<PAGE>
G.T. CAPITAL
[LOGO]
TWENTY-FIVE
YEARS OF
PROVIDING
ACCESS TO
GLOBAL MARKETS
/ /
G.T. GREATER
EUROPE FUND
/ /
SEMIANNUAL REPORT
APRIL 30, 1995
<PAGE>
TABLE
OF CONTENTS
<TABLE>
<S> <C>
Report from the Fund
Managers and Key
Portfolio Holdings..... 1
Financial Statements... F-1
</TABLE>
<PAGE>
REPORT FROM THE FUND MANAGERS
The G.T. Greater Europe Fund seeks long-term capital appreciation by investing
in a broad range of companies and business ventures we believe are likely to
benefit from economic, political, structural and technological changes in both
western and eastern Europe.
PERFORMANCE REVIEW
The total return for the six months ending April 30, 1995, based on the net
asset value of the Fund, was -8.34%. The share price of the Fund, as traded on
the New York Stock Exchange, fell by -9.14% for the period. As provided in the
Fund's prospectus, the Fund may attempt to hedge against adverse movements in
currency exchange rates by entering into forward currency contracts for the
purchase or sale of a specified currency at a specified future date. Our
strategy has been to hedge against a strengthening U.S. dollar. This means that
when the dollar weakens, as it did over the period, the Fund's performance is
adversely affected. The Fund was also overweighted in smaller companies and in
the markets of UK and Sweden, which performed well in local currencies but
poorly in dollars. In the six months since October 1994, the Morgan Stanley
Capital International Europe Index(1) rose by 2.65% in local currencies and by
6.19% in U.S. dollars.
MARKET REVIEW
There was a wide divergence of returns across the markets, with Norway the best
performing market in local currencies (9.0%) and Finland the worst (-8.6%). In
U.S. dollars, Norway was again at the top (14.9%) with Italy the weakest
(-7.4%). In U.S. dollars there was a clear division between the "hard core"
markets (Germany, Switzerland, Netherlands, Belgium, Denmark, France and
Norway), which all rose by at least 6%, and the remaining markets.
We attribute this divergent performance to the development of three trends that
intensified throughout the investment period. The U.S. dollar's depreciation
against the deutschemark gathered speed in early 1995 and forced a reassessment
of the risk involved in holding assets in weak currencies, such as the Italian
lira, the Swedish krone or the British pound. Partly as a result, the hard
- - --------------
(1) The Morgan Stanley Capital International Europe Index is an arithmetic
average, weighted by market value, of the performance of 590 securities
listed on 14 major European exchanges. It includes the effect of reinvested
dividends and is measured in U.S. dollars.
1
<PAGE>
currency bloc also strengthened against other European currencies, leading to
exchange rate tensions that resulted in all of the soft currency countries
raising interest rates.
In addition, it became clear early in 1995 that the pace of economic growth in
Europe was slowing from the unexpectedly high levels of 1994. In our opinion,
the two stimuli which drove growth at that time - rebuilding inventory and
growing U.S. demand for European exports - should both be muted in 1995. Bonds
in the U.S. and Europe rallied very strongly on this realization, helping stocks
to rise as well.
Finally, cyclical stocks, which had outperformed in the first six months of
1994, sold off by up to 25% over the period as near-term earnings estimates were
shaved to reflect weaker European economic growth and less competitive
currencies. Financial stocks were generally uninspiring over the period, leaving
the stable growth, defensive type companies as the biggest contributors to the
rise in markets over the period. The Fund was equally weighted among the three
categories.
In eastern Europe, stock markets started to rally beginning in March 1995, after
falling by 60%-70% from their peaks in January 1994. There appear to have been
two catalysts for this initial improvement - higher tolerance for risk,
particularly on the part of hedge funds, and the low valuation levels the
markets had fallen to. The pace of privatization appears to be picking up to
meet the inflow of foreign capital.
PORTFOLIO STRATEGY
There has been very little change in our portfolio strategy over the period. We
continue to avoid financial stocks unless they have unique attractions, and we
are investing in growth companies when we find them at reasonable valuations. We
are constructing the Fund on the basis of stock selection rather than top-down
asset allocation, because we consider this the safest long-term approach. We are
investing in selected cyclical companies where we think the markets have been
unduly savage in undervaluing the stocks - the paper and shipping industries are
cases in point.
We still hold around 50%-60% of the Fund in smaller and medium-sized companies,
which continue to underperform the large indices through this latest half-year
period. We find these companies typically have clearer earnings
2
<PAGE>
potential in the future, and are cheaper, than their larger brethren. If, as we
expect, smaller companies start to outperform two or three months after the
larger companies recover, the summer should be a good period for them.
OUTLOOK
If the U.S. dollar stabilizes or rises from its end-of-May level and European
bonds remain at current levels after their strong rise - and we believe both
these things will happen - then the outlook for European stock markets is
optimistic. We view earnings growth as reasonably strong while the markets are
not expensive by historical standards.
CHRISTIAN WIGNALL JOHN LEGAT
CHIEF INVESTMENT OFFICER PORTFOLIO MANAGER
GLOBAL EQUITIES LONDON
SAN FRANCISCO JAMES DICKSON
PORTFOLIO MANAGER
LONDON
JUNE 1, 1995
G.T. GREATER EUROPE FUND
3
<PAGE>
KEY PORTFOLIO HOLDINGS*
NATIONAL WESTMINSTER BANK (NATWEST) UK
One of Britain's four national retail banks, Natwest is undergoing a change of
culture forced on it by increasing competition. In the past, the market has
considered the bank to be poorly run; we expect a reversal in that assessment as
well as an improvement in the quality of the bank's loan book as the UK economy
recovers.
IHC CALAND NETHERLANDS
IHC Caland is a capital goods manufacturer specializing in marine technology.
Earnings are split evenly between technology for the offshore oil industry and
the dredging industry. With 70% of the world market share in the former and a
two-year order book for the latter, we believe IHC Caland has an enviable
position from which to build on its recent strong profit performance.
GKN UK
GKN's business is concentrated in the automative, engineering and aerospace
industries. The automotive supplies business has been performing well. Key
contracts with Fiat, which is growing market share, and with U.S. companies have
proved lucrative. The helicopter business has a strong order backlog with the
possibility of winning further orders in upcoming tenders. The group is valued
only in line with its historical range, and we believe it has the potential to
move higher due to the improving mix of its earnings.
ASSA - ABLOY SWEDEN
Assa-Abloy is the result of a recent merger of one Swedish and one Finnish
company, both making mechanical and electronic locks. The resulting company is
the world leader but only has a 4% world market share. Their strategy is to
acquire companies in order to grow sales, while simultaneously raising profit
margins through better management and synergies.
PROVIDENT FINANCIAL UK
Provident Financial, an investment management company, is also one of the
largest consumer credit companies in the UK with more than one million active
customers. The strong profits growth seen over the last few years has resulted
from a combination of strong overhead control using computerization and a
continued growth in the volume of new credit issued. Provident Financial also
has
- - --------------
* There is no assurance that the Fund will continue to hold these or any other
securities mentioned in this report.
4
<PAGE>
an expanding insurance operation and enjoys one of the best dividend and
earnings growth records in the UK stock market.
