971.2
38872.7 48329.4 16679.4 36929
36811.4 45406.1 16696.4 34970.8
38178.1 46847.8 16713.5 36269.2
39679.3 49050.8 16730.6 37695.3
39858.5 49891.7 16747.6 37865.6
39858.5 50533.3 16764.6 37865.6
40821.9 51507.3 16781.7 38780.8
40418.6 51043.7 16798.7 38397.7
40844.3 51617 16818.4 38802.1
40351.4 51334.5 16839.2 38333.8
40149.8 51450.4 16859.9 38142.3
41090.8 52877.4 16880.7 39036.2
41001.1 53327.9 16892.5 38951.1
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.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
[BAR CHART OMITTED]
1 Year 3 Years 5 Years Since Inception
------ ------- ------- ---------------
GAM North America 9.32 22.34 24.36 15.16
GAM North America (after
maximum sales load of 5%) 3.85 20.27 23.09 14.57
MSCI North America 21.04 27.61 28.59 18.23
ANNUAL PERFORMANCE - CLASS A
[BAR CHART OMITTED]
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 9.32 3.85 21.04
29
--
GAM NORTH AMERICA FUND / REPORT TO SHAREHOLDERS
<PAGE>
THE FACTS - CLASS B SHARES
GAM
North America Average
GAM Class B S&P 1 Month
North America (with deferred Comp Deposit
Class B sales charge) Index Rate
31st Dec, 1999 US$18.19 1,469.25
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 10.44 5.44 14.90 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 7.82 2.82 21.04 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 11.06 8.92 21.97 5.39
- --------------------------------------------------------------------------------
THE FACTS - CLASS C SHARES
GAM
North America Average
GAM Class C S&P 1 Month
North America (with deferred Comp Deposit
Class C sales charge) Index Rate
31st Dec, 1999 US$17.91 1,469.25
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 10.49 9.49 14.90 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 8.02 7.02 21.04 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 5.83 5.83 19.30 5.37
- --------------------------------------------------------------------------------
* Inception was on 26th May, 1998 for Class B shares and 7th July, 1998 for
Class C shares.
THE COMMENT
During the 12-month period ending 31st December, 1999, the fund
underperformed the index. Leadership has become increasingly narrow with
technology shares leading the market by a wide margin; our selective
underweighting in technology has undermined relative results. However, our
selective emphasis on Intel Corp., Cisco Systems, Inc., Microsoft Corp. and
Hewlett-Packard, all possessing strong leadership status and strong brand names,
with global operations, benefited absolute results. Illustrative of the current
enthusiasm for untested companies is the fact that companies, which produced no
earnings in 1999, were up an average of over 70%, while companies that produced
earnings, over the course of 1999, appreciated by less than 5%. This divergence
is more apparent when analyzing quality and returns in the S&P 500 for 1999, in
which higher quality issues rated B+ or better returned, on average, 2.7%, while
lower quality issues rated B or worse, returned, on average, 21.6%.
Rising oil prices, to levels not seen since the Gulf War, helped underpin
profits in the energy sector, which was one of the best performing sectors in
the portfolio. The consumer staples and high quality pharmaceuticals, as
represented in the healthcare sector, underperformed and our overweight
positions weighed down relative results further. We would argue that there are
several mitigating events, such as a weakening US dollar, better-than-expected
global economies and supportive demographics, which should provide the necessary
backdrop for global companies to post solid earnings growth. Concerns over
above-trend growth worried investors during the year, that the Federal Reserve
would tighten monetary policy in an attempt to thwart off any incipient
inflationary pressures, which undermined performance of the financials. Longer
term, we expect the high quality, large-capitalisation global companies, which
are the focus of our investment strategy, to report consistent and above-average
earnings growth, translating into meaningful relative and absolute performance.
30
--
GAM NORTH AMERICA FUND / REPORT TO SHAREHOLDERS
<PAGE>
STATEMENT OF INVESTMENTS AS AT 31ST DECEMBER, 1999
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
EQUITIES - 99.9%
AUTOMOBILES - 3.0%
21,518 Ford Motor 1,149,868
----------
1,149,868
----------
BANKING - 4.7%
13,750 Chase Manhattan 1,068,203
10,750 SunTrust Banks 739,735
----------
1,807,938
----------
BEVERAGES & TOBACCO - 7.3%
24,500 Coca-Cola 1,427,125
21,500 PepsiCo 757,875
27,500 Philip Morris 637,656
----------
2,822,656
----------
BROADCASTING & PUBLISHING - 4.6%
*19,600 Fox Entertainment Group A 488,775
11,750 McGraw-Hill 724,094
*9,750 Viacom B 589,265
----------
1,802,134
----------
BUSINESS & PUBLIC SERVICES - 4.4%
*14,650 Microsoft 1,710,388
----------
1,710,388
----------
DATA PROCESSING & REPRODUCTION - 4.1%
8,350 Hewlett Packard 951,378
5,850 IBM 631,800
----------
1,583,178
----------
ELECTRICAL & ELECTRONICS - 0.9%
6,350 Emerson Electric 364,331
----------
364,331
----------
ELECTRONIC COMP. & INSTRUMENTS - 11.2%
*14,750 Cisco Systems 1,580,094
*3,000 Conexant Systems 199,125
31,350 Intel 2,580,497
----------
4,359,716
----------
ENERGY SOURCES - 4.8%
13,750 BP Amoco ADR 815,547
3,100 Chevron 268,538
9,512 Exxon Mobil 766,310
----------
1,850,395
----------
FINANCIAL SERVICES - 10.4%
4,850 American Express 806,313
17,698 Associates First Capital A 485,589
21,500 Citigroup 1,194,594
14,750 Fannie Mae 920,953
6,850 Goldman Sachs Group 645,184
----------
4,052,633
----------
FOOD & HOUSEHOLD PRODUCTS - 4.0%
9,750 Colgate-Palmolive 633,750
8,350 Proctor & Gamble 914,847
----------
1,548,597
----------
HEALTH & PERSONAL CARE - 15.9%
15,300 Abbott Laboratories 555,581
2,150 American Home Products 84,790
11,750 Bristol-Myers Squibb 754,203
1,200 Estee Lauder A 60,525
14,750 Gillette 607,515
11,750 Johnson & Johnson 1,094,219
17,600 Merck 1,180,300
56,850 Pfizer 1,844,072
----------
6,181,205
----------
INDUSTRIAL COMPONENTS - 0.7%
5,750 Rockwell International 275,281
----------
275,281
----------
INSURANCE - 2.4%
9,750 Marsh & McLennan 932,953
---------
932,953
---------
LEISURE & TOURISM - 1.7%
16,650 McDonald's 671,203
---------
671,203
----------
MERCHANDISING - 4.7%
31,350 Walgreen 916,988
13,050 Wal-Mart Stores 902,081
----------
1,819,069
----------
MULTI-INDUSTRY - 9.2%
*10 Berkshire Hathaway 561,000
*150 Berkshire Hathaway B 274,500
13,350 General Electric 2,065,913
11,750 Honeywell International 677,828
----------
3,579,241
----------
TELECOMMUNICATIONS - 5.0%
4,450 Bell Atlantic 273,953
17,600 BellSouth 823,900
17,664 SBC Communications 861,120
----------
1,958,973
----------
TRANSPORTATION - ROAD & RAIL - 0.9%
17,600 Norfolk Southern 360,800
----------
360,800
----------
TOTAL EQUITIES (COST $32,612,574) 38,830,559
----------
PREFERRED SHARES - 0.2%
BROADCASTING & PUBLISHING - 0.2%
1,800 News Corp Pfd ADR 60,188
----------
TOTAL PREFERRED SHARES (COST $36,332) 60,188
----------
TOTAL INVESTMENTS (COST $32,648,906**) - 100.1% 38,890,747
NET CURRENT LIABILITIES - (0.1)% (57,058)
----------
TOTAL NET ASSETS - 100.0% 38,833,689
==========
* Non-income producing security.
** Cost for federal income tax purposes is $32,651,683 (Note 5).
Glossary of Terms:
ADR -- American Depositary Receipt
See notes to financial statements.
31
--
GAM NORTH AMERICA FUND / STATEMENT OF INVESTMENTS
<PAGE>
GAMAERICA CAPITAL FUND
FUND MANAGEMENT
- --------------------------------------------------------------------------------
[PHOTO OF GORDON GRENDER]
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
GAMerica
Capital
Class A (after Average
GAMerica maximum S&P 1 Month
Capital sales load Comp Deposit
Class A of 5%) Index Rate
31st Dec, 1999 US$21.45 US$22.58 1,469.25
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 11.39 5.83 14.90 1.44
- --------------------------------------------------------------------------------
Jan-Dec, 1999 28.97 22.52 21.04 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
2 years to Dec, 1999 29.78 26.51 24.84 5.47
- --------------------------------------------------------------------------------
3 years to Dec, 1999 32.23 29.99 27.61 5.53
- --------------------------------------------------------------------------------
Since inception 24.60 23.23 27.10 5.56
- --------------------------------------------------------------------------------
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.
