N-Q 1 h23790nvq.txt AIM INTERNATIONAL MUTUAL FUNDS - JANUARY 31, 2005 ------------------------- OMB APPROVAL ------------------------- OMB Number: 3235-0578 Expires: Feb. 28, 2006 Estimated average burden hours per response: 20.00 ------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q CERTIFIED SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-6463 --------------------------------------------- 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) Robert H. Graham 11 Greenway Plaza, Suite 100 Houston, Texas 77046 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (713) 626-1919 ----------------------------- Date of fiscal year end: 10/31 ----------------- Date of reporting period: 1/31/05 ---------------- Item 1. Schedule of Investments. AIM ASIA PACIFIC GROWTH FUND Quarterly Schedule of Portfolio Holdings - January 31, 2005 [YOUR GOALS. OUR SOLUTIONS.] - REGISTERED TRADEMARK - [AIM INVESTMENTS LOGO] AIMINVESTMENTS.COM APG-QTR-1 1/05 A I M Advisors, Inc. - REGISTERED TRADEMARK - SCHEDULE OF INVESTMENTS January 31, 2005 (Unaudited)
MARKET SHARES VALUE ---------- ---------------- FOREIGN STOCKS & Other Equity Interests--97.53% AUSTRALIA--15.45% BHP Billiton Ltd. (Diversified Metals & Mining) (a) 338,700 $ 4,311,981 BlueScope Steel Ltd. (Steel) (a) 125,340 899,810 Coca-Cola Amatil Ltd. (Soft Drinks) (a) 523,000 3,180,550 Computershare Ltd. (Data Processing & Outsourced Services) (a) 488,600 2,241,436 CSL Ltd. (Biotechnology) (a)(b) 133,000 3,189,881 Promina Group Ltd. (Property & Casualty Insurance) (Acquired 05/12/03-08/19/04; Cost $1,236,724) (a)(c) 510,800 2,110,416 QBE Insurance Group Ltd. (Property & Casualty Insurance) (a)(b) 175,000 2,068,068 Ramsay Health Care Ltd. (Health Care Facilities) (a) 338,700 1,907,303 St. George Bank Ltd. (Diversified Banks) 72,100 1,380,644 Toll Holdings Ltd. (Trucking) (a) 302,300 3,094,168 Woolworths Ltd. (Food Retail) (a) 136,000 1,536,922 ================ 25,921,179 ================ BERMUDA--7.16% COFCO International Ltd. (Packaged Foods & Meats) (a) 1,135,000 578,559 Esprit Holdings Ltd. (Apparel Retail) (a) 840,000 4,857,195 Giordano International Ltd. (Apparel Retail) (a) 2,508,000 1,550,986 Joyce Boutique Holdings Ltd. (Apparel Retail) (a)(d) 10,754,000 680,757 Li & Fung Ltd. (Distributors) (a) 878,000 1,449,412 Regal Hotels International Holdings Ltd. (Hotels, Resorts & Cruise Lines) (a)(d) 15,698,000 1,169,087 Texwinca Holdings Ltd. (Textiles) 716,000 633,401 Top Form International Ltd. (Apparel, Accessories & Luxury Goods) (a) 4,640,000 1,082,968 ================ 12,002,365 ================ CAYMAN ISLANDS--6.90% ASM Pacific Technology Ltd. (Semiconductor Equipment) (a) 207,000 777,304 China Mengniu Dairy Co. Ltd. (Packaged Foods & Meats) (d) 1,504,000 1,108,746 Chitaly Holdings Ltd. (Home Furnishings) (a) 1,220,000 937,423 Global Bio-chem Technology Group Co. Ltd. (Biotechnology) (a) 1,302,000 923,626 Global Bio-chem Technology Group Co. Ltd.-Wts., expiring 05/31/07 (Biotechnology) (e) 131,250 5,301
F-1
MARKET SHARES VALUE ---------- ---------------- CAYMAN ISLANDS (CONTINUED) Golden Meditech Co. Ltd. (Health Care Equipment) 1,137,200 $ 260,980 Hengan International Group Co. Ltd. (Personal Products) (a) 1,314,000 810,373 Luen Thai Holdings Ltd. (Distributors) (Acquired 07/09/04- 10/07/04; Cost $1,100,393) (c)(d) 2,432,000 1,247,211 Norstar Founders Group Ltd. (Auto Parts & Equipment) (a) 3,056,000 704,080 Sa Sa International Holdings Ltd. (Specialty Stores) (a) 1,652,000 858,246 Shanda Interactive Entertainment Ltd.-ADR (Home Entertainment Software) (d) 78,800 2,584,640 Solomon Systech International Ltd. (Semiconductors) (a) 5,012,000 1,361,405 ================ 11,579,335 ================ CHINA--4.36% China Petroleum and Chemical Corp. (Sinopec)-Class H (Integrated Oil & Gas) (a) 3,140,000 1,255,443 China Shipping Development Co. Ltd.-Class H (Marine) (a) 1,158,000 980,823 PICC Property & Casualty Co. Ltd.-Class H (Property & Casualty Insurance) (a)(d) 1,916,000 633,294 Ping An Insurance (Group) Co. of China Ltd.-Class H (Life & Health Insurance) (d) 983,000 1,632,074 Tong Ren Tang Technologies Co. Ltd.-Class H (Pharmaceuticals) 300,000 692,325 Weiqiao Textile Co. Ltd.-Class H (Textiles) (Acquired 09/19/03- 08/31/04; Cost $1,351,931) (a)(c) 1,023,000 1,554,676 Yantai North Andre Juice Co. Ltd.-Class H (Packaged Foods & Meats) 4,695,000 565,822 ================ 7,314,457 ================ HONG KONG--9.25% Cheung Kong (Holdings) Ltd. (Real Estate Management & Development) (a) 303,000 2,778,421 CNOOC Ltd. (Oil & Gas Exploration & Production) (a) 860,000 455,917 CNOOC Ltd.-ADR (Oil & Gas Exploration & Production) (b) 20,600 1,102,924 Dah Sing Banking Group Ltd. (Diversified Banks) 543,920 1,035,567 Dah Sing Financial Group (Diversified Banks) (a) 161,600 1,178,011 Hutchison Whampoa Ltd. (Industrial Conglomerates) (a) 252,000 2,293,479 Sun Hung Kai Properties Ltd. (Real Estate Management & Development) (a) 215,000 1,991,196 Techtronic Industries Co. Ltd. (Household Appliances) (a) 1,069,500 2,391,048 Wing Hang Bank Ltd. (Diversified Banks) (a) 358,000 2,286,565 ================ 15,513,128 ================
F-2
MARKET SHARES VALUE ---------- ---------------- INDIA--11.20% Bharat Forge Ltd. (Auto Parts & Equipment) 74,025 $ 2,296,564 Bharat Forge Ltd.-Wts., expiring 09/30/06 (Auto Parts & Equipment) (e) 1,763 9,224 HDFC Bank Ltd. (Diversified Banks) 196,400 2,539,768 HDFC Bank Ltd.-ADR (Diversified Banks) 17,500 778,750 Hotel Leelaventure Ltd. (Hotels, Resorts & Cruise Lines) 246,100 924,743 Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance) 140,300 2,500,294 Infosys Technologies Ltd. (IT Consulting & Other Services) (a) 79,528 3,761,719 LIC Housing Finance Ltd. (Consumer Finance) (a) 123,000 593,324 Ranbaxy Laboratories Ltd. (Pharmaceuticals) (a) 44,560 1,106,303 Tata Consultancy Services, Ltd. (IT Consulting & Other Services) 49,800 1,484,073 Tata Motors Ltd. (Construction, Farm Machinery & Heavy Trucks) (a) 131,000 1,514,617 Wockhardt Ltd. (Pharmaceuticals) (a) 161,700 1,275,277 ================ 18,784,656 ================ INDONESIA--1.32% PT Lippo Bank Tbk (Diversified Banks) (a)(d) 1,181,296 107,825 PT Telekomunikasi Indonesia (Integrated Telecommunication Services) (a) 4,016,000 2,101,054 ================ 2,208,879 ================ MALAYSIA--2.62% IOI Corp. Berhad (Agricultural Products) (a) 304,000 744,535 Maxis Communications Berhad (Wireless Telecommunication Services) (a) 955,000 2,386,970 Public Bank Berhad (Diversified Banks) (a) 598,000 1,266,914 ================ 4,398,419 ================ PHILIPPINES--3.05% Philippine Long Distance Telephone Co. (Integrated Telecommunication Services (a)(d) 161,000 4,162,043 SM Prime Holdings (Real Estate Management & Development) 6,078,900 949,138 ================ 5,111,181 ================ SINGAPORE--9.00% Citiraya Industries Ltd. (Environmental Services) (f)(g) 2,178,000 1,149,326 DBS Group Holdings Ltd. (Diversified Banks) (a) 327,000 3,157,957 Keppel Corp. Ltd. (Industrial Conglomerates) (a) 510,000 2,866,579 Keppel Land Ltd. (Real Estate Management & Development) (a) 884,000 1,242,413 SembCorp Logistics Ltd. (Marine Ports & Services) 1,117,000 1,146,131 Singapore Airlines Ltd. (Airlines) (a) 317,000 2,265,549 Sunningdale Precision Industries Ltd. (Industrial Machinery) (a) 1,800,000 944,705 United Overseas Bank Ltd. (Diversified Banks) (a) 273,000 2,320,626 ================ 15,093,286 ================
F-3
MARKET SHARES VALUE ---------- ---------------- SOUTH KOREA--15.32% Cheil Communications Inc. (Advertising) (a) 5,970 $ 892,370 CJ Corp. (Packaged Foods & Meats) (a) 54,590 3,557,696 Core Logic (Electronic Manufacturing Services) 34,190 1,435,547 Hana Bank (Diversified Banks) (a) 164,600 4,371,250 Hankook Tire Co. Ltd. (Tires & Rubber) (a) 118,700 1,370,573 Hyundai Department Store Co., Ltd. (Department Stores) (a)(d) 74,400 2,740,903 Hyundai Mipo Dockyard Co., Ltd. (Construction & Farm Machinery & Heavy Trucks) (a) 24,820 1,208,011 Hyundai Motor Co. (Automobile Manufacturers) (a) 12,000 681,231 Kiryung Electronics Co., Ltd. (Communications Equipments) (a)(d) 151,000 1,085,777 POSCO-ADR (Steel) 42,600 1,917,000 Samsung Electronics Co., Ltd. (Electronic Equipment Manufacturers) (a) 7,720 3,724,108 Shinhan Financial Group Co., Ltd. (Diversified Banks) (a)(d) 61,800 1,552,916 Shinsegae Co., Ltd. (Hypermarkets & Super Centers) (a) 4,100 1,151,175 ================ 25,688,557 ================ TAIWAN--7.75% Asia Optical Co., Inc. (Photographic Products) (a) 417,631 2,492,661 Catcher Technology Co., Ltd. (Computer Storage & Peripherals) (a) 578,600 1,883,369 Chinatrust Financial Holding Co. Ltd. (Diversified Banks) (a) 1,629,667 1,836,049 Hon Hai Precision Industry Co., Ltd. (Electronic Manufacturing Services) (a) 451,625 1,990,079 Hotai Motor Co. Ltd. (Automobile Manufacturers) (a) 566,000 1,105,362 Merry Electronics Co., Ltd. (Consumer Electronics) (a) 748,810 1,698,167 Novatek Microelectronics Corp., Ltd. (Semiconductors) (a) 43,410 170,665 Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors) (a) 1,094,613 1,824,972 ================ 13,001,324 ================ THAILAND--4.15% Kasikornbank PCL (Diversified Banks) (a)(d) 1,463,000 2,201,180 Siam Cement PCL (The) (Construction Materials) (a) 236,000 1,638,177 Siam Commercial Bank PCL (Diversified Banks) (a) 2,425,000 3,123,015 ================ 6,962,372 ================ Total Foreign Stocks & Other Equity Interests (Cost $106,700,913) 163,579,138 ================
F-4
MARKET SHARES VALUE ---------- ---------------- MONEY MARKET FUNDS--0.63% Liquid Assets Portfolio-Institutional Class (h) 528,815 $ 528,815 STIC Prime Portfolio-Institutional Class (h) 528,815 528,815 ========= ================ Total Money Market Funds (Cost $1,057,630) 1,057,630 ================ TOTAL INVESTMENTS--98.16% (excluding investments purchased with cash collateral from securities loaned) (Cost $107,758,543) 164,636,768 INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--1.84% Liquid Assets Portfolio-Institutional Class (h)(i) 1,547,402 1,547,402 STIC Prime Portfolio-Institutional Class (h)(i) 1,547,402 1,547,402 ========= ================ Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $3,094,804) 3,094,804 ================ TOTAL INVESTMENTS--100.00% (Cost $110,853,347) $ 167,731,572 ================
Investment Abbreviations: ADR American Depositary Receipt Wts. Warrants Notes to Schedule of Investments: (a) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at January 31, 2005 was $134,198,945, which represented 80.01% of the Fund's Total Investments. See Note 1A. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at January 31, 2005. (c) Security not registered under the Securities Act of 1933, as amended (e.g., the security was purchased in a Rule 144A transaction or a Regulation D transaction). The security may be resold only pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The Fund has no rights to demand registration of these securities. The aggregate market value of these securities at January 31, 2005 was $4,912,303, which represented 2.93% of the Fund's Total Investments. Unless otherwise indicated, these securities are not considered to be illiquid. (d) Non-income producing security. (e) Non-income producing security acquired through a corporate action. (f) Security fair valued in good faith in accordance with the procedures established by the Board of Trustees. The market value of this security at January 31, 2005 represented 0.69% of the Fund's Total Investments. See Note 1A. (g) Security considered to be illiquid. The market value of this security considered illiquid at January 31, 2005 represented 0.69% of the Fund's Total Investments. (h) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (i) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. F-5 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Companies are listed in the Schedule of Investments based on the country in which they are organized. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs, domestic and foreign index futures and exchange-traded funds. 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 F-6 A. SECURITY VALUATIONS - (CONTINUED) brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from, (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. F-7 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission and approved procedures by the Board of Trustees, to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended January 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
MARKET PROCEEDS UNREALIZED MARKET REALIZED VALUE PURCHASES FROM APPRECIATION VALUE DIVIDEND GAIN FUND 10/31/04 AT COST SALES (DEPRECIATION) 01/31/05 INCOME (LOSS) ------------------------ ------------- -------------- ------------- -------------- ----------- ---------- -------- Liquid Assets Portfolio- $ 1,749,008 $ 6,286,195 $ (7,506,388) $ -- $ 528,815 $ 14,055 $ -- Institutional Class STIC Prime Portfolio- 1,749,008 6,286,195 (7,506,388) -- 528,815 14,360 -- Institutional Class ============= ============== ============= ============== =========== ========== ======== SUBTOTAL $ 3,498,016 $ 12,572,390 $ (15,012,776) $ -- $ 1,057,630 $ 28,415 $ -- ============= ============== ============= ============== =========== ========== ========
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
MARKET PROCEEDS UNREALIZED MARKET REALIZED VALUE PURCHASES FROM APPRECIATION VALUE DIVIDEND GAIN FUND 10/31/04 AT COST SALES (DEPRECIATION) 01/31/05 INCOME* (LOSS) ------------------------ ------------- -------------- ------------- -------------- ----------- ---------- -------- Liquid Assets Portfolio- $ 2,664,115 $ 8,456,536 $ (9,573,249) $ -- $ 1,547,402 $ 4,399 $ -- Institutional Class STIC Prime Portfolio- 2,664,115 8,418,233 (9,534,946) -- 1,547,402 4,487 -- Institutional Class ============= ============== ============= ============== =========== ========== ======== SUBTOTAL $ 5,328,230 $ 16,874,769 $ (19,108,195) $ -- $ 3,094,804 $ 8,886 $ -- ============= ============== ============= ============== =========== ========== ======== TOTAL $ 8,826,246 $ 29,447,159 $ (34,120,971) $ -- $ 4,152,434 $ 37,301 $ -- ============= ============== ============= ============== =========== ========== ========
* Dividend income is net of income rebate paid to securities lending counterparties. NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At January 31, 2005, securities with an aggregate value of $1,899,875 were on loan to brokers. The loans were secured by cash collateral of $3,094,804 received by the Fund and subsequently invested in affiliated money market funds. For the three months ended January 31, 2005, the Fund received dividends on cash collateral net of income rebate paid to counterparties of $8,886 for securities lending transactions. F-8 NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended January 31, 2005 was $18,838,634 and $11,000,690, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS Aggregate unrealized appreciation of investment securities $ 56,895,652 Aggregate unrealized (depreciation) of investment securities (684,361) ================ Net unrealized appreciation of investment securities $ 56,211,291 ================ Cost of investments for tax purposes is $111,520,281.
