-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, dH1zxK3ordQR/uNSxM00FA5y5rAwMP/91j+Ndax8D44ooi8E2jpl4nSA9YDQSllL COMVR1CSN5okgMgYl7BCYg== 0000950129-95-000701.txt : 199506290000950129-95-000701.hdr.sgml : 19950629 ACCESSION NUMBER: 0000950129-95-000701 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950430 FILED AS OF DATE: 19950628 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM INTERNATIONAL FUNDS INC CENTRAL INDEX KEY: 0000880859 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 760352823 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 1940 Act SEC FILE NUMBER: 811-06463 FILM NUMBER: 95549688 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STE 1919 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: AIM INTERNATIONAL FUNDS INC STREET 2: 11 GREENWAY PLAZA SUITE 1919 CITY: HOUSTON STATE: TX ZIP: 77210-4333 N-30B-2 1 GLOBAL AGGRESSIVE GROWTH SEMI-ANNUAL REPORT 4/95 1 [AIM LOGO APPEARS HERE] [GRAPHIC COLLAGE APPEARS HERE] AIM GLOBAL AGGRESSIVE GROWTH FUND SEMIANNUAL REPORT APRIL 30, 1995 2 PORTFOLIO DATA TOP 10 DOMESTIC HOLDINGS 1. Cisco Systems, Inc. 2. Adobe System, Inc. 3. Micron Technology Inc. 4. Integrated Silicon Solutions, Inc. 5. VLSI Technology Inc. 6. Phamis, Inc. 7. Atmel Corp. 8. Teradyne Inc. 9. FSI International, Inc. 10. Cognos Inc. TOP 10 INTERNATIONAL HOLDINGS 1. Telecom Argentina S.A. -Class B 2. Compania Peruana de Telefonos S.A. - Class B 3. Hutchison Whampoa Ltd. 4. Banco de Galicia y Buenos Aires 5. PT Hanjaya Madala Sampoerna 6. IOI Properties Berhad 7. United Overseas Bank Ltd. 8. Kyocera Corp. 9. Krung Thai Bank Ltd. 10. Buenos Aires Embotelladora S.A.-Class B This table represents a snapshot of the Fund's portfolio as of April 30, 1995. The Fund's portfolio composition may change and there is no assurance that the Fund will continue to hold these same securities. AIM GLOBAL AGGRESSIVE GROWTH FUND seeks to provide above-average growth of capital by investing in global equities of small capitalization companies with strong earnings momentum. 3 CHAIRMAN'S LETTER Dear Fellow Shareholder: Amid the recent turbulence in world investment markets, AIM Global Aggressive Growth Fund delivered a solid cumulative return of 5.87% for Class A shares during the six months ended April 30, 1995. We are pleased to note that your Fund decidedly outperformed [PHOTO the -3.33% cumulative return for global small company funds Charles T. over the same period as measured by Lipper Analytical Services, Bauer, Inc., a mutual fund performance monitor. The Lipper Global Chairman of Small Company Fund Category is an unmanaged composite of the the Board of global small-company funds. Of course, you cannot make an the Fund, investment in an index. APPEARS HERE] AIM Global Aggressive Growth Fund's Class A share cumulative performance excludes the maximum sales charge of 4.75%. Cumulative return for the Fund's Class B shares over the same period was 5.68%, excluding the maximum contingent deferred sales charge of 5.00%. There were no distributions paid by the Fund during the reporting period. The Fund has been well-received by investors. During the six months ended April 30, 1995, net assets increased from $24.6 million to $94.6 million as of April 30, 1995. In that same period, net asset value per Class A share increased to $10.82 from $10.22, and net asset value per Class B share increased to $10.79 from $10.21. We believe the Fund's strong relative performance can be attributed to our commitment to disciplined stock selection based on positive earnings momentum. For more detailed discussion of the market environment and the Fund's investment strategy during the last six months, see DISCUSSION AND ANALYSIS on the following page. The Fund benefited from the favorable market environment for stocks during the six months ended April 30, 1995. However, it's important to keep recent events in perspective. Current market activity is only mildly useful to investors who, unlike speculators, have a long-term view toward investing for their financial futures. As a result of its strong growth in assets, AIM Global Aggressive Growth Fund has met the criteria for listing of Class A and Class B share performance in major financial sources such as The Wall Street Journal, Barron's, and Investor's Business Daily. We are pleased with the progress of AIM Global Aggressive Growth Fund, one of our newest funds. Indeed, the Fund has contributed significantly to our consistent growth. At the end of March 1995, Lipper reported that A I M Advisors, Inc., was managing approximately $30 billion in assets and was the 17th largest mutual fund complex in the U.S. in terms of assets under management. AIM has also continued its commitment to customer service by expanding our shareholder service operations. We have improved our automated investor telephone line so you can have easy access any time to information about your AIM account as well as performance returns on AIM funds. You can call the AIM Investor Line at 800-246-5463. We are pleased to send you this shareholder report concerning AIM Global Aggressive Growth Fund. As always, we welcome any questions or comments you may have regarding the Fund or your account. Thank you for your continued participation in AIM Global Aggressive Growth Fund. Respectfully submitted, /s/ CHARLES T. BAUER Charles T. Bauer Chairman 4 DISCUSSION & ANALYSIS FINDING OPPORTUNITY IN TURBULENT MARKETS ---------- Your Fund approached market volatility with a confirmed commit- ment to disciplined stock selection. ---------- AIM Global Aggressive Growth Fund was designed to participate in promising markets around the world. In the last six months, the advantage of such a strategy was clearly apparent. Stocks in the U.S. posted strong gains as reports indicated that economic growth had slowed to a moderate, sustainable rate while inflation remained in check. Even as U.S. stocks were propelled to record highs, world equity markets were roiled by the sharply declining U.S. dollar, rising interest rates, the devaluation of the Mexican peso, and the collapse of Barings, the venerable British bank. Your Fund approached the market volatility with a confirmed commitment to disciplined stock selection. YOUR INVESTMENT PORTFOLIO The Fund focuses on small-capitalization companies with above-average earnings momentum. Even in turbulent markets, there are opportunities. Over the last six months, the Fund withdrew from higher-risk emerging markets in Latin America and Asia in favor of larger, more stable markets such as the U.S., the United Kingdom, Germany, and France. Total holdings were increased to 311 securities, and the Fund remained fully invested with more than 93% in stock. As of April 30, 1995, domestic stocks represented 43.08% of net assets, and 50.69% was invested in foreign stocks. Of course, the number of securities in the Fund's portfolio will fluctuate and there can be no assurance that the Fund will continue to hold securities in any particular country. UNITED STATES. As inflation concerns abated and interest rates began to stabilize, small stocks responded with strong advances to record highs, and then topped those records. Technology, which represents more than 22% of the Fund's holdings, led the market advance during the last six months. The Fund also added to defensive positions in electronic components producers, health care providers, and specialty retailers. EUROPE. Financial markets in Europe benefited from the renewed interest in stocks of defensive, more predictable companies. The Fund added growth stocks such as British Sky Broadcasting, Nokia Corp., Medeva PLC, and Tomra Systems A/S. Software producers Logica PLC and Getronics N.V., and medical products maker Fresenius A.G. continued to deliver strong performance. Certain oversold markets offered attractive values such as Austria's Mikro Systeme International, and Azkoyen S.A. from Spain. PACIFIC BASIN AND LATIN AMERICA. Asian markets, including Japan, continued a sluggish trend downward with most markets off 10%-15%. The Fund benefited from underweighting in Latin America, where markets were still off 15%-25% at the end of the period. Weightings were reduced in Pacific Rim countries, with the exception of New Zealand, which continued to be a relatively strong performer. The Fund reduced its position in Thailand, and repositioned holdings in Malaysia. In Japan, the Fund increased positions in electronic components, heavy machinery, auto parts, and financial sectors. OUTLOOK FOR THE FUTURE While the direction of the U.S. dollar remains uncertain, inflation is apparently under control in the U.S., Germany, the United Kingdom, and other key world economies. In these areas, economic growth is moderate and sustainable, especially in the U.S., and global interest rates have stabilized for the near term. The current economic climate should favor defensive growth stocks such as those emphasized in the Fund's portfolio. Further, we anticipate technology companies to continue among the strongest performing sectors. 2 5 FINANCIALS SCHEDULE OF INVESTMENTS April 30, 1995 (Unaudited)
SHARES MARKET VALUE DOMESTIC COMMON STOCKS-43.08% ADVERTISING/BROADCASTING-0.02% 300 Belo (A.H.) Corp. $ 18,038 - ----------------------------------------------------------------------------------------------- APPLIANCES-0.05% 2,000 Sunbeam-Oster Co., Inc. 43,250 - ----------------------------------------------------------------------------------------------- AUTOMOBILE/TRUCKS PARTS & TIRES-0.22% 8,000 Borg-Warner Automotive, Inc. 206,000 - ----------------------------------------------------------------------------------------------- BEVERAGES-0.14% 3,100 Canandaigua Wine Co., Inc.-Class A(a) 133,300 - ----------------------------------------------------------------------------------------------- BUSINESS SERVICES-1.21% 13,500 AccuStaff, Inc.(a) 302,062 - ----------------------------------------------------------------------------------------------- 13,900 Brandon Systems Corp. 317,963 - ----------------------------------------------------------------------------------------------- 2,600 Equifax Inc. 84,175 - ----------------------------------------------------------------------------------------------- 10,700 Healthcare COMPARE Corp.(a) 321,669 - ----------------------------------------------------------------------------------------------- 3,500 Olsten Corp. (The) 119,438 - ----------------------------------------------------------------------------------------------- 1,145,307 - ----------------------------------------------------------------------------------------------- CHEMICALS-0.02% 600 Wellman Inc. 16,200 - ----------------------------------------------------------------------------------------------- COMPUTER MINI/PCS-0.35% 8,300 Sun Microsystems Inc.(a) 330,963 - ----------------------------------------------------------------------------------------------- COMPUTER NETWORKING-4.09% 6,600 ADC Telecommunications, Inc.(a) 217,800 - ----------------------------------------------------------------------------------------------- 7,900 Allen Group Inc. 178,738 - ----------------------------------------------------------------------------------------------- 25,000 Auspex Systems, Inc.(a) 259,375 - ----------------------------------------------------------------------------------------------- 16,800 Cisco Systems, Inc.(a) 669,900 - ----------------------------------------------------------------------------------------------- 8,800 DSC Communications Corp.(a) 325,600 - ----------------------------------------------------------------------------------------------- 20,000 DSP Group Inc.(a) 430,000 - ----------------------------------------------------------------------------------------------- 18,000 Lannet Data Communications Ltd.(a) 355,500 - ----------------------------------------------------------------------------------------------- 5,200 Mustang Software, Inc.(a) 40,300 - ----------------------------------------------------------------------------------------------- 5,900 Network Equipment Technologies, Inc.(a) 129,062 - ----------------------------------------------------------------------------------------------- 9,000 Network Peripherals, Inc.(a) 172,125 - ----------------------------------------------------------------------------------------------- 13,900 Scientific-Atlantic Inc. 316,225 - ----------------------------------------------------------------------------------------------- 10,000 Summa Four, Inc.(a) 232,500 - ----------------------------------------------------------------------------------------------- 3,700 Tellabs, Inc.(a) 255,300 - ----------------------------------------------------------------------------------------------- 5,100 3Com Corp.(a) 285,600 - ----------------------------------------------------------------------------------------------- 3,868,025 - ----------------------------------------------------------------------------------------------- COMPUTER PERIPHERALS-3.60% 6,000 Adaptec Inc.(a) 192,000 - ----------------------------------------------------------------------------------------------- 9,300 Alliance Semiconductor Corp.(a) 378,975 - -----------------------------------------------------------------------------------------------