SAP AG GERMANY
The company is among the world leaders in designing standard application
software for client/server networks. The software market has doubled annually
and SAP currently has over 50% of the market. Following an investment phase,
which depressed profitability, margins are now rising and sales of new products
appear ahead of budget. Marketing contracts with all major hardware
manufacturers and a joint venture with Microsoft to transfer SAP's product into
Windows encourage us that SAP will remain at the forefront of research and may
enjoy significant growth rates over the next few years.
S.I.T.A. FRANCE
S.I.T.A. is a waste management company operating in France, the UK and Spain,
which we believe is benefiting from the increasing outsourcing of services
previously handled by the French government. Cash flow generation is strong and
we think there are substantial opportunities to make efficiency gains. We expect
a steady stream of revenues from further outsourcing and increasing capacity
constraints on the available landfill sites in France.
BRITISH TELECOMMUNICATIONS UK
The most competitive and aggressive of the European telecom companies, British
Telecommunications is realizing an increasing proportion of earnings from abroad
as it expands. It pays a high yield compared to the UK market, has a strong
balance sheet, and would benefit if the UK government softens its punitive
tariff regime, as is being considered now.
VEBA AG GERMANY
Up to two years ago, Veba was a classic, sleepy German company, raising capital
to buy businesses in areas unrelated to its own core area of electricity
generation. New management has a focus on profitability instead, and is making
serious efforts to convince investors that good returns will now take priority
over diversification. The valuation is cheap relative to similar companies and
earnings growth should be in the order of 10%-15% over the next five years.
5
<PAGE>
PECHINEY INTERNATIONAL FRANCE
The main asset of Pechiney International is American National Can, the leading
player in the North American aluminum beverage can industry. The past five years
have been dismal, with pressure on margins from both raw material suppliers and
customers. We believe the market is now improving as the industry approaches
full capacity utilization. In addition, new management at Pechiney is taking
more serious action than did the previous management to turn the company around.
G.T. GREATER EUROPE FUND
PORTFOLIO SUMMARY
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GEOGRAPHIC ALLOCATION OF NET ASSETS AS OF APRIL 30, 1995 SECTOR ALLOCATION OF NET ASSETS AS OF APRIL 30, 1995
<S> <C> <C> <C>
UNITED KINGDOM 37.6% SERVICES 20.4%
SWEDEN 11.2% MATERIALS/BASIC INDUSTRY 14.3%
GERMANY 7.9% FINANCE 12.0%
SPAIN 6.8% CONSUMER DURABLES 9.0%
NETHERLANDS 6.7% TRANSPORTATION-SHIPPING 8.8%
UNITED STATES 5.2% BROADCASTING & PUBLISHING 7.4%
FRANCE 4.9% CAPITAL GOODS 6.8%
NORWAY 3.9% CONSUMER NON-DURABLES 4.5%
HUNGARY 3.6% MULTI-INDUSTRY/MISCELLANEOUS 3.9%
FINLAND 2.6% TECHNOLOGY 3.2%
OTHER 9.6% ENERGY 2.4%
HEALTH CARE 2.0%
SHORT-TERM & OTHER 5.3%
</TABLE>
ALLOCATIONS WILL CHANGE BASED ON CURRENT MARKET CONDITIONS.
6
<PAGE>
/ /
G.T. GREATER
EUROPE FUND
/ /
FINANCIAL
STATEMENTS
<PAGE>
G.T. GREATER EUROPE FUND
PORTFOLIO OF INVESTMENTS
April 30, 1995 (Unaudited)
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Equity Market % of Net
Investments Country Shares Value Assets(DELTA)
- - -------------------------------------------------------------------------------- ------- ---------- -------------- ------------
<S> <C> <C> <C> <C>
Services (20.4%)
- - ----------------
Assa-Abloy AB "B" (CHECK MARK).................................................. SWDN 1,203,900 $5,201,395 2.4
BUSINESS & PUBLIC SERVICES
British Telecommunications PLC.................................................. UK 723,200 4,522,910 2.0
TELEPHONE NETWORKS
National Express Group PLC...................................................... UK 696,500 4,170,927 1.9
TRANSPORTATION-ROAD & RAIL
Capital Corp. PLC............................................................... UK 1,907,500 3,930,457 1.8
LEISURE & TOURISM
Tele Danmark AS "B"............................................................. DEN 74,279 3,878,514 1.7
TELEPHONE NETWORKS
Great Universal Stores PLC...................................................... UK 384,500 3,651,883 1.7
RETAILERS-OTHER
Ste Industrielle de Transports Automobile SA (S.I.T.A.)......................... FR 25,000 3,530,069 1.6
CONSUMER SERVICES
Securitas AB "B" Free........................................................... SWDN 86,700 2,592,355 1.2
BUSINESS & PUBLIC SERVICES
Centros Comerciale Continente SA (CHECK MARK)................................... SPN 113,900 2,457,574 1.1
RETAILER-FOOD
Marco Iberica Distribucion de Ediciones SA...................................... SPN 189,420 1,962,702 0.9
CONSUMER SERVICES
Prosegur Compania de Seguridad SA............................................... SPN 92,205 1,918,284 0.9
BUSINESS & PUBLIC SERVICES
SPT Telecom AS (CHECK MARK) (O)................................................. CZCH 20,000 1,859,024 0.8
TELECOM-OTHER
Om Gruppen AB Free.............................................................. SWDN 174,600 1,748,179 0.8
BUSINESS & PUBLIC SERVICES
Fotex........................................................................... HGRY 900,000 1,569,472 0.7
RETAILERS-OTHER
Russian Telecommunication Development Corp...................................... US -- -- 0.4
TELEPHONE NETWORKS
Non-voting (CHECK MARK) (O)................................................... -- 52,600 526,000 --
Voting (CHECK MARK) (O)....................................................... -- 38,400 384,000 --
Petersburg Long Distance, Inc.(CHECK MARK)...................................... US 140,000 717,500 0.3
TELEPHONE-LONG DISTANCE
Technoimpex (INVERTED TRIANGLE) (CHECK MARK) (O)................................ HGRY 1,400 442,666 0.2
WHOLESALE & INTERNATIONAL TRADE
--------------
45,063,911
--------------
Materials/Basic Industry (14.3%)
- - --------------------------------
Pechiney International SA-Bearer................................................ FR 170,000 4,351,889 2.0
MISC. MATERIALS & COMMODITIES
Pilkington PLC.................................................................. UK 1,420,000 4,080,328 1.9
BUILDING MATERIALS & COMPONENTS
Wolseley PLC.................................................................... UK 552,000 3,092,337 1.4
BUILDING MATERIALS & COMPONENTS
Stora Kopparbergs "A" Free...................................................... SWDN 46,200 3,079,620 1.4
FOREST PRODUCTS
Akzo Nobel N.V.................................................................. NETH 25,000 2,899,298 1.3
CHEMICALS
Koninklijke Nederlandsche Hoogovens en Staalfabrieken N.V....................... NETH 75,000 2,889,633 1.3
METALS-STEEL
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-1
<PAGE>
G.T. GREATER EUROPE FUND
<TABLE>
<CAPTION>
Equity Market % of Net
Investments Country Shares Value Assets(DELTA)
- - -------------------------------------------------------------------------------- ------- ---------- -------------- ------------
<S> <C> <C> <C> <C>
Cristaleria
Espanol SA (CHECK MARK)........................................................ SPN 50,000 $2,673,710 1.2
GLASS & BUILDING MATERIALS
Empresa Nacional de Celulosa SA (CHECK MARK).................................... SPN 100,000 2,555,872 1.2
FOREST PRODUCTS
RJB Mining PLC.................................................................. UK 361,250 2,477,342 1.1
METALS-NON FERROUS
Rautaruukki OY "K".............................................................. FIN 288,000 2,297,782 1.0
METALS-STEEL
Imperial Chemical Industries PLC................................................ UK 77,100 937,065 0.4
CHEMICALS
British Steel PLC............................................................... UK 44,800 121,880 0.1
METALS-STEEL
Catalyst Energy Services (CHECK MARK) (O)....................................... US 19,600 7,840 0.0
MISC. MATERIALS & COMMODITIES
--------------
31,464,596
--------------
Finance (12.0%)
- - ---------------
National Westminster Bank PLC................................................... UK 700,000 6,090,631 2.8
BANKS-MONEY CENTER
Provident Financial PLC......................................................... UK 551,400 5,015,148 2.3
CONSUMER FINANCE
Sparebanken NOR (Union Bank of Norway).......................................... NOR 177,000 3,608,186 1.6
BANKS-REGIONAL