32
--
GAMERICA CAPITAL FUND / FUND MANAGEMENT
<PAGE>
[LINE CHART OMITTED]
Average GAMerica Class A
GAMerica S&P's 1 Month (after Maximum
Class A Index Deposit Rate sales load of 5%)
--------- ----- ------------ -----------------
1995 10,000.00 10,000.00 10,000.00 10,000.00
10006 9883.96 10011.4 9505.7
9943 9973.88 10022.8 9445.85
9946 10147.6 10034.1 9448.7
9952 10065.5 10045.5 9454.4
9958 10297.3 10057 9460.1
9964 10490.9 10068.4 9465.8
9970 10401.3 10079.8 9471.5
9976 10628.3 10091.2 9477.2
9982 10700.7 10102.9 9482.9
9990 10585.9 10114.5 9490.5
9997 10769 10126.1 9497.15
10002 10697.8 10137.7 9501.9
10007 10629.7 10148.8 9506.65
10121 10713.3 10159.8 9614.95
10153 10735.5 10170.9 9645.35
10190 10812.3 10181.9 9680.5
10241 10987 10193.2 9728.95
10282 11197.1 10204.4 9767.9
10246 11171.1 10215.6 9733.7
10244 11227.8 10226.8 9731.8
10209 11196 10238.1 9698.55
10250 11239.9 10249.2 9737.5
10217 11301.9 10260.4 9706.15
10233 11157.8 10271.6 9721.35
10491 11372.3 10282.7 9966.45
10458 11418.9 10293.8 9935.1
10529 11565.8 10304.9 10002.5
10406 11569.2 10316 9885.7
10480 11709.6 10327.1 9956
10383 11917.5 10338.4 9863.85
10075 11900.7 10349.6 9571.25
10050 11821.4 10360.9 9547.5
10137.3 11903.4 10372.2 9630.45
1996 9935.18 11923.7 10383.4 9438.42
9783.58 11640.9 10394.4 9294.4
9581.44 11840 10405.3 9102.36
9813.9 12034.9 10416.3 9323.2
9864.43 12315.5 10427.2 9371.21
9874.54 12718.6 10437.7 9380.81
9985.72 12561.3 10448.2 9486.43
10268.7 12782 10458.7 9755.28
10268.7 12502 10469.2 9755.28
10228.3 12296.3 10479.5 9716.87
10662.9 12455.6 10489.8 10129.7
10723.5 12639.5 10500.1 10187.3
10844.8 12545.3 10510.4 10302.6
11208.7 12752.1 10520.7 10648.2
10865 12385.1 10531.2 10321.8
11047 12553.1 10541.6 10494.6
11612.9 12721.9 10552.1 11032.3
11481.5 12496.9 10562.5 10907.5
11623 12706.1 10573.1 11041.9
11845.4 13039.4 10583.6 11253.1
12714.6 13232.1 10594.1 12078.9
12623.6 13054.5 10604.6 11992.5
12744.9 13141.8 10615.1 12107.7
12563 13001.6 10625.7 11934.8
12552.9 13026.5 10636.2 11925.2
12704.5 13106.2 10646.8 12069.3
12583.2 12853.8 10657.3 11954
12249.7 12639.2 10668.1 11637.2
12037.4 12498.8 10678.8 11435.6
11997 12449 10689.5 11397.2
12482.2 12975.4 10700.3 11858
12704.5 12973.4 10711 12069.3
12805.6 13039.9 10721.8 12165.3
12593.3 13081.2 10732.6 11963.7
12704.5 12791.6 10743.3 12069.3
12411.4 12869.6 10754.1 11790.8
12684.3 13363.3 10764.9 12050.1
12775.2 13496.4 10764.9 12136.5
12502.4 13485.5 10791 11877.2
12664.1 13791.2 10797.2 12030.9
12704.5 13781.2 10808 12069.3
12552.9 13986.7 10818.9 11925.2
12209.3 13797.4 10829.8 11598.8
11986.9 13859.1 10840.7 11387.6
12037.4 14397.5 10851.2 11435.6
12037.4 14537.2 10861.7 11435.6
11805 14761.8 10872.2 11214.7
11815.1 14931 10882.8 11224.3
11653.4 14592.9 10893.3 11070.7
11602.8 14382.2 10904.4 11022.7
11663.5 14787.3 10915.5 11080.3
11838.8 14949.6 10926.6 11246.8
1997 11982.9 14782.2 10937.7 11383.7
12193.5 15014.7 10948.9 11583.8
11916.4 15350 10960.1 11320.6
11982.9 15243.9 10971.3 11383.7
12437.4 15559.1 10982.5 11815.5
12415.2 15632.2 10993.7 11794.4
12537.1 16012.6 11005 11910.3
12382 15885.4 11016.3 11762.8
11927.5 15674.1 11027.5 11331.1
11883.1 15960.4 11038.8 11289
11705.8 15732.2 11050 11120.5
11606 15558 11061.3 11025.7
11340 15360.9 11072.5 10773
10763.5 15049.4 11083.8 10225.4
10896.6 14653 11095.6 10351.7
11151.5 15228.7 11107.4 10593.9
11007.4 15215.2 11119.3 10457
11517.3 16167.5 11131.1 10941.5
11816.6 16408.3 11143 11225.8
11883.1 16513.1 11154.8 11289
12182.4 16862.9 11166.7 11573.3
12603.7 16893.7 11178.6 11973.5
12503.9 17093.5 11190.5 11878.7
12936.2 17802.2 11202.4 12289.4
13113.6 17916.4 11214.3 12457.9
13545.9 17695.1 11226.3 12868.6
13789.7 18291.8 11238.2 13100.2
14044.7 18293 11250.1 13342.5
13944.9 18271.3 11262 13247.7
14244.2 18746.2 11274 13532
14543.5 18918.8 11285.9 13816.3
14654.4 18652.9 11297.8 13921.7
14643.3 18004.6 11309.7 13911.1
14752.9 18465 11321.6 14015.3
15001.1 17989.3 11333.5 14251
15384.6 18586.9 11345.4 14615.3
15926 18490 11357.5 15129.7
16388.4 19028.4 11369.5 15569
17110.2 18928.4 11381.5 16254.7
17155.4 19331.1 11393.5 16297.6
17031.3 19376.1 11405.7 16179.7
16726.8 18924.6 11417.9 15890.4
17076.4 18879.9 11430 16222.6
16670.4 18343.9 11442.2 15836.8
16591.4 18608.4 11454.3 15761.8
16320.7 18631.2 11466.5 15504.7
16760.6 19334.6 11478.8 15922.6
16670.4 19186.2 11491 15836.8
17121.5 19762.4 11503.2 16265.4
16410.9 19157.6 11516.1 15590.4
16048.3 19030.7 11529 15245.9
16011.6 18829.2 11541.9 15211
1998 16477.4 19611.1 11554.8 15653.6
16391.6 18664.5 11568.1 15572
17139.5 19351 11581.4 16282.5
17249.8 19278.1 11594.7 16387.3
17335.6 19741 11608 16468.9
17936.4 20401.6 11621.2 17039.6
18353.2 20561.5 11633.4 17435.6
18610.7 20852.3 11645.6 17680.2
18904.9 21163.6 11657.8 17959.7
18819.1 21297.9 11670 17878.2
19015.3 21564.7 11682.5 18064.5
19542.4 22187.5 11694.9 18565.3
20020.6 22118.6 11707.3 19019.6
20584.5 22675.2 11719.8 19555.3
20474.2 22541.1 11732.3 19450.5
21124 22688.1 11744.8 20067.8
21295.6 22394.7 11757.3 20230.8
21160.8 22665.8 11769.8 20102.7
20768.4 22412.1 11782.4 19730
20645.8 22430.2 11795.1 19613.6
20498.7 22471.6 11807.7 19473.8
20621.3 22080.1 11820.3 19590.2
20265.8 22552.9 11832.9 19252.5
19996.1 22255 11845.5 18996.3
20118.7 22297.8 11858 19112.7
20547.8 22963.5 11870.5 19520.4
20976.9 23237.7 11883.1 19928
21099.5 23607 11895.8 20044.5
21393.7 24067.9 11908.5 20324
20817.5 23142.1 11921.1 19776.6
20106.4 22739.9 11933.8 19101.1
19983.8 22112.6 11946.5 18984.6
19443.8 21576.9 11959.1 18471.7
19294.2 21958.5 11971.8 18329.5
18084.4 20865.7 11984.4 17180.2
17772.6 19790 11997.1 16884
18071.9 20511 12009.8 17168.3
18084.4 20741.5 12022.4 17180.2
18121.8 21249.2 12035 17215.7
17435.9 20398.1 12047.6 16564.1
16375.7 20056.8 12059.8 15557
17236.3 21531.2 12071.9 16374.5
17685.3 21828.2 12084 16801
18708 22405.7 12096.1 17772.6
19132.1 23275.8 12108.2 18175.4
19369 22970.3 12120.2 18400.6
19556.1 23748.8 12132.3 18578.3
21701.3 24342.7 12144.3 20616.2
20267 24030.8 12156.7 19253.7
20267 23827.2 12169.5 19253.7
19903.2 24274.3 12182.3 18908.1
21565 25062.2 12195.1 20486.7
1999 21502 25129.2 12208 20426.9
21967.8 26073.2 12219.5 20869.4
21993 25428.6 12231.1 20893.3
21841.9 25065.3 12242.7 20749.8
21967.8 26185.8 12254.2 20869.4
21753.8 25368.7 12265.7 20666.1
21275.4 25185.3 12277 20211.6
21111.8 25378 12288.4 20056.2
21174.7 25366.3 12299.8 20116
20973.3 26133.7 12311.2 19924.6
21489.4 26532.1 12322.6 20414.9
21627.9 26635 12334.1 20546.5
21565 26303.5 12345.5 20486.7
21955.2 26534 12356.9 20857.5
22559.5 27661.5 12368.4 21431.5
22962.3 27066 12379.8 21814.2
23025.3 27849.3 12391.3 21874
23163.8 27411 12402.8 22005.6
23528.8 27619.2 12414.2 22352.4
23818.4 27477.8 12425.5 22627.5
24145.7 27330.1 12436.9 22938.4
23893.9 26752.1 12448.3 22699.2
24082.8 27291.2 12459.7 22878.6
23856.2 26596.6 12471.2 22663.3
24309.4 27614.8 12482.7 23093.9
24359.7 27055.1 12494.2 23141.7
25505.3 28623.3 12505.8 24230.1
26034.1 28878 12518.2 24732.3
26323.6 29203.7 12530.7 25007.4
25656.4 27937.2 12543.1 24373.6
25883 27362.6 12555.6 24588.8
25567.9 26783.6 12568 24289.5
25670.4 27354.5 12580.4 24386.9
25439.8 27545.2 12592.9 24167.8
25183.4 27792 12605.3 23924.3
25093.7 27983.5 12617.8 23839
25106.5 27875 12630.7 23851.2
24914.3 27546.8 12643.5 23668.6
24696.4 26355.6 12656.4 23461.6
24991.2 26474.7 12669.2 23741.6
25439.8 27579.6 12682.2 24167.8
24927.1 25756.6 12695.2 23680.8
24773.3 26883.5 12708.2 23534.7
25004 28155.8 12721.1 23753.8
25119.4 28313.6 12734.1 23863.4
25542.3 28854.1 12747 24265.2
25721.7 29397.1 12760 24435.6
25491 29292.5 12773 24216.5
25452.6 29643.9 12786.7 24179.9
25644.8 29314.1 12802.5 24362.6
25736.7 29403.5 12818.3 24449.8
26564.4 30182.3 12834.1 25236.2
27741.3 30414.8 12849.9 26354.2
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.
AVERAGE ANNUAL TOTAL RETURN - CLASS A
1 Year 2 Years 3 Years Since Inception
------ ------- ------- ---------------
GAM GAMerica 28.97 29.78 32.23 24.60
GAM GAMerica (after
maximum sales load of 5%) 22.52 26.51 26.99 23.23
MSCI GAMerica 21.04 24.84 27.61 27.10
GAMerica
Capital Standard &
GAMerica Class A Poor's
Capital (after sales Composite
Class A 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 28.97 22.52 21.04
- ----------
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.
33
--
GAMERICA CAPITAL FUND / REPORT TO SHAREHOLDERS
<PAGE>
THE FACTS - CLASS B SHARES
GAMerica
Capital Average
GAMerica Class B S&P 1 Month
Capital (with deferred Comp Deposit
Class B sales charge) Index Rate
31st Dec, 1999 US$21.54 1,469.25
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 11.11 6.11 14.90 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 27.68 22.68 21.04 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 20.22 17.96 21.97 5.39
- --------------------------------------------------------------------------------
THE FACTS - CLASS C SHARES
GAMerica
Capital Average
GAMerica Class C S&P 1 Month
Capital (with deferred Comp Deposit
Class C sales charge) Index Rate
31st Dec, 1999 US$21.42 1,469.25
- --------------------------------------------------------------------------------
% % % %
- --------------------------------------------------------------------------------
Quarter to Dec, 1999 11.18 10.18 14.90 1.44
- --------------------------------------------------------------------------------
Jan - Dec, 1999 27.95 26.94 21.04 5.27
- --------------------------------------------------------------------------------
Average annual total return:
- --------------------------------------------------------------------------------
Since inception* 19.80 19.80 21.97 5.39
- --------------------------------------------------------------------------------
* Inception was on 26th May, 1998 for Class B and Class C shares
THE COMMENT
During the year the US stock market performed strongly, the S&P Composite
index rose by 21.04%.