3 6 FINANCIALS
SHARES MARKET VALUE Computer Peripherals-(continued) 11,300 Digi International, Inc.(a) $ 251,425 - ----------------------------------------------------------------------------------------------- 13,000 EMC Corp.(a) 256,750 - ----------------------------------------------------------------------------------------------- 7,500 Hutchinson Technology Inc.(a) 247,500 - ----------------------------------------------------------------------------------------------- 13,300 Microchip Technology, Inc.(a) 375,725 - ----------------------------------------------------------------------------------------------- 25,000 Mylex Corp.(a) 278,125 - ----------------------------------------------------------------------------------------------- 13,600 Oak Technology, Inc.(a) 375,700 - ----------------------------------------------------------------------------------------------- 10,500 Oracle Systems Corp.(a) 320,250 - ----------------------------------------------------------------------------------------------- 12,300 Quantum Corp.(a) 227,550 - ----------------------------------------------------------------------------------------------- 11,900 Read Rite Corp.(a) 252,875 - ----------------------------------------------------------------------------------------------- 15,500 Western Digital Corp.(a) 248,000 - ----------------------------------------------------------------------------------------------- 3,404,875 - ----------------------------------------------------------------------------------------------- COMPUTER SOFTWARE/SERVICES-7.39% 9,700 Adobe System, Inc. 565,025 - ----------------------------------------------------------------------------------------------- 600 American Management Systems, Inc.(a) 12,675 - ----------------------------------------------------------------------------------------------- 7,200 Autodesk Inc. 245,250 - ----------------------------------------------------------------------------------------------- 9,100 Bay Networks, Inc.(a) 331,012 - ----------------------------------------------------------------------------------------------- 2,400 C*ATS Software, Inc.(a) 31,200 - ----------------------------------------------------------------------------------------------- 13,200 Cadence Design Systems, Inc.(a) 425,700 - ----------------------------------------------------------------------------------------------- 19,000 Cognos Inc.(a) 460,750 - ----------------------------------------------------------------------------------------------- 10,000 Diamond Multimedia Systems, Inc.(a) 200,000 - ----------------------------------------------------------------------------------------------- 10,000 Expert Software, Inc.(a) 147,500 - ----------------------------------------------------------------------------------------------- 15,300 Frame Technology Corp.(a) 321,300 - ----------------------------------------------------------------------------------------------- 7,500 HBO & Co. 343,125 - ----------------------------------------------------------------------------------------------- 1,350 HCIA, Inc.(a) 35,775 - ----------------------------------------------------------------------------------------------- 18,000 Hummingbird Communications Ltd.(a) 423,000 - ----------------------------------------------------------------------------------------------- 4,500 Informix Corp.(a) 177,188 - ----------------------------------------------------------------------------------------------- 1,400 Intergraph Corp.(a) 15,050 - ----------------------------------------------------------------------------------------------- 2,600 Microsoft Corp.(a) 212,875 - ----------------------------------------------------------------------------------------------- 1,800 Network General Corp.(a) 47,024 - ----------------------------------------------------------------------------------------------- 5,000 Open Environment Corp.(a) 87,500 - ----------------------------------------------------------------------------------------------- 15,000 Pairgain Technologies, Inc.(a) 318,750 - ----------------------------------------------------------------------------------------------- 5,000 Parametric Technology Corp.(a) 237,500 - ----------------------------------------------------------------------------------------------- 25,400 Phamis, Inc.(a) 492,125 - ----------------------------------------------------------------------------------------------- 6,600 Platinum Technology Inc.(a) 132,000 - ----------------------------------------------------------------------------------------------- 2,400 Renaissance Solutions, Inc.(a) 31,200 - ----------------------------------------------------------------------------------------------- 20,000 S3, Inc.(a) 462,500 - ----------------------------------------------------------------------------------------------- 9,500 Silicon Graphics Inc.(a) 356,250 - ----------------------------------------------------------------------------------------------- 20,000 Structural Dynamics Research Corp.(a) 242,500 - ----------------------------------------------------------------------------------------------- 8,000 Synopsys, Inc.(a) 434,000 - ----------------------------------------------------------------------------------------------- 9,000 TGV Software, Inc.(a) 168,750 - ----------------------------------------------------------------------------------------------- 2,500 VMARK Software, Inc.(a) 37,500 - ----------------------------------------------------------------------------------------------- 6,995,024 - -----------------------------------------------------------------------------------------------
4 7 FINANCIALS
SHARES MARKET VALUE ELECTRONIC COMPONENTS/MISCELLANEOUS-3.34% 3,200 ANADIGICS, Inc.(a) $ 42,800 - ----------------------------------------------------------------------------------------------- 12,300 Brooks Automation, Inc.(a) 173,737 - ----------------------------------------------------------------------------------------------- 15,000 Electro Scientific Industries, Inc.(a) 399,375 - ----------------------------------------------------------------------------------------------- 1,700 Harman International Industries, Inc. 62,050 - ----------------------------------------------------------------------------------------------- 13,150 Intergrated Silicon Solutions, Inc.(a) 506,275 - ----------------------------------------------------------------------------------------------- 15,000 Oak Industries Inc.(a) 438,750 - ----------------------------------------------------------------------------------------------- 11,700 Pri Automation Inc.(a) 307,125 - ----------------------------------------------------------------------------------------------- 20,000 PSC, Inc.(a) 260,000 - ----------------------------------------------------------------------------------------------- 10,000 Semitool, Inc.(a) 237,500 - ----------------------------------------------------------------------------------------------- 9,300 Teradyne Inc.(a) 470,813 - ----------------------------------------------------------------------------------------------- 14,000 Trimble Navigation Ltd.(a) 266,000 - ----------------------------------------------------------------------------------------------- 3,164,425 - ----------------------------------------------------------------------------------------------- ENGINEERING & CONSTRUCTION-0.14% 5,000 CDI Corp.(a) 128,125 - ----------------------------------------------------------------------------------------------- FINANCE (CONSUMER CREDIT)-1.20% 9,300 Concord EFS, Inc.(a) 279,000 - ----------------------------------------------------------------------------------------------- 11,900 Credit Acceptance Corp.(a) 238,000 - ----------------------------------------------------------------------------------------------- 9,100 General Acceptance Corp.(a) 238,875 - ----------------------------------------------------------------------------------------------- 7,800 Green Tree Acceptance, Inc. 318,825 - ----------------------------------------------------------------------------------------------- 2,500 Money Store, Inc. (The) 58,438 - ----------------------------------------------------------------------------------------------- 1,133,138 - ----------------------------------------------------------------------------------------------- GAMING-0.25% 3,800 Aztar Corp.(a) 35,150 - ----------------------------------------------------------------------------------------------- 6,900 MGM Grand, Inc.(a) 209,588 - ----------------------------------------------------------------------------------------------- 244,738 - ----------------------------------------------------------------------------------------------- HOTELS/MOTELS-0.95% 10,200 La Quinta Motor Inns, Inc. 304,725 - ----------------------------------------------------------------------------------------------- 30,000 Prime Hospitality Corp.(a) 300,000 - ----------------------------------------------------------------------------------------------- 20,100 ShoLodge, Inc.(a) 290,194 - ----------------------------------------------------------------------------------------------- 894,919 - ----------------------------------------------------------------------------------------------- INSURANCE (MULTI-LINE PROPERTY)-0.28% 8,000 Vesta Insurance Group, Inc. 267,000 - ----------------------------------------------------------------------------------------------- LEISURE & RECREATION-0.47% 5,800 Callaway Golf Co. 71,775 - ----------------------------------------------------------------------------------------------- 1,000 Cobra Golf Inc.(a) 21,750 - ----------------------------------------------------------------------------------------------- 17,500 First Team Sports, Inc.(a) 352,187 - ----------------------------------------------------------------------------------------------- 445,712 - ----------------------------------------------------------------------------------------------- MACHINE TOOLS-0.44% 20,000 Acme-Cleveland Corp. 415,000 - -----------------------------------------------------------------------------------------------
5 8 FINANCIALS
