-----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, sWEs2ey7JqnqCdVeAoSqnYVT1JNF9e3MIM93gWkoxU38DPSSxLnVR69UIABJokrM SudpUQ0rcJw0bTTqlmeYVg== 0000950129-95-000702.txt : 199506290000950129-95-000702.hdr.sgml : 19950629 ACCESSION NUMBER: 0000950129-95-000702 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: 95549697 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 INTERNATIONAL EQUITY SEMI-ANNUAL REPORT 4/30/95 1 [AIM LOGO APPEARS HERE] [GRAPHIC COLLAGE APPEARS HERE] AIM INTERNATIONAL EQUITY FUND SEMIANNUAL REPORT APRIL 30, 1995 2 PORTFOLIO DATA TOP 10 HOLDINGS 1. PT Hanjaya Mandala Sampoerna 2. Polygram N.V. 3. Pinault-Printemps, S.A. 4. Granada Group PLC 5. United OverSeas Bank Ltd. 6. Rhom Co., Ltd. 7. Sap A.G. 8. Hennes and Mauritz AB 9. Hutchison Whampoa Ltd. 10. Elsevier N.V. TOP 10 COUNTRIES 1. Japan 2. France 3. United Kingdom 4. Netherlands 5. Hong Kong 6. Sweden 7. Germany 8. Malaysia 9. Singapore 10. Thailand 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 INTERNATIONAL EQUITY FUND seeks to provide long-term growth of capital by investing in a diversified portfolio of international equity securities, the issuers of which are considered to have strong earnings momentum. 3 CHAIRMAN'S LETTER Dear Fellow Shareholder: Recent turbulence in world investment markets interrupted the record of attractive performance AIM International Equity Fund has posted since its inception in 1992. However, disciplined stock selection based on positive earnings momentum [PHOTO helped your Fund to deliver a total return which nonetheless Charles T. exceeded the performance of most international funds as Bauer, measured by Lipper Analytical Services, Inc., a mutual fund Chairman of performance monitor. Of course, you cannot make an investment the Board of in an index. the Fund, During the six months ended April 30, 1995, the Fund posted a APPEARS HERE] total return of -3.40% for Class A shares, decidedly outperforming the -5.03 total return for international funds as measured by the Lipper International Fund Index, an unmanaged composite of the 30 largest international stock funds. AIM International Equity Fund's Class A share performance includes reinvested distributions of $0.4845 per share and excludes the maximum sales charge of 5.50%. Cumulative total return for the Fund's new Class B shares for the six months ended April 30, 1995, was -3.82%, including reinvested distributions of $0.4705 per share and excluding the maximum contingent deferred sales charge of 5.00%. As of April 30, the Fund's net assets were $630 million, which factors to a net asset value per Class A share of $12.53, and $12.48 net asset value per Class B share. 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. AIM International Equity Fund has contributed significantly to the consistent growth of A I M Advisors, Inc. At the end of March 1995, Lipper reported that AIM 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 International Equity 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 International Equity 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 commitment to disciplined stock selection. ------------- AIM International Equity Fund tested its mettle during the last six months as world 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 market volatility with a confirmed commitment to disciplined stock selection. The Fund focuses on companies with positive earnings momentum. Even in turbulent markets, there are opportunities. During the six months ended April 30, 1995, the Fund withdrew from higher-risk emerging markets in Latin America and Asia in favor of larger, more stable markets such as the United Kingdom, Germany, and France. Defensive markets such as the Netherlands, Switzerland, and France--where almost 20% of the Fund's portfolio was invested as of April 30, 1995--were among the strongest performing markets. YOUR INVESTMENT PORTFOLIO In a difficult investment environment, deciding what to sell is just as important as deciding what to buy. Over the last six months, the Fund narrowed its holdings to 163 securities, while remaining fully invested with almost 90% of assets in stock. The portfolio emphasized larger, more defensive companies which offer a potential for growth. 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. EUROPE. Financial markets in Europe benefited from the renewed interest in stocks of larger, more predictable companies. The Fund moved out of cyclical stocks such as building materials and construction companies and added defensive growth stocks such as British Sky Broadcasting, Heineken N.V., Roche Holdings A.G., and Carrefour Supermarche. Publishers Wolters Kluwer N.V. and PolyGram N.V. and retailer Pinault-Printemps S.A. continued to deliver strong performance. Certain oversold markets offered attractive values such as OMV AG from Austria, and Spain's Gas Natural SDG-E S.A. and Tabacalera S.A. 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. Telecom Corp. of New Zealand, Ltd., delivered attractive performance, and the Fund added Carter Holt Harvey, Ltd., a paper and forest products producer. The Fund reduced its position in Thailand, and repositioned holdings in Malaysia. In Japan, the Fund sold stocks in selected consumer goods producers, specialty retailers, and Honda Motor Co. The Fund increased its positions in technology companies such as Rohm Co., Ltd., Sharp Corp., and Kyocera Corp, and added growth stocks such as Hoya Corp., Omron Corp., and Yamaha Corp. OUTLOOK FOR THE FUTURE With inflation apparently under control in the U.S., Germany, the United Kingdom, and other key world economies, global interest rates have stabilized for the near term. The remaining uncertainty for foreign markets is the direction of the U.S. dollar, which continues to impact profits on European, Japanese, and Asian exports. However, positive actions in the U.S. to address its burgeoning budget deficit and progress in trade talks between the U.S. and Japan could generate renewed confidence in the dollar and dollar-denominated assets. A stable dollar could strengthen dollar-linked currencies and help restore a constructive balance against appreciating currencies such as the German mark and the Japanese yen. 2 5 FINANCIALS SCHEDULE OF INVESTMENTS April 30, 1995 (Unaudited)
