-----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, ie34Yntk9WHt20Gp/DhfbFHrHZA2E8W503JSwakrrtN4+/5kSy2o6GfPeYdWkmu1 L9vZxAuKA+r6OyXsOuuzFQ== 0000950129-95-000703.txt : 199506290000950129-95-000703.hdr.sgml : 19950629 ACCESSION NUMBER: 0000950129-95-000703 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: 95549698 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 INCOME FUND SEMI-ANNUAL REPORT 4/30/95 1 [AIM LOGO APPEARS HERE] [GRAPHIC COLLAGE APPEARS HERE] AIM GLOBAL INCOME FUND SEMIANNUAL REPORT APRIL 30, 1995 2 PORTFOLIO DATA TOP FIVE HOLDINGS (excluding U.S. Treasury Securities & Repurchase Agreements) 1. Bundesrepublik Deutschland 2. International Bank for Reconstruction & Development 3. Province of Manitoba 4. Treasury Corp. of Victoria 5. New South Wales Treasury DOLLAR DENOMINATED HOLDINGS 1. Government 24.86% 2. Corporate Bonds 23.03 NON-DOLLAR DENOMINATED HOLDINGS 1. Government 22.94% 2. Corporate Bonds 21.14 3. Convertible Corporate Bonds 4.52 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 INCOME FUND seeks to provide a high level of current income by investing in debt securities issued by U.S. and foreign governments and corporations. 3 CHAIRMAN'S LETTER Dear Fellow Shareholder: Amid the recent turbulence in world investment markets, AIM Global Income Fund delivered a solid cumulative return of 7.29% [PHOTO for Class A shares during the six months ended April 30, 1995. Charles T. AIM Global Income Fund's Class A share cumulative performance Bauer, includes reinvested distributions of $0.43 per share and Chairman of excludes the maximum sales charge of 4.75%. Cumulative return the Board of for the Fund's Class B shares over the same period was 7.05%, the Fund, including reinvested distributions of $0.41 per share and APPEARS HERE] excluding the maximum contingent deferred sales charge of 5.00%. We are pleased to note that your Fund decidedly outperformed the 6.53% cumulative return for U.S. government securities (including reinvested dividends) over the six months ended April 30, 1995 as measured by Lehman Brothers. The Lehman Brothers Government Bond Index is an unmanaged composite generally representative of intermediate and long-term U.S. Treasury and U.S. government agency securities. Of course, you cannot make an investment in an index. Salomon Brothers reported that its unmanaged World Government Bond Index of long-term foreign government debt securities posted a cumulative return of 11.74% (including reinvested dividends) over the six months ended April 30, 1995, reflecting the benefit for foreign securities of a declining U.S. dollar. AIM Global Income Fund has been well-received by investors. During the six months ended April 30, 1995, net assets increased from $3 million to $7.6 million. In that same period, net asset value per Class A share increased to $10.30 from $10.02, and net asset value per Class B share increased to $10.29 from $10.01. For more detailed discussion of the market environment and the Fund's investment strategy during the six months ended April 30, 1995, see DISCUSSION AND ANALYSIS on the following page. 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. We are pleased with the progress of AIM Global Income 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. Or if you prefer, you can speak to a customer service representative by calling AIM Client Services at 800-959-4246 during normal business hours. We are pleased to send you this shareholder report concerning AIM Global Income 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 Income Fund. Respectfully submitted, /s/ CHARLES T. BAUER Charles T. Bauer Chairman 4 DISCUSSION & ANALYSIS FINDING OPPORTUNITY IN TURBULENT MARKETS ------------- World markets took direction from improving economic conditions in the U.S. ------------- AIM Global Income 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. Bonds in the U.S. staged a dramatic recovery as encouraging reports indicated that economic growth had slowed to a more sustainable rate while inflation remained in check. World markets took direction from improving market conditions in the U.S. With inflation concerns abated, and economic growth moderated, global interest rates began to decline. The U.S. dollar-based returns of foreign debt securities also benefited from the persistent weakness in the U.S. dollar which continued to test new lows against major world currencies. Global bond prices responded with strong advances, particularly in Germany, France, Canada, and the United Kingdom, where more than 33% of the Fund's portfolio was invested. In the Pacific Rim, Japan, New Zealand, and Australia also posted strong gains. YOUR INVESTMENT PORTFOLIO During the six months ended April 30, 1995, AIM Global Income Fund benefited from the worldwide decline in interest rates. The Fund had significant investments in core European markets which experienced both strong market performance and currency appreciation. The Fund