SHARES MARKET VALUE MACHINERY (HEAVY)-0.28% 1,500 AGCO Corp. $ 53,438 - ----------------------------------------------------------------------------------------------- 10,000 Tractor Supply Co.(a) 212,500 - ----------------------------------------------------------------------------------------------- 265,938 - ----------------------------------------------------------------------------------------------- MEDICAL (DRUGS)-0.47% 5,000 A.L. Pharma, Inc.-Class A 119,375 - ----------------------------------------------------------------------------------------------- 6,090 Bergen Brunswig Corp.-Class A 144,638 - ----------------------------------------------------------------------------------------------- 3,800 Mylan Laboratories, Inc. 116,850 - ----------------------------------------------------------------------------------------------- 2,200 Watson Pharmaceuticals, Inc.(a) 68,475 - ----------------------------------------------------------------------------------------------- 449,338 - ----------------------------------------------------------------------------------------------- MEDICAL INSTRUMENTS/PRODUCTS-1.22% 8,800 Biomet, Inc.(a) 154,000 - ----------------------------------------------------------------------------------------------- 3,800 Cordis Corp.(a) 272,650 - ----------------------------------------------------------------------------------------------- 2,200 Nellcor Inc.(a) 91,300 - ----------------------------------------------------------------------------------------------- 10,000 Patterson Dental Co.(a) 232,500 - ----------------------------------------------------------------------------------------------- 3,700 St. Jude Medical, Inc. 159,100 - ----------------------------------------------------------------------------------------------- 8,200 Sunrise Medical, Inc.(a) 248,050 - ----------------------------------------------------------------------------------------------- 1,157,600 - ----------------------------------------------------------------------------------------------- MEDICAL (PATIENT SERVICES)-3.51% 1,300 Abbey Healthcare Group Inc.(a) 51,675 - ----------------------------------------------------------------------------------------------- 6,000 Healthsource, Inc.(a) 215,250 - ----------------------------------------------------------------------------------------------- 18,000 Healthsouth Rehabilitation Corp.(a) 355,500 - ----------------------------------------------------------------------------------------------- 7,000 Homedco Group, Inc.(a) 400,750 - ----------------------------------------------------------------------------------------------- 7,500 Horizon Healthcare Corp.(a) 156,562 - ----------------------------------------------------------------------------------------------- 1,000 Horizon Mental Health Management, Inc.(a) 11,125 - ----------------------------------------------------------------------------------------------- 1,200 Humana Inc.(a) 23,400 - ----------------------------------------------------------------------------------------------- 14,500 Lincare Holdings, Inc.(a) 447,687 - ----------------------------------------------------------------------------------------------- 4,300 Living Centers of America, Inc.(a) 122,012 - ----------------------------------------------------------------------------------------------- 500 Medcath Inc.(a) 6,500 - ----------------------------------------------------------------------------------------------- 4,500 MedPartners, Inc.(a) 106,313 - ----------------------------------------------------------------------------------------------- 10,000 Mid-Atlantic Medical Services, Inc.(a) 172,500 - ----------------------------------------------------------------------------------------------- 5,500 Physician Reliance Network, Inc.(a) 138,875 - ----------------------------------------------------------------------------------------------- 4,000 Quantum Health Resources, Inc.(a) 65,000 - ----------------------------------------------------------------------------------------------- 9,400 Rotech Medical Corp.(a) 305,500 - ----------------------------------------------------------------------------------------------- 13,600 Sun Healthcare Group, Inc.(a) 328,101 - ----------------------------------------------------------------------------------------------- 4,200 United Healthcare Corp. 152,250 - ----------------------------------------------------------------------------------------------- 800 U.S. Healthcare, Inc. 21,400 - ----------------------------------------------------------------------------------------------- 7,800 Vencor, Inc.(a) 241,800 - ----------------------------------------------------------------------------------------------- 3,322,200 - -----------------------------------------------------------------------------------------------
6 9 FINANCIALS
SHARES MARKET VALUE OFFICE PRODUCTS-0.32% 100 OfficeMax, Inc.(a) $ 2,563 - ----------------------------------------------------------------------------------------------- 11,500 Reynolds & Reynolds Co.-Class A 304,750 - ----------------------------------------------------------------------------------------------- 307,313 - ----------------------------------------------------------------------------------------------- OIL & GAS-0.27% 10,400 Landmark Graphics Corp.(a) 254,303 - ----------------------------------------------------------------------------------------------- POLLUTION CONTROL-0.41% 10,000 Asyst Technologies, Inc.(a) 390,000 - ----------------------------------------------------------------------------------------------- PUBLISHING-0.06% 1,700 Media General, Inc.-Class A 55,250 - ----------------------------------------------------------------------------------------------- RESTAURANTS-0.66% 15,000 Cracker Barrel Old Country Store, Inc. 318,750 - ----------------------------------------------------------------------------------------------- 12,000 Sonic Corp.(a) 310,500 - ----------------------------------------------------------------------------------------------- 629,250 - ----------------------------------------------------------------------------------------------- RETAIL (FOOD & DRUGS)-0.30% 2,000 Eckerd Corp.(a) 58,250 - ----------------------------------------------------------------------------------------------- 4,300 Revco D.S., Inc.(a) 92,450 - ----------------------------------------------------------------------------------------------- 6,000 Smith's Food & Drug Centers, Inc. 129,750 - ----------------------------------------------------------------------------------------------- 280,450 - ----------------------------------------------------------------------------------------------- RETAIL (STORES)-2.89% 600 Ann Taylor Stores, Inc.(a) 15,075 - ----------------------------------------------------------------------------------------------- 3,900 Bed Bath & Beyond, Inc.(a) 81,413 - ----------------------------------------------------------------------------------------------- 6,200 Circuit City Stores, Inc. 160,425 - ----------------------------------------------------------------------------------------------- 6,400 Creative Computers, Inc.(a) 157,600 - ----------------------------------------------------------------------------------------------- 9,100 Gateway 2000 Inc.(a) 172,330 - ----------------------------------------------------------------------------------------------- 5,600 General Nutrition, Inc.(a) 139,300 - ----------------------------------------------------------------------------------------------- 13,000 Heilig-Meyers Co. 273,000 - ----------------------------------------------------------------------------------------------- 9,500 Lowe's Companies, Inc. 274,313 - ----------------------------------------------------------------------------------------------- 9,000 MacFrugal's Bargains-Close-Outs Inc.(a) 132,750 - ----------------------------------------------------------------------------------------------- 13,000 Men's Wearhouse, Inc. (The)(a) 328,250 - ----------------------------------------------------------------------------------------------- 3,900 Michaels Stores, Inc.(a) 111,150 - ----------------------------------------------------------------------------------------------- 8,200 Pep Boys-Manny, Moe & Jack 211,150 - ----------------------------------------------------------------------------------------------- 5,200 Petco Animal Supplies, Inc.(a) 107,250 - ----------------------------------------------------------------------------------------------- 14,000 Proffitts, Inc.(a) 346,500 - ----------------------------------------------------------------------------------------------- 2,400 Staples, Inc.(a) 57,900 - ----------------------------------------------------------------------------------------------- 1,000 Sunglass Hut International(a) 28,687 - ----------------------------------------------------------------------------------------------- 1,500 Talbots, Inc. 45,562 - ----------------------------------------------------------------------------------------------- 7,400 Tech Data Corp.(a) 87,875 - ----------------------------------------------------------------------------------------------- 2,730,530 - -----------------------------------------------------------------------------------------------
7 10 FINANCIALS
SHARES MARKET VALUE SCIENTIFIC INSTRUMENTS-0.61% 13,000 Input/Output, Inc.(a) $ 440,375 - ----------------------------------------------------------------------------------------------- 3,000 Varian Associates, Inc. 138,000 - ----------------------------------------------------------------------------------------------- 578,375 - ----------------------------------------------------------------------------------------------- SEMICONDUCTORS-6.58% 11,900 ACT Manufacturing, Inc.(a) 166,600 - ----------------------------------------------------------------------------------------------- 4,700 Altera Corp.(a) 380,112 - ----------------------------------------------------------------------------------------------- 5,700 Applied Materials, Inc.(a) 351,262 - ----------------------------------------------------------------------------------------------- 11,000 Atmel Corp.(a) 484,000 - ----------------------------------------------------------------------------------------------- 4,800 Cirrus Logic, Inc.(a) 239,100 - ----------------------------------------------------------------------------------------------- 4,900 Credence Systems Corp.(a) 177,625 - ----------------------------------------------------------------------------------------------- 4,000 Cypress Semiconductor Corp.(a) 121,000 - ----------------------------------------------------------------------------------------------- 10,000 FSI International, Inc.(a) 465,000 - ----------------------------------------------------------------------------------------------- 11,000 Integrated Device Technology, Inc.(a) 419,375 - ----------------------------------------------------------------------------------------------- 13,000 International Rectifier Co.(a) 329,875 - ----------------------------------------------------------------------------------------------- 6,100 LAM Research Corp.(a) 308,050 - ----------------------------------------------------------------------------------------------- 13,700 Lattice Semiconductor Corp.(a) 412,713 - ----------------------------------------------------------------------------------------------- 4,800 Maxim Intergrated Products, Inc.(a) 174,000 - ----------------------------------------------------------------------------------------------- 10,700 Merix Corp.(a) 243,425 - ----------------------------------------------------------------------------------------------- 6,500 Micron Technology Inc. 534,625 - ----------------------------------------------------------------------------------------------- 2,000 Novellus Systems, Inc.(a) 121,500 - ----------------------------------------------------------------------------------------------- 10,300 OPTI, Inc.