Bankgesellschaft Berlin AG...................................................... GER 13,500 3,107,592 1.4
BANKS-REGIONAL
S.G. Warburg Group PLC.......................................................... UK 233,500 2,886,800 1.3
INVESTMENT MANAGEMENT
Anglo Irish Bank Corp. PLC...................................................... IRL 3,200,000 2,634,926 1.2
BANKS-REGIONAL
Gerrard & National Holdings PLC................................................. UK 320,000 2,220,219 1.0
SECURITIES BROKER
Swedbank AB (CHECK MARK) (O).................................................... SWDN 160,000 937,059 0.4
BANKS-MONEY CENTER
--------------
26,500,561
--------------
Consumer Durables (9.0%)
- - ------------------------
GKN PLC......................................................................... UK 510,400 5,307,766 2.4
AUTOMOTIVE PARTS
Beers N.V....................................................................... NETH 26,750 3,446,943 1.6
AUTOMOBILES
Tofas Turk Otomobil Fabrikasi GDR Reg. S (INVERTED TRIANGLE) (O)................ TRKY 700,000 3,220,000 1.5
AUTOMOBILES
Fust SA Dipl. Ing AG-Bearer..................................................... SWTZ 9,550 2,854,167 1.3
APPLIANCES & HOUSEHOLD DURABLES
Kampa Haus AG................................................................... GER 5,000 2,789,003 1.3
HOUSING
Volvo "B" Free.................................................................. SWDN 120,000 2,246,636 0.9
AUTOMOBILES
--------------
19,864,515
--------------
Transportation - Shipping (8.8%)
- - --------------------------------
IHC Caland N.V.................................................................. NETH 200,000 5,463,565 2.5
Effjohn OY "A" Free (CHECK MARK)................................................ FIN 300,000 3,449,490 1.6
Bergesen D.Y. AS "B"............................................................ NOR 138,500 3,001,204 1.3
Frontline AB Free (CHECK MARK).................................................. SWDN 1,000,000 2,743,146 1.2
C.M.B. ACT N.V.................................................................. BEL 35,000 2,656,907 1.2
I.M. Skaugen.................................................................... NOR 2,800,000 2,157,303 1.0
--------------
19,471,615
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-2
<PAGE>
G.T. GREATER EUROPE FUND
<TABLE>
<CAPTION>
Equity Market % of Net
Investments Country Shares Value Assets(DELTA)
- - -------------------------------------------------------------------------------- ------- ---------- -------------- ------------
<S> <C> <C> <C> <C>
Broadcasting & Publishing (7.4%)
- - --------------------------------
British Sky Broadcasting PLC (CHECK MARK)....................................... UK 850,000 $3,393,432 1.5
Granada Group PLC............................................................... UK 360,000 3,300,386 1.5
EMAP PLC........................................................................ UK 404,000 2,796,523 1.3
Pearson PLC..................................................................... UK 265,000 2,444,382 1.1
Portsmouth & Sunderland Newspapers PLC.......................................... UK 225,000 2,136,993 1.0
Marieberg Tidnings AB "A" Free.................................................. SWDN 100,000 2,112,222 1.0
--------------
16,183,938
--------------
Capital Goods (6.8%)
- - --------------------
Allgon AB "B" Free.............................................................. SWDN 170,000 3,322,635 1.5
ELECTRICAL PLANT/EQUIPMENT
Charter PLC..................................................................... UK 203,000 2,601,223 1.2
MACHINERY & ENGINEERING
Cobham PLC...................................................................... UK 502,000 2,545,557 1.1
AEROSPACE DEFENSE
GEA AG Preferred................................................................ GER 7,300 2,396,811 1.1
MACHINERY & ENGINEERING
Trans Tec PLC................................................................... UK 2,000,000 2,350,290 1.1
MACHINERY & ENGINEERING
AMEC PLC........................................................................ UK 1,500,000 1,690,277 0.8
CONSTRUCTION
--------------
14,906,793
--------------
Consumer Non-Durables (4.5%)
- - ----------------------------
Pick Szeged RT GDR (INVERTED TRIANGLE) (O)...................................... HGRY 60,000 3,490,800 1.6
FOOD MANUFACTURER
Compass Group PLC............................................................... UK 586,000 3,150,740 1.4
FOOD
Graboplast (CHECK MARK)......................................................... HGRY 120,456 1,418,599 0.7
HOUSEHOLD PRODUCTS
Styl Ruhagyar RT (INVERTED TRIANGLE)............................................ HGRY 85,000 931,600 0.4
TEXTILES & APPAREL
Dardanel Onetas Gida (CHECK MARK)............................................... TRKY 570,000 885,176 0.4
FOOD
--------------
9,876,915
--------------
Multi-Industry/Miscellaneous (3.9%)
- - -----------------------------------
Corp. Financiera Reunida (COFIR)................................................ SPN 1,000,000 3,250,711 1.5
MULTI-INDUSTRY
Creditanstalt Investment Privatisation Fund (CHECK MARK)........................ ASTRI 80,000 2,051,598 0.9
COUNTRY FUND
Albatros Investissement (CHECK MARK)............................................ FR 76,094 1,947,957 0.9
MULTI-INDUSTRY
Baltic Republic Fund (INVERTED TRIANGLE) (CHECK MARK) (O)....................... IRL 9,000 918,000 0.4
COUNTRY FUND
Harvard Investment Company Growth Fund.......................................... CZCH 20,000 438,420 0.2
COUNTRY FUND
--------------
8,606,686
--------------
Technology (3.2%)
- - -----------------
SAP AG.......................................................................... GER -- -- 2.1
SOFTWARE
Preferred..................................................................... -- 2,530 2,501,155 --
Common........................................................................ -- 2,000 2,063,790 --
Peek PLC........................................................................ UK 1,800,000 2,433,999 1.1
SOFTWARE
--------------
6,998,944
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-3
<PAGE>
G.T. GREATER EUROPE FUND
<TABLE>
<CAPTION>
Equity Market % of Net
Investments Country Shares Value Assets(DELTA)
- - -------------------------------------------------------------------------------- ------- ---------- -------------- ------------
<S> <C> <C> <C> <C>
Energy (2.4%)
- - -------------
Veba AG......................................................................... GER 12,000 $4,468,177 2.0
ELECTRIC & GAS UTILITIES
Sidlaw Group PLC................................................................ UK 356,496 895,257 0.4
ENERGY EQUIPMENT & SERVICES
--------------
5,363,434
--------------
Health Care (2.0%)
- - ------------------
Amersham International PLC...................................................... UK 175,000 2,555,135 1.1
BIOTECHNOLOGY
Celsis International PLC (CHECK MARK)........................................... UK 1,020,000 1,395,686 0.6
MEDICAL TECHNOLOGY & SUPPLIES
Medeva PLC...................................................................... UK 149,800 581,162 0.3
PHARMACEUTICALS
--------------
4,531,983
-------------- -----
Total Equity Investments (cost $189,433,963).................................... 208,833,891 94.7
-------------- -----
-------------- -----
<CAPTION>
No. of
Warrants
----------
<S> <C> <C> <C> <C>
Warrants (0.8%)
- - ---------------
S.I.T.A. "E" Warrants, expire 5/31/97 (CHECK MARK).............................. FR 11,000 1,003,454 0.4
CONSUMER SERVICES
Volvo AB "B" Free Warrants, expire 5/17/96 (CHECK MARK)......................... SWDN 440,000 784,540 0.4
AUTOMOBILES
-------------- -----
Total Warrants (cost $2,187,710)................................................ 1,787,994 0.8
-------------- -----
-------------- -----
Short-Term Investment (3.5%)
- - ----------------------------
State Street Bank & Trust Company Time Deposit dated 4/28/95, 5.875% due
5/01/95 (cost $7,713,705).................................................... 7,713,705 3.5
-------------- -----
Total Investments (cost $199,335,378)*.......................................... 218,335,590 99.0
Other Assets and Liabilities.................................................... 2,214,876 1.0
-------------- -----
Net Assets...................................................................... $220,550,466 100.0
-------------- -----
-------------- -----
<FN>
- - ----------------
(DELTA) Percentages indicated are based on net assets of $220,550,466.