diversified into such markets as New Zealand and Japan which also realized attractive gains. The Fund avoided market declines triggered by the debt crisis in Mexico which flagged the performance of higher-risk emerging markets in Latin America and Asia. As of April 30, 1995, approximately 47% of the portfolio was invested in domestic debt securities, with the remaining 53% invested in foreign bonds. Investment-grade securities represented more than 77% of the portfolio's assets, and 23% was invested in high-yield securities. The Fund was structured so that the average quality rating of the securities in its portfolio, including the high yield securities, was "A" or medium investment grade as measured by credit rating agencies Standard & Poor's Corporation and Moody's Investors Service. During the period, the average duration of the portfolio modestly increased to 4.35 years, with an average maturity of 6.27 years. Of course, the portfolio's composition will fluctuate and there can be no assurance that the Fund will continue to hold securities in any particular country. 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 global economic climate should continue to favor global bond markets and generate opportunities for fixed-income investors over the near term. Over the long term, the Fund should continue to offer investors the benefits of diversification into global bond markets and currencies. 2 5 FINANCIALS SCHEDULE OF INVESTMENTS April 30, 1995 (Unaudited)
PRINCIPAL MARKET MATURITY AMOUNT(a) VALUE DOLLAR DENOMINATED NON-CONVERTIBLE BONDS & NOTES-27.06% BUILDING MATERIALS-0.96% Congoleum Corp., Sr. Notes, 9.00% 02/01/01 $50,000 $48,375 - ----------------------------------------------------------------------------------------------- Triangle Pacific Corp., Sr. Notes, 10.50% 08/01/03 25,000 25,000 - ----------------------------------------------------------------------------------------------- 73,375 - ----------------------------------------------------------------------------------------------- CABLE TELEVISION-1.36% Heartland Wireless Communications, Sr. Notes, 13.00% 04/15/03 40,000 41,100 - ----------------------------------------------------------------------------------------------- Videotron Ltd., Sr. Sub. Notes, 11.125%(b) 07/01/04 100,000 62,250 - ----------------------------------------------------------------------------------------------- 103,350 - ----------------------------------------------------------------------------------------------- CONTAINERS-0.81% Ivex Packaging Inc., Sr. Sub. Notes, 12.50% 12/15/02 10,000 10,650 - ----------------------------------------------------------------------------------------------- Owens-Illinois Inc., Sr. Sub. Notes, 10.50% 06/15/02 50,000 51,250 - ----------------------------------------------------------------------------------------------- 61,900 - ----------------------------------------------------------------------------------------------- FINANCE (CONSUMER CREDIT)-4.51% GPA Delaware Inc., Deb., 8.75% 12/15/98 100,000 80,000 - ----------------------------------------------------------------------------------------------- ITT Financial Corp., Deb., 8.85% 07/15/05 200,000 212,896 - ----------------------------------------------------------------------------------------------- Olympic Financial Ltd., Deb., 13.00% 05/01/00 50,000 50,875 - ----------------------------------------------------------------------------------------------- 343,771 - ----------------------------------------------------------------------------------------------- FOOD PROCESSING-0.34% Fleming Companies Inc., Sr. Notes, 10.625% 12/15/01 25,000 25,688 - ----------------------------------------------------------------------------------------------- FOREIGN GOVERNMENT-4.03% Province of Manitoba, Yankee Bond, 7.75% 07/17/16 300,000 306,750 - ----------------------------------------------------------------------------------------------- GAMING-3.33% Aztar Corp., Sr. Sub. Notes, 13.75% 10/01/04 100,000 110,500 - ----------------------------------------------------------------------------------------------- Showboat, Inc., Sr. Sub. Notes, 13.00% 08/01/09 40,000 41,600 - ----------------------------------------------------------------------------------------------- Stratosphere Corp., Gtd. Notes, 14.25% 05/15/02 100,000 101,750 - ----------------------------------------------------------------------------------------------- 253,850 - ----------------------------------------------------------------------------------------------- INSURANCE (LIFE & HEALTH)-0.68% American Life Holding, Sr. Sub. Notes, 11.25% 09/15/04 50,000 51,500 - ----------------------------------------------------------------------------------------------- LEISURE & RECREATION-1.12% Icon Health & Fitness, Sr. Sub. Notes, 13.00% 07/15/02 80,000 85,600 - ----------------------------------------------------------------------------------------------- MACHINERY (HEAVY)-0.68% Primeco Inc., Sr. Sub. Notes, 