-----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, AypTk4cfoG0CzhtVmrQPXgky9QW/BhSZH3c8Gbv6xmu9U67fKLSSI4zfMLng+CI9 UyS5K8SxWK9sDqB+VZQVdw== 0000950129-95-000704.txt : 199506290000950129-95-000704.hdr.sgml : 19950629 ACCESSION NUMBER: 0000950129-95-000704 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: 95549696 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 GROWTH FUND SEMI ANNUAL REPORT FOR 4/30/95 1 [AIM LOGO APPEARS HERE] [GRAPHIC COLLAGE APPEARS HERE] AIM GLOBAL GROWTH FUND SEMIANNUAL REPORT APRIL 30, 1995 2 PORTFOLIO DATA TOP 10 DOMESTIC HOLDINGS 1. 3Com Corp. 2. International Business Machines Corp. 3. Micron Technology, Inc. 4. PepsiCo Inc. 5. Altera Corp. 6. Arrow Electronics, Inc. 7. Philip Morris Companies, Inc. 8. Atmel Corp. 9. Microsoft Corp. 10. Applied Materials, Inc. TOP 10 INTERNATIONAL HOLDINGS 1. Kyocera Corp. 2. United Over Seas Bank Ltd. 3. PT Hanjaya Mandala Sampoerna 4. Telecom Corp. of New Zealand Ltd. 5. Imasco Ltd. 6. Telecom Italia S.p. A. 7. Fletcher Challenge Ltd. 8. Tabacalera S.A. 9. Gas Natural SDG-E S.A. 10. British Petroleum Co. PLC 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 GROWTH FUND seeks to provide long-term growth of capital by investing in global equities of companies with strong earnings momentum. 3 CHAIRMAN'S LETTER Dear Fellow Shareholder: Amid the recent turbulence in world investment markets, AIM Global Growth Fund delivered a solid cumulative return of 3.56% for Class A shares during the six months ended April 30, 1995. We are pleased to note that your Fund decidedly outperformed [PHOTO the -2.92% cumulative return for the Lipper Global Fund Index, Charles T. an unmanaged composite of the 30 largest global funds. Of Bauer, course, you cannot make an investment in an index. Lipper Chairman of Analytical Services, Inc., is an mutual fund performance the Board of monitor. the Fund, AIM Global Growth Fund's Class A share cumulative performance APPEARS HERE] includes reinvested distributions of $0.004 per share and excludes the maximum sales charge of 4.75%. Cumulative return for the Fund's Class B shares over the same period was 3.23%, excluding the maximum contingent deferred sales charge of 5.00%. There were no distributions paid on Class B shares. The Fund has been well-received by investors. During the six months ended April 30, 1995, net assets increased from $4.4 million to $13.7 million. In that same period, net asset value per Class A share increased to $10.59 from $10.23, and net asset value per Class B share increased to $10.55 from $10.22. We believe the Fund's strong relative performance can be attributed to our commitment to disciplined stock selection based on positive earnings momentum. For more detailed discussion of the market environment and the Fund's investment strategy during the 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 Growth Fund, one of our newest funds. Indeed, the Fund has contributed significantly to our consistent growth. At the end of March 1995, Lipper reported that A I M Advisors, Inc., was managing approximately $30 billion in assets and was the 17th largest mutual fund complex in the U.S. in terms of assets under management. AIM has also continued its commitment to customer service by expanding our shareholder service operations. We have improved our automated investor telephone line so you can have easy access any time to information about your AIM account as well as performance returns on AIM funds. You can call the AIM Investor Line at 800-246-5463. 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 Growth Fund. As always, we welcome any questions or comments you may have regarding the Fund or your account. Thank you for your continued participation in AIM Global Growth Fund. Respectfully submitted, /s/ CHARLES T. BAUER Charles T. Bauer Chairman 4 DISCUSSION & ANALYSIS FINDING OPPORTUNITY IN TURBULENT MARKETS ----------- Your Fund approached market volatility with a confirmed commitment to disciplined stock selection. ----------- AIM Global Growth Fund was designed to participate in promising markets around the world. In the last six months, the advantage of such a strategy was clearly apparent. Stocks in the U.S. posted strong gains as reports indicated that economic growth had slowed to a moderate, sustainable rate while inflation remained in check. Even as U.S. stocks were propelled to record highs, world equity markets were roiled by the sharply declining U.S. dollar, rising interest rates, the devaluation of the Mexican peso, and the collapse of Barings, the venerable British bank. Your Fund approached market volatility with a confirmed commitment to disciplined stock selection. YOUR INVESTMENT PORTFOLIO The Fund focuses on companies with strong earnings momentum. Even in turbulent markets, there are opportunities. Over the last six months, the Fund withdrew from higher-risk emerging markets in Latin America and Asia in favor of larger, more stable markets such as the U.S., the United Kingdom, Germany, and France. Defensive markets such as the Netherlands, Switzerland, and France--where almost 13% of the Fund's portfolio was invested as of April 30, 1995--were among the strongest performing markets. Total holdings were increased to 210 securities. As of April 30, 1995, domestic stocks represented approximately 36% of net assets, and approximately 52% was invested in foreign stocks. Of course, the number of securities in the Fund's portfolio will fluctuate and there can be no assurance that the Fund will continue to hold securities in any particular country. UNITED STATES. As inflation concerns abated and interest rates began to stabilize, stocks responded with strong advances to record highs. Technology, which represents more than 15% of the Fund's domestic holdings, led the market advance during the last six months. The Fund also added to defensive positions in medical products and services providers, telecommunications, electronic components producers and distributors, and selected consumer goods and services companies. EUROPE. Financial markets in Europe benefited from the renewed interest in stocks of larger, more predictable companies. The Fund added defensive growth stocks such as 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. In Japan, the Fund increased its focus on technology, adding companies such as electronic components makers Alpine Electronics, Rohm Co., Ltd., and Kyocera Corp. OUTLOOK FOR THE FUTURE While the direction of the U.S. dollar remains uncertain, inflation is apparently under control in the U.S., Germany, the United Kingdom, and other key world economies. In these areas, economic growth is moderate and sustainable, especially in the U.S., and global interest rates have stabilized for the near term. The current economic climate should favor defensive growth stocks such as those emphasized in the Fund's portfolio. Further, we anticipate technology companies to continue among the strongest performing sectors. 2 5 FINANCIALS SCHEDULE OF INVESTMENTS April 30, 1995 (Unaudited)
