-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HELnJCnjxE0s9gYtdMmlmSGQPx3/tbNL+phIhku7iTmKxOO8HZFbVu/qN+5NGe7h +aHNFUdHiPt8iAiNVTzKyw== 0000950129-99-002987.txt : 19990705 0000950129-99-002987.hdr.sgml : 19990705 ACCESSION NUMBER: 0000950129-99-002987 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990430 FILED AS OF DATE: 19990702 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-30D SEC ACT: SEC FILE NUMBER: 811-06463 FILM NUMBER: 99658802 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STE 100 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: AIM INTERNATIONAL FUNDS INC STREET 2: 11 GREENWAY PLAZA SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77046 N-30D 1 AIM GLOBAL AGGRESSIVE GROWTH FUND - SEMI A/R 1 [COVER IMAGE] AIM GLOBAL AGGRESSIVE GROWTH FUND [AIM LOGO APPEARS HERE] SEMIANNUAL REPORT APRIL 30, 1999 2 [COVER IMAGE] -------------------------------------- LAND BY JENNIFER WATES IN THIS AGE OF WORLDWIDE EXCHANGE, AN OCEAN'S DISTANCE BETWEEN CONTINENTS IS NO LONGER THE BARRIER TO TRADE THAT IT ONCE WAS. TODAY, THE EARTH'S MANY LANDS ARE LINKED THROUGH A GLOBAL ECONOMY THAT IS SHAPING THE FUTURE OF THE WORLD'S PEOPLE. THE PAINTING ON THE COVER OF THIS REPORT, RENDERED IN VIBRANT COLORS AND BOLD BRUSH STROKES, PAYS TRIBUTE TO OUR WORLD AND ITS RICHES. ------------------------------------- AIM Global Aggressive Growth Fund is for shareholders who seek long-term growth of capital. The fund invests in a portfolio of global equity securities of small-capitalization companies with above-average earnings momentum. ABOUT FUND PERFORMANCE AND PORTFOLIO DATA THROUGHOUT THIS REPORT: o AIM Global Aggressive Growth Fund's performance figures are historical and reflect reinvestment of all distributions and changes in net asset value. o When sales charges are included in performance figures, Class A share performance reflects the maximum 4.75% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. The performance of the fund's Class B shares will differ from that of Class A shares due to differences in sales charge structure and expenses. o Past performance cannot guarantee comparable future results. o The fund's average annual total returns, including sales charges, for the periods ended 4/30/99 are as follows: For Class A shares, one year, -11.33%; since inception (9/15/94), 12.78%. For Class B shares, one year, -12.07%; since inception (9/15/94), 13.09%. For Class C shares, one year, -8.37%; since inception (8/4/97), -1.89%. o The fund's investment return and principal value will fluctuate, so an investor's shares, when redeemed, may be worth more or less than their original cost. o International investing presents certain risks not associated with investing solely in the United States. These include risks relating to fluctuations in the value of the U.S. dollar relative to the values of other currencies, the custody arrangements made for the fund's foreign holdings, differences in accounting, political risks and the lesser degree of public information required to be provided by non-U.S. companies. ABOUT INDEXES AND OTHER PERFORMANCE BENCHMARKS CITED IN THIS REPORT: o The Dow Jones Industrial Average (the Dow) is a price-weighted average of 30 actively traded primarily industrial stocks. o The Russell 2000 Stock Index is an unmanaged index generally considered representative of small-capitalization stocks. o The Standard & Poor's Midcap 400 Index (S&P 400) is an unmanaged index comprising common stocks of approximately 400 midcapitalization companies. o The SMAX Index measures the performance of predominantly German small- and mid-capitalization company stocks. o An investment cannot be made in any index listed. Unless otherwise indicated, index results include reinvested dividends and do not reflect sales charges. AN INVESTMENT IN THE FUND IS NOT A DEPOSIT OF A BANK AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. THERE IS A RISK THAT YOU COULD LOSE SOME OR ALL OF YOUR MONEY. This report may be distributed only to current shareholders or to persons who have received a current prospectus of the fund. AIM GLOBAL AGGRESSIVE GROWTH FUND 3 SEMIANNUAL REPORT / CHAIRMAN'S LETTER Dear Fellow Shareholder: With only several months remaining in 1999, the question on [PHOTO OF many of your minds may be, "How will the year 2000 computer Charles T. issue affect AIM and my investments?" We would like you to Bauer, feel comfortable. Chairman of During March and April, AIM participated in an the Board of industrywide test that gave us a chance to see how our THE FUND technology systems might be affected by the changeover to APPEARS HERE] the year 2000 (Y2K). Everything went as well as we had hoped; in general, the industry sailed through the testing process with flying colors. The financial industry has been seen as a leader in planning for year 2000 concerns. Thus, it was no surprise to most participants that the test was an overwhelming success. The general purpose of the process was to test electronic interfaces among financial industry members in the United States and to follow transactions through a typical trading cycle--from order entry to the settlement process. Investment banks, broker-dealers, custodian banks and mutual fund companies all worked together to make this possible. Approximately 400 firms were involved in the testing; AIM was one of 70 asset managers. TEST RESULTS EXCELLENT During the testing process, thousands of transactions were submitted and approximately 260,000 steps were tested. Of those, only a handful experienced minor glitches--just 0.02% of the total number of transactions. All problems were worked through quickly before the hypothetical trades were settled. Of course, AIM will keep testing and planning throughout 1999 as a precaution. AIM'S INTERNAL EFFORTS CONTINUE As you know from our previous communications to you, AIM has been addressing the year 2000 issue for several years. During 1998, we made substantial progress on our preparations. We are now in the final phases of the project, continually testing internal applications and our interfaces with outside parties. On the investment side, our portfolio management staff is evaluating the Y2K preparedness of the companies in which we invest. We feel that our preparations for 2000 are very comprehensive, and the industrywide testing showed that our colleagues in the financial industry are also working hard to be ready for the new year. We do not think shareholders need to take any extraordinary measures with their investments to prepare for 2000. However, if you have any lingering concerns, it may reassure you to know that AIM is finalizing contingency plans that will be ready if there are unexpected problems. Our plans will give AIM employees guidelines to follow for a wide variety of situations. For a more comprehensive discussion of our Y2K efforts and for periodic updates, please visit our Web site, www.aimfunds.com. We are pleased to send you this report covering your fund's performance over the last six months. If you have any questions or comments, please contact our Client Services department at 800-959-4246, or e-mail your inquiry to us at general@aimfunds.com. You can access information about your account through our AIM Investor Line at 800-246-5463 or at our Web site. Thank you for your continued participation in The AIM Family of Funds--Registered Trademark--. We