F-9 AIM EUROPEAN GROWTH FUND Quarterly Schedule of Portfolio Holdings o January 31, 2005 YOUR GOALS. OUR SOLUTIONS. [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com EGR-QTR-1 1/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS January 31, 2005 (Unaudited)
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- FOREIGN STOCKS--91.71% AUSTRIA--0.71% Erste Bank der oesterreichischen Sparkassen A.G. (Diversified Banks) (a) 132,960 $ 6,585,191 =================================================================================================================================== BELGIUM--4.08% Algemene Maatschappij voor Nijverheidskredit N.V. (Diversified Banks) (a) 67,300 6,985,937 ----------------------------------------------------------------------------------------------------------------------------------- Colruyt N.V. (Food Retail) (a) 68,300 11,470,037 ----------------------------------------------------------------------------------------------------------------------------------- KBC Bankverzekeringsholding (Diversified Banks) (a)(b) 56,000 4,331,970 ----------------------------------------------------------------------------------------------------------------------------------- Mobistar S.A. (Wireless Telecommunication Services) (a)(c) 167,834 14,822,355 =================================================================================================================================== 37,610,299 =================================================================================================================================== DENMARK--0.44% Topdanmark A.S. (Multi-Line Insurance) (a)(c) 57,100 4,059,051 =================================================================================================================================== FRANCE--11.84% BNP Paribas S.A. (Diversified Banks) (a) 158,247 11,415,496 ----------------------------------------------------------------------------------------------------------------------------------- Eiffage S.A. (Construction & Engineering) (Acquired 03/03/04-11/02/04; Cost $7,597,104) (b)(d) 104,500 12,715,740 ----------------------------------------------------------------------------------------------------------------------------------- Elior (Restaurants) (a) 609,300 7,103,135 ----------------------------------------------------------------------------------------------------------------------------------- Euler Hermes S.A. (Property & Casualty Insurance) (a) 63,700 4,790,443 ----------------------------------------------------------------------------------------------------------------------------------- Imerys S.A. (Construction Materials) (a) 96,176 8,041,738 ----------------------------------------------------------------------------------------------------------------------------------- JC Decaux S.A. (Advertising) (a)(c) 190,200 5,080,330 ----------------------------------------------------------------------------------------------------------------------------------- Neopost S.A. (Office Electronics) (a) 104,800 8,094,221 ----------------------------------------------------------------------------------------------------------------------------------- Pernod Ricard (Distillers & Vintners) (a)(b) 45,978 6,507,869 ----------------------------------------------------------------------------------------------------------------------------------- Renault S.A. (Automobile Manufacturers) (a)(c) 53,290 4,353,107 ----------------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis (Pharmaceuticals) (a) 58,400 4,349,108 ----------------------------------------------------------------------------------------------------------------------------------- Societe Generale (Diversified Banks) (a)(c) 42,790 4,263,317 ----------------------------------------------------------------------------------------------------------------------------------- Technip S.A. (Oil & Gas Equipment & Services) (a) 38,450 6,458,302 ----------------------------------------------------------------------------------------------------------------------------------- Total S.A. (Integrated Oil & Gas) (a) 63,473 13,642,922 ----------------------------------------------------------------------------------------------------------------------------------- Vinci S.A. (Construction & Engineering) (a) 86,100 12,341,091 =================================================================================================================================== 109,156,819 =================================================================================================================================== GERMANY--5.45% Celesio A.G. (Health Care Distributors) (a) 74,000 5,738,668 ----------------------------------------------------------------------------------------------------------------------------------- Continental A.G. (Tires & Rubber) (a) 190,125 13,200,447 ----------------------------------------------------------------------------------------------------------------------------------- Deutsche Boerse A.G. (Specialized Finance) (a) 92,500 5,754,321 ----------------------------------------------------------------------------------------------------------------------------------- Puma A.G. Rudolf Dassler Sport (Footwear) (Acquired 01/30/02-04/02/03; Cost $4,224,321) (a)(c)(d) 103,739 25,568,164 =================================================================================================================================== 50,261,600 ===================================================================================================================================
F-1 EGR-QTR-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- GREECE--5.13% Cosmote Mobile Telecommunications S.A. (Wireless Telecomunication Services) 224,733 $ 4,259,340 ----------------------------------------------------------------------------------------------------------------------------------- EFG Eurobank Ergasias (Diversified Banks) (a) 298,400 9,627,073 ----------------------------------------------------------------------------------------------------------------------------------- Germanos S.A. (Computer & Electronics Retail) (a) 222,900 6,899,415 ----------------------------------------------------------------------------------------------------------------------------------- OPAP S.A. (Casinos & Gaming) (Acquired 07/14/03- 11/03/04; Cost $6,491,747) (d) 476,600 12,760,436 ----------------------------------------------------------------------------------------------------------------------------------- Public Power Corp. (Electric Utilities) (a) 151,980 4,432,576 ----------------------------------------------------------------------------------------------------------------------------------- Titan Cement Co. S.A. (Construction Materials) 288,900 9,309,086 =================================================================================================================================== 47,287,926 =================================================================================================================================== HUNGARY--2.30% OTP Bank Rt. (Diversified Banks) 654,600 21,179,462 =================================================================================================================================== IRELAND--10.65% Anglo Irish Bank Corp. PLC (Diversified Banks) (a) 1,694,685 41,348,742 ----------------------------------------------------------------------------------------------------------------------------------- CRH PLC (Construction Materials) 263,350 6,954,786 ----------------------------------------------------------------------------------------------------------------------------------- DCC PLC (Industrial Conglomerates) (a) 448,600 10,147,995 ----------------------------------------------------------------------------------------------------------------------------------- Depfa Bank PLC (Diversified Banks) (a) 753,970 13,320,887 ----------------------------------------------------------------------------------------------------------------------------------- Grafton Group PLC (Trading Companies & Distributors) (c)(e) 1,141,014 13,936,111 ----------------------------------------------------------------------------------------------------------------------------------- IAWS Group PLC (Agricultural Products) (a) 373,500 5,921,754 ----------------------------------------------------------------------------------------------------------------------------------- Independent News & Media PLC (Publishing) 2,289,800 6,566,459 =================================================================================================================================== 98,196,734 =================================================================================================================================== ITALY--6.24% Banca Intesa S.p.A. (Diversified Banks) (a) 1,315,100 6,113,305 ----------------------------------------------------------------------------------------------------------------------------------- Banco Popolare di Verona e Novara Scrl (Diversified Banks) (a) 331,000 6,363,869 ----------------------------------------------------------------------------------------------------------------------------------- Davide Campari-Milano S.p.A. (Distillers & Vintners) 126,400 7,460,441 ----------------------------------------------------------------------------------------------------------------------------------- Eni S.p.A. (Integrated Oil & Gas) (a)(c) 725,414 17,689,507 ----------------------------------------------------------------------------------------------------------------------------------- Lottomatica S.p.A. (Casinos & Gaming) (a) 258,000 9,701,405 ----------------------------------------------------------------------------------------------------------------------------------- Mediaset S.p.A. (Broadcasting & Cable TV) (a)(c) 732,200 10,207,927 =================================================================================================================================== 57,536,454 =================================================================================================================================== LUXEMBOURG--0.52% SBS Broadcasting S.A. (Broadcasting & Cable TV) (c) 126,200 4,751,430 =================================================================================================================================== NETHERLANDS--3.62% Aalberts Industries N.V. (Industrial Conglomerates) (a) 252,436 11,497,552 ----------------------------------------------------------------------------------------------------------------------------------- Axalto Holding N.V. (Computer Storage & Peripherals) (b)(c) 102,600 2,982,382 ----------------------------------------------------------------------------------------------------------------------------------- Randstad Holding N.V. (Employment Services) (a) 115,325 4,513,810 ----------------------------------------------------------------------------------------------------------------------------------- Royal Numico N.V. (Packaged Foods & Meats) (a)(b)(c) 120,627 4,623,484 ----------------------------------------------------------------------------------------------------------------------------------- TPG N.V. (Air Freight & Logistics) (a) 354,460 9,715,300 =================================================================================================================================== 33,332,528 ===================================================================================================================================
F-2 EGR-QTR-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- NORWAY--3.90% Aktiv Kapital A.S.A. (Specialized Finance) 374,100 $ 6,936,595 ----------------------------------------------------------------------------------------------------------------------------------- Schibsted A.S.A. (Publishing) (a) 296,200 8,119,235 ----------------------------------------------------------------------------------------------------------------------------------- Smedvig A.S.A.-Class A (Oil & Gas Drilling) (a)(b) 505,978 8,524,198 ----------------------------------------------------------------------------------------------------------------------------------- Telenor A.S.A. (Integrated Telecommunication Services) (a) 744,928 6,855,191 ----------------------------------------------------------------------------------------------------------------------------------- TGS Nopec Geophysical Co. A.S.A. (Oil & Gas Equipment & Services) (c) 219,700 5,558,180 =================================================================================================================================== 35,993,399 =================================================================================================================================== RUSSIA--0.83% AO VimpelCom-ADR (Wireless Telecommunication Services) (c) 210,400 7,616,480 =================================================================================================================================== SPAIN--4.92% Corporacion Mapfre S.A. (Multi-Line Insurance) (a)(b) 721,763 10,546,246 ----------------------------------------------------------------------------------------------------------------------------------- Enagas (Gas Utilities) (Acquired 06/25/02-11/19/04; Cost $5,303,178) (a)(d) 587,760 9,532,695 ----------------------------------------------------------------------------------------------------------------------------------- Gestevision Telecinco S.A. (Broadcasting & Cable TV) (Acquired 06/23/04; Cost $3,074,313) (c)(d) 250,300 5,416,016 ----------------------------------------------------------------------------------------------------------------------------------- Grupo Ferrovial, S.A. (Construction & Engineering) (a) 213,748 12,777,732 ----------------------------------------------------------------------------------------------------------------------------------- Industria de Diseno Textil, S.A. (Apparel Retail) (a) 250,050 7,080,006 =================================================================================================================================== 45,352,695 =================================================================================================================================== SWEDEN--3.00% Assa Abloy A.B.-Class B (Building Products) (a)(c) 390,900 6,188,692 ----------------------------------------------------------------------------------------------------------------------------------- Gambro A.B.-Class A (Health Care Services) (a) 759,600 11,142,470 ----------------------------------------------------------------------------------------------------------------------------------- Volvo A.B.-Class B (Construction & Farm Machinery & Heavy Trucks) (a) 254,840 10,334,636 =================================================================================================================================== 27,665,798 =================================================================================================================================== SWITZERLAND--5.07% Compagnie Financiere Richemont A.G.