US economic performance has continued its strength. The strength in the
market was largely confined to technology stocks, with internet-related stocks
leading the market. While one in five of the stocks in the NASDAQ index has
doubled this year, with an average increase of 150%, over half the stocks in the
index have declined by an average of over 30%.
The economy in both the US and abroad is currently looking very strong.
Auto dealer sales and manufacturing companies sales are on the upturn while
unemployment claims are at their lowest level for 26 years.
These trends are leading to a firming of interest rates. While analysts
forecast earnings for the S&P Composite index to rise by over 16% in 2000 on a
Gross Domestic Product increase of 3.5%, these forecasts are often
over-optimistic. At present the S&P Composite index is selling at 28 times 1999
estimated earnings. We continue to believe there are considerable risks inherent
in the public's love affair with high technology and will continue to focus on
trying to identify reasonably priced stocks.
34
--
GAMERICA CAPITAL FUND / REPORT TO SHAREHOLDERS
<PAGE>
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
BONDS - 0.6%
TELECOMMUNICATIONS - 0.6%
$663,000 Globalstar LP/Capital 11.375%
2004-02-15 449,183
--------
TOTAL BONDS (COST $455,010) 449,183
--------
EQUITIES - 81.0%
AUTOMOBILES - 4.2%
*200,000 Keystone Automotive Industries 1,175,000
*200,000 United Auto Group 1,787,500
---------
2,962,500
---------
BANKING - 2.0%
28,000 Bank of America 1,405,250
---------
1,405,250
--------
BROADCASTING & PUBLISHING - 5.7%
*15,000 Liberty Digital A 1,113,750
*15,400 Pegasus Communications A 1,505,350
*84,000 TCI Satellite Entertainment A 1,344,000
---------
3,963,100
---------
BUILDING MATERIALS & COMPONENTS - 2.4%
*63,000 Trex Company 1,685,250
---------
1,685,250
---------
BUSINESS & PUBLIC SERVICES - 3.5%
*50,000 Point of Sale 731,250
*27,000 Professional Staff ADR 148,500
*50,000 Sterling Software 1,575,000
---------
2,454,750
---------
CONSTRUCTION & HOUSING - 0.3%
*9,765 Palm Harbor Homes 175,770
--------
175,770
--------
DATA PROCESSING & REPRODUCTION - 3.8%
*40,000 Edgar Online 295,000
*35,000 Optibase 1,233,750
*164,250 TrueTime 1,149,750
---------
2,678,500
---------
ELECTRONIC COMP. & INSTRUMENTS - 6.5%
*100,000 Power-One 4,581,250
---------
4,581,250
---------
ENERGY SOURCES - 4.1%
*30,000 Barrett Resources 883,125
20,000 Burlington Resources 661,250
*100,000 Tom Brown 1,337,500
---------
2,881,875
---------
FINANCIAL SERVICES - 3.7%
32,000 Bear Stearns Companies 1,368,000
*26,400 Titan 1,244,100
---------
2,612,100
---------
FOOD & HOUSEHOLD PRODUCTS - 4.3%
105,000 Delta & Pine Land 1,824,375
33,000 Monsanto 1,175,625
---------
3,000,000
---------
HEALTH & PERSONAL CARE - 4.1%
27,200 American Home Products 1,072,700
*4,500 ClinTrials Research 18,562
8,400 Intimate Brands A 362,250
*66,400 Neopharm 1,431,750
---------
2,885,262
---------
INSURANCE - 14.4%
31,000 American General 2,352,125
35,000 Chubb 1,970,937
85,000 ESG RE 589,688
*100,000 Policy Management System 2,556,250
*7,800 Sierra Health Services 52,162
50,000 XL Capital A 2,593,750
----------
10,114,912
----------
MACHINERY & ENGINEERING - 1.3%
40,000 Gerber Scientific 877,500
---------
877,500
---------
MERCHANDISING - 2.2%
94,250 Fred's A 1,502,109
*12,500 Jumbosports 63
*7,500 Party City 7,500
---------
1,509,672
---------
MISC. MATERIALS & COMMODITIES - 4.1%
*24,000 Best Buy 1,204,500
*200,000 Foamex International 1,662,500
---------
2,867,000
---------
REAL ESTATE - 1.7%
20,000 Bradley Real Estate 348,750
*80,000 Fairfield Communities 860,000
---------
1,208,750
---------
RECREATION, OTHER CONSUMER GOODS - 4.7%
100,000 Fortune Brands 3,306,250
---------
3,306,250
---------
TELECOMMUNICATIONS - 6.9%
*27,000 MCI WorldCom 1,432,688
50,000 Sprint 3,365,625
---------
4,798,313
---------
35
--
GAMERICA CAPITAL FUND / STATEMENT OF INVESTMENTS
<PAGE>
MARKET
VALUE
HOLDINGS DESCRIPTION US$
- --------------------------------------------------------------------------------
TRANSPORTATION - ROAD & RAIL - 1.1%
*100,000 USA Truck 787,500
-----------
787,500
-----------
TOTAL EQUITIES (COST $46,097,574) 56,755,504
-----------
TIME DEPOSITS - 23.7%
UNITED STATES - 23.7%
$16,572,295 First National Bank Chicago
3.75% 2000-01-03 16,572,295
-----------
TOTAL TIME DEPOSITS (COST $16,572,295) 16,572,295
-----------
TOTAL INVESTMENTS (COST $63,124,879**) - 105.3% 73,776,982
NET CURRENT LIABILITIES - (5.3)% (3,734,480)
-----------
TOTAL NET ASSETS - 100.0% 70,042,502
===========
* Non-income producing security.
** Cost for federal income tax purposes is $63,124,231 (Note 5).
Glossary of Terms:
ADR -- American Depositary Receipt
See notes to financial statements.
36
--
GAMERICA CAPITAL FUND / STATEMENT OF INVESTMENTS
<PAGE>
This page is intentionally left blank
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
================================================================================
as at 31st December, 1999
<TABLE>
<CAPTION>
GAM GAM
INTERNATIONAL GLOBAL
ASSETS (IN US$) -------------------------------------------------
<S> <C> <C>
Investments in securities at value $1,517,814,462 $90,301,529
Cash - Foreign currencies 1,808,161 870,526
Receivables:
Securities sold 36,384,341 2,257,693
Capital shares sold 1,873,812 229,616
Dividends, interest and other 2,312,345 37,714
Net equity in foreign currency exchange contracts (Note 6) 23,196,402 --
Deferred organizational expenses and other assets 77,782 16,983
------------- ----------
TOTAL ASSETS 1,583,467,305 93,714,061
------------- ----------
LIABILITIES
Due to Custodian -- 1,961,364
Payables:
Loans 26,960,664 --
Securities purchased 18,611,805 1,229,446
Capital shares redeemed 7,229,420 271,353
Net equity in foreign currency exchange contracts (Note 6) -- --
Accrued management fee 3,637,798 211,803
Accrued distribution fee 1,253,645 74,735
Accrued expenses and other 1,882,913 153,178
------------- ----------
TOTAL LIABILITIES 59,576,245 3,901,879
------------- ----------
NET ASSETS $1,523,891,060 $89,812,182
============= ==========
SOURCE OF NET ASSETS
Net capital paid in on shares of capital stock (Note 4) $1,193,606,129 $75,674,311
Accumulated net investment income/(loss) 43,585,542 (1,334,606)
Accumulated net realized gains/(losses) (79,156,644) (4,544,175)
Net unrealized appreciation/(depreciation) 365,856,033 20,016,652
------------- ----------
NET ASSETS $1,523,891,060 $89,812,182
============= ==========
CLASS A SHARES OUTSTANDING 39,520,349 3,073,129
CLASS A NET ASSETS $1,271,042,266 $66,825,252
Net asset value and redemption value per share (Note 4) $32.16 $21.75
Offering price per share (100/95 x net asset value per
share reduced on sales of $100,000 or more) $33.85 $22.89
CLASS B SHARES OUTSTANDING 2,225,969 436,481
CLASS B NET ASSETS $71,929,519 $9,454,203
Net asset value and offering price per share (Note 4) $32.31 $21.66
CLASS C SHARES OUTSTANDING 2,464,121 365,206
CLASS C NET ASSETS $79,555,532 $7,900,607
Net asset value and offering price per share (Note 4) $32.29 $21.63
CLASS D SHARES OUTSTANDING 3,171,592 263,036
CLASS D NET ASSETS $101,363,743 $5,632,120
Net asset value and redemption value per share (Note 4) $31.96 $21.41
Offering price per share (100/96.5 x net asset value per
share reduced on sales of $100,000 or more) $33.12 $22.19
Identified cost of investments $1,174,999,156 $70,284,235
</TABLE>
See notes to financial statements.
