-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IMHWDWj0Mz2O0qz0Y6i4kWeHOGp+x0BY6mL1pwjn+KctRONVeQNlEIB5xJFmkXEN TeIbvkga4PnsPxnwvvBiSA== 0000950129-05-009486.txt : 20050929 0000950129-05-009486.hdr.sgml : 20050929 20050929125505 ACCESSION NUMBER: 0000950129-05-009486 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050731 FILED AS OF DATE: 20050929 DATE AS OF CHANGE: 20050929 EFFECTIVENESS DATE: 20050929 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM EQUITY FUNDS CENTRAL INDEX KEY: 0000105377 IRS NUMBER: 132576643 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01424 FILM NUMBER: 051110522 BUSINESS ADDRESS: STREET 1: ELEVEN GREENWAY PLZ STREET 2: STE 100 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: AIM EQUITY FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WEINGARTEN EQUITY FUND INC DATE OF NAME CHANGE: 19880929 FORMER COMPANY: FORMER CONFORMED NAME: COMPUFUND INC DATE OF NAME CHANGE: 19880616 N-Q 1 h29019nvq.txt AIM EQUITY FUNDS - JULY 31, 2005 OMB APPROVAL ------------------------- OMB Number: 3235-0578 Expires: May 31, 2007 Estimated average burden hours per response: 21.09 ------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q CERTIFIED SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-1424 --------------------------------------------- AIM Equity Funds - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 11 Greenway Plaza, Suite 100 Houston, Texas 77046 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Robert H. Graham 11 Greenway Plaza, Suite 100 Houston, Texas 77046 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (713) 626-1919 ----------------------------- Date of fiscal year end: 10/31 ------------------- Date of reporting period: 07/31/05 ------------------- Item 1. Schedule of Investments. AIM AGGRESSIVE GROWTH FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our solutions] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com AGRO-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE ================================================================================================================== COMMON STOCKS--93.33% ADVERTISING--1.31% Lamar Advertising Co.-Class A (a) 545,300 $ 23,998,653 ================================================================================================================== AEROSPACE & DEFENSE--1.43% Engineered Support Systems, Inc. 327,000 12,092,460 - ------------------------------------------------------------------------------------------------------------------ L-3 Communications Holdings, Inc. 180,600 14,128,338 ================================================================================================================== 26,220,798 ================================================================================================================== AGRICULTURAL PRODUCTS--0.72% Corn Products International, Inc. 544,800 13,113,336 ================================================================================================================== AIRLINES--0.51% Southwest Airlines Co. 653,200 9,268,908 ================================================================================================================== APPAREL RETAIL--1.39% Aeropostale, Inc. (a) 425,000 12,686,250 - ------------------------------------------------------------------------------------------------------------------ DSW Inc.-Class A (a)(b) 83,400 2,210,100 - ------------------------------------------------------------------------------------------------------------------ Hot Topic, Inc. (a) 625,000 10,650,000 ================================================================================================================== 25,546,350 ================================================================================================================== APPAREL, ACCESSORIES & LUXURY GOODS--0.71% Fossil, Inc. (a) 546,200 12,994,098 ================================================================================================================== APPLICATION SOFTWARE--3.81% Amdocs Ltd.-(United Kingdom) (a) 416,400 12,362,916 - ------------------------------------------------------------------------------------------------------------------ BEA Systems, Inc. (a) 1,283,700 11,630,322 - ------------------------------------------------------------------------------------------------------------------ Cognos, Inc. (Canada) (a)(b) 326,800 12,784,416 - ------------------------------------------------------------------------------------------------------------------ Hyperion Solutions Corp. (a) 217,700 10,244,962 - ------------------------------------------------------------------------------------------------------------------ Mercury Interactive Corp. (a) 350,000 13,779,500 - ------------------------------------------------------------------------------------------------------------------ TIBCO Software Inc. (a) 1,180,900 9,081,121 ================================================================================================================== 69,883,237 ================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--3.30% Affiliated Managers Group, Inc. (a) 178,000 12,691,400 - ------------------------------------------------------------------------------------------------------------------ Investors Financial Services Corp. 881,600 30,344,672 - ------------------------------------------------------------------------------------------------------------------ Nuveen Investments-Class A 461,500 17,537,000 ================================================================================================================== 60,573,072 ==================================================================================================================
AGRO-QTR-1 F-1
MARKET SHARES VALUE ================================================================================================================== BIOTECHNOLOGY--1.87% Amylin Pharmaceuticals, Inc. (a)(b) 400,000 $ 7,464,000 - ------------------------------------------------------------------------------------------------------------------ Martek Biosciences Corp. (a)(c) 197,000 8,587,230 - ------------------------------------------------------------------------------------------------------------------ Neurocrine Biosciences, Inc. (a) 168,200 8,339,356 - ------------------------------------------------------------------------------------------------------------------ QLT Inc. (Canada) (a)(b) 1,164,600 9,934,038 ================================================================================================================== 34,324,624 ================================================================================================================== BREWERS--0.70% Molson Coors Brewing Co.-Class B 204,600 12,828,420 ================================================================================================================== BROADCASTING & CABLE TV--2.85% Radio One, Inc.-Class D (a) 927,900 12,257,559 - ------------------------------------------------------------------------------------------------------------------ Univision Communications Inc.-Class A (a) 1,412,400 39,942,672 ================================================================================================================== 52,200,231 ================================================================================================================== BUILDING PRODUCTS--1.47% American Standard Cos. Inc. 411,200 18,207,936 - ------------------------------------------------------------------------------------------------------------------ York International Corp. 205,600 8,785,288 ================================================================================================================== 26,993,224 ================================================================================================================== CASINOS & GAMING--1.62% International Game Technology 432,300 11,827,728 - ------------------------------------------------------------------------------------------------------------------ Las Vegas Sands Corp. (a)(b) 200,000 8,044,000 - ------------------------------------------------------------------------------------------------------------------ Wynn Resorts, Ltd. (a) 175,000 9,852,500 ================================================================================================================== 29,724,228 ================================================================================================================== COMPUTER STORAGE & PERIPHERALS--1.11% Brocade Communications Systems, Inc. (a) 1,532,200 6,864,256 - ------------------------------------------------------------------------------------------------------------------ QLogic Corp. (a) 433,200 13,450,860 ================================================================================================================== 20,315,116 ================================================================================================================== CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.71% Terex Corp. (a) 270,200 13,083,084 ================================================================================================================== CONSUMER ELECTRONICS--0.59% Harman International Industries, Inc. 125,300 10,769,535 ================================================================================================================== CONSUMER FINANCE--0.84% SLM Corp. 299,900 15,441,851 ================================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--6.28% Affiliated Computer Services, Inc.-Class A (a) 436,200 21,796,914 - ------------------------------------------------------------------------------------------------------------------ Alliance Data Systems Corp. (a) 950,000 40,441,500 - ------------------------------------------------------------------------------------------------------------------ Hewitt Associates, Inc.-Class A (a) 217,700 6,041,175 - ------------------------------------------------------------------------------------------------------------------ Iron Mountain Inc. (a) 856,600 29,372,814 - ------------------------------------------------------------------------------------------------------------------ Paychex, Inc. 500,000 17,455,000 ================================================================================================================== 115,107,403 ==================================================================================================================
AGRO-QTR-1 F-2
MARKET SHARES VALUE ================================================================================================================== DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--4.26% ARAMARK Corp.-Class B 472,300 $ 13,148,832 - ------------------------------------------------------------------------------------------------------------------ ChoicePoint Inc. (a) 335,800 14,640,880 - ------------------------------------------------------------------------------------------------------------------ Cintas Corp. 462,700 20,511,491 - ------------------------------------------------------------------------------------------------------------------ CoStar Group Inc. (a) 175,000 8,312,500 - ------------------------------------------------------------------------------------------------------------------ Navigant Consulting, Inc. (a) 524,000 10,480,000 - ------------------------------------------------------------------------------------------------------------------ Sirva Inc. (a) 1,039,300 11,058,152 ================================================================================================================== 78,151,855 ================================================================================================================== EDUCATION SERVICES--0.54% Career Education Corp. (a) 255,700 9,918,603 ================================================================================================================== ELECTRIC UTILITIES--0.82% DPL Inc. 544,300 15,022,680 ================================================================================================================== ELECTRICAL COMPONENTS & EQUIPMENT--0.60% EnerSys (a) 782,200 10,935,156 ================================================================================================================== ELECTRONIC EQUIPMENT MANUFACTURERS--1.12% Amphenol Corp.-Class A 192,500 8,573,950 - ------------------------------------------------------------------------------------------------------------------ Cogent Inc. (a) 400,000 12,028,000 ================================================================================================================== 20,601,950 ================================================================================================================== FOOTWEAR--0.63% Reebok International Ltd. 275,000 11,632,500 ================================================================================================================== GENERAL MERCHANDISE STORES--0.74% Tuesday Morning Corp. 382,200 13,495,482 ================================================================================================================== HEALTH CARE EQUIPMENT--10.56% Advanced Medical Optics, Inc. (a) 523,800 21,774,366 - ------------------------------------------------------------------------------------------------------------------ Beckman Coulter, Inc. 167,300 9,091,082 - ------------------------------------------------------------------------------------------------------------------ Biomet, Inc. 1,029,300 39,247,209 - ------------------------------------------------------------------------------------------------------------------ Cytyc Corp. (a) 964,444 24,072,522 - ------------------------------------------------------------------------------------------------------------------ Fisher Scientific International Inc. (a) 459,800 30,829,590 - ------------------------------------------------------------------------------------------------------------------ Kinetic Concepts, Inc. (a) 464,100 27,832,077 - ------------------------------------------------------------------------------------------------------------------ PerkinElmer, Inc. 513,300 10,769,034 - ------------------------------------------------------------------------------------------------------------------ Varian Medical Systems, Inc. (a) 329,900 12,951,874 - ------------------------------------------------------------------------------------------------------------------ Waters Corp. (a) 378,100 17,120,368 ================================================================================================================== 193,688,122 ================================================================================================================== HEALTH CARE FACILITIES--2.15% HealthSouth Corp. (a) 1,579,500 8,466,120 - ------------------------------------------------------------------------------------------------------------------ Manor Care, Inc. 450,000 17,082,000 - ------------------------------------------------------------------------------------------------------------------ Triad Hospitals, Inc. (a) 279,600 13,887,732 ================================================================================================================== 39,435,852 ==================================================================================================================
AGRO-QTR-1 F-3
MARKET SHARES VALUE ================================================================================================================== HEALTH CARE SERVICES--1.72% DaVita, Inc. (a) 218,400 $ 10,317,216 - ------------------------------------------------------------------------------------------------------------------ Lincare Holdings Inc. (a) 230,000 9,278,200 - ------------------------------------------------------------------------------------------------------------------ Omnicare, Inc. 257,800 11,884,580 ================================================================================================================== 31,479,996 ================================================================================================================== HEALTH CARE SUPPLIES--1.53% Cooper Cos., Inc. (The) 189,250 13,001,475 - ------------------------------------------------------------------------------------------------------------------ Gen-Probe Inc. (a)(c) 343,200 15,131,688 ================================================================================================================== 28,133,163 ================================================================================================================== HOME FURNISHINGS--0.73% Tempur-Pedic International Inc. (a) 775,000 13,337,750 ================================================================================================================== HOMEFURNISHING RETAIL--1.18% Bed Bath & Beyond Inc. (a) 190,000 8,721,000 - ------------------------------------------------------------------------------------------------------------------ Linens 'n Things, Inc. (a) 490,500 12,875,625 ================================================================================================================== 21,596,625 ================================================================================================================== HOTELS, RESORTS & CRUISE LINES--0.73% Four Seasons Hotel, Inc. (Canada) (b) 200,000 13,300,000 ================================================================================================================== HOUSEHOLD APPLIANCES--1.05% Blount International, Inc. (a) 1,091,400 19,186,812 ================================================================================================================== INDUSTRIAL CONGLOMERATES--1.05% Textron Inc. 260,000 19,284,200 ================================================================================================================== INDUSTRIAL GASES--0.48% Airgas, Inc. 300,000 8,850,000 ================================================================================================================== INDUSTRIAL MACHINERY--0.63% Pentair, Inc. 287,800 11,560,926 ================================================================================================================== INTEGRATED TELECOMMUNICATION SERVICES--0.45% NeuStar, Inc.-Class A (a) 102,700 2,875,600 - ------------------------------------------------------------------------------------------------------------------ Valor Communications Group, Inc. 387,600 5,414,772 ================================================================================================================== 8,290,372 ================================================================================================================== INTERNET SOFTWARE & SERVICES--1.18% VeriSign, Inc. (a) 505,800 13,307,598 - ------------------------------------------------------------------------------------------------------------------ Websense, Inc. (a) 168,600 8,403,024 ================================================================================================================== 21,710,622 ================================================================================================================== IT CONSULTING & OTHER SERVICES--0.55% Perot Systems Corp.-Class A (a) 721,100 10,153,088 ================================================================================================================== MANAGED HEALTH CARE--0.25% Molina Healthcare Inc. (a) 192,500 4,608,450 ==================================================================================================================
AGRO-QTR-1 F-4
MARKET SHARES VALUE ================================================================================================================== METAL & GLASS CONTAINERS--1.34% Crown Holdings, Inc. (a) 605,100 $ 9,554,529 - ------------------------------------------------------------------------------------------------------------------ Owens-Illinois, Inc. (a) 584,300 14,987,295 ================================================================================================================== 24,541,824 ================================================================================================================== MOVIES & ENTERTAINMENT--2.01% Regal Entertainment Group-Class A (b) 1,906,800 36,820,308 ================================================================================================================== OFFICE SERVICES & SUPPLIES--0.74% Mine Safety Appliances Co. 277,300 13,559,970 ================================================================================================================== OIL & GAS DRILLING--3.21% ENSCO International Inc. (c) 700,000 28,266,000 - ------------------------------------------------------------------------------------------------------------------ Pride International, Inc. (a) 327,200 8,513,744 - ------------------------------------------------------------------------------------------------------------------ Rowan Cos., Inc. (c) 425,000 14,518,000 - ------------------------------------------------------------------------------------------------------------------ Todco-Class A (a)(c) 245,800 7,548,518 ================================================================================================================== 58,846,262 ================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--1.46% BJ Services Co. (c) 136,500 8,325,135 - ------------------------------------------------------------------------------------------------------------------ Key Energy Services, Inc. (a) 850,000 11,135,000 - ------------------------------------------------------------------------------------------------------------------ Maverick Tube Corp. (a) 218,000 7,231,060 ================================================================================================================== 26,691,195 ================================================================================================================== PACKAGED FOODS & MEATS--0.47% TreeHouse Foods, Inc. (a)(b) 283,300 8,663,314 ================================================================================================================== PERSONAL PRODUCTS--1.69% Avon Products, Inc. 425,000 13,901,750 - ------------------------------------------------------------------------------------------------------------------ Estee Lauder Cos. Inc. (The)-Class A 436,400 17,080,696 ================================================================================================================== 30,982,446 ================================================================================================================== PHARMACEUTICALS--2.74% Medicis Pharmaceutical Corp.-Class A (b) 655,100 22,220,992 - ------------------------------------------------------------------------------------------------------------------ MGI Pharma, Inc. (a) 640,900 17,496,570 - ------------------------------------------------------------------------------------------------------------------ Valeant Pharmaceuticals International 535,500 10,565,415 ================================================================================================================== 50,282,977 ================================================================================================================== REGIONAL BANKS--1.49% North Fork Bancorp., Inc. 763,000 20,898,570 - ------------------------------------------------------------------------------------------------------------------ South Financial Group, Inc. (The) 222,100 6,432,016 ================================================================================================================== 27,330,586 ================================================================================================================== RESTAURANTS--1.47% CKE Restaurants, Inc. 1,000,000 12,960,000 - ------------------------------------------------------------------------------------------------------------------ Outback Steakhouse, Inc. 122,700 5,715,366 - ------------------------------------------------------------------------------------------------------------------ Ruby Tuesday, Inc. 327,700 8,199,054 ================================================================================================================== 26,874,420 ================================================================================================================== SEMICONDUCTOR EQUIPMENT--0.50% KLA-Tencor Corp. 175,800 9,088,860 ==================================================================================================================
AGRO-QTR-1 F-5
MARKET SHARES VALUE ================================================================================================================== SEMICONDUCTORS--3.36% Integrated Device Technology, Inc. (a) 1,350,000 $ 15,606,000 - ------------------------------------------------------------------------------------------------------------------ Maxim Integrated Products, Inc. 757,400 31,712,338 - ------------------------------------------------------------------------------------------------------------------ Semtech Corp. (a) 355,000 6,517,800 - ------------------------------------------------------------------------------------------------------------------ Sigmatel Inc. (a) 389,600 7,803,688 ================================================================================================================== 61,639,826 ================================================================================================================== SOFT DRINKS--0.83% Coca-Cola Enterprises Inc. 643,500 15,122,250 ================================================================================================================== SPECIALIZED CONSUMER SERVICES--0.94% Jackson Hewitt Tax Service Inc. 677,800 17,155,118 ================================================================================================================== SPECIALTY CHEMICALS--0.77% Rohm and Haas Co. 306,000 14,094,360 ================================================================================================================== SPECIALTY STORES--0.91% PETCO Animal Supplies, Inc. (a) 599,900 16,719,213 ================================================================================================================== SYSTEMS SOFTWARE--0.50% Check Point Software Technologies Ltd.-(Isreal) (a) 409,900 9,235,047 ================================================================================================================== TECHNOLOGY DISTRIBUTORS--1.10% CDW Corp. 325,000 20,150,000 ================================================================================================================== THRIFTS & MORTGAGE FINANCE--2.81% Independence Community Bank Corp. 800,000 29,608,000 - ------------------------------------------------------------------------------------------------------------------ New York Community Bancorp, Inc. 1,198,100 21,997,116 ================================================================================================================== 51,605,116 ================================================================================================================== TRADING COMPANIES & DISTRIBUTORS--0.82% WESCO International, Inc. (a) 438,800 14,945,528 ================================================================================================================== Total Common Stocks (Cost $1,571,910,260) 1,711,108,992 ================================================================================================================== MONEY MARKET FUNDS--4.04% Liquid Assets Portfolio-Institutional Class (d) 37,032,352 37,032,352 - ------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (d) 37,032,352 37,032,352 ================================================================================================================== Total Money Market Funds (Cost $74,064,704) 74,064,704 ================================================================================================================== TOTAL INVESTMENTS--97.37% (excluding investments purchased with cash collateral from securities loaned) (Cost $1,645,974,964) 1,785,173,696 ==================================================================================================================
AGRO-QTR-1 F-6
MARKET SHARES VALUE ================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--2.63% Liquid Assets Portfolio-Institutional Class (d)(e) 24,078,348 $ 24,078,348 - ------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (d)(e) 24,078,347 24,078,347 ================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $48,156,695) 48,156,695 ================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $1,694,131,659) $1,833,330,391 ==================================================================================================================
Notes to Schedule of Investments: (a) Non-income producing security. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at July 31, 2005. (c) A portion of this security is subject to call options written. See Note 1C and Note 4. (d) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (e) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. AGRO-QTR-1 F-7 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. AGRO-QTR-1 F-8 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. COVERED CALL OPTIONS - The Fund may write call options, on a covered basis; that is, the Fund will own the underlying security. When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded 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 written. The current market value of a written option is the mean between the last bid and asked prices on that day. If a written call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. A risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. D. COLLATERAL - To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledge as collateral for securities lending transactions. AGRO-QTR-1 F-9 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
CHANGE IN MARKET UNREALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 07/31/05 INCOME GAIN (LOSS) ==================================================================================================================================== Liquid Assets Portfolio - Institutional Class $48,442,076 $ 523,644,114 $ (535,053,838) $ -- $37,032,352 $1,041,398 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio - Institutional Class 48,442,076 523,644,114 (535,053,838) -- 37,032,352 1,051,259 -- ==================================================================================================================================== SUBTOTAL $96,884,152 $1,047,288,228 $(1,070,107,676) $ -- $74,064,704 $2,092,657 $ -- ====================================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
CHANGE IN MARKET UNREALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 07/31/05 INCOME* GAIN (LOSS) ==================================================================================================================================== Liquid Assets Portfolio - Institutional Class $127,900,554 $ 111,867,530 $ (215,689,736) $ -- $ 24,078,348 $ 27,441 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio - Institutional Class 127,900,554 111,536,418 (215,358,625) -- 24,078,347 27,873 -- ==================================================================================================================================== SUBTOTAL $255,801,108 $ 223,403,948 $ (431,048,361) $ -- $ 48,156,695 $ 55,314 $ -- ==================================================================================================================================== TOTAL $352,685,260 $1,270,692,176 $(1,501,156,037) $ -- $122,221,399 $2,147,971 $ -- ====================================================================================================================================
* Net of compensation to counterparties. NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. AGRO-QTR-1 F-10 NOTE 3 - PORTFOLIO SECURITIES LOANED - (CONTINUED) At July 31, 2005, securities with an aggregate value of $47,329,429 were on loan to brokers. The loans were secured by cash collateral of $48,156,695 received by the Fund and subsequently invested in affiliated money market funds. For the nine months ended July 31, 2005, the Fund received dividends on cash collateral of $55,314 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 - OPTION CONTRACTS WRITTEN
TRANSACTIONS DURING THE PERIOD - -------------------------------------------------------------------------------- CALL OPTION CONTRACTS ----------------------------------------- NUMBER OF PREMIUMS CONTRACTS RECEIVED ----------- ----------- Beginning of period 16,109 $ 830,758 - -------------------------------------------------------------------------------- Written 59,114 7,001,437 - -------------------------------------------------------------------------------- Closed (11,576) (1,812,851) - -------------------------------------------------------------------------------- Exercised (11,375) (1,036,938) - -------------------------------------------------------------------------------- Expired (35,530) (2,951,184) ================================================================================ End of period 16,742 $ 2,031,222 ================================================================================
OPEN CALL OPTIONS WRITTEN AT PERIOD END CHANGE IN CONTRACT STRIKE NUMBER OF PREMIUMS MARKET VALUE APPRECIATION MONTH PRICE CONTRACTS RECEIVED 07/31/05 (DEPRECIATION) BJ Services Co. Sep-05 $60 1,365 $ 268,894 $ 423,150 $ (154,256) - ---------------------------------------------------------------------------------------------------------------------------- ENSCO International Inc. Sep-05 40 6,500 821,249 1,478,750 (657,501) - ---------------------------------------------------------------------------------------------------------------------------- Gen-Probe Inc. Sep-05 45 1,700 358,147 399,500 (41,353) - ---------------------------------------------------------------------------------------------------------------------------- Martek Biosciences Corp. Sep-05 50 1,263 122,541 101,040 21,501 - ---------------------------------------------------------------------------------------------------------------------------- Rowan Cos., Inc. Sep-05 35 3,456 247,717 561,600 (313,883) Todco - Class A Sep-05 30 2,458 212,674 589,920 (377,246) ============================================================================================================================ Total outstanding options written 16,742 $2,031,222 $ 3,553,960 $ (1,522,738) ============================================================================================================================
NOTE 5 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $2,328,595,446 and $2,844,997,179, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS - ------------------------------------------------------------------------------------------------------------------------------ Aggregate unrealized appreciation of investment securities $ 178,657,093 - ------------------------------------------------------------------------------------------------------------------------------ Aggregate unrealized (depreciation) of investment securities (39,662,681) ============================================================================================================================== Net unrealized appreciation of investment securities $ 138,994,412 ============================================================================================================================== Cost of investments for tax purposes is $1,694,335,979.