appreciate your business. Sincerely, /S/ CHARLES T. BAUER Charles T. Bauer Chairman PLEASE NOTE THAT THE INFORMATION ABOUT THE YEAR 2000 IN THIS LETTER IS DEEMED AIM'S YEAR 2000 READINESS DISCLOSURE. ------------------------------------- THE FINANCIAL INDUSTRY HAS BEEN SEEN AS A LEADER IN PLANNING FOR YEAR 2000 CONCERNS. ------------------------------------- AIM GLOBAL AGGRESSIVE GROWTH FUND 4 SEMIANNUAL REPORT / MANAGERS' OVERVIEW SMALL-, MID-CAP STOCKS REBOUND, BOOST FUND PERFORMANCE ================================================================================ FUND REBOUNDS STRONGLY Total return, excluding sales charges 4/30/98-10/31/98 10/31/98-4/30/99 - -------------------------------------------------------------------------------- CLASS A SHARES -18.99% 14.93% CLASS B SHARES -19.25 14.63 CLASS C SHARES -19.25 14.63 ================================================================================ GLOBALLY, THE PERFORMANCE OF SMALL- AND MID-CAP STOCKS GENERALLY IMPROVED DURING THE REPORTING PERIOD. HOW DID THIS AFFECT AIM GLOBAL AGGRESSIVE GROWTH FUND? An upswing in the performance of small- and mid-cap stocks, particularly in the United States, helped the fund post solid gains for the six-month reporting period. Excluding sales charges, total returns were 14.93% for Class A shares and 14.63% for Class B and C shares. HOW DID THE U.S. STOCK MARKET PERFORM DURING THE REPORTING PERIOD? In the United States, a milestone was achieved on March 29, 1999, when the venerable Dow Jones Industrial Average (the Dow) closed above the 10,000 mark for the first time. However, this record-setting performance masked a very narrow market. The stocks of a handful of extremely large firms--the so-called "mega-caps"--along with the equities of fledgling Internet companies, including several that have yet to realize a profit, outperformed other issues by a wide margin. In a world of economic uncertainty, exemplified by the Brazilian currency crisis in January, U.S. investors favored mega-cap stocks because of their relative safety and liquidity. Internet stocks were attractive because of the growth of the Web as a medium of commerce, communication and entertainment. Toward the end of the reporting period, however, relatively expensive mega-cap and Internet stocks lost some of their luster. Investors shifted their focus to mid- and small-cap stocks and to equities that were less expensive than the rest of the market. HOW ABOUT EUROPE AND THE REST OF THE WORLD? After strong performance in 1998, European stocks were basically flat during the first months of 1999. As the new year opened, once robust economic growth began to slow in Europe. In this environment, large-cap stocks continued to be the market leaders. Investors favored the stocks of larger European companies because of their greater earnings potential, stemming from their ability to market their products on a global basis and their restructuring efforts. Additionally, the strength of the dollar relative to the euro, introduced in 11 European countries on January 1, 1999, hurt returns for U.S. investors in European stocks. In Asia, signs of economic recovery in South Korea, Singapore and several other developing countries boosted stocks. And despite Japan's continuing economic woes, its stock market was among the top performers for the reporting period. In Latin America, stocks in Mexico soared as the country benefited from robust economic growth in the United States, its chief trading partner. WORLDWIDE, HOW DID SMALL- AND MID-CAP STOCKS PERFORM? When the reporting period opened, small- and mid-cap stocks in the United States were rebounding strongly following a steep decline that lasted several months. The recovery continued into 1999, before sustaining a significant setback in February when investors became concerned that the Federal Reserve Board (the Fed) might raise interest rates to slow strong economic growth and contain inflation. However, when it became evident that inflation was minimal and the Fed would likely leave interest rates unchanged for the short term, small- and mid-cap stocks rallied in April. For the reporting period, the Russell 2000 Index, which measures the performance of U.S. small-cap stocks, posted gains of 15.16%, while the Standard & Poor's Midcap 400 Index registered returns of 18.86%. Although these gains were significant, they were well below the 26.62% total return of the Dow, which reflects the performance of the stocks of 30 of the largest U.S. companies. In Europe, small- and mid-cap technology stocks and specialty retail stocks performed quite well. In Japan, small caps actually outperformed large caps, largely because of the reluctance of the nation's biggest companies to deal with their economic problems and implement cost-cutting measures. ON A GLOBAL BASIS, HOW WAS THE FUND INVESTED? At the end of the reporting period, the fund held 34% of its total net assets in U.S. and Canadian stocks and 35% in European equities. The fund had about a 13% exposure to Asian markets, with Japanese securities making up 6% of the portfolio. The ------------------------------------- AN UPSWING IN THE PERFORMANCE OF SMALL- AND MID-CAP STOCKS, PARTICULARLY IN THE UNITED STATES, HELPED THE FUND POST SOLID GAINS FOR THE SIX-MONTH REPORTING PERIOD. ------------------------------------- See important fund and index disclosures inside front cover. AIM GLOBAL AGGRESSIVE GROWTH FUND 5 PORTFOLIO COMPOSITION As of 4/30/99, based on total net assets
======================================================================================================== TOP 10 HOLDINGS TOP 10 INDUSTRIES - -------------------------------------------------------------------------------------------------------- 1. JDS Fitel Inc. (Canada) 1.91% 1. Computer (Software & Services) 8.27% 2. YPF Sociedad Anonima-ADR (Argentina) 1.62 2. Services (Commercial & 3. Bellsystems 24, Inc. (Japan) 1.61 Consumer) 7.75 4. Fomento Economico Mexicano, 3. Telecommunications S.A. de C.V. (Mexico) 1.20 (Cellular & Wireless) 3.99 5. Tomra Systems A.S.A. (Norway) 1.16 4. Manufacturing (Specialized) 3.21 6. Tieto Corp OYJ (Finland) 1.06 5. Services (Computer Systems) 3.16 7. Cable & Wireless 6. Telephone 3.10 Communications PLC (United Kingdom) 1.06 7. Communications Equipment 2.93 8. CGI Group, Inc. (Canada) 1.01 8. Electronics (Semiconductors) 2.91 9. Provident Financial PLC 9. Restaurants 2.74 (United Kingdom) 0.97 10. Broadcasting 10. Aderans Co. Ltd. (Japan) 0.96 (Television, Radio & Cable) 2.34 The fund's portfolio is subject to change, and there is no assurance the fund will continue to hold any particular security. ========================================================================================================