(INVERTED U.S. currency denominated.
TRIANGLE)
(CHECK Non-income producing security.
MARK)
(O) At April 30, 1995, the Fund owned the following restricted securities
constituting 5.3% of net assets which may not be publicly sold without
registration under the Securities Act of 1933 (Note 1). Additional
information on restricted securities is as follows:
Market
Acquisition Value
Acquisition Dates Shares Cost per Share
------------------- -------- ----------- ---------
Baltic Republic Fund..................... 09/02/94 9,000 $ 900,000 $102.00
Catalyst Energy Services................. 09/18/91 19,600 420,000 0.40
Pick Szeged RT GDR....................... 11/20/92-08/31/93 60,000 1,191,760 58.18
Russian Telecommunication Development
Corp.:
Non-voting............................. 12/20/93 52,600 526,000 10.00
Voting................................. 12/20/93 38,400 384,000 10.00
SPT Telecom AS........................... 01/20/95 20,000 2,290,076 92.95
Swedbank................................. 03/14/94 160,000 1,167,318 5.86
Technoimpex.............................. 11/22/90 1,400 2,989,406 316.19
Tofas Turk Otomobil Fabrikasi GDR Reg
S....................................... 07/28/94-07/29/94 700,000 3,762,125 4.60
Abbreviation:
GDR -- Global Depository Receipt
* For Federal income tax purposes, cost is $203,214,294 and appreciation
(depreciation) of securities is as follows:
Unrealized appreciation: $ 31,888,621
Unrealized depreciation: (16,767,325)
------------
Net unrealized
appreciation: $ 15,121,296
------------
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-4
<PAGE>
G.T. GREATER EUROPE FUND
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
APRIL 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
Unrealized
Market Value Contract Delivery Appreciation
Contracts to Sell: (U.S. Dollars) Price Date (Depreciation)
- - ------------------------------------------------------------ -------------- -------- -------- --------------
<S> <C> <C> <C> <C>
Deutsche Marks.............................................. 18,005,491 1.4814 05/23/95 $ (1,180,644)
Deutsche Marks.............................................. 1,716,288 1.4654 05/30/95 (95,560)
Deutsche Marks.............................................. 1,680,156 1.4447 05/30/95 (70,825)
Deutsche Marks.............................................. 20,798,609 1.3725 08/03/95 112,519
-------------- --------------
Total Open Forward Foreign Currency Contracts (Receivable
amount $40,966,034)...................................... 42,200,544 $ (1,234,510)
-------------- --------------
-------------- --------------
THE VALUE OF CONTRACTS TO SELL AS A PERCENTAGE OF NET ASSETS IS 19.13%
<FN>
- - ----------------
See Note 1 to the financial statements.
</TABLE>
- - --------------------------------------------------------------------------------
- - --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at April 30, 1995 was concentrated in the
following countries:
<TABLE>
<CAPTION>
Percentage of Net Assets(DELTA)
-------------------------------------------
Fixed
Income & Short-term &
Country (Country Code) Equity Warrants Other Total
- - -------------------------------------------------------------------------------- ----- ---------- -------------- -----
<S> <C> <C> <C> <C>
Austria (ASTRI)................................................................. 0.9 0.9
Belgium (BEL)................................................................... 1.2 1.2
Czech Republic (CZCH)........................................................... 1.0 1.0
Denmark (DEN)................................................................... 1.7 1.7
Finland (FIN)................................................................... 2.6 2.6
France (FR)..................................................................... 4.5 0.4 4.9
Germany (GER)................................................................... 7.9 7.9
Hungary (HGRY).................................................................. 3.6 3.6
Ireland (IRL)................................................................... 1.6 1.6
Netherlands (NETH).............................................................. 6.7 6.7
Norway (NOR).................................................................... 3.9 3.9
Spain (SPN)..................................................................... 6.8 6.8
Sweden (SWDN)................................................................... 10.8 0.4 11.2
Switzerland (SWTZ).............................................................. 1.3 1.3
Turkey (TRKY)................................................................... 1.9 1.9
United Kingdom (UK)............................................................. 37.6 37.6
United States (US).............................................................. 0.7 4.5 5.2
----- --- --- -----
Total........................................................................... 94.7 0.8 4.5 100.0
----- --- --- -----
----- --- --- -----
<FN>
- - ----------------
(DELTA) Percentages indicated are based on Net Assets of $220,550,466.
