-----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, GX5t6KQMITIvORtgjtZ3yLgCN123hfNx10DDvDVb61Y9m34HxcY4KCtdqgwCEtLU QxGfwAUoBivkd1H5/25mAQ== 0000950123-10-031263.txt : 20100401 0000950123-10-031263.hdr.sgml : 20100401 20100401104336 ACCESSION NUMBER: 0000950123-10-031263 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100131 FILED AS OF DATE: 20100401 DATE AS OF CHANGE: 20100401 EFFECTIVENESS DATE: 20100401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM INTERNATIONAL MUTUAL FUNDS CENTRAL INDEX KEY: 0000880859 IRS NUMBER: 760352823 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06463 FILM NUMBER: 10722159 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STE 100 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: AIM INTERNATIONAL FUNDS INC STREET 2: 11 GREENWAY PLAZA SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: AIM INTERNATIONAL FUNDS INC /MD/ DATE OF NAME CHANGE: 20000620 FORMER COMPANY: FORMER CONFORMED NAME: AIM INTERNATIONAL MUTUAL FUNDS DATE OF NAME CHANGE: 20000323 FORMER COMPANY: FORMER CONFORMED NAME: AIM INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 19920909 0000880859 S000000226 AIM Asia Pacific Growth Fund C000000537 Class A ASIAX C000000538 Class B ASIBX C000000539 Class C ASICX C000071235 Class Y ASIYX 0000880859 S000000227 AIM European Growth Fund C000000540 Class A AEDAX C000000541 Class B AEDBX C000000542 Class C AEDCX C000000543 Class R AEDRX C000000544 Investor Class EGINX C000071236 Class Y AEDYX 0000880859 S000000228 AIM Global Small & Mid Cap Growth Fund C000000545 Class A AGAAX C000000546 Class B AGABX C000000547 Class C AGACX C000053091 INSTITUTIONAL CLASS GAIIX C000071237 Class Y AGAYX 0000880859 S000000229 AIM Global Growth Fund C000000548 Class A AGGAX C000000549 Class B AGGBX C000000550 Class C AGGCX C000053092 INSTITUTIONAL CLASS GGAIX C000071238 Class Y AGGYX 0000880859 S000000230 AIM International Growth Fund C000000551 Class A AIIEX C000000552 Class B AIEBX C000000553 Class C AIECX C000000554 Class R AIERX C000023043 Institutional Class AIEVX C000071239 Class Y AIIYX 0000880859 S000000231 AIM International Core Equity Fund C000000555 Class A IBVAX C000000556 Class B IBVBX C000000557 Class C IBVCX C000000558 Class R IIBRX C000000559 Investor Class IIBCX C000023044 Institutional Class IBVIX C000071240 Class Y IBVYX N-Q 1 h71813nvq.htm FORM N-Q nvq
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-06463
AIM International Mutual Funds
 
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 100 Houston, Texas 77046
 
(Address of principal executive offices)      (Zip code)
Philip A. Taylor 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: 01/31/10
 
 

 



Table of Contents

AIM Asia Pacific Growth Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2010
(INVESCO AIM LOGO)
invescoaim.com      APG-QTR-1  01/10      Invesco Advisers, Inc.

 


Table of Contents

Schedule of Investments
January 31, 2010
(Unaudited)
                 
    Shares     Value  
 
Common Stocks & Other Equity Interests–93.79%
               
 
               
Australia–12.75%
               
 
               
BHP Billiton Ltd.
    296,960     $ 10,286,980  
 
Coca-Cola Amatil Ltd.
    374,346       3,609,958  
 
Cochlear Ltd.
    133,000       7,312,150  
 
Computershare Ltd.
    495,136       5,062,818  
 
CSL Ltd.
    357,960       9,897,336  
 
QBE Insurance Group Ltd.
    386,885       7,813,925  
 
Toll Holdings Ltd.
    599,674       4,543,203  
 
Woolworths Ltd.
    269,146       6,142,798  
 
 
            54,669,168  
 
 
               
China–12.53%
               
 
               
American Dairy, Inc. (a)
    9,726       225,157  
 
CNOOC Ltd. -ADR
    76,600       10,710,978  
 
Haitian International Holdings Ltd.
    10,118,000       5,298,232  
 
Industrial and Commercial Bank of China Ltd. -Class H
    13,707,000       9,964,076  
 
Minth Group Ltd.
    4,372,000       5,517,387  
 
Stella International Holdings Ltd.
    4,792,000       9,843,275  
 
Want Want China Holdings Ltd.
    7,186,000       4,585,096  
 
Xinyi Glass Holdings Co. Ltd.
    9,574,000       7,566,922  
 
 
            53,711,123  
 
 
               
Hong Kong–8.30%
               
 
               
Cheung Kong (Holdings) Ltd.
    724,000       8,527,503  
 
Dickson Concepts (International) Ltd.
    5,426,000       2,820,098  
 
Esprit Holdings Ltd.
    349,833       2,453,006  
 
Hongkong Land Holdings Ltd.
    686,000       3,199,641  
 
Hutchison Whampoa Ltd.
    1,202,000       8,181,872  
 
Li & Fung Ltd.
    602,200       2,736,033  
 
Paliburg Holdings Ltd.
    11,613,240       3,737,871  
 
Regal Hotels International Holdings Ltd.
    11,344,000       3,905,789  
 
 
            35,561,813  
 
 
               
India–2.42%
               
 
               
Bharat Heavy Electricals Ltd.
    53,486       2,762,444  
 
Infosys Technologies Ltd.
    143,608       7,623,659  
 
 
            10,386,103  
 
 
               
Indonesia–10.06%
               
 
               
PT Astra International Tbk
    2,359,000       8,991,545  
 
PT Bank Central Asia Tbk
    11,433,000       6,081,212  
 
PT Indocement Tunggal Prakarsa Tbk
    4,263,500       6,125,918  
 
PT Perusahaan Gas Negara
    15,397,500       6,170,153  
 
PT Summarecon Agung Tbk
    174,963,500       12,893,156  
 
PT Telekomunikasi Indonesia Tbk
    2,900,000       2,878,034  
 
 
            43,140,018  
 
 
               
Malaysia–9.52%
               
 
               
Digi.com Berhad
    533,800       3,422,156  
 
Goldis Berhad
    9,070,500       3,079,463  
 
Kossan Rubber Industries Berhad
    6,990,000       12,524,787  
 
Parkson Holdings Berhad
    6,272,401       10,182,852  
 
Public Bank Berhad
    2,295,000       8,068,231  
 
YTL Cement Berhad
    3,023,600       3,546,953  
 
 
            40,824,442  
 
 
               
Philippines–11.24%
               
 
               
Ayala Corp.
    916,310       5,730,114  
 
Energy Development Corp. (b)
    2,918,750       297,180  
 
Energy Development Corp.
    60,323,000       6,141,945  
 
First Gen Corp. (a)(b)
    1,919,100       398,687  
 
First Gen Corp. (a)
    21,408,489       4,447,547  
 
GMA Holdings, Inc. -PDR (a)(b)
    1,468,000       230,460  
 
GMA Holdings, Inc.1 -PDR (a)
    47,245,000       7,416,957  
 
Manila Water Co.
    7,519,400       2,499,972  
 
Philippine Long Distance Telephone Co.
    143,760       8,170,162  
 
SM Investments Corp.
    1,886,235       12,850,617  
 
 
            48,183,641  
 
 
               
Singapore–4.10%
               
 
               
Keppel Corp. Ltd.
    1,484,000       8,776,598  
 
Singapore Technologies Engineering Ltd.
    1,126,000       2,455,828  
 
United Overseas Bank Ltd.
    492,000       6,339,426  
 
 
            17,571,852  
 
 
               
South Korea–8.20%
               
 
               
CJ CheilJedang Corp.
    25,381       4,566,461  
 
CJ Corp.
    75,690       4,372,451  
 
Hyundai Department Store Co., Ltd.
    74,291       6,471,041  
 
Hyundai Development Co.
    97,070       2,995,586  
 
Hyundai H&S Co., Ltd.
    46,500       2,802,049  
 
Hyundai Mobis
    30,090       3,826,420  
 
Lotte Confectionery Co., Ltd.
    4,034       4,299,137  
 
MegaStudy Co., Ltd.
    18,080       3,255,072  
 
S1 Corp.
    63,400       2,543,313  
 
 
            35,131,530  
 
 
               
Taiwan–6.64%
               
 
               
Delta Electronics Inc.
    1,056,388       3,193,738  
 
MediaTek Inc.
    375,440       6,081,431  
 
Taiwan Mobile Co., Ltd.
    2,237,298       4,329,476  
 
Taiwan Semiconductor Manufacturing Co. Ltd.
    5,179,464       9,884,691  
 
Wistron Corp.
    2,646,688       4,967,903  
 
 
            28,457,239  
 
 
               
Thailand–8.03%
               
 
               
BEC World PCL
    5,637,100       4,078,697  
 
CP ALL PCL
    4,656,700       3,216,594  
 
Kasikornbank PCL
    3,391,400       8,971,309  
 
Major Cineplex Group PCL
    21,007,700       5,477,186  
 
Siam Commercial Bank PCL
    3,512,400       8,348,475  
 
See accompanying notes which are an integral part of this schedule.