12.75% 03/01/05 50,000 51,563 - ----------------------------------------------------------------------------------------------- MACHINERY (MISCELLANEOUS)-2.03% AM General Corp., Sr. Notes, 12.875%(c) (acquired 04/21/95; cost $49,740) 05/01/02 50,000 49,875 - ----------------------------------------------------------------------------------------------- MVE Inc., Sr. Secured Notes, 12.50% 02/15/02 100,000 104,500 - ----------------------------------------------------------------------------------------------- 154,375 - ----------------------------------------------------------------------------------------------- OIL & GAS-0.69% Petroleum Heat & Power, Sub. Deb., 12.25% 02/01/05 50,000 52,500 - -----------------------------------------------------------------------------------------------
3 6 FINANCIALS
PRINCIPAL MARKET MATURITY AMOUNT(a) VALUE RETAIL (FOOD & DRUG)-1.87% Dominick's Finer Foods, Sr. Sub. Notes, 10.875%(c) (acquired 04/26/95; cost $20,000) 05/01/05 $20,000 $20,200 - ----------------------------------------------------------------------------------------------- Food 4 Less Supermarkets, Sr. Notes, 10.45% 04/15/00 50,000 49,750 - ----------------------------------------------------------------------------------------------- Penn Traffic Co., Sr. Notes, 10.65% 11/01/04 70,000 72,625 - ----------------------------------------------------------------------------------------------- 142,575 - ----------------------------------------------------------------------------------------------- RETAIL (STORES)-2.42% Pamida Inc., Sr. Sub. Notes, 11.75% 03/15/03 50,000 47,000 - ----------------------------------------------------------------------------------------------- Southland Corp., Sr. Sub. Deb., 4.50% 06/15/04 70,000 46,900 - ----------------------------------------------------------------------------------------------- Specialty Retail, Sr. Sub. Notes, 11.00% 08/15/03 75,000 70,500 - ----------------------------------------------------------------------------------------------- United Stationer Supply, Sr. Sub. Notes, 12.75%(c) (acquired 04/26/95; cost $20,000) 05/01/05 20,000 20,200 - ----------------------------------------------------------------------------------------------- 184,600 - ----------------------------------------------------------------------------------------------- STEEL-1.53% GS Technologies Inc., Sr. Notes, 12.00% 09/01/04 75,000 75,094 - ----------------------------------------------------------------------------------------------- Gulf States Steel, Sr. Notes, 13.50% 04/15/03 40,000 41,000 - ----------------------------------------------------------------------------------------------- 116,094 - ----------------------------------------------------------------------------------------------- TELECOMMUNICATIONS-0.70% Mobile Telecomm Technology, Sr. Notes, 13.50% 12/15/02 50,000 53,500 - ----------------------------------------------------------------------------------------------- Total Dollar Denominated Non-Convertible Bonds & Notes 2,060,991 - ----------------------------------------------------------------------------------------------- NON-DOLLAR DENOMINATED NON-CONVERTIBLE BONDS & NOTES(d)-21.14% CANADA-6.41% Bell Canada (Telecommunications) Deb., 13.875% 05/01/00 C$55,000 43,184 - ----------------------------------------------------------------------------------------------- Deb., 10.875% 10/11/04 150,000 122,738 - ----------------------------------------------------------------------------------------------- Canadian Oil Debco Inc. (Oil & Gas), Deb., 11.00% 10/31/00 45,000 35,994 - ----------------------------------------------------------------------------------------------- Ford Motor Credit (Finance-Consumer Credit), Mtn., 10.375% 09/17/96 125,000 94,430 - ----------------------------------------------------------------------------------------------- IPL Energy Inc., Deb. Series A, 9.67% (Oil Equipment & Supplies) 02/23/00 250,000 191,784 - ----------------------------------------------------------------------------------------------- Total Canada 488,130 - ----------------------------------------------------------------------------------------------- FRANCE-2.01% Credit Local de France (Finance-Consumer Credit) Sr. Unsub. Deb., 6.00% 11/15/01 Fr250,000 46,393 - ----------------------------------------------------------------------------------------------- IBM International Finance N.V. (Computer Mainframes) Sr. Unsub. Deb., 10.00% 08/29/97 500,000 106,543 - ----------------------------------------------------------------------------------------------- Total France 152,936 - ----------------------------------------------------------------------------------------------- GERMANY-6.36% Ford Credit Europe PLC (Finance-Consumer Credit) Deb., 6.00% 03/30/99 DM200,000 141,744 - ----------------------------------------------------------------------------------------------- International Bank for Reconstruction & Development (Supranational Organization), Unsub. Global Bonds, 7.125% 04/12/05 475,000 342,741 - ----------------------------------------------------------------------------------------------- Total Germany 484,485 - -----------------------------------------------------------------------------------------------