-Class A (Apparel, Accessories & Luxury Goods) (a)(c) 210,000 6,568,167 ----------------------------------------------------------------------------------------------------------------------------------- Rieter Holding A.G. (Auto Parts & Equipment) (a) 15,100 4,575,046 ----------------------------------------------------------------------------------------------------------------------------------- Roche Holding A.G. (Pharmaceuticals) (a)(c) 45,150 4,814,835 ----------------------------------------------------------------------------------------------------------------------------------- Swatch Group A.G. (The)-Class B (Apparel, Accessories & Luxury Goods) (a)(c) 44,200 6,182,074 ----------------------------------------------------------------------------------------------------------------------------------- Syngenta A.G. (Fertilizers & Agricultural Chemicals) (a)(c) 136,930 14,735,002 ----------------------------------------------------------------------------------------------------------------------------------- UBS A.G. (Diversified Capital Markets) (a) 121,140 9,846,835 =================================================================================================================================== 46,721,959 =================================================================================================================================== TURKEY--0.72% Tupras-Turkiye Petrol Rafinerileri A.S. (Oil & Gas Refining, Marketing & Transportation) 554,918 6,648,213 =================================================================================================================================== UNITED KINGDOM--22.29% Aviva PLC (Multi-line Insurance) (a) 574,000 6,872,083 ----------------------------------------------------------------------------------------------------------------------------------- Balfour Beatty PLC (Construction & Engineering) (a) 1,601,400 9,893,979 ----------------------------------------------------------------------------------------------------------------------------------- Cattles PLC (Consumer Finance) (a) 1,432,020 10,524,407 ----------------------------------------------------------------------------------------------------------------------------------- Centrica PLC (Gas Utilities) (a) 821,500 3,611,711 ----------------------------------------------------------------------------------------------------------------------------------- Daily Mail and General Trust-Class A (Publishing) (a) 309,800 4,158,946 -----------------------------------------------------------------------------------------------------------------------------------
F-3 EGR-QTR-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- UNITED KINGDOM--(CONTINUED) Enterprise Inns PLC (Restaurants) (a) 1,258,580 $ 17,696,01 ----------------------------------------------------------------------------------------------------------------------------------- Imperial Tobacco Group PLC (Tobacco) (a) 571,580 15,010,320 ----------------------------------------------------------------------------------------------------------------------------------- Inchcape PLC (Distributors) (a) 188,530 7,196,741 ----------------------------------------------------------------------------------------------------------------------------------- Intertek Group PLC (Diversified Commercial Services) (a) 548,000 7,541,687 ----------------------------------------------------------------------------------------------------------------------------------- Johnston Press PLC (Publishing) (a) 930,190 9,371,771 ----------------------------------------------------------------------------------------------------------------------------------- Next PLC (Department Stores) (a) 241,120 7,140,415 ----------------------------------------------------------------------------------------------------------------------------------- Punch Taverns PLC (Restaurants) (a) 678,000 8,555,613 ----------------------------------------------------------------------------------------------------------------------------------- Reckitt Benckiser PLC (Household Products) (a) 343,045 10,198,007 ----------------------------------------------------------------------------------------------------------------------------------- Royal Bank of Scotland Group PLC (Diversified Banks) (a) 169,543 5,621,748 ----------------------------------------------------------------------------------------------------------------------------------- Shire Pharmaceuticals Group PLC (Pharmaceuticals) (a) 1,234,000 14,396,193 ----------------------------------------------------------------------------------------------------------------------------------- Sportingbet PLC (Casinos & Gaming) (a)(c) 1,485,000 6,692,791 ----------------------------------------------------------------------------------------------------------------------------------- T&F Informa PLC (Publishing) 1,224,190 9,453,373 ----------------------------------------------------------------------------------------------------------------------------------- Tesco PLC (Food Retail) (a) 1,910,235 11,095,247 ----------------------------------------------------------------------------------------------------------------------------------- Travis Perkins PLC (Home Improvement Retail) (a) 159,790 5,802,376 ----------------------------------------------------------------------------------------------------------------------------------- Ultra Electronics Holdings PLC (Aerospace & Defense) (a) 497,610 6,996,808 ----------------------------------------------------------------------------------------------------------------------------------- Vodafone Group PLC (Wireless Telecommunication Services) (a) 5,153,546 13,302,092 ----------------------------------------------------------------------------------------------------------------------------------- William Hill PLC (Casinos & Gaming) (a) 826,830 9,030,264 ----------------------------------------------------------------------------------------------------------------------------------- WS Atkins PLC (Diversified Commercial Services) (a) 396,200 5,357,321 =================================================================================================================================== 205,519,905 =================================================================================================================================== Total Foreign Stocks & Other Equity Interests (Cost $514,160,531) 845,475,943 =================================================================================================================================== MONEY MARKET FUNDS--6.16% Liquid Assets Portfolio-Institutional Class (f) 28,392,458 28,392,458 ----------------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (f) 28,392,458 28,392,458 =================================================================================================================================== Total Money Market Funds (Cost $56,784,916) 56,784,916 =================================================================================================================================== TOTAL INVESTMENTS--97.87% (excluding investments purchased with cash collateral from securities loaned) (Cost $570,945,447) 902,260,859 =================================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--2.13% STIC Prime Portfolio-Institutional Class (f)(g) 19,660,893 19,660,893 =================================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $19,660,893) 19,660,893 =================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $590,606,340) $921,921,752 ___________________________________________________________________________________________________________________________________ ===================================================================================================================================
F-4 EGR-QTR-1 Investment Abbreviations: ADR - American Depositary Receipt Notes to Schedule of Investments: (a) In accordance with procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at January 31, 2005 was $700,971,413, which represented 76.03% of the Fund's Total Investments. See Note 1A. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at January 31, 2005. (c) Non-income producing security. (d) Security not registered under the Securities Act of 1933, as amended (e.g., the security was purchased in a Rule 144A transaction or a Regulation D transaction). The security may be resold only pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The Fund has no rights to demand registration of these securities. The aggregate market value of these securities at January 31, 2005 was $65,993,051, which represented 7.16 % of the Fund's Total Investments. Unless otherwise indicated, these securities are not considered to be illiquid. (e) Consists of more than one class of securities traded together as a unit. In addition to the security listed, each unit includes warrants to purchase common or preferred shares of the issuer. (f) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (g) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of the this schedule. F-5 EGR-QTR-1 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2005 (Unaudited) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES Companies are listed in the Schedule of Investments based on the country in which they are organized. A. SECURITY VALUATIONS -- Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs, domestic and foreign index futures and exchange-traded funds. F-6 EGR-QTR-1 A. SECURITY VALUATIONS (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS -- Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from, (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS -- A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. F-7 EGR-QTR-1 NOTE 2--INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended January 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/04 AT COST SALES (DEPRECIATION) 01/31/05 INCOME GAIN (LOSS) ----------------------------------------------------------------------------------------------------------------------------- Liquid Assets Portfolio- Institutional Class $26,427,712 $28,670,896 $(26,706,150) $ -- $28,392,458 $150,558 $ -- ----------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio- Institutional Class 26,427,712 28,670,896 (26,706,150) -- 28,392,458 154,824 -- ============================================================================================================================= SUBTOTAL $52,855,424 $57,341,792 $(53,412,300) $ -- $56,784,916 $305,382 $ -- _____________________________________________________________________________________________________________________________ =============================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/04 AT COST SALES (DEPRECIATION) 01/31/05 INCOME* GAIN (LOSS) ----------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio- Institutional Class $11,605,133 $ 78,407,592 $ (70,351,832) $ -- $ 19,660,893 $ 60,270 $ -- ============================================================================================================================= TOTAL $64,460,557 $ 135,749,384 $(123,764,132) $ -- $ 76,445,809 $ 365,652 $ -- _____________________________________________________________________________________________________________________________ =============================================================================================================================
* Dividend income is net of income rebate paid to securities lending counterparties. NOTE 3--PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At January 31, 2005, securities with an aggregate value of $18,848,086 were on loan to brokers. The loans were secured by cash collateral of $19,660,893 received by the Fund and subsequently invested in affiliated money market funds. For the three months ended January 31, 2005, the Fund received dividends on cash collateral net of income rebate paid to counterparties of $60,270 for securities lending transactions. F-8 EGR-QTR-1 NOTE 4--INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended January 31, 2005 was $214,786,101 and $251,602,396, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ------------------------------------------------------------------------------- Aggregate unrealized appreciation of investment securities $ 330,933,198 ------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (490,323) =============================================================================== Net unrealized appreciation of investment securities $ 330,442,875 _______________________________________________________________________________ =============================================================================== Cost of investments for tax purposes is $591,478,877.
F-9 EGR-QTR-1 AIM GLOBAL AGGRESSIVE GROWTH FUND Quarterly Schedule of Portfolio Holdings - January 31, 2005 [YOUR GOALS. OUR SOLUTIONS.] - REGISTERED TRADEMARK - [AIM INVESTMENTS LOGO] AIMINVESTMENTS.COM GLA-QTR-1 1/05 A I M Advisors, Inc. - REGISTERED TRADEMARK - SCHEDULE OF INVESTMENTS January 31, 2005 (Unaudited)
MARKET SHARES VALUE --------- ----------- FOREIGN STOCKS & OTHER EQUITY INTERESTS--62.75% AUSTRIA--1.00% Erste Bank der oesterreichischen Sparkassen A.G (Diversified Banks) (a) 201,700 $ 9,989,719 BELGIUM--0.58% Delhaize Group (Food Retail) (a)(b) 79,000 5,825,766 BERMUDA--2.07% Cooper Industries, Ltd.-Class A (Electrical Components & Equipment) 95,000 6,602,500 Esprit Holdings Ltd. (Apparel Retail) (a) 1,825,500 10,555,726 Giordano International Ltd. (Apparel Retail) (a) 5,900,000 3,648,652 =========== 20,806,878 =========== BRAZIL--0.86% Companhia Brasileira de Distribuicao Grupo Pao de Acucar-ADR (Hypermarkets &and Super Centers 145,000 3,200,150 Perdigao S.A.-Pfd. (Packaged Foods & Meats) 136,100 2,796,290 Sadia S.A.-Pfd. (Packaged Foods & Meats) 1,352,300 2,607,355 =========== 8,603,795 =========== CANADA--3.60% Astral Media Inc. (Broadcasting & Cable TV) 173,900 4,547,367 Brascan Corp.-Class A (Other Diversified Financial Services) 150,200 5,111,363 PetroKazakhstan Inc.-Class A (Integrated Oil & Gas) 124,200 4,471,781 Power Financial Corp. (Other Diversified Financial Services) 263,200 6,782,816 Precision Drilling Corp. (Oil & Gas Drilling) (c) 76,900 5,228,295 Shoppers Drug Mart Corp. (Drug Retail) (Acquired 05/16/03-11-18/03; Cost $5,546,847) (c)(d)(e)(f) 316,500 9,997,824 =========== 36,139,446 =========== FRANCE--2.89% Imerys S.A. (Construction Materials) (a)(b) 99,600 8,328,035 JC Decaux S.A. (Advertising) (a)(b)(c) 251,200 6,709,669 Pernod Ricard (Distillers & Vintners) (a)(b) 49,000 6,935,612 Technip S.A. (Oil & Gas Equipment & Services) (a)(b) 41,900 7,037,785 =========== 29,011,101 ===========
F-1