AGRO-QTR-1 F-11 AIM BLUE CHIP FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our solution.] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com BCH-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------- COMMON STOCKS & OTHER EQUITY INTERESTS--98.32% AEROSPACE & DEFENSE--2.98% - -------------------------------------------------------------------------------------------------------- Boeing Co. (The) 255,000 $ 16,832,550 - -------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 370,000 23,088,000 - -------------------------------------------------------------------------------------------------------- United Technologies Corp. 525,000 26,617,500 ======================================================================================================== 66,538,050 ======================================================================================================== APPLICATION SOFTWARE--1.20% Amdocs Ltd. (United Kingdom) (a) 900,000 26,721,000 ======================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--0.80% Franklin Resources, Inc. 220,000 17,780,400 ======================================================================================================== BIOTECHNOLOGY--2.50% Amgen Inc. (a) 465,000 37,083,750 - -------------------------------------------------------------------------------------------------------- Genentech, Inc. (a) 210,000 18,759,300 ======================================================================================================== 55,843,050 ======================================================================================================== COMMUNICATIONS EQUIPMENT--3.50% Cisco Systems, Inc. (a) 1,815,000 34,757,250 - -------------------------------------------------------------------------------------------------------- QUALCOMM Inc. 1,100,000 43,439,000 ======================================================================================================== 78,196,250 ======================================================================================================== COMPUTER & ELECTRONICS RETAIL--0.94% Best Buy Co., Inc. 275,000 21,065,000 ======================================================================================================== COMPUTER HARDWARE--2.74% Apple Computer, Inc. (a) 260,000 11,089,000 - -------------------------------------------------------------------------------------------------------- Dell Inc. (a) 1,240,000 50,182,800 ======================================================================================================== 61,271,800 ======================================================================================================== COMPUTER STORAGE & PERIPHERALS--1.55% EMC Corp. (a) 2,525,000 34,567,250 ========================================================================================================
BCH-QTR-1 F-1
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--2.37% AMERICAN EXPRESS CO. 550,000 $ 30,250,000 - -------------------------------------------------------------------------------------------------------- SLM Corp. 440,000 22,655,600 ======================================================================================================== 52,905,600 ======================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--0.78% Automatic Data Processing, Inc. 390,000 17,319,900 ======================================================================================================== DEPARTMENT STORES--2.84% Federated Department Stores, Inc. 150,000 11,380,500 - -------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. 400,000 22,456,000 - -------------------------------------------------------------------------------------------------------- Nordstrom, Inc. 800,000 29,608,000 ======================================================================================================== 63,444,500 ======================================================================================================== DIVERSIFIED BANKS--1.80% Bank of America Corp. 500,000 21,800,000 - -------------------------------------------------------------------------------------------------------- Wells Fargo & Co. 300,000 18,402,000 ======================================================================================================== 40,202,000 ======================================================================================================== DIVERSIFIED CHEMICALS--1.00% Dow Chemical Co. (The) 465,000 22,296,750 ======================================================================================================== DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--0.71% Cendant Corp. 740,000 15,806,400 ======================================================================================================== DRUG RETAIL--0.80% CVS Corp. 572,000 17,749,160 ======================================================================================================== FOOTWEAR--1.22% NIKE, Inc.-Class B 325,000 27,235,000 ======================================================================================================== GENERAL MERCHANDISE STORES--0.66% Target Corp. 250,000 14,687,500 ========================================================================================================
BCH-QTR-1 F-2
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT--3.34% Bard (C.R.), Inc. 175,000 $ 11,688,250 - -------------------------------------------------------------------------------------------------------- Medtronic, Inc. 460,000 24,812,400 - -------------------------------------------------------------------------------------------------------- Varian Medical Systems, Inc. (a) 340,000 13,348,400 - -------------------------------------------------------------------------------------------------------- Waters Corp. (a) 335,000 15,168,800 - -------------------------------------------------------------------------------------------------------- Zimmer Holdings, Inc. (a) 115,000 9,471,400 ======================================================================================================== 74,489,250 ======================================================================================================== HEALTH CARE FACILITIES--0.89% HCA Inc. 405,000 19,946,250 ======================================================================================================== HEALTH CARE SERVICES--0.82% Express Scripts, Inc. (a) 350,000 18,305,000 ======================================================================================================== HEALTH CARE SUPPLIES--0.77% Alcon, Inc. (Switzerlad) 150,000 17,182,500 ======================================================================================================== HOME IMPROVEMENT RETAIL--1.98% Home Depot, Inc. (The) 1,015,000 44,162,650 ======================================================================================================== HOMEBUILDING--0.94% D.R. Horton, Inc. 510,000 20,950,800 ======================================================================================================== HOMEFURNISHING RETAIL--0.72% Bed Bath & Beyond Inc. (a) 350,000 16,065,000 ======================================================================================================== HOTELS, RESORTS & CRUISE LINES--0.62% Carnival Corp. (Panama) (b) 265,000 13,886,000 ======================================================================================================== HOUSEHOLD PRODUCTS--2.61% Clorox Co. (The) 220,000 12,287,000 - -------------------------------------------------------------------------------------------------------- Procter & Gamble Co. (The) 825,000 45,894,750 ======================================================================================================== 58,181,750 ======================================================================================================== HOUSEWARES & SPECIALTIES--1.06% Fortune Brands, Inc. 250,000 23,637,500 ========================================================================================================
BCH-QTR-1 F-3
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------- HYPERMARKETS & SUPER CENTERS--1.99% Wal-Mart Stores, Inc. 900,000 $ 44,415,000 ======================================================================================================== INDUSTRIAL CONGLOMERATES--4.52% General Electric Co. 1,875,000 64,687,500 - -------------------------------------------------------------------------------------------------------- Tyco International Ltd. (Bermuda) 1,190,000 36,259,300 ======================================================================================================== 100,946,800 ======================================================================================================== INDUSTRIAL GASES--0.52% Air Products and Chemicals, Inc. 195,000 11,653,200 ======================================================================================================== INDUSTRIAL MACHINERY--1.03% Danaher Corp. 415,000 23,011,750 ======================================================================================================== INTEGRATED OIL & GAS--2.97% Exxon Mobil Corp. 1,127,000 66,211,250 ======================================================================================================== INTERNET RETAIL--0.67% eBay Inc. (a) 360,000 15,040,800 ======================================================================================================== INTERNET SOFTWARE & SERVICES--1.66% VeriSign, Inc. (a) 575,000 15,128,250 - -------------------------------------------------------------------------------------------------------- Yahoo! Inc. (a) 660,000 22,004,400 ======================================================================================================== 37,132,650 ======================================================================================================== INVESTMENT BANKING & BROKERAGE--3.41% Goldman Sachs Group, Inc. (The) 380,000 40,842,400 - -------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 600,000 35,268,000 ======================================================================================================== 76,110,400 ======================================================================================================== IT CONSULTING & OTHER SERVICES--0.51% Accenture Ltd.-Class A (Bermuda) (a) 450,000 11,268,000 ======================================================================================================== MANAGED HEALTH CARE--4.33% Aetna Inc. 223,000 17,260,200 - -------------------------------------------------------------------------------------------------------- UnitedHealth Group Inc. 937,700 49,041,710 - -------------------------------------------------------------------------------------------------------- WellPoint, Inc. (a) 430,000 30,418,200 ======================================================================================================== 96,720,110 ======================================================================================================== MOVIES & ENTERTAINMENT--0.99% Walt Disney Co. (The) 865,000 22,178,600 ========================================================================================================
BCH-QTR-1 F-4
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------- MULTI-LINE INSURANCE--1.93% Genworth Financial Inc.-Class A 616,400 $ 19,330,304 - -------------------------------------------------------------------------------------------------------- Hartford Financial Services Group, Inc. (The) 295,000 23,768,150 ======================================================================================================== 43,098,454 ======================================================================================================== OIL & GAS DRILLING--1.54% ENSCO International Inc. 415,000 16,757,700 - -------------------------------------------------------------------------------------------------------- GlobalSantaFe Corp. (Cayman Islands) 390,000 17,546,100 ======================================================================================================== 34,303,800 ======================================================================================================== OIL & GAS EQUIPMENT & SERVICES--2.38% BJ Services Co. 365,000 22,261,350 - -------------------------------------------------------------------------------------------------------- Schlumberger Ltd. (Netherlands) 370,000 30,983,800 - -------------------------------------------------------------------------------------------------------- 53,245,150 ======================================================================================================== OIL & GAS REFINING & MARKETING--0.83% Valero Energy Corp. (c) 225,000 18,625,500 ======================================================================================================== OTHER DIVERSIFIED FINANCIAL SERVICES--0.95% Citigroup Inc. 490,000 21,315,000 ======================================================================================================== PERSONAL PRODUCTS--1.25% Gillette Co. (The) 520,000 27,908,400 ======================================================================================================== PHARMACEUTICALS--7.03% Allergan, Inc. 190,000 16,980,300 - -------------------------------------------------------------------------------------------------------- Johnson & Johnson 1,065,000 68,117,400 - -------------------------------------------------------------------------------------------------------- Novartis A.G.-ADR (Switzerland) 235,000 11,446,850 - -------------------------------------------------------------------------------------------------------- Pfizer Inc. 1,270,000 33,655,000 - -------------------------------------------------------------------------------------------------------- Roche Holding A.G. (Switzerland) (d) 90,000 12,204,611 - -------------------------------------------------------------------------------------------------------- Wyeth 320,000 14,640,000 ======================================================================================================== 157,044,161 ======================================================================================================== PROPERTY & CASUALTY INSURANCE--1.14% Allstate Corp. (The) 415,000 25,422,900 ======================================================================================================== RAILROADS--1.29% Burlington Northern Santa Fe Corp. 225,000 12,206,250 - -------------------------------------------------------------------------------------------------------- Canadian National Railway Co. (Canada) 250,000 16,612,500 ======================================================================================================== 28,818,750 ========================================================================================================
BCH-QTR-1 F-5
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------- RESTAURANTS--1.44% Starbucks Corp. (a) 290,000 $ 15,239,500 - -------------------------------------------------------------------------------------------------------- Yum! Brands, Inc. 325,000 17,013,750 ======================================================================================================== 32,253,250 ======================================================================================================== SEMICONDUCTOR EQUIPMENT--0.88% KLA-Tencor Corp. 380,000 19,646,000 ======================================================================================================== SEMICONDUCTORS--5.12% Analog Devices, Inc. 885,000 34,692,000 - -------------------------------------------------------------------------------------------------------- Intel Corp. 1,535,000 41,659,900 - -------------------------------------------------------------------------------------------------------- Marvell Technology Group Ltd. (Bermuda) (a) 205,000 8,956,450 - -------------------------------------------------------------------------------------------------------- Microchip Technology Inc. 300,000 9,321,000 - -------------------------------------------------------------------------------------------------------- Texas Instruments Inc. 622,000 19,754,720 ======================================================================================================== 114,384,070 ======================================================================================================== SOFT DRINKS--1.01% PepsiCo, Inc. 415,000 22,629,950 ======================================================================================================== SPECIALTY STORES--0.54% Staples, Inc. 525,000 11,954,250 ======================================================================================================== STEEL--0.43% United States Steel Corp. 225,000 9,596,250 ======================================================================================================== SYSTEMS SOFTWARE--5.82% Microsoft Corp. 2,300,000 58,903,000 - -------------------------------------------------------------------------------------------------------- Oracle Corp. (a) 3,160,000 42,912,800 - -------------------------------------------------------------------------------------------------------- Symantec Corp. (a) 1,285,000 28,231,450 ======================================================================================================== 130,047,250 ======================================================================================================== Total Common Stocks & Other Equity Interests (Cost $1,675,125,662) 2,195,418,005 ========================================================================================================
BCH-QTR-1 F-6
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------- MONEY MARKET FUNDS--1.05% Liquid Assets Portfolio-Institutional Class (e) 11,689,943 $ 11,689,943 - -------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (e) 11,689,943 11,689,943 ======================================================================================================== Total Money Market Funds (Cost $23,379,886) 23,379,886 ======================================================================================================== TOTAL INVESTMENTS--99.37% (excluding investments purchased with cash collateral from securities loaned) (Cost $1,698,505,548) 2,218,797,891 ======================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--0.63% Liquid Assets Portfolio-Institutional Class (e) (f) 14,180,750 14,180,750 ======================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $14,180,750) 14,180,750 ======================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $1,712,686,298) $ 2,232,978,641 ========================================================================================================
Investment Abbreviations: ADR American Depositary Receipt Notes to Schedule of Investments: (a) Non-income producing security. (b) Each unit represents one common share and one trust share. (c) All or a portion of this security has been pledged as collateral for securities lending transactions at July 31, 2005. (d) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of this security at July 31, 2005, represented 0.55% of the Fund's Total Investments. See Note 1A. (e) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (f) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. BCH-QTR-1 F-7 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. BCH-QTR-1 F-8 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. BCH-QTR-1 F-9 E. COVERED CALL OPTIONS - The Fund may write call options, on a covered basis; that is, the Fund will own the underlying security. When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded 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 written. The current market value of a written option is the mean between the last bid and asked prices on that day. If a written call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. A risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. F. FUTURES CONTRACTS - The Fund may purchase or sell futures contracts as a hedge against changes in market conditions. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. BCH-QTR-1 F-10 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
CHANGE IN MARKET UNREALIZED MARKET REALIZED VALUE PURCHASES PROCEEDS FROM APPRECIATION VALUE DIVIDEND GAIN FUND 10/31/04 AT COST SALES (DEPRECIATION) 07/31/05 INCOME (LOSS) - ------------------------------------------------------------------------------------------------------------------------------------ Liquid Assets Portfolio- Institutional Class $ 7,279,701 $ 255,032,814 $ (250,622,572) $ -- $ 11,689,943 $ 137,348 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio- Institutional Class 7,279,701 255,032,814 (250,622,572) -- 11,689,943 135,600 -- ==================================================================================================================================== SUBTOTAL $ 14,559,402 $ 510,065,628 $ (501,245,144) $ -- $ 23,379,886 $ 272,948 $ -- ====================================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
CHANGE IN MARKET UNREALIZED MARKET REALIZED VALUE PURCHASES PROCEEDS FROM APPRECIATION VALUE DIVIDEND GAIN FUND 10/31/04 AT COST SALES (DEPRECIATION) 07/31/05 INCOME* (LOSS) - ----------------------------------------------------------------------------------------------------------------------------------- Liquid Assets Portfolio- Institutional Class $ -- $ 31,781,100 $ (17,600,350) $ -- $ 14,180,750 $ 1,405 $ -- - ----------------------------------------------------------------------------------------------------------------------------------- -- STIC Prime Portfolio- Institutional Class 34,975,975 302,492,490 (337,468,465) $ -- 12,641 -- =================================================================================================================================== SUBTOTAL $ 34,975,975 $ 334,273,590 $ (355,068,815) $ -- $ 14,180,750 $ 14,046 $ -- =================================================================================================================================== TOTAL $ 49,535,377 $ 844,339,218 $ (856,313,959) $ -- $ 37,560,636 $ 286,994 $ -- ===================================================================================================================================
*Net of compensation to counterparties. NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At July 31, 2005, securities with an aggregate value of $13,824,260 were on loan to brokers. The loans were secured by cash collateral of $14,180,750 received by the Fund and subsequently invested in affiliated money market funds. For the nine months ended July 31, 2005, the Fund received dividends on cash collateral of $14,046 for securities lending transactions, which are net of compensation to counterparties. BCH-QTR-1 F-11 NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $914,115,337 and $1,449,791,497, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ================================================================================ Aggregate unrealized appreciation of investment securities $ 515,862,966 - -------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (14,821,769) ================================================================================ Net unrealized appreciation of investment securities $ 501,041,197 ________________________________________________________________________________ ================================================================================ Cost of investments for tax purposes is $1,731,937,444.