SHARES MARKET VALUE STOCKS & OTHER EQUITY INTERESTS-89.18% ARGENTINA-1.03% 100,000 Buenos Aires Embotellado-Class B-ADR(a) (Beverages-Soft Drinks) $ 2,750,000 - ----------------------------------------------------------------------------------------- 860,000 Telecom Argentina S.A.-Class B (Telecommunications) 3,732,027 - ----------------------------------------------------------------------------------------- Total Argentina 6,482,027 - ----------------------------------------------------------------------------------------- AUSTRALIA-2.59% 191,864 Broken Hill Proprietary Co. Ltd. (Conglomerates) 2,790,952 - ----------------------------------------------------------------------------------------- 1,360,900 National Australia Bank Ltd. (Banking) 5,028,273 - ----------------------------------------------------------------------------------------- 1,065,300 Pioneer International Ltd. (Building Materials) 2,587,899 - ----------------------------------------------------------------------------------------- 780,890 QBE Insurance Group Ltd. (Insurance-Broker) 3,197,622 - ----------------------------------------------------------------------------------------- 1,237,869 Woolworths Ltd. (Retail-Food & Drug) 2,691,998 - ----------------------------------------------------------------------------------------- Total Australia 16,296,744 - ----------------------------------------------------------------------------------------- AUSTRIA-0.59% 35,800 OMV AG (Oil & Gas-Exploration & Production) 3,703,448 - ----------------------------------------------------------------------------------------- Total Austria 3,703,448 - ----------------------------------------------------------------------------------------- CANADA-2.14% 113,000 Alcan Aluminum Ltd. (Metals-Miscellaneous) 3,199,838 - ----------------------------------------------------------------------------------------- 143,400 Bombardier, Inc.-Class B (Transportation-Miscellaneous) 3,124,614 - ----------------------------------------------------------------------------------------- 115,000 GEAC Computer Corp. Ltd.(a)(Computer Software/Services) 1,480,215 - ----------------------------------------------------------------------------------------- 145,800 Imasco, Ltd. (Tobacco) 5,120,587 - ----------------------------------------------------------------------------------------- 15,500 Northern Telecom Ltd. (Telecommunications) 563,812 - ----------------------------------------------------------------------------------------- Total Canada 13,489,066 - ----------------------------------------------------------------------------------------- CHILE-0.25% 22,500 Compania de Telefonos de Chile S.A.-ADR (Telephone) 1,552,500 - ----------------------------------------------------------------------------------------- Total Chile 1,552,500 - ----------------------------------------------------------------------------------------- DENMARK-0.29% 24,500 Danske Traelastkompagni(a) (Building Materials) 1,854,560 - ----------------------------------------------------------------------------------------- Total Denmark 1,854,560 - ----------------------------------------------------------------------------------------- FINLAND-0.77% 118,600 Nokia Corp. (Telecommunications) 4,843,088 - ----------------------------------------------------------------------------------------- Total Finland 4,843,088 - ----------------------------------------------------------------------------------------- FRANCE-9.56% 10,400 BIC (Office Products) 1,735,450 - ----------------------------------------------------------------------------------------- 7,880 Carrefour Supermarche (Retail-Stores) 3,952,829 - ----------------------------------------------------------------------------------------- 40,025 Club Mediterranee S.A. (Leisure & Recreation) 4,039,967 - ----------------------------------------------------------------------------------------- 25,880 Docks de France, S.A. (Retail-Food & Drug) 3,865,674 - ----------------------------------------------------------------------------------------- 26,400 ECCO Travail Temporaire (Business Services) 3,610,256 - -----------------------------------------------------------------------------------------
3 6 FINANCIALS
SHARES MARKET VALUE France-(continued) 24,940 Essilor International-Compagnie Generale d'Optique (Medical Instruments/Products) $ 4,466,260 - ----------------------------------------------------------------------------------------- 1,100,000 Euro Disneyland SCA(a) (Leisure & Recreation) 3,245,828 - ----------------------------------------------------------------------------------------- 2,800 Legrand (Electronic Components/Miscellaneous) 4,056,980 - ----------------------------------------------------------------------------------------- 17,000 L'Oreal S.A. (Cosmetics & Toiletries) 4,476,597 - ----------------------------------------------------------------------------------------- 20,000 LVMH Moet Hennessy Louis Vuitton (Beverages) 3,805,454 - ----------------------------------------------------------------------------------------- 20,900 Peugeot S.A.(a) (Automobile-Manufacturers) 3,015,486 - ----------------------------------------------------------------------------------------- 28,200 Pinault-Printemps, S.A. (Retail-Food & Drug) 6,381,441 - ----------------------------------------------------------------------------------------- 13,500 Promodes S.A. (Retail-Food & Drug) 3,096,154 - ----------------------------------------------------------------------------------------- 37,600 Roussel-Uclaf (Medical-Drugs) 5,394,383 - ----------------------------------------------------------------------------------------- 17,200 Sidel S.A. (Machinery-Miscellaneous) 5,029,793 - ----------------------------------------------------------------------------------------- Total France 60,172,552 - ----------------------------------------------------------------------------------------- GERMANY-4.39% 5,800 Buderus A.G. (Building Materials) 3,125,298 - ----------------------------------------------------------------------------------------- 6,300 Gehe A.G. (Medical-Drugs) 2,708,505 - ----------------------------------------------------------------------------------------- 20,000 Mannesmann A.G. (Machinery-Miscellaneous) 5,424,511 - ----------------------------------------------------------------------------------------- 6,200 Sap A.G. (Computer Software/Services) 6,127,101 - ----------------------------------------------------------------------------------------- 4,000 Schering A.G. (Medical-Drugs) 2,967,612 - ----------------------------------------------------------------------------------------- 11,500 Veba A.G. (Electric Power) 4,280,459 - ----------------------------------------------------------------------------------------- 4,030 Wella A.G. (Cosmetics & Toiletries) 3,017,485 - ----------------------------------------------------------------------------------------- Total Germany 27,650,971 - ----------------------------------------------------------------------------------------- HONG KONG-5.34% 336,000 Cheung Kong Holdings Ltd. (Real Estate) 1,415,011 - ----------------------------------------------------------------------------------------- 1,106,000 Consolidated Electric Power of Asia (Electric Power) 2,421,741 - ----------------------------------------------------------------------------------------- 5,597,795 First Pacific Co. (Conglomerates) 4,591,913 - ----------------------------------------------------------------------------------------- 1,212,000 Guoco Group Ltd. (Banking) 4,603,126 - ----------------------------------------------------------------------------------------- 1,398,000 Hutchison Whampoa Ltd. (Conglomerates) 6,068,053 - ----------------------------------------------------------------------------------------- 370,283 Jardine Matheson Holdings Ltd. (Conglomerates) 2,943,750 - ----------------------------------------------------------------------------------------- 6,000,000 Shanghai Petrochemical Co., Ltd. (Chemicals) 1,724,583 - ----------------------------------------------------------------------------------------- 43,700 Shanghai Petrochemical Co., Ltd.