SHARES MARKET VALUE DOMESTIC COMMON STOCKS-35.57% ADVERTISING/BROADCASTING-0.06% 100 Capital Cities/ABC, Inc. $8,450 - ------------------------------------------------------------------------------- AEROSPACE/DEFENSE-0.32% 800 Sundstrand Corp. 44,400 - ------------------------------------------------------------------------------- APPLIANCES-0.26% 1,500 Newell Co. 35,438 - ------------------------------------------------------------------------------- BEVERAGES-0.76% 2,500 PepsiCo Inc. 104,062 - ------------------------------------------------------------------------------- BIOTECHNOLOGY-0.37% 700 Amgen Inc.(a) 50,881 - ------------------------------------------------------------------------------- BUSINESS SERVICES-1.56% 1,100 Equifax Inc. 35,612 - ------------------------------------------------------------------------------- 1,200 Healthcare Compare Corp. (a) 36,075 - ------------------------------------------------------------------------------- 2,000 Olsten Corp. 68,250 - ------------------------------------------------------------------------------- 2,500 Sensormatic Electronics Corp. 74,375 - ------------------------------------------------------------------------------- 214,312 - ------------------------------------------------------------------------------- CHEMICALS-SPECIALTY-0.45% 700 Loctite Corp. 34,825 - ------------------------------------------------------------------------------- 1,100 Praxair, Inc. 26,125 - ------------------------------------------------------------------------------- 60,950 - ------------------------------------------------------------------------------- COMPUTER MAINFRAMES-0.83% 1,200 International Business Machines Corp. 113,700 - ------------------------------------------------------------------------------- COMPUTER MINI/PCS-1.27% 700 Digital Equipment Corp. (a) 32,287 - ------------------------------------------------------------------------------- 800 Gateway 2000, Inc. (a) 15,150 - ------------------------------------------------------------------------------- 1,000 Hewlett-Packard Co. 66,125 - ------------------------------------------------------------------------------- 1,500 Sun Microsystems, Inc. (a) 59,813 - ------------------------------------------------------------------------------- 173,375 - ------------------------------------------------------------------------------- COMPUTER NETWORKING-2.46% 1,300 Cabletron Systems, Inc. (a) 61,750 - ------------------------------------------------------------------------------- 1,900 Scientific - Atlantic Inc. 43,224 - ------------------------------------------------------------------------------- 3,500 3Com Corp. (a) 196,000 - ------------------------------------------------------------------------------- 2,200 Western Digital Corp. (a) 35,200 - ------------------------------------------------------------------------------- 336,174 - ------------------------------------------------------------------------------- COMPUTER PERIPHERALS-1.69% 2,000 Adaptec Inc. (a) 64,000 - ------------------------------------------------------------------------------- 400 American Power Conversion Corp. (a) 6,800 - -------------------------------------------------------------------------------
3 6 FINANCIALS
SHARES MARKET VALUE Computer Peripherals-(continued) 3,000 EMC Corp. (a) $59,250 - --------------------------------------------------------------------------------- 2,100 Oracle Systems Corp. (a) 64,050 - --------------------------------------------------------------------------------- 2,000 Quantum Corp. 37,000 - --------------------------------------------------------------------------------- 231,100 - --------------------------------------------------------------------------------- COMPUTER SOFTWARE & SERVICES-3.78% 400 Adobe System, Inc. 23,300 - --------------------------------------------------------------------------------- 300 Autodesk Inc. 10,219 - --------------------------------------------------------------------------------- 1,200 Bay Networks, Inc. (a) 43,650 - --------------------------------------------------------------------------------- 800 BMC Software Inc. (a) 49,800 - --------------------------------------------------------------------------------- 2,000 Cadence Design Systems, Inc. (a) 64,500 - --------------------------------------------------------------------------------- 1,200 Computer Associates International, Inc. 77,250 - --------------------------------------------------------------------------------- 1,000 Informix Corp. (a) 39,375 - --------------------------------------------------------------------------------- 1,000 Microsoft Corp. (a) 81,875 - --------------------------------------------------------------------------------- 1,500 Parametric Technology Corp. (a) 71,250 - --------------------------------------------------------------------------------- 1,500 Silicon Graphics, Inc. (a) 56,250 - --------------------------------------------------------------------------------- 517,469 - --------------------------------------------------------------------------------- CONGLOMERATES-0.44% 2,500 Dial Corp. (The) 60,312 - --------------------------------------------------------------------------------- COSMETIC & TOILETRIES-0.56% 300 Colgate-Palmolive Co. 21,075 - --------------------------------------------------------------------------------- 800 Procter & Gamble Co. 55,900 - --------------------------------------------------------------------------------- 76,975 - --------------------------------------------------------------------------------- ELECTRONIC COMPONENTS-0.44% 1,200 Teradyne, Inc. (a) 60,750 - --------------------------------------------------------------------------------- ELECTRONIC/PC DISTRIBUTORS-1.26% 2,000 Arrow Electronics, Inc. (a) 93,000 - --------------------------------------------------------------------------------- 1,800 Avnet, Inc. 80,100 - --------------------------------------------------------------------------------- 173,100 - --------------------------------------------------------------------------------- FINANCE (SAVINGS & LOAN)-0.27% 800 Golden West Financial Corp. 36,600 - --------------------------------------------------------------------------------- HOTELS/MOTELS-0.33% 1,500 La Quinta Motor Inns Inc. 44,812 - --------------------------------------------------------------------------------- LEISURE & RECREATION-0.42% 1,500 Callaway Golf Co. 18,562 - --------------------------------------------------------------------------------- 700 Walt Disney Co. (The) 38,762 - --------------------------------------------------------------------------------- 57,324 - --------------------------------------------------------------------------------- MACHINERY-0.39% 1,000 Thermo Electron Corp. (a) 53,875 - --------------------------------------------------------------------------------- MEDICAL (DRUGS)-2.02% 400 American Home Products Corp. 30,850 - --------------------------------------------------------------------------------- 1,500 Forest Laboratories, Inc. (a) 67,500 - ---------------------------------------------------------------------------------
4 7 FINANCIALS