MARKET SHARES VALUE --------- ----------- GERMANY--4.28% Adidas-Salomon A.G. (Apparel, Accessories & Luxury Goods) (a)(b)) 47,700 $ 7,142,260 Celesio A.G. (Health Care Distributors) (a)(b) 61,100 4,738,278 Continental A.G. (Tires & Rubber) (a)(b) 212,340 14,742,842 Deutsche Boerse A.G. (Specialized Finance) (a) 75,200 4,678,107 Puma A.G. Rudolf Dassler Sport (Footwear) (Acquired 10/29/02-06/02/03; Cost $3,419,627) (a)(d) 11,691,128 =========== 42,992,615 =========== GREECE--2.15% Cosmote Mobile Telecommunications S.A. (Wireless Telecommunication Services) 208,650 3,954,521 EFG Eurobank Ergasias (Diversified Banks) (a) 190,000 6,129,839 OPAP S.A. (Casinos & Gaming) (Acquired 07/14/03-01/03/04; Cost $5,368,735) (d) 430,000 11,512,773 =========== 21,597,133 =========== HUNGARY--2.46% OTP Bank Rt. (Diversified Banks) 763,500 24,702,901 =========== IRELAND--6.57% Anglo Irish Bank Corp. PLC (Diversified Banks) (a) 2,124,715 51,841,075 Depfa Bank PLC (Diversified Banks) (a) 481,000 8,498,145 Independent News & Media PLC (Publishing) 1,970,400 5,650,516 =========== 65,989,736 =========== ITALY--1.51% Banco Popolare di Verona e Novara Scrl (Diversified Banks) (a) 470,000 9,036,309 Lottomatica S.p.A. (Casinos & Gaming) (a) 162,600 6,114,141 =========== 15,150,450 =========== JAPAN--7.84% Clarion Co., Ltd. (Consumer Electronics) (a)(b)(c) 1,998,000 4,353,724 Daiwa House Industry Co., Ltd. (Homebuilding) (a) 335,000 3,866,410 Fanuc Ltd. (Industrial Machinery) (a) 136,700 9,205,212 JSR Corp. (Specialty Chemicals) (a)(b) 243,000 5,160,771 Keiyo Bank, Ltd. (The) (Regional Banks) (a) 601,000 2,790,345 Mars Engineering Corp. (Leisure Products) (a) 97,400 3,641,958 NEOMAX Co., Ltd. (Electrical Components & Equipment) (a) 231,000 4,524,708 NHK Spring Co., Ltd. (Auto Parts & Equipment) (a) 818,000 5,642,073 Nidec Corp. (Electronic Equipment Manufacturers) (a) 44,600 5,004,222 OMRON Corp. (Electronic Equipment Manufacturers) (a) 271,000 6,537,639 Sekisui Chemical Co., Ltd. (Homebuilding) (a) 711,000 5,542,697 Suzuki Motor Corp. (Automobile Manufacturers) (a) 318,000 5,809,518 Trend Micro Inc. (Application Software) (a)(b) 205,100 9,178,668 USS Co., Ltd. (Specialty Stores) (a) 34,400 2,843,088 Yamaha Motor Co., Ltd. (Motorcycle Manufacturers) (a) 278,600 4,573,501 =========== 78,674,534 ===========
F-2
MARKET SHARES VALUE --------- ----------- MEXICO--2.62% Alfa, S.A.-Class A (Industrial Conglomerates) 1,780,700 $ 9,156,477 America Movil S.A. de C.V.-Series L-ADR (Wireless Telecommunication Services) (b) 161,500 8,569,190 Wal-Mart de Mexico S.A. de C.V.-Series V (Hypermarkets & Super Centers) 2,478,400 8,558,806 =========== 26,284,473 =========== NETHERLANDS--0.59% Royal Numico N.V. (Packaged Foods & Meats) (a)(b)(c) 155,000 5,940,958 =========== NORWAY--0.93% Telenor A.S.A. (Integrated Telecommunication Services) (a) 1,017,300 9,361,691 =========== PUERTO RICO--0.58% Doral Financial Corp. (Thrifts & Mortgage Finance) (b) 135,000 5,838,750 =========== RUSSIA--1.05% AO VimpelCom-ADR (Wireless Telecommunication Services) (b)(c) 291,670 10,558,454 =========== SINGAPORE--0.31% Citiraya Industries Ltd. (Environmental Services) (e)(f) 5,946,000 3,137,693 =========== SOUTH AFRICA--2.23% Standard Bank Group Ltd. (Diversified Banks) 1,171,442 12,664,079 Telkom South Africa Ltd. (Integrated Telecommunication Services) (Acquired 11/25/03-08/17/04; Cost $5,657,852) (d) 537,400 9,730,570 =========== 22,394,649 =========== SOUTH KOREA--1.54% Hana Bank (Diversified Banks) (a) 287,400 7,632,426 Kiryung Electronics Co., Ltd. (Communications Equipment) (a) 479,000 3,444,286 Shinsegae Co., Ltd. (Hypermarkets & Super Centers) (a) 15,600 4,380,079 =========== 15,456,791 =========== SPAIN--3.60% Cintra Concesiones de Infraestructuras de Transporte S.A. (Highways & Railtracks) (c) 665,400 7,892,875 Corporacion Mapfre S.A. (Multi-Line Insurance) (a)(b) 456,572 6,671,332 Enagas (Gas Utilities) (Acquired 07/29/04-08/02/04;Cost $4,083,275) (a)(d) 373,000 6,049,570 Gestevision Telecinco S.A. (Broadcasting & Cable TV) (Aquired 07/28/04-08/12/04; Cost $3,954,534) (c)(d) 253,100 5,476,603 Grupo Ferrovial, S.A. (Construction & Engineering) (a) 167,600 10,019,031 =========== 36,109,411 ===========
F-3
MARKET SHARES VALUE --------- ------------ SWEDEN--1.55% Assa Abloy A.B.-Class B (Building Products) (a)(b) 370,000 $ 5,857,805 Gambro A.B.-Class A (Health Care Services) (a) 658,700 9,662,381 ============ 15,520,186 ============ SWITZERLAND--1.91% Baloise Holding A.G.-Class R (Multi-Line Insurance) (a) 70,300 3,312,741 Syngenta A.G. (Fertilizers & Agricultural Chemicals) (a)(c) 147,600 15,883,198 ============ 19,195,939 ============ THAILAND--0.41% Siam Commercial Bank PCL (Diversified Banks) (a) 3,213,000 4,137,833 TURKEY--0.84% Koc Holding A.S. (Industrial Conglomerates) 431,000 2,791,576 Tupras-Turkiye Petrol Rafinerileri A.S. (Oil & Gas Refining, Marketing & Transportation) 469,743 5,627,771 ============ 8,419,347 ============ UNITED KINGDOM--8.78% Amdocs Ltd. (Application Software) (c) 350,000 10,412,500 Cattles PLC (Consumer Finance) (a) 614,500 4,516,172 Daily Mail & General Trust-Class A (Publishing) (a) 341,000 4,577,794 Enterprise Inns PLC (Restaurants) (a) 1,659,600 23,334,474 Inchcape PLC (Distributors) (a) 180,100 6,874,943 Shire Pharmaceuticals Group PLC (Pharmaceuticals) (a) 909,000 10,604,651 T&F Informa PLC (Publishing) 772,680 5,966,747 Travis Perkins PLC (Home Improvement Retail) (a) 269,460 9,784,768 William Hill PLC (Casinos & Gaming) (a) 731,060 7,984,308 WS Atkins PLC (Diversified Commercial Services) (a) 304,000 4,110,615 ============ 88,166,972 ============ Total Foreign Stocks & Other Equity Interests (Cost $367,514,171) 630,007,221 DOMESTIC COMMON STOCKS--24.44% AEROSPACE & DEFENSE--1.38% Rockwell Collins, Inc. (b) 155,000 6,649,500 United Defense Industries, Inc. (c) 150,000 7,189,500 ============ 13,839,000 ============ APPLICATION SOFTWARE--1.22% Autodesk, Inc. 150,000 4,405,500 Citrix Systems, Inc. (b)(c) 149,300 3,202,485 Intuit Inc. (b)(c) 120,000 4,680,000 ============ 12,287,985 ============ ASSET MANAGEMENT & CUSTODY BANKS--0.77% Legg Mason, Inc. 100,000 7,723,000
F-4
MARKET SHARES VALUE ------- ----------- COMMUNICATIONS EQUIPMENT--0.65% Comverse Technology, Inc. (b)(c) 290,000 $ 6,481,500 CONSUMER FINANCE--0.46% Providian Financial Corp. (c) 275,000 4,587,000 DATA PROCESSING & OUTSOURCED SERVICES--0.80% Alliance Data Systems Corp. (b)(c) 185,000 8,032,700 DEPARTMENT STORES--0.82% Nordstrom, Inc. 170,000 8,202,500 DISTILLERS & VINTNERS--0.52% Constellation Brands, Inc.-Class A (c) 100,000 5,192,000 DIVERSIFIED COMMERCIAL SERVICES--0.44% Bright Horizons Family Solutions, Inc. (c) 75,000 4,395,000 ELECTRICAL COMPONENTS & EQUIPMENT--0.73% Rockwell Automation, Inc. (b) 130,000 7,364,500 ENVIRONMENTAL SERVICES--0.64% Stericycle, Inc. (b)(c) 125,000 6,428,750 HEALTH CARE EQUIPMENT--2.59% Bard (C.R.), Inc. 95,000 6,441,000 DENTSPLY International Inc. 110,000 6,167,700 Fisher Scientific International Inc. (b)(c) 115,000 7,262,250 Varian Medical Systems, Inc. (b)(c) 163,000 6,149,990 =========== 26,020,940 =========== HOTELS, RESORTS & CRUISE LINES--0.66% Hilton Hotels Corp. 300,000 6,675,000 HYPERMARKETS & SUPER CENTERS--0.66% Costco Wholesale Corp. (b) 140,000 6,617,800 INDUSTRIAL CONGLOMERATES--0.68% Textron Inc. 95,000 6,838,100 INDUSTRIAL MACHINERY--0.44% Eaton Corp. 65,000 4,419,350 INTERNET SOFTWARE & SERVICES--0.49% VeriSign, Inc. (b)(c) 190,000 4,909,600 MANAGED HEALTH CARE--0.72% Humana Inc. (b)(c) 210,000 7,196,700 OIL & GAS EQUIPMENT & SERVICES--1.46% BJ Services Co. 150,000 7,207,500 Varco International, Inc. (c) 245,000 7,499,450 =========== 14,706,950 ===========
F-5
MARKET SHARES VALUE --------- ------------ PERSONAL PRODUCTS--0.70% Estee Lauder Cos. Inc. (The)-Class A 155,000 $ 6,996,700 PHARMACEUTICALS--0.75% Eon Labs, Inc. (b)(c) 170,000 4,362,200 Sepracor Inc. (c) 55,000 3,144,900 ============ 7,507,100 ============ PUBLISHING--0.47% Getty Images, Inc. (b)(c) 68,000 4,739,600 REGIONAL BANKS--0.64% Bank of Hawaii Corp. 135,000 6,467,850 RESTAURANTS--1.45% Darden Restaurants, Inc. 205,000 6,059,800 Starbucks Corp. (b)(c) 45,000 2,430,000 Yum! Brands, Inc. 130,000 6,025,500 ============ 14,515,300 ============ SEMICONDUCTOR EQUIPMENT--0.44% Novellus Systems, Inc. (c) 170,000 4,445,500 SEMICONDUCTORS--1.15% Microchip Technology Inc. (b) 263,370 6,860,789 National Semiconductor Corp. (b) 275,000 4,655,750 ============ 11,516,539 ============ SPECIALIZED FINANCE--0.54% Chicago Mercantile Exchange (The) (b) 25,500 5,469,750 SPECIALTY CHEMICALS--0.50% Ecolab Inc. 150,000 5,047,500 SPECIALTY STORES--0.42% Tiffany & Co. (b) 135,000 4,243,050 SYSTEMS SOFTWARE--0.77% McAfee Inc. (c) 300,000 7,755,000 THRIFTS & MORTGAGE FINANCE--0.48% Radian Group Inc. 100,000 4,794,000 ============ Total Domestic Common Stocks (Cost $205,484,146) 245,416,264 ============ MONEY MARKET FUNDS--0.96% Liquid Assets Portfolio-Institutional Class (g) 4,817,248 4,817,248 STIC Prime Portfolio-Institutional Class (g) 4,817,248 4,817,248 ============ Total Money Market Funds (Cost $9,634,496) 9,634,496 ============ TOTAL INVESTMENTS--88.15% (excluding investments purchased with cash collateral from securities loaned) (Cost $582,632,813) 885,057,981 ============
F-6
MARKET SHARES VALUE ---------- -------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--11.85% Liquid Assets Portfolio-Institutional Class (g)(h) 59,473,430 $ 59,473,430 STIC Prime Portfolio-Institutional Class (g)(h) 59,473,430 59,473,430 ============== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $118,946,860) 118,946,860 ============== TOTAL INVESTMENTS--100.00% (Cost $701,579,673) $1,004,004,841 ==============
Investment Abbreviations: ADR - American Depositary Receipt Pfd. - Preferred Notes to Schedule of Investments: (a) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at January 31, 2005 was $426,458,678, which represented 42.48% of the Fund's Total Investments. See Note 1A. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at January 31, 2005. (c) Non-income producing security. (d) Security not registered under the Securities Act of 1933, as amended (e.g., the security was purchased in a Rule 144A transaction or a Regulation D transaction). The security may be resold only pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The Fund has no rights to demand registration of these securities. The aggregate market value of these securities at January 31, 2005 was $54,458,468, which represented 5.42% of the Fund's Total Investments. Unless otherwise indicated, these securities are not considered to be illiquid. (e) Security fair valued in good faith in accordance with the procedures established by the Board of Trustees. The aggregate market value of these securities at January 31, 2005 was $13,135,517, which represented 1.31% of the Fund's Total Investments. See Note 1A. (f) Security considered to be illiquid. The aggregate market value of these securities considered illiquid at January 31, 2005 was $13,135,517, which represented 1.31% of the Fund's Total Investments. (g) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (h) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. F-7 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Companies are listed in the Schedule of Investments based on the country in which they are organized. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs, domestic and foreign index futures and exchange-traded funds. F-8 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers . Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from, (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed -upon price at a future date. The Fund may enter into a foreign currency contract to attemp t to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission, to invest daily available cash balances and cash collateral from securities lending transactions in affiliated F-9 NOTE 2 - INVESTMENTS IN AFFILIATES (CONTINUED) money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended January 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
MARKET UNREALIZED MARKET VALUE PURCHASES PROCEEDS APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 AT COST FROM SALES (DEPRECIATION) 01/31/05 INCOME GAIN (LOSS) ------------------------ ------------ -------------- -------------- -------------- ------------- ---------- ----------- Liquid Assets Portfolio- Institutional Class $ 1,521,179 $ 43,557,563 $ (40,261,494) $ - $ 4,817,248 $ 48,153 $ - STIC Prime Portfolio- Institutional Class 1,521,179 43,557,563 (40,261,494) - 4,817,248 49,201 - ============ ============== ============== ============ ============= ========== ======== SUBTOTAL $ 3,042,358 $ 87,115,126 $ (80,522,988) $ - $ 9,634,496 $ 97,354 $ - ============ ============== ============== ============ ============= ========== ========
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
MARKET UNREALIZED MARKET VALUE PURCHASES PROCEEDS APPRECIATION VALUE DIVIDEND REALIZED FUND 10/31/04 AT COST FROM SALES (DEPRECIATION) 01/31/05 INCOME* GAIN (LOSS) ------------------------ ------------ -------------- -------------- -------------- ------------- ---------- ----------- Liquid Assets Portfolio- Institutional Class $ 76,343,445 $ 67,506,630 $ (84,376,645) $ - $ 59,473,430 $ 42,718 $ - STIC Prime Portfolio- Institutional Class 76,343,445 66,572,549 (83,442,564) - 59,473,430 43,613 - ============ ============== ============== ============ ============= ========== ======== SUBTOTAL $152,686,890 $ 134,079,179 $ (167,819,209) - $ 118,946,860 $ 86,331 - ============ ============== ============== ============ ============= ========== ======== TOTAL $155,729,248 $ 221,194,305 $ (248,342,197) $ - $ 128,581,356 $ 183,685 $ - ============ ============== ============== ============ ============= ========== ========
*Dividend income is net of income rebate paid to securities lending counterparties. NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At January 31, 2005, securities with an aggregate value of $114,635,081 were on loan to brokers. The loans were secured by cash collateral of $118,946,860 received by the Fund and subsequently invested in affiliated money market funds. For the three months ended January 31, 2005, the Fund received dividends on cash collateral net of income rebate paid to counterparties of $86,331 for securities lending transactions. F-10 NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended January 31, 2005 was $141,167,644 and $163,772,515, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS Aggregate unrealized appreciation of investment securities $ 304,549,716 Aggregate unrealized (depreciation) of investment securities (2,680,214) =============== Net unrealized appreciation of investment securities $ 301,869,502 =============== Cost of investments for tax purposes is $702,135,339.