38
--
GAM FUNDS INC / STATEMENTS OF ASSETS AND LIABILITIES
<PAGE>
<TABLE>
<CAPTION>
GAM GAM GAM
GAM PACIFIC JAPAN NORTH GAMERICA
EUROPE BASIN CAPITAL AMERICA CAPITAL
ASSETS (IN US$) -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investments in securities at value $22,473,734 $52,255,243 $64,609,177 $38,890,747 $73,776,982
Cash - Foreign currencies 866,117 1,974,422 6,403,045 -- --
Receivables:
Securities sold 997,915 1,385,480 500,000 204,389 --
Capital shares sold 17,986 1,055,038 1,305,104 14,393 382,493
Dividends, interest and other 63,282 12,168 843 28,859 42,441
Net equity in foreign currency exchange contracts (Note 6) -- -- -- -- --
Deferred organizational expenses and other assets 10,639 13,776 13,590 11,761 10,260
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS 24,429,673 56,696,127 72,831,759 39,150,149 74,212,176
----------- ----------- ----------- ----------- -----------
LIABILITIES
Due to Custodian 525,577 -- -- 70,502 --
Payables:
Loans -- -- -- -- --
Securities purchased 970,817 502,315 500,196 -- 3,806,274
Capital shares redeemed 13,823 57,695 26,403 51,052 112,900
Net equity in foreign currency exchange contracts (Note 6) -- 9,298 -- -- --
Accrued management fee 53,276 113,535 161,918 99,618 153,214
Accrued distribution fee 19,664 31,248 48,576 38,892 50,068
Accrued expenses and other 85,255 72,800 82,096 56,396 47,218
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 1,668,412 786,891 819,189 316,460 4,169,674
----------- ----------- ----------- ----------- -----------
NET ASSETS $22,761,261 $55,909,236 $72,012,570 $38,833,689 $70,042,502
=========== =========== =========== =========== ===========
SOURCE OF NET ASSET
Net capital paid in on shares of capital stock (Note 4) $17,897,263 $61,330,460 $56,562,348 $31,809,060 $58,383,093
Accumulated net investment income/(loss) (56,494) (806,083) (1,723,177) -- --
Accumulated net realized gains/(losses) 98,035 (16,817,126) (2,531,181) 782,788 1,007,306
Net unrealized appreciation/(depreciation) 4,822,457 12,201,985 19,704,580 6,241,841 10,652,103
----------- ----------- ----------- ----------- -----------
NET ASSETS $22,761,261 $55,909,236 $72,012,570 $38,833,689 $70,042,502
=========== =========== =========== =========== ===========
CLASS A SHARES OUTSTANDING 1,562,970 3,282,495 4,819,899 1,577,881 2,382,629
CLASS A NET ASSETS $20,450,019 $46,504,432 $66,757,183 $28,871,554 $51,107,522
Net asset value and redemption value per share (Note 4) $ 13.08 $ 14.17 $ 13.85 $ 18.30 $ 21.45
Offering price per share (100/95 x net asset value per
share reduced on sales of $100,000 or more) $ 13.77 $ 14.92 $ 14.58 $ 19.26 $ 22.58
CLASS B SHARES OUTSTANDING
CLASS B NET ASSETS 119,920 414,268 214,484 222,496 429,065
Net asset value and offering price per share (Note 4) $ 1,568,237 $ 6,169,307 $ 3,099,713 $ 4,047,859 $ 9,242,488
CLASS C SHARES OUTSTANDING $ 13.08 $ 14.89 $ 14.45 $ 18.19 $ 21.54
CLASS C NET ASSETS 58,201 114,238 147,114 330,247 452,588
Net asset value and offering price per share (Note 4) $ 743,005 $ 1,508,577 $ 2,155,674 $ 5,914,276 $ 9,692,492
CLASS D SHARES OUTSTANDING $ 12.77 $ 13.21 $ 14.65 $ 17.91 $ 21.42
CLASS D NET ASSETS 123,779
Net asset value and redemption value per share (Note 4) $ 1,726,920
Offering price per share (100/96.5 x net asset value per $13.95
share reduced on sales of $100,000 or more) $14.46
Identified cost of investments $17,655,328 $40,048,785 $44,936,907 $32,648,906 $63,124,879
</TABLE>
39
--
GAM FUNDS INC / STATEMENTS OF ASSETS AND LIABILITIES
<PAGE>
STATEMENTS OF OPERATIONS
for the year ended 31st December, 1999
<TABLE>
<CAPTION>
GAM GAM
INTERNATIONAL GLOBAL
-------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME (IN US$)
Dividends (Note 5) $ 41,425,865 $ 986,893
Interest (Note 5) 9,806,005 448,158
------------- -----------
51,231,870 1,435,051
------------- -----------
EXPENSES
Investment advisory fee (Note 2) 21,736,189 1,207,927
Custodian fees and expenses 2,133,708 95,010
Transfer agent fees and expenses 1,615,802 145,104
Shareholder servicing fees 1,921,659 81,508
Distribution Fee - Class A (Note 2) 5,696,178 283,193
Distribution Fee - Class B (Note 2) 679,368 98,428
Distribution Fee - Class C (Note 2) 838,136 88,290
Distribution Fee - Class D (Note 2) 591,404 38,331
Professional fees 83,235 45,483
Administrative expenses 1,571,000 123,000
Printing 379,100 27,957
Amortization of organization costs -- --
Filing fees 143,902 71,912
Other 542,459 57,977
------------- -----------
Total operating expenses 37,932,140 2,364,120
Interest expense 1,454,787 102,632
------------- -----------
Total expenses 39,386,927 2,466,752
------------- -----------
Net investment income/(loss) 11,844,943 (1,031,701)
------------- -----------
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS AND FOREIGN CURRENCY
Net realized gain/(loss) from:
Securities and futures 37,303,894 11,619,404
Foreign currency transactions (19,515,515) (1,782,710)
------------- -----------
17,788,379 9,836,694
------------- -----------
Unrealized appreciation/(depreciation) for the period:
Securities and futures (249,205,849) (3,393,578)
Foreign currency translation of assets and
liabilities other than investments 103,860,746 1,891,218
------------- -----------
(145,345,103) (1,502,360)
------------- -----------
Net gain/(loss) on investments and foreign currencies (127,556,724) 8,334,334
------------- -----------
Net increase/(decrease) on net assets from operations $(115,711,781) $ 7,302,633
============= ===========
</TABLE>
See notes to financial statements.
40
--
GAM FUNDS INC / STATEMENTS OF OPERATIONS
<PAGE>
<TABLE>
<CAPTION>
GAM GAM GAM
GAM PACIFIC JAPAN NORTH GAMERICA
EUROPE BASIN CAPITAL AMERICA CAPITAL
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME (IN US$)
Dividends (Note 5) $ 531,722 $ 463,984 $ 156,276 $ 465,657 $ 152,610
Interest (Note 5) 6,480 108,392 130,604 54,946 827,020
----------- ----------- ----------- ---------- -----------
538,202 572,376 286,880 520,603 979,630
----------- ----------- ----------- ---------- -----------
EXPENSES
Investment advisory fee (Note 2) 319,451 314,098 419,808 353,149 389,284
Custodian fees and expenses 104,000 95,000 128,498 24,310 20,858
Transfer agent fees and expenses 30,283 36,200 31,043 30,029 37,427
Shareholder servicing fees 25,630 21,303 26,633 24,966 23,624
Distribution Fee - Class A (Note 2) 88,644 82,314 117,877 81,603 86,771
Distribution Fee - Class B (Note 2) 15,772 22,150 14,709 29,165 42,753
Distribution Fee - Class C (Note 2) 7,314 5,879 13,323 51,338 58,376
Distribution Fee - Class D (Note 2) -- 6,286 -- -- --
Professional fees 42,926 35,231 32,708 30,009 23,429
Administrative expenses 56,000 60,000 59,000 55,208 55,149
Printing 4,800 6,290 5,565 5,500 6,917
Amortization of organization costs -- -- 4,268 -- 5,743
Filing fees 50,252 63,740 55,117 53,481 46,068
Other 29,420 9,257 7,514 16,934 20,644
----------- ----------- ----------- ---------- -----------
Total operating expenses 774,492 757,748 916,063 755,692 817,043
Interest expense 62,187 7,408 2,940 3,081 9
----------- ----------- ----------- ---------- -----------
Total expenses 836,679 765,156 919,003 758,773 817,052
----------- ----------- ----------- ---------- -----------
Net investment income/(loss) (298,477) (192,780) (632,123) (238,170) 162,578
----------- ----------- ----------- ---------- -----------
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
AND FOREIGN CURRENCY
Net realized gain/(loss) from:
Securities and futures 3,156,887 3,103,404 8,626,069 803,028 1,361,297
Foreign currency transactions (396,430) 44,101 537,709 -- --
----------- ----------- ----------- ---------- -----------
2,760,457 3,147,505 9,163,778 803,028 1,361,297
----------- ----------- ----------- ---------- -----------
Unrealized appreciation/(depreciation) for the period:
Securities and futures (1,069,528) 16,769,250 20,129,509 2,238,138 9,222,519
Foreign currency translation of assets and
liabilities other than investments 377 161,602 229,854 -- --
----------- ----------- ----------- ---------- -----------
(1,069,151) 16,930,852 20,359,363 2,238,138 9,222,519
----------- ----------- ----------- ---------- -----------
Net gain/(loss) on investments and foreign currencies 1,691,306 20,078,357 29,523,141 3,041,166 10,583,816
----------- ----------- ----------- ---------- -----------
Net increase/(decrease) on net assets from operations $ 1,392,829 $19,885,577 $28,891,018 $2,802,996 $10,746,394
=========== =========== =========== ========== ===========
</TABLE>
41
--
GAM FUNDS INC / STATEMENTS OF OPERATIONS
<PAGE>
<TABLE>
<CAPTION>
GAM GAM GAM
International Global Europe
---------------------------- ---------------------------- ------------------------
YEAR ENDED 31ST DECEMBER 1999 1998 1999 1998 1999 1998
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS FROM:
Operations
Net investment income/(loss) $ 11,844,943 $ 6,149,117 $(1,031,701) $ (408,750) $ (298,477) $ 97,507
Net realized gain/(loss) 17,788,379 7,476,566 9,836,694 (15,250,153) 2,760,457 2,939,106
Unrealized appreciation/(depreciation)
for the period (145,345,103) 87,495,823 (1,502,360) 11,132,333 (1,069,151) (136,956)
-------------- -------------- ----------- ------------ ------------ -----------
Net increase/(decrease) in net assets
from operations (115,711,781) 101,121,506 7,302,633 (4,526,570) 1,392,829 2,899,657
Dividends paid to shareholders from:
Net investment income
Class A -- (3,801,544) -- -- -- (57,979)
Class B -- -- -- -- -- --
Class C -- -- -- -- -- --
Class D -- (162,472) -- -- -- --
Distributions in excess of net
investment income
Class A -- -- -- -- -- --
Class B -- -- -- -- -- --
Class C -- -- -- -- -- --
Class D -- -- -- -- -- --
Net realized gain on investments
Class A -- (37,602,228) -- (1,094,319) (2,310,599) (4,571,876)
Class B -- -- -- -- (164,781) (114,513)
Class C -- -- -- -- (78,526) (59,514)
Class D -- (2,310,145) -- (78,435) -- --
Capital share transactions (Note 4) (1,348,598,398) 1,038,008,110 (87,262,657) 105,964,032 (28,309,553) 15,035,528
-------------- -------------- ----------- ------------ ------------ -----------
Total increase/(decrease) in net assets (1,464,310,179) 1,095,253,227 (79,960,024) 100,264,708 (29,470,630) 13,131,303
Net assets
Beginning of year 2,988,201,239 1,892,948,012 169,772,206 69,507,498 52,231,891 39,100,588
-------------- -------------- ----------- ------------ ------------ -----------
End of year $1,523,891,060 $2,988,201,239 $89,812,182 $169,772,206 $ 22,761,261 $52,231,891
============== ============== =========== ============ ============ ===========
Accumulated net investment
income/(loss), end of year $ 43,585,542 $ 48,844,853 $ (1,334,606) $ 231,030 $ (56,494) $ (580,951)
============== ============== ============ ============ ============ ===========
</TABLE>
See notes to financial statements.