AIM Asia Pacific Growth Fund

 


Table of Contents

                 
    Shares   Value
 
Thailand–(continued)
               
Thai Stanley Electric PCL -Class F
    1,260,100     $ 4,313,050  
 
 
            34,405,311  
 
Total Common Stocks & Other Equity Interests
(Cost $322,911,087)
            402,042,240  
 
Money Market Funds–5.37%
               
Liquid Assets Portfolio-Institutional Class (c)
    11,515,473       11,515,473  
 
Premier Portfolio-Institutional Class (c)
    11,515,473       11,515,473  
 
Total Money Market Funds
(Cost $23,030,946)
            23,030,946  
 
TOTAL INVESTMENTS–99.16%
(Cost $345,942,033)
            425,073,186  
 
OTHER ASSETS LESS LIABILITIES–0.84%
            3,579,148  
 
NET ASSETS–100.00%
          $ 428,652,366  
 
Investment Abbreviations:
ADR      — American Depositary Receipt
PDR      — Philippine Deposit Receipt
Notes to Schedule of Investments:
 
(a)   Non-income producing security.
 
(b)   Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2010 was $926,327, which represented 0.22% of the Fund’s Net Assets.
 
(c)   The money market fund and the Fund are affiliated by having the same investment adviser.
See accompanying notes which are an integral part of this schedule.

AIM Asia Pacific Growth Fund

 


Table of Contents

Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2010
(Unaudited)
NOTE 1 — Significant Accounting Policies
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 or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. 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 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
     Investments in open-end 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 open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
     Debt obligations (including convertible bonds) and unlisted equities 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, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
     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. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. 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 value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current 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, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
     Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities and Corporate Loans. The mean between the last bid and asked prices may be used to value debt obligations other than Corporate Loans.
     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.
     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity.
AIM Asia Pacific Growth Fund

 


Table of Contents

A.   Security Valuations – (continued)
 
    Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
 
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.
     The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
     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 investment adviser.
     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.   Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
 
D.   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.
 
         The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
 
E.   Foreign Currency Contracts – The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the
AIM Asia Pacific Growth Fund

 


Table of Contents

E.   Foreign Currency Contracts – (continued)
value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
          The following is a summary of the tiered valuation input levels, as of January 31, 2010. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
                                 
    Level 1   Level 2   Level 3   Total
 
Australia
  $     $ 54,669,168     $     $ 54,669,168  
 
China
    10,936,135       42,774,988             53,711,123  
 
Hong Kong
          35,561,813             35,561,813  
 
India
          10,386,103             10,386,103  
 
Indonesia
          43,140,018             43,140,018  
 
Malaysia
    10,048,572       30,775,870             40,824,442  
 
Philippines
    7,647,417       40,536,224             48,183,641  
 
Singapore
          17,571,852             17,571,852  
 
South Korea
    14,210,960       20,920,570             35,131,530  
 
Taiwan
          28,457,239             28,457,239  
 
Thailand
    4,078,697       30,326,614             34,405,311  
 
United States
    23,030,946                   23,030,946  
 
Total Investments
  $ 69,952,727     $ 355,120,459     $     $ 425,073,186  
 
AIM Asia Pacific Growth Fund

 


Table of Contents

NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2010 was $21,532,633 and $24,197,415, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
         
 
Aggregate unrealized appreciation of investment securities
  $ 106,650,455  
 
Aggregate unrealized (depreciation) of investment securities
    (28,172,769 )
 
Net unrealized appreciation of investment securities
  $ 78,477,686  
 
Cost of investments for tax purposes is $346,595,500.
       
AIM Asia Pacific Growth Fund

 


Table of Contents

AIM European Growth Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2010
(INVESCO AIM LOGO)
invescoaim.com      EGR-QTR-1 01/10      Invesco Advisers, Inc.

 


Table of Contents

Schedule of Investments
January 31, 2010
(Unaudited)
                 
    Shares     Value  
 
Common Stocks & Other Equity Interests–90.73%
               
 
               
Austria–0.50%
               
 
               
Andritz AG
    78,641     $ 4,379,577  
 
 
               
Belgium–1.93%
               
 
               
Anheuser-Busch InBev N.V.
    338,271       16,890,487  
 
 
               
Denmark–2.41%
               
 
               
Novo Nordisk A.S. -Class B
    250,763       16,970,516  
 
Vestas Wind Systems A.S. (a)
    76,766       4,058,391  
 
 
            21,028,907  
 
 
               
Finland–0.79%
               
 
               
Nokia Corp.
    499,704       6,897,322  
 
 
               
France–4.02%
               
 
               
Axa S.A.
    267,722       5,537,894  
 
BNP Paribas
    146,587       10,438,528  
 
Danone S.A.
    92,027       5,271,610  
 
Total S.A.
    239,029       13,882,616  
 
 
            35,130,648  
 
 
               
Germany–9.37%
               
 
               
Bayer AG
    261,596       17,819,602  
 
Bayerische Motoren Werke AG
    127,834       5,455,796  
 
Deutsche Boerse AG
    119,315       7,865,641  
 
Fresenius Medical Care AG & Co. KGaA
    114,429       5,811,936  
 
Merck KGaA
    85,396       7,613,742  
 
Puma AG Rudolf Dassler Sport
    72,448       22,070,746  
 
SAP AG
    120,899       5,518,025  
 
Wirecard AG
    756,827       9,694,012  
 
 
            81,849,500  
 
 
               
Greece–1.90%
               
 
               
Intralot S.A.
    2,226,503       9,806,123  
 
Jumbo S.A.
    645,113       6,765,716  
 
 
            16,571,839  
 
 
               
Ireland–3.37%
               
 
               
CRH PLC
    190,871       4,579,453  
 
DCC PLC
    407,847       11,022,464  
 
Paddy Power PLC
    417,196       13,823,773  
 
 
            29,425,690  
 
 
               
Italy–2.96%
               
 
               
Ansaldo STS S.p.A.
    305,803       5,906,328  
 
Eni S.p.A.
    445,777       10,382,140  
 
Finmeccanica S.p.A.
    690,863       9,556,381  
 
 
            25,844,849  
 
 
               
Netherlands–5.03%
               
 
               
Aalberts Industries N.V.
    1,009,744       14,634,818  
 
Koninklijke (Royal) KPN N.V.
    540,194       8,957,817  
 
Koninklijke Ahold N.V.
    770,622       9,697,719  
 
TNT N.V.
    372,837       10,654,729  
 
 
            43,945,083  
 
 
               
Norway–4.41%
               
 
               
Petroleum Geo-Services A.S.A. (a)
    472,367       5,850,265  
 
Prosafe S.E.
    1,996,447       11,177,752  
 
TGS Nopec Geophysical Co. A.S.A. (a)
    1,128,076       21,457,718  
 
 
            38,485,735  
 
 
               
Russia–0.90%
               
 
               
Vimpel-Communications -ADR
    432,030       7,837,024  
 
 
               
Spain–1.04%
               
 
               
Telefonica S.A.
    379,852       9,123,384  
 
 
               
Sweden–3.29%
               
 
               
Intrum Justitia A.B.
    987,725       12,051,982  
 
Oriflame Cosmetics S.A. -SDR
    304,252       16,662,199  
 
 
            28,714,181  
 
 
               
Switzerland–11.83%
               
 
               
Aryzta AG (a)
    449,957       17,658,952  
 
Dufry Group (a)
    168,591       10,986,881  
 
Nestle S.A.
    383,607       18,148,690  
 
Novartis AG
    113,823       6,095,231  
 
Roche Holding AG
    142,159       23,870,559  
 
Sonova Holding AG
    95,154       11,770,187  
 
Syngenta AG
    57,711       14,749,082  
 
 
            103,279,582  
 
 
               
Turkey–3.45%
               
 
               
Haci Omer Sabanci Holding A.S.
    3,826,299       16,332,387  
 
Tupras-Turkiye Petrol Rafinerileri A.S.
    669,546       13,761,697  
 
 
            30,094,084  
 
 
               
United Kingdom–33.53%
               
 
               
Amlin PLC
    2,260,983       14,038,385  
 
BAE Systems PLC
    1,237,603       6,965,269  
 
Balfour Beatty PLC
    2,145,257       9,081,167  
 
BG Group PLC
    446,486       8,176,015  
 
British American Tobacco PLC
    250,513       8,259,199  
 
Bunzl PLC
    733,895       7,286,084  
 
Capita Group PLC
    586,570       6,744,421  
 
Chemring Group PLC
    247,837       12,741,057  
 
Compass Group PLC
    1,842,815       12,530,405  
 
Homeserve PLC
    678,386       17,567,054  
 
IG Group Holdings PLC
    2,002,117       12,858,200  
 
Imperial Tobacco Group PLC
    686,432       22,172,066  
 
Informa PLC
    2,591,598       13,540,595  
 
International Power PLC
    2,511,089       12,804,015  
 
Lancashire Holdings Ltd.
    1,049,341       7,493,095  
 
Mitie Group PLC
    3,720,824       13,536,741  
 
Reckitt Benckiser Group PLC
    373,461       19,410,654  
 
See accompanying notes which are an integral part of this schedule.
AIM European Growth Fund

 


Table of Contents

                 
    Shares     Value  
 
United Kingdom–(continued)
               
 
               
Reed Elsevier PLC
    888,193     $ 7,078,343  
 
Shire PLC
    994,672       19,708,910  
 
Tesco PLC
    2,088,642       14,126,641  
 
Ultra Electronics Holdings PLC
    547,110       11,028,751  
 
United Business Media Ltd.
    671,954       4,580,153  
 
Vodafone Group PLC
    6,029,574       12,952,522  
 
VT Group PLC
    1,174,467       10,010,978  
 
WPP PLC
    871,306       8,040,580  
 
 
            292,731,300  
 
Total Common Stocks & Other Equity Interests (Cost $656,426,786)
            792,229,192  
 
 
               
Money Market Funds–10.16%
               
 
               
Liquid Assets Portfolio-Institutional Class (b)
    44,342,431       44,342,431  
 
Premier Portfolio-Institutional Class (b)
    44,342,431       44,342,431  
 
Total Money Market Funds
(Cost $88,684,862)
            88,684,862  
 
TOTAL INVESTMENTS–100.89%
(Cost $745,111,648)
            880,914,054  
 
OTHER ASSETS LESS LIABILITIES–(0.89)%
            (7,788,042 )
 
NET ASSETS–100.00%
          $ 873,126,012  
 
Investment Abbreviations:
ADR — American Depositary Receipt
SDR — Swedish Depositary Receipt
Notes to Schedule of Investments:
(a)   Non-income producing security.
 