4 7 FINANCIALS
PRINCIPAL MARKET MATURITY AMOUNT(a) VALUE ITALY-0.54% KFW International Finance (Finance-Consumer Credit), Gtd. Notes, 11.625% 11/27/98 L70,000,000 $41,286 - ----------------------------------------------------------------------------------------------- Total Italy 41,286 - ----------------------------------------------------------------------------------------------- SWEDEN-1.16% Credit Foncier de France (Finance-Consumer Credit) Sr. Unsub. Deb., 6.50% 02/22/99 Kr750,000 88,458 - ----------------------------------------------------------------------------------------------- Total Sweden 88,458 - ----------------------------------------------------------------------------------------------- UNITED KINGDOM-4.66% European Investment Bank (Supranational Organization) Pound Sterling Sr. Unsub. Deb., 6.00% 08/10/99 125,000 183,296 - ----------------------------------------------------------------------------------------------- KFW International Finance (Finance-Consumer Credit), Gtd. Notes, 10.625% 09/03/01 100,000 171,693 - ----------------------------------------------------------------------------------------------- Total United Kingdom 354,989 - ----------------------------------------------------------------------------------------------- Total Non-Dollar Denominated Non-Convertible Bonds & Notes 1,610,284 - ----------------------------------------------------------------------------------------------- NON-DOLLAR DENOMINATED CONVERTIBLE BONDS & NOTES(d)-4.52% CANADA-2.65% Repap Enterprise (Paper & Forest Products), Conv. Deb., 9.00% 06/30/98 C$300,000 201,898 - ----------------------------------------------------------------------------------------------- Total Canada 201,898 - ----------------------------------------------------------------------------------------------- FRANCE-0.63% Societe Generale (Banking), Conv. Deb., 3.50% 01/01/00 Fr231,000 48,259 - ----------------------------------------------------------------------------------------------- Total France 48,259 - ----------------------------------------------------------------------------------------------- JAPAN-0.62% Glaxo Holdings PLC (Medical/Drugs), Conv. Deb., 4.30% 09/02/98 yen4,000,000 47,361 - ----------------------------------------------------------------------------------------------- Total Japan 47,361 - ----------------------------------------------------------------------------------------------- UNITED KINGDOM-0.62% ELF Enterprise Finance PLC (Finance-Consumer Credit), Pound Sterling Gtd. Conv. Bonds, 8.75% 06/27/06 30,000 47,011 - ----------------------------------------------------------------------------------------------- Total United Kingdom 47,011 - ----------------------------------------------------------------------------------------------- Total Non-Dollar Denominated Convertible Bonds & Notes 344,529 - ----------------------------------------------------------------------------------------------- NON-DOLLAR DENOMINATED GOVERNMENT BONDS & NOTES(d)-22.94% AUSTRALIA-9.11% New South Wales Treasury, Gtd. Notes, 7.00% 02/01/00 A$400,000 263,609 - ----------------------------------------------------------------------------------------------- Queensland Treasury Corp., Gtd. Notes, 8.875% 11/08/96 180,000 131,259 - ----------------------------------------------------------------------------------------------- Treasury Corp. of Victoria, Gtd. Notes, 10.25% 09/15/99 400,000 299,181 - ----------------------------------------------------------------------------------------------- Total Australia 694,049 - -----------------------------------------------------------------------------------------------
5 8 FINANCIALS
PRINCIPAL MARKET MATURITY AMOUNT(a) VALUE CANADA-2.11% Province of British Columbia, Deb., 9.00%(b) 06/21/04 C$150,000 $ 50,530 - ------------------------------------------------------------------------------------------------- New Brunswick (Province of), Deb., 8.94% 01/15/05 150,000 110,547 - ------------------------------------------------------------------------------------------------- Total Canada 161,077 - ------------------------------------------------------------------------------------------------- GERMANY-7.19% Bundesrepublik Deutschland, Deb., 6.375% 08/14/98 DM750,000 547,933 - ------------------------------------------------------------------------------------------------- Total Germany 547,933 - ------------------------------------------------------------------------------------------------- NEW ZEALAND-3.86% New Zealand Government Government Gtd. Deb., 9.00% 11/15/96 NZ$305,000 206,740 - ------------------------------------------------------------------------------------------------- Government Gtd. Deb., 10.00% 