42
--
GAM FUNDS INC / STATEMENTS OF CHANGES IN NET ASSETS
<PAGE>
<TABLE>
<CAPTION>
GAM Pacific Basin GAM Japan Capital
---------------------------- ----------------------------
YEAR ENDED 31ST DECEMBER 1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS FROM:
Operations
Net investment income/(loss) $ (192,780) $ (33,643) $ (632,123) $ (235,428)
Net realized gain/(loss) 3,147,505 (11,701,135) 9,163,778 (4,760,514)
Unrealized appreciation/(depreciation)
for the period 16,930,852 9,927,352 20,359,363 4,104,960
------------ ------------ ------------ ------------
Net increase/(decrease) in net assets
from operations 19,885,577 (1,807,426) 28,891,018 (890,982)
Dividends paid to shareholders from:
Net investment income
Class A (14,232) (431,742) -- --
Class B -- (936) -- --
Class C -- -- -- --
Class D -- (28,893) -- --
Distributions in excess of net investment income
Class A (619,527) -- (2,100,948) --
Class B (56,488) -- (60,901) --
Class C (3,773) -- (27,426) --
Class D (15,130) -- -- --
Net realized gain on investments
Class A -- (1,566,094) -- (1,796,842)
Class B -- (2,587) -- --
Class C -- (1,405) -- --
Class D -- (72,474) -- --
Capital share transactions (Note 4) 18,275,097 (2,259,071) 21,037,976 (3,911,099)
------------ ------------ ------------ ------------
Total increase/(decrease) in net assets 37,451,524 (6,170,628) 47,739,719 (6,598,923)
Net assets
Beginning of year 18,457,712 24,628,340 24,272,851 30,871,774
------------ ------------ ------------ ------------
End of year $ 55,909,236 $ 18,457,712 $ 72,012,570 $ 24,272,851
============ ============ ============ ============
Accumulated net investment
income/(loss), end of year $ (806,083) $ (1,521,567) $ (1,723,177) $ (564,454)
============ ============ ============ ============
<CAPTION>
GAM North America GAMerica Capital
---------------------------- ----------------------------
YEAR ENDED 31ST DECEMBER 1999 1998 1999 1998
---- ---- ---- ----
<S> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS FROM:
Operations
Net investment income/(loss) $ (238,170) $ (72,019) $ 162,578 $ (19,581)
Net realized gain/(loss) 803,028 4,184,527 1,361,297 880,209
Unrealized appreciation/(depreciation)
for the period 2,238,138 570,859 9,222,519 902,365
------------ ------------ ------------ ------------
Net increase/(decrease) in net assets
from operations 2,802,996 4,683,367 10,746,394 1,762,993
Dividends paid to shareholders from:
Net investment income
Class A -- -- (159,861) --
Class B -- -- -- --
Class C -- -- -- --
Class D -- -- -- --
Distributions in excess of net investment income
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class D -- -- -- --
Net realized gain on investments
Class A -- (4,058,087) (806,106) (253,783)
Class B -- (169,676) (134,605) (8,302)
Class C -- (196,849) (168,130) (7,626)
Class D -- -- -- --
Capital share transactions (Note 4) 16,552,415 8,253,350 46,919,966 8,352,505
------------ ------------ ------------ ------------
Total increase/(decrease) in net assets 19,355,411 8,512,105 56,397,658 9,845,787
Net assets
Beginning of year 19,478,278 10,966,173 13,644,844 3,799,057
------------ ------------ ------------ ------------
End of year $ 38,833,689 $ 19,478,278 $ 70,042,502 $ 13,644,844
============ ============ ============ ============
Accumulated net investment
income/(loss), end of year $ -- $ -- $ -- $ --
</TABLE>
43
--
GAM FUNDS INC / STATEMENTS OF CHANGES IN NET ASSETS
<PAGE>
This page is intentionally left blank.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
================================================================================
AS AT 31ST DECEMBER 1999
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.
45
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
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.
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 Financial Highlights
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
46
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
information is available to the Fund. Interest expense primarily relates to
custodian bank overdraft charges incurred during the year.
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.
Effective 17th December, 1999, UBS AG, a banking corporation organized under the
laws of Switzerland, acquired all the outstanding shares of Global Asset
Management Limited (the "Acquisition"). Global Asset Management Limited
indirectly wholly owns GAM International Management Limited, the Investment
Adviser to the Funds. The Acquisition resulted in a change of control of GAM
International Management Limited. Thus, pursuant to the Investment Company Act
of 1940, prior to the completion of the Acquisition, the Board of Directors
considered the continuance of the then current Amended and Restated Investment
Advisory Contract dated April 14, 1994 (the "GAM Contract") with GAM
International Management Limited as the Investment Adviser to the Funds. The
Board of Directors on 29th September, 1999 (including a majority of the
Directors who were not parties to the GAM Contract or interested person of any
such party) approved the continuance of the GAM Contract on behalf of each Fund,
which approval was further ratified by the Board (including a majority of the
Directors who were not parties to the GAM Contract or interested person of any
such party) on behalf of each Fund on 27th October, 1999. The shareholders of
each Fund approved the continuance of the GAM Contract on 26th October, 1999. As
such, a new Amended and Restated Investment Advisory Contract was executed upon
completion of the Acquisition with identical terms and conditions as the
original GAM Contract.
GAM Services, Inc. acts as principal underwriter of the Fund. For the year ended
31st December, 1999, GAM Services, Inc. retained front-end sales load charges of
$696,108 and contingent deferred sales charges of $590,096 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
1.00% 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 during 1999:
<TABLE>
<CAPTION>
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>
47
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
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 31st December, 1999, GAM Funds, Inc. had 1,550,000,000 shares of common
stock, $0.001 par value authorized. For each of the seven active funds shares
were allocated as follows: 260,000,000, 160,000,000, 147,500,000 and 50,000,000
shares, respectively, were allocated to each of Class A, Class B, Class C and
Class D of GAM International; 85,000,000, 75,000,000, 20,000,000 and 25,000,000
shares, respectively, were allocated to Class A, Class B, Class C and Class D of
GAM Global; 60,000,000, 50,000,000, 20,000,000 and 25,000,000 shares,
respectively, were allocated to Class A, Class B, Class C and Class D of GAM
Europe and GAM Pacific Basin; 55,000,000, 50,000,000, 20,000,000 and 12,500,000
shares, respectively, were allocated to Class A, Class B, Class C and Class D of
GAM Japan Capital; 55,000,000, 50,000,000, 15,000,000 and 25,000,000 shares,
respectively, were allocated to Class A, Class B, Class C and Class D of GAM
North America; while 30,000,000, 25,000,000, 15,000,000 and 25,000,000 shares,
respectively, were allocated to Class A, Class B, Class C and Class D of
GAMerica Capital.
48
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
NOTE 4. (CONTINUED)
Changes in each Fund's capital stock are summarized as follows:
<TABLE>
<CAPTION>
Class A Class B*
Shares US$ Shares US$
---------- --------------- --------- ------------
<S> <C> <C> <C> <C>
GAM INTERNATIONAL
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 21,179,421 582,466,302 1,085,856 30,116,509
Shares reinvested -- -- -- --
Shares redeemed (70,998,170) (1,877,956,339) (1,005,115) (26,581,356)
----------- -------------- ---------- ------------
Net increase/(decrease) (49,818,749) (1,295,490,037) 80,741 3,535,153
=========== ============== ========== ============
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 1,185,264 22,156,475 157,726 2,942,397
Shares reinvested -- -- -- --
Shares redeemed (5,478,746) (100,597,123) (265,625) (4,854,733)
----------- -------------- ---------- ------------
Net decrease (4,293,482) (78,440,648) (107,899) (1,912,336)
=========== ============== ========== ============
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 511,182 6,127,477 29,326 360,921
Shares reinvested 83,591 1,027,732 7,370 90,433
Shares redeemed (2,960,522) (35,197,464) (56,212) (667,826)
----------- -------------- ---------- ------------
Net decrease (2,365,749) (28,042,255) (19,516) (216,472)
=========== ============== ========== ============
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
=========== ============== ========== ============
<CAPTION>
Class C** Class D
Shares US$ Shares US$
---------- -------------- --------- ------------
<S> <C> <C> <C> <C>
GAM INTERNATIONAL
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 1,687,268 47,052,208 526,369 14,264,420
Shares reinvested -- -- -- --
Shares redeemed (1,806,221) (47,790,552) (2,662,778) (70,169,590)
----------- -------------- ---------- ------------
Net increase/(decrease) (118,953) (738,344) (2,136,409) (55,905,170)
=========== ============== ========== ============
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 160,723 2,999,694 81,692 1,497,217
Shares reinvested -- -- -- --
Shares redeemed (267,441) (4,924,422) (355,330) (6,482,162)
----------- -------------- ---------- ------------
Net decrease (106,718) (1,924,728) (273,638) (4,984,945)
=========== ============== ========== ============
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 30,103 368,116
Shares reinvested 3,373 40,414
Shares redeemed (39,353) (459,356)
----------- --------------
Net decrease (5,877) (50,826)
=========== ==============
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.
49
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
Class A Class B*
Shares US$ Shares US$
---------- ------------ ------- --------
<S> <C> <C> <C> <C>
GAM PACIFIC BASIN
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 2,682,903 28,097,260 416,934 4,665,444
Shares reinvested 39,278 505,186 1,565 21,159
Shares redeemed (1,500,538) (15,544,838) (34,708) (404,415)
---------- ----------- ------- ---------
Net increase/(decrease) 1,221,643 13,057,608 383,791 4,282,188
========== =========== ======= =========
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 4,463,325 46,623,078 176,443 1,993,131
Shares reinvested 121,877 1,562,464 4,508 60,319
Shares redeemed (2,728,426) (28,992,990) (48,496) (569,746)
---------- ----------- ------- ---------
Net increase 1,856,776 19,192,552 132,455 1,483,704
========== =========== ======= =========
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 1,088,958 18,837,080 243,005 4,207,665
Shares reinvested -- -- -- --
Shares redeemed (548,867) (9,631,008) (77,966) (1,340,795)
---------- ----------- ------- ---------
Net increase 540,091 9,206,072 165,039 2,866,870
========== =========== ======= =========
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 2,122,743 40,904,988 411,219 7,948,767
Shares reinvested 16,923 339,129 1,635 32,937
Shares redeemed (428,494) (8,694,517) (41,440) (782,799)
---------- ----------- ------- ---------
Net increase 1,711,172 32,549,600 371,414 7,198,905
========== =========== ======= =========
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 102,059 1,033,864 76,465 807,293
Shares reinvested 223 2,669 952 12,128
Shares redeemed (8,134) (81,809) (83,134) (838,844)
------- --------- -------- ----------
Net increase/(decrease) 94,148 954,724 (5,717) (19,423)
======= ========= ======== ==========
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 101,463 1,168,359
Shares reinvested 1,572 21,331
Shares redeemed (73,467) (827,970)
------- ---------
Net increase 29,568 361,720
======= =========
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 511,273 8,786,075
Shares reinvested -- --
Shares redeemed (249,886) (4,306,602)
------- ---------
Net increase 261,387 4,479,473
======= =========
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
YEAR ENDING 31ST DECEMBER, 1999
Shares sold 502,228 9,515,032
Shares reinvested 2,001 40,051
Shares redeemed (120,549) (2,383,622)
------- ---------
Net increase 383,680 7,171,461
======= =========
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.