(b)   The money market fund and the Fund are affiliated by having the same investment adviser.
See accompanying notes which are an integral part of this schedule.
AIM European Growth Fund

 


Table of Contents

Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2010
(Unaudited)
NOTE 1 — Significant Accounting Policies
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 or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. 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 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
     Investments in open-end 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 open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
     Debt obligations (including convertible bonds) and unlisted equities 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, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
     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. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. 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 value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current 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, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
     Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities and Corporate Loans. The mean between the last bid and asked prices may be used to value debt obligations other than Corporate Loans.
     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.
     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity.
AIM European Growth Fund

 


Table of Contents

A.   Security Valuations – (continued)
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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.
     The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
     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 investment adviser.
     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.   Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
 
D.   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.
     The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E.   Foreign Currency Contracts – The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the
AIM European Growth Fund

 


Table of Contents

E.   Foreign Currency Contracts – (continued)
 
    value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
               The following is a summary of the tiered valuation input levels, as of January 31, 2010. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
                                         
    Level 1   Level 2   Level 3   Total        
 
Austria
  $     $ 4,379,577     $     $ 4,379,577          
Belgium
          16,890,487             16,890,487          
Denmark
          21,028,907             21,028,907          
Finland
          6,897,322             6,897,322          
France
          35,130,648             35,130,648          
Germany
    13,677,577       68,171,923             81,849,500          
Greece
          16,571,839             16,571,839          
Ireland
    13,823,773       15,601,917             29,425,690          
Italy
          25,844,849             25,844,849          
Netherlands
          43,945,083             43,945,083          
Norway
          38,485,735             38,485,735          
Russia
    7,837,024                   7,837,024          
Spain
          9,123,384             9,123,384          
Sweden
          28,714,181             28,714,181          
Switzerland
          103,279,582             103,279,582          
Turkey
          30,094,084             30,094,084          
United Kingdom
          292,731,300             292,731,300          
United States
    88,684,862                   88,684,862          
 
Total Investments
  $ 124,023,236     $ 756,890,818     $     $ 880,914,054          
 
AIM European Growth Fund

 


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NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2010 was $68,331,063 and $25,270,417 respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
         
 
Aggregate unrealized appreciation of investment securities
  $ 208,003,606  
 
Aggregate unrealized (depreciation) of investment securities
    (72,201,200 )
 
Net unrealized appreciation of investment securities
  $ 135,802,406  
 
Cost of investments is the same for tax and financial statement purposes.
AIM European Growth Fund

 


Table of Contents

AIM Global Growth Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2010
(INVESCO AIM LOGO)
invescoaim.com      GLG-QTR-1 01/10      Invesco Advisers, Inc.

 


Table of Contents

Schedule of Investments
January 31, 2010
(Unaudited)
                 
    Shares     Value  
 
Common Stocks & Other Equity Interests–97.65%
               
 
               
Australia–5.14%
               
 
               
BHP Billiton Ltd.
    150,517     $ 5,214,054  
 
Cochlear Ltd.
    51,041       2,806,161  
 
CSL Ltd.
    45,939       1,270,180  
 
QBE Insurance Group Ltd.
    120,233       2,428,349  
 
Woolworths Ltd.
    24,011       548,010  
 
 
            12,266,754  
 
 
               
Belgium–2.04%
               
 
               
Anheuser-Busch InBev N.V.
    97,441       4,865,406  
 
 
               
Canada–1.73%
               
 
               
Suncor Energy, Inc.
    74,554       2,359,657  
 
Talisman Energy Inc.
    106,992       1,773,696  
 
 
            4,133,353  
 
 
               
Denmark–2.16%
               
 
               
Novo Nordisk A.S.-Class B
    63,123       4,271,882  
 
Vestas Wind Systems A.S. (a)
    16,805       888,430  
 
 
            5,160,312  
 
 
               
Finland–0.70%
               
 
               
Nokia Corp.
    120,566       1,664,150  
 
 
               
France–4.48%
               
 
               
Axa S.A.
    95,217       1,969,587  
 
BNP Paribas
    45,661       3,251,541  
 
Danone S.A.
    22,353       1,280,453  
 
Total S.A.
    72,189       4,192,680  
 
 
            10,694,261  
 
 
               
Germany–6.50%
               
 
               
Adidas AG
    35,823       1,823,631  
 
Bayer AG
    69,812       4,755,509  
 
Bayerische Motoren Werke AG
    35,263       1,504,981  
 
Fresenius Medical Care AG & Co. KGaA
    24,035       1,220,756  
 
Merck KGaA
    22,555       2,010,960  
 
Puma AG Rudolf Dassler Sport
    10,205       3,108,877  
 
SAP AG
    24,360       1,111,829  
 
 
            15,536,543  
 
 
               
Hong Kong–1.69%
               
 
               
Hutchison Whampoa Ltd.
    361,000       2,457,284  
 
Li & Fung Ltd.
    350,000       1,590,189  
 
 
            4,047,473  
 
 
               
India–1.90%
               
 
               
Infosys Technologies Ltd.
    35,292       1,873,532  
 
Infosys Technologies Ltd. -ADR
    51,306       2,663,294  
 
 
            4,536,826  
 
 
               
Indonesia–1.04%
               
 
               
PT Astra International Tbk
    649,000       2,473,723  
 
 
               
Ireland–1.56%
               
 
               
Cooper Industries PLC -Class A
    57,205       2,454,095  
 
Ingersoll-Rand PLC
    38,859       1,261,363  
 
 
            3,715,458  
 
 
               
Israel–3.50%
               
 
               
Teva Pharmaceutical Industries Ltd -ADR
    147,522       8,367,448  
 
 
               
Italy–2.59%
               
 
               
Eni S.p.A.
    125,853       2,931,115  
 
Finmeccanica S.p.A.
    236,216       3,267,464  
 
 
            6,198,579  
 
 
               
Japan–5.15%
               
 
               
Hoya Corp.
    75,300       2,018,901  
 
Keyence Corp.
    11,300       2,607,788  
 
Komatsu Ltd.
    65,000       1,300,904  
 
Nidec Corp.
    45,700       4,480,094  
 
Toyota Motor Corp.
    49,500       1,898,397  
 
 
            12,306,084  
 
 
               
Mexico–2.12%
               
 
               
America Movil S.A.B de C.V.-Series L -ADR
    46,793       2,042,515  
 
Grupo Televisa S.A. -ADR
    154,480       3,018,539  
 
 
            5,061,054  
 
 
               
Netherlands–2.21%
               
 
               
Koninklijke Ahold N.V.
    147,988       1,862,322  
 
TNT N.V.
    78,372       2,239,671  
 
Unilever N.V.
    38,678       1,187,238  
 
 
            5,289,231  
 
 
               
Philippines–1.33%
               
 
               
Philippine Long Distance Telephone Co.
    55,850       3,174,065  
 
 
               
Singapore–0.92%
               
 
               
United Overseas Bank Ltd.
    170,000       2,190,452  
 
 
               
South Korea–0.84%
               
 
               
Hyundai Mobis
    15,725       1,999,683  
 
 
               
Spain–0.49%
               
 
               
Telefonica S.A.
    48,941       1,175,478  
 
 
               
Switzerland–8.76%
               
 
               
Nestle S.A.
    120,402       5,696,295  
 
Novartis AG
    24,242       1,298,161  
 
Roche Holding AG
    41,907       7,036,793  
 
Sonova Holding AG
    19,509       2,413,189  
 
See accompanying notes which are an integral part of this schedule.
AIM Global Growth Fund

 


Table of Contents

                 
    Shares     Value  
 
Switzerland–(continued)
               
 
               
Syngenta AG
    17,529     $ 4,479,851  
 
 
            20,924,289  
 
 
               
Taiwan–1.45%
               
 
               
MediaTek Inc.
    79,000       1,279,653  
 
Taiwan Semiconductor Manufacturing Co. Ltd.
    1,149,429       2,193,615  
 
 
            3,473,268  
 
 
               
United Kingdom–13.28%
               
 
               
BAE Systems PLC
    334,628       1,883,297  
 
BG Group PLC
    138,286       2,532,282  
 
British American Tobacco PLC
    32,418       1,068,794  
 
Compass Group PLC
    369,660       2,513,540  
 
Imperial Tobacco Group PLC
    228,562       7,382,657  
 
Reckitt Benckiser Group PLC
    90,826       4,720,686  
 
Reed Elsevier PLC
    226,264       1,803,182  
 
Tesco PLC
    504,837       3,414,492  
 
Vodafone Group PLC
    1,440,361       3,094,134  
 
WPP PLC
    357,661       3,300,564  
 
 
            31,713,628  
 
 
               