BCH-QTR-1 F-12 AIM CAPITAL DEVELOPMENT FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our solution.] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com CDV-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS & OTHER EQUITY INTERESTS--80.85% ADVERTISING--1.70% Omnicom Group Inc. 146,900 $ 12,467,403 - ------------------------------------------------------------------------------------------------------------------------------------ R.H. Donnelley Corp. (a)(b) 219,200 14,357,600 ==================================================================================================================================== 26,825,003 ==================================================================================================================================== AEROSPACE & DEFENSE--1.68% Aviall, Inc. (a) 393,200 13,309,820 - ------------------------------------------------------------------------------------------------------------------------------------ L-3 Communications Holdings, Inc. (b) 168,100 13,150,463 ==================================================================================================================================== 26,460,283 ==================================================================================================================================== AIR FREIGHT & LOGISTICS--0.74% Robinson (C.H.) Worldwide, Inc. (b) 186,901 11,694,396 ==================================================================================================================================== APPAREL RETAIL--1.72% Abercrombie & Fitch Co.-Class A 180,700 13,019,435 - ------------------------------------------------------------------------------------------------------------------------------------ DSW Inc.-Class A (a)(b) 67,400 1,786,100 - ------------------------------------------------------------------------------------------------------------------------------------ Ross Stores, Inc. (b) 464,900 12,319,850 ==================================================================================================================================== 27,125,385 ==================================================================================================================================== APPAREL, ACCESSORIES & LUXURY GOODS--0.91% Coach, Inc. (a) 181,200 6,361,932 - ------------------------------------------------------------------------------------------------------------------------------------ Polo Ralph Lauren Corp. 161,100 7,932,564 ==================================================================================================================================== 14,294,496 ==================================================================================================================================== APPLICATION SOFTWARE--4.60% Amdocs Ltd. (United Kingdom) (a) 480,000 14,251,200 - ------------------------------------------------------------------------------------------------------------------------------------ Autodesk, Inc. 310,700 10,622,833 - ------------------------------------------------------------------------------------------------------------------------------------ Citrix Systems, Inc. (a)(b) 283,500 6,755,805 - ------------------------------------------------------------------------------------------------------------------------------------ Hyperion Solutions Corp. (a) 308,800 14,532,128 - ------------------------------------------------------------------------------------------------------------------------------------ Mercury Interactive Corp. (a)(b) 327,800 12,905,486 - ------------------------------------------------------------------------------------------------------------------------------------ NAVTEQ Corp. (a)(b) 307,200 13,507,584 ==================================================================================================================================== 72,575,036 ==================================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--1.46% KKR Financial Corp. (Acquired 08/05/04; Cost $10,451,000) (c)(d) 522,550 11,512,822 - ------------------------------------------------------------------------------------------------------------------------------------ KKR Financial Corp. 9,500 232,560 - ------------------------------------------------------------------------------------------------------------------------------------ Legg Mason, Inc. (b) 110,075 11,244,161 ==================================================================================================================================== 22,989,543 ==================================================================================================================================== AUTOMOTIVE RETAIL--0.86% Advance Auto Parts, Inc. (a) 196,500 13,550,640 ====================================================================================================================================
CDV-QTR-1 F-1
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--1.18% Charles River Laboratories International, Inc. (a)(b) 256,500 $ 12,491,550 - ------------------------------------------------------------------------------------------------------------------------------------ Martek Biosciences Corp. (a) 140,000 6,102,600 ==================================================================================================================================== 18,594,150 ==================================================================================================================================== BROADCASTING & CABLE TV--0.40% Univision Communications Inc.-Class A (a)(b) 225,100 6,365,828 ==================================================================================================================================== BUILDING PRODUCTS--0.74% American Standard Cos. Inc. 263,300 11,658,924 ==================================================================================================================================== CASINOS & GAMING--1.79% Harrah's Entertainment, Inc. 201,800 15,889,732 - ------------------------------------------------------------------------------------------------------------------------------------ Scientific Games Corp.-Class A (a) 452,100 12,378,498 ==================================================================================================================================== 28,268,230 ==================================================================================================================================== COMMODITY CHEMICALS--0.63% Lyondell Chemical Co. 358,000 10,002,520 ==================================================================================================================================== COMMUNICATIONS EQUIPMENT--2.11% ADC Telecommunications, Inc. (a)(b) 279,200 7,298,288 - ------------------------------------------------------------------------------------------------------------------------------------ Harris Corp. 401,700 14,891,019 - ------------------------------------------------------------------------------------------------------------------------------------ Scientific-Atlanta, Inc. 288,600 11,111,100 ==================================================================================================================================== 33,300,407 ==================================================================================================================================== COMPUTER HARDWARE--0.45% Palm, Inc. (a)(b) 249,500 7,120,730 ==================================================================================================================================== COMPUTER STORAGE & PERIPHERALS--1.21% Emulex Corp. (a) 326,300 6,196,437 - ------------------------------------------------------------------------------------------------------------------------------------ QLogic Corp. (a) 412,700 12,814,335 ==================================================================================================================================== 19,010,772 ==================================================================================================================================== CONSUMER ELECTRONICS--0.41% Harman International Industries, Inc. (b) 75,500 6,489,225 ==================================================================================================================================== CONSUMER FINANCE--0.82% AmeriCredit Corp. (a)(b) 483,900 12,929,808 ==================================================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--1.26% Alliance Data Systems Corp. (a)(b) 332,200 14,141,754 - ------------------------------------------------------------------------------------------------------------------------------------ Iron Mountain Inc. (a)(b) 164,800 5,650,992 ==================================================================================================================================== 19,792,746 ==================================================================================================================================== DEPARTMENT STORES--1.79% Kohl's Corp. (a)(b) 225,100 12,684,385 - ------------------------------------------------------------------------------------------------------------------------------------ Nordstrom, Inc. (b) 417,600 15,455,376 ==================================================================================================================================== 28,139,761 ====================================================================================================================================
CDV-QTR-1 F-2
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED BANKS--0.60% Centennial Bank Holdings, Inc. (Acquired 12/27/04; Cost $9,183,300) (a)(d) 874,600 $ 9,445,680 ==================================================================================================================================== DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--1.77% ChoicePoint Inc. (a) 328,000 14,300,800 - ------------------------------------------------------------------------------------------------------------------------------------ Corrections Corp. of America (a) 363,400 13,660,206 ==================================================================================================================================== 27,961,006 ==================================================================================================================================== DIVERSIFIED METALS & MINING--1.39% Freeport-McMoRan Copper & Gold, Inc.-Class B 208,100 8,382,268 - ------------------------------------------------------------------------------------------------------------------------------------ Phelps Dodge Corp. (b) 126,800 13,497,860 ==================================================================================================================================== 21,880,128 ==================================================================================================================================== DRUG RETAIL--0.83% Shoppers Drug Mart Corp. (Canada) 389,900 13,063,545 ==================================================================================================================================== EDUCATION SERVICES--0.86% Career Education Corp. (a)(b) 348,900 13,533,831 ==================================================================================================================================== ELECTRICAL COMPONENTS & EQUIPMENT--0.74% Cooper Industries, Ltd.-Class A (Bermuda) 180,800 11,676,064 ==================================================================================================================================== ELECTRONIC EQUIPMENT MANUFACTURERS--0.96% Amphenol Corp.-Class A 340,700 15,174,778 ==================================================================================================================================== ELECTRONIC MANUFACTURING SERVICES--0.73% Benchmark Electronics, Inc. (a)(b) 360,000 11,520,000 ==================================================================================================================================== GAS UTILITIES--0.83% Questar Corp. 187,200 13,137,696 ==================================================================================================================================== GENERAL MERCHANDISE STORES--0.76% Dollar General Corp. 588,300 11,954,256 ==================================================================================================================================== HEALTH CARE DISTRIBUTORS--0.40% Henry Schein, Inc. (a)(b) 145,400 6,276,918 ==================================================================================================================================== HEALTH CARE EQUIPMENT--5.28% Biomet, Inc. (b) 175,900 6,707,067 - ------------------------------------------------------------------------------------------------------------------------------------ Fisher Scientific International Inc. (a)(b) 173,000 11,599,650 - ------------------------------------------------------------------------------------------------------------------------------------ INAMED Corp. (a) 99,900 7,234,758 - ------------------------------------------------------------------------------------------------------------------------------------ Kinetic Concepts, Inc. (a)(b) 220,000 13,193,400 - ------------------------------------------------------------------------------------------------------------------------------------ Mentor Corp. 148,400 7,382,900 - ------------------------------------------------------------------------------------------------------------------------------------ PerkinElmer, Inc. 580,000 12,168,400 - ------------------------------------------------------------------------------------------------------------------------------------ Varian Medical Systems, Inc. (a)(b) 312,100 12,253,046 - ------------------------------------------------------------------------------------------------------------------------------------ Waters Corp. (a) 280,000 12,678,400 ==================================================================================================================================== 83,217,621 ====================================================================================================================================
CDV-QTR-1 F-3
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE FACILITIES--1.16% Community Health Systems, Inc. (a) 312,100 $ 12,050,181 - ------------------------------------------------------------------------------------------------------------------------------------ VCA Antech, Inc. (a)(b) 259,400 6,158,156 ==================================================================================================================================== 18,208,337 ==================================================================================================================================== HEALTH CARE SERVICES--3.10% Covance Inc. (a)(b) 230,000 11,396,500 - ------------------------------------------------------------------------------------------------------------------------------------ DaVita, Inc. (a) 292,900 13,836,596 - ------------------------------------------------------------------------------------------------------------------------------------ Express Scripts, Inc. (a)(b) 218,000 11,401,400 - ------------------------------------------------------------------------------------------------------------------------------------ Omnicare, Inc. (b) 265,300 12,230,330 ==================================================================================================================================== 48,864,826 ==================================================================================================================================== HEALTH CARE SUPPLIES--0.86% Cooper Cos., Inc. (The) 198,000 13,602,600 ==================================================================================================================================== HOME FURNISHINGS--0.77% Tempur-Pedic International Inc. (a) 706,100 12,151,981 ==================================================================================================================================== HOMEBUILDING--0.86% Ryland Group, Inc. (The) 167,200 13,509,760 ==================================================================================================================================== HOMEFURNISHING RETAIL--0.85% Williams-Sonoma, Inc. (a)(b) 303,300 13,393,728 ==================================================================================================================================== HOTELS, RESORTS & CRUISE LINES--0.91% Hilton Hotels Corp. 579,300 14,337,675 ==================================================================================================================================== HOUSEHOLD APPLIANCES--0.42% Whirlpool Corp. 83,500 6,678,330 ==================================================================================================================================== HOUSEHOLD PRODUCTS--0.46% Central Garden & Pet Co. (a) 143,500 7,199,395 ==================================================================================================================================== HOUSEWARES & SPECIALTIES--1.39% Fortune Brands, Inc. (b) 67,900 6,419,945 - ------------------------------------------------------------------------------------------------------------------------------------ Jarden Corp. (a)(b) 405,350 15,549,226 ==================================================================================================================================== 21,969,171 ==================================================================================================================================== INDUSTRIAL MACHINERY--0.73% ITT Industries, Inc. (b) 108,500 11,544,400 ==================================================================================================================================== INTEGRATED OIL & GAS--0.91% Murphy Oil Corp. (b) 269,000 14,267,760 ==================================================================================================================================== INTEGRATED TELECOMMUNICATION SERVICES--0.17% NeuStar, Inc.-Class A (a) 98,000 2,744,000 ====================================================================================================================================
CDV-QTR-1 F-4
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INTERNET SOFTWARE & SERVICES--1.56% Akamai Technologies, Inc. (a) 151,420 $ 2,312,183 - ------------------------------------------------------------------------------------------------------------------------------------ Digital River, Inc. (a)(b) 262,000 10,473,450 - ------------------------------------------------------------------------------------------------------------------------------------ VeriSign, Inc. (a)(b) 451,500 11,878,965 ==================================================================================================================================== 24,664,598 ==================================================================================================================================== INVESTMENT COMPANIES - EXCHANGE TRADED FUNDS--0.84% iShares Nasdaq Biotechnology Index Fund (a) 174,200 13,235,716 ==================================================================================================================================== LEISURE PRODUCTS--0.81% Brunswick Corp. (b) 272,800 12,701,568 ==================================================================================================================================== MANAGED HEALTH CARE--1.60% AMERIGROUP Corp. (a) 180,000 6,237,000 - ------------------------------------------------------------------------------------------------------------------------------------ CIGNA Corp. 73,700 7,867,475 - ------------------------------------------------------------------------------------------------------------------------------------ Coventry Health Care, Inc. (a) 90,000 6,365,700 - ------------------------------------------------------------------------------------------------------------------------------------ WellCare Health Plans Inc. (a) 125,000 4,790,000 ==================================================================================================================================== 25,260,175 ==================================================================================================================================== OIL & GAS DRILLING--1.70% Nabors Industries, Ltd. (Bermuda) (a) 207,700 13,593,965 - ------------------------------------------------------------------------------------------------------------------------------------ Noble Corp. (Cayman Islands) (b) 197,600 13,274,768 ==================================================================================================================================== 26,868,733 ==================================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--2.65% Grant Prideco, Inc. (a) 364,100 11,687,610 - ------------------------------------------------------------------------------------------------------------------------------------ National-Oilwell Varco Inc. (a)(b) 286,100 14,977,335 - ------------------------------------------------------------------------------------------------------------------------------------ Weatherford International Ltd. (Bermuda) (a) 239,200 15,136,576 ==================================================================================================================================== 41,801,521 ==================================================================================================================================== OIL & GAS EXPLORATION & PRODUCTION--0.78% Rosetta Resources, Inc. (Acquired 06/28/05; Cost $12,241,600) (a)(c)(d) 765,100 12,241,600 ==================================================================================================================================== OIL & GAS STORAGE & TRANSPORTATION--1.05% Williams Cos., Inc. (The) 780,200 16,571,448 ==================================================================================================================================== OTHER DIVERSIFIED FINANCIAL SERVICES--0.79% CapitalSource Inc. (a) 635,000 12,433,300 ==================================================================================================================================== PACKAGED FOODS & MEATS--0.82% McCormick & Co., Inc. 187,300 6,514,294 - ------------------------------------------------------------------------------------------------------------------------------------ TreeHouse Foods, Inc. (a)(b) 207,200 6,336,176 ==================================================================================================================================== 12,850,470 ====================================================================================================================================
CDV-QTR-1 F-5
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PHARMACEUTICALS--0.84% Medicis Pharmaceutical Corp.-Class A (b) 198,700 $ 6,739,904 - ------------------------------------------------------------------------------------------------------------------------------------ MGI Pharma, Inc. (a) 240,100 6,554,730 ==================================================================================================================================== 13,294,634 ==================================================================================================================================== RAILROADS--0.40% CSX Corp. 137,400 6,257,196 ==================================================================================================================================== REAL ESTATE--1.26% Aames Investment Corp. 911,100 8,418,564 - ------------------------------------------------------------------------------------------------------------------------------------ People's Choice Financial Corp. (Acquired 12/21/04-06/30/05; Cost $11,582,666) (a)(d) 1,167,200 11,380,200 ==================================================================================================================================== 19,798,764 ==================================================================================================================================== REAL ESTATE MANAGEMENT & DEVELOPMENT--0.88% CB Richard Ellis Group, Inc.-Class A (a) 300,000 13,812,000 ==================================================================================================================================== REGIONAL BANKS--0.47% Signature Bank (a) 249,200 7,483,476 ==================================================================================================================================== SEMICONDUCTORS--2.74% Analog Devices, Inc. (b) 401,400 15,734,880 - ------------------------------------------------------------------------------------------------------------------------------------ ATI Technologies Inc. (Canada) (a)(b) 489,600 6,164,064 - ------------------------------------------------------------------------------------------------------------------------------------ Microchip Technology Inc. 389,887 12,113,789 - ------------------------------------------------------------------------------------------------------------------------------------ National Semiconductor Corp. (b) 370,500 9,155,055 ==================================================================================================================================== 43,167,788 ==================================================================================================================================== SPECIALIZED CONSUMER SERVICES--0.50% Jackson Hewitt Tax Service Inc. 310,500 7,858,755 ==================================================================================================================================== SPECIALIZED FINANCE--0.73% Chicago Mercantile Exchange Holdings Inc. (b) 38,200 11,500,110 ==================================================================================================================================== SPECIALTY STORES--1.75% Office Depot, Inc. (a) 555,800 15,773,604 - ------------------------------------------------------------------------------------------------------------------------------------ Tractor Supply Co. (a)(b) 210,000 11,806,200 ==================================================================================================================================== 27,579,804 ==================================================================================================================================== STEEL--0.82% Nucor Corp. 118,000 6,543,100 - ------------------------------------------------------------------------------------------------------------------------------------ United States Steel Corp. 151,400 6,457,210 ==================================================================================================================================== 13,000,310 ==================================================================================================================================== THRIFTS & MORTGAGE FINANCE--0.86% Hudson City Bancorp, Inc. 1,142,900 13,520,507 ==================================================================================================================================== TRUCKING--0.39% Swift Transportation Co., Inc. (a)(b) 278,800 6,130,812 ====================================================================================================================================
CDV-QTR-1 F-6
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WIRELESS TELECOMMUNICATION SERVICES--2.41% American Tower Corp.-Class A (a) 341,500 $ 7,847,670 - ------------------------------------------------------------------------------------------------------------------------------------ NII Holdings Inc. (a) 162,200 12,074,168 - ------------------------------------------------------------------------------------------------------------------------------------ SpectraSite, Inc. (a) 221,700 18,112,890 ==================================================================================================================================== 38,034,728 ==================================================================================================================================== Total Common Stocks & Other Equity Interests (Cost $996,764,806) 1,274,569,382 ====================================================================================================================================
NUMBER OF EXERCISE EXPIRATION CONTRACTS PRICE DATE - ------------------------------------------------------------------------------------------------------------------------------------ PUT OPTIONS PURCHASED--0.02% HEALTH CARE EQUIPMENT--0.02% INAMED Corp. (Cost $478,680) 999 $70.0 Oct-05 307,192 ====================================================================================================================================
SHARES - ------------------------------------------------------------------------------------------------------------------------------------ MONEY MARKET FUNDS--1.36% Liquid Assets Portfolio-Institutional Class (e) 10,736,727 10,736,727 - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (e) 10,736,727 10,736,727 ==================================================================================================================================== Total Money Market Funds (Cost $21,473,454) 21,473,454 ==================================================================================================================================== TOTAL INVESTMENTS--82.23% (excluding investments purchased with cash collateral from securities loaned) (Cost $1,018,716,940) 1,296,350,028 ==================================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--17.77% Liquid Assets Portfolio-Institutional Class (e)(f) 140,065,731 140,065,731 - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (e)(f) 140,065,731 140,065,731 ==================================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $280,131,462) 280,131,462 ==================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $1,298,848,402) $ 1,576,481,490 ====================================================================================================================================
Notes to Schedule of Investments: (a) Non-income producing security. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at July 31, 2005. (c) Security fair valued in good faith in accordance with the procedures established by the Board of Trustees. The aggregate market value of these securities at July 31, 2005 was $23,754,422, which represented 1.51% of the Fund's Total Investments. See Note 1A. (d) Security not registered under the Securities Act of 1933, as amended (e.g., the security was purchased in a Rule 144A transaction or a Regulation D transaction). The security may be resold only pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The Fund has no rights to demand registration of these securities. The aggregate market value of these securities at July 31, 2005 was $44,580,302, which represented 2.83% of the Fund's Total Investments. These securities are considered to be illiquid. The Fund is limited to investing 15% of net assets in illiquid securities. (e) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (f) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. CDV-QTR-1 F-7 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. CDV-QTR-1 F-8 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. E. PUT OPTIONS - The Fund may purchase put options. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to CDV-QTR-1 F-9 E. PUT OPTIONS - (CONTINUED) offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
CHANGE IN MARKET UNREALIZED MARKET REALIZED VALUE PURCHASES PROCEEDS APPRECIATION VALUE DIVIDEND GAIN FUND 10/31/04 AT COST FROM SALES (DEPRECIATION) 07/31/05 INCOME (LOSS) - ------------------------------------------------------------------------------------------------------------------------- Liquid Assets Portfolio- Institutional Class $ 10,261,930 $ 216,299,166 $ (215,824,369) $ -- $ 10,736,727 $ 323,732 $ -- - ------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio- Institutional Class 10,261,930 216,299,166 (215,824,369) -- 10,736,727 326,362 -- ========================================================================================================================= SUBTOTAL $ 20,523,860 $ 432,598,332 $ (431,648,738) $ -- $ 21,473,454 $ 650,094 $ -- =========================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
CHANGE IN MARKET UNREALIZED MARKET REALIZED VALUE PURCHASES PROCEEDS APPRECIATION VALUE DIVIDEND GAIN FUND 10/31/04 AT COST FROM SALES (DEPRECIATION) 07/31/05 INCOME* (LOSS) - ------------------------------------------------------------------------------------------------------------------------- Liquid Assets Portfolio- Institutional Class $ 69,189,281 $ 252,260,537 $ (181,384,087) $ -- $ 140,065,731 $ 139,798 $ -- - ------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio- Institutional Class 69,189,281 251,973,925 (181,097,475) -- 140,065,731 141,128 -- ========================================================================================================================= SUBTOTAL $ 138,378,562 $ 504,234,462 $ (362,481,562) $ -- $ 280,131,462 $ 280,926 $ -- ========================================================================================================================= TOTAL $ 158,902,422 $ 936,832,794 $ (794,130,300) $ -- $ 301,604,916 $ 931,020 $ -- =========================================================================================================================
* Net of compensation to counterparties. CDV-QTR-1 F-10 NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At July 31, 2005, securities with an aggregate value of $273,685,919 were on loan to brokers. The loans were secured by cash collateral of $280,131,462 received by the Fund and subsequently invested in affiliated money market funds. For the nine months ended July 31, 2005, the Fund received dividends on cash collateral of $280,926 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $1,091,441,926 and $1,110,098,905, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ================================================================================ Aggregate unrealized appreciation of investment securities $ 286,406,527 - -------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (9,226,079) ================================================================================ Net unrealized appreciation of investment securities $ 277,180,448 ________________________________________________________________________________ ================================================================================ Cost of investments for tax purposes is $1,299,301,042.
CDV-QTR-1 F-11 AIM CHARTER FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our solutions.] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com CHT-QTR-1 7/05 A I M Advisors, inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE ==================================================================================================================================== DOMESTIC COMMON STOCKS--74.94% AEROSPACE & DEFENSE--0.98% Northrop Grumman Corp. 469,000 $ 26,006,050 ==================================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--1.42% Bank of New York Co., Inc. (The) 1,223,800 37,668,564 ==================================================================================================================================== BIOTECHNOLOGY--1.30% Amgen Inc. (a) 432,000 34,452,000 ==================================================================================================================================== COMMUNICATIONS EQUIPMENT--0.97% Cisco Systems, Inc. (a) 1,347,000 25,795,050 ==================================================================================================================================== COMPUTER HARDWARE--2.00% International Business Machines Corp. 634,700 52,972,062 ==================================================================================================================================== COMPUTER STORAGE & PERIPHERALS--1.90% Lexmark International, Inc.-Class A (a) 803,100 50,354,370 ==================================================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--1.19% First Data Corp. 685,000 28,180,900 - ------------------------------------------------------------------------------------------------------------------------------------ Sabre Holdings Corp.-Class A 179,600 3,448,320 ==================================================================================================================================== 31,629,220 ==================================================================================================================================== DEPARTMENT STORES--0.99% Kohl's Corp. (a) 464,400 26,168,940 ==================================================================================================================================== DIVERSIFIED BANKS--1.33% Bank of America Corp. 807,000 35,185,200 ==================================================================================================================================== ELECTRIC UTILITIES--1.03% FPL Group, Inc. 634,400 27,355,328 ==================================================================================================================================== ENVIRONMENTAL & FACILITIES SERVICES--2.13% Waste Management, Inc. 2,006,500 56,422,780 ==================================================================================================================================== FOOD RETAIL--2.18% Kroger Co. (The) (a) 2,912,000 57,803,200 ==================================================================================================================================== HOUSEHOLD PRODUCTS--1.24% Kimberly-Clark Corp. 513,000 32,708,880 ====================================================================================================================================
CHT-QTR-1 F-1
MARKET SHARES VALUE ==================================================================================================================================== INDUSTRIAL CONGLOMERATES--0.95% General Electric Co. 732,600 $ 25,274,700 ==================================================================================================================================== INDUSTRIAL MACHINERY--2.04% Dover Corp. 1,311,900 54,128,994 ==================================================================================================================================== INTEGRATED OIL & GAS--3.95% Amerada Hess Corp. (b) 239,000 28,168,540 - ------------------------------------------------------------------------------------------------------------------------------------ Exxon Mobil Corp. 603,500 35,455,625 - ------------------------------------------------------------------------------------------------------------------------------------ Murphy Oil Corp. 775,100 41,111,304 ==================================================================================================================================== 104,735,469 ==================================================================================================================================== INTEGRATED TELECOMMUNICATION SERVICES--1.89% SBC Communications Inc. 2,041,800 49,922,010 ==================================================================================================================================== INVESTMENT BANKING & BROKERAGE--1.34% Morgan Stanley 668,250 35,450,663 ==================================================================================================================================== MOVIES & ENTERTAINMENT--1.05% News Corp.-Class A 1,700,000 27,846,000 ==================================================================================================================================== MULTI-LINE INSURANCE--1.08% American International Group, Inc. 474,000 28,534,800 ==================================================================================================================================== MULTI-UTILITIES--1.24% Dominion Resources, Inc. 445,000 32,867,700 ==================================================================================================================================== OFFICE ELECTRONICS--1.74% Xerox Corp. (a) 3,497,300 46,199,333 ==================================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--5.20% Baker Hughes Inc. 638,000 36,072,520 - ------------------------------------------------------------------------------------------------------------------------------------ BJ Services Co. 1,010,000 61,599,900 - ------------------------------------------------------------------------------------------------------------------------------------ Smith International, Inc. 589,100 40,023,454 ==================================================================================================================================== 137,695,874 ==================================================================================================================================== OIL & GAS EXPLORATION & PRODUCTION--1.14% Apache Corp. 442,200 30,246,480 ==================================================================================================================================== OTHER DIVERSIFIED FINANCIAL SERVICES--1.10% Citigroup Inc. 670,000 29,145,000 ==================================================================================================================================== PACKAGED FOODS & MEATS--4.22% Campbell Soup Co. 847,000 26,129,950 - ------------------------------------------------------------------------------------------------------------------------------------ General Mills, Inc. 1,051,000 49,817,400 - ------------------------------------------------------------------------------------------------------------------------------------ Kraft Foods Inc.-Class A 1,170,000 35,743,500 ==================================================================================================================================== 111,690,850 ====================================================================================================================================
CHT-QTR-1 F-2
MARKET SHARES VALUE ==================================================================================================================================== PAPER PRODUCTS--1.40% Georgia-Pacific Corp. 1,087,000 $ 37,121,050 ==================================================================================================================================== PHARMACEUTICALS--7.12% Bristol-Myers Squibb Co. 1,635,000 40,842,300 - ------------------------------------------------------------------------------------------------------------------------------------ Forest Laboratories, Inc. (a) 884,000 35,289,280 - ------------------------------------------------------------------------------------------------------------------------------------ Merck & Co. Inc. 2,420,000 75,165,200 - ------------------------------------------------------------------------------------------------------------------------------------ Wyeth 815,000 37,286,250 ==================================================================================================================================== 188,583,030 ==================================================================================================================================== PROPERTY & CASUALTY INSURANCE--4.95% Berkshire Hathaway Inc.-Class A (a) 710 59,285,000 - ------------------------------------------------------------------------------------------------------------------------------------ Chubb Corp. (The) 398,000 35,350,360 - ------------------------------------------------------------------------------------------------------------------------------------ St. Paul Travelers Cos., Inc. (The) 828,122 36,453,930 ==================================================================================================================================== 131,089,290 ==================================================================================================================================== PUBLISHING--3.05% Gannett Co., Inc. 656,800 47,920,128 - ------------------------------------------------------------------------------------------------------------------------------------ Tribune Co. 900,000 32,850,000 ==================================================================================================================================== 80,770,128 ==================================================================================================================================== RAILROADS--1.05% Union Pacific Corp. 397,000 27,913,070 ==================================================================================================================================== REGIONAL BANKS--1.03% Fifth Third Bancorp 631,400 27,213,340 ==================================================================================================================================== SEMICONDUCTORS--4.61% Analog Devices, Inc. 751,000 29,439,200 - ------------------------------------------------------------------------------------------------------------------------------------ Intel Corp. 1,316,300 35,724,382 - ------------------------------------------------------------------------------------------------------------------------------------ National Semiconductor Corp. 1,254,600 31,001,166 - ------------------------------------------------------------------------------------------------------------------------------------ Xilinx, Inc. (b) 915,000 25,940,250 ==================================================================================================================================== 122,104,998 ==================================================================================================================================== SOFT DRINKS--1.50% Coca-Cola Co. (The) 910,000 39,821,600 ==================================================================================================================================== SYSTEMS SOFTWARE--4.63% Computer Associates International, Inc. 1,403,093 38,514,903 - ------------------------------------------------------------------------------------------------------------------------------------ Microsoft Corp. 3,287,000 84,180,070 ==================================================================================================================================== 122,694,973 ==================================================================================================================================== Total Domestic Common Stocks (Cost $1,737,792,169) 1,985,570,996 ====================================================================================================================================
CHT-QTR-1 F-3
MARKET SHARES VALUE ==================================================================================================================================== FOREIGN STOCKS & OTHER EQUITY INTERESTS--19.29% BERMUDA--5.01% Accenture Ltd.-Class A (a) 1,812,800 $ 45,392,512 (IT Consulting & Other Services) - ------------------------------------------------------------------------------------------------------------------------------------ Nabors Industries, Ltd. (Oil & Gas Drilling) (a) 501,300 32,810,085 - ------------------------------------------------------------------------------------------------------------------------------------ Tyco International Ltd. 1,790,300 54,550,441 (Industrial Conglomerates) ==================================================================================================================================== 132,753,038 ==================================================================================================================================== CAYMAN ISLANDS--1.04% ACE Ltd. (Property & Casualty Insurance) 599,300 27,693,653 ==================================================================================================================================== FINLAND --1.16% Nokia Oyj-ADR (Communications Equipment) 1,924,100 30,689,395 ==================================================================================================================================== FRANCE--1.98% TOTAL S.A. (Integrated Oil & Gas) (c) 210,000 52,515,041 ==================================================================================================================================== ISRAEL--1.80% Teva Pharmaceutical Industries Ltd.-ADR (Pharmaceuticals) (b) 1,518,000 47,665,200 ==================================================================================================================================== NETHERLANDS--4.64% Heineken N.V. (Brewers) (c) 1,347,106 42,859,594 - ------------------------------------------------------------------------------------------------------------------------------------ Koninklijke (Royal) Philips Electronics (c) 1,839,900 49,888,093 - ------------------------------------------------------------------------------------------------------------------------------------ N.V. (Consumer Electronics) - ------------------------------------------------------------------------------------------------------------------------------------ Unilever N.V. (Packaged Foods & Meats) (c) 450,000 30,156,186 ==================================================================================================================================== 122,903,873 ==================================================================================================================================== UNITED KINGDOM--3.66% BP PLC-ADR (Integrated Oil & Gas) 440,900 29,046,492 - ------------------------------------------------------------------------------------------------------------------------------------ GlaxoSmithKline PLC-ADR (Pharmaceuticals) 1,430,000 67,839,200 ==================================================================================================================================== 96,885,692 ==================================================================================================================================== Total Foreign Stocks & Other Equity Interests (Cost $425,251,404) 511,105,892 ==================================================================================================================================== MONEY MARKET FUNDS--4.77% Liquid Assets Portfolio-Institutional Class (d) 63,179,495 63,179,495 - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (d) 63,179,495 63,179,495 ==================================================================================================================================== Total Money Market Funds (Cost $126,358,990) 126,358,990 ==================================================================================================================================== TOTAL INVESTMENTS--99.00% (excluding investments purchased with cash collateral from securities loaned) (Cost $2,289,402,563) 2,623,035,878 ====================================================================================================================================
CHT-QTR-1 F-4
MARKET SHARES VALUE ==================================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--1.00% Liquid Assets Portfolio-Institutional Class (d)(e) 26,402,600 $ 26,402,600 ==================================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $26,402,600) 26,402,600 ==================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $2,315,805,163) $2,649,438,478 ====================================================================================================================================
Investment Abbreviations: ADR- American Depositary Receipt Notes to Schedule of Investments: (a) Non-income producing security. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at July 31, 2005. (c) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at July 31, 2005 was $175,418,914, which represented 6.62% of the Fund's Total Investments. See Note 1A. (d) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (e) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. CHT-QTR-1 F-5 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. CHT-QTR-1 F-6 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. CHT-QTR-1 F-7 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
CHANGE IN MARKET UNREALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 07/31/05 INCOME GAIN (LOSS) ==================================================================================================================================== Liquid Assets Portfolio-Institutional Class $ 83,058,993 $323,524,173 $(343,403,671) $ -- $ 63,179,495 $1,832,645 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class 83,058,993 323,524,173 (343,403,671) -- 63,179,495 1,853,798 -- ==================================================================================================================================== SUBTOTAL $166,117,986 $ 647,048,346 $(686,807,342) $ -- $126,358,990 $3,686,443 $ -- ====================================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
CHANGE IN MARKET UNREALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 07/31/05 INCOME* GAIN (LOSS) ==================================================================================================================================== Liquid Assets Portfolio-Institutional Class $ -- $ 50,511,075 $ (24,108,475) $ -- $ 26,402,600 $ 17,583 $ -- ==================================================================================================================================== STIC Prime Portfolio-Institutional Class $ 27,336,279 $ 394,762,002 $ (422,098,281) $ -- $ -- $ 140,660 $ -- ==================================================================================================================================== SUBTOTAL $ 27,336,279 $ 445,273,077 $ (446,206,756) $ -- $ 26,402,600 $ 158,243 $ -- ==================================================================================================================================== TOTAL $193,454,265 $1,092,321,423 $(1,133,014,098) $ -- $152,761,590 $3,844,686 $ -- ====================================================================================================================================
* Net of compensation to counterparties. CHT-QTR-1 F-8 NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At July 31, 2005, securities with an aggregate value of $25,804,289 were on loan to brokers. The loans were secured by cash collateral of $26,402,600 received by the Fund and subsequently invested in an affiliated money market fund. For the nine months ended July 31, 2005, the Fund received dividends on cash collateral of $158,243 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $465,458,632 and $715,312,603, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS - ------------------------------------------------------------------------------------------------------------------ Aggregate unrealized appreciation of investment securities $ 347,361,122 - ------------------------------------------------------------------------------------------------------------------ Aggregate unrealized (depreciation) of investment securities (62,819,272) ================================================================================================================== Net unrealized appreciation of investment securities $ 284,541,850 ================================================================================================================== Cost of investments for tax purposes is $2,364,896,628.