50
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
NOTE 5. INVESTMENT TRANSACTIONS
The cost of purchases and proceeds of sales of investment securities for the
year ended 31st December, 1999 excluding short-term securities, were as follows:
<TABLE>
<CAPTION>
GAM GAM GAM
GAM GAM GAM PACIFIC JAPAN NORTH GAMERICA
INTERNATIONAL GLOBAL EUROPE BASIN CAPITAL AMERICA CAPITAL
------------------------------------------------------------------------------------------------------------
In US$
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases 2,422,676,705 126,065,016 35,676,555 31,970,426 43,176,129 22,283,493 41,775,280
Sales 3,774,255,781 210,033,096 67,692,702 18,149,312 27,474,499 4,547,579 4,799,866
</TABLE>
Realized gains and losses are reported on an identified cost basis. At 31st
December, 1999, the aggregate gross unrealized appreciation and depreciation of
securities, based on cost for federal income tax purposes, were as follows:
<TABLE>
<CAPTION>
GAM GAM GAM
GAM GAM GAM PACIFIC JAPAN NORTH GAMERICA
INTERNATIONAL GLOBAL EUROPE BASIN CAPITAL AMERICA CAPITAL
------------------------------------------------------------------------------------------------------------
In US$
<S> <C> <C> <C> <C> <C> <C> <C>
Appreciation 329,224,786 19,757,733 5,344,077 9,840,158 15,876,554 7,906,729 14,241,252
Depreciation (19,759,033) (1,247,427) (599,963) (3,751,286) (2,893,089) (1,667,665) (3,588,501)
---------- --------- -------- --------- --------- --------- ---------
Net 309,465,753 18,510,306 4,744,114 6,088,872 12,983,465 6,239,064 10,652,751
========== ========= ======== ========= ========= ========= =========
</TABLE>
At 31st December, 1999, 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>
<CAPTION>
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$ (25,493,925) (2,958,401) -- (483,511) (2,340,961) -- --
(14,482,801)
(760,353)
Carryforward 31st Dec 31st Dec -- 31st Dec 31st Dec. -- --
Expiration dates 2006 2006 -- 2007, 2006 -- --
2006 &
2005
Post October loss
carryforward (44,461,180) (1,413,392) (47,780) -- -- -- --
</TABLE>
Foreign taxes withheld from dividends and interest for the year ended 31st
December, 1999, were as follows:
<TABLE>
<CAPTION>
GAM GAM GAM
GAM GAM GAM PACIFIC JAPAN NORTH GAMERICA
INTERNATIONAL GLOBAL EUROPE BASIN CAPITAL AMERICA CAPITAL
------------------------------------------------------------------------------------------------------------
In US$
<S> <C> <C> <C> <C> <C> <C> <C>
Dividends 7,304,717 73,327 66,097 33,272 27,931 2,521 299
Interest -- -- -- -- 114 -- --
</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 31st December, 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.
51
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Net
Unrealized
Local Settlement Market Appreciation/
Currency Date Value (Depreciation)
- ------------------------------------------------------------------------------------------------------------------------------
US$ US$
GAM INTERNATIONAL FUND
To sell:
<S> <C> <C> <C> <C> <C>
Swiss Francs 55,367,394 18th February, 2000 34,974,476 2,410,665
Swiss Francs* 18,301,220 18th February, 2000 12,200,000 157,340
Swiss Francs* 48,430,694 18th February, 2000 32,940,000 (238,654)
Swiss Francs* 58,582,692 18th February, 2000 38,430,000 1,126,173
Euro 177,347,661 9th February, 2000 179,031,399 15,075,615
Euro 95,118,422 9th February, 2000 96,021,476 2,573,524
Euro* 144,354,542 9th February, 2000 157,000,000 996,046
Euro* 29,489,354 9th February, 2000 31,300,000 976,098
Euro* 78,228,270 9th February, 2000 84,510,000 1,110,841
Japanese Yen 207,277,200 18th February, 2000 2,045,364 (188,042)
Japanese Yen* 269,802,000 18th February, 2000 2,600,000 (182,419)
Japanese Yen* 2,424,520,800 18th February, 2000 23,400,000 (1,674,903)
Pound Sterling 60,357,165 8th March, 2000 97,558,143 (558,143)
Pound Sterling 47,346,098 8th March, 2000 76,527,739 1,612,261
---------
Net equity in foreign currency exchange contracts. 23,196,402
=========
GAM PACIFIC BASIN FUND
To sell:
Hong Kong Dollar 32,720,000 18th January, 2000 4,209,298 (9,298)
---------
Net equity in foreign currency exchange contracts. (9,298)
=========
</TABLE>
* The Fund has entered into offsetting forward foreign currency contracts.
At 31st December, 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
31st December, 1999 the Funds did not have any outstanding futures contracts.
52
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
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.
NOTE 8. REVOLVING DEMAND NOTE
During the year ended 31st December, 1999 GAM International Fund entered into
revolving demand notes with Brown Brothers Harriman & Co. subject to the
borrowing limit as set forth in the Fund's registration statement. These notes
are collateralized by any or all of the securities held by Brown Brothers
Harriman & Co. as the Fund's custodian up to the amount of borrowing. Borrowings
under these notes are charged interest at the current overnight LIBOR plus 300
basis points. The weighted average annualized interest rate on such notes was
9.07%. As of 31st December, 1999 the amount of borrowing under the revolving
demand note was $26,960,664. The average daily loan balance outstanding was
$45,555,435.
53
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
NOTE 9. FINANCIAL HIGHLIGHTS
GAM INTERNATIONAL FUND
<TABLE>
<CAPTION>
CLASS A
===============================================================
1999 1998 1997 1996 1995
======== ======= ======= ======= =======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $30.06 $28.46 $23.15 $21.37 $17.21
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) 0.17(a) 0.08(a) 0.08(a) 0.57(a) 0.52
Net realized and unrealized gain/(loss) on
investments 1.93 2.03 6.58 1.34 4.64
------ ------ ------ ------ ------
Total from investment operations 2.10 2.11 6.66 1.91 5.16
------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.05) (0.18) (0.09) (0.47)
Distributions from net realized gains -- (0.46) (1.17) (0.04) (0.53)
------ ------ ------ ------ ------
Total distributions -- (0.51) (1.35) (0.13) (1.00)
------ ------ ------ ------ ------
Net asset value, end of period $32.16 $30.06 $28.46 $23.15 $21.37
====== ====== ====== ====== ======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 6.99% 7.22% 28.93% 8.98% 30.09%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $1,271 $2,868 $1,794 $1,010 $560
Ratio of expenses to average net assets 1.76% 1.66% 1.68% 1.56%(b) 1.57%
Ratio of net investment income/(loss) to average net assets 0.62% 0.27% 0.28% 2.70% 3.89%
Portfolio turnover rate 117% 73% 48% 82% 35%
</TABLE>
54
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
CLASS B CLASS C
----------------------- ----------------------
1999 1998(c) 1999 1998(e)
======= ======= ======= =======
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $30.41 $33.39 $30.37 $32.61
------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.07)(a) (0.20)(a) (0.05)(a) (0.20)(a)
Net realized and unrealized gain/(loss) on
investments 1.97 (2.78) 1.97 (2.04)
------ ------ ------ ------
Total from investment operations 1.90 (2.98) 1.92 (2.24)
------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- --
Distributions from net realized gains -- -- -- --
------ ------ ------ ------
Total distributions -- -- -- --
------ ------ ------ ------
Net asset value, end of period $32.31 $30.41 $32.29 $30.37
====== ====== ====== ======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 6.25% (8.92)% 6.32% (6.87)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $72 $65 $80 $78
Ratio of expenses to average net assets 2.48% 2.54%(d) 2.48% 2.52%(d)
Ratio of net investment income/(loss) to average net assets (0.24)% (1.10)%(d) (0.19)% (1.14)%(d)
Portfolio turnover rate 117% 73% 117% 73%
</TABLE>
<TABLE>
<CAPTION>
CLASS D
----------------------------------------------------------
1999 1998 1997 1996 1995(f)
====== ====== ====== ====== ======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $29.92 $28.34 $23.07 $21.35 $20.46
------ ------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) 0.09(a) 0.04(a) 0.01(a) 0.45(a) 0.10
Net realized and unrealized gain/(loss) on
investments 1.95 2.03 6.59 1.32 1.78
------ ------ ----- ------ ------
Total from investment operations 2.04 2.07 6.60 1.77 1.88
------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.03) (0.16) (0.01) (0.46)
Distributions from net realized gains -- (0.46) (1.17) (0.04) (0.53)
------ ------ ------ ------ ------
Total distributions -- (0.49) (1.33) (0.05) (0.99)
------ ------ ------ ------ ------
Net asset value, end of period $31.96 $29.92 $28.34 $23.07 $21.35
====== ====== ====== ====== ======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 6.82% 7.13% 28.78% 8.33% 9.26%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $101 $159 $99 $39 $9
Ratio of expenses to average net assets 1.94% 1.80% 1.82% 2.06%(b) 2.22%(d)
Ratio of net investment income/(loss) to average net assets 0.34% 0.14% 0.05% 2.13% 1.90%(d)
Portfolio turnover rate 117% 73% 48% 82% 35%
</TABLE>
(a) Net investment income per share has been determined based on the weighted
average shares otustanding method.
(b) 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.
(c) For the period from 26th May, 1998 (commencement of operations) to 31st
December, 1998.
(d) Annualized.
(e) For the period from 19th May, 1998 (commencement of operations) to 31st
December, 1998.
(f) For the period from 18th September, 1995 (commencement of operations) to
31st December, 1995.
(*) Total return calculated for a period of less than one year is not
annualized.