United States–26.07%
               
 
               
Apple Inc. (a)
    24,165       4,642,580  
 
Baxter International Inc.
    64,680       3,724,921  
 
Cameron International Corp. (a)
    36,536       1,375,946  
 
Cardinal Health, Inc.
    80,162       2,650,957  
 
Carnival Corp. (b)
    78,918       2,630,337  
 
Charles Schwab Corp. (The)
    63,834       1,167,524  
 
Chubb Corp. (The)
    37,907       1,895,350  
 
Cisco Systems, Inc. (a)
    102,027       2,292,547  
 
CME Group Inc.
    3,539       1,015,056  
 
Corning Inc.
    66,305       1,198,794  
 
Costco Wholesale Corp.
    43,136       2,477,300  
 
Exxon Mobil Corp.
    17,208       1,108,711  
 
Freeport-McMoRan Copper & Gold Inc.
    14,531       969,072  
 
Gilead Sciences, Inc. (a)
    86,255       4,163,529  
 
Google Inc. -Class A (a)
    4,945       2,617,982  
 
Intel Corp.
    190,445       3,694,633  
 
Johnson Controls, Inc.
    82,130       2,285,678  
 
JPMorgan Chase & Co.
    39,577       1,541,128  
 
Kellogg Co.
    45,292       2,464,791  
 
Kohl’s Corp. (a)
    47,447       2,389,905  
 
Microsoft Corp.
    138,086       3,891,264  
 
Occidental Petroleum Corp.
    24,694       1,934,528  
 
PepsiCo, Inc.
    40,387       2,407,873  
 
QUALCOMM Inc.
    36,446       1,428,319  
 
UnitedHealth Group Inc.
    116,804       3,854,532  
 
Walgreen Co.
    67,374       2,428,833  
 
 
            62,252,090  
 
Total Common Stocks & Other Equity Interests (Cost $200,911,734)
            233,219,608  
 
 
               
Money Market Funds–2.66%
               
 
               
Liquid Assets Portfolio-Institutional Class (c)
    3,175,701       3,175,701  
 
Premier Portfolio-Institutional Class (c)
    3,175,701       3,175,701  
 
Total Money Market Funds
(Cost $6,351,402)
            6,351,402  
 
 
               
TOTAL INVESTMENTS–100.31%
(Cost $207,263,136)
            239,571,010  
 
OTHER ASSETS LESS LIABILITIES–(0.31)%
            (741,368 )
 
NET ASSETS–100.00%
          $ 238,829,642  
 
Investment Abbreviations:
ADR      —American Depositary Receipt
Notes to Schedule of Investments:
(a)   Non-income producing security.
 
(b)   Each unit represents one common share with paired trust share.
 
(c)   The money market fund and the Fund are affiliated by having the same investment adviser.
See accompanying notes which are an integral part of this schedule.
AIM Global Growth Fund

 


Table of Contents

Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2010
(Unaudited)
NOTE 1 — Significant Accounting Policies
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 or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. 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 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
     Investments in open-end 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 open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
     Debt obligations (including convertible bonds) and unlisted equities 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, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
     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. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. 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 value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current 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, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
     Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities and Corporate Loans. The mean between the last bid and asked prices may be used to value debt obligations other than Corporate Loans.
     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.
AIM Global Growth Fund

 


Table of Contents

A.   Security Valuations – (continued)
     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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.
     The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
     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 investment adviser.
     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.   Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
 
D.   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.
     The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E.   Foreign Currency Contracts – The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks
AIM Global Growth Fund

 


Table of Contents

E.   Foreign Currency Contracts – (continued)
 
    associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
          The following is a summary of the tiered valuation input levels, as of January 31, 2010. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
                                 
    Level 1   Level 2   Level 3   Total
 
Australia
  $     $ 12,266,754     $     $ 12,266,754  
Belgium
          4,865,406             4,865,406  
Canada
    4,133,353                   4,133,353  
Denmark
          5,160,312             5,160,312  
Finland
          1,664,150             1,664,150  
France
          10,694,261             10,694,261  
Germany
    1,220,756       14,315,787             15,536,543  
Hong Kong
          4,047,473             4,047,473  
India
    2,663,294       1,873,532             4,536,826  
Indonesia
          2,473,723             2,473,723  
Ireland
    3,715,458                   3,715,458  
Israel
    8,367,448                   8,367,448  
Italy
          6,198,579             6,198,579  
Japan
    4,626,689       7,679,395             12,306,084  
Mexico
    5,061,054                   5,061,054  
Netherlands
          5,289,231             5,289,231  
Philippines
          3,174,065             3,174,065  
Singapore
          2,190,452             2,190,452  
South Korea
          1,999,683             1,999,683  
Spain
          1,175,478             1,175,478  
Switzerland
          20,924,289             20,924,289  
Taiwan
          3,473,268             3,473,268  
United Kingdom
          31,713,628             31,713,628  
United States
    68,603,492                   68,603,492  
 
Total Investments
  $ 98,391,544     $ 141,179,466     $     $ 239,571,010  
 
AIM Global Growth Fund

 


Table of Contents

NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2010 was $20,437,081 and $22,442,636, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
         
 
Aggregate unrealized appreciation of investment securities
  $ 45,791,875  
 
Aggregate unrealized (depreciation) of investment securities
    (13,540,592 )
 
Net unrealized appreciation of investment securities
  $ 32,251,283  
 
Cost of investments for tax purposes is $207,319,727.
AIM Global Growth Fund

 


Table of Contents

AIM Global Small & Mid Cap Growth Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2010
(INVESCO AIM LOGO)
invescoaim.com      GSMG-QTR-1 01/10      Invesco Advisers, Inc.

 


Table of Contents

Schedule of Investments
January 31, 2010
(Unaudited)
                 
    Shares     Value  
 
Common Stocks & Other Equity Interests–90.68%
               
 
               
Brazil–0.94%
               
 
               
Cielo S.A.
    735,800     $ 5,824,274  
 
 
               
Canada–5.55%
               
 
               
Astral Media Inc.
    158,400       5,023,775  
 
Fairfax Financial Holdings Ltd.
    20,671       7,003,594  
 
Groupe Aeroplan, Inc.
    633,900       6,579,046  
 
Onex Corp.
    365,598       8,443,451  
 
Power Financial Corp.
    263,200       7,405,038  
 
 
            34,454,904  
 
 
               
Germany–3.12%
               
 
               
Deutsche Boerse AG
    96,354       6,351,976  
 
Puma AG Rudolf Dassler Sport (a)
    3,935       1,198,768  
 
Puma AG Rudolf Dassler Sport
    38,700       11,789,668  
 
 
            19,340,412  
 
 
               
Greece–1.39%
               
 
               
Intralot S.A.
    1,953,016       8,601,612  
 
 
               
Hong Kong–1.62%
               
 
               
Hongkong Land Holdings Ltd.
    1,016,000       4,738,827  
 
Regal Hotels International Holdings Ltd.
    15,416,200       5,307,865  
 
 
            10,046,692  
 
 
               
Indonesia–2.54%
               
 
               
PT Astra International Tbk
    2,138,000       8,149,183  
 
PT Perusahaan Gas Negara
    19,002,500       7,614,764  
 
 
            15,763,947  
 
 
               
Ireland–2.20%
               
 
               
Cooper Industries PLC -Class A
    86,314       3,702,871  
 
DCC PLC
    366,961       9,917,480  
 
 
            13,620,351  
 
 
               
Japan–1.67%
               
 
               
EXEDY Corp.
    467,800       10,370,793  
 
 
               
Mexico–1.22%
               
 
               
America Movil S.A.B de C.V. -Series L -ADR
    173,500       7,573,275  
 
 
               
Norway–0.79%
               
 
               
Petroleum Geo-Services A.S.A. (b)
    396,240       4,907,432  
 
 
               
Philippines–4.72%
               
 
               
Ayala Corp.
    2,905,864       18,171,723  
 
Energy Development Corp. (a)
    6,577,500       669,705  
 
Energy Development Corp.
    102,258,500       10,411,718  
 
 
            29,253,146  
 
 
               
Russia–1.06%
               
 
               
Vimpel-Communications -ADR
    362,136       6,569,147  
 
 
               
South Africa–1.59%
               
 
               
AngloGold Ashanti Ltd. -ADR
    70,789       2,526,459  
 
Naspers Ltd. -Class N
    208,079       7,333,713  
 
 
            9,860,172  
 
 
               
South Korea–0.64%
               
 
               
Hyundai Development Co.
    128,410       3,962,740  
 
 
               
Sweden–1.71%
               
 
               
Oriflame Cosmetics S.A. -SDR
    193,275       10,584,603  
 
 
               
Switzerland–4.74%
               
 
               
Aryzta AG (b)
    217,713       8,544,335  
 
Sonova Holding AG
    71,939       8,898,580  
 
Syngenta AG
    46,936       11,995,338  
 
 
            29,438,253  
 
 
               
Taiwan–1.08%
               
 
               
Taiwan Mobile Co., Ltd.
    3,466,079       6,707,335  
 
 
               
Thailand–1.73%
               
 
               
Siam Commercial Bank PCL
    4,521,600       10,747,200  
 
 
               
Turkey–3.20%
               
 
               
