-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DtszqH8Rz0tDS0X178/w4aJElBmfhdNdyT8eGlJaJFiqK3dtNnPJnBVSsD3eMa42 ev7k+aS+cn/d794iE6gSgQ== 0000950129-08-002011.txt : 20080331 0000950129-08-002011.hdr.sgml : 20080331 20080331133840 ACCESSION NUMBER: 0000950129-08-002011 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080131 FILED AS OF DATE: 20080331 DATE AS OF CHANGE: 20080331 EFFECTIVENESS DATE: 20080331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM INTERNATIONAL MUTUAL FUNDS CENTRAL INDEX KEY: 0000880859 IRS NUMBER: 760352823 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06463 FILM NUMBER: 08723148 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STE 100 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: AIM INTERNATIONAL FUNDS INC STREET 2: 11 GREENWAY PLAZA SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: AIM INTERNATIONAL FUNDS INC /MD/ DATE OF NAME CHANGE: 20000620 FORMER COMPANY: FORMER CONFORMED NAME: AIM INTERNATIONAL MUTUAL FUNDS DATE OF NAME CHANGE: 20000323 FORMER COMPANY: FORMER CONFORMED NAME: AIM INTERNATIONAL FUNDS INC DATE OF NAME CHANGE: 19920909 0000880859 S000000226 AIM Asia Pacific Growth Fund C000000537 Class A ASIAX C000000538 Class B ASIBX C000000539 Class C ASICX 0000880859 S000000227 AIM European Growth Fund C000000540 Class A AEDAX C000000541 Class B AEDBX C000000542 Class C AEDCX C000000543 Class R AEDRX C000000544 Investor Class EGINX 0000880859 S000000228 AIM Global Aggressive Growth Fund C000000545 Class A AGAAX C000000546 Class B AGABX C000000547 Class C AGACX C000053091 INSTITUTIONAL CLASS 0000880859 S000000229 AIM Global Growth Fund C000000548 Class A AGGAX C000000549 Class B AGGBX C000000550 Class C AGGCX C000053092 INSTITUTIONAL CLASS 0000880859 S000000230 AIM International Growth Fund C000000551 Class A AIIEX C000000552 Class B AIEBX C000000553 Class C AIECX C000000554 Class R AIERX C000023043 Institutional Class AIEVX 0000880859 S000000231 AIM International Core Equity Fund C000000555 Class A IBVAX C000000556 Class B IBVBX C000000557 Class C IBVCX C000000558 Class R IIBRX C000000559 Investor Class IIBCX C000023044 Institutional Class IBVIX N-Q 1 h55348nvq.txt FORM N-Q - QUARTERLY SCHEDULE ------------------------ OMB APPROVAL ------------------------ OMB Number: 3235-0578 Expires: April 30, 2010 Estimated average burden hours per response: 10.5 ------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-06463 AIM International Mutual Funds (Exact name of registrant as specified in charter) 11 Greenway Plaza, Suite 100 Houston, Texas 77046 (Address of principal executive offices) (Zip code) Philip A. Taylor 11 Greenway Plaza, Suite 100 Houston, Texas 77046 (Name and address of agent for service) Registrant's telephone number, including area code: (713) 626-1919 Date of fiscal year end: 10/31 Date of reporting period: 01/31/08 Item 1. Schedule of Investments. AIM ASIA PACIFIC GROWTH FUND Quarterly Schedule of Portfolio Holdings - January 31, 2008 [AIM INVESTMENTS LOGO] --REGISTERED TRADEMARK-- AIMinvestments.com APG-QTR-1 1/08 A I M Advisors, Inc. AIM Asia Pacific Growth Fund SCHEDULE OF INVESTMENTS(a) January 31, 2008 (Unaudited)
SHARES VALUE ----------- ------------ FOREIGN COMMON STOCKS & OTHER EQUITY INTERESTS-95.96% AUSTRALIA-12.44% Australia and New Zealand Banking Group Ltd. (Diversified Banks) (b) 220,958 $ 5,244,777 BHP Billiton Ltd. (Diversified Metals & Mining) (b)(c) 392,900 13,199,203 Boart Longyear Group (Construction & Engineering) (Acquired 04/04/07; Cost $5,262,233)(b)(d)(e) 3,500,000 6,362,169 Boart Longyear Group (Construction & Engineering) (b)(e) 2,648,000 4,813,435 Computershare Ltd. (Data Processing & Outsourced Services) (b)(c) 1,336,200 9,635,476 CSL Ltd. (Biotechnology) (b)(c) 468,966 14,596,699 QBE Insurance Group Ltd. (Property & Casualty Insurance) (b) 243,000 6,170,755 Ramsay Health Care Ltd. (Health Care Facilities) (b)(c) 465,700 4,691,328 Toll Holdings Ltd. (Air Freight & Logistics) (b)(c) 634,000 6,326,054 United Group Ltd. (Construction & Engineering) (b) 338,800 4,657,676 Woolworths Ltd. (Food Retail) (b) 217,200 5,667,687 ------------ 81,365,259 ------------ CHINA-11.43% China Green (Holdings) Ltd. (Agricultural Products) (b) 4,656,000 4,816,395 China LotSynergy Holdings Ltd. (Internet Software & Services) (b)(e) 58,144,000 3,557,244 Cnooc Ltd. -ADR (Oil & Gas Exploration & Production) 81,300 11,847,849 Haitian International Holdings Ltd. (Industrial Machinery) 5,648,000 3,223,310 Kingdee International Software Group Co. Ltd. (Application Software) 8,799,500 5,981,103 Kowloon Development Co. Ltd. (Real Estate Management & Development) (b) 4,223,000 9,594,816 Mingyuan Medicare Development Co. Ltd. (Technology Distributors) (b) 40,610,000 6,319,531 Minth Group Ltd. (Auto Parts & Equipment) (b) 3,320,000 3,746,597 Stella International Holdings Ltd. (Footwear) (b) 4,233,500 7,668,952 Xinyi Glass Holdings Co. Ltd. (Auto Parts & Equipment) (b) 9,908,000 8,054,266 Xiwang Sugar Holdings Co. Ltd. (Packaged Foods & Meats) (b) 12,484,000 4,802,049
SHARES VALUE ----------- ------------ CHINA-(CONTINUED) Yantai North Andre Juice Co. Ltd. -Class H (Packaged Foods & Meats) (b) 65,021,000 $ 5,191,261 ------------ 74,803,373 ------------ HONG KONG-12.74% Champion Real Estate Investment Trust (Office REIT's) (Acquired 05/16/06; Cost $1,993,400)(b)(d) 3,000,000 1,660,732 Champion Real Estate Investment Trust (Office REIT's) (b) 1,800,000 996,439 Cheung Kong (Holdings) Ltd. (Real Estate Management & Development) (b) 724,000 11,742,234 Dickson Concepts (International) Ltd. (Apparel Retail) (b) 5,426,000 4,034,476 Esprit Holdings Ltd. (Apparel Retail) (b) 913,500 11,880,170 eSun Holdings Ltd. (Movies & Entertainment) (e)(f) 11,414,000 5,855,248 Hopewell Holdings Ltd. (Highways & Railtracks) (b) 1,092,000 4,787,040 Hutchison Whampoa Ltd. (Industrial Conglomerates) (b) 1,254,000 12,311,839 Li & Fung Ltd. (Distributors) (b) 2,662,200 10,238,879 Paliburg Holdings Ltd. (Hotels, Resorts & Cruise Lines) (b) 116,132,400 3,231,438 Paliburg Holdings Ltd. -Wts. Expiring 11/08/10 (Hotels, Resorts & Cruise Lines) (Acquired 10/12/07; Cost $0)(d)(e)(f)(g) 12,903,600 9,929 Regal Hotels International Holdings Ltd. (Hotels, Resorts & Cruise Lines) (b) 113,440,000 7,971,599 Transport International Holdings Ltd. (Trucking) (b) 418,400 1,853,622 Wing Hang Bank Ltd. (Diversified Banks) (b) 524,000 6,770,766 ------------ 83,344,411 ------------ INDIA-4.95% Bharat Heavy Electricals Ltd. (Heavy Electrical Equipment) (b) 235,400 12,361,967 Grasim Industries Ltd. (Construction Materials) (b) 73,800 5,568,029 Infosys Technologies Ltd. (IT Consulting & Other Services) (b) 222,656 8,358,859 Maruti Suzuki India Ltd. (Automobile Manufacturers) (b) 280,900 6,114,374 ------------ 32,403,229 ------------
1 AIM Asia Pacific Growth Fund
SHARES VALUE ----------- ------------ INDONESIA-4.82% PT Astra International Tbk (Automobile Manufacturers) (b) 5,216,000 $ 15,702,890 PT Indocement Tunggal Prakarsa Tbk (Construction Materials) (b) 3,953,000 3,371,677 PT Summarecon Agung Tbk (Real Estate Management & Development) (b) 36,707,500 4,427,857 PT Telekomunikasi Indonesia -Series B (Integrated Telecommunication Services) (b) 7,920,000 8,018,711 ------------ 31,521,135 ------------ MALAYSIA-12.37% Bumiputra-Commerce Holdings Berhad (Diversified Banks) (b) 1,950,100 6,242,208 Digi.com Berhad (Wireless Telecommunication Services) (b) 970,000 7,270,207 Goldis Berhad (Pharmaceuticals) 6,047,000 3,681,839 Kossan Rubber Industries Berhad (Commodity Chemicals) (b) 6,177,100 7,206,172 Public Bank Berhad (Diversified Banks) (b) 3,252,000 11,570,839 SP Setia Berhad (Real Estate Management & Development) (b) 10,007,400 15,536,338 WCT Engineering Berhad (Construction & Engineering) (b) 8,055,433 22,941,628 YTL Cement Berhad (Construction Materials) (b) 4,163,000 6,451,835 ------------ 80,901,066 ------------ PHILIPPINES-7.24% First Gen Corp. (Independent Power Producers & Energy Traders) (Acquired 01/19/07; Cost $2,223,208)(b)(d) 1,962,600 2,232,437 First Gen Corp. (Independent Power Producers & Energy Traders) (b) 1,573,900 1,790,295 First Philippine Holdings (Electric Utilities) (b) 3,092,500 3,929,521 GMA Network Inc. -PDR (Broadcasting & Cable TV) (Acquired 07/16/07; Cost $275,621)(b)(d)(e)(h) 1,468,000 218,839 GMA Network Inc. -PDR (Broadcasting & Cable TV) (b)(e)(h) 48,013,000 7,157,446 Megaworld Corp. (Real Estate Management & Development) (b) 73,289,000 5,132,904 Philippine Long Distance Telephone Co. (Wireless Telecommunication Services) (b) 102,000 7,610,109 PNOC Energy Development Corp. (Independent Power Producers & Energy Traders) (b) 32,261,000 4,829,254 PNOC Energy Development Corp. (Independent Power Producers & Energy Traders) (Acquired 12/04/06; Cost $152,259)(b)(d) 2,335,000 349,534 SM Investments Corp. (Industrial Conglomerates) (b) 1,876,255 14,113,478 ------------ 47,363,817 ------------
SHARES VALUE ----------- ------------ SINGAPORE-5.70% Ezra Holdings Ltd. (Oil & Gas Equipment & Services) (b) 9,094,000 $ 14,979,707 Keppel Corp. Ltd. (Industrial Conglomerates) (b) 1,484,000 12,132,169 United Overseas Bank Ltd. (Diversified Banks) (b) 821,000 10,165,150 ------------ 37,277,026 ------------ SOUTH KOREA-11.17% CJ CheilJedang Corp. (Packaged Foods & Meats) (b)(e) 23,054 7,159,856 CJ Corp. (Industrial Conglomerates) (b)(e) 30,195 2,266,294 Daegu Bank (Regional Banks) (b) 503,800 7,403,533 Hana Financial Group Inc. (Diversified Banks) 266,527 12,997,182 Hyundai Department Store Co., Ltd. (Department Stores) (e) 78,190 7,460,087 Hyundai Development Co. (Construction & Engineering) (b) 70,550 5,081,459 Hyundai H&S Co., Ltd. (Distributors) (b) 40,710 3,772,824 Hyundai Mipo Dockyard Co., Ltd. (Construction & Farm Machinery & Heavy Trucks) (b) 13,200 2,534,576 Joongang Construction Co., Ltd. (Construction & Engineering) (b) 241,550 3,482,556 Lotte Confectionery Co., Ltd. (Packaged Foods & Meats) (b) 4,255 6,811,144 Sung Kwang Bend Co., Ltd. (Building Products) (b) 239,880 4,527,228 Taegu Department Store Co., Ltd. (Department Stores) (b) 347,300 5,412,200 TechnoSemiChem Co., Ltd. (Commodity Chemicals) (b) 194,076 4,195,938 ------------ 73,104,877 ------------ TAIWAN-7.69% Basso Industry Corp. (Household Appliances) (b) 2,841,000 3,451,615 Delta Electronics Inc. (Electronic Equipment Manufacturers) (b) 3,046,250 7,702,846 Hon Hai Precision Industry Co., Ltd. (Electronic Manufacturing Services) (b) 2,020,216 10,931,102 Hung Poo Real Estate Development Corp. (Real Estate Management & Development) 6,485,580 7,846,273 MediaTek Inc. (Semiconductors) 550,385 5,366,228 Taiwan Mobile Co., Ltd. (Wireless Telecommunication Services) 3,116,000 4,457,797 Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors) (b) 2,291,073 4,361,857 Wistron Corp. (Computer Hardware) (b) 4,083,305 6,195,822 ------------ 50,313,540 ------------ THAILAND-5.41% Kasikornbank PCL (Diversified Banks) (b) 2,417,000 6,296,394
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THIS SCHEDULE. 2 AIM Asia Pacific Growth Fund
SHARES VALUE ----------- ------------ THAILAND-(CONTINUED) Major Cineplex Group PCL (Movies & Entertainment) (b) 6,775,900 $ 3,519,222 Siam Commercial Bank PCL (Diversified Banks) (b) 4,966,000 11,502,915 Thai Oil PCL (Oil & Gas Refining & Marketing) (b) 3,863,700 8,956,137 Thai Stanley Electric PCL (Auto Parts & Equipment) 51,000 219,255 Thai Stanley Electric PCL -Class F (Auto Parts & Equipment) 1,138,000 4,892,401 ------------ 35,386,324 ------------ Total Foreign Common Stocks & Other Equity Interests (Cost $478,775,673) 627,784,057 ------------ MONEY MARKET FUNDS-1.36% Liquid Assets Portfolio -Institutional Class(i) 4,455,012 4,455,012 Premier Portfolio -Institutional Class(i) 4,455,012 4,455,012 ------------ Total Money Market Funds (Cost $8,910,024) 8,910,024 ------------ TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)-97.32% (Cost $487,685,697) 636,694,081 ------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES ON LOAN MONEY MARKET FUNDS-4.60% Liquid Assets Portfolio -Institutional Class (Cost $30,081,292)(i)(j) 30,081,292 30,081,292 ------------ TOTAL INVESTMENTS-101.92% (Cost $517,766,989) 666,775,373 ------------ OTHER ASSETS LESS LIABILITIES-(1.92)% (12,577,184) ------------ NET ASSETS-100.00% $654,198,189 ============