CHT-QTR-1 F-9 AIM CONSTELLATION FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our Solutions] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com CST-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE ==================================================================================================================================== COMMON STOCKS & OTHER EQUITY INTERESTS--98.16% ADVERTISING--1.37% Lamar Advertising Co.-Class A (a) 1,117,100 $ 49,163,571 - ------------------------------------------------------------------------------------------------------------------------------------ Omnicom Group Inc. 360,000 30,553,200 ==================================================================================================================================== 79,716,771 ==================================================================================================================================== AEROSPACE & DEFENSE--0.84% Honeywell International Inc. 1,250,000 49,100,000 ==================================================================================================================================== APPAREL RETAIL--1.11% Abercrombie & Fitch Co.-Class A 500,000 36,025,000 - ------------------------------------------------------------------------------------------------------------------------------------ Ross Stores, Inc. 1,070,800 28,376,200 ==================================================================================================================================== 64,401,200 ==================================================================================================================================== APPAREL, ACCESSORIES & LUXURY GOODS--0.82% Coach, Inc. (a) 1,362,100 47,823,331 ==================================================================================================================================== APPLICATION SOFTWARE--2.11% Amdocs Ltd. (United Kingdom) (a) 800,000 23,752,000 - ------------------------------------------------------------------------------------------------------------------------------------ Autodesk, Inc. 1,200,000 41,028,000 - ------------------------------------------------------------------------------------------------------------------------------------ NAVTEQ Corp. (a) 1,326,800 58,339,396 ==================================================================================================================================== 123,119,396 ==================================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--0.42% Franklin Resources, Inc. 300,000 24,246,000 ==================================================================================================================================== BIOTECHNOLOGY--4.04% Amgen Inc. (a) 963,100 76,807,225 - ------------------------------------------------------------------------------------------------------------------------------------ Genentech, Inc. (a) 309,000 27,602,970 - ------------------------------------------------------------------------------------------------------------------------------------ Gilead Sciences, Inc. (a) 1,230,600 55,143,186 - ------------------------------------------------------------------------------------------------------------------------------------ OSI Pharmaceuticals, Inc. (a) 649,600 26,828,480 - ------------------------------------------------------------------------------------------------------------------------------------ Protein Design Labs, Inc. (a) 1,142,800 26,044,412 - ------------------------------------------------------------------------------------------------------------------------------------ Serono S.A. -Class B (Switzerland) (b) 33,651 22,644,826 ==================================================================================================================================== 235,071,099 ==================================================================================================================================== BROADCASTING & CABLE TV--1.56% Univision Communications Inc.-Class A (a) 1,250,000 35,350,000 - ------------------------------------------------------------------------------------------------------------------------------------ XM Satellite Radio Holdings Inc.-Class A (a)(c) 1,552,700 55,322,701 ==================================================================================================================================== 90,672,701 ====================================================================================================================================
CST-QTR-1 F-1
MARKET SHARES VALUE ==================================================================================================================================== COMMUNICATIONS EQUIPMENT--2.43% Cisco Systems, Inc. (a) 3,500,000 $ 67,025,000 - ------------------------------------------------------------------------------------------------------------------------------------ Comverse Technology, Inc. (a) 1,000,000 25,290,000 - ------------------------------------------------------------------------------------------------------------------------------------ QUALCOMM Inc. 1,250,000 49,362,500 ==================================================================================================================================== 141,677,500 ==================================================================================================================================== COMPUTER & ELECTRONICS RETAIL--0.66% Best Buy Co., Inc. 500,000 38,300,000 ==================================================================================================================================== COMPUTER HARDWARE--3.92% Apple Computer, Inc. (a) 2,500,000 106,625,000 - ------------------------------------------------------------------------------------------------------------------------------------ Dell Inc. (a) 3,000,000 121,410,000 ==================================================================================================================================== 228,035,000 ==================================================================================================================================== COMPUTER STORAGE & PERIPHERALS--0.94% EMC Corp. (a) 4,000,000 54,760,000 ==================================================================================================================================== CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--1.74% Caterpillar Inc. 1,200,000 64,692,000 - ------------------------------------------------------------------------------------------------------------------------------------ Deere & Co. 500,000 36,765,000 ==================================================================================================================================== 101,457,000 ==================================================================================================================================== CONSUMER ELECTRONICS--1.40% Garmin Ltd. (Cayman Islands) (c) 400,000 21,956,000 - ------------------------------------------------------------------------------------------------------------------------------------ Harman International Industries, Inc. 693,200 59,580,540 ==================================================================================================================================== 81,536,540 ==================================================================================================================================== CONSUMER FINANCE--1.59% American Express Co. 750,000 41,250,000 - ------------------------------------------------------------------------------------------------------------------------------------ SLM Corp. 1,000,000 51,490,000 ==================================================================================================================================== 92,740,000 ==================================================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--2.33% Fiserv, Inc. (a) 1,500,000 66,555,000 - ------------------------------------------------------------------------------------------------------------------------------------ Iron Mountain Inc. (a) 1,000,000 34,290,000 - ------------------------------------------------------------------------------------------------------------------------------------ Paychex, Inc. 1,000,000 34,910,000 ==================================================================================================================================== 135,755,000 ==================================================================================================================================== DEPARTMENT STORES--1.24% J.C. Penney Co., Inc. 350,000 19,649,000 - ------------------------------------------------------------------------------------------------------------------------------------ Kohl's Corp. (a) 500,000 28,175,000 - ------------------------------------------------------------------------------------------------------------------------------------ Sears Holdings Corp. (a) 157,372 24,271,483 ==================================================================================================================================== 72,095,483 ==================================================================================================================================== DIVERSIFIED BANKS--0.75% Bank of America Corp. 1,000,000 43,600,000 ====================================================================================================================================
CST-QTR-1 F-2
MARKET SHARES VALUE ==================================================================================================================================== DIVERSIFIED CHEMICALS--1.47% Dow Chemical Co. (The) 650,000 $ 31,167,500 - ------------------------------------------------------------------------------------------------------------------------------------ E. I. du Pont de Nemours and Co. 750,900 32,048,412 - ------------------------------------------------------------------------------------------------------------------------------------ Eastman Chemical Co. 400,000 22,156,000 ==================================================================================================================================== 85,371,912 ==================================================================================================================================== DIVERSIFIED METALS & MINING--0.57% Phelps Dodge Corp. 311,300 33,137,885 ==================================================================================================================================== DRUG RETAIL--1.14% CVS Corp. 600,000 18,618,000 - ------------------------------------------------------------------------------------------------------------------------------------ Walgreen Co. 1,000,000 47,860,000 ==================================================================================================================================== 66,478,000 ==================================================================================================================================== ELECTRICAL COMPONENTS & EQUIPMENT--1.20% Emerson Electric Co. 510,500 33,590,900 - ------------------------------------------------------------------------------------------------------------------------------------ Rockwell Automation, Inc. 700,000 36,057,000 ==================================================================================================================================== 69,647,900 ==================================================================================================================================== FERTILIZERS & AGRICULTURAL CHEMICALS--0.81% Monsanto Co. 700,000 47,159,000 ==================================================================================================================================== FOOD RETAIL--0.50% Whole Foods Market, Inc. 214,700 29,308,697 ==================================================================================================================================== FOOTWEAR--0.72% NIKE, Inc.-Class B 500,000 41,900,000 ==================================================================================================================================== HEALTH CARE EQUIPMENT--6.92% Bard (C.R.), Inc. 504,636 33,704,638 - ------------------------------------------------------------------------------------------------------------------------------------ Becton, Dickinson and Co. 1,034,200 57,263,654 - ------------------------------------------------------------------------------------------------------------------------------------ Biomet, Inc. 1,655,475 63,123,262 - ------------------------------------------------------------------------------------------------------------------------------------ Fisher Scientific International Inc. (a) 665,300 44,608,365 - ------------------------------------------------------------------------------------------------------------------------------------ Medtronic, Inc. 1,377,500 74,302,350 - ------------------------------------------------------------------------------------------------------------------------------------ St. Jude Medical, Inc. (a) 1,391,200 65,956,792 - ------------------------------------------------------------------------------------------------------------------------------------ Varian Medical Systems, Inc. (a) 1,040,900 40,865,734 - ------------------------------------------------------------------------------------------------------------------------------------ Zimmer Holdings, Inc. (a) 284,000 23,390,240 ==================================================================================================================================== 403,215,035 ==================================================================================================================================== HEALTH CARE FACILITIES--0.41% Health Management Associates, Inc.-Class A 1,000,000 23,800,000 ==================================================================================================================================== HEALTH CARE SERVICES--1.86% Caremark Rx, Inc. (a) 2,427,881 108,234,935 ==================================================================================================================================== HEALTH CARE SUPPLIES--1.33% Alcon, Inc. (Switzerland) 677,400 77,596,170 ====================================================================================================================================
CST-QTR-1 F-3
MARKET SHARES VALUE ==================================================================================================================================== HOME ENTERTAINMENT SOFTWARE--0.54% Electronic Arts Inc. (a) 550,000 $ 31,680,000 ==================================================================================================================================== HOMEFURNISHING RETAIL--0.95% Bed Bath & Beyond Inc. (a) 1,200,000 55,080,000 ==================================================================================================================================== HOTELS, RESORTS & CRUISE LINES--1.62% Carnival Corp. (Panama) (d) 900,000 47,160,000 - ------------------------------------------------------------------------------------------------------------------------------------ Starwood Hotels & Resorts Worldwide, Inc. (e) 750,000 47,490,000 ==================================================================================================================================== 94,650,000 ==================================================================================================================================== HOUSEHOLD PRODUCTS--0.57% Procter & Gamble Co. (The) 600,000 33,378,000 ==================================================================================================================================== HOUSEWARES & SPECIALTIES--0.30% Jarden Corp. (a) 450,000 17,262,000 ==================================================================================================================================== HUMAN RESOURCE & EMPLOYMENT SERVICES--1.31% Robert Half International Inc. 2,250,000 76,252,500 ==================================================================================================================================== INDUSTRIAL CONGLOMERATES--1.54% General Electric Co. 1,500,000 51,750,000 - ------------------------------------------------------------------------------------------------------------------------------------ Tyco International Ltd. (Bermuda) 1,250,000 38,087,500 ==================================================================================================================================== 89,837,500 ==================================================================================================================================== INDUSTRIAL GASES--0.60% Air Products and Chemicals, Inc. 285,500 17,061,480 - ------------------------------------------------------------------------------------------------------------------------------------ Praxair, Inc. 364,300 17,992,777 ==================================================================================================================================== 35,054,257 ==================================================================================================================================== INDUSTRIAL MACHINERY--4.20% Danaher Corp. 1,000,000 55,450,000 - ------------------------------------------------------------------------------------------------------------------------------------ Eaton Corp. 500,000 32,670,000 - ------------------------------------------------------------------------------------------------------------------------------------ Illinois Tool Works Inc. 363,300 31,116,645 - ------------------------------------------------------------------------------------------------------------------------------------ Ingersoll-Rand Co. Ltd-Class A (Bermuda) 1,100,000 85,987,000 - ------------------------------------------------------------------------------------------------------------------------------------ Parker Hannifin Corp. 600,000 39,432,000 ==================================================================================================================================== 244,655,645 ==================================================================================================================================== INTEGRATED OIL & GAS--3.44% Chevron Corp. 488,000 28,308,880 - ------------------------------------------------------------------------------------------------------------------------------------ ConocoPhillips 900,000 56,331,000 - ------------------------------------------------------------------------------------------------------------------------------------ Exxon Mobil Corp. 1,500,000 88,125,000 - ------------------------------------------------------------------------------------------------------------------------------------ Occidental Petroleum Corp. 334,500 27,522,660 ==================================================================================================================================== 200,287,540 ==================================================================================================================================== INTERNET RETAIL--1.20% eBay Inc. (a) 1,666,900 69,643,082 ====================================================================================================================================
CST-QTR-1 F-4
MARKET SHARES VALUE ==================================================================================================================================== INTERNET SOFTWARE & SERVICES--2.52% Google Inc.-Class A (a) 199,113 $ 57,296,757 - ------------------------------------------------------------------------------------------------------------------------------------ Yahoo! Inc. (a) 2,683,700 89,474,558 ==================================================================================================================================== 146,771,315 ==================================================================================================================================== INVESTMENT BANKING & BROKERAGE--1.82% Goldman Sachs Group, Inc. (The) 550,000 59,114,000 - ------------------------------------------------------------------------------------------------------------------------------------ Merrill Lynch & Co., Inc. 797,400 46,871,172 ==================================================================================================================================== 105,985,172 ==================================================================================================================================== IT CONSULTING & OTHER SERVICES--0.42% Cognizant Technology Solutions Corp.-Class A (a) 500,000 24,540,000 ==================================================================================================================================== MANAGED HEALTH CARE--3.54% Aetna Inc. 826,800 63,994,320 - ------------------------------------------------------------------------------------------------------------------------------------ PacifiCare Health Systems, Inc. (a) 479,300 36,522,660 - ------------------------------------------------------------------------------------------------------------------------------------ UnitedHealth Group Inc. 926,200 48,440,260 - ------------------------------------------------------------------------------------------------------------------------------------ WellPoint, Inc. (a) 810,300 57,320,622 ==================================================================================================================================== 206,277,862 ==================================================================================================================================== MOVIES & ENTERTAINMENT--0.30% Pixar (a) 400,000 17,204,000 ==================================================================================================================================== OIL & GAS DRILLING--1.67% ENSCO International Inc. 1,062,000 42,883,560 - ------------------------------------------------------------------------------------------------------------------------------------ GlobalSantaFe Corp. (Cayman Islands) 550,000 24,744,500 - ------------------------------------------------------------------------------------------------------------------------------------ Patterson-UTI Energy, Inc. 900,000 29,547,000 ==================================================================================================================================== 97,175,060 ==================================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--1.39% Baker Hughes Inc. 740,000 41,839,600 - ------------------------------------------------------------------------------------------------------------------------------------ National-Oilwell Varco Inc. (a) 750,000 39,262,500 ==================================================================================================================================== 81,102,100 ==================================================================================================================================== OIL & GAS EXPLORATION & PRODUCTION--2.63% Apache Corp. 400,000 27,360,000 - ------------------------------------------------------------------------------------------------------------------------------------ Burlington Resources Inc. 370,000 23,720,700 - ------------------------------------------------------------------------------------------------------------------------------------ Devon Energy Corp. 800,000 44,872,000 - ------------------------------------------------------------------------------------------------------------------------------------ Newfield Exploration Co. (a) 600,000 25,494,000 - ------------------------------------------------------------------------------------------------------------------------------------ XTO Energy, Inc. 900,666 31,604,370 ==================================================================================================================================== 153,051,070 ==================================================================================================================================== OIL & GAS REFINING & MARKETING --0.99% Valero Energy Corp. 700,000 57,946,000 ==================================================================================================================================== OTHER DIVERSIFIED FINANCIAL SERVICES--1.02% Citigroup Inc. 1,366,000 59,421,000 ====================================================================================================================================
CST-QTR-1 F-5
MARKET SHARES VALUE ==================================================================================================================================== PACKAGED FOODS & MEATS--0.35% Kellogg Co. 451,700 $ 20,466,527 ==================================================================================================================================== PERSONAL PRODUCTS--0.96% Gillette Co. (The) 1,042,000 55,924,140 ==================================================================================================================================== PHARMACEUTICALS--4.82% Johnson & Johnson 1,696,100 108,482,556 - ------------------------------------------------------------------------------------------------------------------------------------ Medicis Pharmaceutical Corp.-Class A 1,323,600 44,896,512 - ------------------------------------------------------------------------------------------------------------------------------------ Pfizer Inc. 1,800,300 47,707,950 - ------------------------------------------------------------------------------------------------------------------------------------ Teva Pharmaceutical Industries Ltd.-ADR (Israel) 1,606,400 50,440,960 - ------------------------------------------------------------------------------------------------------------------------------------ Wyeth 642,800 29,408,100 ==================================================================================================================================== 280,936,078 ==================================================================================================================================== RESTAURANTS--0.39% Brinker International, Inc. (a) 554,200 22,666,780 ==================================================================================================================================== SEMICONDUCTOR EQUIPMENT--0.95% Applied Materials, Inc. 1,583,600 29,233,256 - ------------------------------------------------------------------------------------------------------------------------------------ KLA-Tencor Corp. 500,000 25,850,000 ==================================================================================================================================== 55,083,256 ==================================================================================================================================== SEMICONDUCTORS--4.89% Analog Devices, Inc. 1,750,000 68,600,000 - ------------------------------------------------------------------------------------------------------------------------------------ Linear Technology Corp. 1,450,000 56,347,000 - ------------------------------------------------------------------------------------------------------------------------------------ Marvell Technology Group Ltd. (Bermuda) (a) 750,000 32,767,500 - ------------------------------------------------------------------------------------------------------------------------------------ Maxim Integrated Products, Inc. 806,985 33,788,462 - ------------------------------------------------------------------------------------------------------------------------------------ Microchip Technology Inc. 3,000,052 93,211,616 ==================================================================================================================================== 284,714,578 ==================================================================================================================================== SOFT DRINKS--0.56% PepsiCo, Inc. 600,000 32,718,000 ==================================================================================================================================== SPECIALIZED FINANCE--0.21% Chicago Mercantile Exchange Holdings Inc. 41,200 12,403,260 ==================================================================================================================================== SPECIALTY CHEMICALS--0.78% Ecolab Inc. 800,000 26,864,000 - ------------------------------------------------------------------------------------------------------------------------------------ Rohm and Haas Co. 405,100 18,658,906 ==================================================================================================================================== 45,522,906 ==================================================================================================================================== SPECIALTY STORES--1.70% Office Depot, Inc. (a) 1,163,800 33,028,644 - ------------------------------------------------------------------------------------------------------------------------------------ Staples, Inc. 2,895,000 65,919,150 ==================================================================================================================================== 98,947,794 ====================================================================================================================================
CST-QTR-1 F-6
MARKET SHARES VALUE ==================================================================================================================================== STEEL--1.26% Nucor Corp. 450,000 $ 24,952,500 - ------------------------------------------------------------------------------------------------------------------------------------ United States Steel Corp. 1,134,800 48,399,220 ==================================================================================================================================== 73,351,720 ==================================================================================================================================== SYSTEMS SOFTWARE--2.52% McAfee Inc. (a) 1,000,000 31,400,000 - ------------------------------------------------------------------------------------------------------------------------------------ Microsoft Corp. 3,500,000 89,635,000 - ------------------------------------------------------------------------------------------------------------------------------------ Oracle Corp. (a) 1,899,984 25,801,783 ==================================================================================================================================== 146,836,783 ==================================================================================================================================== Total Common Stocks & Other Equity Interests (Cost $4,097,028,150) 5,716,782,480 ==================================================================================================================================== MONEY MARKET FUNDS--1.54% Liquid Assets Portfolio-Institutional Class (f) 44,737,539 44,737,539 - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (f) 44,737,539 44,737,539 ==================================================================================================================================== Total Money Market Funds (Cost $89,475,078) 89,475,078 ==================================================================================================================================== TOTAL INVESTMENTS--99.70% (excluding investments purchased with cash collateral from securities loaned) (Cost $4,186,503,228) 5,806,257,558 ==================================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--0.30% Liquid Assets Portfolio-Institutional Class (f)(g) 2 2 - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (f)(g) 17,649,997 17,649,997 ==================================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $17,649,999) 17,649,999 ==================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $4,204,153,227) $5,823,907,557 ====================================================================================================================================
CST-QTR-1 F-7 Investment Abbreviations: ADR American Depositary Receipt Notes to Schedule of Investments: (a) Non-income producing security. (b) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The market value of this security at July 31, 2005 represented 0.39% of the Fund's Total Investments. See Note 1A. (c) All or a portion of this security has been pledged as collateral for securities lending transactions at July 31, 2005. (d) Each unit represents one common share and one trust share. (e) Each unit represents one common share and one Class B share. (f) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (i) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. CST-QTR-1 F-8 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. CST-QTR-1 F-9 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. CST-QTR-1 F-10 E. PUT OPTIONS - The Fund may purchase put options. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. F. COLLATERAL - To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transaction. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
CHANGE IN UNREALIZED MARKET MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 07/31/05 INCOME GAIN (LOSS) ==================================================================================================================================== Liquid Assets Portfolio-Institutional Class $21,040,807 $ 801,929,252 $ (778,232,520) $ -- $44,737,539 $ 1,074,521 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class 21,040,807 801,929,252 (778,232,520) -- 44,737,539 1,087,411 -- ==================================================================================================================================== SUBTOTAL $42,081,614 $1,603,858,504 $(1,556,465,040) $ -- $89,475,078 $ 2,161,932 $ -- ====================================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
CHANGE IN UNREALIZED MARKET MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 07/31/05 INCOME * GAIN (LOSS) ==================================================================================================================================== Liquid Assets Portfolio-Institutional Class $969,136,004 $ 898,782,312 $(1,867,918,314) $ -- $ 2 $ 158,549 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class 4,938,485 1,249,712,909 (1,237,001,397) -- 17,649,997 65,110 -- ==================================================================================================================================== SUBTOTAL $974,074,489 $2,148,495,221 $(3,104,919,711) $ -- $17,649,999 $ 223,659 $ -- ==================================================================================================================================== * Net of compensation to counterparties.