07/15/97 125,000 87,020 - ------------------------------------------------------------------------------------------------- Total New Zealand 293,760 - ------------------------------------------------------------------------------------------------- UNITED KINGDOM-0.67% Pound Sterling Ontario Province, Sr. Unsub., 6.875% 09/15/00 35,000 50,630 - ------------------------------------------------------------------------------------------------- Total United Kingdom 50,630 - ------------------------------------------------------------------------------------------------- Total Non-Dollar Denominated Government Bonds & Notes 1,747,449 - ------------------------------------------------------------------------------------------------- U.S. TREASURY SECURITIES-20.83% U.S. Treasury Notes, 7.50% 10/31/99 $400,000 409,436 - ------------------------------------------------------------------------------------------------- U.S. Treasury Notes, 7.125% 02/29/00 400,000 403,812 - ------------------------------------------------------------------------------------------------- U.S. Treasury Bonds, 7.50% 02/15/05 750,000 773,085 - ------------------------------------------------------------------------------------------------- Total U.S. Treasury Securities 1,586,333 - ------------------------------------------------------------------------------------------------- Total Investments 7,349,586 ================================================================================================= TOTAL INVESTMENTS-96.49% 7,349,586 - ------------------------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES-3.51% 267,115 - ------------------------------------------------------------------------------------------------- NET ASSETS-100.00% $7,616,701 =================================================================================================
NOTES TO SCHEDULE OF INVESTMENTS (a) Principal amount is in U.S. Dollars, except as indicated by note (d). (b) Discounted bond at purchase. Interest rate represents coupon rate at which the bond will accrue at a specified future date. (c) Restricted securities. May be resold 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 $90,275, which represented 1.19% of the Fund's net assets. (d) Foreign denominated securities. Par value and coupon are denominated in currency of country indicated. ABBREVIATIONS Conv. Convertible Mtn. Medium term note Deb. Debentures Sr. Senior Disc. Discounted Sub. Subordinated Gtd. Guaranteed Unsub. Unsubordinated 6 9 FINANCIALS STATEMENT OF ASSETS AND LIABILITIES April 30, 1995 (Unaudited) ASSETS: Investments, at market value (cost $7,130,235) $7,349,586 - ----------------------------------------------------------------------------------------------- Foreign currencies, at market value (cost $1,290) 1,350 - ----------------------------------------------------------------------------------------------- Receivables for: Investments sold 142,726 - ----------------------------------------------------------------------------------------------- Capital stock sold 49,570 - ----------------------------------------------------------------------------------------------- Foreign currency contracts, at value 283,003 - ----------------------------------------------------------------------------------------------- Dividends and interest 190,749 - ----------------------------------------------------------------------------------------------- Reimbursement from advisor 9,500 - ----------------------------------------------------------------------------------------------- Other assets 18,700 - ----------------------------------------------------------------------------------------------- Total assets 8,045,184 - ----------------------------------------------------------------------------------------------- LIABILITIES: Payables for: Investments purchased 90,450 - ----------------------------------------------------------------------------------------------- Foreign currency purchased 289,189 - ----------------------------------------------------------------------------------------------- Amount due to custodian bank 1,636 - ----------------------------------------------------------------------------------------------- Dividends 15,680 - ----------------------------------------------------------------------------------------------- Accrued administrative service fees 1,138 - ----------------------------------------------------------------------------------------------- Accrued distribution fees 3,595 - ----------------------------------------------------------------------------------------------- Accrued operating expenses 26,795 - ----------------------------------------------------------------------------------------------- Total liabilities 428,483 - ----------------------------------------------------------------------------------------------- Net assets applicable to shares outstanding $7,616,701 =============================================================================================== NET