stocks of companies based in Mexico constituted 7% of the fund's holdings. Developing markets represented about 16% of the portfolio. WHAT MADE THE EUROPEAN AND U.S. MARKETS ATTRACTIVE? Both markets benefited from minimal inflation and low interest rates. Moreover, many smaller companies in the United States and Europe continued to report impressive earnings growth. Additionally, small-cap stocks in both markets tended to be less expensive than their large-cap counterparts. In Europe, the population was changing its investment habits and becoming more inclined to put money into equities. A number of new indexes were introduced to track mid- and small-cap stocks. In Germany, for example, the SMAX Index made its debut just before the end of the reporting period. Such new indexes are intended to make small- and mid-cap stocks more familiar to investors, thereby enhancing their marketability. In the United States, the economy defied predictions that it was about to slow and grew at a torrid pace. With nearly full employment and rising wages, consumer spending was robust. That enhanced the earnings prospects for many small- and mid-cap companies, which tend to transact most of their business in the United States. WHAT WERE THE FUND'S MOST SIGNIFICANT INDUSTRY WEIGHTINGS? At the close of the reporting period, technology stocks composed about 25% of the portfolio, while consumer cyclicals made up about 23%. Technology companies benefited from the Internet boom and a growing demand for personal computers. Consumer-cyclical firms, especially retailers, got a boost from more efficient management and growth in sales over the Internet. CAN YOU TELL US ABOUT SOME OF THE FUND'S MAJOR HOLDINGS? The fund's top holdings as of April 30, 1999, included JDS Fitel, a Canadian manufacturer and distributor of fiber-optic components and modules, instruments and installation equipment used for signal processing; YPF Sociedad Anonima, an Argentine integrated oil and gas company; and Bellsystems 24, one of Japan's top telemarketing companies. Other key stocks in the portfolio included Tomra Systems, a Norwegian maker and supplier of so-called "reverse vending machines," employed to collect used beverage containers for recycling or reuse, and Cable & Wireless Communications, the largest cable and second-largest phone company in the United Kingdom. Canada-based CGI Group, another top holding, is one of the leading providers of information technology services in North America. WHAT IS YOUR OUTLOOK? The reasons for investing in Europe remain compelling. While economic growth has slowed in recent months, consumer confidence is high. Moreover, with a population larger than that of the United States, Europe has a larger potential customer base. Corporate restructuring and mergers continue unabated, while inflation and interest rates remain low. All these trends bode well for European companies, including small- and mid-sized firms. In the United States, many smaller companies are enjoying greater earnings growth than their larger counterparts. Additionally, small- and mid-cap stocks continue to be reasonably priced in comparison to large-cap issues. Economic growth is strong, and interest rates are low. One ominous development was the dramatic and unexpected rise in the inflation rate in April. That prompted the Fed, at its first meeting after the end of the reporting period, to shift to a bias of raising interest rates. If the Fed actually does tighten monetary policy, it could have a negative impact on stock performance. While several Asian and Latin American economies are showing signs of improvement, the recovery is fragile. And Japan's economic outlook remains uncertain. We will continue to monitor the situation closely and invest only in companies with solid, long-term earnings prospects. See important fund and index disclosures inside front cover. AIM GLOBAL AGGRESSIVE GROWTH FUND 6 SCHEDULE OF INVESTMENTS April 30, 1999 (Unaudited)
MARKET SHARES VALUE DOMESTIC COMMON STOCKS-26.31% BIOTECHNOLOGY-0.25% IDEXX Laboratories, Inc.(a) 184,500 $ 4,174,313 - --------------------------------------------------------------- BROADCASTING (TELEVISION, RADIO & CABLE)-0.85% Heftel Broadcasting Corp.(a) 260,000 14,137,500 - --------------------------------------------------------------- COMMUNICATIONS EQUIPMENT-2.57% Comverse Technology, Inc.(a) 150,000 9,618,750 - --------------------------------------------------------------- Dycom Industries, Inc.(a) 210,800 9,630,925 - --------------------------------------------------------------- Harmonic Inc.(a) 250,000 11,406,250 - --------------------------------------------------------------- Uniphase Corp.(a) 100,000 12,137,500 - --------------------------------------------------------------- 42,793,425 - --------------------------------------------------------------- COMPUTERS (NETWORKING)-0.46% International Network Services(a) 200,000 7,600,000 - --------------------------------------------------------------- COMPUTERS (PERIPHERALS)-1.01% Jabil Circuit, Inc.(a) 174,000 8,101,875 - --------------------------------------------------------------- Network Appliance, Inc.(a) 173,200 8,714,125 - --------------------------------------------------------------- 16,816,000 - --------------------------------------------------------------- COMPUTERS (SOFTWARE & SERVICES)-1.98% Citrix Systems, Inc.(a) 231,600 9,843,000 - --------------------------------------------------------------- Concord Communications, Inc.(a) 88,400 3,955,900 - --------------------------------------------------------------- Engineering Animation, Inc.(a) 115,400 1,716,575 - --------------------------------------------------------------- USWeb Corp.(a) 350,000 7,853,125 - --------------------------------------------------------------- Veritas Software Corp.(a) 134,250 9,531,750 - --------------------------------------------------------------- 32,900,350 - --------------------------------------------------------------- CONSUMER (JEWELRY, NOVELTIES & GIFTS)-0.20% Action Performance Companies, Inc.(a) 100,000 3,387,500 - --------------------------------------------------------------- DISTRIBUTORS (FOOD & HEALTH)-0.25% Patterson Dental Co.(a) 115,350 4,159,809 - --------------------------------------------------------------- ELECTRICAL EQUIPMENT-0.55% Sanmina Corp.(a) 136,700 9,073,463 - --------------------------------------------------------------- ELECTRONICS (SEMICONDUCTORS)-2.67% Dallas Semiconductor Corp. 115,000 4,887,500 - --------------------------------------------------------------- Micrel, Inc.(a) 97,900 5,763,863 - --------------------------------------------------------------- Microchip Technology, Inc.(a) 200,000 7,000,000 - --------------------------------------------------------------- PMC-Sierra, Inc.(a) 100,000 9,587,500 - --------------------------------------------------------------- SDL, Inc.(a) 65,000 7,101,250 - --------------------------------------------------------------- Semtech Corp.(a) 100,000 3,262,500 - --------------------------------------------------------------- Vitesse Semiconductor Corp.(a) 148,500 $ 6,877,406 - --------------------------------------------------------------- 44,480,019 - --------------------------------------------------------------- EQUIPMENT (SEMICONDUCTOR)-0.21% Novellus Systems, Inc.(a) 72,200 3,411,450 - --------------------------------------------------------------- HEALTH CARE (DRUGS-GENERIC & OTHER)-0.51% Alpharma, Inc.-Class A 100,000 2,950,000 - --------------------------------------------------------------- Medicis Pharmaceutical Corp.-Class A(a) 225,000 5,470,313 - --------------------------------------------------------------- 8,420,313 - --------------------------------------------------------------- HEALTH CARE (HOSPITAL MANAGEMENT)-0.35% Province Healthcare Co.(a) 101,800 2,265,050 - --------------------------------------------------------------- Universal Health Services, Inc.-Class B(a) 69,200 3,585,425 - --------------------------------------------------------------- 5,850,475 - --------------------------------------------------------------- HEALTH CARE (MANAGED CARE)-0.35% Express Scripts, Inc.