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-5
<PAGE>
G.T. GREATER EUROPE FUND
STATEMENT OF ASSETS
AND LIABILITIES
April 30, 1995 (Unaudited)
- - --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Assets:
Investments in securities, at value (cost $199,335,378) (Note 1)..................................... $ 218,335,590
U.S. currency......................................................................... $ 50
Foreign currencies (cost $9,608,623).................................................. 9,608,391 9,608,441
-------------
Receivable for securities sold....................................................................... 3,519,114
Dividends and interest receivable.................................................................... 1,029,399
Dividend withholding tax reclaims receivable......................................................... 461,856
-------------
Total assets......................................................................................... 232,954,400
-------------
Liabilities:
Payable for forward foreign currency contracts -- closed (Note 1).................................... 10,082,133
Payable for open forward foreign currency contracts, net (Note 1).................................... 1,234,510
Payable for securities purchased..................................................................... 502,947
Payable for investment management fees (Note 2)...................................................... 222,983
Payable for custodian fees........................................................................... 118,959
Payable for printing and postage expenses............................................................ 94,076
Payable for administration fees (Note 2)............................................................. 44,597
Payable for professional fees........................................................................ 41,972
Payable for Trustees' fees and expenses (Note 2)..................................................... 12,401
Other accrued expenses............................................................................... 49,356
-------------
Total liabilities.................................................................................... 12,403,934
-------------
Net assets............................................................................................. $ 220,550,466
-------------
-------------
Net asset value per share ($220,550,466 DIVIDED BY 16,045,345 shares outstanding)..................... $ 13.75
-------------
-------------
Net assets consist of:
Paid in capital (Note 4)............................................................................. $ 221,252,399
Undistributed net investment income.................................................................. 675,289
Accumulated net realized loss on investments and foreign currency transactions (Note 1).............. (19,194,238)
Net unrealized depreciation on translation of assets and liabilities in foreign currencies........... (1,183,196)
Net unrealized appreciation of investments........................................................... 19,000,212
-------------
Total -- representing net assets applicable to capital shares outstanding............................ $ 220,550,466
-------------
-------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-6
<PAGE>
G.T. GREATER EUROPE FUND
STATEMENT OF OPERATIONS
Six months ended April 30, 1995 (Unaudited)
- - --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment income: (Note 1)
Dividends (net of foreign withholding tax of $416,266)............................................... $ 2,655,722
Interest............................................................................................. 61,867
------------
Total investment income.............................................................................. 2,717,589
------------
Expenses:
Investment management fees (Note 2).................................................................. 1,396,401
Administration fees (Note 2)......................................................................... 279,282
Printing and postage expenses........................................................................ 109,800
Custodian fees....................................................................................... 71,041
Professional fees.................................................................................... 43,501
Trustees' fees and expenses (Note 2)................................................................. 17,599
Amortization of organization costs................................................................... 17,135
Registration fees.................................................................................... 10,110
Transfer agent fees.................................................................................. 8,416
Other expenses....................................................................................... 86,008
------------
Total expenses....................................................................................... 2,039,293
------------
Net investment income.................................................................... 678,296
------------
Net realized and unrealized gain (loss) on investments and foreign currencies: (Note 1)
Net realized gain on investments....................................................... $ 9,778,146
Net realized loss on foreign currency transactions..................................... (11,895,267)
------------
Net realized loss during the period.................................................. (2,117,121)
Net change in unrealized depreciation on translation of assets and liabilities in
foreign currencies.................................................................... (1,268,948)
Net change in unrealized appreciation of investments................................... (17,768,166)
------------
Net unrealized depreciation during the period........................................ (19,037,114)
------------
Net realized and unrealized loss on investments and foreign currencies................... (21,154,235)
------------
Net decrease in net assets resulting from operations..................................... $(20,475,939)
------------
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-7
<PAGE>
G.T. GREATER EUROPE FUND
STATEMENTS OF CHANGES IN NET ASSETS
- - --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1995 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1994
---------------- ----------------
<S> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income........................................................................ $ 678,296 $ 357,668
Net realized gain (loss) on investments and foreign currency transactions.................... (2,117,121) 33,949,775
Net change in unrealized depreciation on translation of assets and liabilities in foreign
currencies.................................................................................. (1,268,948) (1,675,910)
Net change in unrealized appreciation of investments......................................... (17,768,166) (7,918,045)
---------------- ----------------
Net increase (decrease) in net assets resulting from operations.............................. (20,475,939) 24,713,488
Distributions to shareholders: (Note 1)
From net investment income................................................................... (352,937) (1,963,132)
From net realized gain on investments........................................................ (5,230,782) (1,926,593)
Net increase from capital shares reinvested.................................................... -- 555,318
---------------- ----------------
Total increase (decrease) in net assets........................................................ (26,059,658) 21,379,081
Net assets:
Beginning of period.......................................................................... 246,610,124 225,231,043
---------------- ----------------
End of period................................................................................ $ 220,550,466 $ 246,610,124
---------------- ----------------
---------------- ----------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-8
<PAGE>
G.T. GREATER EUROPE FUND
FINANCIAL HIGHLIGHTS
(For a share outstanding throughout each period)
- - --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding,
total investment return, ratios and supplemental data. This information has been
derived from information provided in the financial statements and market price
data for the shares.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 1995 --------------------------------------------------------
(UNAUDITED) 1994 1993 1992 1991
--------------- ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period..... $ 15.37 $ 14.07 $ 10.37 $ 10.94 $ 11.94
--------------- ------------ ----------- ------------ ------------
Income from investment operations:
Net investment income.................. 0.04 0.02 0.12 0.13 0.02
Net realized and unrealized gain (loss)
on investments........................ (1.31) 1.52 3.58 (0.59) (0.86)
--------------- ------------ ----------- ------------ ------------
Net increase (decrease) from investment
operations............................ (1.27) 1.54 3.70 (0.46) (0.84)
--------------- ------------ ----------- ------------ ------------
Distributions to shareholders from:
Net investment income.................. (0.02) (0.12) 0.00 (0.02) (0.15)
Net realized gain on investments....... (0.33) (0.12) 0.00 (0.09) (0.01)
--------------- ------------ ----------- ------------ ------------
Total distributions.................. (0.35) (0.24) 0.00 (0.11) (0.16)
--------------- ------------ ----------- ------------ ------------
Net asset value, end of period........... $ 13.75 $ 15.37 $ 14.07 $ 10.37 $ 10.94
--------------- ------------ ----------- ------------ ------------
--------------- ------------ ----------- ------------ ------------
Market value, end of period.............. $ 11.50 $ 13.00 $ 14.25 $ 9.38 $ 9.50
--------------- ------------ ----------- ------------ ------------
--------------- ------------ ----------- ------------ ------------
Total investment return (based on market
value).................................. (9.14)%(a) (7.25)% 52.0% (0.2)% (4.6)%
Ratios and supplemental data:
Net assets, end of period (in 000's)..... $220,550 $ 246,610 $ 225,231 $ 166,042 $ 175,074
Ratio of net investment income to average
net assets.............................. 0.61%(b) 0.15% 1.04% 1.20% 0.21%
Ratio of expenses to average net
assets.................................. 1.84%(b) 1.87% 1.88% 1.92% 1.87%
Portfolio turnover rate.................. 52%(b) 65% 87% 109% 47%
<CAPTION>
MARCH 29,1990
(COMMENCEMENT
OF OPERATIONS)
TO OCTOBER 31,
1990
---------------
<S> <C>
Per Share Operating Performance:
Net asset value, beginning of period..... $ 14.03
---------------
Income from investment operations:
Net investment income.................. 0.15
Net realized and unrealized gain (loss)
on investments........................ (2.24)
---------------
Net increase (decrease) from investment
operations............................ (2.09)
---------------
Distributions to shareholders from:
Net investment income.................. 0.00
Net realized gain on investments....... 0.00
---------------
Total distributions.................. 0.00
---------------
Net asset value, end of period........... $ 11.94
---------------
---------------
Market value, end of period.............. $ 10.13
---------------
---------------
Total investment return (based on market
value).................................. (27.8)%(a)
Ratios and supplemental data:
Net assets, end of period (in 000's)..... $191,125
Ratio of net investment income to average
net assets.............................. 1.82%(b)
Ratio of expenses to average net
assets.................................. 1.78%(b)
Portfolio turnover rate.................. 41%(b)
<FN>
- - ----------------
(a) Not annualized.