ASSETS: Class A $5,818,833 - ----------------------------------------------------------------------------------------------- Class B $1,797,868 =============================================================================================== CAPITAL STOCK, $.001 PAR VALUE PER SHARE: CLASS A: Authorized 200,000,000 - ----------------------------------------------------------------------------------------------- Outstanding 564,805 =============================================================================================== CLASS B: Authorized 200,000,000 - ----------------------------------------------------------------------------------------------- Outstanding 174,705 =============================================================================================== CLASS A: Net asset value and redemption price per share $10.30 =============================================================================================== Offering price per share: (Net asset value of $10.30 divided by 95.25%) $10.81 =============================================================================================== CLASS B: Net asset value and offering price per share $10.29 ===============================================================================================
See Notes to Financial Statements. 7 10 FINANCIALS STATEMENT OF OPERATIONS For the six months ended April 30, 1995 (Unaudited) INVESTMENT INCOME: Interest $228,830 - ----------------------------------------------------------------------------------------- Total investment income 228,830 - ----------------------------------------------------------------------------------------- EXPENSES: Advisory fees 18,150 - ----------------------------------------------------------------------------------------- Administrative service fees 4,654 - ----------------------------------------------------------------------------------------- Directors' fees 2,470 - ----------------------------------------------------------------------------------------- Distribution fees-Class A 10,313 - ----------------------------------------------------------------------------------------- Distribution fees-Class B 5,302 - ----------------------------------------------------------------------------------------- Custodian fees 16,273 - ----------------------------------------------------------------------------------------- Transfer agent fees-Class A 2,721 - ----------------------------------------------------------------------------------------- Transfer agent fees-Class B 1,932 - ----------------------------------------------------------------------------------------- Other 48,448 - ----------------------------------------------------------------------------------------- Total expenses 110,263 - ----------------------------------------------------------------------------------------- Less expenses assumed by advisor (75,250) - ----------------------------------------------------------------------------------------- Net expenses 35,013 - ----------------------------------------------------------------------------------------- Net investment income 193,817 - ----------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN ON INVESTMENT SECURITIES AND FOREIGN CURRENCIES: Net realized gain on sales of: Investment securities 32,779 - ----------------------------------------------------------------------------------------- Foreign currencies 6,139 - ----------------------------------------------------------------------------------------- 38,918 - ----------------------------------------------------------------------------------------- Unrealized appreciation (depreciation) of: Investment securities 214,617 - ----------------------------------------------------------------------------------------- Foreign currencies (2,791) - ----------------------------------------------------------------------------------------- 211,826 - ----------------------------------------------------------------------------------------- Net gain on investment securities and foreign currencies 250,744 - ----------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $444,561 =========================================================================================