Haci Omer Sabanci Holding A.S.
    1,770,698       7,558,143  
 
Tupras-Turkiye Petrol Rafinerileri A.S.
    598,629       12,304,085  
 
 
            19,862,228  
 
 
               
United Kingdom–16.95%
               
 
               
Bunzl PLC
    443,869       4,406,716  
 
Capita Group PLC
    485,260       5,579,552  
 
Chemring Group PLC
    157,852       8,115,016  
 
Compass Group PLC
    611,853       4,160,356  
 
Homeserve PLC
    519,854       13,461,810  
 
IG Group Holdings PLC
    1,623,859       10,428,913  
 
Informa PLC
    1,662,227       8,684,812  
 
International Power PLC
    2,300,903       11,732,279  
 
Lancashire Holdings Ltd.
    590,881       4,219,341  
 
Playtech Ltd.
    554,800       4,566,980  
 
Shire PLC
    710,480       14,077,792  
 
Ultra Electronics Holdings PLC
    288,643       5,818,523  
 
United Business Media Ltd.
    338,848       2,309,646  
 
VT Group PLC
    888,786       7,575,877  
 
 
            105,137,613  
 
 
               
United States–32.22%
               
 
               
Adobe Systems Inc. (b)
    116,641       3,767,504  
 
Aetna Inc.
    128,648       3,855,581  
 
Affiliated Managers Group, Inc. (b)
    58,910       3,568,179  
 
Alliance Data Systems Corp. (b)
    72,753       4,325,893  
 
Altera Corp.
    179,822       3,833,805  
 
See accompanying notes which are an integral part of this schedule.
AIM Global Small & Mid Cap Growth Fund

 


Table of Contents

                 
    Shares     Value  
 
United States–(continued)
               
 
               
American Medical Systems Holdings, Inc. (b)
    231,672     $ 4,448,102  
 
American Tower Corp. -Class A (b)
    88,365       3,751,094  
 
Amphenol Corp. -Class A
    65,814       2,622,030  
 
Apollo Group, Inc. -Class A (b)
    56,165       3,403,037  
 
Autodesk, Inc. (b)
    158,682       3,775,045  
 
Baker Hughes Inc.
    49,400       2,236,832  
 
Baldor Electric Co.
    126,078       3,111,605  
 
BE Aerospace, Inc. (b)
    174,156       3,906,319  
 
Brocade Communications Systems, Inc. (b)
    496,070       3,408,001  
 
Carter’s, Inc. (b)
    177,044       4,578,358  
 
Choice Hotels International, Inc.
    122,479       3,887,484  
 
Coach, Inc.
    108,539       3,785,840  
 
CONSOL Energy Inc.
    91,450       4,262,485  
 
Continental Resources, Inc. (b)
    104,833       3,980,509  
 
Corrections Corp. of America (b)
    167,983       3,142,962  
 
Crown Holdings, Inc. (b)
    147,341       3,508,189  
 
DaVita, Inc. (b)
    63,022       3,766,195  
 
Energizer Holdings, Inc. (b)
    59,859       3,322,175  
 
Estee Lauder Cos. Inc. (The) -Class A
    82,608       4,338,572  
 
EXCO Resources, Inc.
    198,036       3,473,552  
 
Express Scripts, Inc. (b)
    43,650       3,660,489  
 
Flowserve Corp.
    37,454       3,377,227  
 
Genworth Financial Inc. -Class A (b)
    332,650       4,603,876  
 
Hanesbrands, Inc. (b)
    157,090       3,608,357  
 
Hologic, Inc. (b)
    259,220       3,906,445  
 
IHS Inc. -Class A (b)
    61,763       3,177,089  
 
International Game Technology
    182,320       3,343,749  
 
Intrepid Potash, Inc. (b)
    123,907       3,034,482  
 
ITT Educational Services, Inc. (b)
    23,165       2,243,994  
 
J.B. Hunt Transport Services, Inc.
    107,621       3,299,660  
 
Jarden Corp.
    138,396       4,218,310  
 
Jones Lang LaSalle Inc.
    70,067       3,994,520  
 
Key Energy Services, Inc. (b)
    419,312       4,054,747  
 
Landstar System, Inc.
    85,183       3,091,291  
 
LKQ Corp. (b)
    191,312       3,587,100  
 
Macy’s, Inc.
    234,755       3,739,647  
 
McAfee Inc. (b)
    107,870       4,066,699  
 
MSC Industrial Direct Co., Inc. -Class A
    86,139       3,720,343  
 
O’Reilly Automotive, Inc. (b)
    73,804       2,789,791  
 
Pharmaceutical Product Development, Inc.
    167,441       3,911,422  
 
QLogic Corp. (b)
    215,525       3,704,875  
 
ResMed Inc. (b)
    80,000       4,091,200  
 
Robert Half International, Inc.
    145,872       3,926,874  
 
Shaw Group Inc. (The) (b)
    123,275       3,980,550  
 
Solera Holdings Inc.
    122,302       4,049,419  
 
State Street Corp.
    53,030       2,273,926  
 
Steel Dynamics, Inc.
    144,127       2,187,848  
 
Talecris Biotherapeutics Holdings Corp. (b)
    163,084       3,816,166  
 
TD Ameritrade Holding Corp. (b)
    170,903       3,035,237  
 
Ulta Salon, Cosmetics & Fragrance, Inc. (b)
    105,408       2,044,915  
 
Western Digital Corp. (b)
    86,709       3,294,075  
 
 
            199,893,671  
 
Total Common Stocks & Other Equity Interests
(Cost $469,577,229)
            562,519,800  
 
 
               
Preferred Stock–1.17%
               
 
               
Brazil–1.17%
               
 
               
Companhia de Transmissao de Energia Eletrica Paulista -Pfd.
(Cost $7,393,495)
    289,600       7,251,462  
 
 
               
Money Market Funds–6.52%
               
 
               
Liquid Assets Portfolio-Institutional Class (c)
    20,206,613       20,206,613  
 
Premier Portfolio-Institutional Class (c)
    20,206,613       20,206,613  
 
Total Money Market Funds
(Cost $40,413,226)
            40,413,226  
 
TOTAL INVESTMENTS–98.37%
(Cost $517,383,950)
            610,184,488  
 
OTHER ASSETS LESS LIABILITIES–1.63%
            10,140,212  
 
NET ASSETS–100.00%
          $ 620,324,700  
 
Investment Abbreviations:
 
ADR   — American Depositary Receipt
 
Pfd.   — Preferred
 
SDR   — Swedish Depositary Receipt
 
Notes to Schedule of Investments:
 
(a)   Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at January 31, 2010 was $1,868,473, which represented 0.30% of the Fund’s Net Assets.
 
(b)   Non-income producing security.
 
(c)   The money market fund and the Fund are affiliated by having the same investment adviser.
See accompanying notes which are an integral part of this schedule.
AIM Global Small & Mid Cap Growth Fund

 


Table of Contents

Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2010
(Unaudited)
NOTE 1 — Significant Accounting Policies
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 or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. 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 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
     Investments in open-end 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 open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
     Debt obligations (including convertible bonds) and unlisted equities 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, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
     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. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. 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 value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current 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, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
     Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities and Corporate Loans. The mean between the last bid and asked prices may be used to value debt obligations other than Corporate Loans.
     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.
AIM Global Small & Mid Cap Growth Fund

 


Table of Contents

A.   Securities Valuation-(continued)
     Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
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.
     The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
     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 investment adviser.
     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.   Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.   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.
     The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
E.   Foreign Currency Contracts – The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as
AIM Global Small & Mid Cap Growth Fund

 


Table of Contents

E.   Foreign Currency Contracts-(continued)
 
    unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
          The following is a summary of the tiered valuation input levels, as of January 31, 2010. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
                                 
    Level 1   Level 2   Level 3   Total
 
Brazil
  $ 13,075,736     $     $     $ 13,075,736  
Canada
    34,454,904                   34,454,904  
Germany
    6,351,976       12,988,436             19,340,412  
Greece
          8,601,612             8,601,612  
Hong Kong
          10,046,692             10,046,692  
Indonesia
          15,763,947             15,763,947  
Ireland
    3,702,871       9,917,480             13,620,351  
Japan
    10,370,793                   10,370,793  
Mexico
    7,573,275                   7,573,275  
Norway
          4,907,432             4,907,432  
Phillipines
          29,253,146             29,253,146  
Russia
    6,569,147                   6,569,147  
South Africa
    2,526,459       7,333,713             9,860,172  
South Korea
          3,962,740             3,962,740  
Sweden
          10,584,603             10,584,603  
Switzerland
          29,438,253             29,438,253  
Taiwan
          6,707,335             6,707,335  
Thailand
          10,747,200             10,747,200  
Turkey
          19,862,228             19,862,228  
United Kingdom
    4,566,980       100,570,633             105,137,613  
United States
    240,306,897                   240,306,897  
 
Total Investments
  $ 329,499,038     $ 280,685,450     $       $ 610,184,488  
 
AIM Global Small & Mid Cap Growth Fund

 


Table of Contents

NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2010 was $37,972,518 and $81,942,936, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
         
 
Aggregate unrealized appreciation of investment securities
  $ 141,299,588  
 
Aggregate unrealized (depreciation) of investment securities
    (49,777,143 )
 
Net unrealized appreciation of investment securities
  $ 91,522,445  
 
Cost of investments for tax purposes is $518,662,043.
       