Investment Abbreviations: ADR -- American Depositary Receipt PDR -- Phillipine Deposit Receipt REIT -- Real Estate Investment Trust Wts. -- Warrants Notes to Schedule of Investments: (a) Industry classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's. (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 value of these securities at January 31, 2008 was $553,945,556, which represented 84.68% of the Fund's Net Assets. See Note 1A. (c) All or a portion of this security was out on loan at January 31, 2008. (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 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 value of these securities at January 31, 2008 was $10,833,640, which represented 1.66% of the Fund's Net Assets. Unless otherwise indicated, these securities are not considered to be illiquid. (e) Non-income producing security. (f) Security fair valued in good faith in accordance with the procedures established by the Board of Trustees. The aggregate value of these securities at January 31, 2008 was $5,865,177, which represented 0.90% of the Fund's Net Assets. See Note 1A. (g) Security considered to be illiquid. The Fund is limited to investing 15% of net assets in illiquid securities at the time of purchase. The value of this security considered illiquid at January 31, 2008 represented 0.00% of the Fund's Net Assets. (h) Affiliated company during the period. The Investment Company Act of 1940 defines affiliates as those companies in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The aggregate value of these securities as of January 31, 2008 was $7,376,285, which represented 1.13% of the Fund's Net Assets. See Note 2. (i) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (j) The security has been segregated to satisfy the 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. 3 AIM Asia Pacific Growth Fund NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2008 (Unaudited) NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources 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. 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. 4 AIM Asia Pacific Growth Fund A. SECURITY VALUATIONS - (CONTINUED) Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds as received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the 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. COUNTRY DETERMINATION - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, AIM may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer's securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America unless otherwise noted. D. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Taxes are accrued based on the Fund's current interpretation of tax regulations and rates that exist in the foreign markets in which the Fund invests. E. 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. Fluctuations in the value of these contracts are recorded as unrealized appreciation (depreciation) until the contracts are closed. When these contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations. The Fund could be exposed to risk, which may be in excess of the amount reflected in the Statement of Assets and Liabilities, if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. 5 AIM Asia Pacific Growth Fund NOTE 2 -- INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to procedures approved by the Board of Trustees, to invest daily available cash balances and cash collateral from securities lending transactions in an affiliated money market fund. The Fund and the money market fund 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 an affiliated money market fund for the three months ended January 31, 2008. During the period each investment maintained a $1.00 net asset value, as such there is no realized gain/(loss) and no change in unrealized appreciation/(depreciation).
CHANGE IN UNREALIZED VALUE PURCHASES PROCEEDS FROM APPRECIATION VALUE DIVIDEND FUND 10/31/07 AT COST SALES (DEPRECIATION) 01/31/08 INCOME - ---- ------------ ------------ ------------- -------------- ----------- ---------- Liquid Assets Portfolio- Institutional Class $30,268,670 $18,817,570 $(44,631,228) $-- $4,455,012 $252,890 Premier Portfolio- Institutional Class 30,268,670 18,817,570 (44,631,228) -- 4,455,012 254,746 ----------- ----------- ------------ --- ---------- -------- SUBTOTAL $60,537,340 $37,635,140 $(89,262,456) $-- $8,910,024 $507,636 =========== =========== ============ === ========== ========
CHANGE IN UNREALIZED VALUE PURCHASES PROCEEDS FROM APPRECIATION VALUE DIVIDEND FUND 10/31/07 AT COST SALES (DEPRECIATION) 01/31/08 INCOME* - ---- ------------ ------------ ------------- -------------- ----------- ---------- Liquid Assets Portfolio- Institutional Class $51,548,164 $46,325,986 $(67,792,858) $-- $30,081,292 $63,049
* Net of compensation to counterparties. INVESTMENTS IN OTHER AFFILIATES: The Investment Company Act of 1940 defines affiliates as those issuances in which a fund holds 5% or more of the outstanding voting securities. The Fund has not owned enough of the outstanding voting securities of the issuer to have control (as defined in the Investment Company Act of 1940) of that issuer. The following is a summary of the transactions with affiliates for the three months ended January 31, 2008.
CHANGE IN UNREALIZED REALIZED VALUE PURCHASES PROCEEDS FROM APPRECIATION VALUE DIVIDEND GAIN FUND 10/31/07 AT COST SALES (DEPRECIATION) 01/31/08 INCOME (LOSS) - ---- ------------ ------------ ------------- -------------- ----------- ---------- -------- GMA Network Inc. (Cost $10,962,190) $ 9,499,447 $ 343,159 $ -- $(2,466,321) $ 7,376,285 $ -- $-- ------------ ----------- ------------- ----------- ----------- -------- --- TOTAL INVESTMENTS IN AFFILIATES $121,584,951 $84,304,285 $(157,055,314) $(2,466,321) $46,367,601 $570,685 $-- ============ =========== ============= =========== =========== ======== ===
6 AIM Asia Pacific Growth Fund 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 by the securities lending provider. 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 any loss on the collateral invested. At January 31, 2008, securities with an aggregate value of $28,514,292 were on loan to brokers. The loans were secured by cash collateral of $30,081,292 received by the Fund and subsequently invested in affiliated money market funds. For the three months ended January 31, 2008, the Fund received dividends on cash collateral investments of $63,049 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 -- INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2008 was $58,229,199 and $76,833,982, 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 $179,204,063 Aggregate unrealized (depreciation) of investment securities (30,514,498) ------------ Net unrealized appreciation of investment securities $148,689,565 ============
Cost of investments for tax purposes is $518,085,808 7 AIM EUROPEAN GROWTH FUND Quarterly Schedule of Portfolio Holdings - January 31, 2008 [AIM INVESTMENTS LOGO] --REGISTERED TRADEMARK-- AIMinvestments.com EGR-QTR-1 1/08 A I M Advisors, Inc. AIM EUROPEAN GROWTH FUND SCHEDULE OF INVESTMENTS (a) January 31, 2008 (Unaudited)
SHARES VALUE ----------- -------------- FOREIGN COMMON STOCKS & OTHER EQUITY INTERESTS-91.56% BELGIUM-3.86% Colruyt S.A. (Food Retail) (b) 68,300 $ 17,189,977 InBev N.V. (Brewers) (b) 316,586 26,075,896 KBC Groep N.V. (Diversified Banks) (b) 112,324 14,324,093 -------------- 57,589,966 -------------- CYPRUS-1.08% Bank of Cyprus (Diversified Banks) (b) 1,019,090 16,173,550 -------------- DENMARK-1.39% Novo Nordisk A.S. -Class B (Pharmaceuticals) (b) 330,066 20,737,891 -------------- FINLAND-1.70% Nokia Oyj (Communications Equipment) (b) 214,222 7,759,049 Nokia Renkaat Oyj (Tires & Rubber) (b)(c) 517,950 17,602,121 -------------- 25,361,170 -------------- FRANCE-6.30% Axa (Multi-Line Insurance) (b) 439,967 15,083,081 BNP Paribas (Diversified Banks) (b) 231,496 22,889,181 Cap Gemini S.A. (IT Consulting & Other Services) (b) 237,883 12,943,407 Rhodia S.A. (Specialty Chemicals) (b)(d) 353,439 9,861,022 Schneider Electric S.A. (Electrical Components & Equipment) (b) 107,506 12,469,070 Total S.A. (Integrated Oil & Gas) (b) 286,292 20,768,404 -------------- 94,014,165 -------------- GERMANY-14.53% Bayer A.G. (Diversified Chemicals) (b) 307,929 25,334,176 Commerzbank A.G. (Diversified Banks) (b) 325,073 9,928,771 Continental A.G. (Tires & Rubber) (b) 126,852 13,173,890 Daimler A.G. (Automobile Manufacturers) (b) 291,550 22,809,576 Deutsche Boerse A.G. (Specialized Finance) (b) 185,000 32,683,869 MAN A.G. (Industrial Machinery) (b) 89,986 11,177,160 Merck KGaA (Pharmaceuticals) (b) 123,319 15,267,879 MTU Aero Engines Holding A.G. (Aerospace & Defense) (b) 396,753 21,267,990 Puma A.G. Rudolf Dassler Sport (Footwear) (b) 72,448 26,156,786 Siemens A.G. (Industrial Conglomerates) (b) 194,885 25,254,584
SHARES VALUE ----------- -------------- GERMANY-(CONTINUED) Symrise A.G. (Specialty Chemicals) (b)(d) 553,859 $ 13,856,176 -------------- 216,910,857 -------------- GREECE-4.26% Intralot S.A. Integrated Lottery (Casinos & Gaming) (b) 1,911,298 32,375,381 OPAP S.A. (Casinos & Gaming) (b) 341,160 11,931,612 OPAP S.A. (Casinos & Gaming) (Acquired 07/14/03; Cost $1,109,094)(b)(e) 104,000 3,637,260 Titan Cement Co. (Construction Materials) (b) 343,029 15,638,537 -------------- 63,582,790 -------------- HUNGARY-1.42% OTP Bank Nyrt. (Diversified Banks) (b)(c) 179,189 7,722,244 Richter Gedeon Nyrt. (Pharmaceuticals) (b) 60,418 13,467,785 -------------- 21,190,029 -------------- IRELAND-4.28% Anglo Irish Bank Corp. PLC (Diversified Banks) (b)(c) 1,748,726 24,645,090 CRH PLC (Construction Materials) 396,332 14,890,085 IAWS Group PLC (Packaged Foods & Meats) (b)(c) 745,889 15,287,490 Smurfit Kappa Group PLC (Paper Packaging) (d) 670,558 9,087,830 -------------- 63,910,495 -------------- ITALY-2.12% Eni S.p.A. (Integrated Oil & Gas) (b) 577,877 18,625,835 Finmeccanica S.p.A. (Aerospace & Defense) (b) 436,601 13,073,943 -------------- 31,699,778 -------------- NETHERLANDS-6.78% Aalberts Industries N.V. (Industrial Machinery) (b) 1,009,744 17,602,891 Heineken Holding N.V. (Brewers) (b) 294,869 15,031,451 Koninklijke BAM Groep N.V. (Construction & Engineering) (b) 988,485 18,677,129 TNT N.V. (Air Freight & Logistics) (b) 442,840 16,405,604 TomTom N.V. (Consumer Electronics) (b)(c)(d) 228,709 12,628,740 USG People N.V. (Human Resource & Employment Services) (b) 1,002,164 20,954,563 -------------- 101,300,378 --------------
1 AIM EUROPEAN GROWTH FUND