55
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
GAM GLOBAL FUND
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------
1999 1998 1997 1996 1995
======= ======= ======= ======= =======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 19.04 $ 18.71 $ 14.35 $ 13.51 $ 10.60
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.13)(a) (0.05)(a) (0.04)(a) 0.16 (a) 0.35
Net realized and unrealized gain/(loss) on
investments 2.84 0.55 5.04 1.55 3.48
------- ------- ------- ------- -------
Total from investment operations 2.71 0.50 5.00 1.71 3.83
------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- (0.02) (0.08) (0.30)
Distributions from net realized gains -- (0.17) (0.62) (0.79) (0.62)
------- ------- ------- ------- -------
Total distributions -- (0.17) (0.64) (0.87) (0.92)
------- ------- ------- ------- -------
Net asset value, end of period $ 21.75 $ 19.04 $ 18.71 $ 14.35 $ 13.51
======= ======= ======= ======= =======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 14.23% 2.57% 34.95% 12.74% 36.25%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $67 $140 $66 $20 $26
Ratio of expenses to average net assets 1.89% 1.71% 1.83% 2.26%(b) 2.16%
Ratio of net investment income/(loss) to average net assets (0.69)% (0.25)% (0.25)% 1.17% 2.96%
Portfolio turnover rate 107% 123% 48% 107% 60%
</TABLE>
56
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
CLASS B CLASS C
------------------------ -----------------------
1999 1998(c) 1999 1998(e)
======= ======= ======= =======
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 19.11 $ 20.99 $ 19.10 $ 21.06
------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.30)(a) (0.13)(a) (0.30)(a) (0.14)(a)
Net realized and unrealized gain/(loss) on
investments 2.85 (1.75) 2.83 (1.82)
------ ------ ------ ------
Total from investment operations 2.55 (1.88) 2.53 (1.96)
------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- --
Distributions from net realized gains -- -- -- --
------ ------ ------ ------
Total distributions -- -- -- --
------ ------ ------ ------
Net asset value, end of period $ 21.66 $ 19.11 $ 21.63 $ 19.10
======= ======= ======= =======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 13.34% (8.96)% 13.25% (9.31)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $9 $10 $8 $9
Ratio of expenses to average net assets 2.76% 2.70%(d) 2.77% 2.83%(d)
Ratio of net investment income/(loss) to average net assets (1.61)% (1.14)%(d) (1.62)% (1.27)%(d)
Portfolio turnover rate 107% 123% 107% 123%
<CAPTION>
CLASS D
-------------------------------------------------------------------
1999 1998 1997 1996 1995(f)
====== ====== ====== ====== ======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 18.79 $ 18.50 $ 14.22 $ 13.48 $ 13.46
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.18)(a) (0.08)(a) (0.09)(a) 0.07(a) --
Net realized and unrealized gain/(loss) on
investments 2.80 0.54 5.02 1.47 0.92
------- ------- ------- ------- -------
Total from investment operations 2.62 0.46 4.93 1.54 0.92
------ ------ ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- (0.03) (0.01) (0.28)
Distributions from net realized gains -- (0.17) (0.62) (0.79) (0.62)
------ ------ ------ ------ ------
Total distributions -- (0.17) (0.65) (0.80) (0.90)
------ ------ ------ ------ ------
Net asset value, end of period $ 21.41 $ 18.79 $ 18.50 $ 14.22 $ 13.48
======= ======= ======= ======= =======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 13.94% 2.38% 34.80% 11.54% 6.97%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $6 $10 $4 $0.8 $0.3
Ratio of expenses to average net assets 2.16% 1.87% 2.01% 2.88%(b) 2.81%(d)
Ratio of net investment income/(loss) to average net asssets (0.98)% (0.41)% (0.53)% 0.52% (0.09)%(d)
Portfolio turnover rate 107% 123% 48% 107% 60%
</TABLE>
(a) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(b) 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.
(c) For the period from 26th May, 1998 (commencement of operations) to 31st
December, 1998.
(d) Annualized.
(e) For the period from 19th May, 1998 (commencement of operations) to 31st
December, 1998.
(f) For the period from 6th October, 1995 (commencement of operations) to 31st
December, 1995.
(*) Total return calculated for a period of less than one year is not
annualized.
57
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
GAM EUROPE FUND
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------
1999 1998 1997 1996 1995
======= ======= ======= ======= =======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 12.63 $ 12.57 $ 11.85 $ 10.04 $ 8.66
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.09)(a) 0.03(a) 0.02(a) 0.07(a) 0.07
Net realized and unrealized gain/(loss) on
investments 1.96 1.28 3.15 2.06 1.38
------- ------- ------- ------- -------
Total from investment operations 1.87 1.31 3.17 2.13 1.45
------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.02) (0.06) (0.01) (0.06)
Distributions from net realized gains (1.42) (1.23) (2.39) (0.31) (0.01)
------- ------- ------- ------- -------
Total distributions (1.42) (1.25) (2.45) (0.32) (0.07)
------- ------- ------- ------- -------
Net asset value, end of period $ 13.08 $ 12.63 $ 12.57 $ 11.85 $ 10.04
======= ======= ======= ======= =======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 16.21% 10.70% 27.55% 21.32% 16.77%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $20 $49 $39 $25 $23
Ratio of expenses to average net assets 2.48% 2.06% 1.81% 1.89%(b) 2.12%
Ratio of net investment income/(loss) to average net assets (0.79)% 0.24% 0.15% 0.59% 0.75%
Portfolio turnover rate 109% 168% 80% 76% 145%
</TABLE>
58
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
CLASS B CLASS C
---------------------- ------------------------
1999 1998(c) 1999 1998(e)
======= ======= ======= =======
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period 12.82 $ 15.38 $ 12.70 $ 15.16
------ ------ ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.29)(a) (0.20)(a) (0.43)(a) (0.28)(a)
Net realized and unrealized gain/(loss) on
investments 1.97 (1.37) 1.92 (1.19)
------ ------ ------- -------
Total from investment operations 1.68 (1.57) 1.49 (1.47)
------ ------ ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- --
Distributions from net realized gains (1.42) (0.99) (1.42) (0.99)
------ ------ ------- -------
Total distributions (1.42) (0.99) (1.42) (0.99)
------ ------ ------- -------
Net asset value, end of period $13.08 $12.82 $ 12.77 $ 12.70
====== ====== ======= =======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 14.48% (9.82)% 13.11% (9.32)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $2 $2 $1 $1
Ratio of expenses to average net assets 4.17% 3.93%(d) 5.35% 4.93%(d)
Ratio of net investment income/(loss) to average net assets (2.41)% (2.58)%(d) (3.62)% (3.46)%(d)
Portfolio turnover rate 109% 168% 109% 168%
</TABLE>
(a) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(b) 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.
(c) For the period from 26th May, 1998 (commencement of operations) to 31st
December, 1998.
(d) Annualized.
(e) For the period from 20th May, 1998 (commencement of operations) to 31st
December, 1998.
(*) Total return calculated for a period of less than one year is not
annualized.
59
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
GAM PACIFIC BASIN FUND
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------
1999 1998 1997 1996 1995
======== ======= ======= ======= =======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 8.23 $9.69 $15.26 $16.97 $17.62
------ ----- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.04)(a) (0.01)(a) --(a) 0.04(a) --
Net realized and unrealized gain/(loss) on
investments 6.19 (0.51) (4.45) (0.11) 0.61
------ ----- ------ ------ ------
Total from investment operations 6.15 (0.52) (4.45) (0.07) 0.61
------ ----- ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income (0.01) (0.22) -- (0.74) --
Distributions in excess of net investment income (0.20) -- -- -- --
Distributions from net realized gains -- (0.72) (1.12) (0.90) (1.26)
------ ----- ------ ------ ------
Total distributions (0.21) (0.94) (1.12) (1.64) (1.26)
------ ----- ------ ------ ------
Net asset value, end of period $14.17 $8.23 $ 9.69 $15.26 $16.97
====== ===== ====== ====== ======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 74.91% (3.99)% (30.00)% (0.39)% 4.50%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $47 $17 $23 $50 $54
Ratio of expenses to average net assets 2.26% 2.42% 1.98% 1.76%(b) 1.98%
Ratio of net investment income/(loss) to average net assets (0.42)% (0.11)% 0.02% 0.22% (0.07)%
Portfolio turnover rate 63% 55% 42% 46% 64%
</TABLE>
60
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
CLASS B CLASS C
---------------------- ---------------------
1999 1998(c) 1999 1998(e)
======= ======= ======= =======
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 8.96 $9.15 $ 8.12 $8.54
------ ----- ------ -----
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.19)(a) (0.35)(a) (0.39)(a) (0.70)(a)
Net realized and unrealized gain/(loss) on
investments 6.26 0.32 5.51 0.37
------ ----- ------ -----
Total from investment operations 6.07 (0.03) 5.12 (0.33)
------ ----- ------ -----
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.04) -- --
Distributions in excess of net investment income (0.14) -- (0.03) --
Distributions from net realized gains -- (0.12) -- (0.09)
------ ----- ------ -----
Total distributions (0.14) (0.16) (0.03) (0.09)
------ ----- ------ -----
Net asset value, end of period $14.89 $8.96 $13.21 $8.12
====== ===== ====== =====
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 67.89% (0.35)% 63.15% (3.87)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $6 $0.30 $2 $0.20
Ratio of expenses to average net assets 3.48% 9.39%(d) 5.57% 20.34%(d)
Ratio of net investment income/(loss) to average net assets (1.59)% (7.52)%(d) (3.82)% (19.15)%(d)
Portfolio turnover rate 63% 55% 63% 55%
<CAPTION>
CLASS D
-----------------------------------------------------------------
1999 1998 1997 1996 1995(f)
===== ====== ====== ====== ======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period 8.11 $9.62 $15.20 $16.96 $17.36
----- ----- ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.16)(a) (0.01)(a) 0.01(a) (0.10)(a) (0.02)
Net realized and unrealized gain/(loss) on
investments 6.13 (0.53) (4.47) (0.11) 0.26
----- ----- ------ ------ ------
Total from investment operations 5.97 (0.54) (4.46) (0.21) 0.24
----- ----- ------ ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- (0.25) -- (0.65) --
Distributions in excess of net investment income (0.13) -- -- --
Distributions from net realized gains -- (0.72) (1.12) (0.90) (0.64)
----- ----- ------ ------ ------
Total distributions (0.13) (0.97) (1.12) (1.55) (0.64)
----- ----- ------ ------ ------
Net asset value, end of period 13.95 $8.11 $ 9.62 $15.20 $16.96
===== ===== ====== ====== ======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 73.71% (4.64)% (30.18)% (1.19)% 2.35%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $2 $1 $2 $2 $2
Ratio of expenses to average net assets 2.89% 2.53% 2.08% 2.28%(b) 2.63%(d)
Ratio of net investment income/(loss) to average net assets (1.55)% (0.17)% (0.09)% 0.57% (1.49)%(d)
Portfolio turnover rate 63% 55% 42% 46% 64%
</TABLE>
(a) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(b) 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.
(c) For the period from 26th May, 1998 (commencement of operations) to 31st
December, 1998.
(d) Annualized.
(e) For the period from 1st June, 1998 (commencement of operations) to 31st
December, 1998.
(f) For the period from 18th October, 1995 (commencement of operations) to 31st
December, 1995.
(*) Total return calculated for a period of less than one year is not
annualized.