AIM Global Small & Mid Cap Growth Fund

 


Table of Contents

AIM International Growth Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2010
(INVESCO AIM LOGO)
invescoaim.com      IGR-QTR-1  01/10      Invesco Advisers, Inc.

 


Table of Contents

Schedule of Investments
January 31, 2010
(Unaudited)
                 
    Shares     Value  
 
Common Stocks & Other Equity Interests—91.65%
               
 
               
Australia—5.49%
               
 
               
BHP Billiton Ltd.
    1,641,551     $ 56,864,905  
 
Cochlear Ltd.
    693,982       38,154,140  
 
CSL Ltd.
    1,018,171       28,151,695  
 
QBE Insurance Group Ltd.
    1,548,150       31,268,018  
 
Woolworths Ltd.
    931,480       21,259,442  
 
 
            175,698,200  
 
 
               
Belgium—1.94%
               
 
               
Anheuser-Busch InBev N.V.
    1,240,760       61,953,404  
 
 
               
Brazil—0.68%
               
 
               
Banco Bradesco S.A. -ADR
    1,319,609       21,852,725  
 
 
               
Canada—5.34%
               
 
               
Bombardier Inc. -Class B
    5,245,611       24,817,945  
 
Canadian National Railway Co.
    454,575       22,718,124  
 
Canadian Natural Resources Ltd.
    399,022       25,459,805  
 
Cenovus Energy Inc.
    366,530       8,523,236  
 
EnCana Corp.
    366,530       11,216,949  
 
Fairfax Financial Holdings Ltd.
    57,537       19,494,256  
 
Suncor Energy, Inc.
    931,052       29,468,079  
 
Talisman Energy Inc.
    1,760,254       29,181,209  
 
 
            170,879,603  
 
 
               
China—0.71%
               
 
               
Industrial and Commercial Bank of China Ltd. -Class H
    31,421,000       22,840,973  
 
 
               
Denmark—2.16%
               
 
               
Novo Nordisk A.S. -Class B
    802,138       54,285,105  
 
Vestas Wind Systems A.S. (a)
    277,663       14,679,221  
 
 
            68,964,326  
 
 
               
Finland—0.79%
               
 
               
Nokia Corp.
    1,828,218       25,234,555  
 
 
               
France—4.16%
               
 
               
Axa S.A.
    1,200,423       24,831,039  
 
BNP Paribas
    585,377       41,684,968  
 
Danone S.A.
    352,509       20,192,876  
 
Total S.A.
    800,138       46,471,383  
 
 
            133,180,266  
 
 
               
Germany—6.87%
               
 
               
Adidas AG
    598,976       30,491,890  
 
Bayer AG
    883,054       60,152,566  
 
Bayerische Motoren Werke AG
    467,641       19,958,336  
 
Deutsche Boerse AG
    40,032       2,639,042  
 
Fresenius Medical Care AG & Co. KGaA
    416,559       21,157,350  
 
Merck KGaA
    356,929       31,823,100  
 
Puma AG Rudolf Dassler Sport
    130,914       39,881,979  
 
SAP AG
    298,760       13,635,887  
 
 
            219,740,150  
 
 
               
Hong Kong—2.59%
               
 
               
Esprit Holdings Ltd.
    3,252,352       22,805,279  
 
Hutchison Whampoa Ltd.
    5,860,000       39,888,326  
 
Li & Fung Ltd.
    4,406,000       20,018,204  
 
 
            82,711,809  
 
 
               
India—2.53%
               
 
               
Bharat Heavy Electricals Ltd.
    404,755       20,904,778  
 
Infosys Technologies Ltd.
    1,132,820       60,137,549  
 
 
            81,042,327  
 
 
               
Ireland—0.53%
               
 
               
CRH PLC
    710,082       17,036,570  
 
 
               
Israel—2.92%
               
 
               
Teva Pharmaceutical Industries Ltd. -ADR
    1,644,363       93,268,269  
 
 
Italy—2.61%
               
 
Eni S.p.A.
    1,776,179       41,367,186  
 
Finmeccanica S.p.A.
    3,034,960       41,981,164  
 
 
            83,348,350  
 
 
               
Japan—6.63%
               
 
               
Denso Corp.
    930,200       27,289,027  
 
Fanuc Ltd.
    316,900       30,234,535  
 
Hoya Corp.
    1,246,500       33,420,452  
 
Keyence Corp.
    134,300       30,993,452  
 
Komatsu Ltd.
    820,300       16,417,411  
 
Nidec Corp.
    529,400       51,898,505  
 
Toyota Motor Corp.
    565,900       21,703,086  
 
 
            211,956,468  
 
 
               
Mexico—2.76%
               
 
               
America Movil S.A.B de C.V. -Series L -ADR
    1,258,211       54,920,910  
 
Grupo Televisa S.A. -ADR
    1,713,596       33,483,666  
 
 
            88,404,576  
 
 
               
Netherlands—4.04%
               
 
               
Koninklijke (Royal) KPN N.V.
    2,386,734       39,578,236  
 
Koninklijke Ahold N.V.
    2,826,599       35,570,700  
 
TNT N.V.
    1,367,545       39,080,943  
 
Unilever N.V.
    486,620       14,937,009  
 
 
            129,166,888  
 
 
               
Norway—0.59%
               
 
               
Petroleum Geo-Services A.S.A. (a)
    1,512,838       18,736,497  
 
See accompanying notes which are an integral part of this schedule.
AIM International Growth Fund

 


Table of Contents

                 
    Shares     Value  
 
Philippines—1.49%
               
 
               
Philippine Long Distance Telephone Co.
    837,990     $ 47,624,610  
 
 
               
Singapore—3.72%
               
 
               
Keppel Corp. Ltd.
    7,188,000       42,510,905  
 
Singapore Technologies Engineering Ltd.
    12,630,000       27,546,279  
 
United Overseas Bank Ltd.
    3,797,000       48,924,393  
 
 
            118,981,577  
 
 
               
South Korea—0.99%
               
 
               
Hyundai Mobis
    249,588       31,739,069  
 
 
               
Spain—1.06%
               
 
               
Telefonica S.A.
    1,405,142       33,749,066  
 
 
               
Switzerland—8.55%
               
 
               
Nestle S.A.
    1,542,662       72,984,314  
 
Novartis AG
    303,174       16,234,993  
 
Roche Holding AG
    525,185       88,186,181  
 
Sonova Holding AG
    372,252       46,046,154  
 
Syngenta AG
    195,564       49,979,891  
 
 
            273,431,533  
 
 
               
Taiwan—2.04%
               
 
               
MediaTek Inc.
    1,474,000       23,876,064  
 
Taiwan Semiconductor Manufacturing Co. Ltd.
    21,697,887       41,409,092  
 
 
            65,285,156  
 
 
               
Turkey—0.66%
               
 
               
Akbank T.A.S.
    3,614,009       21,149,882  
 
 
               
United Kingdom—19.80%
               
 
               
BAE Systems PLC
    4,621,842       26,011,873  
 
BG Group PLC
    2,095,745       38,377,110  
 
British American Tobacco PLC
    1,069,913       35,274,116  
 
Capita Group PLC
    1,941,657       22,325,303  
 
Compass Group PLC
    6,749,699       45,895,254  
 
Imperial Tobacco Group PLC
    2,439,345       78,791,954  
 
Informa PLC
    5,210,024       27,221,361  
 
International Power PLC
    9,265,733       47,245,870  
 
Reckitt Benckiser Group PLC
    1,409,787       73,273,750  
 
Reed Elsevier PLC
    3,666,265       29,217,839  
 
Shire PLC
    3,212,489       63,653,802  
 
Smith & Nephew PLC
    1,570,485       15,798,869  
 
Tesco PLC
    7,688,778       52,003,459  
 
Vodafone Group PLC
    24,005,387       51,567,541  
 
WPP PLC
    2,869,487       26,480,178  
 
 
            633,138,279  
 
Total Common Stocks & Other Equity Interests
(Cost $2,395,434,383)
            2,931,115,128  
 
 
               
Preferred Stocks—0.81%
               
 
               
Brazil—0.81%
               
 
               
Petroleo Brasileiro S.A. -ADR -Pfd.
(Cost $10,898,549)
    716,751       25,860,376  
 
 
               
Money Market Funds—9.20%
               
 
               
Liquid Assets Portfolio-Institutional Class (b)
    147,105,644       147,105,644  
 
Premier Portfolio-Institutional Class (b)
    147,105,644       147,105,644  
 
Total Money Market Funds
(Cost $294,211,288)
            294,211,288  
 
TOTAL INVESTMENTS—101.66%
(Cost $2,700,544,220)
            3,251,186,792  
 
OTHER ASSETS LESS LIABILITIES—(1.66)%
            (53,192,953 )
 
NET ASSETS—100.00%
          $ 3,197,993,839  
 
Investment Abbreviations:
         
ADR
    American Depositary Receipt
 
       
Pfd.
    Preferred
Notes to Schedule of Investments:
(a)   Non-income producing security.
 
(b)   The money market fund and the Fund are affiliated by having the same investment adviser.
See accompanying notes which are an integral part of this schedule.
AIM International Growth Fund

 


Table of Contents

Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2010
(Unaudited)
NOTE 1 — Significant Accounting Policies
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 or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. 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 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
 
          Investments in open-end 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 open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
 
          Debt obligations (including convertible bonds) and unlisted equities 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, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
 
          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. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. 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 value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current 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, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
 
          Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities and Corporate Loans. The mean between the last bid and asked prices may be used to value debt obligations other than Corporate Loans.
 