SHARES VALUE ----------- -------------- NORWAY-2.44% Cermaq A.S.A. (Packaged Foods & Meats) (b)(c) 750,785 $ 7,646,793 Petroleum Geo-Services A.S.A. (Oil & Gas Equipment & Services) (b) 902,682 19,472,375 TGS Nopec Geophysical Co. A.S.A. (Oil & Gas Equipment & Services) (b)(c)(d) 754,576 9,345,612 -------------- 36,464,780 -------------- RUSSIA-2.01% Vimpel-Communications -ADR (Wireless Telecommunication Services) 869,606 29,949,231 SPAIN-1.60% Banco Santander S.A. (Diversified Banks) (b) 735,324 12,899,465 Telefonica S.A. (Integrated Telecommunication Services) (b) 376,042 11,012,393 -------------- 23,911,858 -------------- SWEDEN-3.86% Assa Abloy A.B. -Class B (Building Products) (b)(c) 858,711 14,990,512 Intrum Justitia A.B. (Diversified Commercial & Professional Services) (b) 987,725 15,754,981 Oriflame Cosmetics S.A.-SDR (Personal Products) 358,150 19,534,431 Swedish Match A.B. (Tobacco) (b) 333,985 7,384,541 -------------- 57,664,465 -------------- SWITZERLAND-11.18% Bucher Industries A.G. (Construction & Farm Machinery & Heavy Trucks) (b) 71,700 16,026,436 Compagnie Financiere Richemont S.A. -Class A (Apparel, Accessories & Luxury Goods) (b)(f) 226,225 12,937,076 Credit Suisse Group (Diversified Capital Markets) (b) 256,276 14,522,803 Nestle S.A. (Packaged Foods & Meats) 61,277 27,384,151 Rieter Holding A.G. (Auto Parts & Equipment) (b) 25,876 9,386,311 Roche Holding A.G. (Pharmaceuticals) 180,409 32,683,274 Sonova Holding A.G. (Health Care Equipment) (b)(c) 155,000 13,887,301 Syngenta A.G. (Fertilizers & Agricultural Chemicals) 107,547 28,359,451 UBS A.G. (Diversified Capital Markets) (b) 282,581 11,692,943 -------------- 166,879,746 -------------- TURKEY-1.79% Akbank T.A.S. (Diversified Banks) (b) 2,495,993 14,562,336 Tupras-Turkiye Petrol Rafinerileri A.S. (Oil & Gas Refining & Marketing) (b) 475,398 12,196,893 -------------- 26,759,229 --------------
SHARES VALUE ----------- -------------- UNITED KINGDOM-20.96% Amlin PLC (Multi-Line Insurance) (b) 2,554,450 $ 13,556,857 Aviva PLC (Multi-Line Insurance) (b) 1,021,046 12,788,969 Balfour Beatty PLC (Construction & Engineering) 1,766,700 14,852,305 Bunzl PLC (Trading Companies & Distributors) (b) 1,360,864 17,135,404 Capita Group PLC (Human Resource & Employment Services) (b) 1,364,129 17,872,238 Enterprise Inns PLC (Restaurants) (b) 982,226 8,765,441 Homeserve PLC (Diversified Commercial & Professional Services) (b)(c) 469,902 15,601,934 IG Group Holdings PLC (Specialized Finance) 1,270,811 9,198,770 Imperial Tobacco Group PLC (Tobacco) 520,261 25,347,480 Inchcape PLC (Distributors) (b) 1,371,180 10,214,654 Informa PLC (Publishing) (b) 2,073,141 16,187,033 International Power PLC (Independent Power Producers & Energy Traders) 2,511,089 19,924,271 Mitie Group PLC (Environmental & Facilities Services) (b) 2,919,500 14,115,179 Punch Taverns PLC (Restaurants) (b) 524,640 7,315,706 Reckitt Benckiser Group PLC (Household Products) (b) 257,245 13,466,132 Shire PLC (Pharmaceuticals) (b) 1,105,300 19,707,890 Tesco PLC (Food Retail) (b) 1,308,319 10,915,941 Ultra Electronics Holdings PLC (Aerospace & Defense) 547,110 12,076,611 United Business Media PLC (Publishing) (b) 1,337,221 14,655,523 Vedanta Resources PLC (Diversified Metals & Mining) (b) 343,725 12,482,954 WPP Group PLC (Advertising) (b)(c) 2,164,780 26,716,016 -------------- 312,897,308 -------------- Total Foreign Common Stocks & Other Equity Interests (Cost $945,844,812) 1,366,997,686 -------------- FOREIGN PREFERRED STOCKS-3.77% GERMANY-3.77% Henkel KGaA -Pfd. (Household Products) (b) 452,346 20,708,923 Porsche Automobil Holding S.E. -Pfd. (Automobile Manufacturers) (b)(c) 19,808 35,638,365 Total Foreign Preferred Stocks (Cost $36,016,530) 56,347,288 -------------- MONEY MARKET FUNDS-2.68% Liquid Assets Portfolio -Institutional Class(g) 19,972,983 19,972,983 Premier Portfolio -Institutional Class(g) 19,972,983 19,972,983 Total Money Market Funds (Cost $39,945,966) 39,945,966 -------------- TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)-98.01% (Cost $1,021,807,308) 1,463,290,940 --------------
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THIS SCHEDULE. 2 AIM EUROPEAN GROWTH FUND
SHARES VALUE ----------- -------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES ON LOAN MONEY MARKET FUNDS-5.54% Liquid Assets Portfolio -Institutional Class (Cost $82,657,271)(g)(h) 82,657,271 $ 82,657,271 -------------- TOTAL INVESTMENTS-103.55% (Cost $1,104,464,579) 1,545,948,211 -------------- OTHER ASSETS LESS LIABILITIES-(3.55)% (52,959,001) -------------- NET ASSETS-100.00% $1,492,989,210 ==============
Investment Abbreviations: ADR -- American Depositary Receipt Pfd. -- Preferred SDR -- Swedish Depositary Receipt Notes to Schedule of Investments: (a) Industry classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's. (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 value of these securities at January 31, 2008 was $1,180,057,084, which represented 79.04% of the Fund's Net Assets. See Note 1A. (c) All or a portion of this security was out on loan at January 31, 2008. (d) Non-income producing security. (e) 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 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 value of this security at January 31, 2008 represented 0.24% of the Fund's Net Assets. Unless otherwise indicated, this security is not considered to be illiquid. (f) Each unit represents one A bearer share in the company and one bearer share participation certificate in Richemont S.A. (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 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. 3 AIM EUROPEAN GROWTH FUND NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2008 (Unaudited) NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources 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. Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. 4 AIM EUROPEAN GROWTH FUND B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds as received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the 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. COUNTRY DETERMINATION - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, AIM may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer's securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America unless otherwise noted. D. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Taxes are accrued based on the Fund's current interpretation of tax regulations and rates that exist in the foreign markets in which the Fund invests. E. 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. Fluctuations in the value of these contracts are recorded as unrealized appreciation (depreciation) until the contracts are closed. When these contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations. The Fund could be exposed to risk, which may be in excess of the amount reflected in the Statement of Assets and Liabilities, if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. 5 AIM EUROPEAN GROWTH FUND NOTE 2 -- INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to procedures approved 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, 2008. During the period each investment maintained a $1.00 net asset value, as such there is no realized gain/(loss) and no change in unrealized appreciation/(depreciation). INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
VALUE PURCHASES PROCEEDS VALUE DIVIDEND FUND 10/31/07 AT COST FROM SALES 01/31/08 INCOME - ---- ------------ ------------ ------------- ------------ ---------- Liquid Assets Portfolio - Institutional Class $38,203,361 $31,950,791 $ (50,181,169) $19,972,983 $459,253 Premier Portfolio- Institutional Class 38,203,361 31,950,791 (50,181,169) 19,972,983 463,163 ----------- ----------- ------------- ----------- -------- SUBTOTAL $76,406,722 $63,901,582 $(100,362,338) $39,945,966 $922,416 ----------- ----------- ------------- ----------- --------
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
VALUE PURCHASES PROCEEDS VALUE DIVIDEND FUND 10/31/07 AT COST FROM SALES 01/31/08 INCOME* - ------------------------- ------------ ------------ ------------- ------------ ---------- Liquid Assets Portfolio - Institutional Class $ 96,295,345 $180,794,735 $(194,432,809) $ 82,657,271 $ 311,671 ------------ ------------ ------------- ------------ ---------- TOTAL INVESTMENTS IN AFFILIATES $172,702,067 $244,696,317 $(294,795,147) $122,603,237 $1,234,087 ============ ============ ============= ============ ==========
* Net of compensation to counterparties. NOTE 3 -- PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. 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 any loss on the collateral invested. At January 31, 2008, securities with an aggregate value of $77,159,267 were on loan to brokers. The loans were secured by cash collateral of $82,657,271 received by the Fund and subsequently invested in an affiliated money market fund. For the three months ended January 31, 2008, the Fund received dividends on cash collateral investments of $311,671 for securities lending transactions, which are net of compensation to counterparties. NOTE 4 -- INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2008 was $51,639,197 and $121,004,767, 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 $501,285,593 Aggregate unrealized (depreciation) of investment securities (59,963,753) ------------ Net unrealized appreciation of investment securities $441,321,840 ============
Cost of investments for tax purposes is $1,104,626,371. 6 AIM GLOBAL AGGRESSIVE GROWTH FUND Quarterly Schedule of Portfolio Holdings - January 31, 2008 [AIM INVESTMENTS LOGO] --REGISTERED TRADEMARK-- AIMinvestments.com GLA-QTR-1 1/08 A I M Advisors, Inc. AIM Global Aggressive Growth Fund SCHEDULE OF INVESTMENTS(a) January 31, 2008 (Unaudited)
SHARES VALUE ----------- -------------- FOREIGN COMMON STOCKS & OTHER EQUITY INTERESTS-63.51% BRAZIL-2.39% Gafisa S.A. (Homebuilding) 636,400 $ 10,965,049 Unibanco-Uniao de Bancos Brasileiros S.A. -GDR (Diversified Banks) 103,200 13,498,560 -------------- 24,463,609 -------------- CANADA-4.51% Astral Media Inc. (Broadcasting & Cable TV) 158,400 6,530,333 Onex Corp. (Multi-Sector Holdings) 277,600 8,376,100 Power Financial Corp. (Life & Health Insurance) (b) 263,200 9,537,789 Sherritt International Corp. (Diversified Metals & Mining) 823,684 11,114,238 Shoppers Drug Mart Corp. (Drug Retail) (Acquired 05/16/03; Cost $3,592,970)(c)(d) 216,000 10,584,904 -------------- 46,143,364 -------------- CYPRUS-1.09% Bank of Cyprus PCL (Diversified Banks)(e) 699,400 11,099,884 -------------- FINLAND-1.31% Nokian Renkaat Oyj (Tires & Rubber)(e) 393,500 13,372,786 -------------- FRANCE-0.58% Rhodia S.A. (Specialty Chemicals)(e)(f) 212,845 5,938,420 -------------- GERMANY-5.60% Continental A.G. (Tires & Rubber)(e) 90,140 9,361,260 Deutsche Boerse A.G. (Specialized Finance)(e) 150,400 26,571,102 Puma A.G. Rudolf Dassler Sport (Footwear) (Acquired 06/02/03; Cost $398,309)(d)(e) 3,935 1,420,701 Puma A.G. Rudolf Dassler Sport (Footwear)(e) 38,700 13,972,333 Symrise A.G. (Specialty Chemicals)(e)(f) 240,000 6,004,204 -------------- 57,329,600 -------------- GREECE-3.84% Intralot S.A. (Casinos & Gaming)(e) 1,233,572 20,895,414 OPAP S.A. (Casinos & Gaming) (Acquired 07/14/03; Cost $2,090,216)(d)(e) 196,000 6,854,836 OPAP S.A. (Casinos & Gaming)(e) 133,630 4,673,530
SHARES VALUE ----------- -------------- GREECE-(CONTINUED) Titan Cement Co. (Construction Materials)(e) 149,300 $ 6,806,520 -------------- 39,230,300 -------------- HONG KONG-2.82% Esprit Holdings Ltd. (Apparel Retail) (e) 570,200 7,415,515 Hongkong Land Holdings Ltd. (Real Estate Management & Development)(e) 2,226,000 10,623,694 Regal Hotels International Holdings Ltd. (Hotels, Resorts & Cruise Lines)(e) 154,162,000 10,833,196 -------------- 28,872,405 -------------- HUNGARY-1.63% OTP Bank Nyrt. (Diversified Banks)(e) 191,826 8,266,842 Richter Gedeon Nyrt. (Pharmaceuticals) (e) 37,934 8,455,873 -------------- 16,722,715 -------------- INDIA-0.66% Grasim Industries Ltd. (Construction Materials)(e) 89,900 6,782,734 -------------- INDONESIA-1.20% PT Astra International Tbk (Automobile Manufacturers)(e) 4,071,000 12,255,841 -------------- IRELAND-2.42% Anglo Irish Bank Corp. PLC (Diversified Banks)(e) 1,381,762 19,473,404 Smurfit Kappa Group PLC (Paper Packaging)(f) 388,907 5,270,716 -------------- 24,744,120 -------------- ISRAEL-1.66% Israel Discount Bank -Class A (Diversified Banks)(e)(f) 6,678,391 16,999,795 -------------- JAPAN-2.28% EXEDY Corp. (Auto Parts & Equipment)(e) 441,600 13,645,982 Suzuki Motor Corp. (Automobile Manufacturers)(b) 386,600 9,726,815 -------------- 23,372,797 -------------- MALAYSIA-1.13% YTL Corp. Berhad (Multi-Utilities)(e) 4,704,100 11,302,518 YTL Power International Berhad (Water Utilities)(e) 313,606 243,897 -------------- 11,546,415 --------------