(b) Annualized.
</TABLE>
The accompanying notes are an integral part of the financial statements.
F-9
<PAGE>
G.T. GREATER EUROPE FUND
NOTES TO
FINANCIAL STATEMENTS
April 30, 1995 (Unaudited)
- - --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES
G.T. Greater Europe Fund ("Fund") is organized as a Massachusetts business trust
and is registered under the Investment Company Act of 1940, as amended ("1940
Act"), as a non-diversified, closed-end management investment company. The
following is a summary of significant accounting policies consistently followed
by the Fund in the preparation of the financial statements. The policies are in
conformity with generally accepted accounting principles.
(A) PORTFOLIO VALUATION
Equity securities are valued at the last sale price on the exchange on which
such securities are traded, or, in the principal over-the-counter market in
which such securities are traded, as of the closing of business on the day the
securities are being valued, or, lacking any sales, at the last available bid
price. In cases where securities are traded on more than one exchange, the
securities are valued on the exchange determined by G.T. Capital Management,
Inc. ("G.T. Capital") to be the primary market.
Fixed income investments are valued at the mean of representative quoted bid and
asked prices for such investments or, if such prices are not available, at
prices for investments of comparative maturity, quality and type; however, when
G.T. Capital deems it appropriate, prices obtained for the day of valuation from
a bond pricing service will be used. Short-term investments with a maturity of
60 days or less are valued at amortized cost, adjusted for foreign exchange
translation and market fluctuation, if any.
Investments for which market quotations are not readily available (including
restricted securities which are subject to limitations on their sale) are valued
at fair value as determined in good faith by or under the direction of the
Fund's Board of Trustees.
Portfolio securities which are primarily traded on foreign exchanges are
generally valued at the preceding closing values of such securities on their
respective exchanges, and those values are then translated into U.S. dollars at
the current exchange rates, except that when an occurrence subsequent to the
time a value was so established is likely to have materially changed such value,
then the fair value of those securities will be determined by consideration of
other factors by or under the direction of the Fund's Board of Trustees.
(B) FOREIGN CURRENCY TRANSLATION
The accounting records of the Fund are maintained in U.S. dollars. The market
values of foreign securities, currency holdings, and other assets and
liabilities are recorded in the books and records of the Fund after translation
to U.S. dollars based on the exchange rates on that day. The cost of each
security is determined using historical exchange rates. Income and withholding
taxes are translated at prevailing exchange rates when earned or incurred.
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, forward foreign currency contracts, sales
of foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains or losses arise from changes in the
value of assets and liabilities other than investments in securities at period
end, resulting from changes in exchange rates.
(C) REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by the Fund, it is the Fund's
policy to always receive, as collateral, United States government securities or
other high quality debt securities of which the value, including accrued
interest, is at least equal to the amount to be repaid to the Fund under each
agreement at its maturity.
(D) FORWARD FOREIGN CURRENCY CONTRACTS
A forward foreign currency contract ("Forward Contract") is an agreement between
two parties to buy and sell a currency at a set price on a future date. The
market value of the Forward Contract fluctuates with changes in currency
exchange rates. The Forward Contract is marked-to-market daily and the change in
market value is recorded by the Fund as an unrealized gain or loss. When the
Forward Contract is closed, the Fund records a realized gain or loss equal to
the
F-10
<PAGE>
G.T. GREATER EUROPE FUND
difference between the value at the time it was opened and the value at the time
it was closed. Forward Contracts involve market risk in excess of the amount
shown in the Fund's "Statement of Assets and Liabilities." The Fund could be
exposed to risk if a counterparty is unable to meet the terms of the contract or
if the value of the currency changes unfavorably. The Fund may enter into
Forward Contracts in connection with planned purchases or sales of securities,
or to hedge against adverse fluctuations in exchange rates between currencies.
(E) OPTION ACCOUNTING PRINCIPLES
When the Fund writes a call or put option, an amount equal to the premium
received is included in the Fund's "Statement of Assets and Liabilities" as an
asset and an equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option. The current
market value of an option listed on a traded exchange is valued at its last bid
price, or, in the case of an over-the-counter option, is valued at the average
of the last bid prices obtained from brokers. If an option expires on its
stipulated expiration date or if the Fund enters into a closing purchase
transaction, a gain or loss is realized without regard to any unrealized gain or
loss on the underlying security, and the liability related to such option is
extinguished. If a written call option is exercised, a gain or loss is realized
from the sale of the underlying security and the proceeds of the sale are
increased by the premium originally received. If a written put option is
exercised, the cost of the underlying security purchased would be decreased by
the premium originally received. The Fund can write options only on a covered
basis, which, for a call, requires that the Fund hold the underlying security
and, for a put, requires the Fund to set aside cash, U.S. government securities,
or other liquid, high grade debt securities in an amount not less than the
exercise price or otherwise provide adequate cover at all times while the put
option is outstanding. The Fund may use options to manage its exposure to the
stock market and to fluctuations in currency values or interest rates.
The premium paid by the Fund for the purchase of a call or put option is
included in the Fund's "Statement of Assets and Liabilities" as an investment
and subsequently "marked-to-market" to reflect the current market value of the
option. If an option which the Fund has purchased expires on the stipulated
expiration date, the Fund realizes a loss in the amount of the cost of the
option. If the Fund enters into a closing sale transaction, the Fund realizes a
gain or loss, depending on whether proceeds from the closing sale transaction
are greater or less than the cost of the option. If the Fund exercises a call
option, the cost of the securities acquired by exercising the call is increased
by the premium paid to buy the call. If the Fund exercises a put option, it
realizes a gain or loss from the sale of the underlying security, and the
proceeds from such sale are decreased by the premium originally paid.
The risk associated with purchasing options is limited to the premium originally
paid. The risk in writing a call option is that the Fund may forego the
opportunity of profit if the market value of the underlying security or index
increases and the option is exercised. The risk in writing a put option is that
the Fund may incur a loss if the market value of the underlying security or
index decreases and the option is exercised. In addition, there is the risk the
Fund may not be able to enter into a closing transaction because of an illiquid
secondary market.
(F) FUTURES CONTRACTS
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a contract the
Fund is required to pledge to the broker an amount of cash or securities equal
to the minimum "initial margin" requirements of the exchange on which the
contract is traded. Pursuant to the contract, the Fund agrees to receive from or
pay to the broker an amount of cash equal to the daily fluctuation in value of
the contract. Such receipts or payments are known as "variation margin" and are
recorded by the Fund as unrealized gains or losses. When the contract is closed,
the Fund records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it was
closed. The potential risk to the Fund is that the change in value of the
underlying securities may not correlate to the change in value of the contracts.
The Fund may use futures contracts to manage its exposure to the stock market
and to fluctuations in currency values or interest rates.