(a) 155,788 - ----------------------------------------------------------------------------------------------- 10,500 Sanmina Corp.(a) 358,313 - ----------------------------------------------------------------------------------------------- 1,600 SDL, Inc.(a) 40,800 - ----------------------------------------------------------------------------------------------- 3,500 Silicon Valley Group, Inc.(a) 101,500 - ----------------------------------------------------------------------------------------------- 12,000 Tylan General, Inc.(a) 144,000 - ----------------------------------------------------------------------------------------------- 23,400 VLSI Technology Inc.(a) 498,712 - ----------------------------------------------------------------------------------------------- 6,227,375 - ----------------------------------------------------------------------------------------------- SHOES & RELATED APPAREL-0.46% 13,000 Wolverine World Wide, Inc. 435,500 - ----------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-0.38% 1,300 LCI International, Inc.(a) 32,825 - ----------------------------------------------------------------------------------------------- 1,300 Periphonics Corp.(a) 20,475 - ----------------------------------------------------------------------------------------------- 19,600 U.S. Long Distance Corp.(a) 303,800 - ----------------------------------------------------------------------------------------------- 357,100 - ----------------------------------------------------------------------------------------------- TEXTILES-0.20% 8,400 Tommy Hilfiger Corp.(a) 193,200 - ----------------------------------------------------------------------------------------------- TRANSPORTATION-0.25% 3,900 Fritz Companies, Inc.(a) 234,975 - ----------------------------------------------------------------------------------------------- TRUCKING-0.05% 2,000 M.S. Carriers, Inc.(a) 48,500 - ----------------------------------------------------------------------------------------------- Total Domestic Common Stocks 40,771,236 - -----------------------------------------------------------------------------------------------
8 11 FINANCIALS
SHARES MARKET VALUE FOREIGN STOCKS, RIGHTS & OTHER EQUITY INTERESTS-50.69% ARGENTINA-2.48% 46,000 Banco de Galicia y Buenos Aires (Banking) $ 741,750 - ----------------------------------------------------------------------------------------------- 25,000 Buenos Aires Embotelladora S.A.-Class B (Beverages) 687,500 - ----------------------------------------------------------------------------------------------- 212,400 Telecom Argentina S.A.-Class B (Telecommunications) 921,724 - ----------------------------------------------------------------------------------------------- 2,350,974 - ----------------------------------------------------------------------------------------------- AUSTRALIA-1.07% 52,000 Pioneer International Ltd. (Building Materials) 126,322 - ----------------------------------------------------------------------------------------------- 129,728 QBE Insurance Group, Ltd. (Insurance-Broker) 531,216 - ----------------------------------------------------------------------------------------------- 143,800 Seven Network Limited (Advertising/Broadcasting) 350,374 - ----------------------------------------------------------------------------------------------- 1,007,912 - ----------------------------------------------------------------------------------------------- AUSTRIA-0.63% 6,000 Austria Mikro Systeme International AG (Semiconductors) 596,059 - ----------------------------------------------------------------------------------------------- BELGIUM-0.47% 5,000 Barco Industries (Conglomerates) 446,898 - ----------------------------------------------------------------------------------------------- CANADA-2.10% 48,500 CCL Industries, Inc. (Containers) 463,739 - ----------------------------------------------------------------------------------------------- 26,350 Corel Corp.(a) 365,606 - ----------------------------------------------------------------------------------------------- 50,000 Extendicare, Inc.(a) (Insurance-Life & Health) 468,888 - ----------------------------------------------------------------------------------------------- 24,200 GEAC Computer Corp. Ltd.(a) (Computer Software/Services) 311,489 - ----------------------------------------------------------------------------------------------- 15,000 Plaintree Systems, Inc.(a) (Computer Networking) 208,241 - ----------------------------------------------------------------------------------------------- 20,000 Skyjack, Inc.(a) (Machinery-Miscellaneous) 163,651 - ----------------------------------------------------------------------------------------------- 1,981,614 - ----------------------------------------------------------------------------------------------- CHILE-0.38% 5,200 Compania de Telefonos de Chile-ADR (Telephone) 358,800 - ----------------------------------------------------------------------------------------------- DENMARK-1.56% 2,250 Bang & Olufsen Holdings A/S (Electronics) 580,813 - ----------------------------------------------------------------------------------------------- 4,800 Danske Traelastkompagni(a) (Building Materials) 363,342 - ----------------------------------------------------------------------------------------------- 3,100 Kobenhavns Lufthavne (Airlines) 199,346 - ----------------------------------------------------------------------------------------------- 17,000 Lindab AB-Class B (Building Materials) 337,327 - ----------------------------------------------------------------------------------------------- 1,480,828 - ----------------------------------------------------------------------------------------------- FINLAND-1.24% 22,000 Finnlines Oy (Transportation) 446,609 - ----------------------------------------------------------------------------------------------- 2,900 Kone Corp. (Machinery-Miscellaneous) 360,713 - ----------------------------------------------------------------------------------------------- 9,000 Nokia Corp.-ADR (Telecommunications) 369,000 - ----------------------------------------------------------------------------------------------- 1,176,322 - ----------------------------------------------------------------------------------------------- FRANCE-4.28% 5,260 BIS S.A.(a) (Business Services) 412,108 - ----------------------------------------------------------------------------------------------- 5,000 Bollore Technologies(a) (Electronics) 534,188 - ----------------------------------------------------------------------------------------------- 3,650 CEP Communications (Publishing) 369,902 - ----------------------------------------------------------------------------------------------- 5,300 Club Mediterranee S.A.(a) (Leisure & Recreation) 534,962 - ----------------------------------------------------------------------------------------------- 400 De Dietrich et Compagnie S.A. (Appliances) 224,664 - -----------------------------------------------------------------------------------------------
9 12 FINANCIALS
SHARES MARKET VALUE France-(continued) 1,850 EBF(a) (Machinery-Heavy) $ 360,663 - ----------------------------------------------------------------------------------------------- 2,000 Groupe de la Cite (Publishing) 364,265 - ----------------------------------------------------------------------------------------------- 2,500 Hermes International (Retail-Stores) 321,022 - ----------------------------------------------------------------------------------------------- 5,100 Legris Industries S.A.(a) (Machinery-Heavy) 386,081 - ----------------------------------------------------------------------------------------------- 1,850 Sidel S.A. (Machinery-Miscellaneous) 540,995 - ----------------------------------------------------------------------------------------------- 4,048,850 - ----------------------------------------------------------------------------------------------- GERMANY-2.94% 950 Computer 2000 A.G.-Ordinary Shares (Computer Software/Services) 287,816 - ----------------------------------------------------------------------------------------------- 950 Computer 2000 A.G.-Rights (Computer Software/Services) 7,538 - ----------------------------------------------------------------------------------------------- 2,250 Escada A.G. (Textiles) 457,693 - ----------------------------------------------------------------------------------------------- 950 Fresenius A.G. (Medical Instruments/Products) 599,618 - ----------------------------------------------------------------------------------------------- 675 Hugo Boss A.G. (Textiles) 503,949 - ----------------------------------------------------------------------------------------------- 1,670 Jungheinrich A.G. (Machinery-Heavy) 367,417 - ----------------------------------------------------------------------------------------------- 1,695 Kolbenschmidt A.G.(a) (Automobile/Trucks Parts & Tires) 207,855 - ----------------------------------------------------------------------------------------------- 770 Springer (Axel) Verlag A.G. (Publishing) 352,701 - ----------------------------------------------------------------------------------------------- 2,784,587 - ----------------------------------------------------------------------------------------------- HONG KONG-4.46% 524,000 ASM Pacific Technology (Electronic Components/Miscellaneous) 351,996 - ----------------------------------------------------------------------------------------------- 678,000 CDL Hotels International Ltd. (Hotels/Motels) 310,929 - ----------------------------------------------------------------------------------------------- 546,000 First Pacific Co. Ltd. (Conglomerates) 447,888 - ----------------------------------------------------------------------------------------------- 177,000 Hutchison Whampoa Ltd. (Conglomerates) 768,273 - ----------------------------------------------------------------------------------------------- 1,042,000 Joyce Boutique Holdings (Retail-Stores) 197,874 - ----------------------------------------------------------------------------------------------- 1,000,000 M.C. Packaging Ltd. (Containers) 348,792 - ----------------------------------------------------------------------------------------------- 60,000 Sun Hung Kai Properties Ltd. (Real Estate) 382,896 - ----------------------------------------------------------------------------------------------- 219,000 Vatronix International (Electric Components/Miscellaneous) 319,687 - ----------------------------------------------------------------------------------------------- 1,698,000 Yizheng Chemical Fibre Co. (Chemicals) 564,830 - ----------------------------------------------------------------------------------------------- 2,290,000 Yue Yuen Industrial Holdings (Shoes & Related Apparel) 529,531 - ----------------------------------------------------------------------------------------------- 4,222,696 - ----------------------------------------------------------------------------------------------- INDIA-0.06% 3,500 Reliance Industries(a)(b) (Conglomerates) (Acquired 10/11/94; 54,250 Cost $100,751) - ----------------------------------------------------------------------------------------------- INDONESIA-1.39% 20,000 PT Bank International Indonesia (Banking) 41,200 - ----------------------------------------------------------------------------------------------- 125,000 PT Hanjaya Mandala Sampoerna (Tobacco) 733,318 - ----------------------------------------------------------------------------------------------- 24,000 PT Jaya Real Property (Home Building) 59,114 - ----------------------------------------------------------------------------------------------- 59,000 PT Semen Gresik (Building Materials) 269,503 - ----------------------------------------------------------------------------------------------- 10,000 PT Tri Polyta Indonesia-ADR(a) (Chemicals) 215,000 - ----------------------------------------------------------------------------------------------- 1,318,135 - ----------------------------------------------------------------------------------------------- IRELAND-0.05% 1,600 CBT Group PLC-ADR(a) (Computer Software/Services) 42,400 - ----------------------------------------------------------------------------------------------- ITALY-0.24% 68,000 Merloni Elettrodomestici SPA (Consumer Non-Durables) 228,312 - -----------------------------------------------------------------------------------------------