The Investment Company Act of 1940 defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting CST-QTR-1 F-11 securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The following is a summary of the transactions affiliates for the nine months ended July 31, 2005.
INVESTMENTS IN OTHER AFFILIATES: CHANGE IN UNREALIZED MARKET MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 07/31/05 INCOME GAIN (LOSS) ==================================================================================================================================== Dolby Laboratories Inc.- Class A $ -- $ 5,979,335 $ (5,790,071) $ -- $ -- $ -- $ (189,264) ==================================================================================================================================== TOTAL $1,016,156,103 $3,758,333,060 $(4,667,174,822) $ -- $107,125,077 $ 2,385,591 $ (189,264) ====================================================================================================================================
NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At July 31, 2005, securities with an aggregate value of $17,339,342 were on loan to brokers. The loans were secured by cash collateral of $17,649,999 received by the Fund and subsequently invested in affiliated money market funds. For the nine months ended July 31, 2005, the Fund received dividends on cash collateral of $223,659 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $2,331,130,093 and $3,744,684,681, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ======================================================================================================================= Aggregate unrealized appreciation of investment securities $ 1,680,527,458 - ----------------------------------------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (60,955,825) ======================================================================================================================= Net unrealized appreciation of investment securities $ 1,619,571,633 ======================================================================================================================= Cost of investments for tax purposes is $4,204,335,924.
CST-QTR-1 F-12 AIM DIVERSIFIED DIVIDEND FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our solution.] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com DDI-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------------- COMMON STOCKS--92.35% AEROSPACE & DEFENSE--4.35% Honeywell International Inc. 666,100 $ 26,164,408 - -------------------------------------------------------------------------------------------------------------- Raytheon Co. 542,400 21,332,592 - -------------------------------------------------------------------------------------------------------------- United Technologies Corp. 744,600 37,751,220 ============================================================================================================== 85,248,220 ============================================================================================================== ALUMINUM--0.82% Alcoa Inc. 571,000 16,016,550 ============================================================================================================== APPAREL RETAIL--2.75% Limited Brands, Inc. 1,444,100 35,207,158 - -------------------------------------------------------------------------------------------------------------- TJX Cos., Inc. (The) 796,400 18,723,364 ============================================================================================================== 53,930,522 ============================================================================================================== APPAREL, ACCESSORIES & LUXURY GOODS--0.80% V. F. Corp. 264,300 15,604,272 ============================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--2.61% Bank of New York Co., Inc. (The) 777,600 23,934,528 - -------------------------------------------------------------------------------------------------------------- Federated Investors, Inc.-Class B 248,100 7,924,314 - -------------------------------------------------------------------------------------------------------------- State Street Corp. 390,400 19,418,496 ============================================================================================================== 51,277,338 ============================================================================================================== AUTO PARTS & EQUIPMENT--1.08% Johnson Controls, Inc. 368,300 21,155,152 ============================================================================================================== BREWERS--1.37% Anheuser-Busch Cos., Inc. 605,100 26,836,185 ============================================================================================================== BUILDING PRODUCTS--0.10% Masco Corp. 56,700 1,922,697 ============================================================================================================== CASINOS & GAMING--0.77% International Game Technology 550,441 15,060,066 ==============================================================================================================
DDI-QTR-1 F-1
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------------- COMMUNICATIONS EQUIPMENT--0.85% QUALCOMM Inc. 422,300 $ 16,676,627 ============================================================================================================== COMPUTER HARDWARE--2.67% Hewlett-Packard Co. 906,800 22,325,416 - -------------------------------------------------------------------------------------------------------------- International Business Machines Corp. 360,000 30,045,600 ============================================================================================================== 52,371,016 ============================================================================================================== CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--1.14% Deere & Co. 303,200 22,294,296 ============================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--1.77% Automatic Data Processing, Inc. 290,000 12,878,900 - -------------------------------------------------------------------------------------------------------------- First Data Corp. 531,300 21,857,682 ============================================================================================================== 34,736,582 ============================================================================================================== DISTRIBUTORS--0.70% Genuine Parts Co. 300,300 13,750,737 ============================================================================================================== DIVERSIFIED BANKS--2.63% Bank of America Corp. 422,500 18,421,000 - -------------------------------------------------------------------------------------------------------------- U.S. Bancorp 419,200 12,601,152 - -------------------------------------------------------------------------------------------------------------- Wachovia Corp. 407,500 20,529,850 ============================================================================================================== 51,552,002 ============================================================================================================== DIVERSIFIED CHEMICALS--1.74% E. I. du Pont de Nemours and Co. 308,100 13,149,708 - -------------------------------------------------------------------------------------------------------------- PPG Industries, Inc. 321,500 20,907,145 ============================================================================================================== 34,056,853 ============================================================================================================== DRUG RETAIL--0.87% Walgreen Co. 355,100 16,995,086 ============================================================================================================== ELECTRIC UTILITIES--0.94% Exelon Corp. 343,800 18,400,176 ============================================================================================================== ELECTRICAL COMPONENTS & EQUIPMENT--1.86% Emerson Electric Co. 555,500 36,551,900 ==============================================================================================================
DDI-QTR-1 F-2
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------------- FOREST PRODUCTS--1.17% Weyerhaeuser Co. 332,600 $ 22,942,748 ============================================================================================================== GENERAL MERCHANDISE STORES--1.35% Target Corp. 449,900 26,431,625 ============================================================================================================== HEALTH CARE EQUIPMENT--3.06% Baxter International Inc. 615,500 24,170,685 - -------------------------------------------------------------------------------------------------------------- Medtronic, Inc. 664,400 35,837,736 ============================================================================================================== 60,008,421 ============================================================================================================== HOME IMPROVEMENT RETAIL--1.26% Home Depot, Inc. (The) 569,500 24,778,945 ============================================================================================================== HOUSEHOLD APPLIANCES--0.54% Snap-on Inc. 286,500 10,508,820 ============================================================================================================== HOUSEHOLD PRODUCTS--1.53% Colgate-Palmolive Co. 249,500 13,208,530 - -------------------------------------------------------------------------------------------------------------- Kimberly-Clark Corp. 263,700 16,813,512 ============================================================================================================== 30,022,042 ============================================================================================================== HYPERMARKETS & SUPER CENTERS--0.91% Wal-Mart Stores, Inc. 362,400 17,884,440 ============================================================================================================== INDUSTRIAL CONGLOMERATES--2.51% General Electric Co. 1,428,000 49,266,000 ============================================================================================================== INDUSTRIAL GASES--1.53% Praxair, Inc. 607,957 30,026,996 ============================================================================================================== INDUSTRIAL MACHINERY--2.69% Illinois Tool Works Inc. 188,517 16,146,481 - -------------------------------------------------------------------------------------------------------------- Ingersoll-Rand Co. Ltd.-Class A (Bermuda) 304,600 23,810,582 - -------------------------------------------------------------------------------------------------------------- Pentair, Inc. 319,500 12,834,315 ============================================================================================================== 52,791,378 ==============================================================================================================
DDI-QTR-1 F-3
MARKET SHARES VALUE v------------------------------------------------------------------------------------------------------------- INSURANCE BROKERS--0.95% Marsh & McLennan Cos., Inc. 640,800 $ 18,563,976 ============================================================================================================== INTEGRATED OIL & GAS--4.54% ConocoPhillips (a) 47,800 2,991,802 - -------------------------------------------------------------------------------------------------------------- Eni S.p.A. (Italy) (b) 334,800 9,485,201 - -------------------------------------------------------------------------------------------------------------- Exxon Mobil Corp. 483,500 28,405,625 - -------------------------------------------------------------------------------------------------------------- Occidental Petroleum Corp. 285,900 23,523,852 - -------------------------------------------------------------------------------------------------------------- TOTAL S.A. (France) (b) 98,151 24,544,780 ============================================================================================================== 88,951,260 ============================================================================================================== INTEGRATED TELECOMMUNICATION SERVICES--2.25% BellSouth Corp. 1,041,300 28,739,880 - -------------------------------------------------------------------------------------------------------------- SBC Communications Inc. 626,500 15,317,925 ============================================================================================================== 44,057,805 ============================================================================================================== INVESTMENT BANKING & BROKERAGE--3.58% Merrill Lynch & Co., Inc. 552,600 32,481,828 - -------------------------------------------------------------------------------------------------------------- Morgan Stanley 712,400 37,792,820 ============================================================================================================== 70,274,648 ============================================================================================================== LIFE & HEALTH INSURANCE--0.05% Prudential Financial, Inc. 13,700 916,530 ============================================================================================================== MULTI-LINE INSURANCE--0.16% Hartford Financial Services Group, Inc. (The) 38,000 3,061,660 ============================================================================================================== MULTI-UTILITIES--2.68% Dominion Resources, Inc. 464,800 34,330,128 - -------------------------------------------------------------------------------------------------------------- Public Service Enterprise Group Inc. 42,200 2,713,460 - -------------------------------------------------------------------------------------------------------------- Wisconsin Energy Corp. 387,200 15,546,080 ============================================================================================================== 52,589,668 ============================================================================================================== OIL & GAS DRILLING--0.65% GlobalSantaFe Corp. (Cayman Islands) 282,900 12,727,671 ============================================================================================================== OIL & GAS EQUIPMENT & SERVICES--1.14% Schlumberger Ltd. (Netherlands) 268,200 22,459,068 ==============================================================================================================
DDI-QTR-1 F-4
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------------- OTHER DIVERSIFIED FINANCIAL SERVICES--1.99% Citigroup Inc. 899,100 $ 39,110,850 ============================================================================================================== PACKAGED FOODS & MEATS--1.45% General Mills, Inc. 363,200 17,215,680 - -------------------------------------------------------------------------------------------------------------- Sara Lee Corp. 559,300 11,146,849 ============================================================================================================== 28,362,529 ============================================================================================================== PHARMACEUTICALS--9.41% Abbott Laboratories 558,700 26,052,181 - -------------------------------------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 403,100 10,069,438 - -------------------------------------------------------------------------------------------------------------- Johnson & Johnson 587,800 37,595,688 - -------------------------------------------------------------------------------------------------------------- Lilly (Eli) & Co. 514,300 28,965,376 - -------------------------------------------------------------------------------------------------------------- Merck & Co. Inc. 446,100 13,855,866 - -------------------------------------------------------------------------------------------------------------- Pfizer Inc. 1,476,780 39,134,670 - -------------------------------------------------------------------------------------------------------------- Wyeth 629,600 28,804,200 ============================================================================================================== 184,477,419 ============================================================================================================== PROPERTY & CASUALTY INSURANCE--2.87% Chubb Corp. (The) 14,200 1,261,244 - -------------------------------------------------------------------------------------------------------------- MBIA Inc. 344,000 20,894,560 - -------------------------------------------------------------------------------------------------------------- St. Paul Travelers Cos., Inc. (The) 776,300 34,172,726 ============================================================================================================== 56,328,530 ============================================================================================================== PUBLISHING--1.57% Gannett Co., Inc. 423,000 30,862,080 ============================================================================================================== REGIONAL BANKS--2.59% Cullen/Frost Bankers, Inc. 65,400 3,276,540 - -------------------------------------------------------------------------------------------------------------- Fifth Third Bancorp 634,500 27,346,950 - -------------------------------------------------------------------------------------------------------------- North Fork Bancorp., Inc. 734,300 20,112,477 ============================================================================================================== 50,735,967 ============================================================================================================== RESTAURANTS--1.01% Outback Steakhouse, Inc. 424,700 19,782,526 ============================================================================================================== SEMICONDUCTORS--3.34% Intel Corp. 635,000 17,233,900 - -------------------------------------------------------------------------------------------------------------- Linear Technology Corp. 728,000 28,290,080 - -------------------------------------------------------------------------------------------------------------- Texas Instruments Inc. 630,800 20,034,208 ============================================================================================================== 65,558,188 ==============================================================================================================
DDI-QTR-1 F-5
MARKET SHARES VALUE - -------------------------------------------------------------------------------------------------------------- SOFT DRINKS--0.64% Coca-Cola Co. (The) 285,070 $ 12,474,663 ============================================================================================================== SPECIALIZED CONSUMER SERVICES--0.13% H&R Block, Inc. 44,200 2,517,632 ============================================================================================================== SPECIALTY CHEMICALS--0.43% Ecolab Inc. 250,500 8,411,790 ============================================================================================================== SYSTEMS SOFTWARE--1.72% Microsoft Corp. 1,313,500 33,638,735 ============================================================================================================== THRIFTS & MORTGAGE FINANCE--1.32% Fannie Mae 423,800 23,673,468 - -------------------------------------------------------------------------------------------------------------- Hudson City Bancorp, Inc. 186,300 2,203,929 ============================================================================================================== 25,877,397 ============================================================================================================== TOBACCO--1.51% Altria Group, Inc. 441,900 29,589,624 ============================================================================================================== Total Common Stocks (Cost $1,657,555,568) 1,810,427,908 ==============================================================================================================
PRINCIPAL AMOUNT ============================================================================================================== NOTES--0.02% ELECTRIC UTILITIES--0.01% Kansas City Power & Light Co., Sr. Unsec. Notes, 7.13%, 12/15/05(C) (c) $ 160,000 161,706 ============================================================================================================== OTHER DIVERSIFIED FINANCIAL SERVICES--0.01% General Electric Capital Corp.-Series A, Medium Term Global Notes, 2.85%, 01/30/06(C) (c) 100,000 99,508 ============================================================================================================== Total Notes (Cost $262,751) 261,214 ==============================================================================================================
DDI-QTR-1 F-6
PRINCIPAL MARKET AMOUNT VALUE - -------------------------------------------------------------------------------------------------------------- U.S. TREASURY SECURITIES--0.30% U.S. TREASURY NOTES--0.30% 3.38%, 02/28/07 (c) $ 3,000,000 $ 2,972,820 - -------------------------------------------------------------------------------------------------------------- 3.38%, 02/15/08 (c) 3,000,000 2,952,180 - -------------------------------------------------------------------------------------------------------------- Total U.S. Treasury Securities (Cost $5,951,789) 5,925,000 ==============================================================================================================
SHARES ============================================================================================================== MONEY MARKET FUNDS--7.33% Liquid Assets Portfolio-Institutional Class (d) 71,860,426 71,860,426 - -------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (d) 71,860,426 71,860,426 ============================================================================================================== Total Money Market Funds (Cost $143,720,852) 143,720,852 ============================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $1,807,490,960) $ 1,960,334,974 ==============================================================================================================
Investment Abbreviations: Sr. Senior Unsec. Unsecured Notes to Schedule of Investments: (a) A portion of this security is subject to call options written. See Note 1E and Note 3. (b) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at July 31, 2005 was $34,029,981, which represented 1.74% of the Fund's Total Investments. See Note 1A. (c) In accordance with the procedures established by the Board of Trustees, security fair valued based on an evaluated quote provided by an independent pricing service. The aggregate market value of these securities at July 31, 2005 was $6,186,214, which represented 0.32% of the Fund's Total Investments. See Note 1A. (d) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. See accompanying notes which are an integral part of this schedule. DDI-QTR-1 F-7 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. DDI-QTR-1 F-8 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. E. COVERED CALL OPTIONS - The Fund may write call options, on a covered basis; that is, the Fund will own the underlying security. When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded as an asset and an equivalent liability. DDI-QTR-1 F-9 E. COVERED CALL OPTIONS - (CONTINUED) The amount of the liability is subsequently "marked-to-market" to reflect the current market value of the option written. The current market value of a written option is the mean between the last bid and asked prices on that day. If a written call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. A risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. F. FUTURES CONTRACTS - The Fund may purchase or sell futures contracts as a hedge against changes in market conditions. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. G. COLLATERAL - To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission and approved procedures by the Board of Trustees, to invest daily available cash balances in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The table below shows the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005.
CHANGE IN UNREALIZED MARKET VALUE PURCHASES PROCEEDS APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/04 AT COST FROM SALES (DEPRECIATION) 07/31/05 INCOME GAIN (LOSS) ==================================================================================================================================== Liquid Assets $ 8,365,886 $ 103,700,967 $ (40,206,427) $ -- $ 71,860,426 $ 248,753 $ -- Portfolio-Institutional Class - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime 8,365,886 103,700,967 (40,206,427) -- 71,860,426 250,170 -- Portfolio-Institutional Class ==================================================================================================================================== TOTAL $ 16,731,772 $ 207,401,934 $ (80,412,854) $ -- $ 143,720,852 $ 498,923 $ -- ====================================================================================================================================
DDI-QTR-1 F-10 NOTE 3 - OPTION CONTRACTS WRITTEN
TRANSACTIONS DURING THE PERIOD ========================================================= CALL OPTION CONTRACTS ---------------------------------- NUMBER OF PREMIUMS CONTRACTS RECEIVED ------------- ------------- Beginning of period -- $ -- ---------------------------------------------------------- Written 1,704 157,662 ---------------------------------------------------------- Closed (1,228) (109,746) ---------------------------------------------------------- Exercised (236) (23,437) ---------------------------------------------------------- End of period 240 $ 24,479 ==========================================================
OPEN CALL OPTIONS WRITTEN AT PERIOD END - -------------------------------------------------------------------------------------------------------- CHANGE IN UNREALIZED CONTRACT STRIKE NUMBER OF PREMIUMS MARKET VALUE APPRECIATION MONTH PRICE CONTRACTS RECEIVED 7/31/05 (DEPRECIATION) ------------------------------------------------------------------------------ ConocoPhillips Aug-05 $62.5 240 $24,479 $36,600 ($12,121) ========================================================================================================
NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $334,756,051 and $39,344,198 respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS =========================================================================================== Aggregate unrealized appreciation of investment securities $ 186,996,303 - ------------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (35,804,997) =========================================================================================== Net unrealized appreciation of investment securities $ 151,191,306 ___________________________________________________________________________________________ =========================================================================================== Cost of investments for tax purposes is $1,809,143,668.