F-11 AIM GLOBAL GROWTH FUND Quarterly Schedule of Portfolio Holdings o January 31, 2005 YOUR GOALS. OUR SOLUTIONS. [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com GLG-QTR-1 1/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS January 31, 2005 (Unaudited)
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- FOREIGN STOCKS & OTHER EQUITY INTERESTS-59.88% AUSTRALIA-2.14% BHP Billiton Ltd. (Diversified Metals & Mining) (a) 420,500 $ 5,353,375 ----------------------------------------------------------------------------------------------------------------------------------- Promina Group Ltd. (Property & Casualty Insurance) (a) 680,000 2,809,481 ----------------------------------------------------------------------------------------------------------------------------------- QBE Insurance Group Ltd. (Property & Casualty Insurance) (a) 271,300 3,206,096 =================================================================================================================================== 11,368,952 =================================================================================================================================== BELGIUM-0.62% Algemene Maatschappij voor Nijverheidskredit N.V. (Diversified Banks) (a) 17,500 1,816,551 ----------------------------------------------------------------------------------------------------------------------------------- KBC Bankverzekeringsholding (Diversified Banks) (a) 19,000 1,469,776 =================================================================================================================================== 3,286,327 =================================================================================================================================== BERMUDA-0.87% Nabors Industries, Ltd. (Oil & Gas Drilling) (b) 34,000 1,713,600 ----------------------------------------------------------------------------------------------------------------------------------- Tyco International Ltd. (Industrial Conglomerates) 80,000 2,891,200 =================================================================================================================================== 4,604,800 =================================================================================================================================== BRAZIL-0.62% Companhia de Bebidas das Americas-ADR (Brewers) (c) 128,000 3,264,000 =================================================================================================================================== CANADA-2.21% Manulife Financial Corp. (Life & Health Insurance) (c) 115,700 5,088,767 ----------------------------------------------------------------------------------------------------------------------------------- Power Corp. of Canada (Other Diversified Financial Services) 123,400 3,052,806 ----------------------------------------------------------------------------------------------------------------------------------- Suncor Energy, Inc. (Integrated Oil & Gas) (c) 112,800 3,609,564 =================================================================================================================================== 11,751,137 =================================================================================================================================== FRANCE-8.40% BNP Paribas S.A. (Diversified Banks) (a)(c) 90,430 6,523,367 ----------------------------------------------------------------------------------------------------------------------------------- Bouygues S.A. (Wireless Telecommunication Services) (c) 47,600 1,864,500 ----------------------------------------------------------------------------------------------------------------------------------- Lafarge S.A. (Construction Materials) (a)(c) 44,211 4,564,100 ----------------------------------------------------------------------------------------------------------------------------------- Pernod Ricard (Distillers & Vintners) (a)(c) 30,470 4,312,818 ----------------------------------------------------------------------------------------------------------------------------------- Renault S.A. (Automobile Manufacturers) (a)(c) 51,260 4,187,282 ----------------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis (Pharmaceuticals) (a)(c) 30,500 2,271,366 ----------------------------------------------------------------------------------------------------------------------------------- Societe Generale (Diversified Banks) (a)(c) 44,670 4,450,628 ----------------------------------------------------------------------------------------------------------------------------------- Total S.A. (Integrated Oil & Gas) (a)(c) 39,459 8,481,340 ----------------------------------------------------------------------------------------------------------------------------------- Vinci S.A. (Construction & Engineering) (a)(c) 55,480 7,952,192 =================================================================================================================================== 44,607,593 ===================================================================================================================================
F-1 GLG-QTR-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- GERMANY-0.74% Adidas-Salomon A.G. (Apparel, Accessories & Luxury Goods) (a)(c) 26,220 $ 3,925,997 =================================================================================================================================== GREECE-1.74% EFG Eurobank Ergasias (Diversified Banks) (a) 111,600 3,600,474 ----------------------------------------------------------------------------------------------------------------------------------- OPAP S.A. (Casinos & Gaming) 211,000 5,649,291 =================================================================================================================================== 9,249,765 =================================================================================================================================== HONG KONG-1.01% Cheung Kong (Holdings) Ltd. (Real Estate Management & Development) (a) 378,000 3,466,150 ----------------------------------------------------------------------------------------------------------------------------------- Sun Hung Kai Properties Ltd. (Real Estate Management & Development) (a)(c) 203,000 1,880,060 =================================================================================================================================== 5,346,210 =================================================================================================================================== INDIA-1.48% Infosys Technologies Ltd.-ADR (IT Consulting & Services) (c) 91,300 6,029,452 ----------------------------------------------------------------------------------------------------------------------------------- Tata Consultancy Services, Ltd. (IT Consulting & Other Services) 62,000 1,847,641 =================================================================================================================================== 7,877,093 =================================================================================================================================== IRELAND-2.90% Anglo Irish Bank Corp. PLC (Diversified Banks) (a) 309,600 7,553,953 ----------------------------------------------------------------------------------------------------------------------------------- CRH PLC (Construction Materials) 157,290 4,153,857 ----------------------------------------------------------------------------------------------------------------------------------- Depfa Bank PLC (Diversified Banks) (a) 207,600 3,667,807 =================================================================================================================================== 15,375,617 =================================================================================================================================== ISRAEL-1.26% Teva Pharmaceutical Industries Ltd.-ADR (Pharmaceuticals) 232,900 6,691,217 =================================================================================================================================== ITALY-3.64% Banca Intesa S.p.A. (Diversified Banks) (a) 510,100 2,371,224 ----------------------------------------------------------------------------------------------------------------------------------- Eni S.p.A. (Integrated Oil & Gas) (a)(c) 385,300 9,395,693 ----------------------------------------------------------------------------------------------------------------------------------- Mediaset S.p.A. (Broadcasting & Cable TV) (a)(c) 542,300 7,560,446 =================================================================================================================================== 19,327,363 =================================================================================================================================== JAPAN-7.01% Canon Inc. (Office Electronics) (a) 85,800 4,472,985 ----------------------------------------------------------------------------------------------------------------------------------- Hoya Corp. (Electronic Equipment Manufacturers) (a)(c) 57,100 5,877,149 ----------------------------------------------------------------------------------------------------------------------------------- Keyence Corp. (Electronic Equipment Manufacturers) (a) 27,000 6,186,058 ----------------------------------------------------------------------------------------------------------------------------------- Nitto Denko Corp. (Specialty Chemicals) (a) 63,000 3,348,531 ----------------------------------------------------------------------------------------------------------------------------------- Orix Corp. (Consumer Finance) (a) 12,300 1,627,237 ----------------------------------------------------------------------------------------------------------------------------------- SMC Corp. (Industrial Machinery) (a) 22,100 2,576,469 ----------------------------------------------------------------------------------------------------------------------------------- Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) (a) 64,800 3,068,722 ----------------------------------------------------------------------------------------------------------------------------------- Toyota Motor Corp. (Automobile Manufacturers) (a) 127,900 4,971,984 ----------------------------------------------------------------------------------------------------------------------------------- Trend Micro Inc. (Application Software) (a)(c) 113,100 5,061,469 =================================================================================================================================== 37,190,604 ===================================================================================================================================
F-2 GLG-QTR-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- MEXICO-1.14% Grupo Televisa S.A.-ADR (Broadcasting & Cable TV) 32,900 $ 1,935,507 ----------------------------------------------------------------------------------------------------------------------------------- Wal-Mart de Mexico S.A. de C.V.-Series V (Hypermarkets & Super Centers) 1,198,300 4,138,161 =================================================================================================================================== 6,073,668 =================================================================================================================================== NETHERLANDS-1.26% Royal Numico N.V. (Packaged Foods & Meats) (a)(b) 70,400 2,698,345 ----------------------------------------------------------------------------------------------------------------------------------- TPG N.V. (Air Freight & Logistics) (a) 146,300 4,009,898 =================================================================================================================================== 6,708,243 =================================================================================================================================== NORWAY-0.79% Telenor A.S.A. (Integrated Telecommunication Services) (a)(c) 453,900 4,177,009 =================================================================================================================================== SINGAPORE-1.48% DBS Group Holdings Ltd. (Diversified Banks) (a) 295,000 2,848,922 ----------------------------------------------------------------------------------------------------------------------------------- Singapore Airlines Ltd. (Airlines) (a) 324,000 2,315,576 ----------------------------------------------------------------------------------------------------------------------------------- United Overseas Bank Ltd. (Diversified Banks) (a) 314,000 2,669,145 =================================================================================================================================== 7,833,643 =================================================================================================================================== SOUTH KOREA-1.13% Samsung Electronics Co., Ltd. (Electronic Equipment Manufacturers) (a) 7,000 3,376,782 ----------------------------------------------------------------------------------------------------------------------------------- Shinhan Financial Group Co., Ltd. (Diversified Banks) (a) 104,000 2,613,322 =================================================================================================================================== 5,990,104 =================================================================================================================================== SPAIN-1.29% Industria de Diseno Textil, S.A. (Apparel Retail) (a)(c) 141,900 4,017,808 ----------------------------------------------------------------------------------------------------------------------------------- Telefonica, S.A. (Integrated Telecommunication Services) (a) 155,600 2,832,138 =================================================================================================================================== 6,849,946 =================================================================================================================================== SWEDEN-1.85% Assa Abloy A.B.-Class B (Building Products) (a)(c) 256,600 4,062,467 ----------------------------------------------------------------------------------------------------------------------------------- Volvo A.B.-Class B (Construction & Farm Machinery & Heavy Trucks) (a)(c) 141,600 5,742,366 =================================================================================================================================== 9,804,833 =================================================================================================================================== SWITZERLAND-5.43% Alcon, Inc. (Health Care Supplies) 68,000 5,385,600 ----------------------------------------------------------------------------------------------------------------------------------- Compagnie Financiere Richemont A.G.-Class A (Apparel, Accessories & Luxury Goods) (a) 143,400 4,485,119 ----------------------------------------------------------------------------------------------------------------------------------- Roche Holding A.G. (Pharmaceuticals) (a) 25,850 2,756,666 ----------------------------------------------------------------------------------------------------------------------------------- Syngenta A.G. (Fertilizers & Agricultural Chemicals) (a)(b) 83,690 9,005,859 ----------------------------------------------------------------------------------------------------------------------------------- UBS A.G. (Diversified Capital Markets) (a) 88,530 7,196,139 =================================================================================================================================== 28,829,383 ===================================================================================================================================