-Class A(a) 80,000 5,890,000 - --------------------------------------------------------------- HEALTH CARE (SPECIALIZED SERVICES)-0.58% Advance Paradigm, Inc.(a) 75,000 3,937,500 - --------------------------------------------------------------- NCS HealthCare, Inc.-Class A(a) 110,000 1,430,000 - --------------------------------------------------------------- Orthodontic Centers of America, Inc.(a) 123,000 1,522,125 - --------------------------------------------------------------- Superior Consultant Holdings Corp.(a) 100,000 2,700,000 - --------------------------------------------------------------- 9,589,625 - --------------------------------------------------------------- HEALTH CARE (MEDICAL PRODUCTS & SUPPLIES)-1.59% Henry Schein, Inc.(a) 200,000 5,237,500 - --------------------------------------------------------------- ResMed, Inc.(a) 80,000 2,115,000 - --------------------------------------------------------------- Sybron International Corp.(a) 344,300 9,532,806 - --------------------------------------------------------------- VISX, Inc.(a) 75,000 9,656,250 - --------------------------------------------------------------- 26,541,556 - --------------------------------------------------------------- INVESTMENT MANAGEMENT-0.69% Knight/Trimark Group, Inc.-Class A(a) 75,000 11,489,063 - --------------------------------------------------------------- OFFICE EQUIPMENT & SUPPLIES-0.50% Daisytek International Corp.(a) 500,000 8,375,000 - --------------------------------------------------------------- PUBLISHING-0.19% IDG Books Worldwide, Inc.-Class A(a) 150,000 3,243,750 - --------------------------------------------------------------- RESTAURANTS-0.84% CEC Entertainment Inc.(a) 300,000 11,250,000 - --------------------------------------------------------------- Papa John's International, Inc.(a) 68,200 2,740,787 - --------------------------------------------------------------- 13,990,787 - ---------------------------------------------------------------
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MARKET SHARES VALUE RETAIL (COMPUTERS & ELECTRONICS)-0.92% CDW Computer Centers, Inc.(a) 171,500 $ 15,349,250 - --------------------------------------------------------------- RETAIL (HOME SHOPPING)-0.29% DM Management Company(a) 200,000 4,750,000 - --------------------------------------------------------------- RETAIL (SPECIALTY)-1.57% Claire's Stores, Inc. 150,000 4,968,750 - --------------------------------------------------------------- O'Reilly Automotive, Inc.(a) 217,300 9,941,475 - --------------------------------------------------------------- Rent-A-Center, Inc.(a) 250,000 7,750,000 - --------------------------------------------------------------- Tuesday Morning Corp.(a) 181,900 3,547,050 - --------------------------------------------------------------- 26,207,275 - --------------------------------------------------------------- RETAIL (SPECIALTY-APPAREL)-2.25% Abercrombie & Fitch Co.-Class A(a) 50,000 4,756,250 - --------------------------------------------------------------- American Eagle Outfitters, Inc.(a) 65,000 4,858,750 - --------------------------------------------------------------- AnnTaylor Stores Corp.(a) 128,900 6,122,750 - --------------------------------------------------------------- Men's Wearhouse, Inc. (The)(a) 310,000 8,486,250 - --------------------------------------------------------------- Pacific Sunwear of California(a) 276,500 10,256,421 - --------------------------------------------------------------- Wet Seal, Inc.-Class A(a) 75,000 3,056,250 - --------------------------------------------------------------- 37,536,671 - --------------------------------------------------------------- SERVICES (ADVERTISING/MARKETING)-0.40% Acxiom Corp.(a) 225,000 5,681,250 - --------------------------------------------------------------- Professional Detailing, Inc.(a) 33,700 968,875 - --------------------------------------------------------------- 6,650,125 - --------------------------------------------------------------- SERVICES (COMMERCIAL & CONSUMER)-0.40% Strayer Education, Inc. 190,400 6,592,600 - --------------------------------------------------------------- SERVICES (COMPUTER SYSTEMS)-0.74% Insight Enterprises, Inc.(a) 337,500 9,112,500 - --------------------------------------------------------------- SunGard Data Systems Inc.(a) 100,000 3,193,750 - --------------------------------------------------------------- 12,306,250 - --------------------------------------------------------------- SERVICES (DATA PROCESSING)-2.01% Affiliated Computer Services, Inc.(a) 128,400 4,911,300 - --------------------------------------------------------------- Concord EFS, Inc.(a) 299,605 9,999,316 - --------------------------------------------------------------- CSG Systems International, Inc.(a) 333,600 12,885,300 - --------------------------------------------------------------- NOVA Corp.(a) 221,500 5,759,000 - --------------------------------------------------------------- 33,554,916 - --------------------------------------------------------------- TEXTILES (APPAREL)-0.91% Quicksilver, Inc.(a) 342,100 9,087,031 - --------------------------------------------------------------- Tommy Hilfiger Corp.(a) 87,900 6,142,013 - --------------------------------------------------------------- 15,229,044 - --------------------------------------------------------------- TEXTILES (HOME FURNISHINGS)-0.22% Mohawk Industries, Inc.(a) 112,500 $ 3,628,125 - --------------------------------------------------------------- Total Domestic Common Stocks (Cost $260,037,589) 438,128,654 - --------------------------------------------------------------- FOREIGN STOCKS & OTHER EQUITY INTERESTS-66.94% ARGENTINA-2.27% Telefonica de Argentina S.A.-ADR (Telephone) 288,500 10,782,688 - --------------------------------------------------------------- YPF Sociedad Anonima-ADR (Oil-International Integrated) 642,300 26,976,600 - --------------------------------------------------------------- 37,759,288 - --------------------------------------------------------------- AUSTRALIA-1.04% Brambles Industries Ltd. (Air Freight) 235,000 6,905,477 - --------------------------------------------------------------- ERG Ltd. (Electrical Equipment)(a) 2,193,000 3,758,654 - --------------------------------------------------------------- TABCORP Holdings Ltd. (Leisure Time Products) 828,000 6,734,047 - --------------------------------------------------------------- 17,398,178 - --------------------------------------------------------------- BELGIUM-1.11% Mobistar S.A. (Telecommunications-Cellular/ Wireless)(a) 62,500 3,513,029 - --------------------------------------------------------------- Real Software Pfd. (Computers-Software & Services) 51,600 7,245,439 - --------------------------------------------------------------- UCB S.A. (Manufacturing-Diversified) 165,000 7,670,553 - --------------------------------------------------------------- 18,429,021 - --------------------------------------------------------------- BRAZIL-1.14% Companhia Brasileira de Distribuicao Grupo Pao de Acucar-Pfd. (Retail-Food Chains) 277,419 4,837,494 - --------------------------------------------------------------- Embratel Participacoes S.A.-ADR (Telephone)(a) 128,500 2,088,125 - --------------------------------------------------------------- Petroleo Brasileiro S.A.-Pfd. (Oil & Gas- Exploration & Production) 46,200 7,509,934 - --------------------------------------------------------------- Tele Centro Sul Participacoes S.A. (Telephone) 25,700 1,365,313 - --------------------------------------------------------------- Telecomunicacoes Brasileiras S.A.-ADR (Telephone)(a) 128,500 10,039 - --------------------------------------------------------------- Telesp Participacoes S.A.-ADR (Telephone) 128,500 3,212,500 - --------------------------------------------------------------- 19,023,405 - --------------------------------------------------------------- CANADA-7.70% ATI Technologies, Inc. (Computers-Hardware)(a) 850,200 12,741,337 - --------------------------------------------------------------- BCE Emergis Inc. (Services-Computer Systems)(a) 290,000 9,149,520 - --------------------------------------------------------------- Biovail Corp. International (Health Care-Drugs-Generic & Other)(a) 114,300 4,007,644 - ---------------------------------------------------------------