-ADR (Chemicals) 1,261,838 - ----------------------------------------------------------------------------------------- 615,100 Sun Hung Kai Properties Ltd. (Real Estate) 3,925,325 - ----------------------------------------------------------------------------------------- 1,000,000 Vatronix International (Electronic Components/Miscellaneous) 1,459,760 - ----------------------------------------------------------------------------------------- 9,578,000 Yizheng Chemical Fibre Company Ltd. (Chemicals) 3,186,068 - ----------------------------------------------------------------------------------------- Total Hong Kong 33,601,168 - ----------------------------------------------------------------------------------------- INDIA-0.26% 47,000 Arvind Mills Ltd.-GDR(a)(b) (Textiles) (Acquired 02/03/94; cost $459,660) 170,375 - ----------------------------------------------------------------------------------------- 95,000 Reliance Industries GDS(a)(b) (Conglomerates) (Acquired 10/11/94; cost $2,734,680) 1,472,500 - ----------------------------------------------------------------------------------------- Total India 1,642,875 - -----------------------------------------------------------------------------------------
4 7 FINANCIALS
SHARES MARKET VALUE INDONESIA-1.51% 746,000 PT Bank International Indonesisa (Banking) $ 1,536,767 - ----------------------------------------------------------------------------------------- 1,357,500 PT Hanjaya Mandala Sampoerna (Tobacco) 7,963,838 - ----------------------------------------------------------------------------------------- Total Indonesia 9,500,605 - ----------------------------------------------------------------------------------------- IRELAND-0.14% 24,600 Elan Corp. PLC-ADR(a) (Medical-Drugs) 870,225 - ----------------------------------------------------------------------------------------- Total Ireland 870,225 - ----------------------------------------------------------------------------------------- ISRAEL-0.30% 56,000 Teva Pharmaceutical Industries Ltd.-ADR (Medical-Drugs) 1,918,000 - ----------------------------------------------------------------------------------------- Total Israel 1,918,000 - ----------------------------------------------------------------------------------------- ITALY-1.54% 1,180,000 Fiat S.p.A. (Automobile-Manufacturers) 4,813,382 - ----------------------------------------------------------------------------------------- 1,827,000 Telecom Italia S.p.A.(a) (Telecommunications) 4,875,777 - ----------------------------------------------------------------------------------------- Total Italy 9,689,159 - ----------------------------------------------------------------------------------------- JAPAN-18.47% 175,000 Aisin Seiki Co., Ltd. (Automobile/Trucks Parts & Tires) 2,165,764 - ----------------------------------------------------------------------------------------- 98,000 Aiwa Co., Ltd. (Electronic Components/Miscellaneous) 2,740,525 - ----------------------------------------------------------------------------------------- 170,000 Alpine Electronics (Electronic Components/Miscellaneous) 2,306,182 - ----------------------------------------------------------------------------------------- 370,000 Asahi Tec Corp. (Automobile/Trucks Parts & Tires) 3,438,686 - ----------------------------------------------------------------------------------------- 45,300 Autobacs Seven (Retail-Stores) 4,727,566 - ----------------------------------------------------------------------------------------- 38,000 Bandai (Leisure & Recreation) 1,198,310 - ----------------------------------------------------------------------------------------- 270,000 Bridgestone Corp. (Automobile/Trucks Parts & Tires) 4,369,608 - ----------------------------------------------------------------------------------------- 324,000 Canon, Inc. (Office Products) 5,359,196 - ----------------------------------------------------------------------------------------- 150,000 Daikin Manufacturing Co. (Automobile/Trucks Parts & Tires) 2,606,057 - ----------------------------------------------------------------------------------------- 100,000 Fanuc Ltd. (Machine Tools) 4,521,925 - ----------------------------------------------------------------------------------------- 275,000 Hino Motors Ltd. (Automobile-Manufacturers) 2,460,879 - ----------------------------------------------------------------------------------------- 314,000 Hitachi Ltd. (Electronic Components/Miscellaneous) 3,194,740 - ----------------------------------------------------------------------------------------- 122,000 Hoya Corp (Medical Instruments/Products) 3,513,298 - ----------------------------------------------------------------------------------------- 200,000 Koa Corp. (Electronic Components/Miscellaneous) 3,046,350 - ----------------------------------------------------------------------------------------- 70,000 Kyocera Corp. (Electronic Components/Miscellaneous) 5,414,411 - ----------------------------------------------------------------------------------------- 34,000 Mabuchi Motor (Electronic Components/Miscellaneous) 2,245,493 - ----------------------------------------------------------------------------------------- 210,000 Minebea Co., Ltd. (Electronic Components/Miscellaneous) 1,556,851 - ----------------------------------------------------------------------------------------- 26,400 Nemic-Lambda K.K. (Electronic Components/Miscellaneous) 1,052,419 - ----------------------------------------------------------------------------------------- 415,000 NGK Spark Plug Co., Ltd (Machinery-Miscellaneous) 4,839,650 - ----------------------------------------------------------------------------------------- 46,000 Nichiei Co., Ltd. (Business Services) 2,966,859 - ----------------------------------------------------------------------------------------- 12,000 Nippon Television Network (Advertising/Broadcasting) 2,670,316 - ----------------------------------------------------------------------------------------- 108,000 Nissen (Retail-Stores) 3,418,576 - ----------------------------------------------------------------------------------------- 300,000 NOK Corp. (Automobile/Trucks Parts & Tires) 2,463,259 - ----------------------------------------------------------------------------------------- 165,000 Noritz Corp. (Appliances) 3,357,530 - ----------------------------------------------------------------------------------------- 271,000 Oki Electric Industry Co., Ltd.(a) (Telecommunications) 1,925,234 - ----------------------------------------------------------------------------------------- 125,000 Omron Corp. (Electronic Components/Miscellaneous) 2,454,335 - ----------------------------------------------------------------------------------------- 58,500 Plenus Co., Ltd. (Restaurants) 2,916,820 - ----------------------------------------------------------------------------------------- 432,000 Ricoh Co., Ltd. (Office Products) 4,035,461 - -----------------------------------------------------------------------------------------