F-3 GLG-QTR-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- UNITED KINGDOM-10.87% Amdocs Ltd. (Application Software) (b) 90,000 $ 2,677,500 ----------------------------------------------------------------------------------------------------------------------------------- Aviva PLC (Multi-line Insurance) (a) 407,584 4,879,706 ----------------------------------------------------------------------------------------------------------------------------------- Centrica PLC (Gas Utilities) (a) 312,275 1,372,912 ----------------------------------------------------------------------------------------------------------------------------------- GUS PLC (Catalog Retail) (a) 284,100 5,163,433 ----------------------------------------------------------------------------------------------------------------------------------- Imperial Tobacco Group PLC (Tobacco) (a) 315,570 8,287,216 ----------------------------------------------------------------------------------------------------------------------------------- mm02 PLC (Wireless Telecommunication Services) (a)(b) 1,725,200 4,087,599 ----------------------------------------------------------------------------------------------------------------------------------- Next PLC (Department Stores) (a) 222,600 6,591,973 ----------------------------------------------------------------------------------------------------------------------------------- Reckitt Benckiser PLC (Household Products) (a) 251,380 7,472,999 ----------------------------------------------------------------------------------------------------------------------------------- Royal Bank of Scotland Group PLC (Diversified Banks) (a) 96,803 3,209,818 ----------------------------------------------------------------------------------------------------------------------------------- Tesco PLC (Food Retail) (a) 1,294,269 7,517,522 ----------------------------------------------------------------------------------------------------------------------------------- Vodafone Group PLC (Wireless Telecommunication Services) (a) 2,504,330 6,464,059 =================================================================================================================================== 57,724,737 =================================================================================================================================== Total Foreign Stocks & Other Equity Interests (Cost $215,995,452) 317,858,241 =================================================================================================================================== DOMESTIC COMMON STOCKS-24.10% AEROSPACE & DEFENSE-0.32% Lockheed Martin Corp. 29,000 1,676,490 =================================================================================================================================== AIR FREIGHT & LOGISTICS-0.45% FedEx Corp. 25,000 2,391,250 =================================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS-0.30% Legg Mason, Inc. 20,500 1,583,215 =================================================================================================================================== BIOTECHNOLOGY-0.36% Gilead Sciences, Inc. (b) 58,000 1,919,800 =================================================================================================================================== COMMUNICATIONS EQUIPMENT-1.22% Cisco Systems, Inc. (b) 150,000 2,706,000 ----------------------------------------------------------------------------------------------------------------------------------- Motorola, Inc. 144,400 2,272,856 ----------------------------------------------------------------------------------------------------------------------------------- QUALCOMM Inc. 40,000 1,489,600 =================================================================================================================================== 6,468,456 =================================================================================================================================== COMPUTER HARDWARE-1.18% Dell Inc. (b) 150,000 6,264,000 =================================================================================================================================== COMPUTER STORAGE & PERIPHERALS-0.87% EMC Corp. (b) 180,000 2,358,000 ----------------------------------------------------------------------------------------------------------------------------------- Lexmark International, Inc.-Class A (b) 27,000 2,250,450 =================================================================================================================================== 4,608,450 =================================================================================================================================== CONSUMER FINANCE-1.01% Capital One Financial Corp. 35,000 2,739,800 ----------------------------------------------------------------------------------------------------------------------------------- SLM Corp. 52,000 2,609,880 ----------------------------------------------------------------------------------------------------------------------------------- 5,349,680 ===================================================================================================================================
F-4 GLG-QTR-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED BANKS-0.43% U.S. Bancorp 76,000 $ 2,283,800 =================================================================================================================================== DIVERSIFIED COMMERCIAL SERVICES-0.62% Cendant Corp. 139,000 3,273,450 =================================================================================================================================== ELECTRICAL COMPONENTS & EQUIPMENT-0.97% Rockwell Automation, Inc. 91,000 5,155,150 =================================================================================================================================== FOOTWEAR-0.51% NIKE, Inc.-Class B 31,000 2,685,530 =================================================================================================================================== HEALTH CARE EQUIPMENT-0.41% Waters Corp. (b) 44,000 2,159,520 =================================================================================================================================== HOME IMPROVEMENT RETAIL-0.88% Home Depot, Inc. (The) 113,500 4,683,010 =================================================================================================================================== HOTELS, RESORTS & CRUISE LINES-0.46% Hilton Hotels Corp. 110,000 2,447,500 =================================================================================================================================== HOUSEHOLD PRODUCTS-0.66% Procter & Gamble Co. (The) 66,000 3,513,180 =================================================================================================================================== HOUSEWARES & SPECIALTIES-0.55% Fortune Brands, Inc. 35,000 2,939,300 =================================================================================================================================== HYPERMARKETS & SUPER CENTERS-0.99% Costco Wholesale Corp. 60,000 2,836,200 ----------------------------------------------------------------------------------------------------------------------------------- Wal-Mart Stores, Inc. 46,000 2,410,400 =================================================================================================================================== 5,246,600 =================================================================================================================================== INDUSTRIAL CONGLOMERATES-0.44% General Electric Co. 65,000 2,348,450 =================================================================================================================================== INTEGRATED OIL & GAS-0.71% Exxon Mobil Corp. 73,000 3,766,800 =================================================================================================================================== INTERNET RETAIL-0.51% eBay Inc. (b) 33,500 2,730,250 =================================================================================================================================== INTERNET SOFTWARE & SERVICES-1.31% VeriSign, Inc. (b) 95,000 2,454,800 ----------------------------------------------------------------------------------------------------------------------------------- Yahoo! Inc. (b) 128,000 4,506,880 =================================================================================================================================== 6,961,680 =================================================================================================================================== INVESTMENT BANKING & BROKERAGE-0.95% Goldman Sachs Group, Inc. (The) 47,000 5,068,950 ===================================================================================================================================
F-5 GLG-QTR-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- MANAGED HEALTH CARE-1.25% Aetna Inc. 10,000 $ 1,270,500 ----------------------------------------------------------------------------------------------------------------------------------- Humana Inc. (b) 35,000 1,199,450 ----------------------------------------------------------------------------------------------------------------------------------- UnitedHealth Group Inc. 47,000 4,178,300 =================================================================================================================================== 6,648,250 =================================================================================================================================== MOTORCYCLE MANUFACTURERS-0.24% Harley-Davidson, Inc. 21,000 1,262,310 =================================================================================================================================== MOVIES & ENTERTAINMENT-0.27% Walt Disney Co. (The) 50,000 1,431,500 =================================================================================================================================== OFFICE ELECTRONICS-0.39% Xerox Corp. (b) 130,000 2,064,400 =================================================================================================================================== OIL & GAS EQUIPMENT & SERVICES-0.32% BJ Services Co. 35,000 1,681,750 =================================================================================================================================== PERSONAL PRODUCTS-1.34% Estee Lauder Cos. Inc. (The)-Class A 56,000 2,527,840 ----------------------------------------------------------------------------------------------------------------------------------- Gillette Co. (The) 90,000 4,564,800 =================================================================================================================================== 7,092,640 =================================================================================================================================== PHARMACEUTICALS-1.21% Johnson & Johnson 79,000 5,111,300 ----------------------------------------------------------------------------------------------------------------------------------- Pfizer Inc. 55,000 1,328,800 =================================================================================================================================== 6,440,100 =================================================================================================================================== PROPERTY & CASUALTY INSURANCE-0.68% Allstate Corp. (The) 72,000 3,631,680 =================================================================================================================================== RESTAURANTS-0.28% Starbucks Corp. (b) 28,000 1,512,000 =================================================================================================================================== SEMICONDUCTOR EQUIPMENT-0.22% Novellus Systems, Inc. (b) 45,000 1,176,750 =================================================================================================================================== SEMICONDUCTORS-0.49% Linear Technology Corp. 27,500 1,037,850 ----------------------------------------------------------------------------------------------------------------------------------- Microchip Technology Inc. 59,000 1,536,950 =================================================================================================================================== 2,574,800 =================================================================================================================================== SYSTEMS SOFTWARE-1.30% Microsoft Corp. 90,000 2,365,200 ----------------------------------------------------------------------------------------------------------------------------------- Oracle Corp. (b) 180,000 2,478,600 ----------------------------------------------------------------------------------------------------------------------------------- Symantec Corp. (b) 88,000 2,054,800 =================================================================================================================================== 6,898,600 =================================================================================================================================== Total Domestic Common Stocks (Cost $105,092,808) 127,939,291 ===================================================================================================================================
F-6 GLG-QTR-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- MONEY MARKET FUNDS-1.55% Liquid Assets Portfolio-Institutional Class (d) 4,120,543 $ 4,120,543 ----------------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (d) 4,120,543 4,120,543 =================================================================================================================================== Total Money Market Funds (Cost $8,241,086) 8,241,086 =================================================================================================================================== TOTAL INVESTMENTS-85.53% (excluding investments purchased with cash collateral from securities loaned) (Cost $329,329,346) 454,038,618 =================================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS-14.47% STIC Prime Portfolio-Institutional Class (d)(e) 76,813,197 76,813,197 =================================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $76,813,197) 76,813,197 =================================================================================================================================== TOTAL INVESTMENTS-100.00% (Cost $406,142,543) $530,851,815 ___________________________________________________________________________________________________________________________________ ===================================================================================================================================