See Notes to Financial Statements. 8 11 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 $ 193,817 $ 17,716 - ----------------------------------------------------------------------------------------------- Net realized gain (loss) on sales of investment securities and foreign currencies 38,918 (680) - ----------------------------------------------------------------------------------------------- Unrealized appreciation of investment securities and foreign currencies 211,826 4,707 - ----------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations 444,561 21,743 - ----------------------------------------------------------------------------------------------- Dividends to shareholders from net investment income (218,786) (15,845) - ----------------------------------------------------------------------------------------------- Share transactions-net: Class A 2,985,393 655,059 - ----------------------------------------------------------------------------------------------- Class B 1,382,543 362,023 - ----------------------------------------------------------------------------------------------- Net increase in net assets 4,593,711 1,022,980 - ----------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period 3,022,990 2,000,010 - ----------------------------------------------------------------------------------------------- End of period $7,616,701 $3,022,990 =============================================================================================== NET ASSETS CONSIST OF: Capital (par value and additional paid-in) $7,385,028 $3,017,092 - ----------------------------------------------------------------------------------------------- Undistributed net investment income (loss) (23,098) 1,871 - ----------------------------------------------------------------------------------------------- Undistributed net realized gain (loss) on sales of investment securities and foreign currencies 38,238 (680) - ----------------------------------------------------------------------------------------------- Unrealized appreciation of investment securities and foreign currencies 216,533 4,707 - ----------------------------------------------------------------------------------------------- $7,616,701 $3,022,990 ===============================================================================================
See Notes to Financial Statements. 9 12 FINANCIALS NOTES TO FINANCIAL STATEMENTS April 30, 1995 (Unaudited) NOTE 1-SIGNIFICANT ACCOUNTING POLICIES AIM Global Income 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 Income Fund, AIM Global Aggressive Growth Fund, AIM Global Growth Fund, and AIM International Equity Fund. The Fund currently offers two different classes of shares: Class A shares and 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 -- Non-convertible bonds and notes are valued on the basis of prices provided by an independent pricing service. Prices provided by the pricing service may be determined without exclusive reliance on quoted price, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to special securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Investment securities for which prices are not provided by the pricing service and which are listed or traded on an exchange are valued at the last sales price on the exchange where the security is principally traded or, lacking any sales on a particular day, at the mean between the closing bid and asked priced on that day unless the Board of Directors, or persons designated by the Board of Directors, determines that the over-the counter quotations more closely reflect the current market value of the security. Securities traded in the over-the-counter market, except (i) securities priced by the pricing service, (ii) securities for which representative exchange prices are available, and (iii) securities reported in the NASDAQ National Market System, are valued at the mean between representative last bid and asked prices obtained from an electronic quotation reporting system, if such prices are available, or from established market makers. Each security reported in the NASDAQ National Market System is valued at the last sales price on the valuation date. Securities for which market quotations are not readily available and "restricted securities" are valued at fair value as determined in good faith by or under the supervision of the Fund's officers in accordance with methods which are specifically authorized the Board of Directors. Short-term obligations having 60 days or less to maturity are valued at amortized cost which approximates market value. Generally, trading in foreign securities, as well as corporate bonds and U.S. Government 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 a 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 a Fund's net asset value. If events materially affecting the value of such securities and exchange rates occur during such period, then these securities and exchange rates 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 foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. 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 10 13 FINANCIALS 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 investment advisory agreement, the Fund pays an advisory fee to AIM at the annual rate of 0.70% of the first $1 billion of the Fund's average daily net assets, plus 0.65% 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 $18,150 and assumed expenses of $48,100 and $9,000 for the Class A shares and Class B shares, respectively. 