5 8 FINANCIALS
SHARES MARKET VALUE Japan-(continued) 133,000 Rohm Co., Ltd. (Electronic Components/Miscellaneous) $ 6,156,601 ----------------------------------------------------------------------------------------- 325,000 Sharp Corp. (Electronic Components/Miscellaneous) 5,337,062 ----------------------------------------------------------------------------------------- 218,000 Takuma Co., Ltd. (Machinery-Miscellaneous) 3,709,645 ----------------------------------------------------------------------------------------- 149,000 Tokyo Electron Ltd. (Electronic Components/Miscellaneous) 4,645,445 ----------------------------------------------------------------------------------------- 413,000 Toshiba Corp. (Electronic Components/Miscellaneous) 2,747,272 ----------------------------------------------------------------------------------------- 181,000 Toyota Motor Corp. (Automobile-Manufacturers) 3,683,108 ----------------------------------------------------------------------------------------- 227,000 Yamaha Corp. (Leisure & Recreation) 3,052,419 ----------------------------------------------------------------------------------------- Total Japan 116,297,852 ----------------------------------------------------------------------------------------- MALAYSIA-4.17% 245,000 Aokam Perdana Berhad (Paper & Forest Products) 1,100,121 ----------------------------------------------------------------------------------------- 348,000 Edaran Otomobil Nasional Berhad (Retail-Stores) 2,477,670 ----------------------------------------------------------------------------------------- 30,000 Ekran Berhad (Engineering & Construction) 91,019 ----------------------------------------------------------------------------------------- 502,500 Genting Berhad (Leisure & Recreation) 4,573,726 ----------------------------------------------------------------------------------------- 203,000 Hong Leong Industries Berhad (Business Services) 739,078 ----------------------------------------------------------------------------------------- 770,000 Leader Universal Holdings (Telecommunications) 2,470,102 ----------------------------------------------------------------------------------------- 461,000 Malayan Banking Berhad (Banking) 3,151,659 ----------------------------------------------------------------------------------------- 1,320,000 Technology Resources Industries Berhad (Telecommunications) 3,364,078 ----------------------------------------------------------------------------------------- 906,000 United Engineers (Machinery-Miscellaneous) 5,204,369 ----------------------------------------------------------------------------------------- 705,000 Westmont Berhad (Business Services) 3,051,578 ----------------------------------------------------------------------------------------- Total Malaysia 26,223,400 ----------------------------------------------------------------------------------------- MEXICO-0.97% 2,206,400 Cifra, S.A. de C.V.-Series C (Retail-Stores) 3,039,522 ----------------------------------------------------------------------------------------- 303,000 Kimberly-Clark de Mexico S.A. (Retail-Stores) 3,042,573 ----------------------------------------------------------------------------------------- Total Mexico 6,082,095 ----------------------------------------------------------------------------------------- NETHERLANDS-7.12% 27,500 Akzo N.V. (Chemicals) 3,189,228 ----------------------------------------------------------------------------------------- 37,800 DSM N.V. (Chemicals) 3,178,210 ----------------------------------------------------------------------------------------- 540,000 Elsevier N.V. (Publishing) 5,914,567 ----------------------------------------------------------------------------------------- 25,625 Heineken N.V. (Beverages-Alcoholic) 3,656,941 ----------------------------------------------------------------------------------------- 80,600 Hoogovens & Staalfabriken N.V.(a) (Metals-Miscellaneous) 3,105,393 ----------------------------------------------------------------------------------------- 96,800 Koninklijke Ahold N.V. (Retail-Food & Drug) 3,330,404 ----------------------------------------------------------------------------------------- 154,000 Philips Electronics N.V.-ADR (Appliances) 5,873,848 ----------------------------------------------------------------------------------------- 115,000 PolyGram N.V. (Publishing) 6,490,561 ----------------------------------------------------------------------------------------- 48,100 Ver Ned Uitgevuer Bezit N.V. (Publishing) 5,379,911 ----------------------------------------------------------------------------------------- 58,000 Wolters Kluwer N.V. (Publishing) 4,719,670 ----------------------------------------------------------------------------------------- Total Netherlands 44,838,733 ----------------------------------------------------------------------------------------- NEW ZEALAND-2.21% 1,200,000 Carter Holt Harvey Ltd. (Paper & Forest Products) 3,047,568 ----------------------------------------------------------------------------------------- 2,099,000 Fletcher Challenge Ltd. (Paper & Forest Products) 5,640,957 ----------------------------------------------------------------------------------------- 1,251,400 Telecom Corp. of New Zealand Ltd. (Telecommunications) 5,254,804 ----------------------------------------------------------------------------------------- Total New Zealand 13,943,329 ------------------------------------------------------------------------------------------
6 9 FINANCIALS
SHARES MARKET VALUE SINGAPORE-3.85% 830,000 Cerebos Pacific Ltd. (Food/Processing) $ 5,122,354 ----------------------------------------------------------------------------------------- 845,000 City Developments Ltd. (Real Estate) 4,972,372 ----------------------------------------------------------------------------------------- 1,396,000 DBS Land Ltd. (Real Estate) 3,846,889 ----------------------------------------------------------------------------------------- 118,500 Genting Berhad (Leisure & Recreation) 1,079,978 ----------------------------------------------------------------------------------------- 377,000 Keppel Corp. Ltd. (Conglomerates) 3,057,122 ----------------------------------------------------------------------------------------- 593,500 United OverSeas Bank Ltd. (Banking) 6,175,637 ----------------------------------------------------------------------------------------- Total Singapore 24,254,352 ----------------------------------------------------------------------------------------- SPAIN-2.51% 38,000 Acerinox S.A. (Metals Misc.) 4,351,675 ----------------------------------------------------------------------------------------- 78,160 Empresa Nacional de Electricidad, S.A. (Telephone) 3,694,548 ----------------------------------------------------------------------------------------- 40,200 Gas Natural SDG-E S.A. (Gas Distribution) 4,015,919 ----------------------------------------------------------------------------------------- 109,800 Tabacalera S.A. (Tobacco) 