Investment Abbreviations: ADR American Depositary Receipt Notes to Schedule of Investments: (a) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at January 31, 2005 was $257,865,578, which represented 48.58% of the Fund's Total Investments. See Note 1A. (b) Non-income producing security. (c) All or a portion of this security has been pledged as collateral for securities lending transactions at January 31, 2005. (d) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (e) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. F-7 GLG-QTR-1 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2005 (Unaudited) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES Companies are listed in the Schedule of Investments based on the country in which they are organized. A. SECURITY VALUATIONS -- Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs, domestic and foreign index futures and exchange-traded funds. F-8 GLG-QTR-1 A. SECURITY VALUATIONS -- (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS -- Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from, (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS -- A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. F-9 GLG-QTR-1 NOTE 2--INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission ("SEC"), to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended January 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/04 AT COST SALES (DEPRECIATION) 01/31/05 INCOME GAIN (LOSS) ------------------------------------------------------------------------------------------------------------------------------- Liquid Assets Porfolio- Institutional Class $ 5,732,411 $ 17,273,924 $(18,885,792) $ -- $ 4,120,543 $ 29,683 $ -- ------------------------------------------------------------------------------------------------------------------------------- STIC Prime Porfolio- Institutional Class 5,732,411 17,273,924 (18,885,792) -- 4,120,543 30,245 -- =============================================================================================================================== SUBTOTAL $ 11,464,822 $ 34,547,848 $(37,771,584) $ -- $ 8,241,086 $ 59,928 $ -- _______________________________________________________________________________________________________________________________ ===============================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/04 AT COST SALES (DEPRECIATION) 01/31/05 INCOME* GAIN (LOSS) ------------------------------------------------------------------------------------------------------------------------------- Liquid Assets Portfolio- Institutional Class $ 76,311,756 $ 19,447,605 $ (95,759,361) $ -- $ -- $ 31,820 $ -- ------------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio- Institutional Class -- 85,329,532 (8,516,335) -- 76,813,197 15,501 -- =============================================================================================================================== SUBTOTAL $ 76,311,756 $104,777,137 $(104,275,696) $ -- $ 76,813,197 $ 47,321 $ -- =============================================================================================================================== TOTAL $ 87,776,578 $139,324,985 $(142,047,280) $ -- $ 85,054,283 $ 107,249 $ -- _______________________________________________________________________________________________________________________________ ===============================================================================================================================
* Dividend income is net of income rebate paid to securities lending counterparties. NOTE 3--PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At January 31, 2005, securities with an aggregate value of $74,029,475 were on loan to brokers. The loans were secured by cash collateral of $76,813,197 received by the Fund and subsequently invested in an affiliated money market fund. For the three months ended January 31, 2005, the Fund received dividends on cash collateral net of income rebate paid to counterparties of $47,321 for securities lending transactions. F-10 GLG-QTR-1 NOTE 4--INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended January 31, 2005 was $59,152,487 and $80,360,706, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ------------------------------------------------------------------------------- Aggregate unrealized appreciation of investment securities $ 126,230,039 ------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (2,124,849) ------------------------------------------------------------------------------- Net unrealized appreciation of investment securities $ 124,105,190 _______________________________________________________________________________ ===============================================================================
Cost of investments for tax purposes is $406,746,625. F-11 GLG-QTR-1 AIM INTERNATIONAL CORE EQUITY FUND Quarterly Schedule of Portfolio Holdings - January 31, 2005 [YOUR GOALS. OUR SOLUTIONS.] - REGISTERED TRADEMARK - [AIM INVESTMENTS LOGO] AIMINVESTMENTS.COM HCE-QTR-1 1/05 A I M Advisors, Inc. - REGISTERED TRADEMARK - SCHEDULE OF INVESTMENTS January 31, 2005 (Unaudited)
MARKET SHARES VALUE ------- ------------- FOREIGN STOCKS & OTHER EQUITY INTERESTS -- 85.67% AUSTRALIA -- 1.46% National Australia Bank Ltd. (Diversified Banks) (a) 100,400 $ 2,305,362 National Australia Bank Ltd.-ADR (Diversified Banks) (a) 10,600 1,216,880 ============= 3,522,242 ============= BELGIUM -- 1.07% Belgacom S.A. (Integrated Telecommunication Services) (b)(c) 62,200 2,572,141 ============= CANADA -- 1.98% BCE Inc. (Integrated Telecommunication Services) (a) 98,800 2,355,850 EnCana Corp. (Oil & Gas Exploration & Production) (a) 40,500 2,394,198 ============= 4,750,048 ============= CHINA -- 0.41% China Life Insurance Co., Ltd.-ADR (Life & Health Insurance) (a)(c) 37,100 988,715 ============= DENMARK -- 1.74% Danske Bank A.S. (Diversified Banks) (b) 143,500 4,194,642 ============= FINLAND -- 4.14% Nokia Oyj (Communications Equipment) (b) 296,250 4,532,144 Stora Enso Oyj-Class R (Paper Products) (a)(b) 228,000 3,288,117 UPM-Kymmene Oyj (Paper Products) (b) 100,800 2,127,594 ============= 9,947,855 ============= FRANCE -- 4.71% Compagnie Generale des Etablissements Michelin-Class B (Tires & Rubber) (a)(b) 73,900 4,780,391 Societe Generale-ADR (Diversified Banks) (d) 176,150 3,508,573 Total S.A.-ADR (Integrated Oil & Gas) (a) 28,225 3,035,599 ============= 11,324,563 =============
F-1
MARKET SHARES VALUE ------- -------------- GERMANY -- 2.71% BASF A.G. (Diversified Chemicals) (b) 25,100 $ 1,717,096 BASF A.G.- ADR (Diversified Chemicals) 42,700 2,929,647 Deutsche Bank A.G. (Diversified Capital Markets) (a)(b) 8,900 757,601 Deutsche Bank A.G. (Diversified Capital Markets) (a) 13,070 1,110,819 ============== 6,515,163 ============== HONG KONG -- 1.35% Cheung Kong (Holdings) Ltd. (Real Estate Management & Development) (b) 108,000 990,328 Hutchison Whampoa Ltd. (Industrial Conglomerates) (a)(b) 247,100 2,248,883 ============== 3,239,211 ============== ITALY -- 2.35% Enel S.p.A. (Electric Utilities) (b)(c) 270,300 2,542,446 Eni S.p.A-ADR (Integrated Oil & Gas) (a) 25,345 3,097,159 ============== 5,639,605 ============== JAPAN -- 17.96% Canon Inc. (Office Electronics) (b) 19,000 990,521 Canon Inc.-ADR (Office Electronics) (a) 38,335 2,015,654 East Japan Railway Co. (Railroads) (b) 383 2,063,889 Eisai Co., Ltd. (Pharmaceuticals) (b) 57,000 1,846,382 Fuji Photo Film Co., Ltd. (Photographic Products) (b) 52,000 1,870,191 Fuji Photo Film Co., Ltd.-ADR (Photographic Products) (a) 87,515 3,177,670 Hitachi, Ltd.-ADR (Electronic Equipment Manufacturers) (a) 26,625 1,779,615 Ito-Yokado Co., Ltd. (Hypermarkets & Super Centers) (b) 49,000 1,960,945 Kao Corp. (Household Products) (b) 122,000 2,831,030 Millea Holdings, Inc. (Property & Casualty Insurance) (b) 137 1,887,739 NEC Electronics Corp. (Semiconductors) (a)(b) 34,900 1,761,459 Nintendo Co., Ltd. (Home Entertainment Software) (b) 25,300 2,866,086 Nippon Telegraph & Telephone Corp. (Integrated Telecommunication Services) (b) 548 2,301,594 Nippon Telegraph & Telephone Corp.-ADR (Integrated Telecommunication Services) 24,585 516,777 Nomura Holdings, Inc. (Investment Banking & Brokerage) (b) 145,000 1,904,084 Olympus Corp. (Health Care Equipment) (b) 87,000 1,812,417 Shin-Etsu Chemical Co., Ltd. (Specialty Chemicals) (b) 52,600 2,075,964 Sony Corp.-ADR (Consumer Electronics) 86,350 3,196,677 Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) (b) 81,100 3,840,638 Toyota Motor Corp. (Automobile Manufacturers) (b) 63,600 2,472,386 ============== 43,171,718 ==============
F-2
MARKET SHARES VALUE ------- -------------- MEXICO -- 2.00% Fomento Economico Mexicano, S.A. de C.V.-ADR (Soft Drinks) 23,400 $ 1,257,984 Telefonos de Mexico S.A. de C.V.Series L-ADR (Integrated Telecommunication Services) (a) 95,490 3,557,003 ============== 4,814,987 ============== NETHERLANDS -- 8.71% ABN AMRO Holding N.V. (Diversified Banks) (b) 74,100 2,007,831 Aegon N.V. (Life & Health Insurance) (b) 283,000 3,841,541 DSM N.V. (Specialty Chemicals) (a)(b) 55,745 3,472,294 Heineken N.V. (Brewers) (a)(b) 62,400 2,138,694 ING Groep N.V.-ADR (Other Diversified Financial Services) 94,427 2,725,163 Koninklijke (Royal) Philips Electronics N.V.-New York Shares (Consumer Electronics) (a) 68,550 1,787,784 Royal Dutch Petroleum Co.-New York Shares (Integrated Oil & Gas) (a) 27,710 1,620,204 TPG N.V. (Air Freight & Logistics) (b) 122,000 3,343,866 ============== 20,937,377 ============== NORWAY -- 0.90% Statoil A.S.A. (Integrated Oil & Gas) (a)(b) 141,900 2,159,650 ============== PORTUGAL -- 1.01% Portugal Telecom, SGPS, S.A.-ADR (Integrated Telecommunication Services) 195,300 2,417,814 ============== SOUTH KOREA -- 2.34% Kookmin Bank (Diversified Banks) (b) 31,900 1,376,145 Korea Electric Power Corp.-ADR (Electric Utilities) (a) 96,725 1,335,772 KT Corp.-ADR (Integrated Telecommunication Services) (a) 134,100 2,904,606 ============== 5,616,523 ============== SPAIN -- 1.87% Endesa, S.A.-ADR (Electric Utilities) 97,700 2,220,721 Repsol YPF, S.A.-ADR (Integrated Oil & Gas) 89,400 2,286,852 ============== 4,507,573 ============== SWEDEN -- 1.22% Ainax A.B. (Construction & Farm Machinery & Heavy Trucks) (c) 2 79 Nordea Bank A.B. (Diversified Banks) (b) 275,000 2,549,382 Volvo A.B.-Class B (Construction & Farm Machinery & Heavy Trucks) (a)(b) 9,400 381,202 ============== 2,930,663 ==============
F-3
MARKET SHARES VALUE --------- ------------- SWITZERLAND--7.80% Credit Suisse Group (Diversified Capital Markets) (b)(c) 81,000 $ 3,262,843 Nestle S.A. (Packaged Foods & Meats) (b) 6,500 1,706,906 Nestle S.A.-ADR (Packaged Foods & Meats) (d) 37,075 2,433,191 Novartis A.G. (Pharmaceuticals) (b) 37,900 1,818,723 Novartis A.G.-ADR (Pharmaceuticals) 65,000 3,112,200 Roche Holding A.G. (Pharmaceuticals) (b)(c) 22,750 2,426,080 Zurich Financial Services A.G. (Multi-line Insurance) (b) 23,920 3,978,546 ========= ============= 18,738,489 ============= TAIWAN--0.87% Taiwan Semiconductor Manufacturing Co. Ltd.-ADR (Semiconductors) 238,200 2,084,250 ========= ============= UNITED KINGDOM--19.07% Anglo American PLC (Diversified Metals & Mining) (b) 62,500 1,453,603 BAA PLC (Airport Services) (b) 186,300 2,189,180 BAE SYSTEMS PLC (Aerospace & Defense) (b) 785,900 3,636,788 Boots Group PLC (Drug Retail) (b) 160,800 2,019,586 BP PLC (Integrated Oil & Gas) (b) 301,600 2,988,938 Cadbury Schweppes PLC (Packaged Foods & Meats) (b) 454,500 4,073,206 Diageo PLC (Distillers & Vintners) (b) 312,100 4,250,216 GlaxoSmithKline PLC (Pharmaceuticals) (b) 17,500 386,567 GlaxoSmithKline PLC-ADR (Pharmaceuticals) (a) 118,800 5,294,916 HSBC Holdings PLC-ADR (Diversified Banks) (a) 25,410 2,109,792 Kingfisher PLC (Home Improvement Retail) (b) 496,800 2,857,694 Morrison (William) Supermarkets PLC (Food Retail) (b) 676,100 2,564,959 Reed Elsevier PLC (Publishing) (b) 498,000 4,526,843 Royal Bank of Scotland Group PLC (Diversified Banks) (b) 160,600 5,325,214 Scottish Power PLC (Electric Utilities) (b) 270,100 2,144,203 ========= ============= 45,821,705 ============= Total Foreign Stocks & Other Equity Interests (Cost $158,853,985) 205,894,934 ============= MONEY MARKET FUNDS-2.05% Premier Portfolio (Cost $4,932,873) (e)(f) 4,932,873 4,932,873 ========= ============= TOTAL INVESTMENTS--87.72% (excluding investments purchased with cash collateral from securities loaned) (Cost $163,786,858) 210,827,807 =============
F-4
MARKET SHARES VALUE ---------- ------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--12.28% Premier Portfolio (e)(f)(g) 29,510,010 $ 29,510,010 ========== ============= Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $29,510,010) 29,510,010 ============= TOTAL INVESTMENTS--100.00% (Cost $193,296,868) $ 240,337,817 =============
Investment Abbreviations: ADR American Depositary Receipt Notes to Schedule of Investments: (a) All or a portion of this security has been pledged as collateral for securities lending transactions at January 31, 2005. (b) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at January 31, 2005 was $135,117,408, which represented 56.22% of the Fund's Total Investments. See Note 1A. (c) Non-income producing security. (d) In accordance with the procedures established by the Board of Trustees, security fair valued based on an evaluated quote provided by an independent pricing service. The aggregate market value of these securities at January 31, 2005 was $5,941,764, which represented 2.47% of the Fund's Total Investments. See Note 1A. (e) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (f) Effective October 15, 2004, INVESCO Treasurer's Money Market Reserve Fund was renamed Premier Portfolio. (g) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. F-5 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Companies are listed in the Schedule of Investments based on the country in which they are organized. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs, domestic and foreign index futures and exchange-traded funds. 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 F-6 B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from, (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. F-7 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission, to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended January 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
UNREALIZED REALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND GAIN FUND 10/31/04 COST SALES (DEPRECIATION) 01/31/05 INCOME (LOSS) ---------------- ------------ ------------ ------------- -------------- ------------ -------- -------- Premier Portfolio $ 3,494,279 $ 15,145,757 $ (13,707,163) $ -- $ 4,932,873 $ 41,643 -- ============ ============ ============= ============== ============ ======== ========
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
UNREALIZED REALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND GAIN FUND 10/31/04 COST SALES (DEPRECIATION) 01/31/05 INCOME* (LOSS) ---------------- ------------ ------------ ------------- -------------- ------------ -------- -------- Premier Portfolio $ 38,945,109 $ 36,734,884 $ (46,169,983) -- $ 29,510,010 $ 16,563 -- ============ ============ ============= ============== ============ ======== ======== TOTAL $ 42,439,388 $ 51,880,641 $ (59,877,146) $ -- $ 34,442,883 $ 58,206 $ -- ============ ============ ============= ============== ============ ======== ========
* Dividend income is net of income rebate paid to securities lending counterparties. NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At January 31, 2005, securities with an aggregate value of $28,526,787 were on loan to brokers. The loans were secured by cash collateral of $29,510,010 received by the Fund and subsequently invested in an affiliated money market fund. For the three months ended January 31, 2005, the Fund received dividends on cash collateral net of income rebate paid to counterparties of $16,563 for securities lending transactions. F-8 NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended January 31, 2005 was $24,346,382 and $11,784,697, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS
Aggregate unrealized appreciation of investment securities $ 44,957,095 Aggregate unrealized (depreciation) of investment securities (4,599,823) ============= Net unrealized appreciation of investment securities $ 40,357,272 ============= Cost of investments for tax purposes is $199,980,545.
F-9 AIM INTERNATIONAL GROWTH FUND Quarterly Schedule of Portfolio Holdings - January 31, 2005 [YOUR GOALS. OUR SOLUTIONS.] - REGISTERED TRADEMARK - [AIM INVESTMENTS LOGO] - REGISTERED TRADEMARK - AIMINVESTMENTS.COM IGR-QTR-1 1/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS January 31, 2005 (Unaudited)