1 AIM Global Aggressive Growth Fund
SHARES VALUE ----------- -------------- MEXICO-1.02% America Movil S.A.B de C.V. -Series L -ADR (Wireless Telecommunication Services) 173,500 $ 10,394,385 -------------- NETHERLANDS-2.87% Koninklijke BAM Groep N.V. (Construction & Engineering)(e) 520,285 9,830,629 TomTom N.V. (Consumer Electronics) (b)(e)(f) 119,031 6,572,595 USG People N.V. (Human Resource & Employment Services)(b)(e) 618,316 12,928,564 -------------- 29,331,788 -------------- NORWAY-1.33% Petroleum Geo-Services A.S.A. (Oil & Gas Equipment & Services)(e) 631,180 13,615,618 -------------- PHILIPPINES-1.32% Ayala Corp. (Multi-Sector Holdings)(e) 417,090 4,921,614 PNOC Energy Development Corp. (Independent Power Producers & Energy Traders)(e) 52,181,000 7,811,143 PNOC Energy Development Corp. (Independent Power Producers & Energy Traders) (Acquired 12/04/06; Cost $343,121)(d)(e) 5,262,000 787,686 -------------- 13,520,443 -------------- RUSSIA-2.51% Vimpel-Communications -ADR (Wireless Telecommunication Services) 745,298 25,668,063 -------------- SOUTH AFRICA-2.07% Standard Bank Group Ltd. (Diversified Banks) (e) 1,338,442 16,084,115 Telkom South Africa Ltd. (Integrated Telecommunication Services)(e) 269,269 5,078,260 -------------- 21,162,375 -------------- SOUTH KOREA-2.11% Daegu Bank (Regional Banks)(e) 707,840 10,401,979 Hyundai Development Co. (Construction & Engineering)(e)(f) 89,200 6,424,750 Hyundai Mipo Dockyard Co., Ltd. (Construction & Farm Machinery & Heavy Trucks)(e) 24,900 4,781,132 -------------- 21,607,861 -------------- SWEDEN-1.28% Oriflame Cosmetics S.A.-SDR (Personal Products) 149,350 8,145,937 Swedish Match A.B. (Tobacco)(e) 222,700 4,923,986 -------------- 13,069,923 -------------- SWITZERLAND-4.18% Baloise Holding A.G. (Multi-Line Insurance) (e) 93,300 8,281,598 Sonova Holding A.G. (Health Care Equipment) (e) 119,000 10,661,863
SHARES VALUE ----------- -------------- SWITZERLAND-(CONTINUED) Syngenta A.G. (Fertilizers & Agricultural Chemicals) 90,315 $ 23,815,484 -------------- 42,758,945 -------------- TAIWAN-0.63% Taiwan Mobile Co., Ltd. (Wireless Telecommunication Services) 4,488,000 6,420,601 -------------- THAILAND-1.00% Siam Commercial Bank PCL (Diversified Banks)(e) 4,410,400 10,215,960 -------------- TURKEY-0.92% Tupras-Turkiye Petrol Rafinerileri A.S. (Oil & Gas Refining & Marketing)(e) 367,305 9,423,641 -------------- UNITED KINGDOM-9.15% Bunzl PLC (Trading Companies & Distributors)(e) 799,533 10,067,370 Capita Group PLC (Human Resource & Employment Services)(e) 856,451 11,220,857 Enterprise Inns PLC (Restaurants)(e) 899,685 8,028,840 Homeserve PLC (Diversified Commercial & Professional Services) (e) 161,200 5,352,247 IG Group Holdings PLC (Specialized Finance) 632,453 4,578,014 Inchcape PLC (Distributors)(e) 1,200,600 8,943,912 Informa PLC (Publishing)(e) 1,187,305 9,270,448 International Power PLC (Independent Power Producers & Energy Traders) 1,845,000 14,639,178 Shire PLC (Pharmaceuticals)(e) 789,500 14,077,064 United Business Media PLC (Publishing)(e) 674,325 7,390,391 -------------- 93,568,321 -------------- Total Foreign Common Stocks & Other Equity Interests (Cost $403,620,686) 649,632,709 -------------- COMMON STOCKS & OTHER EQUITY INTERESTS-30.23% AEROSPACE & DEFENSE-4.18% Moog Inc. - Class A(f) 201,700 9,286,268 Precision Castparts Corp. 85,000 9,673,000 Rockwell Collins, Inc. 161,500 10,206,800 Spirit AeroSystems Holdings Inc. -Class A(f) 382,024 10,551,503 Teledyne Technologies Inc.(f) 58,721 3,031,765 -------------- 42,749,336 -------------- APPAREL RETAIL-1.00% Aeropostale, Inc.(f) 364,686 10,273,205 -------------- APPLICATION SOFTWARE-1.67% Amdocs Ltd.(f) 296,899 9,824,388 Autodesk, Inc.(f) 176,355 7,257,008 -------------- 17,081,396 --------------
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THIS SCHEDULE. 2 AIM Global Aggressive Growth Fund
SHARES VALUE ----------- -------------- ASSET MANAGEMENT & CUSTODY BANKS-1.72% Affiliated Managers Group, Inc.(b)(f) 97,500 $ 9,585,225 Waddell & Reed Financial, Inc. -Class A 240,000 7,963,200 -------------- 17,548,425 -------------- CONSTRUCTION & ENGINEERING-0.61% Chicago Bridge & Iron Co. N.V. -New York Shares 140,000 6,228,600 -------------- EDUCATION SERVICES-1.39% Apollo Group, Inc. -Class A(f) 178,195 14,209,269 -------------- ELECTRICAL COMPONENTS & EQUIPMENT-0.72% Thomas & Betts Corp.(f) 162,145 7,337,061 -------------- ELECTRONIC EQUIPMENT MANUFACTURERS-1.00% Amphenol Corp. -Class A 255,000 10,184,700 -------------- ELECTRONIC MANUFACTURING SERVICES-0.48% Trimble Navigation Ltd.(f) 187,025 4,946,811 -------------- FOOTWEAR-0.60% Crocs, Inc.(f) 175,000 6,088,250 -------------- HEALTH CARE DISTRIBUTORS-0.86% AmerisourceBergen Corp. 187,777 8,759,797 -------------- HEALTH CARE FACILITIES-0.70% VCA Antech, Inc.(f) 185,897 7,186,778 -------------- HEALTH CARE SERVICES-0.83% Pediatrix Medical Group, Inc.(f) 125,000 8,511,250 -------------- HOUSEHOLD PRODUCTS-1.39% Clorox Co. (The) 72,017 4,416,083 Church & Dwight Co., Inc.(b) 185,000 9,845,700 -------------- 14,261,783 -------------- INDUSTRIAL CONGLOMERATES-1.34% McDermott International, Inc.(f) 291,611 13,758,207 -------------- INTERNET RETAIL-0.68% Expedia, Inc.(f) 301,578 6,942,326 -------------- INVESTMENT BANKING & BROKERAGE-0.68% optionsXpress Holdings Inc.(b) 255,000 6,915,600 -------------- LIFE SCIENCES TOOLS & SERVICES-2.10% Applera Corp.-Applied Biosystems Group 291,151 9,179,991 Invitrogen Corp.(f) 82,140 7,036,934 Varian Inc.(f) 96,270 5,222,647 -------------- 21,439,572 -------------- MANAGED HEALTH CARE-1.88% Health Net Inc.(f) 206,550 9,602,509
SHARES VALUE ----------- -------------- MANAGED HEALTH CARE-(CONTINUED) Humana Inc.(f) 119,733 $ 9,614,560 -------------- 19,217,069 -------------- MULTI-LINE INSURANCE-0.61% Assurant, Inc. 96,965 6,292,059 -------------- OIL & GAS EQUIPMENT & SERVICES-2.64% Cameron International Corp.(f) 170,000 6,844,200 Grant Prideco, Inc.(f) 148,950 7,414,731 Helix Energy Solutions Group Inc.(f) 130,000 4,806,100 National-Oilwell Varco Inc.(f) 132,000 7,950,360 -------------- 27,015,391 -------------- PERSONAL PRODUCTS-0.56% Chattem, Inc.(f) 75,000 5,754,000 -------------- SEMICONDUCTORS-0.34% National Semiconductor Corp. 190,000 3,501,700 -------------- SPECIALIZED FINANCE-0.86% Nasdaq Stock Market Inc.(f) 190,868 8,831,462 -------------- SYSTEMS SOFTWARE-0.78% MICROS Systems, Inc.(f) 130,000 8,005,400 -------------- TOBACCO-0.61% UST Inc. 119,660 6,217,534 -------------- Total Common Stocks & Other Equity Interests (Cost $271,146,395) 309,256,981 -------------- MONEY MARKET FUNDS-5.88% Liquid Assets Portfolio -Institutional Class(g) 30,085,764 30,085,764 Premier Portfolio -Institutional Class(g) 30,085,764 30,085,764 Total Money Market Funds (Cost $60,171,528) 60,171,528 -------------- TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)-99.62% (Cost $734,938,609) 1,019,061,218 -------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES ON LOAN MONEY MARKET FUNDS-2.36% Liquid Assets Portfolio -Institutional Class (Cost $24,155,289)(g)(h) 24,155,289 24,155,289 -------------- TOTAL INVESTMENTS-101.98% (Cost $759,093,898) 1,043,216,507 -------------- OTHER ASSETS LESS LIABILITIES-(1.98)% (20,268,507) -------------- NET ASSETS-100.00% $1,022,948,000 ==============
Investment Abbreviations: ADR -- American Depositary Receipt GDR -- Global Depositary Receipt SDR -- Swedish Depositary Receipt SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THIS SCHEDULE. 3 AIM Global Aggressive Growth Fund Notes to Schedule of Investments: (a) Industry classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's. (b) All or a portion of this security was out on loan at January 31, 2008. (c) Security fair valued in good faith in accordance with the procedures established by the Board of Trustees. The value of this security at January 31, 2008 represented 1.03% of the Fund's Net Assets. See Note 1A. (d) Security not registered under the Securities Act of 1933, as amended (e.g., the security was purchased in a Rule 144A transaction or a Regulation D transaction). The security may be resold 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 value of these securities at January 31, 2008 was $19,648,127, which represented 1.92% of the Fund's Net Assets. Unless otherwise indicated, these securities are not considered to be illiquid. (e) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate value of these securities at January 31, 2008 was $470,366,543, which represented 45.98% of the Fund's Net Assets. See Note 1A. (f) Non-income producing security. (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 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. 4 AIM Global Aggressive Growth Fund NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2008 (Unaudited) NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources 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. 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. 5 AIM Global Aggressive Growth Fund A. SECURITY VALUATIONS - (CONTINUED) Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds as received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the 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. COUNTRY DETERMINATION - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, AIM may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer's securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America unless otherwise noted. D. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Taxes are accrued based on the Fund's current interpretation of tax regulations and rates that exist in the foreign markets in which the Fund invests. E. 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. Fluctuations in the value of these contracts are recorded as unrealized appreciation (depreciation) until the contracts are closed. When these contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations. The Fund could be exposed to risk, which may be in excess of the amount reflected in the Statement of Assets and Liabilities, if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. 6 AIM Global Aggressive Growth Fund NOTE 2 -- INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to procedures approved 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, 2008. During the period each investment maintained a $1.00 net asset value, as such there is no realized gain/(loss) and no change in unrealized appreciation/(depreciation). INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
VALUE PURCHASES PROCEEDS FROM VALUE DIVIDEND FUND 10/31/07 AT COST SALES 01/31/08 INCOME - ---- ------------ ------------ ------------- ----------- ---------- Liquid Assets Portfolio - Institutional Class $20,944,381 $42,479,294 $(33,337,911) $30,085,764 $344,501 Premier Portfolio- Institutional Class 20,944,381 42,479,294 (33,337,911) 30,085,764 347,416 ----------- ----------- ------------ ----------- -------- SUBTOTAL $41,888,762 $84,958,588 $(66,675,822) $60,171,528 $691,917 =========== =========== ============ =========== ========
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
VALUE PURCHASES PROCEEDS FROM VALUE DIVIDEND FUND 10/31/07 AT COST SALES 01/31/08 INCOME* - ---- ------------ ------------ ------------- ----------- ---------- Liquid Assets Portfolio - Institutional Class $40,069,982 $ 51,592,014 $ (67,506,707) $24,155,289 $ 58,981 ----------- ------------ ------------- ----------- -------- TOTAL INVESTMENTS IN AFFILIATES $81,958,744 $136,550,602 $(134,182,529) $84,326,817 $750,898 =========== ============ ============= =========== ========