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 $4,654 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 $2,387 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 $10,313 and $5,302, respectively, as compensation under the Plans. AIM Distributors received commissions of $11,324 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 $1,509 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 $508 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 $10,017,841 and $5,350,700, respectively. 11 14 FINANCIALS The amount of unrealized appreciation (depreciation) of investment securities as of April 30, 1995 is as follows: Aggregate unrealized appreciation of investment securities $249,017 - --------------------------------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (29,666) - --------------------------------------------------------------------------------------------------------------- Net unrealized appreciation of investment securities $219,351 ===============================================================================================================
Investments have the same cost for tax and financial statement purposes. NOTE 5-CAPITAL STOCK Changes in the Fund's capital stock outstanding during 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 306,386 $3,056,190 65,461 $655,027 - --------------------------------------------------------------------------------------------------------------- Class B 144,089 1,437,505 36,863 368,895 - --------------------------------------------------------------------------------------------------------------- Issued as reinvestment of dividends: Class A 7,833 78,945 3 32 - --------------------------------------------------------------------------------------------------------------- Class B 3,795 38,171 2 25 - --------------------------------------------------------------------------------------------------------------- Reacquired: Class A (14,877) (149,742) -- -- - --------------------------------------------------------------------------------------------------------------- Class B (9,356) (93,133) (689) (6,897) - --------------------------------------------------------------------------------------------------------------- 437,870 $4,367,936 101,640 $1,017,082 ===============================================================================================================
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 $10.02 $10.00 $10.01 $10.00 - ------------------------------------------------------ ----------- ----------- ----------- ----------- Income from investment operations: Net investment income 0.39 0.08 0.38 0.07 - ------------------------------------------------------ ----------- ----------- ----------- ----------- Net gains on securities (both realized and unrealized) 0.32 0.01 0.31 0.01 - ------------------------------------------------------ ----------- ----------- ----------- ----------- Total from investment operations 0.71 0.09 0.69 0.08 - ------------------------------------------------------ ----------- ----------- ----------- ----------- Less distributions: Dividends from net investment income (0.43) (0.07) (0.41) (0.07) - ------------------------------------------------------ ----------- ----------- ----------- ----------- Total distributions (0.43) (0.07) (0.41) (0.07) - ------------------------------------------------------ ----------- ----------- ----------- ----------- Net asset value, end of period $10.30 $10.02 $10.29 $10.01 ====================================================== =========== =========== =========== =========== Total return (a) 7.29% 0.93% 7.05% 7.79% ====================================================== =========== =========== =========== =========== Ratios/supplemental data: - ------------------------------------------------------ ----------- ----------- ----------- ----------- Net assets, end of period (000s omitted) $5,819 $2,661 $1,798 $362 ====================================================== =========== =========== =========== =========== Ratio of expenses to average net assets 1.25%(b) 1.25%(d) 1.75%(c) 1.73%(d) ====================================================== =========== =========== =========== =========== Ratio of net investment income to average net assets 7.61%(b) 6.01%(d) 6.94%(c) 3.59%(d) ====================================================== =========== =========== =========== =========== Portfolio turnover rate 115% 6% 115% 6% ====================================================== =========== =========== =========== ===========
(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 $4,159,227. Annualized ratios of expenses and net investment income to average net assets before fee waivers and expense reimbursements are 4.28% and 4.58%, respectively. (c) Ratios are annualized and based on average net assets of $1,069,279. Annualized ratios of expenses and net investment income to average net assets before fee waivers and expense reimbursements are 4.14% and 4.55%, respectively. (d) Annualized. 12 15 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. 13 16 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-----