(G) SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME
Security transactions are accounted for on the trade date (date the order to buy
or sell is executed). The cost of securities sold is determined on a first-in,
first-out basis, unless otherwise specified. Dividends are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis. Where a high
level of uncertainty exists as to its collection, income is recorded net of all
withholding tax with any rebate recorded when received. The Fund may trade
securities on other than normal settlement terms. This may increase the risk if
the other party to the transaction fails to deliver and causes the Fund to
subsequently invest at less advantageous prices.
F-11
<PAGE>
G.T. GREATER EUROPE FUND
(H) TAXES
It is the policy of the Fund to meet the requirements for qualification as a
"regulated investment company" under the Internal Revenue Code of 1986, as
amended ("Code"). It is also the intention of the Fund to make distributions
sufficient to avoid imposition of any excise tax under Section 4982 of the Code.
Therefore, no provision has been made for Federal taxes on income, capital
gains, or unrealized appreciation of securities held, and excise tax on income
and capital gains. The Fund currently has a capital loss carryforward of
$13,207,171 which expires in 2000.
(I) DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders are recorded by the Fund on the ex-date. Income
and capital gain distributions are determined in accordance with Federal income
tax regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities held by the Fund and timing differences.
(J) DEFERRED ORGANIZATIONAL EXPENSES
Expenses incurred by the Fund in connection with its organization, its
registration with the Securities and Exchange Commission and with various states
and the initial public offering of its shares aggregated $209,755. These
expenses are being amortized on a straightline basis over a five-year period.
(K) FOREIGN SECURITIES
There are certain additional considerations and risks associated with investing
in foreign securities and currency transactions that are not inherent in
investments of domestic origin. The Fund's investments in emerging market
countries may involve greater risks than investments in more developed markets
and the price of such investments may be volatile. These risks of investing in
foreign and emerging markets may include foreign currency exchange rate
fluctuations, perceived credit risk, adverse political and economic developments
and possible adverse foreign government intervention.
(L) RESTRICTED SECURITIES
The Fund is permitted to invest in privately placed restricted securities. These
securities may be resold in transactions exempt from registration or to the
public if the securities are registered. Disposal of these securities may
involve time-consuming negotiations and expense, and prompt sale at an
acceptable price may be difficult. At the end of the period, restricted
securities (excluding 144A issues) are shown at the end of the Portfolio of
Investments.
(M) INDEXED SECURITIES
The Fund may invest in indexed securities whose value is linked either directly
or indirectly to changes in foreign currencies, interest rates, equities,
indices, or other reference instruments. Indexed securities may be more volatile
than the reference instrument itself, but any loss is limited to the amount of
the original investment.
2. RELATED PARTIES
G.T. Capital is the Fund's investment manager. The Fund pays G.T. Capital
management fees, which are calculated and paid monthly, at the annualized rate
of 1.25% of the Fund's average weekly adjusted net assets (which, for this
purpose, means the average weekly value of the total assets of the Fund, minus
the sum of the accrued liabilities of the Fund).
Princeton Administrators, Inc. ("Princeton") acts as administrator of the Fund.
The Fund pays administration fees to Princeton, calculated and paid monthly, at
the annualized rate of 0.25% of the Fund's average weekly adjusted net assets.
The Fund pays each of its Trustees who is not an employee, officer or director
of G.T. Capital or any of its affiliated companies $5,000 per year plus $300 for
each meeting of the board or any committee thereof attended by the Trustee.
3. PURCHASES AND SALES OF SECURITIES
For the period ended April 30, 1995, purchases and sales of investment
securities by the Fund, other than short-term investments, aggregated
$56,679,763 and $82,594,890, respectively. There were no purchases or sales of
U.S. government obligations by the Fund for the period ended April 30, 1995.
4. CAPITAL SHARES
At April 30, 1995, there were an unlimited number of shares of beneficial
interest authorized, at $0.01 par value per share.
F-12
<PAGE>
G.T. GREATER EUROPE FUND
5. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) (000'S OMITTED)
<TABLE>
<CAPTION>
NET REALIZED
AND UNREALIZED NET INCREASE
NET GAIN (LOSS) ON (DECREASE) IN
TOTAL INVESTMENT INVESTMENT AND NET ASSETS
INVESTMENT INCOME FOREIGN RESULTING FROM
INCOME (LOSS) CURRENCY OPERATIONS
------------- -------------- ---------------- ----------------
PER PER PER PER
FOR THE PERIOD TOTAL SHARE TOTAL SHARE TOTAL SHARE TOTAL SHARE
- - -------------------------------------------------- ------ ----- ------ ------ -------- ------ -------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
November 1, 1990 through January 31, 1991......... $ 781 $0.05 $ (76) $ 0.00 $(10,381) $(0.65) $(10,457) $(0.65)
February 1, 1991 through April 30, 1991........... 938 0.06 40 0.00 8,455 0.53 8,495 0.53
May 1, 1991 through July 31, 1991................. 1,819 0.11 569 0.03 (5,991) (0.37) (5,422) (0.34)
August 1, 1991 through October 31, 1991........... 305 0.02 (152) (0.01) (5,935) (0.37) (6,087) (0.38)
------ ----- ------ ------ -------- ------ -------- ------
Total........................................... $3,843 $0.24 $ 381 $ 0.02 $(13,852) $(0.86) $(13,471) $(0.84)
------ ----- ------ ------ -------- ------ -------- ------
------ ----- ------ ------ -------- ------ -------- ------
November 1, 1991 through January 31, 1992......... $ 497 $0.03 $ (405) $(0.03) $ 4,450 $ 0.28 $ 4,045 $ 0.25
February 1, 1992 through April 30, 1992........... 1,215 0.08 419 0.03 2,964 0.18 3,383 0.21
May 1, 1992 through July 31, 1992................. 3,022 0.19 2,149 0.13 (1,997) (0.12) 152 0.01
August 1, 1992 through October 31, 1992........... 825 0.05 (24) 0.00 (14,827) (0.93) (14,851) (0.93)
------ ----- ------ ------ -------- ------ -------- ------
Total........................................... $5,559 $0.35 $2,139 $ 0.13 $ (9,410) $(0.59) $ (7,271) $(0.46)
------ ----- ------ ------ -------- ------ -------- ------
------ ----- ------ ------ -------- ------ -------- ------