10 13 FINANCIALS
SHARES MARKET VALUE JAPAN-3.58% 16,000 Aisin Seiki Co., Ltd. (Automobile/Trucks Parts & Tires) $ 198,013 - ----------------------------------------------------------------------------------------------------- 31,000 Alpine Electronics (Electronic Components/Miscellaneous) 420,539 - ----------------------------------------------------------------------------------------------------- 22,000 Asahi Tec Corp. (Automobile/Trucks Parts & Tires) 204,462 - ----------------------------------------------------------------------------------------------------- 6,000 Bandai (Leisure & Recreation) 189,207 - ----------------------------------------------------------------------------------------------------- 23,000 Daikin Manufacturing Co. (Automobile/Trucks Parts & Tires) 399,595 - ----------------------------------------------------------------------------------------------------- 8,400 FCC Co., Ltd. (Automobile/Trucks Parts & Tires) 263,890 - ----------------------------------------------------------------------------------------------------- 9,000 Kyocera Corp. (Electronic Components/Miscellaneous) 696,139 - ----------------------------------------------------------------------------------------------------- 42,000 NGK Spark Plug Co., Ltd. (Machinery-Heavy) 489,797 - ----------------------------------------------------------------------------------------------------- 6,000 Ralse Company Ltd. (Retail-Stores) 123,520 - ----------------------------------------------------------------------------------------------------- 2,000 Shohkoh Fund (Finance-Asset Management) 406,973 - ----------------------------------------------------------------------------------------------------- 3,392,135 - ----------------------------------------------------------------------------------------------------- MALAYSIA-2.98% 32,000 Aokam Perdana Berhad (Paper & Forest Products) 143,689 - ----------------------------------------------------------------------------------------------------- 74,000 Gamuda Berhad (Engineering & Construction) 278,398 - ----------------------------------------------------------------------------------------------------- 199,000 IOI Properties Berhad (Real Estate) 720,489 - ----------------------------------------------------------------------------------------------------- 170,000 Nylex (Malaysia) Berhad (Chemicals) 412,621 - ----------------------------------------------------------------------------------------------------- 90,000 Sungei Way Holdings Berhad (Building Materials) 356,796 - ----------------------------------------------------------------------------------------------------- 120,000 Technology Resources Industries Berhad(a) (Finance-Asset Management) 305,825 - ----------------------------------------------------------------------------------------------------- 67,000 United Engineers Ltd. (Machinery-Miscellaneous) 384,871 - ----------------------------------------------------------------------------------------------------- 50,000 Westmont Berhad (Business Services) 216,424 - ----------------------------------------------------------------------------------------------------- 2,819,113 - ----------------------------------------------------------------------------------------------------- MEXICO-1.25% 263,200 Cifra, S.A. de C.V.-Series C(a) (Retail-Stores) 362,582 - ----------------------------------------------------------------------------------------------------- 25,000 Empresas ICA Sociedad Controladora, S.A. de C.V. (Engineering & Construction) 212,500 - ----------------------------------------------------------------------------------------------------- 25,000 Grupo Simec, S.A. de C.V.(a) (Steel) 250,000 - ----------------------------------------------------------------------------------------------------- 36,000 Kimberly-Clark de Mexico S.A. de C.V. (Retail-Stores) 361,494 - ----------------------------------------------------------------------------------------------------- 1,186,576 - ----------------------------------------------------------------------------------------------------- NETHERLANDS-2.77% 2,920 Ahrend Groep N.V. (Furniture) 362,155 - ----------------------------------------------------------------------------------------------------- 13,400 ASM Lithography Holding N.V.(a) 366,825 - ----------------------------------------------------------------------------------------------------- 13,200 Getronics N.V. (Computers Software/Services) 540,043 - ----------------------------------------------------------------------------------------------------- 6,200 Internatio-Muller N.V. (Conglomerates) 395,464 - ----------------------------------------------------------------------------------------------------- 8,800 Madge N.V.(a) (Computer Networking) 242,000 - ----------------------------------------------------------------------------------------------------- 6,400 Philips Electronics N.V.-New York Shares-ADR (Appliances) 246,400 - ----------------------------------------------------------------------------------------------------- 7,800 Randstad Holdings N.V. (Business Services) 467,366 - ----------------------------------------------------------------------------------------------------- 2,620,253 - ----------------------------------------------------------------------------------------------------- NEW ZEALAND-0.86% 110,000 Fisher & Paykel Industries Ltd. (Appliances) 314,096 - ----------------------------------------------------------------------------------------------------- 49,000 Helicopter Line Ltd. (The) (Transportation) 158,022 - ----------------------------------------------------------------------------------------------------- 219,000 Skellerup Group Ltd. (Conglomerates) 338,417 - ----------------------------------------------------------------------------------------------------- 810,535 - -----------------------------------------------------------------------------------------------------
11 14 FINANCIALS
SHARES MARKET VALUE NORWAY-0.54% 138,000 Tomra Systmes A/S (Pollution Control) $ 507,255 - ----------------------------------------------------------------------------------------------- PANAMA-0.09% 2,700 Banco Latinoamericano de Exportaciones, S.A. (Banking) 83,700 - ----------------------------------------------------------------------------------------------- PERU-1.20% 142,100 Cementos Lima S.A. (Building Materials) 315,426 - ----------------------------------------------------------------------------------------------- 490,000 Compania Peruana de Telefonos S.A.-Class B(a) (Telecommunications) 821,217 - ----------------------------------------------------------------------------------------------- 1,136,643 - ----------------------------------------------------------------------------------------------- SINGAPORE-2.72% 60,000 Cerebos Pacific Ltd. (Food/Processing) 370,291 - ----------------------------------------------------------------------------------------------- 113,000 City Developments Ltd. (Real Estate) 664,944 - ----------------------------------------------------------------------------------------------- 139,000 Clipsal Industries Ltd. (Electrical Equipment) 300,240 - ----------------------------------------------------------------------------------------------- 196,000 DBS Land Ltd. (Real Estate) 540,108 - ----------------------------------------------------------------------------------------------- 67,000 United Overseas Bank Ltd. (Banking) 697,166 - ----------------------------------------------------------------------------------------------- 2,572,749 - ----------------------------------------------------------------------------------------------- SPAIN-0.71% 40,200 Asturiana de Zinc S.A.(a) (Metals-Miscellaneous) 383,634 - ----------------------------------------------------------------------------------------------- 4,500 Azkoyen S.A. (Beverages) 286,173 - ----------------------------------------------------------------------------------------------- 669,807 - ----------------------------------------------------------------------------------------------- SWEDEN-2.09% 23,000 Allgon A.B. (Electrical Equipment) 451,116 - ----------------------------------------------------------------------------------------------- 13,350 Arjo A.B. (Medical Instruments/Supplies) 207,637 - ----------------------------------------------------------------------------------------------- 10,000 Autoliv A.B. (Machinery-Heavy) 452,837 - ----------------------------------------------------------------------------------------------- 17,000 Lindab A.B.-Class B (Building Materials) 332,264 - ----------------------------------------------------------------------------------------------- 5,400 Telefonaktiebolaget L.M. Ericsson-ADR (Telecommunications) 362,138 - ----------------------------------------------------------------------------------------------- 8,500 WM-Data A.B.-Class B (Computer Software/Services) 171,982 - ----------------------------------------------------------------------------------------------- 1,977,974 - ----------------------------------------------------------------------------------------------- SWITZERLAND-0.48% 200 Sig Schweizerische Industriegesellschaft Holding A.G. (Machinery-Heavy) 450,105 - ----------------------------------------------------------------------------------------------- THAILAND-1.80% 7,000 Juldis Development Co., Ltd.(a) (Real Estate) 25,330 - ----------------------------------------------------------------------------------------------- 229,700 Krung Thai Bank Ltd. (Banking) 695,778 - ----------------------------------------------------------------------------------------------- 5,200 Siam City Cement Co., Ltd. (Building Materials) 298,955 - ----------------------------------------------------------------------------------------------- 48,600 United Communication Industry (Telecommunications) 687,652 - ----------------------------------------------------------------------------------------------- 1,707,715 - ----------------------------------------------------------------------------------------------- UNITED KINGDOM-6.27% 24,600 Ashtead Group PLC (Engineering & Construction) 171,416 - ----------------------------------------------------------------------------------------------- 4,100 British Sky Broadcasting-ADR(a) (Advertising/Broadcasting) 98,400 - ----------------------------------------------------------------------------------------------- 67,000 Capital Radio PLC (Leisure & Recreation) 407,564 - ----------------------------------------------------------------------------------------------- 9,300 Danka Business Systems PLC-ADR (Computer Software/Services) 254,588 - ----------------------------------------------------------------------------------------------- 185,000 Dewhirst Group PLC (Textiles) 455,504 - -----------------------------------------------------------------------------------------------
12 15 FINANCIALS