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MARKET SHARES VALUE CANADA-(CONTINUED) Celestica Inc. (Electronics-Semiconductors)(a) 104,000 $ 4,069,000 - --------------------------------------------------------------- CGI Group, Inc. (Services-Computer Systems)(a) 683,000 16,864,198 - --------------------------------------------------------------- Cinar Films Inc.-Class B (Entertainment)(a) 126,000 2,630,250 - --------------------------------------------------------------- C-MAC Industries Inc. (Electronics- Component Distributors)(a) 238,000 4,480,864 - --------------------------------------------------------------- Dorel Industries Inc. (Household Furniture & Appliances)(a) 151,400 3,219,067 - --------------------------------------------------------------- Four Seasons Hotels, Inc. (Lodging-Hotels) 145,000 6,053,750 - --------------------------------------------------------------- Intertape Polymer Group Inc. (Chemicals-Specialty) 100,000 2,932,099 - --------------------------------------------------------------- JDS Fitel Inc. (Manufacturing-Specialized)(a) 526,000 31,747,598 - --------------------------------------------------------------- MetroNet Communications Corp.-Class B (Telephone)(a) 22,500 1,248,750 - --------------------------------------------------------------- Onex Corp. (Investment Management) 55,000 1,925,754 - --------------------------------------------------------------- Open Text Corp. (Computers-Software & Services)(a) 52,000 2,073,500 - --------------------------------------------------------------- Research in Motion Ltd. (Communications Equipment) 500,000 6,052,812 - --------------------------------------------------------------- Saputo Group Inc. (Foods) 97,200 2,423,333 - --------------------------------------------------------------- Sears Canada, Inc. (Retail-Department Stores) 250,000 5,401,235 - --------------------------------------------------------------- Shaw Communications Inc. (Broadcasting- Television, Radio & Cable) 122,000 5,020,576 - --------------------------------------------------------------- TLC Laser Center Inc. (The) (Health Care- Specialized Services)(a) 168,250 6,243,021 - --------------------------------------------------------------- 128,284,308 - --------------------------------------------------------------- CHILE-0.35% Cia. de Telecomunicaciones de Chile S.A.-ADR (Telephone) 176,800 4,674,150 - --------------------------------------------------------------- Madeco S.A. (Metal Fabricators) 129,000 1,193,250 - --------------------------------------------------------------- 5,867,400 - --------------------------------------------------------------- CROATIA-0.47% Pliva DD GDR (Health Care-Drugs-Major Pharmaceutical) (Acquired 05/13/98-05/19/98; Cost $8,230,060)(b) 494,700 7,840,995 - --------------------------------------------------------------- FINLAND-1.89% JOT Automation Group Oyj (Manufacturing- Specialized)(a) 74,900 2,469,031 - --------------------------------------------------------------- Sonera Group OYJ (Telecommunications- Cellular/Wireless) 572,000 11,361,716 - --------------------------------------------------------------- Tieto Corp. (Computers-Software & Services) 444,000 17,685,379 - --------------------------------------------------------------- 31,516,126 - --------------------------------------------------------------- FRANCE-2.73% Altran Technologies, S.A. (Services- Commercial & Consumer) 53,800 $ 12,789,538 - --------------------------------------------------------------- Business Objects S.A.-ADR (Computers-Software & Services)(a) 100,000 2,343,750 - --------------------------------------------------------------- Galeries Lafayette (Retail-Department Stores) 7,000 8,061,477 - --------------------------------------------------------------- Havas Advertising S.A. (Services-Advertising/ Marketing) 44,000 8,925,734 - --------------------------------------------------------------- M6 Metropole Television (Broadcasting- Television, Radio & Cable)(a) 12,000 2,268,202 - --------------------------------------------------------------- Societe Television Francaise 1 (Broadcasting-Television, Radio & Cable) 56,500 11,043,589 - --------------------------------------------------------------- 45,432,290 - --------------------------------------------------------------- GERMANY-3.21% Consors Discount Broker A.G. (Brokerage/ Investment)(a) 51,500 4,897,109 - --------------------------------------------------------------- EM.TV & Merchandising A.G. (Broadcasting- Television, Radio, & Cable)(a) 6,800 6,430,163 - --------------------------------------------------------------- Fresenius A.G.-Pfd. (Machinery-Diversified) 9,300 1,621,276 - --------------------------------------------------------------- Marschollek, Lautenschlaeger & Partner A.G. (Insurance-Life/Health) 10,000 5,599,715 - --------------------------------------------------------------- Porsche A.G. (Automobiles) 3,870 9,567,905 - --------------------------------------------------------------- SER Systeme A.G. (Computers-Software & Services) 14,500 5,346,671 - --------------------------------------------------------------- Sixt A.G. (Financial-Diversified) 82,500 5,970,828 - --------------------------------------------------------------- Teldafax (Telecommunications-Long Distance)(a) 251,000 10,209,971 - --------------------------------------------------------------- Teles AG (Electrical Equipment)(a) 18,000 3,894,866 - --------------------------------------------------------------- 53,538,504 - --------------------------------------------------------------- GREECE-0.55% Panafon Hellenic Telecom S.A.-GDR (Telecommunications- Cellular/Wireless)(a) 170,600 4,520,900 - --------------------------------------------------------------- Titan Cement Co. S.A. (Construction-Cement & Aggregates) 60,000 4,634,257 - --------------------------------------------------------------- 9,155,157 - --------------------------------------------------------------- HONG KONG-2.72% China Telecom Ltd. (Telecommunications- Cellular/Wireless)(a) 3,428,000 7,828,352 - --------------------------------------------------------------- Cosco Pacific Ltd. (Financial-Diversified) 12,224,000 8,279,973 - --------------------------------------------------------------- Dao Heng Bank Group Ltd. (Banks-Regional)(a) 2,364,000 9,607,586 - --------------------------------------------------------------- Hutchison Whampoa Ltd. (Retail-Food Chains) 1,615,000 14,481,502 - --------------------------------------------------------------- Ng Fung Hong Ltd. (Foods) 5,220,000 5,051,124 - --------------------------------------------------------------- 45,248,537 - ---------------------------------------------------------------