          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.
 
          Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity.
AIM International Growth Fund

 


Table of Contents

A.   Security Valuations — (continued)
 
    Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
 
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.
 
          The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
 
          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 investment adviser.
 
          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.   Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
 
D.   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.
 
          The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
 
E.   Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the
AIM International Growth Fund

 


Table of Contents

E.   Foreign Currency Contracts – (continued)
    value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
NOTE 2 – Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
          The following is a summary of the tiered valuation input levels, as of January 31, 2010. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
                                 
    Level 1   Level 2   Level 3   Total
 
Australia
  $     $ 175,698,200     $     $ 175,698,200  
Belgium
          61,953,404             61,953,404  
Brazil
    47,713,101                   47,713,101  
Canada
    170,879,603                   170,879,603  
China
          22,840,973             22,840,973  
Denmark
          68,964,326             68,964,326  
Finland
          25,234,555             25,234,555  
France
          133,180,266             133,180,266  
Germany
    23,796,392       195,943,758             219,740,150  
Hong Kong
          82,711,809             82,711,809  
India
          81,042,327             81,042,327  
Ireland
          17,036,570             17,036,570  
Israel
    93,268,269                   93,268,269  
Italy
          83,348,350             83,348,350  
Japan
    64,413,904       147,542,564             211,956,468  
Mexico
    88,404,576                   88,404,576  
Netherlands
          129,166,888             129,166,888  
Norway
          18,736,497             18,736,497  
Philippines
          47,624,610             47,624,610  
Singapore
          118,981,577             118,981,577  
South Korea
          31,739,069             31,739,069  
Spain
          33,749,066             33,749,066  
Switzerland
          273,431,533             273,431,533  
Taiwan
          65,285,156             65,285,156  
Turkey
          21,149,882             21,149,882  
United Kingdom
          633,138,279             633,138,279  
United States
    294,211,288                   294,211,288  
 
Total Investments
  $ 782,687,133     $ 2,468,499,659     $     $ 3,251,186,792  
 
AIM International Growth Fund

 


Table of Contents

NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2010 was $225,802,399 and $56,790,433, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
         
 
Aggregate unrealized appreciation of investment securities
  $ 676,327,640  
 
Aggregate unrealized (depreciation) of investment securities
    (126,148,643 )
 
Net unrealized appreciation of investment securities
  $ 550,178,997  
 
Cost of investments for tax purposes is $2,701,007,795.
AIM International Growth Fund

 


Table of Contents

AIM International Core Equity Fund
Quarterly Schedule of Portfolio Holdings
January 31, 2010
(INVESCO AIM LOGO)
invescoaim.com      I-ICE-QTR-1  01/10      Invesco Advisers, Inc.

 


Table of Contents

Schedule of Investments
January 31, 2010
(Unaudited)
                 
    Shares     Value  
 
Common Stocks & Other Equity Interests—97.66%
               
 
               
Australia—4.21%
               
 
               
Australia and New Zealand Banking Group Ltd.
    315,150     $ 6,025,002  
 
BHP Billiton Ltd.
    241,489       8,365,411  
 
 
            14,390,413  
 
 
               
Brazil—0.75%
               
 
               
Banco Santander Brasil S.A.
    38,600       458,719  
 
Companhia Energetica de Minas Gerais S.A. -ADR
    42,353       706,024  
 
Petroleo Brasileiro S.A. -ADR
    19,121       775,739  
 
Vale S.A. -ADR
    23,466       605,188  
 
 
            2,545,670  
 
 
               
Canada—6.01%
               
 
               
Agrium Inc.
    96,664       5,447,349  
 
Cenovus Energy Inc.
    127,019       2,953,682  
 
EnCana Corp.
    122,612       3,752,305  
 
Intact Financial Corp.
    143,138       5,072,398  
 
Toronto-Dominion Bank (The)
    56,321       3,320,280  
 
 
            20,546,014  
 
 
               
China—0.46%
               
 
               
China Construction Bank Corp. -Class H
    620,000       473,148  
 
CNOOC Ltd.
    372,800       523,273  
 
Soho China Ltd.
    1,199,500       584,689  
 
 
            1,581,110  
 
 
               
Egypt—0.20%
               
 
               
Al Ezz Steel Rebars S.A.E.
    85,112       282,826  
 
Orascom Telecom Holding S.A.E. — GDR
    13,737       74,737  
 
Orascom Telecom Holding S.A.E. — Rts.
    13,737       310,645  
 
 
            668,208  
 
 
               
Finland—1.61%
               
 
               
Nokia Corp.
    398,306       5,497,744  
 
 
               
France—10.34%
               
 
               
Bouygues S.A.
    95,055       4,695,289  
 
Credit Agricole S.A.
    308,044       4,807,261  
 
Publicis Groupe
    82,480       3,363,105  
 
Sanofi-Aventis S.A.
    105,392       7,774,750  
 
Societe Generale — ADR
    369,421       4,266,812  
 
Total S.A. -ADR
    127,940       7,368,065  
 
Unibail-Rodamco S.E. -REIT
    14,084       3,059,554  
 
 
            35,334,836  
 
 
               
Germany—3.18%
               
 
               
Bayerische Motoren Werke AG
    79,425       3,389,760  
 
MAN S.E.
    40,987       2,749,571  
 
Muenchener Rueckversicherungs-Gesellschaft AG
    18,319       2,747,928  
 
Salzgitter AG
    22,218       1,971,637  
 
 
            10,858,896  
 
 
               
Greece—1.24%
               
 
               
National Bank of Greece S.A. (a)
    194,692       4,218,650  
 
 
               
Hong Kong—4.27%
               
 
               
Cheung Kong (Holdings) Ltd.
    322,000       3,792,619  
 
China Unicom (Hong Kong) Ltd.
    298,000       335,132  
 
Denway Motors Ltd.
    884,000       506,678  
 
Esprit Holdings Ltd.
    862,328       6,046,587  
 
Hutchison Whampoa Ltd.
    483,100       3,288,405  
 
Sinofert Holdings Ltd.
    1,086,000       624,641  
 
 
            14,594,062  
 
 
               
India—0.31%
               
 
               
Oil and Natural Gas Corp. Ltd.
    14,023       329,794  
 
State Bank of India -GDR
    8,445       743,796  
 
 
            1,073,590  
 
 
               
Indonesia—0.19%
               
 
               
PT Telekomunikasi Indonesia Tbk
    638,000       633,168  
 
 
               
Israel—0.09%
               
 
               
Partner Communications Co. Ltd.
    15,201       311,326  
 
 
               
Italy—1.90%
               
 
               
Eni S.p.A -ADR
    139,404       6,485,074  
 
 
               
Japan—19.48%
               
 
               
Canon Inc.
    174,300       6,826,396  
 
East Japan Railway Co.
    57,400       3,860,159  
 
FUJIFILM Holdings Corp.
    236,700       7,586,673  
 
Mitsubishi Corp.
    122,900       2,954,827  
 
Mitsubishi UFJ Financial Group, Inc.
    1,524,900       7,846,350  
 
Murata Manufacturing Co., Ltd.
    92,600       5,093,718  
 
Nippon Telegraph & Telephone Corp.
    85,900       3,625,958  
 
Nippon Yusen Kabushiki Kaisha
    1,159,000       4,019,134  
 
Nissan Motor Co., Ltd. (a)
    799,600       6,466,266  
 
NTT DoCoMo, Inc.
    2,394       3,578,461  
 
Seven & I Holdings Co., Ltd.
    118,000       2,584,600  
 
Sumitomo Chemical Co., Ltd.
    1,547,000       6,934,318  
 
Takeda Pharmaceutical Co., Ltd.
    117,100       5,150,532  
 
 
            66,527,392  
 
 
               
Mexico—0.43%
               
 
               
America Movil S.A.B de C.V. -Series L
    296,900       648,716  
 
Desarrolladora Homex S.A. de C.V. -ADR(a)
    13,394       410,526  
 
Grupo Financiero Banorte S.A.B. de C.V. — Class O
    124,100       407,206  
 
 
            1,466,448  
 
See accompanying notes which are an integral part of this schedule.
AIM International Core Equity Fund

 


Table of Contents

                 
    Shares     Value  
 
Netherlands—5.37%
               
 
               
Heineken N.V.
    160,895     $ 7,907,210  
 
TNT N.V.
    162,561       4,645,578  
 
Unilever N.V.
    188,855       5,796,985  
 
 
            18,349,773  
 
 
               
Norway—0.87%
               
 
               
Statoil A.S.A.
    132,350       2,960,947  
 
 
               
Russia—0.38%
               
 
               
Gazprom -ADR
    25,054       611,131  
 
LUKOIL -ADR
    12,803       702,885  
 
 
            1,314,016  
 
 
               
South Africa—0.79%
               
 
               
Barloworld Ltd.
    64,458       381,183  
 
Sasol Ltd.
    12,350       460,531  
 
Standard Bank Group Ltd.
    51,429       728,659  
 
Steinhoff International Holdings Ltd. (a)
    260,934       664,631  
 
Tiger Brands Ltd.
    19,992       461,395  
 
 
            2,696,399  
 
 
               
South Korea—1.10%
               
 
               
Daelim Industrial Co., Ltd.
    5,310       349,981  
 
Hyundai Mipo Dockyard Co., Ltd.
    3,182       297,622  
 
Hyundai Mobis
    5,220       663,805  
 
LG Electronics Inc.
    3,416       319,935  
 
Lotte Shopping Co., Ltd.
    1,009       259,709  
 
POSCO
    1,567       713,240  
 
Samsung Electronics Co., Ltd.
    1,222       823,543  
 
Shinhan Financial Group Co., Ltd.
    9,750       340,588  
 
 
            3,768,423  
 
 
               