SHARES MARKET VALUE Medical (Drugs)-(continued) 500 Johnson & Johnson $32,500 - -------------------------------------------------------------------------------- 900 Pfizer Inc. 77,962 - -------------------------------------------------------------------------------- 900 Schering-Plough Corp. 67,838 - -------------------------------------------------------------------------------- 276,650 - -------------------------------------------------------------------------------- MEDICAL (INSTRUMENTS/PRODUCTS)-1.71% 800 Becton, Dickinson and Co. 44,600 - -------------------------------------------------------------------------------- 1,500 Biomet, Inc. (a) 26,250 - -------------------------------------------------------------------------------- 700 Cordis Corp. (a) 50,225 - -------------------------------------------------------------------------------- 400 Medtronic, Inc. 29,750 - -------------------------------------------------------------------------------- 800 St. Jude Medical, Inc. 34,400 - -------------------------------------------------------------------------------- 1,300 Sybron International Corp. (a) 48,262 - -------------------------------------------------------------------------------- 233,487 - -------------------------------------------------------------------------------- MEDICAL (SERVICES)-2.14% 300 Abbey Healthcare Group, Inc. (a) 11,925 - -------------------------------------------------------------------------------- 1,600 Columbia/HCA Healthcare Corp. 67,200 - -------------------------------------------------------------------------------- 3,000 Diagnostek, Inc. (a) 55,500 - -------------------------------------------------------------------------------- 1,200 Healthsouth Rehabilitation Corp. (a) 23,700 - -------------------------------------------------------------------------------- 900 Homedco Group, Inc. (a) 51,525 - -------------------------------------------------------------------------------- 1,000 Humana Inc. (a) 19,500 - -------------------------------------------------------------------------------- 1,600 Mid-Atlantic Medical Services, Inc. (a) 27,600 - -------------------------------------------------------------------------------- 1,000 United Healthcare Corp. 36,250 - -------------------------------------------------------------------------------- 293,200 - -------------------------------------------------------------------------------- OFFICE AUTOMATION-0.54% 600 Xerox Corp. 73,875 - -------------------------------------------------------------------------------- OFFICE PRODUCTS-0.31% 1,600 Reynolds & Reynolds Co. - Class A 42,400 - -------------------------------------------------------------------------------- PAPER & FOREST PRODUCTS-0.11% 900 Longview Fibre Co. 14,962 - -------------------------------------------------------------------------------- POLLUTION CONTROL-0.50% 1,000 Browning-Ferris Industries, Inc. 33,000 - -------------------------------------------------------------------------------- 1,300 WMX Technologies Inc. 35,425 - -------------------------------------------------------------------------------- 68,425 - -------------------------------------------------------------------------------- RESTAURANTS-0.23% 900 McDonald's Corp. 31,500 - -------------------------------------------------------------------------------- RETAIL (FOOD & DRUG)-0.69% 2,200 Jack Eckerd Corp. (a) 64,075 - -------------------------------------------------------------------------------- 1,300 Rite Aid Corp. 30,225 - -------------------------------------------------------------------------------- 94,300 - -------------------------------------------------------------------------------- RETAIL (STORES)-2.36% 1,700 Circuit City Stores, Inc. 43,988 - -------------------------------------------------------------------------------- 2,000 Heilig-Meyers Co. 42,000 - --------------------------------------------------------------------------------
5 8 FINANCIALS
SHARES MARKET VALUE Retail (Stores)-(continued) 1,500 Home Depot, Inc. $62,625 - --------------------------------------------------------------------------------- 1,400 Lowe's Companies, Inc. 40,425 - --------------------------------------------------------------------------------- 300 Michaels Stores, Inc. (a) 8,550 - --------------------------------------------------------------------------------- 1,000 Office Depot, Inc. (a) 22,750 - --------------------------------------------------------------------------------- 100 OfficeMax Inc. (a) 2,563 - --------------------------------------------------------------------------------- 1,300 Pep Boys - Manny, Moe & Jack 33,475 - --------------------------------------------------------------------------------- 2,400 Sysco Corp. 67,200 - --------------------------------------------------------------------------------- 323,576 - --------------------------------------------------------------------------------- SCIENTIFIC INSTRUMENTS-0.34% 1,000 Varian Associates, Inc. 46,000 - --------------------------------------------------------------------------------- SEMICONDUCTORS-4.99% 1,200 Altera Corp. (a) 97,050 - --------------------------------------------------------------------------------- 1,800 Analog Devices, Inc. (a) 48,375 - --------------------------------------------------------------------------------- 1,300 Applied Materials, Inc. (a) 80,115 - --------------------------------------------------------------------------------- 2,000 Atmel Corp. (a) 88,000 - --------------------------------------------------------------------------------- 800 Cirrus Logic, Inc. 39,850 - --------------------------------------------------------------------------------- 800 Integrated Device Technology, Inc. (a) 30,500 - --------------------------------------------------------------------------------- 1,100 LAM Research Corp. (a) 55,550 - --------------------------------------------------------------------------------- 800 LSI Logic Corp. (a) 53,300 - --------------------------------------------------------------------------------- 1,300 Micron Technology, Inc. 106,925 - --------------------------------------------------------------------------------- 500 Novellus Systems, Inc. (a) 30,375 - --------------------------------------------------------------------------------- 500 Texas Instruments Inc. 53,000 - --------------------------------------------------------------------------------- 683,040 - --------------------------------------------------------------------------------- SHOES & RELATED APPAREL-0.28% 1,200 Nine West Group, Inc. (a) 39,000 - --------------------------------------------------------------------------------- TELECOMMUNICATIONS-0.54% 2,000 DSC Communications Corp. (a) 74,000 - --------------------------------------------------------------------------------- TOBACCO-0.89% 1,300 Philip Morris Companies, Inc. 88,075 - --------------------------------------------------------------------------------- 120 RJR Nabisco Holdings Corp. (a) 3,285 - --------------------------------------------------------------------------------- 1,100 UST, Inc. 30,938 - --------------------------------------------------------------------------------- 122,298 - --------------------------------------------------------------------------------- Total Domestic Common Stocks 4,870,772 - --------------------------------------------------------------------------------- FOREIGN STOCKS & OTHER EQUITY INTERESTS-52.37% ARGENTINA-1.25% 3,400 Buenos Aires Embotelladora S.A. ADR Class-B (Beverages) 93,500 - --------------------------------------------------------------------------------- 18,000 Telecom Argentina S. A.- Class B (Telecommunications) 78,112 - --------------------------------------------------------------------------------- Total Argentina 171,612 - --------------------------------------------------------------------------------- AUSTRALIA-1.82% 3,626 Broken Hill Proprietary Co. Ltd. (Conglomerates) 52,746 - --------------------------------------------------------------------------------- 19,600 National Australia Bank Ltd.(Banking) 72,418 - --------------------------------------------------------------------------------- 19,600 Pioneer International Ltd. (Building Materials) 47,614 - ---------------------------------------------------------------------------------