November 1, 1992 through January 31, 1993......... $ 917 $0.06 $ 128 $ 0.01 $ 4,820 $ 0.30 $ 4,948 $ 0.31
February 1, 1993 through April 30, 1993........... 1,794 0.11 931 0.06 14,374 0.90 15,305 0.96
May 1, 1993 through July 31, 1993................. 1,068 0.07 (407) (0.03) 14,788 0.93 14,381 0.90
August 1, 1993 to October 31, 1993................ 643 0.04 232 0.01 24,323 1.52 24,555 1.53
------ ----- ------ ------ -------- ------ -------- ------
Total........................................... $4,422 $0.28 $ 884 $ 0.05 $ 58,305 $ 3.65 $ 59,189 $ 3.70
------ ----- ------ ------ -------- ------ -------- ------
------ ----- ------ ------ -------- ------ -------- ------
November 1, 1993 through January 31, 1994......... $ 859 $0.05 $ (191) $(0.01) $ 34,649 $ 2.16 $ 34,458 $ 2.15
February 1, 1994 through April 30, 1994........... 1,169 0.07 76 0.00 (10,005) (0.62) (9,929) (0.62)
May 1, 1994 through July 31, 1994................. 2,146 0.13 1,084 0.07 (94) (0.01) 990 0.06
August 1, 1994 to October 31, 1994................ 687 0.05 (611) (0.04) (194) (0.01) (805) (0.05)
------ ----- ------ ------ -------- ------ -------- ------
Total........................................... $4,861 $0.30 $ 358 $ 0.02 $ 24,356 $ 1.52 $ 24,714 $ 1.54
------ ----- ------ ------ -------- ------ -------- ------
------ ----- ------ ------ -------- ------ -------- ------
November 1, 1994 through January 31, 1995......... $1,037 $0.07 $ (124) $(0.01) $(19,955) $(1.24) $(20,079) $(1.25)
February 1, 1995 through April 30, 1995........... 1,681 0.11 802 0.05 (1,199) (0.07) (397) (0.02)
------ ----- ------ ------ -------- ------ -------- ------
Total........................................... $2,718 $0.18 $ 678 $ 0.04 $(21,154) $(1.31) $(20,476) $(1.27)
------ ----- ------ ------ -------- ------ -------- ------
------ ----- ------ ------ -------- ------ -------- ------
</TABLE>
6. PER SHARE SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
<TABLE>
<CAPTION>
NET ASSET
VALUE MARKET PRICE*
-------------- ----------------
HIGH LOW HIGH LOW VOLUME**
------ ------ ------- ------- --------
<S> <C> <C> <C> <C> <C>
November 1, 1990 to January 31, 1991......... $12.17 $10.68 $10.375 $ 8.875 1,960
February 1, 1991 to April 30, 1991........... 12.38 11.28 11.875 9.375 1,304
May 1, 1991 to July 31, 1991................. 11.83 11.25 10.000 9.375 1,764
August 1, 1991 to October 31, 1991........... 11.42 10.91 11.000 9.000 1,844
November 1, 1991 to January 31, 1992......... 11.32 10.78 9.875 8.750 2,214
February 1, 1992 to April 30, 1992........... 11.29 10.98 9.875 9.250 1,807
May 1, 1992 to July 31, 1992................. 11.58 11.05 10.000 9.250 1,623
August 1, 1992 to October 31, 1992........... 11.56 10.37 10.750 9.250 2,819
November 1, 1992 to January 31, 1993......... 10.87 10.21 9.500 8.625 1,663
February 1, 1993 to April 30, 1993........... 11.84 10.90 10.625 9.125 2,129
May 1, 1993 to July 31, 1993................. 12.57 11.55 12.000 10.250 2,359
August 1, 1993 to October 31, 1993........... 14.11 13.01 15.000 11.750 3,128
November 1, 1993 to January 31, 1994......... 15.98 13.48 17.250 12.500 2,382
February 1, 1994 to April 30, 1994........... 16.17 14.97 17.000 12.625 2,480
May 1, 1994 to July 31, 1994................. 15.49 14.49 14.500 12.250 3,224
August 1, 1994 to October 31, 1994........... 15.75 14.77 14.500 12.625 4,132
November 1, 1994 to January 31, 1995......... 15.12 13.77 12.875 11.875 2,272
February 1, 1995 to April 30, 1995........... 13.93 12.86 12.375 11.000 1,535
<FN>
- - ------------------
* As reported on the New York Stock Exchange.
** In thousands.
</TABLE>
F-13
<PAGE>
G.T. GREATER EUROPE FUND
NOTES
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<PAGE>
G.T. GREATER EUROPE FUND
NOTES
- - --------------------------------------------------------------------------------
<PAGE>
G.T. GREATER EUROPE FUND
NOTES
- - --------------------------------------------------------------------------------
<PAGE>
G.T. GREATER EUROPE FUND
[LOGO]
G.T. GLOBAL GROUP OF FUNDS
G.T. GLOBAL OFFERS A BROAD RANGE OF MUTUAL FUNDS TO COMPLEMENT MANY
INVESTORS' PORTFOLIOS. FOR MORE INFORMATION AND A PROSPECTUS ON ANY OF THE
G.T. GLOBAL MUTUAL FUNDS, PLEASE CONTACT YOUR INVESTMENT COUNSELOR OR CALL
G.T. GLOBAL DIRECTLY AT 1-800-824-1580. THE PROSPECTUS CONTAINS MORE
COMPLETE INFORMATION, INCLUDING CHARGES, EXPENSES AND RISKS. INVESTORS
SHOULD READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
GROWTH FUNDS
/ / GLOBALLY DIVERSIFIED FUNDS
G.T. GLOBAL WORLDWIDE GROWTH FUND
Invests around the world, including the U.S.
G.T. GLOBAL INTERNATIONAL GROWTH FUND
Provides portfolio diversity by investing outside
the U.S.
G.T. GLOBAL EMERGING MARKETS FUND
Gives access to the growth potential of developing economies
/ / GLOBAL THEME FUNDS
G.T. GLOBAL HEALTH CARE FUND
Invests in growing health care industries worldwide
G.T. GLOBAL TELECOMMUNICATIONS FUND
Invests in companies worldwide that develop, manufacture or sell
telecommunications services or equipment
G.T. GLOBAL INFRASTRUCTURE FUND
Seeks companies that build, improve or maintain a country's infrastructure
G.T. GLOBAL FINANCIAL SERVICES FUND
Focuses on the worldwide opportunities from the demand for financial services
and products
G.T. GLOBAL NATURAL RESOURCES FUND
Concentrates on companies that own, explore or develop natural resources
G.T. GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
Invests in companies that manufacture, market, retail, or distribute consumer
products or services
/ / REGIONALLY DIVERSIFIED FUNDS
G.T. GLOBAL NEW PACIFIC GROWTH FUND
Offers access to the emerging and established markets of the Pacific Rim
G.T. GLOBAL EUROPE GROWTH FUND
Focuses on investment opportunities in the new, unified Europe
G.T. LATIN AMERICA GROWTH FUND
Invests in the emerging markets of Latin America
/ / SINGLE COUNTRY FUNDS
G.T. GLOBAL AMERICA GROWTH FUND
Concentrates on small and medium-sized companies in the U.S.
G.T. GLOBAL JAPAN GROWTH FUND
Provides U.S. investors with direct access to the Japanese market
GROWTH AND INCOME FUND
G.T. GLOBAL GROWTH & INCOME FUND
Invests in blue-chip stocks and government bonds from around the world
INCOME FUNDS
G.T. GLOBAL GOVERNMENT INCOME FUND
Earns monthly income from global government securities
G.T. GLOBAL STRATEGIC INCOME FUND
Allocates its assets among debt securities from the U.S., developed foreign
countries and emerging markets
G.T. GLOBAL HIGH INCOME FUND
Invests in debt securities in emerging markets
MONEY MARKET FUND
G.T. GLOBAL DOLLAR FUND
Invests in high quality, U.S. dollar-denominated money market securities
worldwide for stability and preservation of capital
<PAGE>
G.T. GREATER EUROPE FUND
[LOGO]
G.T. GLOBAL FINANCIAL SERVICES
FIFTY CALIFORNIA STREET, 27TH FLOOR
SAN FRANCISCO, CALIFORNIA 94111
DATED MATERIAL
PLEASE EXPEDITE