3,723,168 ----------------------------------------------------------------------------------------- Total Spain 15,785,310 ----------------------------------------------------------------------------------------- SWEDEN-4.49% 207,000 Astra AB (Medical-Drugs) 5,897,761 ----------------------------------------------------------------------------------------- 90,800 Autoliv AB (Automobile/Trucks Parts & Tires) 4,111,764 ----------------------------------------------------------------------------------------- 78,500 Electrolux AB (Appliances) 4,008,575 ----------------------------------------------------------------------------------------- 90,000 Hennes and Mauritz AB (Retail-Stores) 6,082,337 ----------------------------------------------------------------------------------------- 218,000 Sandvik AB (Metals-Misc.) 4,050,762 ----------------------------------------------------------------------------------------- 61,200 Telefonaktiebolaget L.M. Ericsson-ADR (Telecommunications) 4,104,225 ----------------------------------------------------------------------------------------- Total Sweden 28,255,424 ----------------------------------------------------------------------------------------- SWITZERLAND-2.71% 17,000 ADIA SA (Business Services) 3,143,754 ----------------------------------------------------------------------------------------- 3,500 BBC Brown Boveri Ltd. (Engineering & Construction) 3,452,983 ----------------------------------------------------------------------------------------- 5,640 Ciba-Geigy Ltd. (Chemicals) 3,857,083 ----------------------------------------------------------------------------------------- 11,000 Merkur Holdings A.G. (Retail-Stores) 2,984,124 ----------------------------------------------------------------------------------------- 600 Roche Holdings A.G. (Medical-Drugs) 3,603,454 ----------------------------------------------------------------------------------------- Total Switzerland 17,041,398 ----------------------------------------------------------------------------------------- THAILAND-2.74% 1,014,200 Krung Thai Bank PLC (Banking) 3,072,084 ----------------------------------------------------------------------------------------- 246,300 Land & House Company Ltd. (Home Building) 4,346,176 ----------------------------------------------------------------------------------------- 35,000 Siam City Cement Co., Ltd. (Building Materials) 2,012,198 ----------------------------------------------------------------------------------------- 348,600 Thai Farmers Bank (Banking) 3,061,500 ----------------------------------------------------------------------------------------- 338,200 United Communication Industry (Telecommunications) 4,785,265 ----------------------------------------------------------------------------------------- Total Thailand 17,277,223 ----------------------------------------------------------------------------------------- UNITED KINGDOM-9.24% 242,000 Argos PLC (Retail-Stores) 1,585,034 ----------------------------------------------------------------------------------------- 228,000 BOC Group PLC (Chemicals) 2,770,196 ----------------------------------------------------------------------------------------- 517,000 British Petroleum (Oil & Gas-Exploration & Production) 3,723,165 ----------------------------------------------------------------------------------------- 162,100 British Sky Broadcasting-ADR(a) (Advertising/Broadcasting) 3,890,400 ----------------------------------------------------------------------------------------- 3,140,000 Burton Group PLC (Retail-Stores) 3,928,790 -----------------------------------------------------------------------------------------
7 10 FINANCIALS
SHARES MARKET VALUE United Kingdom-(continued) 360,000 Farnell Electronics PLC (Electronic $ 3,377,535 Components/Miscellaneous) ----------------------------------------------------------------------------------------- 680,000 Granada Group PLC (Leisure & Recreation) 6,232,057 ----------------------------------------------------------------------------------------- 510,250 Medeva PLC (Medical-Drugs) 1,978,923 ----------------------------------------------------------------------------------------- 1,600,000 Morrison (Wm.) Supermarkets PLC (Retail-Food & Drug) 3,733,505 ----------------------------------------------------------------------------------------- 341,700 Pearson PLC (Publishing) 3,150,855 ----------------------------------------------------------------------------------------- 280,000 Peninsular and Oriental Steam Navigation Co. (The) 2,599,936 (Transportation-Miscellaneous) ----------------------------------------------------------------------------------------- 402,181 Provident Financial PLC (Finance-Consumer Credit) 3,656,779 ----------------------------------------------------------------------------------------- 484,750 Rank Organisation PLC (Leisure & Recreation) 3,307,596 ----------------------------------------------------------------------------------------- 649,000 Rentokil Group PLC (Business Services) 2,694,593 ----------------------------------------------------------------------------------------- 385,000 Smith (David S.) Holdings PLC (Paper & Forest Products) 3,438,606 ----------------------------------------------------------------------------------------- 521,950 Standard Chartered PLC (Banking) 2,511,475 ----------------------------------------------------------------------------------------- 218,600 Thorn EMI PLC (Leisure & Recreation) 3,999,810 ----------------------------------------------------------------------------------------- 530,000 Vickers PLC (Automobile-Manufacturers) 1,612,004 ----------------------------------------------------------------------------------------- Total United Kingdom 58,191,259 ----------------------------------------------------------------------------------------- Total Stocks & Other Equity Interests 561,457,363 ----------------------------------------------------------------------------------------- RIGHTS & WARRANTS-0.13% MALAYSIA-0.13% 270,000 YTL Corp. Berhad, expiring 1997 (Engineering & Construction) 851,942 ----------------------------------------------------------------------------------------- Total Rights & Warrants 851,942 ----------------------------------------------------------------------------------------- PRINCIPAL AMOUNT REPURCHASE AGREEMENT-4.10%(c) $25,805,752 Goldman, Sachs & Co., 5.92%, 05/01/95(d) 25,805,752 ------------------------------------------------------------------------------------------ Total Repurchase Agreement 25,805,752 ------------------------------------------------------------------------------------------ TOTAL INVESTMENTS -- 93.41% 588,115,057 ------------------------------------------------------------------------------------------ OTHER ASSETS LESS LIABILITIES -- 6.59% 41,479,256 ------------------------------------------------------------------------------------------ NET ASSETS -- 100.00% $629,594,313 ==========================================================================================