Spain—4.15%
               
 
               
Banco Santander S.A.
    563,301       7,936,033  
 
Iberdrola S.A.
    337,483       2,868,504  
 
Repsol YPF, S.A. -ADR
    142,459       3,360,608  
 
 
            14,165,145  
 
 
               
Sweden—1.20%
               
 
               
Telefonaktiebolaget LM Ericsson -Class B
    422,332       4,095,616  
 
 
               
Switzerland—7.78%
               
 
               
Holcim Ltd. (a)
    77,307       5,321,752  
 
Novartis AG
    53,411       2,860,164  
 
Swisscom AG
    24,862       9,041,550  
 
Zurich Financial Services AG
    44,126       9,348,468  
 
 
            26,571,934  
 
 
               
Taiwan—0.53%
               
 
               
AU Optronics Corp. -ADR
    49,638       543,040  
 
HTC Corp.
    51,765       500,750  
 
Powertech Technology Inc.
    177,000       558,110  
 
U-Ming Marine Transport Corp.
    118,000       224,043  
 
 
            1,825,943  
 
 
               
Thailand—0.29%
               
 
               
Bangkok Bank PCL -NVDR
    119,600       405,901  
 
Banpu PCL
    22,500       357,722  
 
PTT PCL
    36,400       239,151  
 
 
            1,002,774  
 
 
               
Turkey—0.17%
               
 
               
Tupras-Turkiye Petrol Rafinerileri A.S.
    11,959       245,803  
 
Turkiye Is Bankasi -Class C
    72,268       318,457  
 
 
            564,260  
 
 
               
United Kingdom—20.36%
               
 
               
AstraZeneca PLC
    98,142       4,562,560  
 
BAE Systems PLC
    1,119,773       6,302,118  
 
BP PLC
    649,940       6,082,308  
 
Centrica PLC
    1,251,847       5,373,713  
 
GlaxoSmithKline PLC
    323,790       6,303,080  
 
HSBC Holdings PLC -ADR
    58,338       3,121,666  
 
Imperial Tobacco Group PLC
    334,989       10,820,297  
 
International Power PLC
    681,474       3,474,828  
 
National Grid PLC
    733,495       7,383,327  
 
Royal Dutch Shell PLC -ADR
    157,842       8,742,868  
 
Vodafone Group PLC
    3,433,451       7,375,621  
 
 
            69,542,386  
 
 
               
Total Common Stocks & Other Equity Interests
(Cost $308,880,628)
            333,590,217  
 
 
               
Preferred Stocks—1.20%
               
 
               
Brazil—0.16%
               
 
               
Usinas Siderurgicas de Minas Gerais S.A. -Class A -Pfd.
    20,500       536,570  
 
 
               
Germany—1.04%
               
 
               
Porsche Automobile Holding S.E. -Pfd.
    62,829       3,561,700  
 
Total Preferred Stocks
(Cost $4,754,028)
            4,098,270  
 
 
               
Money Market Funds—1.46%
               
 
               
Liquid Assets Portfolio-Institutional Class (b)
    2,501,489       2,501,489  
 
Premier Portfolio-Institutional Class (b)
    2,501,490       2,501,490  
 
Total Money Market Funds
(Cost $5,002,979)
            5,002,979  
 
TOTAL INVESTMENTS—100.32%
(Cost $318,637,635)
            342,691,466  
 
OTHER ASSETS LESS LIABILITIES—(0.32)%
            (1,103,023 )
 
NET ASSETS—100.00%
          $ 341,588,443  
 
Investment Abbreviations:
         
ADR
    American Depositary Receipt
 
       
GDR
    Global Depositary Receipt
 
       
NVDR
    Non-Voting Depositary Receipt
 
       
Pfd.
    Preferred
 
       
REIT
    Real Estate Investment Trust
 
       
Rts.
    Rights
See accompanying notes which are an integral part of this schedule.
AIM International Core Equity Fund

 


Table of Contents

Notes to Schedule of Investments:
(a)   Non-income producing security.
 
(b)   The money market fund and the Fund are affiliated by having the same investment adviser.
See accompanying notes which are an integral part of this schedule.
AIM International Core Equity Fund

 


Table of Contents

Notes to Quarterly Schedule of Portfolio Holdings
January 31, 2010
(Unaudited)
NOTE 1 — Significant Accounting Policies
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 or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. 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 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange (“NYSE”).
 
          Investments in open-end 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 open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded.
 
          Debt obligations (including convertible bonds) and unlisted equities 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, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments.
 
          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. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and make the closing price unreliable, the Fund may fair value the security. 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 value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current 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, American Depositary Receipts and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards.
 
          Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources. The last bid price may be used to value equity securities and Corporate Loans. The mean between the last bid and asked prices may be used to value debt obligations other than Corporate Loans.
 
          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.
 
          Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity.
AIM International Core Equity Fund

 


Table of Contents

A.   Security Valuations-(continued)
 
    Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
 
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.
 
          The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
 
          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 investment adviser.
 
          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.   Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
 
D.   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.
 
          The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable.
 
E.   Foreign Currency Contracts — The Fund may enter into foreign currency contracts to manage or minimize currency or exchange rate risk. The Fund may also enter into foreign currency contracts 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. A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The use of foreign currency contracts does not eliminate fluctuations in the price of the underlying securities the Fund owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the contract date and reporting date exchange rates and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains (losses) on the contracts are included in the Statement of Operations. The primary risks associated with foreign currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks may be in excess of the amounts reflected in the Statement of Assets and Liabilities.
AIM International Core Equity Fund

 


Table of Contents

NOTE 2 — Additional Valuation Information
Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 – Prices are determined using quoted prices in an active market for identical assets.
Level 2 – Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 – Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
          The following is a summary of the tiered valuation input levels, as of January 31, 2010. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
                                 
    Level 1   Level 2   Level 3   Total
 
Australia
  $     $ 14,390,413     $     $ 14,390,413  
Brazil
    3,082,240                   3,082,240  
Canada
    20,546,014                   20,546,014  
China
          1,581,110             1,581,110  
Egypt
    282,826       74,737       310,645       668,208  
Finland
          5,497,744             5,497,744  
France
    11,634,877       23,699,959             35,334,836  
Germany
          14,420,596             14,420,596  
Greece
          4,218,650             4,218,650  
Hong Kong
    506,678       14,087,384             14,594,062  
India
          1,073,590             1,073,590  
Indonesia
          633,168             633,168  
Israel
    311,326                   311,326  
Italy
    6,485,074                   6,485,074  
Japan
    38,747,170       27,780,222             66,527,392  
Mexico
    1,466,448                   1,466,448  
Netherlands
          18,349,773             18,349,773  
Norway
          2,960,947             2,960,947  
Russia
    702,885       611,131             1,314,016  
South Africa
          2,696,399             2,696,399  
South Korea
    259,709       3,508,714             3,768,423  
Spain
    3,360,608       10,804,537             14,165,145  
Sweden
          4,095,616             4,095,616  
Switzerland
          26,571,934             26,571,934  
Taiwan
    543,040       1,282,903             1,825,943  
Thailand
    239,151       763,623             1,002,774  
Turkey
          564,260             564,260  
United Kingdom
    11,864,534       57,677,852             69,542,386  
United States
    5,002,979                   5,002,979  
 
Total Investments
  $ 105,035,559     $ 237,345,262     $ 310,645     $ 342,691,466  
 
AIM International Core Equity Fund

 


Table of Contents

NOTE 3 — Investment Securities
The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2010 was $28,624,095 and $48,772,924, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.
Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
         
 
Aggregate unrealized appreciation of investment securities
  $ 43,409,549  
 
Aggregate unrealized (depreciation) of investment securities
    (25,276,931 )
 
Net unrealized appreciation of investment securities
  $ 18,132,618  
 
Cost of investments for tax purposes is $324,558,848.
AIM International Core Equity Fund

 


Table of Contents

Item 2. Controls and Procedures.
  (a)   As of March 19, 2010, 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 PEO and PFO, concluded that, as of March 19, 2010, 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 International Mutual Funds
         
By:
  /s/ Philip A. Taylor
 
   
 
  Philip A. Taylor    
 
  Principal Executive Officer    
Date: April 1, 2010
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/ Philip A. Taylor
 
   
 
  Philip A. Taylor    
 
  Principal Executive Officer    
Date: April 1, 2010
         
By:
  /s/ Sheri Morris
 
   
 
  Sheri Morris    
 
  Principal Financial Officer    
Date: April 1, 2010

 


Table of Contents

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 h71813exv99wcert.htm EX-99.CERT exv99wcert
I, Philip A. Taylor, Principal Executive Officer, certify that:
1. I have reviewed this report on Form N-Q of AIM International Mutual 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;
(c) 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
(d) 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.
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: April 1, 2010  /s/ Philip A. Taylor    
  Philip A. Taylor, Principal Executive Officer   
     
 

 


 

I, Sheri Morris, Principal Financial Officer, certify that:
1. I have reviewed this report on Form N-Q of AIM International Mutual 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals;
(c) 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
(d) 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.
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: April 1, 2010  /s/ Sheri Morris    
  Sheri Morris, Principal Financial Officer   
     
 

 

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