6 9
MARKET SHARES VALUE HUNGARY-0.54% Magyar Tavkozlesi-ADR (Telecommunications-Long Distance) 320,000 $ 9,000,000 - --------------------------------------------------------------- INDONESIA-0.56% Gulf Indonesia Resources Ltd. (Oil-International Integrated)(a) 907,300 9,356,531 - --------------------------------------------------------------- IRELAND-0.69% CRH PLC (Construction-Cement & Aggregates) 490,000 9,616,211 - --------------------------------------------------------------- Esat Telecom Group PLC-ADR (Telecommunications-Long Distance)(a) 40,000 1,955,000 - --------------------------------------------------------------- 11,571,211 - --------------------------------------------------------------- ISRAEL-0.29% Orbotech, Ltd. (Computers-Software & Services)(a) 100,000 4,800,000 - --------------------------------------------------------------- ITALY-1.84% Autogrill S.p.A. (Restaurants) 1,205,000 11,050,879 - --------------------------------------------------------------- Banca Popolare di Brescia (Banks-Regional)(a) 314,000 10,798,681 - --------------------------------------------------------------- Gruppo Editoriale L'Espresso (Publishing) 600,000 8,779,931 - --------------------------------------------------------------- 30,629,491 - --------------------------------------------------------------- JAPAN-5.53% Aderans Co. Ltd. (Personal Care) 394,000 15,934,855 - --------------------------------------------------------------- Bellsystem 24, Inc. (Services-Commercial & Consumer) 68,000 26,818,504 - --------------------------------------------------------------- Circle K Japan Co. Ltd. (Retail-Food Chains) 244,200 11,041,909 - --------------------------------------------------------------- Hokuto Corp. (Agricultural Products) 240,750 7,458,865 - --------------------------------------------------------------- Shohkoh Fund & Co. (Financial-Diversified) 20,600 12,074,524 - --------------------------------------------------------------- Softbank Corp. (Computers-Software & Services)(a) 68,000 9,047,687 - --------------------------------------------------------------- Yahoo Japan Corp. (Computers-Software & Services)(a) 2,800 9,706,510 - --------------------------------------------------------------- 92,082,854 - --------------------------------------------------------------- MEXICO-6.80% Cifra S.A. de C.V. (Retail-General Merchandise)(a) 4,000,000 7,489,177 - --------------------------------------------------------------- Coca-Cola Femsa S.A.-ADR (Beverages- Non-Alcoholic) 566,300 11,715,331 - --------------------------------------------------------------- Controladora Comercial Mexicana S.A. de C.V. (Retail-Department Stores) 2,839,000 2,925,030 - --------------------------------------------------------------- Corporacion Interamericana de Entretenimiento S.A. (Entertainment)(a) 1,652,860 5,786,799 - --------------------------------------------------------------- Formento Economico Mexicano, S.A. de C.V. (Beverages-Alcoholic) 549,080 19,972,785 - --------------------------------------------------------------- Grupo Financiero Banamex Accival, S.A. de CV (Banacci)(Financial-Diversified)(a) 4,442,000 11,321,331 - --------------------------------------------------------------- Grupo Modelo S.A. de C.V.-Series C (Beverages-Alcoholic) 3,161,000 $ 8,330,124 - --------------------------------------------------------------- Grupo Televisa S.A.-GDR (Entertainment)(a) 323,000 13,243,000 - --------------------------------------------------------------- Kimberly-Clark de Mexico, S.A. de C.V.-Class A (Paper & Forest Products) 2,014,000 7,846,753 - --------------------------------------------------------------- Organizacion Soriana S.A. de C.V. (Retail-Department Stores) 1,222,000 5,501,645 - --------------------------------------------------------------- Telefonos de Mexico S.A.-ADR (Telephone) 142,000 10,756,500 - --------------------------------------------------------------- Tubos de Acero de Mexico S.A. (Oil & Gas-Drilling & Equipment) 541,800 5,993,663 - --------------------------------------------------------------- Vitro SA (Containers-Metal & Glass) 391,400 2,446,250 - --------------------------------------------------------------- 113,328,388 - --------------------------------------------------------------- NETHERLANDS-3.02% Aalberts Industries N.V. (Manufacturing-Diversified) 115,000 2,733,823 - --------------------------------------------------------------- Cap Gemini N.V. (Services-Computer Systems) 236,000 12,280,281 - --------------------------------------------------------------- Getronics N.V. (Computers-Software & Services) 300,000 12,314,090 - --------------------------------------------------------------- Nutreco Holding N.V. (Agricultural Products) 235,000 9,521,893 - --------------------------------------------------------------- Ordina Beheer N.V. (Services-Commercial & Consumer)(a) 560,000 13,430,864 - --------------------------------------------------------------- 50,280,951 - --------------------------------------------------------------- NORWAY-1.81% Merkantildata A.S.A. (Services-Commercial & Consumer) 1,080,000 10,785,481 - --------------------------------------------------------------- Tomra Systems A.S.A. (Manufacturing-Specialized) 486,000 19,289,418 - --------------------------------------------------------------- 30,074,899 - --------------------------------------------------------------- PHILIPPINES-1.16% International Container Terminal Services, Inc. (Air Freight)(a) 6,112,500 610,848 - --------------------------------------------------------------- Philippine Long Distance Telephone Co. (Telephone) 194,920 6,305,105 - --------------------------------------------------------------- Philippine Long Distance Telephone Co.-ADR (Telephone) 159,400 5,140,650 - --------------------------------------------------------------- SM Prime Holdings Inc. (Land Development) 32,000,000 7,237,344 - --------------------------------------------------------------- 19,293,947 - --------------------------------------------------------------- PORTUGAL-1.64% Banco Comercial Portugues, S.A. (Banks-Major Regional) 300,000 8,459,796 - --------------------------------------------------------------- Jeronimo Martins & Filho, S.A. (Retail- General Merchandise) 185,500 6,105,089 - ---------------------------------------------------------------
7 10