* Net of compensation to counterparties. NOTE 3 -- PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. 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 any loss on the collateral invested. At January 31, 2008, securities with an aggregate value of $22,864,504 were on loan to brokers. The loans were secured by cash collateral of $24,155,289 received by the Fund and subsequently invested in affiliated money market funds. For the three months ended January 31, 2008, the Fund received dividends on cash collateral investments of $58,981 for securities lending transactions, which are net of compensation to counterparties. 7 AIM Global Aggressive Growth Fund NOTE 4 -- INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2008 was $111,542,022 and $124,503,291, 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 $326,078,728 Aggregate unrealized (depreciation) of investment securities (42,022,687) ------------ Net unrealized appreciation of investment securities $284,056,041 ============
Cost of investments for tax purposes is $759,160,466. 8 AIM GLOBAL GROWTH FUND Quarterly Schedule of Portfolio Holdings - January 31, 2008 [AIM INVESTMENTS LOGO] - REGISTERED TRADEMARK - AIMINVESTMENTS.COM GLG-QTR-1 1/08 A I M Advisors, Inc. AIM GLOBAL GROWTH FUND SCHEDULE OF INVESTMENTS (a) January 31, 2008 (Unaudited)
SHARES VALUE ---------- -------------- FOREIGN COMMON STOCKS & OTHER EQUITY INTERESTS-64.35% AUSTRALIA-1.67% BHP Billiton Ltd. (Diversified Metals & Mining) (b) 196,947 $ 6,616,298 -------------- BELGIUM-3.22% InBev N.V. (Brewers) (b) 111,640 9,195,331 KBC Groep N.V. (Diversified Banks) (b) 28,136 3,588,037 -------------- 12,783,368 -------------- CANADA-1.96% Manulife Financial Corp. (Life & Health Insurance) 72,993 2,754,864 Suncor Energy, Inc. (Integrated Oil & Gas) 53,700 5,046,474 -------------- 7,801,338 -------------- DENMARK-1.41% Novo Nordisk A.S. -Class B (Pharmaceuticals) (b) 88,898 5,585,419 -------------- FRANCE-6.77% Axa (Multi-Line Insurance) (b) 131,105 4,494,581 BNP Paribas (Diversified Banks) (b) 77,388 7,651,743 Cap Gemini S.A. (IT Consulting & Other Services) (b) 70,330 3,826,713 Schneider Electric S.A. (Electrical Components & Equipment) (b) 30,553 3,543,686 Total S.A. (Integrated Oil & Gas) (b) 101,800 7,384,850 -------------- 26,901,573 -------------- GERMANY-9.17% Bayer A.G. (Diversified Chemicals) (b) 84,726 6,970,644 Commerzbank A.G. (Diversified Banks) (b) 138,038 4,216,123 DaimlerChrysler A.G. (Automobile Manufacturers) (b) 69,780 5,459,277 MAN A.G. (Industrial Machinery) (b) 29,505 3,664,816 Merck KGaA (Pharmaceuticals) (b) 36,254 4,488,535 Puma A.G. Rudolf Dassler Sport (Footwear) (b) 11,301 4,080,138 Siemens A.G. (Industrial Conglomerates) (b) 58,156 7,536,268 -------------- 36,415,801 -------------- GREECE-0.97% OPAP S.A. (Casinos & Gaming) (b) 110,790 3,874,731 --------------
SHARES VALUE ---------- -------------- HONG KONG-1.92% Cheung Kong (Holdings) Ltd. (Real Estate Management & Development) (b) 253,000 $ 4,103,294 Li & Fung Ltd. (Distributors) (b) 916,000 3,522,956 -------------- 7,626,250 -------------- HUNGARY-0.46% OTP Bank Nyrt. (Diversified Banks) (b) 42,338 1,824,578 -------------- INDIA-0.89% Infosys Technologies Ltd. -ADR (IT Consulting & Other Services) 85,573 3,542,722 -------------- IRELAND-2.32% Anglo Irish Bank Corp. PLC (Diversified Banks) (b) 363,622 5,124,586 CRH PLC (Construction Materials) 108,508 4,076,616 -------------- 9,201,202 -------------- ISRAEL-1.89% Teva Pharmaceutical Industries Ltd. -ADR (Pharmaceuticals) 163,254 7,516,214 -------------- ITALY-2.55% Eni S.p.A. (Integrated Oil & Gas) (b) 195,585 6,303,995 Finmeccanica S.p.A. (Aerospace & Defense) (b) 127,654 3,822,578 -------------- 10,126,573 -------------- JAPAN-5.78% IBIDEN Co., Ltd. (Electronic Equipment Manufacturers) (b) 72,500 4,691,234 Keyence Corp. (Electronic Equipment Manufacturers) 20,600 4,384,669 Komatsu Ltd. (Construction & Farm Machinery & Heavy Trucks) (b) 255,200 6,161,767 ORIX Corp. (Consumer Finance) 13,330 2,263,041 Toyota Motor Corp. (Automobile Manufacturers) (b) 100,300 5,458,903 -------------- 22,959,614 -------------- MEXICO-0.53% Grupo Televisa S.A. -ADR (Broadcasting & Cable TV) 94,294 2,101,813 -------------- NETHERLANDS-1.29% TNT N.V. (Air Freight & Logistics) (b) 138,813 5,142,515 -------------- SOUTH AFRICA-0.65% Standard Bank Group Ltd. (Diversified Banks) (b) 216,600 2,602,892 --------------
1 AIM GLOBAL GROWTH FUND
SHARES VALUE ---------- -------------- SPAIN-2.01% Banco Santander S.A. (Diversified Banks) (b) 237,056 $ 4,158,569 Telefonica S.A. (Integrated Telecommunication Services) (b) 130,050 3,808,515 -------------- 7,967,084 -------------- SWEDEN-1.09% Assa Abloy A.B. -Class B (Building Products) (b)(c) 248,866 4,344,452 -------------- SWITZERLAND-9.90% Compagnie Financiere Richemont S.A. -Class A (Apparel, Accessories & Luxury Goods) (b)(d) 76,752 4,389,199 Credit Suisse Group (Diversified Capital Markets) (b) 78,873 4,469,623 Nestle S.A. (Packaged Foods & Meats) 16,893 7,549,333 Roche Holding A.G. (Pharmaceuticals) 49,254 8,922,958 Syngenta A.G. (Fertilizers & Agricultural Chemicals) 36,291 9,569,703 UBS A.G. (Diversified Capital Markets) (b) 106,872 4,422,265 -------------- 39,323,081 -------------- TAIWAN-0.54% Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors) (b) 1,126,015 2,143,763 -------------- UNITED KINGDOM-7.36% Aviva PLC (Multi-Line Insurance) (b) 336,685 4,217,101 Imperial Tobacco Group PLC (Tobacco) 168,650 8,216,746 Reckitt Benckiser Group PLC (Household Products) (b) 107,411 5,622,697 Tesco PLC (Food Retail) (b) 506,648 4,227,210 WPP Group PLC (Advertising) (b) 564,889 6,971,417 -------------- 29,255,171 -------------- Total Foreign Common Stocks & Other Equity Interests (Cost $176,585,748) 255,656,452 -------------- DOMESTIC COMMON STOCKS-23.54% AEROSPACE & DEFENSE-2.99% General Dynamics Corp. 72,488 6,122,336 Precision Castparts Corp. 50,546 5,752,135 -------------- 11,874,471 -------------- APPAREL RETAIL-0.83% TJX Cos., Inc. (The) 104,229 3,289,467 -------------- APPAREL, ACCESSORIES & LUXURY GOODS-0.26% Coach, Inc. (e) 32,088 1,028,420 -------------- BIOTECHNOLOGY-1.68% Gilead Sciences, Inc. (e) 145,842 6,663,521 -------------- COMMUNICATIONS EQUIPMENT-0.81% Cisco Systems, Inc. (e) 131,020 3,209,990 --------------
SHARES VALUE ---------- -------------- COMPUTER HARDWARE-0.74% Dell Inc. (e) 146,052 $ 2,926,882 -------------- CONSTRUCTION & ENGINEERING-1.16% Foster Wheeler Ltd. (e) 67,624 4,630,215 -------------- CONSUMER ELECTRONICS-0.74% Garmin Ltd. 40,836 2,946,318 -------------- DIVERSIFIED METALS & MINING-0.41% Titanium Metals Corp. (c) 75,096 1,632,587 -------------- EDUCATION SERVICES-1.03% Apollo Group, Inc. -Class A (e) 51,096 4,074,395 -------------- ELECTRICAL COMPONENTS & EQUIPMENT-0.99% Emerson Electric Co. 77,146 3,922,103 -------------- FERTILIZERS & AGRICULTURAL CHEMICALS-0.50% Mosaic Co. (The) (e) 21,664 1,971,641 -------------- HEALTH CARE DISTRIBUTORS-0.53% McKesson Corp. 33,618 2,110,874 -------------- INTEGRATED OIL & GAS-0.76% Occidental Petroleum Corp. 44,600 3,027,002 -------------- INTERNET SOFTWARE & SERVICES-0.85% eBay Inc. (e) 126,277 3,395,589 -------------- INVESTMENT BANKING & BROKERAGE-0.51% Goldman Sachs Group, Inc. (The) 10,095 2,026,773 -------------- MANAGED HEALTH CARE-0.87% UnitedHealth Group Inc. 68,225 3,468,559 -------------- OIL & GAS EQUIPMENT & SERVICES-1.01% National-Oilwell Varco Inc. (e) 66,371 3,997,525 -------------- OIL & GAS REFINING & MARKETING-1.42% Valero Energy Corp. 95,617 5,659,570 -------------- PERSONAL PRODUCTS-0.75% Estee Lauder Cos. Inc. (The) -Class A 70,735 2,985,017 -------------- PHARMACEUTICALS-1.90% Johnson & Johnson 40,445 2,558,551 Merck & Co. Inc. 108,176 5,006,385 -------------- 7,564,936 -------------- SOFT DRINKS-1.00% PepsiCo, Inc. 58,079 3,960,407 -------------- SYSTEMS SOFTWARE-1.80% Microsoft Corp. 155,008 5,053,261 --------------
See accompanying notes which are an integral part of this schedule. 2 AIM GLOBAL GROWTH FUND
SHARES VALUE ---------- -------------- SYSTEMS SOFTWARE-(CONTINUED) Oracle Corp. (e) 102,289 $ 2,102,039 -------------- 7,155,300 -------------- Total Domestic Common Stocks (Cost $86,153,996) 93,521,562 -------------- FOREIGN PREFERRED STOCKS-5.12% BRAZIL-0.97% Companhia de Bebidas das Americas -Pfd.-ADR (Brewers) 54,177 3,850,901 -------------- GERMANY-4.15% Henkel KGaA -Pfd. (Household Products) (b) 153,539 7,029,193 Porsche Automobil Holding S.E. -Pfd. (Automobile Manufacturers) (b)(c) 5,260 9,463,742 -------------- 16,492,935 -------------- Total Foreign Preferred Stocks (Cost $10,792,649) 20,343,836 -------------- MONEY MARKET FUNDS-2.77% Liquid Assets Portfolio -Institutional Class(f) 5,504,070 5,504,070 Premier Portfolio -Institutional Class(f) 5,504,070 5,504,070 -------------- Total Money Market Funds (Cost $11,008,140) 11,008,140 -------------- TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)-95.78% (Cost $284,540,533) 380,529,990 -------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES ON LOAN MONEY MARKET FUNDS-2.39% Liquid Assets Portfolio -Institutional Class (Cost $9,477,804)(f)(g) 9,477,804 9,477,804 -------------- TOTAL INVESTMENTS-98.17% (Cost $294,018,337) 390,007,794 -------------- OTHER ASSETS LESS LIABILITIES-1.83% 7,250,732 -------------- NET ASSETS-100.00% $ 397,258,526 ==============
Investment Abbreviations: ADR -- American Depositary Receipt Pfd. -- Preferred Notes to Schedule of Investments: (a) Industry classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's. (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 value of these securities at January 31, 2008 was $206,204,234, which represented 51.91% of the Fund's Net Assets. See Note 1A. (c) All or a portion of this security was out on loan at January 31, 2008. (d) Each unit represents one A bearer share in the company and one bearer share participation certificate in Richemont S.A. (e) Non-income producing security. (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 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. 3 AIM GLOBAL GROWTH FUND NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2008 (Unaudited) NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources 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. 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. 4 AIM GLOBAL GROWTH FUND A. SECURITY VALUATIONS-(CONTINUED) Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds as received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the 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. COUNTRY DETERMINATION - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, AIM may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer's securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America unless otherwise noted. D. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Taxes are accrued based on the Fund's current interpretation of tax regulations and rates that exist in the foreign markets in which the Fund invests. E. 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. Fluctuations in the value of these contracts are recorded as unrealized appreciation (depreciation) until the contracts are closed. When these contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations. The Fund could be exposed to risk, which may be in excess of the amount reflected in the Statement of Assets and Liabilities, if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. 5 AIM GLOBAL GROWTH FUND NOTE 2 -- INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to procedures approved 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, 2008. During the period each investment maintained a $1.00 net asset value, as such there is no realized gain/(loss) and no change in unrealized appreciation/(depreciation). INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