6 9 FINANCIALS
SHARES MARKET VALUE AUSTRALIA-(continued) 18,800 QBE Insurance Group Ltd. (Insurance-Broker) $76,983 - --------------------------------------------------------------------------------- Total Australia 249,761 - --------------------------------------------------------------------------------- AUSTRIA-0.42% 550 OMV AG (Oil & Gas-Exploration & Production) 56,897 - --------------------------------------------------------------------------------- CANADA-1.24% 1,000 Alcan Aluminum Ltd. (Metals-Miscellaneous) 28,317 - --------------------------------------------------------------------------------- 1,500 Bombadier Inc.-Class B (Congolomerates) 32,684 - --------------------------------------------------------------------------------- 3,100 Imasco Ltd. (Tobacco) 108,874 - --------------------------------------------------------------------------------- Total Canada 169,875 - --------------------------------------------------------------------------------- FINLAND-0.81% 1,920 Nokia Corp. (Telecommunications) 78,404 - --------------------------------------------------------------------------------- 800 Nokia Corp.-ADR (a) (Telecommunications) 32,800 - --------------------------------------------------------------------------------- Total Finland 111,204 - --------------------------------------------------------------------------------- FRANCE-6.90% 200 BIC (Office Products) 33,374 - --------------------------------------------------------------------------------- 140 Carrefour Supermarche (Retail-Stores) 70,228 - --------------------------------------------------------------------------------- 450 Docks de France, S.A. (Retail-Food & Drug) 67,216 - --------------------------------------------------------------------------------- 720 ECCO Travail Temporaire (Business Services) 98,462 - --------------------------------------------------------------------------------- 550 Essilor International-Compagnie Generale d'Optique (Medical Instruments/Products) 98,494 - --------------------------------------------------------------------------------- 23,000 Euro Disneyland SCA (a) (Leisure & Recreation) 67,867 - --------------------------------------------------------------------------------- 65 Legrand (Electronic Components/Miscellaneous) 94,180 - --------------------------------------------------------------------------------- 260 L'Oreal S.A. (Cosmetics & Toiletries) 68,466 - --------------------------------------------------------------------------------- 320 LVMH Moet Hennesey Louis Vuitton (Beverages) 60,887 - --------------------------------------------------------------------------------- 390 Peugeot S.A. (a) (Automobile-Manufacturers) 56,270 - --------------------------------------------------------------------------------- 250 Pinault-Printemps, S.A. (Retail-Food & Drug) 56,573 - --------------------------------------------------------------------------------- 230 Promodes S.A. (Retail-Food & Drug) 52,749 - --------------------------------------------------------------------------------- 430 Roussel Uclaf (Medical-Drugs) 61,691 - --------------------------------------------------------------------------------- 200 Sidel S.A. (Machinery-Miscellaneous) 58,486 - --------------------------------------------------------------------------------- Total France 944,943 - --------------------------------------------------------------------------------- GERMANY-2.67% 60 Buderus A.G. (Building Materials) 32,331 - --------------------------------------------------------------------------------- 125 Gehe A.G. (Medical-Drugs) 53,740 - --------------------------------------------------------------------------------- 335 Mannesmann A.G. (Machinery-Miscellaneous) 90,861 - --------------------------------------------------------------------------------- 80 Sap A.G. (Computer Software/Services) 79,059 - --------------------------------------------------------------------------------- 70 Schering AG (Medical-Drugs) 51,933 - --------------------------------------------------------------------------------- 155 Veba A.G. (Electric Power) 57,693 - --------------------------------------------------------------------------------- Total Germany 365,617 - --------------------------------------------------------------------------------- HONG KONG-2.19% 6,000 Cheung Kong Holdings Ltd. (Real Estate) 25,268 - --------------------------------------------------------------------------------- 78,000 First Pacific Co. (Conglomerates) 63,984 - --------------------------------------------------------------------------------- 14,000 Guoco Group Ltd. (Financial-Miscellaneous) 53,171 - ---------------------------------------------------------------------------------
7 10 FINANCIALS
SHARES MARKET VALUE HONG KONG-(continued) 22,000 Hutchison Whampoa Ltd. (Conglomerates) $95,492 - --------------------------------------------------------------------------------- 9,600 Sun Hung Kai Properties Ltd. (Real Estate) 61,263 - --------------------------------------------------------------------------------- Total Hong Kong 299,178 - --------------------------------------------------------------------------------- INDONESIA-1.20% 21,000 PT Hanjaya Mandala Sampoerna (Tobacco) 123,197 - --------------------------------------------------------------------------------- 9,000 Semen Gresik (Building Materials) 41,111 - --------------------------------------------------------------------------------- Total Indonesia 164,308 - --------------------------------------------------------------------------------- ITALY-1.17% 13,200 Fiat S.p.A. (Automobile-Manufacturers) 53,845 - --------------------------------------------------------------------------------- 40,100 Telecom Italia S.p.A. (Telecommunications) 107,016 - --------------------------------------------------------------------------------- Total Italy 160,861 - --------------------------------------------------------------------------------- JAPAN-9.02% 5,000 Alpine Electronics (Electronic Components/Miscellaneous) 67,829 - --------------------------------------------------------------------------------- 500 Autobacs Seven (Retail-Stores) 52,181 - --------------------------------------------------------------------------------- 1,000 Bandai (Leisure & Recreation) 31,535 - --------------------------------------------------------------------------------- 6,000 Bridgestone Corp. (Automobile/Trucks- Parts & Tires) 97,102 - --------------------------------------------------------------------------------- 4,000 Canon, Inc. (Office Products) 66,163 - --------------------------------------------------------------------------------- 3,000 Daikin Manufacturing. Co. (Automobile/Trucks- Parts & Tires) 52,121 - --------------------------------------------------------------------------------- 1,600 Fanuc Ltd. (Machine Tools) 72,351 - --------------------------------------------------------------------------------- 6,000 Hitachi Ltd. (Electronic Components/Miscellaneous) 61,046 - --------------------------------------------------------------------------------- 2,000 Hoya Corp. (Medical Instruments/Products) 57,595 - --------------------------------------------------------------------------------- 2,000 Kyocera Corp. (Electronic Components/Miscellaneous) 154,697 - --------------------------------------------------------------------------------- 7,000 NGK Spark Plug Co., Ltd. (Machinery/Miscellaneous) 81,633 - --------------------------------------------------------------------------------- 120 Nippon Television Network (Advertising/Broadcasting) 26,703 - --------------------------------------------------------------------------------- 2,000 Omron Corp. (Electronic Components/Miscellaneous) 39,269 - --------------------------------------------------------------------------------- 6,000 Ricoh Co., Ltd. (Office Products) 56,048 - --------------------------------------------------------------------------------- 2,000 Rohm Co., Ltd. (Electronic Components/Miscellaneous) 92,580 - --------------------------------------------------------------------------------- 3,000 Sharp Corp. (Electronic Components/Miscellaneous) 49,265 - --------------------------------------------------------------------------------- 2,000 Tokyo Electron Ltd. (Electronic Components/Miscellaneous) 62,355 - --------------------------------------------------------------------------------- 3,000 Toyota Motor Corp. (Automobile-Manufacturers) 61,046 - --------------------------------------------------------------------------------- 4,000 Yamaha Corp. (Leisure & Recreation) 53,787 - --------------------------------------------------------------------------------- Total Japan 1,235,306 - --------------------------------------------------------------------------------- MALAYSIA-1.90% 8,000 Edaran Otomobil Nasional Berhad (Retail-Stores) 56,958 - --------------------------------------------------------------------------------- 7,000 Genting Berhad (a) (Leisure & Recreation) 63,714 - --------------------------------------------------------------------------------- 22,500 Land & General BHD (Conglomerates) 65,079 - --------------------------------------------------------------------------------- 13,000 United Engineers (Machinery-Miscellaneous) 74,676 - --------------------------------------------------------------------------------- Total Malaysia 260,427 - --------------------------------------------------------------------------------- NETHERLANDS-3.89% 465 Akzo N.V. (Chemicals) 53,927 - ---------------------------------------------------------------------------------
8 11 FINANCIALS
SHARES MARKET VALUE NETHERLANDS-(continued) 550 DSM N.V. (Chemicals) $46,244 - --------------------------------------------------------------------------------- 5,150 Elsevier N.V. (Publishing) 56,407 - --------------------------------------------------------------------------------- 437 Heineken N.V. (Beverages) 62,364 - --------------------------------------------------------------------------------- 1,190 Hoogovens & Staalfabriken N.V. (a) (Steel) 45,849 - --------------------------------------------------------------------------------- 1,700 Koninklijke Ahold N.V. (Retail-Food & Drug) 58,489 - --------------------------------------------------------------------------------- 700 Phillips Electronics N.V.-New York Shares- ADR (Electronic Components/Miscellaneous) 26,950 - --------------------------------------------------------------------------------- 1,170 PolyGram N.V. (Publishing) 66,034 - --------------------------------------------------------------------------------- 500 Ver Ned Utigevuer Bezit (Publishing) 55,924 - --------------------------------------------------------------------------------- 740 Wolters Kluwer N.V. (Publishing) 60,217 - --------------------------------------------------------------------------------- Total Netherlands 532,405 - --------------------------------------------------------------------------------- NEW ZEALAND-2.12% 27,200 Carter Holt Harvey Ltd. (Paper & Forest Products) 69,078 - --------------------------------------------------------------------------------- 39,100 Fletcher Challenge Ltd. (Paper & Forest Products) 105,079 - --------------------------------------------------------------------------------- 27,800 Telecom Corp. of New Zealand Ltd. (Telecommunications) 116,736 - --------------------------------------------------------------------------------- Total New Zealand 290,893 - --------------------------------------------------------------------------------- SINGAPORE-1.27% 6,000 Keppel Corp. Ltd. (Conglomerates) 48,655 - --------------------------------------------------------------------------------- 12,000 United Over Seas Bank Ltd. (Banking) 124,865 - --------------------------------------------------------------------------------- Total Singapore 173,520 - --------------------------------------------------------------------------------- SPAIN-2.38% 280 Acerinox, S.A. (Steel) 32,065 - --------------------------------------------------------------------------------- 1,935 Empresa Nacional de Electricidad, S.A. (Electric Power) 91,466 - --------------------------------------------------------------------------------- 1,010 Gas Natural SDG-E S.A. (Gas Distribution) 100,897 - --------------------------------------------------------------------------------- 3,000 Tabacalera S.A. (Tobacco) 101,726 - --------------------------------------------------------------------------------- Total Spain 326,154 - --------------------------------------------------------------------------------- SWEDEN-2.63% 3,350 Astra AB (Medical-Drugs) 95,447 - --------------------------------------------------------------------------------- 1,030 Electrolux AB (Appliances) 52,596 - --------------------------------------------------------------------------------- 1,420 Hennes and Mauritz AB (Retail-Stores) 95,966 - --------------------------------------------------------------------------------- 2,600 Sandvik AB (Metals-Miscellaneous) 48,312 - --------------------------------------------------------------------------------- 1,000 Telefonaktiebolaget L.M. Ericsson-ADR (Telecommunications) 67,063 - --------------------------------------------------------------------------------- Total Sweden 359,384 - --------------------------------------------------------------------------------- SWITZERLAND-2.02% 490 ADIA SA (Business Services) 90,614 - --------------------------------------------------------------------------------- 65 BBC Brown Boveri Ltd. (Engineering & Construction) 64,127 - --------------------------------------------------------------------------------- 90 Ciba-Geigy Ltd. (Chemicals) 61,549 - --------------------------------------------------------------------------------- 10 Roche Holdings A.G. (Medical-Drugs) 60,058 - --------------------------------------------------------------------------------- Total Switzerland 276,348 - --------------------------------------------------------------------------------- THAILAND-0.39% 3,000 Land & House Company Ltd. PLC (Home Building) 52,938 - --------------------------------------------------------------------------------- Total Thailand 52,938 - ---------------------------------------------------------------------------------