MARKET SHARES VALUE PORTUGAL-(CONTINUED) Telecel-Comunicacaoes Pessoais, S.A. (Telecommunications- Cellular/Wireless) 95,400 $ 12,750,551 - --------------------------------------------------------------- 27,315,436 - --------------------------------------------------------------- SINGAPORE-1.36% Development Bank of Singapore Ltd. (Banks-Major Regional) 551,000 5,846,843 - --------------------------------------------------------------- Keppel Corp. Ltd. (Engineering & Construction)(a) 1,939,000 5,532,488 - --------------------------------------------------------------- NatSteel Ltd. (Computers-Hardware) 3,000,000 4,527,501 - --------------------------------------------------------------- Singapore Press Holdings Ltd. (Publishing-Newspapers) 459,000 6,764,723 - --------------------------------------------------------------- 22,671,555 - --------------------------------------------------------------- SOUTH AFRICA-0.73% Dimension Data Holdings Ltd. (Computers- Software & Services)(a) 1,519,563 6,755,001 - --------------------------------------------------------------- Persetel Holdings Ltd. (Computers-Software & Services) 760,000 5,395,563 - --------------------------------------------------------------- 12,150,564 - --------------------------------------------------------------- SOUTH KOREA-0.47% Pohang Iron & Steel Co. Ltd.-ADR (Iron & Steel) 301,900 7,773,925 - --------------------------------------------------------------- SPAIN-1.87% Corp. Financiera Reunida, S.A. (Investment Management)(a) 1,287,000 15,134,350 - --------------------------------------------------------------- Mapfre Vida (Insurance-Life/Health) 108,000 3,383,284 - --------------------------------------------------------------- TelePizza, S.A. (Restaurants)(a) 2,000,000 12,678,600 - --------------------------------------------------------------- 31,196,234 - --------------------------------------------------------------- SWEDEN-1.87% Assa Abloy A.B.-Class B (Metal Fabricators) 230,000 10,032,002 - --------------------------------------------------------------- Europolitan Holdings A.B. (Telecommunications-Cellular & Wireless) 103,800 8,821,216 - --------------------------------------------------------------- Scandic Hotels A.B. (Lodging-Hotels) 154,500 4,578,049 - --------------------------------------------------------------- WM-Data A.B. (Computers-Software & Services) 208,150 7,648,038 - --------------------------------------------------------------- 31,079,305 - --------------------------------------------------------------- SWITZERLAND-1.35% Julius Baer Holding A.G. (Banks-Major Regional)(a) 4,500 14,644,098 - --------------------------------------------------------------- Kudelski S.A. (Electronics-Component Distributors)(a) 820 3,197,876 - --------------------------------------------------------------- Mikron Holding A.G. (Machinery-Diversified) 17,000 4,061,414 - --------------------------------------------------------------- Phonak Holding A.G. (Consumer-Jewelry, Novelties & Gifts) 510 $ 618,405 - --------------------------------------------------------------- 22,521,793 - --------------------------------------------------------------- TAIWAN-0.85% Compal Electronics Inc. (Computers-Hardware)(a) 1,620,000 5,598,165 - --------------------------------------------------------------- Inventec Co., Ltd. (Computers-Hardware)(a) 2,593,000 8,524,388 - --------------------------------------------------------------- 14,122,553 - --------------------------------------------------------------- THAILAND-0.36% Advanced Info Service Public Co. Ltd. (Telephone)(a) 569,000 6,047,640 - --------------------------------------------------------------- UNITED KINGDOM-9.02% Airtours PLC (Services-Commercial & Consumer) 1,310,550 9,065,048 - --------------------------------------------------------------- AMEC PLC (Construction-Cement & Aggregates) 678,000 2,933,797 - --------------------------------------------------------------- Avis Europe PLC (Services-Commercial & Consumer) 1,484,550 6,280,564 - --------------------------------------------------------------- Cable & Wireless Communications PLC (Telecommunications- Cellular/Wireless)(a) 1,550,000 17,677,710 - --------------------------------------------------------------- Cattles PLC (Consumer Finance) 510,000 6,255,443 - --------------------------------------------------------------- Compass Group PLC (Services-Commercial & Consumer) 670,000 6,865,344 - --------------------------------------------------------------- ECsoft Group PLC-ADR (Computers-Software & Services)(a) 129,000 2,241,375 - --------------------------------------------------------------- Eidos PLC (Computer Software/Services)(a) 125,000 4,703,125 - --------------------------------------------------------------- F.I. Group PLC (Services-Computer Systems) 380,000 2,078,311 - --------------------------------------------------------------- Filtronic PLC (Electronics-Component Distributors)(a) 305,000 4,209,545 - --------------------------------------------------------------- FirstBus PLC (Shipping) 1,350,000 8,230,402 - --------------------------------------------------------------- Logica PLC (Computer Software/Services) 775,000 7,479,990 - --------------------------------------------------------------- Mayflower Corp. PLC (The) (Auto Parts & Equipment) 2,240,000 7,530,822 - --------------------------------------------------------------- Misys PLC (Services-Commercial & Consumer) 1,525,500 14,318,619 - --------------------------------------------------------------- Parity PLC (Services-Commercial & Consumer) 415,000 4,606,226 - --------------------------------------------------------------- PizzaExpress PLC (Restaurants) 537,000 7,903,937 - --------------------------------------------------------------- Provident Financial PLC (Consumer Finance) 964,912 16,095,875 - --------------------------------------------------------------- Select Appointments Holdings PLC (Services-Commercial & Consumer) 622,000 7,924,350 - --------------------------------------------------------------- Seton Scholl Healthcare PLC(a) Health Care (Medical Products and Supplies) 301,600 3,735,685 - ---------------------------------------------------------------
8 11
MARKET SHARES VALUE UNITED KINGDOM-(CONTINUED) Stagecoach Holdings PLC (Shipping) 2,980,000 $ 10,054,635 - --------------------------------------------------------------- 150,190,803 - --------------------------------------------------------------- Total Foreign Stocks & Other Equity Interests (Cost $779,093,032) 1,114,981,289 - ---------------------------------------------------------------
PRINCIPAL MARKET AMOUNT VALUE FOREIGN CONVERTIBLE NOTES-0.50% UNITED KINGDOM-0.50% Airtours PLC (Services-Commercial & Consumer), Conv. Sub. Notes, 5.75%, 01/05/04 (Acquired 12/09/98-12/14/98; Cost $3,732,557)(b) $ 2,234,000 $ 3,984,418 - --------------------------------------------------------------- Shanghai Industrial Investment Trust Co. (Manufacturing-Diversified), Conv. Gtd. Bonds, 1.00%, 02/24/03 (Acquired 03/05/98-03/09/98; Cost $5,218,750)(b) $ 5,000,000 $ 4,387,500 - --------------------------------------------------------------- Total Foreign Convertible Bonds (Cost $8,951,307) 8,371,918 - --------------------------------------------------------------- TOTAL INVESTMENTS-93.75% 1,561,481,861 - --------------------------------------------------------------- OTHER ASSETS LESS LIABILITIES-6.25% 104,085,406 - --------------------------------------------------------------- NET ASSETS-100.00% $1,665,567,267 ===============================================================