VALUE PURCHASES PROCEEDS VALUE DIVIDEND FUND 10/31/07 AT COST FROM SALES 01/31/08 INCOME - ---- ----------- ----------- ------------ ----------- -------- Liquid Assets Portfolio - Institutional Class $ 9,938,470 $18,302,887 $(22,737,287) $ 5,504,070 $142,063 ----------- ----------- ------------ ----------- -------- Premier Portfolio- Institutional Class 9,938,470 18,302,887 (22,737,287) 5,504,070 143,547 ----------- ----------- ------------ ----------- -------- SUBTOTAL $19,876,940 $36,605,774 $(45,474,574) $11,008,140 $285,610 =========== =========== ============ =========== ========
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
VALUE PURCHASES PROCEEDS VALUE DIVIDEND FUND 10/31/07 AT COST FROM SALES 01/31/08 INCOME* - ---- ----------- ----------- ------------ ----------- -------- Liquid Assets Portfolio - Institutional Class $ -- $25,881,091 $(16,403,287) $ 9,477,804 $ 79,720 ----------- ----------- ------------ ----------- -------- Total Investments in Affiliates $19,876,940 $62,486,865 $(61,877,861) $20,485,944 $365,330 =========== =========== ============ =========== ========
* Net of compensation to counterparties. NOTE 3 -- PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. 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 any loss on the collateral invested. At January 31, 2008, securities with an aggregate value of $8,911,349 were on loan to brokers. The loans were secured by cash collateral of $9,477,804 received by the Fund and subsequently invested in an affiliated money market fund. For the three months ended January 31, 2008, the Fund received dividends on cash collateral investments of $79,720 for securities lending transactions, which are net of compensation to counterparties. 6 AIM GLOBAL GROWTH FUND NOTE 4 -- INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2008 was $49,696,344 and $59,960,690, 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 $108,279,127 Aggregate unrealized (depreciation) of investment securities (13,138,436) ------------ Net unrealized appreciation of investment securities $ 95,140,691 ============
Cost of investments for tax purposes is $294,867,103. 7 AIM INTERNATIONAL CORE EQUITY FUND Quarterly Schedule of Portfolio Holdings - January 31, 2008 [AIM INVESTMENTS LOGO] --REGISTERED TRADEMARK-- AIMinvestments.com I-ICE-QTR-1 1/08 A I M Advisors, Inc. AIM INTERNATIONAL CORE EQUITY FUND SCHEDULE OF INVESTMENTS(a) January 31, 2008 (Unaudited)
SHARES VALUE ----------- ------------ FOREIGN COMMON STOCKS & OTHER EQUITY INTERESTS-98.19% BRAZIL-0.72% Companhia Energetica de Minas Gerais S.A. -ADR (Electric Utilities) 30,500 $ 485,865 Companhia Vale do Rio Doce -ADR (Diversified Metals & Mining) (b) 27,525 825,200 Empresa Brasileira de Aeronautica S.A. -ADR (Aerospace & Defense) (b) 21,400 928,760 Natura Cosmeticos S.A. (Personal Products) 49,300 471,687 Petroleo Brasileiro S.A. -ADR (Integrated Oil & Gas) (b) 11,200 1,244,768 ------------ 3,956,280 ------------ CANADA-1.83% Barrick Gold Corp. (Gold) (b) 106,200 5,468,238 EnCana Corp. (Oil & Gas Exploration & Production) 70,100 4,619,815 ------------ 10,088,053 ------------ CHINA-0.13% CNOOC Ltd. (Oil & Gas Exploration & Production) (c) 509,000 735,578 ------------ DENMARK-1.47% Danske Bank A.S. (Diversified Banks) (b)(c) 225,800 8,090,576 ------------ EGYPT-0.09% Orascom Telecom Holding S.A.E. -GDR (Wireless Telecommunication Services) 6,800 503,880 ------------ FINLAND-4.22% Nokia Oyj (Communications Equipment) (c) 415,500 15,282,640 UPM-Kymmene Oyj (Paper Products) (c) 422,700 8,003,320 ------------ 23,285,960 ------------ FRANCE-8.35% Credit Agricole S.A. (Diversified Banks) (c) 237,760 7,323,249 Publicis Groupe (Advertising) (c) 182,200 6,567,386 Sanofi-Aventis (Pharmaceuticals) (c) 141,600 11,533,136 Societe Generale -ADR (Diversified Banks) (d) 144,000 3,547,771 Thomson (Consumer Electronics) (c) 560,700 6,849,817 Total S.A. -ADR (Integrated Oil & Gas) 140,700 10,240,146 ------------ 46,061,505 ------------
SHARES VALUE ----------- ------------ GERMANY-3.10% BASF S.E. (Diversified Chemicals) (c) 61,175 $ 8,010,483 Bayerische Motoren Werke A.G. (Automobile Manufacturers) (c) 164,200 9,084,341 ------------ 17,094,824 ------------ HONG KONG-3.33% Cheung Kong (Holdings) Ltd. (Real Estate Management & Development) (c) 334,000 5,416,997 China Resources Enterprise Ltd. (Distributors) (c) 106,000 353,950 Denway Motors Ltd. (Automobile Manufacturers) (c) 1,502,000 893,235 Hutchison Whampoa Ltd. (Industrial Conglomerates) (c) 1,190,100 11,684,465 ------------ 18,348,647 ------------ INDIA-0.35% Reliance Communications Ltd. (Wireless Telecommunication Services) (c) 40,900 628,876 Reliance Industries Ltd. (Oil & Gas Refining & Marketing) (c) 8,200 517,872 State Bank of India -GDR (Diversified Banks) (b) 7,150 807,337 ------------ 1,954,085 ------------ INDONESIA-0.27% PT Astra International Tbk (Automobile Manufacturers) (c) 262,000 788,757 PT Telekomunikasi Indonesia -Series B (Integrated Telecommunication Services) (c) 677,000 685,438 ------------ 1,474,195 ------------ ISRAEL-0.30% Makhteshim-Agan Industries Ltd. (Fertilizers & Agricultural Chemicals) (c)(e) 112,800 887,891 Teva Pharmaceutical Industries Ltd. -ADR (Pharmaceuticals) 16,500 759,660 ------------ 1,647,551 ------------ ITALY-1.52% Eni S.p.A -ADR (Integrated Oil & Gas) 130,068 8,393,288 ------------ JAPAN-24.17% Canon Inc. (Office Electronics) (c) 299,100 12,912,582 East Japan Railway Co. (Railroads) 565 4,671,134 FUJIFILM Holdings Corp. (Electronic Equipment Manufacturers) (c) 327,800 12,854,999
1 AIM INTERNATIONAL CORE EQUITY FUND
SHARES VALUE ----------- ------------ JAPAN-(CONTINUED) Mitsubishi UFJ Financial Group, Inc. (Diversified Banks) (c) 1,322,300 $ 13,099,546 Murata Manufacturing Co., Ltd. (Electronic Equipment Manufacturers) (c) 107,100 5,338,975 Nippon Telegraph and Telephone Corp. (Integrated Telecommunication Services) (c) 1,210 5,791,972 Nissan Motor Co., Ltd. (Automobile Manufacturers) (c) 670,500 6,436,707 NOK Corp. (Auto Parts & Equipment) (b) 280,800 5,678,330 NTT DoCoMo, Inc. (Wireless Telecommunication Services) (c) 4,210 6,625,535 Seven & I Holdings Co., Ltd. (Food Retail) 324,200 8,034,866 Shin-Etsu Chemical Co., Ltd. (Specialty Chemicals) (c) 81,500 4,293,494 SMC Corp. (Industrial Machinery) (b) 99,400 11,144,169 Sony Corp. -ADR (Consumer Electronics) 200,560 9,524,594 Sumitomo Chemical Co., Ltd. (Diversified Chemicals) 909,000 6,437,895 Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) 112,200 6,806,716 Tokyo Electron Ltd. (Semiconductor Equipment) 110,800 6,627,991 Toyota Motor Corp. (Automobile Manufacturers) (c) 129,900 7,069,906 ------------ 133,349,411 ------------ MEXICO-0.36% Cemex S.A.B. de C.V. -CPO (Construction Materials) (e)(f) 374,900 1,014,460 Fomento Economico Mexicano, S.A.B. de C.V. -ADR (Soft Drinks) 27,500 994,675 ------------ 2,009,135 ------------ NETHERLANDS-10.01% Aegon N.V. (Life & Health Insurance) (c) 877,600 13,100,073 Heineken N.V. (Brewers) (c) 246,700 13,862,213 Koninklijke (Royal) Philips Electronics N.V. -New York Shares (Consumer Electronics) 130,650 5,147,610 TNT N.V. (Air Freight & Logistics) (c) 303,450 11,241,714 Unilever N.V. (Packaged Foods & Meats) (c) 365,500 11,894,215 ------------ 55,245,825 ------------ NORWAY-1.08% StatoilHydro A.S.A. (Integrated Oil & Gas) (c) 227,400 5,946,592 RUSSIA-0.48% Evraz Group S.A. -GDR, REGS (Steel) (Acquired 03/28/07; Cost $425,465)(g) 13,200 959,640 Gazprom -ADR (Integrated Oil & Gas) (c) 22,800 1,102,865
SHARES VALUE ----------- ------------ RUSSIA-(CONTINUED) LUKOIL -ADR (Integrated Oil & Gas) (d) 9,000 $ 607,500 ------------ 2,670,005 ------------ SOUTH AFRICA-0.39% Barloworld Ltd. (Industrial Conglomerates) (c) 26,400 313,836 Massmart Holdings Ltd. (Hypermarkets & Super Centers) (c) 62,900 576,819 Sasol Ltd. (Integrated Oil & Gas) (c) 10,800 515,698 Standard Bank Group Ltd. (Diversified Banks) (c) 62,175 747,160 ------------ 2,153,513 ------------ SOUTH KOREA-0.89% Daelim Industrial Co., Ltd. (Construction & Engineering) 5,905 807,532 Hyundai Motor Co. (Automobile Manufacturers) 13,400 1,042,680 Kookmin Bank (Diversified Banks) (c) 7,800 516,690 LG Electronics Inc. (Consumer Electronics) (c) 5,125 500,493 Lotte Shopping Co., Ltd. (Department Stores) (c) 2,075 732,859 POSCO (Steel) (c) 1,230 666,729 Samsung Electronics Co., Ltd. (Semiconductors) (c) 1,000 641,598 ------------ 4,908,581 ------------ SPAIN-1.03% Repsol YPF, S.A. -ADR (Integrated Oil & Gas) 178,600 5,693,768 ------------ SWEDEN-3.91% Nordea Bank A.B. (Diversified Banks) (c) 493,100 6,675,794 Telefonaktiebolaget LM Ericsson -Class B (Communications Equipment) (c) 6,566,500 14,881,086 ------------ 21,556,880 ------------ SWITZERLAND-8.86% Credit Suisse Group (Diversified Capital Markets) (c) 195,100 11,056,044 Nestle S.A. (Packaged Foods & Meats) 21,600 9,652,850 Novartis A.G. (Pharmaceuticals) (c) 331,450 16,771,297 Zurich Financial Services A.G. (Multi-Line Insurance) (c) 40,000 11,396,711 ------------ 48,876,902 ------------ TAIWAN-0.51% AU Optronics Corp. -ADR (Electronic Equipment Manufacturers) (b) 34,785 577,083 Chinatrust Financial Holding Co. Ltd. (Diversified Banks) (c)(e) 784,000 633,294 High Tech Computer Corp. (Computer Hardware) (c) 35,000 665,448 Taiwan Semiconductor Manufacturing Co. Ltd. -ADR (Semiconductors) 97,950 908,976 ------------ 2,784,801 ------------
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THIS SCHEDULE. 2 AIM INTERNATIONAL CORE EQUITY FUND
SHARES VALUE ----------- ------------ THAILAND-0.21% PTT PCL (Integrated Oil & Gas) (c) 116,800 $ 1,148,198 ------------ TURKEY-0.14% Turkiye Is Bankasi -Class C (Diversified Banks) (c) 151,700 760,912 ------------ UNITED KINGDOM-20.47% BAE Systems PLC (Aerospace & Defense) (c) 566,600 5,278,802 BP PLC (Integrated Oil & Gas) (c) 1,420,100 15,064,272 Diageo PLC (Distillers & Vintners) 452,800 9,112,433 GlaxoSmithKline PLC (Pharmaceuticals) (c) 364,500 8,603,434 HSBC Holdings PLC -ADR (Diversified Banks) (b) 179,600 13,502,328 Kingfisher PLC (Home Improvement Retail) (c) 2,558,000 7,482,146 Lloyds TSB Group PLC (Diversified Banks) (c) 728,163 6,411,371 Morrison (William) Supermarkets PLC (Food Retail) (c) 1,783,000 10,674,134 Reed Elsevier PLC (Publishing) (c) 450,018 5,437,698 Royal Bank of Scotland Group PLC (Diversified Banks) (c) 1,110,900 8,487,009 Royal Dutch Shell PLC -ADR (Integrated Oil & Gas) 80,800 5,769,928 Vodafone Group PLC (Wireless Telecommunication Services) (c) 4,878,100 17,120,378 ------------ 112,943,933 ------------ Total Foreign Common Stocks & Other Equity Interests (Cost $481,201,270) 541,682,878 ------------ FOREIGN PREFERRED STOCKS-0.07% BRAZIL-0.07% Banco Bradesco S.A., Pfd., (Diversified Banks) -Rts. (e) 364 826 Banco Bradesco S.A., Pfd. (Diversified Banks) 14,700 395,010 ------------ Total Foreign Preferred Stocks (Cost $292,860) 395,836 ------------ MONEY MARKET FUNDS-0.62% Liquid Assets Portfolio -Institutional Class(h) 1,710,989 1,710,989 Premier Portfolio -Institutional Class(h) 1,710,990 1,710,990 ------------ Total Money Market Funds (Cost $3,421,979) 3,421,979 ------------
SHARES VALUE ----------- ------------ TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)-98.88% (Cost $484,916,109) $545,500,693 ------------ INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES ON LOAN MONEY MARKET FUNDS-5.34% Liquid Assets Portfolio -Institutional Class (Cost $29,451,233)(h)(i) 29,451,233 29,451,233 ------------ TOTAL INVESTMENTS-104.22% (Cost $514,367,342) 574,951,926 ------------ OTHER ASSETS LESS LIABILITIES-(4.22)% (23,277,275) ------------ NET ASSETS-100.00% $551,674,651 ============