SHARES MARKET VALUE United Kingdom-(continued) 99,000 Goode Durrant PLC (Transportation) $ 363,244 - ----------------------------------------------------------------------------------------------- 35,500 J.D. Wetherspoon PLC (Restaurants) 280,789 - ----------------------------------------------------------------------------------------------- 71,600 Logica PLC (Computer Software/Services) 407,893 - ----------------------------------------------------------------------------------------------- 120,800 Medeva PLC (Medical-Drugs) 468,503 - ----------------------------------------------------------------------------------------------- 71,200 Oxford Instruments PLC (Electronic Components/Miscellaneous) 397,593 - ----------------------------------------------------------------------------------------------- 24,000 Sage Group PLC (The) (Computer Software/Services) 321,725 - ----------------------------------------------------------------------------------------------- 37,000 Spirax Sarco Engineering PLC (Engineering & Construction) 295,333 - ----------------------------------------------------------------------------------------------- 77,200 St. Ives Group PLC (Containers) 449,733 - ----------------------------------------------------------------------------------------------- 102,000 Stagecoach Holdings PLC (Transportation) 325,008 - ----------------------------------------------------------------------------------------------- 66,400 Unitech PLC (Electronic Components/Miscellaneous) 390,024 - ----------------------------------------------------------------------------------------------- 120,000 Vickers PLC (Automobile-Manufacturers) 364,982 - ----------------------------------------------------------------------------------------------- 60,000 Yorkshire-Tyne Tees Television Holdings PLC (Advertising/Broadcasting) 483,746 - ----------------------------------------------------------------------------------------------- 5,936,045 - ----------------------------------------------------------------------------------------------- Total Foreign Stocks, Rights & Other Equity Interests 47,969,242 - ----------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT REPURCHASE AGREEMENT-3.55%(c) $3,358,846 Goldman, Sachs & Co., 5.92%, 05/01/95(d) 3,358,846 - ----------------------------------------------------------------------------------------------- Total Repurchase Agreement 3,358,846 - ----------------------------------------------------------------------------------------------- 92,099,324 TOTAL INVESTMENTS-97.32% - ----------------------------------------------------------------------------------------------- 2,536,208 OTHER ASSETS LESS LIABILITIES-2.68% - ----------------------------------------------------------------------------------------------- $ 94,635,532 NET ASSETS-100.00% ===============================================================================================
NOTES TO SCHEDULE OF INVESTMENTS: (a) Non-income producing security. (b) Restricted security. May be sold to qualified institutional buyers in accordance with the provisions of Rule 144A under the Securities Act of 1933, as amended. The valuation of this security has been determined in accordance with procedures established by the Board of Directors. The market value of this security at April 30, 1995 represented 0.06% of net assets. (c) Collateral on repurchase agreements, including the Fund's pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. The collateral is marked to market daily to ensure its market value as being 102 percent of the sales price of the repurchase agreement. The investments in some repurchase agreements are through participation in joint accounts with other mutual funds managed by the investment advisor. (d) Joint repurchase agreement entered into 04/28/95 with a maturing value of $403,984,662. Collateralized by $400,123,000 U.S. Treasury obligations, 0.00% to 8.875% due 05/15/95 to 02/15/21. See Notes to Financial Statements. 13 16 FINANCIALS STATEMENT OF ASSETS AND LIABILITIES April 30, 1995 (Unaudited) ASSETS: Investments, at market value (cost $84,049,013) $ 92,099,324 - ----------------------------------------------------------------------------------------- Foreign currencies, at market value (cost $3,285,749) 3,304,586 - ----------------------------------------------------------------------------------------- Receivables for: Investments sold 1,128,515 - ----------------------------------------------------------------------------------------- Foreign currency sold 391,103 - ----------------------------------------------------------------------------------------- Capital stock sold 2,660,769 - ----------------------------------------------------------------------------------------- Dividends and interest 108,849 - ----------------------------------------------------------------------------------------- Other assets 33,761 - ----------------------------------------------------------------------------------------- Total assets 99,726,907 - ----------------------------------------------------------------------------------------- LIABILITIES: Payables for: Investments purchased 4,283,690 - ----------------------------------------------------------------------------------------- Foreign currency purchased 393,068 - ----------------------------------------------------------------------------------------- Capital stock reacquired 217,675 - ----------------------------------------------------------------------------------------- Accrued advisory fees 64,614 - ----------------------------------------------------------------------------------------- Accrued administrative service fees 1,000 - ----------------------------------------------------------------------------------------- Accrued directors' fees 1,627 - ----------------------------------------------------------------------------------------- Accrued distribution fees 50,602 - ----------------------------------------------------------------------------------------- Accrued transfer agent fees 16,453 - ----------------------------------------------------------------------------------------- Accrued operating expenses 62,646 - ----------------------------------------------------------------------------------------- Total liabilities 5,091,375 - ----------------------------------------------------------------------------------------- Net assets applicable to shares outstanding $ 94,635,532 ========================================================================================= NET ASSETS: Class A $ 64,273,469 ========================================================================================= Class B $ 30,362,063 ========================================================================================= CAPITAL STOCK, $.001 PAR VALUE PER SHARE: CLASS A: Authorized 200,000,000 - ----------------------------------------------------------------------------------------- Outstanding 5,941,651 ========================================================================================= CLASS B: Authorized 200,000,000 - ----------------------------------------------------------------------------------------- Outstanding 2,814,631 ========================================================================================= CLASS A: Net asset value and redemption price per share $ 10.82 ========================================================================================= Offering price per share: (Net asset value of $10.82 divided by 95.25%) $ 11.36 ========================================================================================= CLASS B: Net asset value and offering price per share $ 10.79 =========================================================================================
See Notes to Financial Statements. 14 17 FINANCIALS STATEMENT OF OPERATIONS For the six months ended April 30, 1995 (Unaudited) INVESTMENT INCOME: Dividends (net of $25,353 foreign withholding tax) $ 232,260 - ----------------------------------------------------------------------------------------- Interest 191,108 - ----------------------------------------------------------------------------------------- Total investment income 423,368 - ----------------------------------------------------------------------------------------- EXPENSES: Advisory fees 201,939 - ----------------------------------------------------------------------------------------- Administrative service fees 6,041 - ----------------------------------------------------------------------------------------- Directors' fees 2,635 - ----------------------------------------------------------------------------------------- Distribution fees-Class A 103,947 - ----------------------------------------------------------------------------------------- Distribution fees-Class B 86,496 - ----------------------------------------------------------------------------------------- Custodian fees 79,934 - ----------------------------------------------------------------------------------------- Transfer agent fees-Class A 72,127 - ----------------------------------------------------------------------------------------- Transfer agent fees-Class B 37,357 - ----------------------------------------------------------------------------------------- Other 69,328 - ----------------------------------------------------------------------------------------- Total expenses 659,804 - ----------------------------------------------------------------------------------------- Net investment income (loss) (236,436) - ----------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCIES: Net realized gain (loss) on sales of: Investment securities (1,364,106) - ----------------------------------------------------------------------------------------- Foreign currencies (65,402) - ----------------------------------------------------------------------------------------- (1,429,508) - ----------------------------------------------------------------------------------------- Unrealized appreciation of: Investment securities 7,583,143 - ----------------------------------------------------------------------------------------- Foreign currencies 13,066 - ----------------------------------------------------------------------------------------- 7,596,209 - ----------------------------------------------------------------------------------------- Net gain on investment securities and foreign currencies 6,166,701 - ----------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 5,930,265 =========================================================================================
See Notes to Financial Statements. 15 18 FINANCIALS STATEMENT OF CHANGES IN NET ASSETS For the six months ended April 30, 1995 and the period September 15, 1994 (date operations commenced) through October 31, 1994 (Unaudited)