NOTES TO SCHEDULE OF INVESTMENTS: (a) Non-income producing security. (b) Restricted securities. 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 these securities has been determined in accordance with procedures established by the Board of Directors. The aggregate market value of these securities at April 30, 1995 was $1,642,875, which represented 0.26% 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. 8 11 FINANCIALS STATEMENT OF ASSETS AND LIABILITIES April 30, 1995 (Unaudited) ASSETS: Investments, at market value (cost $522,971,139) $588,115,057 - --------------------------------------------------------------------------------------- Foreign currencies, at market value (cost $44,555,968) 44,941,169 - --------------------------------------------------------------------------------------- Receivables for: Investments sold 6,531,141 - --------------------------------------------------------------------------------------- Capital stock sold 1,985,516 - --------------------------------------------------------------------------------------- Dividends and interest 2,374,970 - --------------------------------------------------------------------------------------- Reimbursement from advisor 11,800 - --------------------------------------------------------------------------------------- Investment for deferred compensation plan 2,248 - --------------------------------------------------------------------------------------- Other assets 55,148 - --------------------------------------------------------------------------------------- Total assets 644,017,049 - --------------------------------------------------------------------------------------- LIABILITIES: Payables for: Investments purchased 10,571,251 - --------------------------------------------------------------------------------------- Capital stock reacquired 2,445,145 - --------------------------------------------------------------------------------------- Deferred compensation 2,248 - --------------------------------------------------------------------------------------- Accrued advisory fees 482,255 - --------------------------------------------------------------------------------------- Accrued administrative service fees 2,500 - --------------------------------------------------------------------------------------- Accrued directors' fees 2,858 - --------------------------------------------------------------------------------------- Accrued distribution fees 288,330 - --------------------------------------------------------------------------------------- Accrued transfer agent fees 162,104 - --------------------------------------------------------------------------------------- Accrued operating expenses 466,045 - --------------------------------------------------------------------------------------- Total liabilities 14,422,736 - --------------------------------------------------------------------------------------- Net assets applicable to shares outstanding $629,594,313 ======================================================================================= NET ASSETS: Class A $612,592,778 ======================================================================================= Class B $ 17,001,535 ======================================================================================= CAPITAL STOCK, $.001 PAR VALUE PER SHARE: Class A: Authorized 200,000,000 - --------------------------------------------------------------------------------------- Outstanding 48,906,884 ======================================================================================= Class B: Authorized 200,000,000 - --------------------------------------------------------------------------------------- Outstanding 1,362,700 ======================================================================================= Class A: Net asset value and redemption price per share $12.53 ======================================================================================= Offering price per share: (Net asset value of $12.53 divided by 94.50%) $13.26 ======================================================================================= Class B: Net asset value and offering price per share $12.48 =======================================================================================
See Notes to Financial Statements. 9 12 FINANCIALS STATEMENT OF OPERATIONS For the six months ended April 30, 1995 (Unaudited) INVESTMENT INCOME: Dividends (net of $482,315 foreign withholding tax) $ 3,789,363 - --------------------------------------------------------------------------------------- Interest 810,161 - --------------------------------------------------------------------------------------- Total investment income 4,599,524 - --------------------------------------------------------------------------------------- EXPENSES: Advisory fees 2,983,780 - --------------------------------------------------------------------------------------- Administrative service fees 12,235 - --------------------------------------------------------------------------------------- Directors' fees 5,592 - --------------------------------------------------------------------------------------- Distribution fees-Class A 937,202 - --------------------------------------------------------------------------------------- Distribution fees-Class B 53,558 - --------------------------------------------------------------------------------------- Custodian fees 274,671 - --------------------------------------------------------------------------------------- Transfer agent fees-Class A 785,266 - --------------------------------------------------------------------------------------- Transfer agent fees-Class B 20,354 - --------------------------------------------------------------------------------------- Other 245,520 - --------------------------------------------------------------------------------------- Total expenses 5,318,178 - --------------------------------------------------------------------------------------- Net investment income (loss) (718,654) - --------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCIES: Net realized gain (loss) on sales of: Investment securities (6,346,163) - --------------------------------------------------------------------------------------- Foreign currencies 633,412 - --------------------------------------------------------------------------------------- (5,712,751) - --------------------------------------------------------------------------------------- Unrealized appreciation (depreciation) of: Investment securities (21,640,828) - --------------------------------------------------------------------------------------- Foreign currencies 33,304 - --------------------------------------------------------------------------------------- (21,607,524) - --------------------------------------------------------------------------------------- Net gain (loss) on investment securities and foreign currencies (27,320,275) - --------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(28,038,929) =======================================================================================
See Notes to Financial Statements. 10 13 FINANCIALS STATEMENT OF CHANGES IN NET ASSETS For the six months ended April 30, 1995 and year ended October 31, 1994 (Unaudited)