Investment Abbreviations: ADR -- American Depositary Receipt CPO -- Certificates of Ordinary Participation GDR -- Global Depositary Receipt Pfd. -- Preferred Rts. -- Rights Notes to Schedule of Investments: (a) Industry classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's. (b) All or a portion of this security was out on loan at January 31, 2008. (c) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate value of these securities at January 31, 2008 was $388,669,305, which represented 70.45% of the Fund's Net Assets. See Note 1A. (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 value of these securities at January 31, 2008 was $4,155,271, which represented 0.75% of the Fund's Net Assets. See Note 1A. (e) Non-income producing security. (f) Each unit represents two Series A shares and one Series B share. (g) 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 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 value of this security at January 31, 2008 represented 0.17% of the Fund's Net Assets. This security is considered to be illiquid. The Fund is limited to investing 15% of net assets in illiquid securities at the time of purchase. (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 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. 3 AIM INTERNATIONAL CORE EQUITY FUND NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2008 (Unaudited) NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources 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. 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. 4 AIM INTERNATIONAL CORE EQUITY FUND A. SECURITY VALUATIONS - (CONTINUED) Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds as received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the 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. COUNTRY DETERMINATION - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, AIM may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer's securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America unless otherwise noted. D. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Taxes are accrued based on the Fund's current interpretation of tax regulations and rates that exist in the foreign markets in which the Fund invests. E. 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. Fluctuations in the value of these contracts are recorded as unrealized appreciation (depreciation) until the contracts are closed. When these contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations. The Fund could be exposed to risk, which may be in excess of the amount reflected in the Statement of Assets and Liabilities, if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. 5 AIM INTERNATIONAL CORE EQUITY FUND NOTE 2 -- INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to procedures approved 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, 2008. During the period each investment maintained a $1.00 net asset value, as such there is no realized gain/(loss) and no change in unrealized appreciation/(depreciation). INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
VALUE PURCHASES PROCEEDS FROM VALUE DIVIDEND FUND 10/31/07 AT COST SALES 01/31/08 INCOME - ---- ----------- ----------- ------------- ---------- -------- Liquid Assets Portfolio- Institutional Class $ 8,745,661 $17,323,262 $(24,357,934) $1,710,989 $130,291 Premier Portfolio- Institutional Class 8,745,662 17,323,262 (24,357,934) 1,710,990 131,436 ----------- ----------- ------------ ---------- -------- SUBTOTAL $17,491,323 $34,646,524 $(48,715,868) $3,421,979 $261,727 =========== =========== ============ ========== ========
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
VALUE PURCHASES PROCEEDS FROM VALUE DIVIDEND FUND 10/31/07 AT COST SALES 01/31/08 INCOME * - ---- ----------- ------------ ------------- ----------- -------- Liquid Assets Portfolio- Institutional Class $46,991,261 $ 96,949,620 $(114,489,648) $29,451,233 $ 77,500 ----------- ------------ ------------- ----------- -------- TOTAL INVESTMENTS IN AFFILIATES $64,482,584 $131,596,144 $(163,205,516) $32,873,212 $339,227 =========== ============ ============= =========== ========
* Net of compensation to counterparties. NOTE 3 -- PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. 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 any loss on the collateral invested. At January 31, 2008, securities with an aggregate value of $28,674,833 were on loan to brokers. The loans were secured by cash collateral of $29,451,233 received by the Fund and subsequently invested in an affiliated money market fund. For the three months ended January 31, 2008, the Fund received dividends on cash collateral investments of $77,500 for securities lending transactions, which are net of compensation to counterparties. 6 AIM INTERNATIONAL CORE EQUITY FUND NOTE 4 -- INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2008 was $76,567,684 and $62,730,931, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as wash sales, that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS Aggregate unrealized appreciation of investment securities $ 87,154,454 Aggregate unrealized (depreciation) of investment securities (30,048,580) ------------ Net unrealized appreciation of investment securities $ 57,105,874 ============
Cost of investments for tax purposes is $517,846,052. 7 AIM INTERNATIONAL GROWTH FUND Quarterly Schedule of Portfolio Holdings - January 31, 2008 [AIM INVESTMENTS LOGO] --REGISTERED TRADEMARK-- AIMinvestments.com IGR-QTR-1 1/08 A I M Advisors, Inc. AIM INTERNATIONAL GROWTH FUND SCHEDULE OF INVESTMENTS(a) January 31, 2008 (Unaudited)
SHARES VALUE ----------- -------------- FOREIGN COMMON STOCKS & OTHER EQUITY INTERESTS-84.88% AUSTRALIA-1.47% BHP Billiton Ltd. (Diversified Metals & Mining) (b) 1,611,179 $ 54,126,439 BELGIUM-2.62% InBev N.V. (Brewers) (b) 821,230 67,641,361 KBC Groep N.V. (Diversified Banks) (b) 228,027 29,079,093 -------------- 96,720,454 -------------- CANADA-3.32% Canadian National Railway Co. (Railroads) 545,600 27,584,258 Canadian Natural Resources Ltd. (Oil & Gas Exploration & Production) 429,900 27,484,147 Manulife Financial Corp. (Life & Health Insurance) 646,804 24,411,344 Suncor Energy, Inc. (Integrated Oil & Gas) 456,900 42,937,316 -------------- 122,417,065 -------------- DENMARK-1.22% Novo Nordisk A.S. -Class B (Pharmaceuticals) (b) 713,612 44,835,904 -------------- FINLAND-0.78% Nokia Oyj (Communications Equipment) (b) 792,269 28,695,719 -------------- FRANCE-5.52% Axa (Multi-Line Insurance) (b) 1,047,135 35,898,196 BNP Paribas (Diversified Banks) (b) 594,941 58,824,828 Cap Gemini S.A. (IT Consulting & Other Services) (b)(c) 539,284 29,342,881 Schneider Electric S.A. (Electrical Components & Equipment) (b) 267,746 31,054,486 Total S.A. (Integrated Oil & Gas) (b) 663,901 48,161,193 -------------- 203,281,584 -------------- GERMANY-10.31% Bayer A.G. (Diversified Chemicals) (b) 758,107 62,371,573 Commerzbank A.G. (Diversified Banks) (b) 933,565 28,514,065 Continental A.G. (Tires & Rubber) (b) 225,430 23,411,457 Daimler A.G. (Automobile Manufacturers) (b) 746,341 58,390,402 Deutsche Boerse A.G. (Specialized Finance) (b) 158,244 27,956,898 MAN A.G. (Industrial Machinery) (b) 269,447 33,468,008 Merck KGaA (Pharmaceuticals) (b) 320,186 39,641,589
SHARES VALUE ----------- -------------- GERMANY-(CONTINUED) Puma A.G. Rudolf Dassler Sport (Footwear) (b) 128,530 $ 46,404,755 Siemens A.G. (Industrial Conglomerates) (b) 461,173 59,762,077 -------------- 379,920,824 -------------- GREECE-0.73% OPAP S.A. (Casinos & Gaming) (b) 766,840 26,819,197 -------------- HONG KONG-3.77% Esprit Holdings Ltd. (Apparel Retail) (b) 4,727,100 61,476,468 Hutchison Whampoa Ltd. (Industrial Conglomerates) (b) 4,829,000 47,411,378 Li & Fung Ltd. (Distributors) (b) 7,840,000 30,152,809 -------------- 139,040,655 -------------- HUNGARY-0.41% OTP Bank Nyrt. (Diversified Banks) (b)(c) 348,798 15,031,632 -------------- INDIA-2.39% Bharat Heavy Electricals Ltd. (Heavy Electrical Equipment) (b) 880,585 46,243,681 Infosys Technologies Ltd. (IT Consulting & Other Services) (b) 1,116,501 41,915,215 -------------- 88,158,896 -------------- INDONESIA-0.75% PT Telekomunikasi Indonesia -Series B (Integrated Telecommunication Services) (b) 27,291,000 27,631,143 -------------- IRELAND-1.86% Anglo Irish Bank Corp. PLC (Diversified Banks) (b)(c) 2,580,426 36,366,378 CRH PLC (Construction Materials) (c) 854,233 32,093,300 -------------- 68,459,678 -------------- ISRAEL-1.89% Teva Pharmaceutical Industries Ltd. -ADR (Pharmaceuticals) 1,512,906 69,654,192 -------------- ITALY-2.15% Eni S.p.A. (Integrated Oil & Gas) (b) 1,343,483 43,302,454 Finmeccanica S.p.A. (Aerospace & Defense) (b) 1,206,270 36,121,552 -------------- 79,424,006 -------------- JAPAN-9.49% Denso Corp. (Auto Parts & Equipment) 1,112,100 40,166,140 FANUC Ltd. (Industrial Machinery) 566,600 49,987,848 IBIDEN Co., Ltd. (Electronic Equipment Manufacturers) (b) 856,400 55,414,795
1 AIM INTERNATIONAL GROWTH FUND
SHARES VALUE ----------- -------------- JAPAN-(CONTINUED) Keyence Corp. (Electronic Equipment Manufacturers) 175,100 $ 37,269,686 Komatsu Ltd. (Construction & Farm Machinery & Heavy Trucks) (b)(c) 2,438,400 58,874,814 ORIX Corp. (Consumer Finance) (c) 139,370 23,660,915 Suzuki Motor Corp. (Automobile Manufacturers) (c) 1,385,900 34,869,098 Toyota Motor Corp. (Automobile Manufacturers) (b) 908,200 49,429,474 -------------- 349,672,770 -------------- MEXICO-2.85% America Movil S.A.B de C.V. -Series L -ADR (Wireless Telecommunication Services) 942,533 56,467,152 Desarrolladora Homex S.A. de C.V. -ADR (Homebuilding) (d) 384,842 21,139,371 Grupo Televisa S.A. -ADR (Broadcasting & Cable TV) 655,293 14,606,481 Urbi, Desarrollos Urbanos, S.A. de C.V. (Homebuilding) (c)(d) 3,635,200 12,854,803 -------------- 105,067,807 -------------- NETHERLANDS-2.37% Heineken Holding N.V. (Brewers) (b) 698,610 35,612,839 TNT N.V. (Air Freight & Logistics) (b) 1,397,118 51,758,117 -------------- 87,370,956 -------------- NORWAY-0.70% Petroleum Geo-Services A.S.A. (Oil & Gas Equipment & Services) (b) 1,202,400 25,937,798 -------------- SINGAPORE-2.65% Keppel Corp. Ltd. (Industrial Conglomerates) (b) 6,322,000 51,684,347 United Overseas Bank Ltd. (Diversified Banks) (b) 3,729,000 46,170,335 -------------- 97,854,682 -------------- SOUTH AFRICA-0.74% Standard Bank Group Ltd. (Diversified Banks) (b)(c) 2,266,407 27,235,511 -------------- SOUTH KOREA-1.86% Hana Financial Group Inc. (Diversified Banks) 850,090 41,454,617 Hyundai Heavy Industries Co., Ltd. (Construction & Farm Machinery & Heavy Trucks) (b) 79,699 27,093,966 -------------- 68,548,583 -------------- SPAIN-1.87% Banco Santander S.A. (Diversified Banks) (b) 1,602,744 28,116,232 Telefonica S.A. (Integrated Telecommunication Services) (b) 1,388,331 40,657,285 -------------- 68,773,517 --------------