APRIL 30, OCTOBER 31, 1995 1994 OPERATIONS: Net investment income (loss) $ (236,436) $ 2,281 - ----------------------------------------------------------------------------------------------------------------- Net realized gain (loss) on sales of investment securities and foreign currencies (1,429,508) (45,494) - ----------------------------------------------------------------------------------------------------------------- Unrealized appreciation of investment securities and foreign currencies 7,596,209 470,005 - ----------------------------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations 5,930,265 426,792 - ----------------------------------------------------------------------------------------------------------------- Share transactions-net: Class A 41,747,094 17,086,103 - ----------------------------------------------------------------------------------------------------------------- Class B 22,347,236 6,098,042 - ----------------------------------------------------------------------------------------------------------------- Net increase in net assets 70,024,595 23,610,937 - ----------------------------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period 24,610,937 1,000,000 - ----------------------------------------------------------------------------------------------------------------- End of period $ 94,635,532 $ 24,610,937 ================================================================================================================= NET ASSETS CONSIST OF: Capital (par value and additional paid-in) $ 88,278,475 $ 24,184,145 - ----------------------------------------------------------------------------------------------------------------- Undistributed net investment income (loss) (234,155) 2,281 - ----------------------------------------------------------------------------------------------------------------- Undistributed net realized gain (loss) on sales of investment securities and foreign currencies (1,475,002) (45,494) - ----------------------------------------------------------------------------------------------------------------- Unrealized appreciation of investment securities and foreign currencies 8,066,214 470,005 - ----------------------------------------------------------------------------------------------------------------- $ 94,635,532 $ 24,610,937 ==============================================================================++++++++++++++++++=================
See Notes to Financial Statements. 16 19 FINANCIALS NOTES TO FINANCIAL STATEMENTS April 30, 1995 (Unaudited) NOTE 1-SIGNIFICANT ACCOUNTING POLICIES AIM Global Aggressive Growth Fund (the "Fund") is an investment portfolio of AIM International Funds, Inc. (the "Company"). The Company is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company consisting of four separate series portfolios: AIM Global Aggressive Growth Fund, AIM Global Growth Fund, AIM Global Income Fund and AIM International Equity Fund. The Fund currently offers two different classes of shares: the Class A shares and the Class B shares. Class A shares are sold with a front-end sales charge. Class B shares are sold with a contingent deferred sales charge. Matters affecting each portfolio or class are voted on exclusively by the shareholders of such portfolio or class. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. A. Security Valuations -- Investment securities are valued at the last sales price on the exchange on which the securities are traded or, lacking any sales, at the mean between the closing bid and asked prices on the day of valuation. Securities traded in the over-the-counter market (but not including securities reported on the NASDAQ National Market System) are valued at the mean between the closing bid and asked prices on the valuation date. Securities reported on the NASDAQ National Market System are valued at the last sales price on the valuation date. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by or under the supervision of the Company's officers in a manner specifically authorized by the Board of Directors. Investments with maturities of 60 days or less are valued on the basis of amortized cost which approximates market value. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. Foreign currency exchange rates are also generally determined prior to the close of the New York Stock Exchange. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which they are determined and the close of the New York Stock Exchange which will not be reflected in the computation of the Fund's net asset value. If events materially affecting the value of such securities occur during such period, then these securities will be valued at their fair value as determined in good faith by or under the supervision of the Board of Directors. B. Foreign Currency Translations -- 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 and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. C. Foreign Currency Contracts -- A forward 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 forward 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 forward contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. D. Securities Transactions, Investment Income and Distributions -- Securities transactions are accounted for on a trade date basis. Realized gains or losses are computed on the basis of specific identification of the securities sold. Interest income is recorded as earned from settlement date and is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. E. Federal Income Taxes -- The Fund intends to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and, as such, will not be subject to federal income taxes on otherwise taxable income (including net realized capital gains) which is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. F. Expenses -- Operating expenses directly attributable to a class of shares are charged to that class' operations. Expenses which are applicable to both classes, e.g. advisory fees, are allocated between them. NOTE 2-ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES The Company has entered into a master investment advisory agreement with A I M Advisors, Inc. ("AIM"). Under the terms of the master advisory agreement, the Fund pays an advisory fee to AIM at the annual rate of 0.90% of the first 17 20 FINANCIALS $1 billion of the Fund's average daily net assets, plus 0.85% of the Fund's average daily net assets in excess of $1 billion. During the six months ended April 30, 1995 AIM waived fees of $63,013. Under the terms of the master investment advisory agreement, AIM will, if necessary, reduce its fee or make payments to the Fund to the extent necessary to satisfy any expense limitations imposed by the securities laws or regulations thereunder of any state in which the Fund's shares are qualified for sale. The Company has entered into a master administrative services agreement with AIM with respect to the Fund. This agreement provides that AIM may perform, or arrange for the performance of, certain accounting, shareholder servicing and other administrative services to the Fund which are not required to be performed by AIM under the master investment advisory agreement. For such services, AIM is entitled to receive from the Fund reimbursement of AIM's cost or such reasonable compensation as is approved by the Company's Board of Directors. During the six months ended April 30, 1995, AIM was reimbursed $6,041 for such services. The Fund, pursuant to a transfer agency and service agreement, has agreed to reimburse A I M Fund Services, Inc. ("AFS") for certain costs incurred in providing transfer agency services to the Fund. During the six months ended April 30, 1995, AFS was reimbursed $62,184 for such services. The Company has entered into master distribution agreements with A I M Distributors, Inc. ("AIM Distributors") to serve as the distributor for the Class A shares and the Class B shares of the Fund. The Company has adopted Plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A shares (the "Class A Plan") and with respect to the Fund's Class B shares (the "Class B Plan") (collectively the "Plans"). The Fund, pursuant to the Class A Plan, will pay AIM Distributors an annual rate of 0.50% of the average daily net assets attributable to the Class A shares. The Class A Plan is designed to compensate AIM Distributors for certain promotional and other sales related costs and to implement a program which provides periodic payments to selected dealers and financial institutions, in amounts of up to 0.25% of the average net assets of the Class A shares attributable to the customers of such dealers or financial institutions, who furnish continuing personal shareholder services to their customers who purchase and own Class A shares of the Fund. The Fund, pursuant to the Class B Plan, will pay AIM Distributors at an annual rate of 1.00% of the average daily net assets attributable to the Class B shares. Of this amount, the Fund may pay a service fee of 0.25% of the average daily net assets of the Class B shares to selected dealers and financial institutions who furnish continuing personal shareholder services to their customers who purchase and own Class B shares of the Fund. Any amounts not paid as a service fee under such Plans would constitute an asset-based sales charge. The Plans also impose a cap on the total sales charges, including asset-based sales charges, that may be paid by the respective classes. During the six months ended April 30, 1995, the Class A shares and the Class B shares paid AIM Distributors $103,947 and $86,496, respectively, as compensation under the Plans. AIM Distributors received commissions of $212,628 from the sales of the Class A shares of the Fund during the six months ended April 30, 1995. Such commissions are not an expense of the Fund. They are deducted from, and are not included in, the proceeds from sales of Class A shares. During the six months ended April 30, 1995, AIM Distributors received commissions of $3,036 in contingent deferred sales charges imposed on redemptions of Class B shares. Certain officers and directors of the Company are officers and directors of AIM, AFS and AIM Distributors. During the six months ended April 30, 1995, the Fund incurred legal fees of $703 for services rendered by the law firm of Kramer, Levin, Naftalis, Nessen, Kamin & Frankel as counsel to the Company's directors. A member of that firm is a director of the Company. NOTE 3-DIRECTORS' FEES Directors' fees represent remuneration paid or accrued to each director who is not an "interested person" of the Company. The Company may invest directors' fees, if so elected by a director, in mutual fund shares in accordance with a deferred compensation plan. NOTE 4-INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities) purchased and sold by the Fund during the six months ended April 30, 1995 was $78,693,379 and $14,963,717, respectively. The amount of unrealized appreciation (depreciation) of investment securities as of April 30, 1995 is as follows: Aggregate unrealized appreciation of investment securities $ 11,250,910 - ----------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (3,200,599) - ----------------------------------------------------------------------------------------- Net unrealized appreciation of investment securities $ 8,050,311 =========================================================================================
Investments have the same cost for tax and financial statement purposes. 18 21 FINANCIALS NOTE 5-CAPITAL STOCK Changes in the Fund's capital stock outstanding for the six months ended April 30, 1995 and the period September 15, 1994 (date operations commenced) through October 31, 1994 were as follows:
April 30, 1995 October 31, 1994 -------------------------- ---------------------------- Shares Amount Shares Amount --------- ----------- ----------- ----------- Sold: Class A 4,717,437 $47,601,276 1,716,450 $17,229,786 - ----------------------------------------- --------- ----------- ----------- ----------- Class B 2,305,888 23,356,417 607,443 6,099,880 - ----------------------------------------- --------- ----------- ----------- ----------- Reacquired: Class A (577,872) (5,854,182) (14,364) (143,683) - ----------------------------------------- --------- ----------- ----------- ----------- Class B (98,516) (1,009,181) (184) (1,838) - ----------------------------------------- --------- ----------- ----------- ----------- 6,346,937 $64,094,330 2,309,345 $23,184,145 ========================================= ========= =========== =========== ===========
NOTE 6-FINANCIAL HIGHLIGHTS Shown below are the condensed financial highlights for a Class A share and Class B share outstanding during the six months ended April 30, 1995 and the period September 15, 1994 (dates operations commenced) through October 31, 1994.