APRIL 30, OCTOBER 31, 1995 1994 OPERATIONS: Net investment income $ (718,654) $ 1,270,473 - --------------------------------------------------------------------------------------------------------- Net realized gain (loss) on sales of investment securities and foreign currencies (5,712,751) 27,935,713 - --------------------------------------------------------------------------------------------------------- Unrealized appreciation (depreciation) of investment securities and foreign currencies (21,607,524) 23,766,336 - --------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations (28,038,929) 52,972,522 - --------------------------------------------------------------------------------------------------------- Dividends to shareholders from net investment income: Class A (2,166,417) (381,603) - --------------------------------------------------------------------------------------------------------- Class B (18,937) -- - --------------------------------------------------------------------------------------------------------- Distributions to shareholders from net realized capital gains: Class A (23,095,390) -- - --------------------------------------------------------------------------------------------------------- Class B (288,885) -- - --------------------------------------------------------------------------------------------------------- Share transactions-net: Class A (42,020,007) 283,363,359 - --------------------------------------------------------------------------------------------------------- Class B 12,230,646 4,755,554 - --------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (83,397,919) 340,709,832 - --------------------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period 712,992,232 372,282,400 - --------------------------------------------------------------------------------------------------------- End of period $629,594,313 $712,992,232 ========================================================================================================= NET ASSETS CONSIST OF: Capital (par value and additional paid-in) $569,739,882 $599,529,243 - --------------------------------------------------------------------------------------------------------- Undistributed net investment income (loss) (1,535,708) 1,368,300 - --------------------------------------------------------------------------------------------------------- Undistributed net realized gain (loss) on sales of investment securities and foreign currencies (4,288,599) 24,808,427 - --------------------------------------------------------------------------------------------------------- Unrealized appreciation of investment securities and foreign currencies 65,678,738 87,286,262 - --------------------------------------------------------------------------------------------------------- $629,594,313 $712,992,232 =========================================================================================================
See Notes to Financial Statements. 11 14 FINANCIALS NOTES TO FINANCIAL STATEMENTS April 30, 1995 (Unaudited) NOTE 1-SIGNIFICANT ACCOUNTING POLICIES AIM International Equity Fund (the "Fund") is a series 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 International Equity Fund, AIM Global Aggressive Growth Fund, AIM Global Growth Fund and AIM Global Income 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 are valued at the mean between the closing bid and asked prices on 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. Short-term obligations having 60 days or less to maturity 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. Organizational Costs -- Organizational costs of $23,098 were borne by the Fund. Such costs are amortized to operations over sixty months. Prior to full amortization of the organizational costs, the proceeds of any redemption of the shares related to the Fund's initial formation (10,000 Class A shares) will be reduced by a pro rata share of such unamortized organizational expenses. The pro rata share of organizational expenses will be calculated by dividing the number of initial shares redeemed by the remaining number of initial 12 15 FINANCIALS shares outstanding at the time of the redemption and multiplying the result by the unamortized organizational expenses. G. 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 investment advisory agreement, the Fund pays an advisory fee to AIM at the annual rate of 0.95% of the first $1 billion of the Fund's average daily net assets, plus 0.90% of the Fund's average daily net assets in excess of $1 billion. AIM is currently voluntarily waiving a portion of its advisory fees paid by the Fund to AIM to the extent necessary to reduce the fees paid by the Fund at net asset levels higher than those currently incorporated in the present advisory fee schedule. AIM will receive a fee calculated at the annual rate of 0.95% of the first $500 million of the Fund's average daily net assets, plus 0.90% of the Fund's average daily net assets in excess of $500 million to and including $1 billion, plus 0.85% of the Fund's average daily net assets in excess of $1 billion. The waiver of fees is entirely voluntary and the Board of Directors of the Company would be advised of any decision by AIM to discontinue the waiver. During the six months ended April 30, 1995, AIM waived fees of $34,906. Under the terms of the 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 investment advisory agreement. For such services, AIM is entitled to receive from the Fund reimbursement of AIM's costs 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 $12,235 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, the Fund reimbursed AFS $298,328 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 at an annual rate of 0.30% 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 daily 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 $937,202 and $53,558, respectively, as compensation under the Plans. AIM Distributors received commissions of $250,232 from 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 $13,485 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. 13 16 FINANCIALS During the six months ended April 30, 1995, the Fund incurred legal fees of $1,825 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 $140,918,396 and $220,440,289, respectively. The amount of unrealized appreciation (depreciation) of investment securities, on a tax basis, as of April 30, 1995 is as follows: Aggregate unrealized appreciation of investment securities $ 85,736,054 - ------------------------------------------------------------------------------------------------------------------ Aggregate unrealized (depreciation) of investment securities (20,639,377) - ------------------------------------------------------------------------------------------------------------------ Net unrealized appreciation of investment securities $ 65,096,677 ================================================================================================================== Cost of investments for tax purposes is $523,018,380.