9 12 FINANCIALS
SHARES MARKET VALUE UNITED KINGDOM-7.08% 4,500 Argos PLC (Retail-Stores) $29,474 - --------------------------------------------------------------------------------- 4,650 BOC Group PLC (Chemicals) 56,497 - --------------------------------------------------------------------------------- 14,000 British Petroleum Co. PLC (Oil & Gas-Exploration & Production) 100,821 - --------------------------------------------------------------------------------- 600 British Sky Broadcasting-ADR (a) (Cable Television) 14,400 - --------------------------------------------------------------------------------- 79,800 Burton Group PLC (Retail-Stores) 99,846 - --------------------------------------------------------------------------------- 1,000 Danka Business Systems-ADR (Office Automation) 27,375 - --------------------------------------------------------------------------------- 9,600 Farnell Electronics PLC (Electric Components/Miscellaneous) 90,068 - --------------------------------------------------------------------------------- 6,700 Granada Group PLC (Leisure & Recreation) 61,404 - --------------------------------------------------------------------------------- 24,000 Morrison (Wm.) Supermarkets PLC (Retail-Food & Drug) 56,003 - --------------------------------------------------------------------------------- 5,900 Pearson PLC (Publishing) 54,405 - --------------------------------------------------------------------------------- 5,450 Peninsular & Oriental Steam Navigation Co. (The) (Transportation-Miscellaneous) 50,606 - --------------------------------------------------------------------------------- 5,350 Provident Financial PLC (Finance-Consumer Credit) 48,644 - --------------------------------------------------------------------------------- 8,150 Rank Organisation PLC (Leisure & Recreation) 55,610 - --------------------------------------------------------------------------------- 14,900 Rentokil Group PLC (Business Services) 61,864 - --------------------------------------------------------------------------------- 5,450 Smith (David S.) Holdings PLC (Paper & Forest Products) 48,676 - --------------------------------------------------------------------------------- 10,900 Standard Chartered PLC (Banking) 52,448 - --------------------------------------------------------------------------------- 3,300 Thorn EMI PLC (Leisure & Recreation) 60,381 - --------------------------------------------------------------------------------- Total United Kingdom 968,522 - --------------------------------------------------------------------------------- Total Foreign Stocks & Other Equity Interests 7,170,153 - --------------------------------------------------------------------------------- PRINCIPAL AMOUNT REPURCHASE AGREEMENT-8.89%(b) $1,217,084 Goldman, Sachs & Co., 5.92%, 05/01/95 (c) 1,217,084 - --------------------------------------------------------------------------------- Total Repurchase Agreement 1,217,084 - --------------------------------------------------------------------------------- TOTAL INVESTMENTS-96.83% 13,258,009 - --------------------------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES-3.17% 433,620 - --------------------------------------------------------------------------------- NET ASSETS-100.00% $13,691,629 =================================================================================
Notes to Schedule of Investments: (a) Non-income producing security. (b) 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. (c) 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. 10 13 FINANCIALS STATEMENT OF ASSETS AND LIABILITIES April 30, 1995 (Unaudited) ASSETS: Investments, at market value (cost $12,236,333) $ 13,258,009 - ------------------------------------------------------------------------------- Foreign currencies, at market value (cost $407,844) 407,199 - ------------------------------------------------------------------------------- Receivables for: Investments sold 224,059 - ------------------------------------------------------------------------------- Capital stock sold 381,438 - ------------------------------------------------------------------------------- Dividends and interest 19,648 - ------------------------------------------------------------------------------- Reimbursement from advisor 29,500 - ------------------------------------------------------------------------------- Other assets 20,886 - ------------------------------------------------------------------------------- Total assets 14,340,739 - ------------------------------------------------------------------------------- LIABILITIES: Payables for: Investments purchased 598,346 - ------------------------------------------------------------------------------- Capital stock repurchased 2,293 - ------------------------------------------------------------------------------- Accrued advisory fees 8,934 - ------------------------------------------------------------------------------- Accrued administrative service fees 1,000 - ------------------------------------------------------------------------------- Accrued distribution fees 5,662 - ------------------------------------------------------------------------------- Accrued operating expenses 32,875 - ------------------------------------------------------------------------------- Total liabilities 649,110 - ------------------------------------------------------------------------------- Net assets applicable to shares outstanding $ 13,691,629 =============================================================================== NET ASSETS: Class A $ 7,931,872 =============================================================================== Class B $ 5,759,757 =============================================================================== CAPITAL STOCK, $.001 PAR VALUE PER SHARE: CLASS A: Authorized 200,000,000 - ------------------------------------------------------------------------------- Outstanding 749,192 =============================================================================== CLASS B: Authorized 200,000,000 - ------------------------------------------------------------------------------- Outstanding 545,835 =============================================================================== CLASS A: Net asset value and redemption price per share $10.59 =============================================================================== Offering price per share: (Net asset value of $10.59 divided by 95.25%) $11.12 =============================================================================== CLASS B: Net asset value and offering price per share $10.55 ===============================================================================