DDI-QTR-1 F-11 AIM LARGE CAP BASIC VALUE FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our solutions] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com LCBV-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE ==================================================================================================================================== COMMON STOCKS & OTHER EQUITY INTERESTS--95.09% ADVERTISING--4.69% Interpublic Group of Cos., Inc. (The) (a) 562,200 $ 7,027,500 - ------------------------------------------------------------------------------------------------------------------------------------ Omnicom Group Inc. 137,600 11,678,112 ==================================================================================================================================== 18,705,612 ==================================================================================================================================== AEROSPACE & DEFENSE--1.58% Honeywell International Inc. 160,300 6,296,584 ==================================================================================================================================== ALUMINUM--1.21% Alcoa Inc. 171,500 4,810,575 ==================================================================================================================================== APPAREL RETAIL--1.56% Gap, Inc. (The) 295,700 6,242,227 ==================================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--2.02% Bank of New York Co., Inc. (The) 262,600 8,082,828 ==================================================================================================================================== BUILDING PRODUCTS--2.00% Masco Corp. 235,200 7,975,632 ==================================================================================================================================== CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.90% Deere & Co. 48,800 3,588,264 ==================================================================================================================================== CONSUMER ELECTRONICS--2.81% Koninklijke (Royal) Philips Electronics N.V. -New York Shares (Netherlands) 191,970 5,206,226 - ------------------------------------------------------------------------------------------------------------------------------------ Sony Corp.- ADR (Japan) 184,700 6,004,597 ==================================================================================================================================== 11,210,823 ==================================================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--4.31% Ceridian Corp. (a) 291,700 6,105,281 - ------------------------------------------------------------------------------------------------------------------------------------ First Data Corp. 269,700 11,095,458 ==================================================================================================================================== 17,200,739 ==================================================================================================================================== DIVERSIFIED CHEMICALS--0.66% Dow Chemical Co. (The) 54,600 2,618,070 ==================================================================================================================================== DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--2.33% Cendant Corp. 435,600 9,304,416 ==================================================================================================================================== ENVIRONMENTAL & FACILITIES SERVICES--2.65% Waste Management, Inc. 376,550 10,588,586 ====================================================================================================================================
LCBV-QTR-1 F-1
MARKET SHARES VALUE ==================================================================================================================================== FOOD RETAIL--3.48% Kroger Co. (The) (a) 404,600 $ 8,031,310 - ------------------------------------------------------------------------------------------------------------------------------------ Safeway Inc. 240,800 5,851,440 ==================================================================================================================================== 13,882,750 ==================================================================================================================================== GENERAL MERCHANDISE STORES--2.47% Target Corp. 167,600 9,846,500 ==================================================================================================================================== HEALTH CARE DISTRIBUTORS--6.54% Cardinal Health, Inc. 264,600 15,764,868 - ------------------------------------------------------------------------------------------------------------------------------------ McKesson Corp. 230,100 10,354,500 ==================================================================================================================================== 26,119,368 ==================================================================================================================================== HEALTH CARE EQUIPMENT--1.63% Baxter International Inc. 165,800 6,510,966 ==================================================================================================================================== HEALTH CARE FACILITIES--2.08% HCA Inc. 168,400 8,293,700 ==================================================================================================================================== INDUSTRIAL CONGLOMERATES--5.67% General Electric Co. 225,500 7,779,750 - ------------------------------------------------------------------------------------------------------------------------------------ Tyco International Ltd. (Bermuda) 487,300 14,848,031 ==================================================================================================================================== 22,627,781 ==================================================================================================================================== INDUSTRIAL MACHINERY--1.99% Illinois Tool Works Inc. 92,515 7,923,910 ==================================================================================================================================== INVESTMENT BANKING & BROKERAGE--3.91% Merrill Lynch & Co., Inc. 123,800 7,276,964 - ------------------------------------------------------------------------------------------------------------------------------------ Morgan Stanley 157,000 8,328,850 ==================================================================================================================================== 15,605,814 ==================================================================================================================================== MANAGED HEALTH CARE--3.37% WellPoint, Inc. (a) 190,000 13,440,600 ==================================================================================================================================== MOVIES & ENTERTAINMENT--2.29% Walt Disney Co. (The) 356,100 9,130,404 ==================================================================================================================================== MULTI-LINE INSURANCE--2.29% Hartford Financial Services Group, Inc. (The) 113,600 9,152,752 ==================================================================================================================================== OIL & GAS DRILLING--2.26% Transocean Inc. (Cayman Islands) (a) 159,677 9,010,573 ==================================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--5.90% Halliburton Co. 257,100 14,410,455 - ------------------------------------------------------------------------------------------------------------------------------------ Schlumberger Ltd. (Netherlands) 109,100 9,136,034 ==================================================================================================================================== 23,546,489 ====================================================================================================================================
LCBV-QTR-1 F-2
MARKET SHARES VALUE ==================================================================================================================================== OTHER DIVERSIFIED FINANCIAL SERVICES--5.76% Citigroup Inc. 275,619 $ 11,989,426 - ------------------------------------------------------------------------------------------------------------------------------------ JPMorgan Chase & Co. 313,356 11,011,330 ==================================================================================================================================== 23,000,756 ==================================================================================================================================== PACKAGED FOODS & MEATS--2.82% Kraft Foods Inc.-Class A 170,300 5,202,665 - ------------------------------------------------------------------------------------------------------------------------------------ Unilever N.V. (Netherlands) (b) 90,300 6,051,341 ==================================================================================================================================== 11,254,006 ==================================================================================================================================== PHARMACEUTICALS--7.55% Pfizer Inc. 320,700 8,498,550 - ------------------------------------------------------------------------------------------------------------------------------------ Sanofi-Aventis (France) (b) 159,452 13,764,106 - ------------------------------------------------------------------------------------------------------------------------------------ Wyeth 172,300 7,882,725 ==================================================================================================================================== 30,145,381 ==================================================================================================================================== PROPERTY & CASUALTY INSURANCE--2.34% ACE Ltd. (Cayman Islands) 201,800 9,325,178 ==================================================================================================================================== SYSTEMS SOFTWARE--2.81% Computer Associates International, Inc. 408,499 11,213,298 ==================================================================================================================================== THRIFTS & MORTGAGE FINANCE--3.21% Fannie Mae 168,300 9,401,238 - ------------------------------------------------------------------------------------------------------------------------------------ Freddie Mac 54,000 3,417,120 ==================================================================================================================================== 12,818,358 ==================================================================================================================================== Total Common Stocks & Other Equity Interests (Cost $300,578,560) 379,472,940 ==================================================================================================================================== MONEY MARKET FUNDS--4.91% Liquid Assets Portfolio-Institutional Class (c) 9,806,217 9,806,217 - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (c) 9,806,217 9,806,217 ==================================================================================================================================== Total Money Market Funds (Cost $19,612,434) 19,612,434 ==================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $320,190,994) $399,085,374 ====================================================================================================================================
Investment Abbreviations: ADR- American Depositary Receipt Notes to Schedule of Investments: (a) Non-income producing security. (b) In accordance with the procedures established by the Board of Trustees, the foreign securities is fair valued using adjusted closing market prices. The aggregate market value of these securities at July 31, 2005 was $19,815,447, which represented 4.97% of the Fund's Total Investments. See Note 1A. (c) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. See accompanying notes which are an integral part of this schedule. LCBV-QTR-1 F-3 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. LCBV-QTR-1 F-4 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. LCBV-QTR-1 F-5 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
CHANGE IN MARKET UNREALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 07/31/05 INCOME GAIN (LOSS) ==================================================================================================================================== Liquid Assets Portfolio-Institutional Class $ 3,790,466 $ 28,705,154 $ (22,689,403) $ -- $ 9,806,217 $ 112,031 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class 3,790,466 28,705,154 (22,689,403) -- 9,806,217 112,985 -- ==================================================================================================================================== SUBTOTAL $ 7,580,932 $ 57,410,308 $ (45,378,806) $ -- $ 19,612,434 $ 225,016 $ -- ====================================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
CHANGE IN MARKET UNREALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 07/31/05 INCOME* GAIN (LOSS) ==================================================================================================================================== STIC Prime Portfolio-Institutional Class $ 7,196,450 $ 46,401,928 $ (53,598,378) $ -- $ -- $ 29,605 $ -- ==================================================================================================================================== TOTAL $14,777,382 $ 103,812,236 $ (98,977,184) $ -- $ 19,612,434 $ 254,621 $ -- ====================================================================================================================================
* Net of compensation to counterparties. NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At July 31, 2005, there were no securities on loan to brokers. For the nine months ended July 31, 2005, the Fund received dividends on cash collateral of $29,605 for securities lending transactions, which are net of compensation to counterparties. LCBV-QTR-1 F-6 NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $18,173,579 and $30,930,595, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS =================================================================================================================================== Aggregate unrealized appreciation of investment securities $ 87,275,932 - ----------------------------------------------------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (10,131,696) =================================================================================================================================== Net unrealized appreciation of investment securities $ 77,144,236 =================================================================================================================================== Cost of investments for tax purposes is $321,941,138.
LCBV-QTR-1 F-7 AIM LARGE CAP GROWTH FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our solution.] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com LCG-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE - ---------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS & OTHER EQUITY INTERESTS--95.42% AEROSPACE & DEFENSE--6.01% Boeing Co. (The) 142,000 $ 9,373,420 - ---------------------------------------------------------------------------------------------------------------------------- General Dynamics Corp. 55,000 6,335,450 - ---------------------------------------------------------------------------------------------------------------------------- Lockheed Martin Corp. 189,000 11,793,600 - ---------------------------------------------------------------------------------------------------------------------------- Precision Castparts Corp. (a) 105,000 9,447,900 - ---------------------------------------------------------------------------------------------------------------------------- Rockwell Collins, Inc. 170,000 8,296,000 - ---------------------------------------------------------------------------------------------------------------------------- United Technologies Corp. 112,400 5,698,680 ============================================================================================================================ 50,945,050 ============================================================================================================================ APPAREL RETAIL--3.18% Abercrombie & Fitch Co.-Class A 170,000 12,248,500 - ---------------------------------------------------------------------------------------------------------------------------- American Eagle Outfitters, Inc. 190,000 6,260,500 - ---------------------------------------------------------------------------------------------------------------------------- Chico's FAS, Inc. (b) 210,000 8,423,100 ============================================================================================================================ 26,932,100 ============================================================================================================================ APPAREL, ACCESSORIES & LUXURY GOODS--0.81% Coach, Inc. (b) 196,000 6,881,560 ============================================================================================================================ APPLICATION SOFTWARE--1.06% Autodesk, Inc. 264,000 9,026,160 ============================================================================================================================ BIOTECHNOLOGY--3.29% Amgen Inc. (b) 100,000 7,975,000 - ---------------------------------------------------------------------------------------------------------------------------- Genentech, Inc. (b) 100,000 8,933,000 - ---------------------------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. (b) 245,000 10,978,450 ============================================================================================================================ 27,886,450 ============================================================================================================================ COMMUNICATIONS EQUIPMENT--1.76% Cisco Systems, Inc. (b) 493,440 9,449,376 - ---------------------------------------------------------------------------------------------------------------------------- Motorola, Inc. 260,000 5,506,800 ============================================================================================================================ 14,956,176 ============================================================================================================================ COMPUTER & ELECTRONICS RETAIL--1.31% Best Buy Co., Inc. 145,000 11,107,000 ============================================================================================================================ COMPUTER HARDWARE--6.27% Apple Computer, Inc. (b) 395,000 16,846,750 - ---------------------------------------------------------------------------------------------------------------------------- Dell Inc. (b) 896,600 36,285,402 ============================================================================================================================ 53,132,152 ============================================================================================================================ COMPUTER STORAGE & PERIPHERALS--0.77% Seagate Technology (Cayman Islands) (a)(b) 335,000 6,488,950 ============================================================================================================================
LCG-QTR-1 F-1
MARKET SHARES VALUE - ---------------------------------------------------------------------------------------------------------------------------- CONSUMER FINANCE--1.80% SLM Corp. 296,000 $ 15,241,040 ============================================================================================================================ DEPARTMENT STORES--4.26% Federated Department Stores, Inc. 85,000 6,448,950 - ---------------------------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. 124,000 6,961,360 - ---------------------------------------------------------------------------------------------------------------------------- Nordstrom, Inc. 446,000 16,506,460 - ---------------------------------------------------------------------------------------------------------------------------- Sears Holdings Corp. (b) 40,000 6,169,200 ============================================================================================================================ 36,085,970 ============================================================================================================================ ELECTRICAL COMPONENTS & EQUIPMENT--0.69% Rockwell Automation, Inc. 114,000 5,872,140 ============================================================================================================================ FOOTWEAR--1.82% NIKE, Inc.-Class B 184,000 15,419,200 ============================================================================================================================ HEALTH CARE FACILITIES--1.84% HCA Inc. (a) 316,000 15,563,000 ============================================================================================================================ HEALTH CARE SERVICES--3.51% Caremark Rx, Inc. (b) 130,000 5,795,400 - ---------------------------------------------------------------------------------------------------------------------------- Express Scripts, Inc. (a)(b) 124,000 6,485,200 - ---------------------------------------------------------------------------------------------------------------------------- Medco Health Solutions, Inc. (b) 160,000 7,750,400 - ---------------------------------------------------------------------------------------------------------------------------- Quest Diagnostics Inc. (a) 190,000 9,754,600 ============================================================================================================================ 29,785,600 ============================================================================================================================ HEALTH CARE SUPPLIES--2.89% Alcon, Inc. (Switzerland) 213,700 24,479,335 ============================================================================================================================ HOME IMPROVEMENT RETAIL--0.80% Home Depot, Inc. (The) 156,000 6,787,560 ============================================================================================================================ HOMEBUILDING--2.16% D.R. Horton, Inc. 240,000 9,859,200 - ---------------------------------------------------------------------------------------------------------------------------- NVR, Inc. (b) 9,000 8,442,000 ============================================================================================================================ 18,301,200 ============================================================================================================================ HOTELS, RESORTS & CRUISE LINES--0.65% Marriott International, Inc.-Class A 81,000 5,546,070 ============================================================================================================================ HOUSEHOLD PRODUCTS--1.10% Procter & Gamble Co. (The) 167,000 9,290,210 ============================================================================================================================ HOUSEWARES & SPECIALTIES--0.86% Fortune Brands, Inc. 77,000 7,280,350 ============================================================================================================================ INTEGRATED OIL & GAS--3.71% Chevron Corp. 221,000 12,820,210 - ---------------------------------------------------------------------------------------------------------------------------- ConocoPhillips 298,000 18,651,820 ============================================================================================================================ 31,472,030 ============================================================================================================================
LCG-QTR-1 F-2
MARKET SHARES VALUE - ---------------------------------------------------------------------------------------------------------------------------- INTERNET SOFTWARE & SERVICES--0.84% VeriSign, Inc. (b) 270,000 $ 7,103,700 ============================================================================================================================ INVESTMENT BANKING & BROKERAGE--3.21% Bear Stearns Cos. Inc. (The) 71,000 7,249,810 - ---------------------------------------------------------------------------------------------------------------------------- Goldman Sachs Group, Inc. (The) 59,000 6,341,320 - ---------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings Inc. 130,000 13,666,900 ============================================================================================================================ 27,258,030 ============================================================================================================================ IT CONSULTING & OTHER SERVICES--0.76% Accenture Ltd.-Class A (Bermuda) (b) 259,000 6,485,360 ============================================================================================================================ LIFE & HEALTH INSURANCE--1.09% MetLife, Inc. 188,000 9,238,320 ============================================================================================================================ MANAGED HEALTH CARE--7.27% Aetna Inc. 248,000 19,195,200 - ---------------------------------------------------------------------------------------------------------------------------- CIGNA Corp. 60,000 6,405,000 - ---------------------------------------------------------------------------------------------------------------------------- UnitedHealth Group Inc. 534,000 27,928,200 - ---------------------------------------------------------------------------------------------------------------------------- WellPoint, Inc. (b) 115,000 8,135,100 ============================================================================================================================ 61,663,500 ============================================================================================================================ OIL & GAS EXPLORATION & PRODUCTION--1.96% Apache Corp. 100,000 6,840,000 - ---------------------------------------------------------------------------------------------------------------------------- Devon Energy Corp. (a) 175,000 9,815,750 ============================================================================================================================ 16,655,750 OIL & GAS REFINING & MARKETING --2.24% Valero Energy Corp. (a) 229,000 18,956,620 ============================================================================================================================ PACKAGED FOODS & MEATS--0.98% Hershey Co. (The) 130,000 8,303,100 ============================================================================================================================ PERSONAL PRODUCTS--2.01% Gillette Co. (The) 317,000 17,013,390 ============================================================================================================================ PHARMACEUTICALS--5.21% Johnson & Johnson 491,000 31,404,360 - ---------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis-ADR (France) 130,000 5,629,000 - ---------------------------------------------------------------------------------------------------------------------------- Shire Pharmaceuticals Group PLC-ADR (a) 203,000 7,105,000 (United Kingdom) ============================================================================================================================ 44,138,360 ============================================================================================================================ PROPERTY & CASUALTY INSURANCE--2.94% Allstate Corp. (The) 203,000 12,435,780 - ---------------------------------------------------------------------------------------------------------------------------- Chubb Corp. (The) 71,000 6,306,220 - ---------------------------------------------------------------------------------------------------------------------------- Progressive Corp. (The) 62,000 6,180,780 ============================================================================================================================ 24,922,780 ============================================================================================================================
LCG-QTR-1 F-3
MARKET SHARES VALUE - ---------------------------------------------------------------------------------------------------------------------------- RAILROADS--0.75% Burlington Northern Santa Fe Corp. 118,000 $ 6,401,500 ============================================================================================================================ RESTAURANTS--3.16% Darden Restaurants, Inc. (a) 265,000 9,195,500 - ---------------------------------------------------------------------------------------------------------------------------- Yum! Brands, Inc. 337,000 17,641,950 ============================================================================================================================ 26,837,450 ============================================================================================================================ SEMICONDUCTORS--4.53% Intel Corp. 380,000 10,313,200 - ---------------------------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 483,000 11,934,930 - ---------------------------------------------------------------------------------------------------------------------------- Texas Instruments Inc. 510,000 16,197,600 ============================================================================================================================ 38,445,730 ============================================================================================================================ SOFT DRINKS--0.94% PepsiCo, Inc. 146,000 7,961,380 ============================================================================================================================ SPECIALTY STORES--2.17% Michaels Stores, Inc. (a) 154,000 6,314,000 - ---------------------------------------------------------------------------------------------------------------------------- Staples, Inc. 530,000 12,068,100 ============================================================================================================================ 18,382,100 ============================================================================================================================ SYSTEMS SOFTWARE--3.16% Adobe Systems Inc. 355,000 10,522,200 - ---------------------------------------------------------------------------------------------------------------------------- Microsoft Corp. 429,280 10,993,861 - ---------------------------------------------------------------------------------------------------------------------------- Oracle Corp. (b) 389,000 5,282,620 ============================================================================================================================ 26,798,681 ============================================================================================================================ THRIFTS & MORTGAGE FINANCE--1.65% Countrywide Financial Corp. 389,000 14,004,000 ============================================================================================================================ Total Common Stocks & Other Equity Interetsts (Cost $673,012,088) 809,049,054 ============================================================================================================================ MONEY MARKET FUNDS--1.47% Liquid Assets Portfolio-Institutional Class (c) 6,232,384 6,232,384 - ---------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (c) 6,232,384 6,232,384 ============================================================================================================================ Total Money Market Funds (Cost $12,464,768) 12,464,768 ============================================================================================================================ TOTAL INVESTMENTS--96.89% (excluding investments purchased with cash collateral from securities loaned) (Cost $685,476,856) 821,513,822 ============================================================================================================================
LCG-QTR-1 F-4
MARKET SHARES VALUE - ---------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--3.11% STIC Prime Portfolio-Institutional Class (c)(d) 26,364,678 $ 26,364,678 ============================================================================================================================ Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $26,364,678) 26,364,678 ============================================================================================================================ TOTAL INVESTMENTS--100.00% (Cost $711,841,534) $ 847,878,500 ============================================================================================================================
Investment Abbreviations: ADR American Depositary Receipt Notes to Schedule of Investments: (a) All or a portion of this security has been pledged as collateral for securities lending transactions at July 31, 2005. (b) Non-income producing security. (c) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (d) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. LCG-QTR-1 F-5 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. LCG-QTR-1 F-6 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. LCG-QTR-1 F-7 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
CHANGE IN MARKET UNREALIZED VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/04 AT COST SALES (DEPRECIATION) 07/31/05 INCOME GAIN (LOSS) - ------------------------------------------------------------------------------------------------------------------------------------ Liquid Assets Portfolio- Institutional Class $ 14,259,968 $ 60,606,694 $ (68,634,278) $ -- $ 6,232,384 $ 113,910 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio- Institutional Class 14,259,968 60,606,694 (68,634,278) -- 6,232,384 114,858 -- - ------------------------------------------------------------------------------------------------------------------------------------ SUBTOTAL $ 28,519,936 $ 121,213,388 $ (137,268,556) $ -- $ 12,464,768 $ 228,768 $ -- ====================================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
CHANGE IN MARKET UNREALIZED VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/04 AT COST SALES (DEPRECIATION) 07/31/05 INCOME* GAIN (LOSS) - ------------------------------------------------------------------------------------------------------------------------------------ Liquid Assets Portfolio- Institutional Class $ 4,905,700 $ 77,755,697 $ (82,661,397) $ -- $ -- $ 11,107 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio- Institutional Class -- 236,161,966 (209,797,288) -- 26,364,678 43,813 -- ==================================================================================================================================== SUBTOTAL $ 4,905,700 $ 313,917,663 $ (292,458,685) $ -- $ 26,364,678 $ 54,920 $ -- ==================================================================================================================================== TOTAL $ 33,425,636 $ 435,131,051 $ (429,727,241) $ -- $ 38,829,446 $ 283,688 $ -- ====================================================================================================================================
* Net of compensation to counterparties. LCG-QTR-1 F-8 NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At July 31, 2005, securities with an aggregate value of $25,710,472 were on loan to brokers. The loans were secured by cash collateral of $26,364,678, received by the Fund and subsequently invested in an affiliated money market fund. For the nine months ended July 31, 2005, the Fund received dividends on cash collateral of $54,920 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $552,973,273 and $532,265,723, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ================================================================================ Aggregate unrealized appreciation of investment securities $ 135,066,096 - -------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (5,542,723) ================================================================================ Net unrealized appreciation of investment securities $ 129,523,373 ________________________________________________________________________________ ================================================================================ Cost of investments for tax purposes is $718,355,127.