61
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
GAM JAPAN CAPITAL FUND
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------
1999 1998 1997 1996 1995
======== ======= ======= ======= =======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 7.65 $8.44 $9.39 $10.16 $ 9.62
------ ----- ----- ------ ------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.14)(a) (0.06)(a) (0.10)(a) (0.05)(a) (0.07)
Net realized and unrealized gain/(loss) on
investments 6.77 (0.16) (0.11) 0.07 0.69
------ ----- ----- ------ ------
Total from investment operations 6.63 (0.22) (0.21) 0.02 0.62
------ ----- ----- ------ ------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- (0.70) (0.05)
Distributions in excess of net investment income (0.43) -- -- -- --
Distributions from net realized gains -- (0.57) (0.74) (0.09) (0.03)
------ ----- ----- ------ ------
Total distributions (0.43) (0.57) (0.74) (0.79) (0.08)
------ ----- ----- ------ ------
Net asset value, end of period $13.85 $7.65 $8.44 $9.39 $10.16
====== ===== ===== ====== ======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 87.05% (2.75)% (2.58)% 0.15% 6.45%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $67 $22 $31 $37 $4
Ratio of expenses to average net assets 2.06% 2.16% 2.15% 1.84%(b) 3.61%(c)
Ratio of net investment income/(loss) to average net assets (1.38)% (0.78)% (1.06)% (0.50)% (2.35)%
Portfolio turnover rate 77% 59% 76% 23% 122%
</TABLE>
62
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
CLASS B CLASS C
----------------------- -----------------------
1999 1998(d) 1999 1998(f)
======= ======= ======= =======
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 8.11 $8.49 $ 8.12 $8.56
------ ----- ------ -----
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.34)(a) (0.19)(a) (0.34)(a) (0.15)(a)
Net realized and unrealized gain/(loss) on
investments 6.98 (0.19) 7.09 (0.29)
------ ----- ------ -----
Total from investment operations 6.64 (0.38) 6.75 (0.44)
------ ----- ------ -----
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- --
Distributions in excess of net investment income (0.30) -- (0.22) --
Distributions from net realized gains -- -- -- --
------ ----- ------ -----
Total distributions (0.30) -- (0.22) --
------ ----- ------ -----
Net asset value, end of period $14.45 $8.11 $14.65 $8.12
====== ===== ====== =====
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 82.18% (4.48)% 83.30% (5.14)%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $3 $1 $2 $1
Ratio of expenses to average net assets 3.80% 5.31%(e) 3.94% 3.99%(e)
Ratio of net investment income/(loss) to average net assets (3.16)% (4.22)%(e) (3.21)% (3.00)%(e)
Portfolio turnover rate 77% 59% 77% 59%
</TABLE>
(a) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(b) 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.
(c) 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.
(d) For the period from 26th May, 1998 (commencement of operations) to 31st
December, 1998.
(e) Annualized.
(f) For the period from 19th May, 1998 (commencement of operations) to 31st
December, 1998.
(*) Total return calculated for a period of less than one year is not
annualized.
63
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
GAM NORTH AMERICA FUND
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------------------
1999 1998 1997 1996 1995
======== ======= ======= ======= =======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 16.74 $ 17.32 $ 13.56 $ 11.93 $ 9.14
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.07)(a) (0.07)(a) --(a) (0.05)(a) --
Net realized and unrealized gain/(loss) on
investments 1.63 4.76 3.99 2.93 2.83
------- ------- ------- ------- -------
Total from investment operations 1.56 4.69 3.99 2.88 2.83
------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- -- --
Distributions from net realized gains -- (5.27) (0.23) (1.25) (0.04)
------- ------- ------- ------- -------
Total distributions -- (5.27) (0.23) (1.25) (0.04)
------- ------- ------- ------- -------
Net asset value, end of period $ 18.30 $ 16.74 $ 17.32 $ 13.56 $ 11.93
======= ======= ======= ======= =======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 9.32% 29.44% 29.41% 24.10% 30.90%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $29 $17 $11 $6 $6
Ratio of expenses to average net assets 1.90% 2.10% 1.94% 2.61%(b) 2.98%(c)
Ratio of net investment income/(loss) to average net assets (0.42)% (0.34)% 0.00% (0.39)% 0.01%
Portfolio turnover rate 13% 70% 15% 9% 9%
</TABLE>
64
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
CLASS B CLASS C
---------------------- -----------------------
1999 1998(d) 1999 1998(f)
======= ======= ======= =======
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 16.87 $ 20.08 $16.58 $ 21.58
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.29)(a) (0.57)(a) (0.25)(a) (0.44)(a)
Net realized and unrealized gain/(loss) on
investments 1.61 2.17 1.58 0.25
------- ------- ------- -------
Total from investment operations 1.32 1.60 1.33 (0.19)
------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- --
Distributions from net realized gains -- (4.81) -- (4.81)
------- ------- ------- -------
Total distributions -- (4.81) -- (4.81)
------- ------- ------- -------
Net asset value, end of period $ 18.19 $ 16.87 $ 17.91 $ 16.58
======= ======= ======= =======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 7.82% 9.68% 8.02% 0.69%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $4 $1 $6 $1
Ratio of expenses to average net assets 3.11% 7.56%(e) 2.90% 8.16%(e)
Ratio of net investment income/(loss) to average net assets (1.66)% (5.81)%(e) (1.45)% (6.50)%(e)
Portfolio turnover rate 13% 70% 13% 70%
</TABLE>
(a) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(b) 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.
(c) In the absence of expense reimbursement, expenses on an annualized basis
would have been 3.27% of average net assets for the period ended 31st
December, 1995.
(d) For the period from 26th May, 1998 (commencement of operations) to 31st
December, 1998.
(e) Annualized.
(f) For the period from 7th July, 1998 (commencement of operations) to 31st
December, 1998.
(*) Total return calculated for a period of less than one year is not
annualized.
65
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
GAMERICA CAPITAL FUND
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------
1999 1998 1997 1996 1995(c)
======== ======= ======= ======= =======
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 17.08 $ 13.43 $ 10.82 $ 10.03 $ 10.00
------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) 0.13 (a) (0.01)(a) (0.24)(a) (0.42)(a) 0.07
Net realized and unrealized gain/(loss) on
investments 4.78 4.08 4.23 2.22 0.07
------- ------- ------- ------- -------
Total from investment operations 4.91 4.07 3.99 1.80 0.14
------- ------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income (0.07) -- -- -- (0.07)
Distributions from net realized gains (0.47) (0.42) (1.38) (1.01) (0.04)
------- ------- ------- ------- -------
Total distributions (0.54) (0.42) (1.38) (1.01) (0.11)
------- ------- ------- ------- -------
Net asset value, end of period $ 21.45 $ 17.08 $ 13.43 $ 10.82 $ 10.03
======= ======= ======= ======= =======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 28.97% 30.59% 37.28% 18.31% 1.38%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $51 $11 $4 $2 $3
Ratio of expenses to average net assets 1.84% 2.46% 3.45% 5.16%(b)(e) 3.73%(d)(e)
Ratio of net investment income/(loss) to average net assets 0.66% (0.03)% (2.04)% (3.79)% 1.36%(d)
Portfolio turnover rate 20% 29% 22% 27% 11%
</TABLE>
66
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
<TABLE>
<CAPTION>
CLASS B CLASS C
-------------------------- -------------------------
1999 1998(f) 1999 1998(f)
======= ======= ======= =======
<S> <C> <C> <C> <C>
NET ASSET VALUE,
beginning of period $ 17.26 $ 16.57 $ 17.13 $ 16.57
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (0.07)(a) (0.26)(a) (0.04)(a) (0.37)(a)
Net realized and unrealized gain/(loss) on
investments 4.82 1.10 4.80 1.08
------- ------- ------- -------
Total from investment operations 4.75 0.84 4.76 0.71
------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends from net investment income -- -- -- --
Distributions from net realized gains (0.47) (0.15) (0.47) (0.15)
------- ------- ------- -------
Total distributions (0.47) (0.15) (0.47) (0.15)
------- ------- ------- -------
Net asset value, end of period $ 21.54 $ 17.26 $ 21.42 $ 17.13
======= ======= ======= =======
TOTAL RETURN
Total return for the period
without deduction of sales load (*) 27.68% 5.13% 27.95% 4.34%
RATIOS/SUPPLEMENTAL DATA
Total net assets (millions) $9 $1 $10 $1
Ratio of expenses to average net assets 2.88% 5.19%(d) 2.74% 7.15%(d)
Ratio of net investment income/(loss) to average net assets (0.34)% (2.74)%(d) (0.23)% (4.77)%(d)
Portfolio turnover rate 20% 29% 20% 29%
</TABLE>
(a) Net investment income per share has been determined based on the weighted
average shares outstanding method.
(b) 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.
(c) For the period 12th May, 1995 (commencement of operations) to 31st
December, 1995.
(d) Annualized.
(e) 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.
(f) For the period 26th May, 1998 (commencement of operations) to 31st
December, 1998.
(*) Total return calculated for a period of less than one year is not
annualized.
67
--
GAM FUNDS INC / NOTES TO FINANCIAL STATEMENTS
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
================================================================================
To the Board of Directors and Shareholders of
GAM Funds, Inc.
In our opinion, the accompanying statements of assets and liabilities, including
the statements of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of GAM Funds, Inc. (comprising,
respectively, 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) at December 31, 1999, the results of each of their operations for
the year then ended, the changes in each of their net assets for each of the two
years in the period then ended, and the financial highlights for each of the
four years in the period then ended, in conformity with accounting principles
generally accepted in the United States. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with auditing standards
generally accepted in the United States, which require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits, which included confirmation of securities at December
31, 1999 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above. The financial highlights for the period
ended December 31, 1995, were audited by other auditors whose report, dated
February 2, 1996, expressed an unqualified opinion thereon.
/s/ PricewaterhouseCoopers LLP
New York, New York PricewaterhouseCoopers LLP
February 16, 2000
68
--
GAM FUNDS INC / REPORT OF INDEPENDENT ACCOUNTANTS
<PAGE>
ADDITIONAL FEDERAL TAX INFORMATION (UNAUDITED)
================================================================================
The percentage of ordinary income dividends paid by the Funds during the year
ended 31st December 1999, which qualify for the Dividends Received Deduction
available to corporate shareholders was:
<TABLE>
<CAPTION>
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>
Percentages 0% 0% 0% 0% 0% 0% 10.21%
</TABLE>
The Funds hereby designate the following approximate amounts as capital gain
distributions for the purpose of the Dividends Paid Deduction:
<TABLE>
<CAPTION>
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$
Distribution -- -- 2,553,906 -- -- -- 70,284
</TABLE>
In January 2000, the Funds reported on Form 1099 the tax status of all
distributions made during calendar year 1999.
69
--
GAM FUNDS INC / ADDITIONAL FEDERAL TAX INFORMATION
<PAGE>
SUPPLEMENTAL PROXY INFORMATION (UNAUDITED)
================================================================================
The "Company" had a special meeting of shareholders on 26th October, 1999. The
following is a description of the matters presented to shareholders for approval
and the results of the voting.
1. To approve the investment advisory contract between the Fund and GAM
International Management Limited ("GIML").
SERIES FOR AGAINST ABSTAIN
------ --- ------- -------
GAM International Fund.................... 34,078,957 980,017 426,089
GAM Global Fund........................... 3,250,681 106,505 56,446
GAM Pacific Basin Fund.................... 2,119,892 9,182 34,136
GAM Europe Fund........................... 1,364,496 8,847 32,209
GAM North America Fund.................... 1,682,711 4,302 19,383
GAM Japan Capital Fund.................... 2,784,574 25,920 18,192
GAMerica Capital Fund..................... 1,735,078 10,561 24,962
2. To change the fundamental investment restriction of GAM Pacific Basin Fund
("GPB") to permit GPB to invest more than 25% of the value of its assets in a
single market sector.
Series For Against Abstain
------ --- ------- -------
GAM Pacific Basin Fund..................... 1,565,390 52,883 31,246
70
--
GAM FUNDS INC / SUPPLEMENTAL PROXY INFORMATION
<PAGE>
[BLANK]
71
<PAGE>
BOARD OF DIRECTORS
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,
Abromowitz, 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
- --------------------------------------------------------------------------------
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. Jame'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]
- --------------------------------------------------------------------------------
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