MARKET SHARES VALUE --------- ---------- FOREIGN STOCKS & OTHER EQUITY INTERESTS-93.94% AUSTRALIA-3.14% BHP Billiton Ltd. (Diversified Metals & Mining) (a) 2,031,300 $ 25,860,430 Coca-Cola Amatil Ltd. (Soft Drinks) (a) 1,920,000 11,676,205 Promina Group Ltd. (Property & Casualty Insurance) (Acquired 05/12/03-08/19/04; Cost $5,627,292) (a)(b)(c) 2,851,200 11,779,988 QBE Insurance Group Ltd. (Property & Casualty Insurance) (a) 908,000 10,730,317 ============ 60,046,940 ============ AUSTRIA-0.58% Erste Bank der oesterreichischen Sparkassen A.G. (Diversified Banks) (a) 222,824 11,035,940 ============ BELGIUM-1.19% Algemene Maatschappij voor Nijverheidskredit N.V. (Diversified Banks) (a)(b) 124,000 12,871,563 KBC Bankverzekeringsholding (Diversified Banks) (a)(b) 128,400 9,932,589 ============ 22,804,152 ============ BERMUDA-0.61% Esprit Holdings Ltd. (Apparel Retail) (a) 2,034,500 11,764,243 ============ BRAZIL-0.64% Companhia de Bebidas das Americas-ADR (Brewers) (b) 479,700 12,232,350 ============ CANADA-6.20% Canadian National Railway Co. (Railroads) 322,450 19,150,300 Canadian Natural Resources Ltd. (Oil & Gas Exploration & Production) 226,700 10,000,047 EnCana Corp. (Oil & Gas Exploration & Production) 205,500 12,148,338 Manulife Financial Corp. (Life & Health Insurance) 539,850 23,743,916 Petro-Canada (Integrated Oil & Gas) 107,750 5,556,165 Power Corp. of Canada (Other Diversified Financial Services) 426,200 10,543,809 Shoppers Drug Mart Corp. (Drug Retail) (d) 375,200 11,852,081 Shoppers Drug Mart Corp. (Drug Retail) (Acquired 11/18/03; Cost $2,955,117) (c)(d)(e)(f) 138,500 4,375,035 Suncor Energy, Inc. (Integrated Oil & Gas) 668,000 21,375,785 ============ 118,745,476 ============
F-1
MARKET SHARES VALUE --------- ------------ FRANCE-10.46% BNP Paribas S.A. (Diversified Banks) (a) 378,488 $ 27,303,066 Bouygues S.A. (Wireless Telecommunication Services) 245,000 9,596,693 Lafarge S.A. (Construction Materials) (a)(d) 183,010 18,892,943 Pernod Ricard (Distillers & Vintners) (a)(b) 166,838 23,614,767 Renault S.A. (Automobile Manufacturers) (a)(d) 229,992 18,787,387 Sanofi-Aventis (Pharmaceuticals) (a) 123,600 9,204,619 Societe Generale (Diversified Banks) (a) 169,800 16,917,766 Technip S.A. (Oil & Gas Equipment & Services) (a) 52,900 8,885,414 Total S.A. (Integrated Oil & Gas) (a) 181,749 39,065,233 Vinci S.A. (Construction & Engineering) (a) 195,830 28,069,173 ============ 200,337,061 ============ GERMANY-2.95% Adidas-Salomon A.G. (Apparel, Accessories & Luxury Goods) (a) 94,900 14,209,653 Continental A.G. (Tires & Rubber) (a) 284,200 19,732,108 Deutsche Telekom A.G. (Integrated Telecommunication Services) (a)(d) 353,004 7,635,143 Puma A.G. Rudolf Dassler Sport (Footwear) (Acquired 10/08/03-10/30/03; Cost $8,366,627) (a) 60,302 14,862,409 ============ 56,439,313 ============ GREECE-1.68% EFG Eurobank Ergasias (Diversified Banks) (a) 323,300 10,430,404 OPAP S.A. (Casinos & Gaming) (Acquired 04/02/04-08/27/04; Cost $14,296,226) 809,600 21,676,141 ============ 32,106,545 ============ HONG KONG-1.86% Cheung Kong (Holdings) Ltd. (Real Estate Management & Development) (a) 999,000 9,160,538 CNOOC Ltd.-ADR (Oil & Gas Exploration & Production) 152,800 8,180,912 Hutchison Whampoa Ltd. (Industrial Conglomerates) (a) 1,303,000 11,858,740 Sun Hung Kai Properties Ltd. (Real Estate Management & Development) (a) 688,000 6,371,828 ============ 35,572,018 ============ HUNGARY-1.35% OTP Bank Rt. (Diversified Banks) 801,800 25,942,090 ============ INDIA-2.83% Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance) 554,736 9,885,981 Infosys Technologies Ltd. (IT Consulting & Other Services) (a) 633,288 29,954,874 Tata Consultancy Services, Ltd. (IT Consulting & Other Services) 482,600 14,381,801 ============ 54,222,656 ============
F-2
MARKET SHARES VALUE --------- ------------- IRELAND-3.32% Anglo Irish Bank Corp. PLC (Diversified Banks) (a) 1,335,300 $ 32,580,081 CRH PLC (Construction Materials) 645,380 17,043,782 Depfa Bank PLC (Diversified Banks) (a) 790,000 13,957,453 ============= 63,581,316 ============= ISRAEL-1.28% Teva Pharmaceutical Industries Ltd.-ADR (Pharmaceuticals) 854,000 24,535,420 ============= ITALY-5.01% Banca Intesa S.p.A. (Diversified Banks) (a) 2,796,200 12,998,269 Banco Popolare di Verona e Novara Scrl (Diversified Banks) (a) 779,880 14,994,121 Eni S.p.A. (Integrated Oil & Gas) (a) 1,500,949 36,601,235 Mediaset S.p.A. (Broadcasting & Cable TV) (a) 2,245,500 31,305,518 ============= 95,899,143 ============= JAPAN-15.20% Canon Inc. (Office Electronics) (a) 314,000 16,369,664 Daiwa House Industry Co., Ltd. (Homebuilding) (a) 987,000 11,391,483 Fanuc Ltd. (Industrial Machinery) (a) 252,200 16,982,842 Hoya Corp. (Electronic Equipment Manufacturers) (a) 215,600 22,191,128 JSR Corp. (Specialty Chemicals) (a) 492,000 10,448,968 Keyence Corp. (Electronic Equipment Manufacturers) (a) 95,200 21,811,582 Nidec Corp. (Electronic Equipment Manufacturers) (a) 102,500 11,500,734 Nissan Motor Co., Ltd. (Automobile Manufacturers) (a) 876,900 9,251,526 Nitto Denko Corp. (Specialty Chemicals) (a) 231,700 12,315,154 NOK Corp. (Auto Parts & Equipment) (a)(b) 226,200 6,482,129 OMRON Corp. (Electronic Equipment Manufacturers) (a) 782,600 18,879,543 ORIX Corp. (Consumer Finance) (a) 75,400 9,975,096 Sekisui Chemical Co., Ltd. (Homebuilding) (a)(b) 1,521,000 11,857,162 SMC Corp. (Industrial Machinery) (a) 79,300 9,244,977 SUZUKI Motor Corp. (Automobile Manufacturers) (a) 491,000 8,970,042 Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) (a) 422,400 20,003,521 Toyota Motor Corp. (Automobile Manufacturers) (a) 593,000 23,052,279 Trend Micro Inc. (Application Software) (a) 394,900 17,672,628 Yamaha Motor Co., Ltd (Motorcycle Manufacturers) (a) 697,000 11,441,961 Yamanouchi Pharmaceutical Co., Ltd. (Pharmaceuticals) (a)(b) 581,000 21,095,442 ============= 290,937,861 ============= MEXICO-2.20% America Movil S.A. de C.V.-Series L-ADR (Wireless Telecommunication Services) 372,900 19,786,074 Grupo Televisa S.A.-ADR (Broadcasting & Cable TV) 128,900 7,583,187 Wal-Mart de Mexico S.A. de C.V.-Series V (Hypermarkets & Super Centers) 4,251,000 14,680,231 ============= 42,049,492 =============
F-3
MARKET SHARES VALUE --------- ---------------- NETHERLANDS-1.37% Royal Numico N.V. (Packaged Foods & Meats) (a)(d) 266,950 $ 10,231,863 TPG N.V. (Air Freight & Logistics) (a) 586,050 16,062,889 ================ 26,294,752 ================ NORWAY-0.98% Telenor A.S.A. (Integrated Telecommunication Services) (a) 2,041,002 18,782,296 ================ SINGAPORE-2.11% DBS Group Holdings Ltd. (Diversified Banks) (a) 1,165,000 11,250,827 Keppel Corp. Ltd. (Industrial Conglomerates) (a) 2,021,000 11,359,521 Singapore Airlines Ltd. (Airlines) (a) 1,073,000 7,668,560 United Overseas Bank Ltd. (Diversified Banks) (a) 1,185,000 10,073,046 ================ 40,351,954 ================ SOUTH AFRICA-0.59% Standard Bank Group Ltd. (Diversified Banks) 1,048,161 11,331,329 ================ SOUTH KOREA-1.85% Hana Bank (Diversified Banks) (a) 381,100 10,120,799 Samsung Electronics Co., Ltd. (Electronic Equipment Manufacturers) (a) 30,540 14,732,416 Shinhan Financial Group Co., Ltd. (Diversified Banks) (a)(d) 420,000 10,553,800 ================ 35,407,015 ================ SPAIN-2.06% Grupo Ferrovial, S.A. (Construction & Engineering) (a) 218,500 13,061,803 Industria de Diseno Textil, S.A. (Apparel Retail) (a) 594,200 16,824,394 Telefonica S.A. (Integrated Telecommunication Services) (a) 525,700 9,568,476 ================ 39,454,673 ================ SWEDEN-2.24% Assa Abloy A.B.-Class B (Building Products) (a) 1,170,600 18,532,829 Volvo A.B.-Class B (Construction & Farm Machinery & Heavy Trucks) (a) 598,700 24,279,339 ================ 42,812,168 ================ SWITZERLAND-5.76% Compagnie Financiere Richemont A.G.-Class A (Apparel, Accessories & Luxury Goods) (a) 598,800 18,728,658 Roche Holding A.G. (Pharmaceuticals) (a) 100,975 10,768,062 Swatch Group A.G. (The)-Class B (Apparel, Accessories & Luxury Goods) (a) 111,630 15,613,235 Syngenta A.G. (Fertilizers & Agricultural Chemicals) (a)(d) 323,400 34,800,990 UBS A.G. (Diversified Capital Markets) (a) 372,698 30,294,666 ================ 110,205,611 ================
F-4
MARKET SHARES VALUE ---------- ---------------- TAIWAN-1.16% Hon Hai Precision Industry Co., Ltd. (Electronic Manufacturing Services) (a) 2,808,549 $ 12,375,833 Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors) (a) 5,926,396 9,880,665 ================ 22,256,498 ================ UNITED KINGDOM-15.32% Aviva PLC (Multi-line Insurance) (a) 1,677,540 20,083,963 Centrica PLC (Gas Utilities) (a) 2,082,275 9,154,687 Enterprise Inns PLC (Restaurants) (a) 1,094,900 15,394,622 GUS PLC (Catalog Retail) (a) 1,121,600 20,384,745 Imperial Tobacco Group PLC (Tobacco) (a) 1,268,400 33,309,580 mm02 PLC (Wireless Telecommunication Services) (a)(d) 7,678,990 18,194,200 Next PLC (Department Stores) (a) 975,120 28,876,750 Reckitt Benckiser PLC (Household Products) (a) 1,158,430 34,437,689 Royal Bank of Scotland Group PLC (Diversified Banks) (a) 387,272 12,841,260 Shire Pharmaceuticals Group PLC (Pharmaceuticals) (a) 1,813,000 21,150,971 Tesco PLC (Food Retail) (a) 5,704,573 33,133,959 Vodafone Group PLC (Wireless Telecommunication Services) (a) 11,803,400 30,466,384 William Hill PLC (Casinos & Gaming) (a) 1,454,530 15,885,721 ================ 293,314,531 ================ Total Foreign Stocks & Other Equity Interests (Cost $1,203,533,545) 1,798,462,843 ================ MONEY MARKET FUNDS-3.86% Liquid Assets Portfolio-Institutional Class (g) 36,957,891 36,957,891 STIC Prime Portfolio-Institutional Class (g) 36,957,891 36,957,891 ================ Total Money Market Funds (Cost $73,915,782) 73,915,782 ================ TOTAL INVESTMENTS-97.80% (excluding investments purchased with cash collateral from securities loaned) (Cost $1,277,449,327) 1,872,378,625 ================ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS-2.20% STIC Prime Portfolio-Institutional Class (g)(h) 42,029,885 42,029,885 ================ Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $42,029,885) 42,029,885 ================ TOTAL INVESTMENTS-100.00% (Cost $1,319,479,212) $ 1,914,408,510 ================
F-5 Investment Abbreviations: ADR American Depositary Receipt Notes to Schedule of Investments: (a) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at January 31, 2005 was $1,482,861,376, which represented 77.46% of the Fund's Total Investments. See Note 1A. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at January 31, 2005. (c) Security not registered under the Securities Act of 1933, as amended (e.g., the security was purchased in a Rule 144A transaction or a Regulation D transaction). The security may be resold only pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The Fund has no rights to demand registration of these securities. The aggregate market value of these securities at January 31, 2005 was $16,155,023, which represented 0.84 % of the Fund's Total Investments. Unless otherwise indicated, these securities are not considered to be illiquid. (d) Non-income producing security. (e) Security fair valued in good faith in accordance with the procedures established by the Board of Trustees. The market value of this security at January 31, 2005 represented 0.23% of the Fund's Total Investments. See Note 1A. (f) Security considered to be illiquid. The market value of this security considered illiquid at January 31, 2005 represented 0.23% of the Fund's Total Investments. (g) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (h) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule . F-6 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Companies are listed in the Schedule of Investments based on the country in which they are organized. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales on a particular day, the security is valued at the closing bid price on that day. Each security traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. For purposes of determining net asset value per share, futures and option contracts generally will be valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. Securities for which market prices are not provided by any of the above methods are valued based upon quotes furnished by independent sources and are valued at the last bid price in the case of equity securities and in the case of debt obligations, the mean between the last bid and asked prices. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund's shares are determined as of the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs, domestic and foreign index futures and exchange-traded funds. F-7 A. SECURITY VALUATIONS- (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from, (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. F-8 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission ("SEC"), to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended January 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
UNREALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 01/31/05 INCOME GAIN(LOSS) ---------------------------- ------------ ------------- ------------- -------------- ------------ --------- ---------- Liquid Assets Porfolio-Institutional Class $ 2,582,491 $ 83,214,976 $ (48,839,576) $ -- $ 36,957,891 $ 186,079 $ -- STIC Prime Porfolio-Institutional Class 2,582,491 83,214,976 (48,839,576) -- 36,957,891 190,604 -- ============ ============= ============= ==== ============ ========= ==== SUBTOTAL $ 5,164,982 $ 166,429,952 $ (97,679,152) $ -- $ 73,915,782 $ 376,683 $ -- ============ ============= ============= ==== ============ ========= ====
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
UNREALIZED MARKET VALUE PURCHASES AT PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 10/31/04 COST SALES (DEPRECIATION) 01/31/05 INCOME* GAIN(LOSS) ---------------------------- ------------ ------------- -------------- -------------- ------------- ---------- ---------- STIC Prime Porfolio-Institutional Class $ 45,583,860 $ 161,533,405 $ (165,087,380) $ -- $ 42,029,885 $ 108,335 $ -- ============ ============= ============== ==== ============= ========= ==== TOTAL $ 50,748,842 $ 327,963,357 $ (262,766,532) $ -- $ 115,945,667 $ 485,018 $ -- ============ ============= ============== ==== ============= ========= ====
* Dividend income is net of income rebate paid to securities lending counterparties. NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At January 31, 2005, securities with an aggregate value of $28,024,841 were on loan to brokers. The loans were secured by cash collateral of $42,029,885 received by the Fund and subsequently invested in an affiliated money market fund. For the three months ended January 31, 2005, the Fund received dividends on cash collateral net of income rebate paid to counterparties of $108,335 for securities lending transactions. NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended January 31, 2005 was $138,703,209 and F-9 $150,824,680 respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS Aggregate unrealized appreciation of investment securities $ 596,558,596 Aggregate unrealized (depreciation) of investment securities (3,049,750) =============== Net unrealized appreciation of investment securities $ 593,508,846 =============== Cost of investments for tax purposes is $1,320,899,664.
F-10 Item 2. Controls and Procedures. (a) As of March 16, 2005, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 ("Act"), as amended. Based on that evaluation, the Registrant's officers, including the PFO and PEO, concluded that, as of March 16, 2005, the Registrant's disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. (b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. Item 3. Exhibits. Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: AIM International Mutual Funds By: /s/ ROBERT H. GRAHAM ------------------------------------ Robert H. Graham Principal Executive Officer Date: April 1, 2005 Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ ROBERT H. GRAHAM ------------------------------------ Robert H. Graham Principal Executive Officer Date: April 1, 2005 By: /s/ SIDNEY M. DILGREN ------------------------------------ Sidney M. Dilgren Principal Financial Officer Date: April 1, 2005 EXHIBIT INDEX Certifications of Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.