LCG-QTR-1 F-9 AIM MID CAP GROWTH FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our solutions.] [AIM INVESTMENTS LOGO APPEARS HERE] - --Registered Trademark-- --Registered Trademark-- AIMinvestments.com MCG-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS & OTHER EQUITY INTERESTS--94.45% ADVERTISING--0.91% Omnicom Group Inc. 21,000 $ 1,782,270 ==================================================================================================================================== AEROSPACE & DEFENSE--0.96% L-3 Communications Holdings, Inc. 24,000 1,877,520 ==================================================================================================================================== AIR FREIGHT & LOGISTICS--0.87% Robinson (C.H.) Worldwide, Inc. 27,000 1,689,390 ==================================================================================================================================== APPAREL RETAIL--1.82% Abercrombie & Fitch Co.-Class A 22,000 1,585,100 - ------------------------------------------------------------------------------------------------------------------------------------ Chico's FAS, Inc. (a) 25,000 1,002,750 - ------------------------------------------------------------------------------------------------------------------------------------ Urban Outfitters, Inc. (a) 16,000 971,360 ==================================================================================================================================== 3,559,210 ==================================================================================================================================== APPAREL, ACCESSORIES & LUXURY GOODS--2.26% Coach, Inc. (a) 69,300 2,433,123 - ------------------------------------------------------------------------------------------------------------------------------------ Polo Ralph Lauren Corp. 40,000 1,969,600 - ------------------------------------------------------------------------------------------------------------------------------------ 4,402,723 ==================================================================================================================================== APPLICATION SOFTWARE--3.95% Amdocs Ltd. (United Kingdom) (a) 65,000 1,929,850 - ------------------------------------------------------------------------------------------------------------------------------------ Hyperion Solutions Corp. (a) 21,500 1,011,790 - ------------------------------------------------------------------------------------------------------------------------------------ Mercury Interactive Corp. (a) 40,000 1,574,800 - ------------------------------------------------------------------------------------------------------------------------------------ MicroStrategy Inc.-Class A (a) 15,000 1,157,250 - ------------------------------------------------------------------------------------------------------------------------------------ NAVTEQ Corp. (a) 46,400 2,040,208 ==================================================================================================================================== 7,713,898 ==================================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--1.92% KKR Financial Corp. 77,600 1,899,648 - ------------------------------------------------------------------------------------------------------------------------------------ Legg Mason, Inc. 18,000 1,838,700 ==================================================================================================================================== 3,738,348 ==================================================================================================================================== AUTOMOTIVE RETAIL--0.49% Advance Auto Parts, Inc. (a) 14,000 965,440 ====================================================================================================================================
MCG-QTR-1 F-1
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ BIOTECHNOLOGY--2.15% Charles River Laboratories International, Inc. (a) 37,000 $ 1,801,900 - ------------------------------------------------------------------------------------------------------------------------------------ Gilead Sciences, Inc. (a) 33,000 1,478,730 - ------------------------------------------------------------------------------------------------------------------------------------ Martek Biosciences Corp. (a) (b) 21,000 915,390 ==================================================================================================================================== 4,196,020 ==================================================================================================================================== BROADCASTING & CABLE TV--0.49% Univision Communications Inc.-Class A (a) 33,700 953,036 ==================================================================================================================================== CASINOS & GAMING--1.05% Station Casinos, Inc. 28,000 2,056,600 ==================================================================================================================================== COMMODITY CHEMICALS--0.76% Lyondell Chemical Co. 53,000 1,480,820 ==================================================================================================================================== COMMUNICATIONS EQUIPMENT--2.11% ADC Telecommunications, Inc. (a) 46,700 1,220,738 - ------------------------------------------------------------------------------------------------------------------------------------ Comverse Technology, Inc. (a) 58,000 1,466,820 - ------------------------------------------------------------------------------------------------------------------------------------ Scientific-Atlanta, Inc. 37,000 1,424,500 ==================================================================================================================================== 4,112,058 ==================================================================================================================================== COMPUTER HARDWARE--0.55% Palm, Inc. (a) (b) 37,500 1,070,250 ==================================================================================================================================== COMPUTER STORAGE & PERIPHERALS--0.96% QLogic Corp. (a) 60,200 1,869,210 ==================================================================================================================================== CONSUMER ELECTRONICS--0.70% Harman International Industries, Inc. 16,000 1,375,200 ==================================================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--1.24% Alliance Data Systems Corp. (a) 57,000 2,426,490 ==================================================================================================================================== DEPARTMENT STORES--2.24% Kohl's Corp. (a) 39,000 2,197,650 - ------------------------------------------------------------------------------------------------------------------------------------ Nordstrom, Inc. 59,000 2,183,590 ==================================================================================================================================== 4,381,240 ==================================================================================================================================== DIVERSIFIED BANKS--0.87% Centennial Bank Holdings, Inc. (Acquired 12/27/04; (a) (c) 157,500 1,701,000 Cost $1,653,750) ====================================================================================================================================
MCG-QTR-1 F-2
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES-- 2.91% ChoicePoint Inc. (a) 46,600 $ 2,031,760 - ------------------------------------------------------------------------------------------------------------------------------------ Corporate Executive Board Co. (The) 22,000 1,774,960 - ------------------------------------------------------------------------------------------------------------------------------------ Corrections Corp. of America (a) 50,000 1,879,500 ==================================================================================================================================== 5,686,220 ==================================================================================================================================== DIVERSIFIED METALS & MINING--1.66% Freeport-McMoRan Copper & Gold, Inc.-Class B 30,400 1,224,512 - ------------------------------------------------------------------------------------------------------------------------------------ Phelps Dodge Corp. 18,900 2,011,905 ==================================================================================================================================== 3,236,417 ==================================================================================================================================== DRUG RETAIL--0.94% Shoppers Drug Mart Corp. (Canada) 55,000 1,842,767 ==================================================================================================================================== EDUCATION SERVICES--1.04% Career Education Corp. (a) 52,300 2,028,717 ==================================================================================================================================== ELECTRICAL COMPONENTS & EQUIPMENT--0.88% Cooper Industries, Ltd.-Class A (Bermuda) 26,700 1,724,286 ==================================================================================================================================== ELECTRONIC EQUIPMENT MANUFACTURERS--1.17% Amphenol Corp.-Class A 27,000 1,202,580 - ------------------------------------------------------------------------------------------------------------------------------------ Cogent Inc. (a) 35,800 1,076,506 ==================================================================================================================================== 2,279,086 ==================================================================================================================================== ELECTRONIC MANUFACTURING SERVICES--0.82% Benchmark Electronics, Inc. (a) 50,000 1,600,000 ==================================================================================================================================== GENERAL MERCHANDISE STORES--0.94% Dollar General Corp. 90,000 1,828,800 ==================================================================================================================================== HEALTH CARE DISTRIBUTORS--0.49% Schein (Henry), Inc. (a) 22,000 949,740 ==================================================================================================================================== HEALTH CARE EQUIPMENT--6.61% Biomet, Inc. 41,600 1,586,208 - ------------------------------------------------------------------------------------------------------------------------------------ Fisher Scientific International Inc. (a) 25,000 1,676,250 - ------------------------------------------------------------------------------------------------------------------------------------ INAMED Corp. (a) 15,000 1,086,300 - ------------------------------------------------------------------------------------------------------------------------------------ Kinetic Concepts, Inc. (a) 33,000 1,979,010 - ------------------------------------------------------------------------------------------------------------------------------------ Mentor Corp. 22,000 1,094,500 - ------------------------------------------------------------------------------------------------------------------------------------ PerkinElmer, Inc. 90,000 1,888,200 - ------------------------------------------------------------------------------------------------------------------------------------ Varian Medical Systems, Inc. (a) 43,000 1,688,180 - ------------------------------------------------------------------------------------------------------------------------------------ Waters Corp. (a) 42,000 1,901,760 ==================================================================================================================================== 12,900,408 ====================================================================================================================================
MCG-QTR-1 F-3
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE FACILITIES--0.99% Community Health Systems, Inc. (a) 50,000 $ 1,930,500 ==================================================================================================================================== HEALTH CARE SERVICES--1.85% DaVita, Inc. (a) 43,100 2,036,044 - ------------------------------------------------------------------------------------------------------------------------------------ Express Scripts, Inc. (a) 30,000 1,569,000 ==================================================================================================================================== 3,605,044 ==================================================================================================================================== HEALTH CARE SUPPLIES--1.33% Cooper Cos., Inc. (The) 29,400 2,019,780 - ------------------------------------------------------------------------------------------------------------------------------------ Gen-Probe Inc. (a) 13,000 573,170 ==================================================================================================================================== 2,592,950 ==================================================================================================================================== HOME FURNISHINGS--0.98% Tempur-Pedic International Inc. (a) (b) 111,000 1,910,310 ==================================================================================================================================== HOMEBUILDING--1.20% Pulte Homes, Inc. 25,000 2,340,500 ==================================================================================================================================== HOMEFURNISHING RETAIL--0.91% Williams-Sonoma, Inc. (a) 40,000 1,766,400 ==================================================================================================================================== HOTELS, RESORTS & CRUISE LINES--2.31% Hilton Hotels Corp. 105,000 2,598,750 - ------------------------------------------------------------------------------------------------------------------------------------ Starwood Hotels & Resorts Worldwide, Inc. (d) 30,000 1,899,600 ==================================================================================================================================== 4,498,350 ==================================================================================================================================== HOUSEHOLD APPLIANCES--0.50% Whirlpool Corp. 12,200 975,756 ==================================================================================================================================== HOUSEWARES & SPECIALTIES--1.67% Fortune Brands, Inc. 10,200 964,410 - ------------------------------------------------------------------------------------------------------------------------------------ Jarden Corp. (a) 60,000 2,301,600 ==================================================================================================================================== 3,266,010 ==================================================================================================================================== INDUSTRIAL MACHINERY--0.88% ITT Industries, Inc. 16,100 1,713,040 ==================================================================================================================================== INTEGRATED OIL & GAS--1.09% Murphy Oil Corp. 40,000 2,121,600 ==================================================================================================================================== INTERNET SOFTWARE & SERVICES--1.99% Akamai Technologies, Inc. (a) 22,800 348,156 - ------------------------------------------------------------------------------------------------------------------------------------ Digital River, Inc. (a) (b) 45,000 1,798,875 - ------------------------------------------------------------------------------------------------------------------------------------ VeriSign, Inc. (a) 65,800 1,731,198 ==================================================================================================================================== 3,878,229 ====================================================================================================================================
MCG-QTR-1 F-4
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ IT CONSULTING & OTHER SERVICES--0.93% Cognizant Technology Solutions Corp.-Class A (a) 37,000 $ 1,815,960 ==================================================================================================================================== MANAGED HEALTH CARE--1.92% AMERIGROUP Corp. (a) 28,000 970,200 - ------------------------------------------------------------------------------------------------------------------------------------ CIGNA Corp. 11,000 1,174,250 - ------------------------------------------------------------------------------------------------------------------------------------ Coventry Health Care, Inc. (a) 13,000 919,490 - ------------------------------------------------------------------------------------------------------------------------------------ WellCare Health Plans Inc. (a) 18,000 689,760 ==================================================================================================================================== 3,753,700 ==================================================================================================================================== OIL & GAS DRILLING--2.14% Nabors Industries, Ltd. (Bermuda) (a) 31,000 2,028,950 - ------------------------------------------------------------------------------------------------------------------------------------ Noble Corp. (Cayman Islands) 32,000 2,149,760 ==================================================================================================================================== 4,178,710 ==================================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--3.15% Grant Prideco, Inc. (a) 54,000 1,733,400 - ------------------------------------------------------------------------------------------------------------------------------------ National-Oilwell Varco Inc. (a) 42,000 2,198,700 - ------------------------------------------------------------------------------------------------------------------------------------ Weatherford International Ltd. (Bermuda) (a) 35,000 2,214,800 ==================================================================================================================================== 6,146,900 ==================================================================================================================================== OIL & GAS EXPLORATION & PRODUCTION--2.55% Rosetta Resources, Inc. (Acquired 6/28/05; Cost $1,827,200) (a) (c) (e) 114,200 1,827,200 - ------------------------------------------------------------------------------------------------------------------------------------ Southwestern Energy Co. (a) 24,000 1,322,640 - ------------------------------------------------------------------------------------------------------------------------------------ Ultra Petroleum Corp. (Canada) (a) 48,000 1,820,160 ==================================================================================================================================== 4,970,000 ==================================================================================================================================== OIL & GAS STORAGE & TRANSPORTATION--1.02% Williams Cos., Inc. (The) 94,000 1,996,560 ==================================================================================================================================== OTHER DIVERSIFIED FINANCIAL SERVICES--0.89% CapitalSource Inc. (a) 89,000 1,742,620 ==================================================================================================================================== PACKAGED FOODS & MEATS--0.97% McCormick & Co., Inc. 27,400 952,972 - ------------------------------------------------------------------------------------------------------------------------------------ TreeHouse Foods, Inc. (a) 30,900 944,922 ==================================================================================================================================== 1,897,894 ==================================================================================================================================== PHARMACEUTICALS--1.09% Medicis Pharmaceutical Corp.-Class A (b) 32,000 1,085,440 - ------------------------------------------------------------------------------------------------------------------------------------ MGI Pharma, Inc. (a) (b) 38,000 1,037,400 ==================================================================================================================================== 2,122,840 ==================================================================================================================================== PUBLISHING--0.79% Getty Images, Inc. (a) 19,000 1,534,250 ====================================================================================================================================
MCG-QTR-1 F-5
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ RAILROADS--0.49% CSX Corp. 21,000 $ 956,340 ==================================================================================================================================== REAL ESTATE--1.67% Aames Investment Corp. 152,400 1,408,176 - ------------------------------------------------------------------------------------------------------------------------------------ People's Choice Financial Corp. (Acquired 12/21/04; (a) (c) 189,700 1,849,575 Cost $1,897,000) ==================================================================================================================================== 3,257,751 ==================================================================================================================================== REAL ESTATE MANAGEMENT & DEVELOPMENT--0.97% CB Richard Ellis Group, Inc.-Class A (a) 41,000 1,887,640 ==================================================================================================================================== REGIONAL BANKS--0.61% Signature Bank (a) 39,600 1,189,188 ==================================================================================================================================== SEMICONDUCTOR EQUIPMENT--0.71% Tessera Technologies Inc. (a) 39,600 1,390,752 ==================================================================================================================================== SEMICONDUCTORS--4.75% Altera Corp. (a) 75,000 1,640,250 - ------------------------------------------------------------------------------------------------------------------------------------ Analog Devices, Inc. 30,000 1,176,000 - ------------------------------------------------------------------------------------------------------------------------------------ ATI Technologies Inc. (Canada) (a) 71,800 903,962 - ------------------------------------------------------------------------------------------------------------------------------------ Marvell Technology Group Ltd. (Bermuda) (a) 40,000 1,747,600 - ------------------------------------------------------------------------------------------------------------------------------------ Microchip Technology Inc. 60,000 1,864,200 - ------------------------------------------------------------------------------------------------------------------------------------ National Semiconductor Corp. 78,800 1,947,148 ==================================================================================================================================== 9,279,160 ==================================================================================================================================== SPECIALIZED FINANCE--0.99% Chicago Mercantile Exchange Holdings Inc. 6,400 1,926,720 ==================================================================================================================================== SPECIALTY STORES--2.76% Office Depot, Inc. (a) 80,000 2,270,400 - ------------------------------------------------------------------------------------------------------------------------------------ Staples, Inc. 65,000 1,480,050 - ------------------------------------------------------------------------------------------------------------------------------------ Tractor Supply Co. (a) 29,000 1,630,380 ==================================================================================================================================== 5,380,830 ==================================================================================================================================== STEEL--0.97% Nucor Corp. 17,200 953,740 - ------------------------------------------------------------------------------------------------------------------------------------ United States Steel Corp. 22,100 942,565 ==================================================================================================================================== 1,896,305 ==================================================================================================================================== THRIFTS & MORTGAGE FINANCE--0.91% Hudson City Bancorp, Inc. 150,000 1,774,500 ==================================================================================================================================== TRADING COMPANIES & DISTRIBUTORS--0.75% MSC Industrial Direct Co., Inc.-Class A 38,000 1,470,220 ====================================================================================================================================
MCG-QTR-1 F-6
MARKET SHARES VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRUCKING--0.48% Swift Transportation Co., Inc. (a) 43,000 $ 945,570 ==================================================================================================================================== WIRELESS TELECOMMUNICATION SERVICES--3.48% American Tower Corp.-Class A (a) 50,500 1,160,490 - ------------------------------------------------------------------------------------------------------------------------------------ Nextel Partners, Inc.-Class A (a) 90,000 2,241,000 - ------------------------------------------------------------------------------------------------------------------------------------ NII Holdings Inc. (a) 18,000 1,339,920 - ------------------------------------------------------------------------------------------------------------------------------------ SpectraSite, Inc. (a) 25,000 2,042,500 ==================================================================================================================================== 6,783,910 ==================================================================================================================================== Total Common Stocks & Other Equity Interests 184,324,173 (Cost $148,457,309) ==================================================================================================================================== NUMBER OF EXERCISE EXPIRATION CONTRACTS PRICE DATE - ------------------------------------------------------------------------------------------------------------------------------------ PUT OPTIONS PURCHASED--0.02% HEALTH CARE EQUIPMENT--0.02% INAMED Corp. (Cost $71,902) 150 $70.0 Oct-05 46,125 ==================================================================================================================================== SHARES - ------------------------------------------------------------------------------------------------------------------------------------ MONEY MARKET FUNDS--2.56% Liquid Assets Portfolio-Institutional Class (f) 2,496,989 2,496,989 - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (f) 2,496,989 2,496,989 ==================================================================================================================================== Total Money Market Funds (Cost $4,993,978) 4,993,978 ==================================================================================================================================== TOTAL INVESTMENTS--97.03% (excluding 189,364,276 investments purchased with cash collateral from securities loaned) (Cost $153,523,189) ==================================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--2.97% Liquid Assets Portfolio-Institutional Class (f) (g) 5,784,450 5,784,450 ==================================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $5,784,450) 5,784,450 ==================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $159,307,639) $ 195,148,726 ====================================================================================================================================
Notes to Schedule of Investments: (a) Non-income producing security. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at July 31, 2005. (c) Security not registered under the Securities Act of 1933, as amended (e.g., the security was purchased in a Rule 144A transaction or a Regulation D transaction). The security may be resold only pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The Fund has no rights to demand registration of these securities. The aggregate market value of these securities at July 31, 2005 was $5,377,775, which represented 2.76% of the Fund's Total Investments. These securities are considered to be illiquid. The Fund is limited to investing 15% of net assets in illiquid securities. (d) Each unit represents one common share and one Class B share. (e) Security fair valued in good faith in accordance with the procedures established by the Board of Trustees. The market value of this security at July 31, 2005 represented 0.94% of the Fund's Total Investments. See Note 1A. (f) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (g) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. MCG-QTR-1 F-7 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be MCG-QTR-1 F-8 A. SECURITY VALUATIONS-(CONTINUED) considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. MCG-QTR-1 F-9 E. PUT OPTIONS - The Fund may purchase put options. By purchasing a put option, the Fund obtains the right (but not the obligation) to sell the option's underlying instrument at a fixed strike price. In return for this right, the Fund pays an option premium. The option's underlying instrument may be a security or a futures contract. Put options may be used by the Fund to hedge securities it owns by locking in a minimum price at which the Fund can sell. If security prices fall, the put option could be exercised to offset all or a portion of the Fund's resulting losses. At the same time, because the maximum the Fund has at risk is the cost of the option, purchasing put options does not eliminate the potential for the Fund to profit from an increase in the value of the securities hedged. A risk in buying an option is that the Fund pays a premium whether or not the option is exercised. In addition, there can be no assurance that a liquid secondary market will exist for any option purchased or sold. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission, to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005.
INVESTMENTS OF DAILY AVAILABLE CASH BALANCES: CHANGE IN UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/2004 AT COST SALES (DEPRECIATION) 7/31/2005 INCOME GAIN (LOSS) - -------------------------------------------------------------------------------------------------------------- Liquid Assets $ 1,818,420 $40,475,917 $-39,797,348 $ -- $2,496,989 $ 44,532 $ -- Portfolio- Institutional Class - -------------------------------------------------------------------------------------------------------------- STIC Prime 1,818,420 40,475,917 -39,797,348 -- 2,496,989 44,984 -- Portfolio- Institutional Class ============================================================================================================== SUBTOTAL $ 3,636,840 $80,951,834 $-79,594,696 $ -- $4,993,978 $ 89,516 $ -- ==============================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
CHANGE IN UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/2004 AT COST SALES (DEPRECIATION) 7/31/2005 INCOME * GAIN (LOSS) - -------------------------------------------------------------------------------------------------------------- Liquid Assets $ -- $10,846,715 $ -5,062,265 $ -- $ 5,784,450 $ 1,625 $ -- Portfolio- Institutional Class - -------------------------------------------------------------------------------------------------------------- STIC Prime 6,790,375 45,298,263 -52,088,638 -- -- 8,998 Portfolio- Institutional Class ============================================================================================================== SUBTOTAL $ 6,790,375 $56,144,978 $ -57,150,903 $ -- $ 5,784,450 $ 10,623 $ -- ============================================================================================================== TOTAL $ 10,427,215 $137,096,812 $-136,745,599 $ -- $10,778,428 $ 100,139 $ -- ______________________________________________________________________________________________________________ ==============================================================================================================
* Net of compensation to counterparties. MCG-QTR-1 F-10 NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At July 31, 2005, securities with an aggregate value of $5,680,134 were on loan to brokers. The loans were secured by cash collateral of $5,784,450 received by the Fund and subsequently invested in affiliated money market funds. For the nine months ended July 31, 2005, the Fund received dividends on cash collateral of $10,623 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $171,972,444 and $213,948,253, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ----------------------------------------------------------------------------------------- Aggregate unrealized appreciation of investment securities $ 37,794,316 ----------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (2,070,068) ========================================================================================= Net unrealized appreciation of investment securities $ 35,724,248 _________________________________________________________________________________________ ========================================================================================= Cost of investments for tax purposes is $159,424,478.