SHARES VALUE ----------- -------------- SWEDEN-1.50% Assa Abloy A.B. -Class B (Building Products) (b)(c) 2,148,991 $ 37,514,921 Swedish Match A.B. (Tobacco) (b) 797,548 17,634,105 -------------- 55,149,026 -------------- SWITZERLAND-8.71% Compagnie Financiere Richemont S.A. -Class A (Apparel, Accessories & Luxury Goods) (b)(e) 585,244 33,468,211 Credit Suisse Group (Diversified Capital Markets) (b) 598,659 33,925,170 Nestle S.A. (Packaged Foods & Meats) 136,374 60,944,339 Roche Holding A.G. (Pharmaceuticals) 485,454 87,945,867 Syngenta A.G. (Fertilizers & Agricultural Chemicals) 275,091 72,539,725 UBS A.G. (Diversified Capital Markets) (b) 774,974 32,067,715 -------------- 320,891,027 -------------- TAIWAN-2.60% Hon Hai Precision Industry Co., Ltd. (Electronic Manufacturing Services) (b) 9,866,088 53,384,003 MediaTek Inc. (Semiconductors) 2,698,315 26,308,445 Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors) (b) 8,556,139 16,289,597 -------------- 95,982,045 -------------- TURKEY-0.68% Akbank T.A.S. (Diversified Banks) (b) 4,287,337 25,013,548 -------------- UNITED KINGDOM-9.67% Aviva PLC (Multi-Line Insurance) (b) 2,286,416 28,638,184 Capita Group PLC (Human Resource & Employment Services) (b) 2,303,993 30,185,937 Enterprise Inns PLC (Restaurants) (b) 1,296,743 11,572,209 Imperial Tobacco Group PLC (Tobacco) 1,112,927 54,222,583 Informa PLC (Publishing) (b) 3,652,069 28,515,264 International Power PLC (Independent Power Producers & Energy Traders) 4,885,633 38,765,123 Reckitt Benckiser Group PLC (Household Products) (b) 754,791 39,511,421 Shire PLC (Pharmaceuticals) (b) 1,698,552 30,285,782 Tesco PLC (Food Retail) (b) 3,940,841 32,880,350 WPP Group PLC (Advertising) (b) 4,995,404 61,649,358 -------------- 356,226,211 -------------- Total Foreign Common Stocks & Other Equity Interests (Cost $2,278,952,489) 3,127,940,869 -------------- FOREIGN PREFERRED STOCKS-5.30% BRAZIL-1.68% Companhia de Bebidas das Americas -Pfd.-ADR (Brewers) 410,483 29,177,131 Petroleo Brasileiro S.A. -Pfd.-ADR (Integrated Oil & Gas) 351,783 32,824,872 -------------- 62,002,003 --------------
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THIS SCHEDULE. 2 AIM INTERNATIONAL GROWTH FUND
SHARES VALUE ----------- -------------- GERMANY-3.62% Henkel KGaA -Pfd. (Household Products) (b) 1,133,085 $ 51,873,943 Porsche Automobil Holding S.E. -Pfd. (Automobile Manufacturers) (b)(c) 45,180 81,287,425 -------------- 133,161,368 -------------- Total Foreign Preferred Stocks (Cost $111,259,242) 195,163,371 -------------- MONEY MARKET FUNDS-7.35% Liquid Assets Portfolio -Institutional Class(f) 135,428,218 135,428,218 Premier Portfolio -Institutional Class(f) 135,428,218 135,428,218 -------------- Total Money Market Funds (Cost $270,856,436) 270,856,436 -------------- TOTAL INVESTMENTS (excluding investments purchased with cash collateral from securities on loan)-97.53% (Cost $2,661,068,167) 3,593,960,676 -------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES ON LOAN MONEY MARKET FUNDS-4.17% Liquid Assets Portfolio -Institutional Class (Cost $153,798,733)(f)(g) 153,798,733 153,798,733 -------------- TOTAL INVESTMENTS-101.70% (Cost $2,814,866,900) 3,747,759,409 -------------- OTHER ASSETS LESS LIABILITIES-(1.70)% (62,748,885) -------------- NET ASSETS-100.00% $3,685,010,524 ==============
Investment Abbreviations: ADR -- American Depositary Receipt Pfd. -- Preferred Notes to Schedule of Investments: (a) Industry classifications used in this report are generally according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's. (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 value of these securities at January 31, 2008 was $2,363,735,487, which represented 64.14% of the Fund's Net Assets. See Note 1A. (c) All or a portion of this security was out on loan at January 31, 2008. (d) Non-income producing security. (e) Each unit represents one A bearer share in the company and one bearer share participation certificate in Richemont S.A. (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 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. 3 AIM INTERNATIONAL GROWTH FUND NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS January 31, 2008 (Unaudited) NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. A security listed or traded on an exchange (except convertible bonds) is valued at its last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded, or lacking any sales or official closing price on a particular day, the security may be valued at the closing bid price on that day. Securities traded in the over-the-counter market are valued based on prices furnished by independent pricing services or market makers. When such securities are valued by an independent pricing service they may be considered fair valued. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and 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 are valued 15 minutes after the close of the customary trading session of the New York Stock Exchange ("NYSE"). Investments in open-end and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in open-end and closed-end registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) and unlisted equities are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and/or principal payments. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the NYSE. If market quotations are available and reliable for foreign exchange traded equity securities, the securities will be valued at the market quotations. Because trading hours for certain foreign securities end before the close of the NYSE, closing market quotations may become unreliable. If between the time trading ends on a particular security and the close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable, the Fund may fair value the security. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Foreign securities may have additional risks including exchange rate changes, potential for sharply devalued currencies and high inflation, political and economical upheaval, the relative lack of issuer information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. Securities for which market prices are not provided by any of the above methods may be valued based upon quotes furnished by independent sources 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. 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. 4 AIM INTERNATIONAL GROWTH FUND A. SECURITY VALUATIONS - (CONTINUED) Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer's assets, general economic conditions, interest rates, investor perceptions and market liquidity. B. SECURITIES TRANSACTIONS AND INVESTMENT INCOME - Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds as received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the 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. COUNTRY DETERMINATION - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, AIM may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer's securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America unless otherwise noted. D. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities (net of foreign taxes withheld on disposition) and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not separately account for the portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. The Fund may invest in foreign securities which may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Taxes are accrued based on the Fund's current interpretation of tax regulations and rates that exist in the foreign markets in which the Fund invests. E. 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. Fluctuations in the value of these contracts are recorded as unrealized appreciation (depreciation) until the contracts are closed. When these contracts are closed, realized gains (losses) are recorded. Realized and unrealized gains and losses on these contracts are included in the Statement of Operations. The Fund could be exposed to risk, which may be in excess of the amount reflected in the Statement of Assets and Liabilities, if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. 5 AIM INTERNATIONAL GROWTH FUND NOTE 2 -- INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to procedures approved 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, 2008. During the period each investment maintained a $1.00 net asset value, as such there is no realized gain/(loss) and no change in unrealized appreciation/(depreciation). INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
VALUE PURCHASES PROCEEDS FROM VALUE DIVIDEND FUND 10/31/07 AT COST SALES 01/31/08 INCOME - ---- ------------ ------------ ------------- ------------ ---------- Liquid Assets Portfolio - Institutional Class $172,824,331 $100,351,556 $(137,747,669) $135,428,218 $1,690,205 Premier Portfolio- Institutional Class 172,824,331 100,351,556 (137,747,669) 135,428,218 1,702,269 ------------ ------------ ------------- ------------ ---------- SUBTOTAL $345,648,662 $200,703,112 $(275,495,338) $270,856,436 $3,392,474 ============ ============ ============= ============ ==========
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
VALUE PURCHASES PROCEEDS FROM VALUE DIVIDEND FUND 10/31/07 AT COST SALES 01/31/08 INCOME* - ---- ------------ ------------ ------------- ------------ ---------- Liquid Assets Portfolio - Institutional Class $178,106,614 $335,708,078 $(360,015,959) $153,798,733 $ 535,391 ------------ ------------ ------------- ------------ ---------- TOTAL INVESTMENTS IN AFFILIATES $523,755,276 $536,411,190 $(635,511,297) $424,655,169 $3,927,865 ============ ============ ============= ============ ==========
* Net of compensation to counterparties. NOTE 3 -- PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily by the securities lending provider. 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 any loss on the collateral invested. At January 31, 2008, securities with an aggregate value of $149,964,797 were on loan to brokers. The loans were secured by cash collateral of $153,798,733 received by the Fund and subsequently invested in an affiliated money market fund. For the three months ended January 31, 2008, the Fund received dividends on cash collateral investments of $535,391 for securities lending transactions, which are net of compensation to counterparties. 6 AIM INTERNATIONAL GROWTH FUND NOTE 4 -- INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the three months ended January 31, 2008 was $378,082,235 and $333,919,730, 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 $994,827,851 Aggregate unrealized (depreciation) of investment securities (68,415,711) ------------ Net unrealized appreciation of investment securities $926,412,140 ============
Cost of investments for tax purposes is $2,821,347,269. 7 Item 2. Controls and Procedures. (a) As of March 18, 2008, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 ("Act"), as amended. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that, as of March 18, 2008, the Registrant's disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. (b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. Item 3. Exhibits. Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: AIM International Mutual Funds By: /s/ Philip A. Taylor --------------------------------- Philip A. Taylor Principal Executive Officer Date: March 31, 2008 Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ Philip A. Taylor --------------------------------- Philip A. Taylor Principal Executive Officer Date: March 31, 2008 By: /s/ Sidney M. Dilgren -------------------------------- Sidney M. Dilgren Principal Financial Officer Date: March 31, 2008 EXHIBIT INDEX Certifications of Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended. EX-99.CERT 2 h55348exv99wcert.txt CERTIFICATIONS PURSUANT TO SECTION 302 I, Philip A. Taylor, Principal Executive Officer, certify that: 1. I have reviewed this report on Form N-Q of AIM International Mutual Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in this registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 31, 2008 /s/ Philip A. Taylor ------------------------------------------- Philip A. Taylor, Principal Executive Officer I, Sidney M. Dilgren, Principal Financial Officer, certify that: 1. I have reviewed this report on Form N-Q of AIM International Mutual Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidating subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principals; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in this registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 31, 2008 /s/ Sidney M. Dilgren ------------------------------------------- Sidney M. Dilgren, Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----