NOTE 5-CAPITAL STOCK Changes in the Fund's capital stock outstanding during the six months ended April 30, 1995 and the year ended October 31, 1994 were as follows:
April 30, 1995 October 31, 1994* ------------------------------ ------------------------------ Shares Amount Shares Amount ----------- ------------- ----------- ------------- Sold: Class A 8,335,642 $ 101,616,719 32,646,831 $ 422,295,820 - ------------------------------------------------------- ----------- ------------- ----------- ------------- Class B* 1,072,078 13,047,952 359,146 4,768,687 - ------------------------------------------------------- ----------- ------------- ----------- ------------- Issued as reinvestment of dividends: Class A 1,330,022 15,787,364 17,420 217,930 - ------------------------------------------------------- ----------- ------------- ----------- ------------- Class B 24,815 294,807 -- -- - ------------------------------------------------------- ----------- ------------- ----------- ------------- Reacquired: Class A (13,202,777) (159,424,090) (10,785,235) (139,150,391) - ------------------------------------------------------- ----------- ------------- ----------- ------------- Class B* (92,353) (1,112,113) (986) (13,133) - ------------------------------------------------------- ----------- ------------- ----------- ------------- (2,532,573) $ (29,789,361) 22,237,176 $ 288,118,913 ======================================================= =========== ============= =========== =============
* Sales of Class B shares commenced on September 15, 1994. 14 17 FINANCIALS NOTE 6-FINANCIAL HIGHLIGHTS Shown below are the condensed financial highlights for a Class A share outstanding during the six months ended April 30, 1995, each of the years in the two-year period ended October 31, 1994 and the period November 5, 1991 (date operations commenced) through October 31, 1992 and for a Class B share outstanding during the six months ended April 30, 1995 and the period September 15, 1994 (date sales commenced) through October 31, 1994.
April 30, October 31, --------- ---------------------------------------- 1995 1994 1993 1992 --------- -------- -------- -------- CLASS A: Net asset value, beginning of period $ 13.50 $ 12.18 $ 8.88 $ 8.61(a) - --------------------------------------------------------- -------- -------- -------- -------- Income from investment operations: Net investment income (loss) (0.02) 0.02 0.02 0.03 - --------------------------------------------------------- -------- -------- -------- -------- Net gains (losses) on securities (both realized and unrealized) (0.47) 1.31 3.29 0.26 - --------------------------------------------------------- -------- -------- -------- -------- Total from investment operations (0.49) 1.33 3.31 0.29 - --------------------------------------------------------- -------- -------- -------- -------- Less distributions: Dividends from net investment income (0.04) (0.01) (0.01) (0.02) - --------------------------------------------------------- -------- -------- -------- -------- Distributions from capital gains (0.44) -- -- -- - --------------------------------------------------------- -------- -------- -------- -------- Total distributions (0.48) (0.01) (0.01) (0.02) - --------------------------------------------------------- -------- -------- -------- -------- Net asset value, end of period $ 12.53 $ 13.50 $ 12.18 $ 8.88 ========================================================= ======== ======== ======== ======== Total return(b) (3.40)% 10.94% 37.36% 3.36% ========================================================= ======== ======== ======== ======== Ratios/supplemental data: Net assets, end of period (000s omitted) $612,593 $708,159 $372,282 $122,663 ========================================================= ======== ======== ======== ======== Ratio of expenses to average net assets 1.66%(c)(d) 1.64% 1.78% 1.80%(d)(e) ========================================================= ======== ======== ======== ======== Ratio of net investment income (loss) to average net assets (0.22)%(c)(d) 0.22% 0.28% 0.30%(d)(e) ========================================================= ======== ======== ======== ======== Portfolio turnover rate 24% 67% 62% 41% ========================================================= ======== ======== ======== ========
(a) Net asset value at the beginning of the period has been restated to reflect a 1.1619 for 1 stock split, effected in the form of a dividend, on May 21, 1992. (b) Does not deduct sales charges and for periods less than one year, total returns are not annualized. (c) Ratios are annualized and based on average net assets of $629,979,190. (d) After waiver of advisory fees. (e) Annualized.
April 30, October 31, 1995 1994 --------- ----------- CLASS B: Net asset value, beginning of period $ 13.49 $ 13.42 - ----------------------------------------------------------------------------------- --------- ----------- Income from investment operations: Net investment income (loss) (0.08) (0.01) - ----------------------------------------------------------------------------------- --------- ----------- Net gains on securities (both realized and unrealized) (0.46) 0.08 - ----------------------------------------------------------------------------------- --------- ----------- Total from investment operations (0.54) 0.07 - ----------------------------------------------------------------------------------- --------- ----------- Less distributions: Dividends from net investment income (0.03) -- - ----------------------------------------------------------------------------------- --------- ----------- Distributions from capital gains (0.44) -- - ----------------------------------------------------------------------------------- --------- ----------- Total distributions (0.47) -- - ----------------------------------------------------------------------------------- --------- ----------- Net asset value, end of period $ 12.48 $ 13.49 =================================================================================== ========= =========== Total return(a) (3.82)% 0.52% =================================================================================== ========= =========== Ratios/supplemental data: Net assets, end of period (000s omitted) $ 17,002 $ 4,833 =================================================================================== ========= =========== Ratio of expenses to average net assets 2.49%(b) 2.53% =================================================================================== ========= =========== Ratio of net investment income (loss) to average net assets (1.04)%(b) (0.67)% =================================================================================== ========= =========== Portfolio turnover rate 24% 67% =================================================================================== ========= ===========
(a) Total return is not annualized and does not deduct contingent deferred sales charges. (b) After waiver of advisory fees. Ratios are annualized and based on average net assets of $10,800,341. 15 18 This page intentionally left blank. 16 19 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. 17 20 [AIM LOGO APPEARS HERE] A I M Distributors, Inc. --------------- 11 Greenway Plaza, Suite 1919 BULK RATE Houston, Texas 77046 U.S. POSTAGE PAID Houston, TX Permit No. 2332 --------------- THE AIM FAMILY OF FUNDS(R) 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 AIM Global Utilities Fund HIGH CURRENT INCOME 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. [FULL PAGE PHOTO OF AIM MANAGEMENT AIM Tax-Free Intermediate Shares GROUP OFFICE BUILDING] 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-----