Class A Class B ---------------------------- ---------------------------- April 30, October 31, April 30, October 31, 1995 1994 1995 1994 ------------ ------------ ------------ ------------ Net asset value, beginning of period $ 10.22 $ 10.00 $ 10.21 $10.00 - ------------------------------------------------------------ ------------ ------------ ------------ ------ Income from investment operations: Net investment income (loss) (0.02) -- (0.04) -- - ------------------------------------------------------------ ------------ ------------ ------------ ------ Net gains on securities (both realized and unrealized) 0.62 0.22 0.62 0.21 - ------------------------------------------------------------ ------------ ------------ ------------ ------ Total from investment operations 0.60 0.22 0.58 0.21 - ------------------------------------------------------------ ------------ ------------ ------------ ------ Net asset value, end of period $ 10.82 $ 10.22 $ 10.79 $10.21 ============================================================ ============ ============ ============ ====== Total return(a) 5.87% 2.20% 5.68% 2.10% ============================================================ ============ ============ ============ ====== Ratios/supplemental data: Net assets, end of period (000s omitted) $ 64,275 $ 18,410 $ 30,363 $6,201 ============================================================ ============ ============ ============ ====== Ratio of expenses to average net assets 2.08%(b) 2.02%(c) 2.63%(d) 2.54%(c) ============================================================ ============ ============ ============ ====== Ratio of net investment income (loss) to average net assets (0.64)%(b) 0.27%(c) (1.19)%(d) (0.25)%(c) ============================================================ ============ ============ ============ ====== Portfolio turnover rate 28% 2% 28% 2% ============================================================ ============ ============ ============ ======
(a) Does not deduct sales charges and for periods less than one year, total returns are not annualized. (b) Ratios are annualized and based on average net assets of $41,923,557. Annualized ratios of expenses and net investment income (loss) to average net assets before fee waivers and expense reimbursements are 2.30% and (0.86)%, respectively. (c) Annualized. (d) Ratios are annualized and based on average net assets of $17,442,669. Annualized ratios of expenses and net investment income (loss) to average net assets before fee waivers and expense reimbursements are 2.83% and (1.39)%, respectively. 19 22 This page intentionally left blank. 20 23 DIRECTORS & OFFICERS
BOARD OF DIRECTORS OFFICERS OFFICE OF THE FUND Charles T. Bauer Charles T. Bauer 11 Greenway Plaza Chairman and Chairman Suite 1919 Chief Executive Officer Houston, TX 77046 A I M Management Group Inc. Robert H. Graham 800-347-1919 President Bruce L. Crockett INVESTMENT ADVISER President and John J. Arthur Chief Executive Officer Senior Vice President A I M Advisors, Inc. COMSAT Corporation and Treasurer 11 Greenway Plaza Suite 1919 Owen Daly II Gary T. Crum Houston, TX 77046 Director Senior Vice President Cortland Trust Inc. TRANSFER AGENT Carol F. Relihan Carl Frischling Vice President and A I M Fund Services, Inc. Partner Secretary P.O. Box 4739 Kramer, Levin, Naftalis, Houston, TX 77210-4739 Nessen, Kamin & Frankel Dana R. Sutton Vice President CUSTODIAN Robert H. Graham and Assistant Treasurer President State Street Bank & Trust Company A I M Management Group Inc. Robert G. Alley 225 Franklin Street Vice President Boston, MA 02110 John F. Kroeger Formerly, Consultant Melville B. Cox COUNSEL TO THE FUND Wendell & Stockel Vice President Associates, Inc. Ballard Spahr Andrews & Ingersoll Jonathan C. Schoolar 1735 Market Street Lewis F. Pennock Vice President Philadelphia, PA 19103 Attorney P. Michelle Grace COUNSEL TO THE DIRECTORS Ian W. Robinson Assistant Secretary Consultant, Former Executive Kramer, Levin, Naftalis, Nessen, Vice President and Chief Nancy L. Martin Kamin & Frankel Financial Officer Assistant Secretary 919 Third Avenue Bell Atlantic Management New York, NY 10022 Services, Inc. Ofelia M. Mayo Assistant Secretary DISTRIBUTOR Louis S. Sklar Executive Vice President Kathleen J. Pflueger A I M Distributors, Inc. Hines Interests Assistant Secretary 11 Greenway Plaza Limited Partnership Suite 1919 Samuel D. Sirko Houston, TX 77046 Assistant Secretary Stephen I. Winer Assistant Secretary Mary J. Benson Assistant Treasurer
This report may be distributed only to current shareholders or to persons who have received a current prospectus of the Fund. 21 24 A I M Distributors, Inc. --------------- [AIM LOGO 11 Greenway Plaza, Suite 1919 BULK RATE APPEARS HERE] Houston, Texas 77046 U.S. POSTAGE PAID Houston, TX THE AIM FAMILY OF FUNDS(R) Permit No. 2332 --------------- AGGRESSIVE GROWTH AIM Aggressive Growth Fund* AIM Constellation Fund AIM Global Aggressive Growth Fund GROWTH AIM Global Growth Fund AIM Growth Fund AIM International Equity Fund AIM Value Fund AIM Weingarten Fund GROWTH AND INCOME AIM Balanced Fund AIM Charter Fund INCOME AND GROWTH [FULL PAGE PHOTO OF AIM Global Utilities Fund AIM MANAGEMENT GROUP HIGH CURRENT INCOME OFFICE BUILDING] AIM High Yield Fund CURRENT INCOME AIM Global Income Fund AIM Income Fund CURRENT TAX-FREE INCOME AIM Municipal Bond Fund AIM Tax-Exempt Bond Fund of Conn. AIM Tax-Free Intermediate Shares CURRENT INCOME AND HIGH DEGREE OF SAFETY AIM Government Securities Fund HIGH DEGREE OF SAFETY AND CURRENT INCOME AIM Limited Maturity Treasury Shares STABILITY, LIQUIDITY, AND CURRENT INCOME AIM Money Market Fund STABILITY, LIQUIDITY, AND CURRENT TAX-FREE INCOME AIM Tax-Exempt Cash Fund *AIM Aggressive Growth Fund was closed to new investors on May 2, 1994. For more complete information about any AIM Fund, including sales charges and expenses, ask your investment broker or securities dealer for a free prospectus(es). Please read the prospectus(es) carefully before you invest or send money. -----END PRIVACY-ENHANCED MESSAGE-----