See Notes to Financial Statements. 11 14 FINANCIALS STATEMENT OF OPERATIONS For the six months ended April 30, 1995 (Unaudited) INVESTMENT INCOME: Dividends (net of $4,740 foreign withholding tax) $ 46,412 - ------------------------------------------------------------------------------- Interest 38,950 - ------------------------------------------------------------------------------- Total investment income 85,362 - ------------------------------------------------------------------------------- EXPENSES: Advisory fees 38,333 - ------------------------------------------------------------------------------- Administrative service fees 4,713 - ------------------------------------------------------------------------------- Directors' fees 2,302 - ------------------------------------------------------------------------------- Distribution fees-Class A 14,303 - ------------------------------------------------------------------------------- Distribution fees-Class B 16,491 - ------------------------------------------------------------------------------- Custodian fees 55,621 - ------------------------------------------------------------------------------- Transfer agent fees-Class A 9,374 - ------------------------------------------------------------------------------- Transfer agent fees-Class B 7,833 - ------------------------------------------------------------------------------- Legal fees 7,603 - ------------------------------------------------------------------------------- Filing fees 18,154 - ------------------------------------------------------------------------------- Other 14,035 - ------------------------------------------------------------------------------- Total expenses 188,762 - ------------------------------------------------------------------------------- Less expenses assumed by advisor (88,258) - ------------------------------------------------------------------------------- Net expenses 100,504 - ------------------------------------------------------------------------------- Net investment income (loss) (15,142) - ------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT SECURITIES AND FOREIGN CURRENCIES: Net realized gain (loss) on sales of: Investment securities (173,337) - ------------------------------------------------------------------------------- Foreign currencies (3,117) - ------------------------------------------------------------------------------- (176,454) - ------------------------------------------------------------------------------- Unrealized appreciation (depreciation) of: Investment securities 901,213 - ------------------------------------------------------------------------------- Foreign currencies (3,454) - ------------------------------------------------------------------------------- 897,759 - ------------------------------------------------------------------------------- Net gain on investment securities and foreign currencies 721,305 - ------------------------------------------------------------------------------- Net increase in net assets resulting from operations $706,163 ===============================================================================
See Notes to Financial Statements. 12 15 FINANCIALS STATEMENT OF CHANGES IN NET ASSETS For the six months ended April 30, 1995 and the period September 15, 1995 (date operations commenced) through October 31, 1994 (Unaudited)
April 30, October 31, 1995 1994 OPERATIONS: Net investment income (loss) $ (15,142) $ (173) - ----------------------------------------------------------------------------------------------- Net realized gain (loss) on sales of investment securities and foreign currencies (176,454) (14,581) - ----------------------------------------------------------------------------------------------- Unrealized appreciation of investment securities and foreign currencies 897,759 122,800 - ----------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations 706,163 108,046 - ----------------------------------------------------------------------------------------------- Share transactions-net: Class A 4,430,548 2,020,630 - ----------------------------------------------------------------------------------------------- Class B 4,187,290 1,241,068 - ----------------------------------------------------------------------------------------------- Dividends to shareholders from net investment income-Class A (2,116) -- - ----------------------------------------------------------------------------------------------- Net increase in net assets 9,321,885 3,369,744 - ----------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period 4,369,744 1,000,000 - ----------------------------------------------------------------------------------------------- End of period $13,691,629 $4,369,744 =============================================================================================== NET ASSETS CONSIST OF: Capital (par value and additional paid-in) $12,879,536 $4,261,698 - ----------------------------------------------------------------------------------------------- Undistributed net investment income (loss) (17,431) (173) - ----------------------------------------------------------------------------------------------- Undistributed net realized gain (loss) on sales of investment securities and foreign currencies (191,035) (14,581) - ----------------------------------------------------------------------------------------------- Unrealized appreciation of investment securities and foreign currencies 1,020,559 122,800 - ----------------------------------------------------------------------------------------------- $13,691,629 $4,369,744 ===============================================================================================
See Notes to Financial Statements. 13 16 FINANCIALS NOTES TO FINANCIAL STATEMENTS April 30, 1995 (Unaudited) NOTE 1-SIGNIFICANT ACCOUNTING POLICIES AIM Global Growth Fund (the "Fund") is an investment portfolio of AIM International Funds, Inc. (the "Company"). The Company is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company consisting of four separate series portfolios: AIM Global Growth Fund, AIM Global Aggressive Growth Fund, AIM Global Income Fund and AIM International Equity Fund. The Fund currently offers two different classes of shares: the Class A shares and the Class B shares. Class A shares are sold with a front-end sales charge. Class B shares are sold with a contingent deferred sales charge. Matters affecting each portfolio or class are voted on exclusively by the shareholders of such portfolio or class. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. A. Security Valuations -- Investment securities are valued at the last sales price on the exchange on which the securities are traded or, lacking any sales, at the mean between the closing bid and asked prices on the day of valuation. Securities traded in the over-the-counter market (but not including securities reported on the NASDAQ National Market System) are valued at the mean between the closing bid and asked prices on valuation date. Securities reported on the NASDAQ National Market System are valued at the last sales price on the valuation date. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by or under the supervision of the Company's officers in a manner specifically authorized by the Board of Directors. Investments with maturities of 60 days or less are valued on the basis of amortized cost which approximates market value. Generally, trading in foreign securities is substantially completed each day at various times prior to the close of the New York Stock Exchange. The values of such securities used in computing the net asset value of the Fund's shares are determined as of such times. Foreign currency exchange rates are also generally determined prior to the close of the New York Stock Exchange. Occasionally, events affecting the values of such securities and such exchange rates may occur between the times at which they are determined and the close of the New York Stock Exchange which will not be reflected in the computation of the Fund's net asset value. If events materially affecting the value of such securities occur during such period, then these securities will be valued at their fair value as determined in good faith by or under the supervision of the Board of Directors. B. Foreign Currency Translations -- Portfolio securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at date of valuation. Purchases and sales of portfolio securities and income items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. C. Foreign Currency Contracts -- A forward currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a forward contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a forward contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. D. Securities Transactions, Investment Income and Distributions -- Securities transactions are accounted for on a trade date basis. Realized gains or losses are computed on the basis of specific identification of the securities sold. Interest income is recorded as earned from settlement date and is recorded on an accrual basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date. E. Federal Income Taxes -- The Fund intends to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and, as such, will not be subject to federal income taxes on otherwise taxable income (including net realized capital gains) which is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. 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 0.85% of the first $1 billion of the Fund's average daily net assets, plus 0.80% of the Fund's average daily net assets 14 17 FINANCIALS in excess of $1 billion. During the six months ended April 30, 1995, AIM waived fees of $19,558 and assumed expenses of $46,000 and $22,700 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. During the six months ended April 30, 1995, AIM was reimbursed $4,713 for such services. The Fund, pursuant to a transfer agency and service agreement, has agreed to reimburse A I M Fund Services, Inc. ("AFS") for certain costs incurred in providing transfer agency services to the Fund. During the six months ended April 30, 1995, AFS was reimbursed $10,407 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 $14,303 and $16,491, respectively, as compensation under the Plans. AIM Distributors received commissions of $20,054 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 $2,692 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 $690 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 $10,250,142 and $2,483,278, respectively. The amount of unrealized appreciation (depreciation) of investment securities as of April 30, 1995 is as follows: Aggregate unrealized appreciation of investment securities $1,237,589 - ------------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (215,913) - ------------------------------------------------------------------------------------------- Net unrealized appreciation of investment securities $1,021,676 ===========================================================================================
Investments have the same cost for tax and financial statement purposes. 15 18 FINANCIALS 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 549,492 $5,448,884 211,509 $2,109,618 - -------------------------------------------------------------------- ----------------------- Class B 463,895 4,616,799 131,203 1,303,950 - -------------------------------------------------------------------- ----------------------- Issued as reinvestment of distributions: Class A 171 1,642 -- -- - -------------------------------------------------------------------- ----------------------- Reacquired: Class A (102,841) (1,019,978) (9,139) (88,988) - -------------------------------------------------------------------- ----------------------- Class B (42,970) (429,509) (6,293) (62,882) - -------------------------------------------------------------------- ----------------------- 867,747 $8,617,838 327,280 $3,261,698 ==================================================================== =======================
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 $10.23 $10.00 $10.22 $10.00 - ----------------------------------------- ------------ ------------ ------------ ------- Income from investment operations: Net investment income (loss) (0.01) -- (0.02) -- - ----------------------------------------- ------------ ------------ ------------ ------- Net gains on securities (both realized and unrealized) 0.37 0.23 0.35 0.22 - ----------------------------------------- ------------ ------------ ------------ ------- Total from investment operations 0.36 0.23 0.33 0.22 - ----------------------------------------- ------------ ------------ ------------ ------- Less distributions: Dividends from net investment income (0.004) -- -- -- - ----------------------------------------- ------------ ------------ ------------ ------- Total distributions (0.004) -- -- -- - ----------------------------------------- ------------ ------------ ------------ ------- Net asset value, end of period $10.59 $10.23 $10.55 $10.22 ========================================= ============ ============ ============ ======= Total return(a) 3.56% 2.30% 3.23% 2.20% ========================================= ============ ============ ============ ======= Ratios/supplemental data: Net assets, end of period (000s omitted) $7,932 $3,093 $5,760 $1,277 ========================================= ============ ============ ============ ======= Ratio of expenses to average net assets 2.04%(b) 1.95%(c) 2.56% (d) 2.51%(c) ========================================= ============ ============ ============ ======= Ratio of net investment income (loss) to average net assets (0.15%)(b) 0.10%(c) (0.66%)(d) (0.47)%(c) ========================================= ============ ============ ============ ======= Portfolio turnover rate 65% 6% 65% 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 $5,768,584. Annualized ratios of expenses and net investment income (loss) to average net assets before fee waivers and expense reimbursements are 4.10% and (2.21)%, respectively. (c) Annualized. (d) Ratios are annualized and based on average net assets of $3,325,587. Annualized ratios of expenses and net investment income (loss) to average net assets before fee waivers and expense reimbursements are 4.33% and (2.43)%, respectively. 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 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 AIM Global Utilities Fund HIGH CURRENT INCOME [FULL PAGE PHOTO OF AIM High Yield Fund AIM MANAGEMENT GROUP CURRENT INCOME OFFICE BULDING] 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-----