MCG-QTR-1 F-11 AIM SELECT BASIC VALUE FUND Quarterly Schedule of Portfolio Holdings o July 31, 2005 [Your goals. Our solutions.] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com SBV-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE - --------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS & OTHER EQUITY INTERESTS--100.00% ADVERTISING--5.13% Interpublic Group of Cos., Inc. (The) (a) 2,500 $ 31,250 - --------------------------------------------------------------------------------------------------------------------------------- Omnicom Group Inc. 500 42,435 ================================================================================================================================= 73,685 ================================================================================================================================= AEROSPACE & DEFENSE--1.37% Honeywell International Inc. 500 19,640 ================================================================================================================================= APPAREL RETAIL--2.35% Gap, Inc. (The) 1,600 33,776 ================================================================================================================================= BREWERS--0.76% Molson Coors Brewing Co.-Class B 175 10,972 ================================================================================================================================= BUILDING PRODUCTS--2.31% American Standard Cos. Inc. 750 33,210 ================================================================================================================================= COMPUTER STORAGE & PERIPHERALS--0.70% Lexmark International, Inc.-Class A (a) 160 10,032 ================================================================================================================================= CONSTRUCTION MATERIALS--1.15% Cemex S.A. de C.V.-ADR (Mexico) 350 16,506 ================================================================================================================================= DATA PROCESSING & OUTSOURCED SERVICES-- 5.48% Ceridian Corp. (a) 1,600 33,488 - --------------------------------------------------------------------------------------------------------------------------------- First Data Corp. 1,100 45,254 ================================================================================================================================= 78,742 ================================================================================================================================= DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--2.97% Cendant Corp. 2,000 42,720 ================================================================================================================================= ENVIRONMENTAL & FACILITIES SERVICES--2.74% Waste Management, Inc. 1,400 39,368 ================================================================================================================================= FOOD RETAIL--3.63% Kroger Co. (The) (a) 1,650 32,752 - --------------------------------------------------------------------------------------------------------------------------------- Safeway Inc. 800 19,440 ================================================================================================================================= 52,192 ================================================================================================================================= GENERAL MERCHANDISE STORES--2.45% Target Corp. 600 35,250 =================================================================================================================================
SBV-QTR-1 F-1
MARKET SHARES VALUE - --------------------------------------------------------------------------------------------------------------------------------- HEALTH CARE DISTRIBUTORS--8.62% Cardinal Health, Inc. 1,400 $ 83,412 - --------------------------------------------------------------------------------------------------------------------------------- McKesson Corp. 900 40,500 ================================================================================================================================= 123,912 ================================================================================================================================= HEALTH CARE EQUIPMENT--2.71% Waters Corp. (a) 860 38,941 ================================================================================================================================= INDUSTRIAL CONGLOMERATES--4.45% Tyco International Ltd. (Bermuda) 2,100 63,987 ================================================================================================================================= INVESTMENT BANKING & BROKERAGE--3.27% Merrill Lynch & Co., Inc. 800 47,024 ================================================================================================================================= LEISURE PRODUCTS--2.27% Brunswick Corp. 700 32,592 ================================================================================================================================= MANAGED HEALTH CARE--4.13% WellPoint, Inc. (a) 840 59,422 ================================================================================================================================= OIL & GAS DRILLING--5.77% Pride International, Inc. (a) 1,450 37,729 - --------------------------------------------------------------------------------------------------------------------------------- Transocean Inc. (Cayman Islands) (a) 800 45,144 ================================================================================================================================= 82,873 ================================================================================================================================= OIL & GAS EQUIPMENT & SERVICES--1.98% Weatherford International Ltd. (Bermuda) (a) 450 28,476 ================================================================================================================================= OTHER DIVERSIFIED FINANCIAL SERVICES--6.94% Citigroup Inc. 1,100 47,850 - --------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 1,475 51,831 ================================================================================================================================= 99,681 ================================================================================================================================= PHARMACEUTICALS--8.50% Pfizer Inc. 1,300 34,450 - --------------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis (France) (b) 687 59,303 - --------------------------------------------------------------------------------------------------------------------------------- Wyeth 620 28,365 ================================================================================================================================= 122,118 ================================================================================================================================= PROPERTY & CASUALTY INSURANCE--2.73% ACE Ltd. (Cayman Islands) 850 39,279 ================================================================================================================================= SEMICONDUCTOR EQUIPMENT--3.85% Brooks Automation, Inc. (a) 1,939 32,187 - --------------------------------------------------------------------------------------------------------------------------------- Novellus Systems, Inc. (a) 800 23,080 ================================================================================================================================= 55,267 ================================================================================================================================= SPECIALIZED CONSUMER SERVICES--3.08% Jackson Hewitt Tax Service Inc. 1,750 44,293 =================================================================================================================================
SBV-QTR-1 F-2
MARKET SHARES VALUE - --------------------------------------------------------------------------------------------------------------------------------- SYSTEMS SOFTWARE--3.91% Computer Associates International, Inc. 2,050 $ 56,273 ================================================================================================================================= THRIFTS & MORTGAGE FINANCE--6.75% Fannie Mae 1,000 55,860 - --------------------------------------------------------------------------------------------------------------------------------- Freddie Mac 650 41,132 ================================================================================================================================= 96,992 ================================================================================================================================= Total Common Stocks & Other Equity Interests 1,437,223 (Cost $1,094,792) ================================================================================================================================= TOTAL INVESTMENTS--100.00% 1,437,223 (Cost $1,094,792) _________________________________________________________________________________________________________________________________ =================================================================================================================================
Investment Abbreviations: ADR American Depositary Receipt Notes to Schedule of Investments: (a) Non-income producing security. (b) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The market value of this security at July 31, 2005 represented 4.13% of the Fund's Total Investments. See Note 1A. See accompanying notes which are an integral part of this schedule. SBV-QTR-1 F-3 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. SBV-QTR-1 F-4 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. SBC-QTR-1 F-5 NOTE 2 - INVESTMENT SECURITIES The amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $180,622 and $169,256, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
- ---------------------------------------------------------------------------------------- UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS - ---------------------------------------------------------------------------------------- Aggregate unrealized appreciation of investment securities $ 384,832 - ---------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (42,401) ======================================================================================== Net unrealized appreciation of investment securities $ 342,431 ________________________________________________________________________________________ ======================================================================================== Investments have the same cost for tax and financial statement purposes.
SBV-QTR-1 F-6 AIM WEINGARTEN FUND Quarterly Schedule of Portfolio o July 31, 2005 [Your goals. Our solutions.] [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com WEI-QTR-1 7/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS July 31, 2005 (Unaudited)
MARKET SHARES VALUE - --------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS & OTHER EQUITY INTERESTS--97.88% ADVERTISING--1.17% Omnicom Group Inc. 355,000 $ 30,128,850 =========================================================================================================================== AEROSPACE & DEFENSE--1.48% Boeing Co. (The) 575,000 37,955,750 =========================================================================================================================== APPAREL RETAIL--1.13% Chico's FAS, Inc. (a) 725,000 29,079,750 =========================================================================================================================== APPLICATION SOFTWARE--1.85% Amdocs Ltd. (United Kingdom) (a) 1,600,000 47,504,000 =========================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--0.83% Legg Mason, Inc. 210,000 21,451,500 =========================================================================================================================== BIOTECHNOLOGY--2.63% Amgen Inc. (a) 400,000 31,900,000 - --------------------------------------------------------------------------------------------------------------------------- Gilead Sciences, Inc. (a) 800,000 35,848,000 =========================================================================================================================== 67,748,000 =========================================================================================================================== BROADCASTING & CABLE TV--0.97% XM Satellite Radio Holdings Inc.-Class A (a) (b) 700,000 24,941,000 =========================================================================================================================== CASINOS & GAMING--0.78% Las Vegas Sands Corp. (a) (b) 500,000 20,110,000 =========================================================================================================================== COMMUNICATIONS EQUIPMENT--3.99% Cisco Systems, Inc. (a) 1,650,000 31,597,500 - --------------------------------------------------------------------------------------------------------------------------- QUALCOMM Inc. 1,800,000 71,082,000 =========================================================================================================================== 102,679,500 ===========================================================================================================================
WEI-QTR-1 F-1
MARKET SHARES VALUE =========================================================================================================================== COMPUTER & ELECTRONICS RETAIL--1.12% Best Buy Co., Inc. 375,000 $ 28,725,000 =========================================================================================================================== COMPUTER HARDWARE--4.80% Apple Computer, Inc. (a) 1,000,000 42,650,000 - --------------------------------------------------------------------------------------------------------------------------- Dell Inc. (a) 2,000,000 80,940,000 =========================================================================================================================== 123,590,000 =========================================================================================================================== COMPUTER STORAGE & PERIPHERALS--2.32% EMC Corp. (a) 3,675,000 50,310,750 - --------------------------------------------------------------------------------------------------------------------------- Lexmark International, Inc.-Class A (a) 150,000 9,405,000 =========================================================================================================================== 59,715,750 =========================================================================================================================== CONSUMER FINANCE--1.02% American Express Co. 475,000 26,125,000 =========================================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--0.99% Alliance Data Systems Corp. (a) 600,000 25,542,000 =========================================================================================================================== DEPARTMENT STORES--3.87% Federated Department Stores, Inc. 350,000 26,554,500 - --------------------------------------------------------------------------------------------------------------------------- J.C. Penney Co., Inc. 575,000 32,280,500 - --------------------------------------------------------------------------------------------------------------------------- Nordstrom, Inc. 1,100,000 40,711,000 =========================================================================================================================== 99,546,000 =========================================================================================================================== DISTILLERS & VINTNERS--0.69% Constellation Brands, Inc.-Class A (a) 650,000 17,810,000 =========================================================================================================================== DIVERSIFIED COMMERCIAL & PROFESSIONAL SERVICES--1.00% Cendant Corp. 1,200,000 25,632,000 =========================================================================================================================== DRUG RETAIL--0.83% CVS Corp. 685,000 21,255,550 =========================================================================================================================== FOOTWEAR--1.45% NIKE, Inc.-Class B 445,000 37,291,000 =========================================================================================================================== GENERAL MERCHANDISE STORES--1.60% Target Corp. 700,000 41,125,000 ===========================================================================================================================
WEI-QTR-1 F-2
MARKET SHARES VALUE =========================================================================================================================== HEALTH CARE EQUIPMENT--1.65% Bard (C.R.), Inc. 290,000 $ 19,369,100 - --------------------------------------------------------------------------------------------------------------------------- Varian Medical Systems, Inc. (a) 360,000 14,133,600 - --------------------------------------------------------------------------------------------------------------------------- Waters Corp. (a) 200,000 9,056,000 =========================================================================================================================== 42,558,700 =========================================================================================================================== HEALTH CARE FACILITIES--1.47% HCA Inc. 770,000 37,922,500 =========================================================================================================================== HEALTH CARE SERVICES--1.13% Caremark Rx, Inc. (a) 650,000 28,977,000 =========================================================================================================================== HEALTH CARE SUPPLIES--1.78% Alcon, Inc. (Switzerland) (b) 400,000 45,820,000 =========================================================================================================================== HOME IMPROVEMENT RETAIL--0.93% Home Depot, Inc. (The) 550,000 23,930,500 =========================================================================================================================== HOMEBUILDING--1.86% D.R. Horton, Inc. 650,000 26,702,000 - --------------------------------------------------------------------------------------------------------------------------- Pulte Homes, Inc. 225,000 21,064,500 =========================================================================================================================== 47,766,500 =========================================================================================================================== HOTELS, RESORTS & CRUISE LINES--1.11% Hilton Hotels Corp. 1,150,000 28,462,500 =========================================================================================================================== HOUSEWARES & SPECIALTIES--1.47% Fortune Brands, Inc. 400,000 37,820,000 =========================================================================================================================== INDUSTRIAL CONGLOMERATES--4.07% Textron Inc. 250,000 18,542,500 - --------------------------------------------------------------------------------------------------------------------------- Tyco International Ltd. (Bermuda) 2,825,000 86,077,750 =========================================================================================================================== 104,620,250 =========================================================================================================================== INDUSTRIAL MACHINERY--0.65% Danaher Corp. 300,000 16,635,000 =========================================================================================================================== INTEGRATED OIL & GAS--1.09% ConocoPhillips 450,000 28,165,500 ===========================================================================================================================
WEI-QTR-1 F-3
MARKET SHARES VALUE =========================================================================================================================== INTERNET RETAIL--1.89% Amazon.com, Inc. (a) 450,000 $ 20,326,500 - --------------------------------------------------------------------------------------------------------------------------- eBay Inc. (a) 675,000 28,201,500 =========================================================================================================================== 48,528,000 =========================================================================================================================== INTERNET SOFTWARE & SERVICES--4.94% Google Inc.-Class A (a) 130,000 37,408,800 - --------------------------------------------------------------------------------------------------------------------------- VeriSign, Inc. (a) 1,000,000 26,310,000 - --------------------------------------------------------------------------------------------------------------------------- Yahoo! Inc. (a) 1,900,000 63,346,000 =========================================================================================================================== 127,064,800 =========================================================================================================================== INVESTMENT BANKING & BROKERAGE--4.19% Goldman Sachs Group, Inc. (The) 600,000 64,488,000 - --------------------------------------------------------------------------------------------------------------------------- Lehman Brothers Holdings Inc. 300,000 31,539,000 - --------------------------------------------------------------------------------------------------------------------------- Merrill Lynch & Co., Inc. 200,000 11,756,000 =========================================================================================================================== 107,783,000 =========================================================================================================================== MANAGED HEALTH CARE--5.35% Aetna Inc. 875,000 67,725,000 - --------------------------------------------------------------------------------------------------------------------------- UnitedHealth Group Inc. 800,000 41,840,000 - --------------------------------------------------------------------------------------------------------------------------- WellPoint, Inc. (a) 395,000 27,942,300 =========================================================================================================================== 137,507,300 =========================================================================================================================== MOVIES & ENTERTAINMENT--1.49% Pixar (a) 295,000 12,687,950 - --------------------------------------------------------------------------------------------------------------------------- Walt Disney Co. (The) 1,000,000 25,640,000 =========================================================================================================================== 38,327,950 =========================================================================================================================== MULTI-LINE INSURANCE--0.84% Hartford Financial Services Group, Inc. (The) 269,000 21,673,330 =========================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--2.44% BJ Services Co. 600,000 36,594,000 - --------------------------------------------------------------------------------------------------------------------------- National-Oilwell Varco Inc. (a) 500,000 26,175,000 =========================================================================================================================== 62,769,000 =========================================================================================================================== OIL & GAS REFINING & MARKETING --1.29% Valero Energy Corp. 400,000 33,112,000 =========================================================================================================================== PERSONAL PRODUCTS--1.51% Gillette Co. (The) 725,000 38,910,750 ===========================================================================================================================
WEI-QTR-1 F-4
MARKET SHARES VALUE =========================================================================================================================== PHARMACEUTICALS--5.48% Johnson & Johnson 1,000,000 $ 63,960,000 - --------------------------------------------------------------------------------------------------------------------------- Novartis A.G.-ADR (Switzerland) 400,000 19,484,000 - --------------------------------------------------------------------------------------------------------------------------- Roche Holding A.G. (Switzerland) (c) 96,000 13,018,251 - --------------------------------------------------------------------------------------------------------------------------- Sepracor Inc. (a) (b) 350,000 18,322,500 - --------------------------------------------------------------------------------------------------------------------------- Shire Pharmaceuticals Group PLC-ADR (United Kingdom) 750,000 26,250,000 =========================================================================================================================== 141,034,751 =========================================================================================================================== PROPERTY & CASUALTY INSURANCE--0.77% Allstate Corp. (The) 325,000 19,909,500 =========================================================================================================================== RESTAURANTS--0.97% Yum! Brands, Inc. 475,000 24,866,250 =========================================================================================================================== SEMICONDUCTORS--7.06% Analog Devices, Inc. 1,600,000 62,720,000 - --------------------------------------------------------------------------------------------------------------------------- Marvell Technology Group Ltd. (Bermuda) (a) 537,500 23,483,375 - --------------------------------------------------------------------------------------------------------------------------- Microchip Technology Inc. 1,185,000 36,817,950 - --------------------------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 2,375,000 58,686,250 =========================================================================================================================== 181,707,575 =========================================================================================================================== SPECIALIZED FINANCE--0.76% Chicago Mercantile Exchange Holdings Inc. (b) 65,000 19,568,250 =========================================================================================================================== SPECIALTY CHEMICALS--0.91% Ecolab Inc. 700,000 23,506,000 =========================================================================================================================== SPECIALTY STORES--1.32% Office Depot, Inc. (a) 1,200,000 34,056,000 =========================================================================================================================== STEEL--0.43% Nucor Corp. 200,000 11,090,000 =========================================================================================================================== SYSTEMS SOFTWARE--3.98% Oracle Corp. (a) 3,650,000 49,567,000 - --------------------------------------------------------------------------------------------------------------------------- Symantec Corp. (a) 2,400,000 52,728,000 =========================================================================================================================== 102,295,000 ===========================================================================================================================
WEI-QTR-1 F-5
MARKET SHARES VALUE =========================================================================================================================== THRIFTS & MORTGAGE FINANCE--0.53% MGIC Investment Corp. 200,000 $ 13,716,000 =========================================================================================================================== Total Common Stocks & Other Equity Interests (Cost $1,914,757,783) 2,518,059,556 =========================================================================================================================== TOTAL INVESTMENTS--97.88% (excluding investments 2,518,059,556 purchased with cash collateral from securities loaned) (Cost $1,914,757,783) =========================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--2.12% Liquid Assets Portfolio-Institutional Class (d) (e) 54,490,240 54,490,240 =========================================================================================================================== Total Money Market Funds (purchased with cash collateral 54,490,240 from securities loaned) (Cost $54,490,240) =========================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $1,969,248,023) $ 2,572,549,796 ===========================================================================================================================
Investment Abbreviations: ADR American Depository Receipt Notes to Schedule of Investments: (a) Non-income producing security. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at July 31, 2005. (c) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The market value of this security at July 31, 2005 represented 0.51% of the Fund's Total Investments. See Note 1A. (d) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (e) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule WEI-QTR-1 F-6 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS July 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be WEI-QTR-1 F-7 A. SECURITY VALUATIONS - (CONTINUED) considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) 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 currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. WEI-QTR-1 F-8 E. COVERED CALL OPTIONS - The Fund may write call options, on a covered basis; that is, the Fund will own the underlying security. When the Fund writes a covered call option, an amount equal to the premium received by the Fund is recorded 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 written. The current market value of a written option is the mean between the last bid and asked prices on that day. If a written call option expires on the stipulated expiration date, or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or a loss if the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such option is extinguished. If a written option is exercised, the Fund realizes a gain or a loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. A risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. F. COLLATERAL - To the extent the Fund has pledged or segregated a security as collateral and that security is subsequently sold, it is the Fund's practice to replace such collateral no later than the next business day. This practice does not apply to securities pledged as collateral for securities lending transactions. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the nine months ended July 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
CHANGE IN UNREALIZED REALIZED MARKET VALUE PURCHASES AT PROCEEDS APPRECIATION MARKET VALUE DIVIDEND GAIN FUND 10/31/04 COST FROM SALES (DEPRECIATION) 07/31/05 INCOME (LOSS) - ------------------------------------------------------------------------------------------------------------------------------------ Liquid Assets Portfolio-Institutiona Class $ 6,546,085 $253,790,263 $(260,336,348) $ -- $ -- $ 91,954 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class 6,546,085 253,790,263 (260,336,348) -- -- 92,545 ==================================================================================================================================== SUBTOTAL $13,092,170 $507,580,526 $(520,672,696) $ -- $ -- $ 184,499 $ -- ====================================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
CHANGE IN UNREALIZED REALIZED MARKET VALUE PURCHASES AT PROCEEDS APPRECIATION MARKET VALUE DIVIDEND * GAIN FUND 10/31/04 COST FROM SALES (DEPRECIATION) 07/31/05 INCOME (LOSS) - ------------------------------------------------------------------------------------------------------------------------------------ Liquid Assets Portfolio-Institutional Class $ -- $ 67,117,650 $ (12,627,410) $ -- $ 54,490,240 $ 7,649 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class 40,952,850 430,612,220 (471,565,070) -- -- 61,190 -- ==================================================================================================================================== SUBTOTAL $40,952,850 $ 497,729,870 $ (484,192,480) $ -- $ 54,490,240 $ 68,839 $ -- ==================================================================================================================================== TOTAL $54,045,020 $1,005,310,396 $(1,004,865,176) $ -- $ 54,490,240 $253,338 $ -- ====================================================================================================================================
* Net of compensation to counterparties. WEI-QTR-1 F-9 NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At July 31, 2005, securities with an aggregate value of $52,361,913 were on loan to brokers. The loans were secured by cash collateral of $54,490,240 received by the Fund and subsequently invested in affiliated money market funds. For the nine months ended July 31, 2005, the Fund received dividends on cash collateral of $68,839 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 - OPTION CONTRACTS WRITTEN
TRANSACTIONS DURING THE PERIOD ---------------------------------------------------------------------------------------------------------- CALL OPTION CONTRACTS PUT OPTION CONTRACTS ----------------------------------------------------------------- NUMBER OF PREMIUMS NUMBER OF PREMIUMS CONTRACTS RECEIVED CONTRACTS RECEIVED --------- ----------- --------- --------- Beginning of period 3,000 $ 421,040 -- $ -- ---------------------------------------------------------------------------------------------------------- Written 7,793 2,372,514 3,550 909,976 ---------------------------------------------------------------------------------------------------------- Closed (5,027) (1,689,410) -- -- ---------------------------------------------------------------------------------------------------------- Exercised (924) (132,776) -- -- ---------------------------------------------------------------------------------------------------------- Expired (4,842) (971,368) (3,550) (909,976) ========================================================================================================== End of period -- $ -- -- $ -- ==========================================================================================================
NOTE 5 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the nine months ended July 31, 2005 was $1,611,838,288 and $2,015,390,764, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ========================================================================================= Aggregate unrealized appreciation of investment securities $ 606,056,012 ----------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (11,420,206) ========================================================================================= Net unrealized appreciation of investment securities $ 594,635,806 ========================================================================================= Cost of investments for tax purposes is $1,977,913,990.
WEI-QTR-1 F-10 Item 2. Controls and Procedures. (a) As of September 15, 2005, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 ("Act"), as amended. Based on that evaluation, the Registrant's officers, including the PFO and PEO, concluded that, as of September 15, 2005, the Registrant's disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. (b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. Item 3. Exhibits. Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: AIM Equity Funds By: /s/ ROBERT H. GRAHAM ------------------------------------------ Robert H. Graham Principal Executive Officer Date: September 29, 2005 Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ ROBERT H. GRAHAM ------------------------------------------ Robert H. Graham Principal Executive Officer Date: September 29, 2005 By: /s/ SIDNEY M. DILGREN ------------------------------------------ Sidney M. Dilgren Principal Financial Officer Date: September 29, 2005 EXHIBIT INDEX Certifications of Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended. EX-99.CERT 2 h29019exv99wcert.txt CERTIFICATIONS PURSUANT TO SECTION 302 I, Robert H. Graham, Principal Executive Officer, certify that: 1. I have reviewed this report on Form N-Q of AIM Equity Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in this registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 29, 2005 /s/ ROBERT H. GRAHAM --------------------------------------------- Robert H. Graham, Principal Executive Officer I, Sidney M. Dilgren, Principal Financial Officer, certify that: 1. I have reviewed this report on Form N-Q of AIM Equity Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in this registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 29, 2005 /s/ SIDNEY M. DILGREN ---------------------------------------------- Sidney M. Dilgren, Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----