Investment Abbreviations: ADR - American Depositary Receipt Conv. - Convertible GDR - Global Depositary Receipt Gtd. - Guaranteed Pfd. - Preferred Notes to Schedule of Investments (a) Non-income producing security. (b) Restricted security. 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 this security has been determined in accordance with procedures established by the Board of Directors. The aggregate market value of these securities at 04/30/99 was $16,212,913, which represented 0.97% of the Fund's net assets. See Notes to Financial Statements. 9 12 STATEMENT OF ASSETS AND LIABILITIES April 30, 1999 (Unaudited) ASSETS: Investments, at market value (cost $1,048,081,928) $ 1,561,481,861 - ------------------------------------------------------------ Cash 579,853 - ------------------------------------------------------------ Foreign currencies, at value (cost $17,632,734) 17,737,305 - ------------------------------------------------------------ Receivables for: Investments sold 117,848,863 - ------------------------------------------------------------ Capital stock sold 773,968 - ------------------------------------------------------------ Dividends and interest 2,248,934 - ------------------------------------------------------------ Investment for deferred compensation plan 30,767 - ------------------------------------------------------------ Other assets 58,146 - ------------------------------------------------------------ Total assets 1,700,759,697 - ------------------------------------------------------------ LIABILITIES: Payables for: Investments purchased 24,679,395 - ------------------------------------------------------------ Capital stock reacquired 7,080,271 - ------------------------------------------------------------ Deferred compensation 30,767 - ------------------------------------------------------------ Accrued advisory fees 1,214,687 - ------------------------------------------------------------ Accrued administrative services fees 10,851 - ------------------------------------------------------------ Accrued directors' fees 1,800 - ------------------------------------------------------------ Accrued distribution fees 1,328,738 - ------------------------------------------------------------ Accrued transfer agent fees 630,267 - ------------------------------------------------------------ Accrued operating expenses 215,654 - ------------------------------------------------------------ Total liabilities 35,192,430 - ------------------------------------------------------------ Net assets applicable to shares outstanding $ 1,665,567,267 - ------------------------------------------------------------ NET ASSETS: Class A $ 793,702,515 ============================================================ Class B $ 858,444,732 ============================================================ Class C $ 13,420,020 ============================================================ CAPITAL STOCK, $0.001 PAR VALUE PER SHARE: Class A: Authorized 200,000,000 - ------------------------------------------------------------ Outstanding 43,505,951 ============================================================ Class B: Authorized 200,000,000 - ------------------------------------------------------------ Outstanding 48,252,563 ============================================================ Class C: Authorized 200,000,000 - ------------------------------------------------------------ Outstanding 754,376 ============================================================ Class A: Net asset value and redemption price per share $ 18.24 - ------------------------------------------------------------ Offering price per share: (Net asset value $18.24 divided by 95.25%) $ 19.15 ============================================================ Class B: Net asset value and offering price per share $ 17.79 ============================================================ Class C: Net asset value and offering price per share $ 17.79 ============================================================
STATEMENT OF OPERATIONS For the six months ended April 30, 1999 (Unaudited) INVESTMENT INCOME: Dividends (net of $533,061 foreign withholding tax) $ 4,460,407 - ------------------------------------------------------------- Interest 2,916,128 - ------------------------------------------------------------- Total investment income 7,376,535 - ------------------------------------------------------------- EXPENSES: Advisory fees 8,027,007 - ------------------------------------------------------------- Administrative services fees 56,187 - ------------------------------------------------------------- Custodian fees 520,970 - ------------------------------------------------------------- Directors' fees 8,617 - ------------------------------------------------------------- Distribution fees-Class A 2,215,308 - ------------------------------------------------------------- Distribution fees-Class B 4,652,169 - ------------------------------------------------------------- Distribution fees-Class C 69,053 - ------------------------------------------------------------- Transfer agent fees-Class A 1,436,410 - ------------------------------------------------------------- Transfer agent fees-Class B 1,866,996 - ------------------------------------------------------------- Transfer agent fees-Class C 34,556 - ------------------------------------------------------------- Other 334,141 - ------------------------------------------------------------- Total expenses 19,221,414 - ------------------------------------------------------------- Less: Expenses paid indirectly (21,696) - ------------------------------------------------------------- Net expenses 19,199,718 - ------------------------------------------------------------- Net investment income (loss) (11,823,183) - ------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENT SECURITIES AND FOREIGN CURRENCIES: Net realized gain (loss) from: Investment securities 68,410,218 - ------------------------------------------------------------- Foreign currencies (2,075,742) - ------------------------------------------------------------- 66,334,476 - ------------------------------------------------------------- Net unrealized appreciation of: Investment securities 203,005,586 - ------------------------------------------------------------- Foreign currencies 41,952 - ------------------------------------------------------------- 203,047,538 - ------------------------------------------------------------- Net gain from investment securities and foreign currencies 269,382,014 - ------------------------------------------------------------- Net increase in net assets resulting from operations $ 257,558,831 =============================================================
See Notes to Financial Statements. 10 13 STATEMENT OF CHANGES IN NET ASSETS For the six months ended April 30, 1999 and year ended October 31, 1998 (Unaudited)
APRIL 30, OCTOBER 31, 1999 1998 -------------- -------------- OPERATIONS: Net investment income (loss) $ (11,823,183) $ (19,250,738) - ---------------------------------------------------------------------------------------------- Net realized gain from investment securities and foreign currencies 66,334,476 8,287,562 - ---------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investment securities and foreign currencies 203,047,538 (163,765,028) - ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations 257,558,831 (174,728,204) - ---------------------------------------------------------------------------------------------- Share transactions-net: Class A (271,189,933) (230,924,075) - ---------------------------------------------------------------------------------------------- Class B (217,190,869) (195,608,768) - ---------------------------------------------------------------------------------------------- Class C (1,676,552) 10,146,858 - ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (232,498,523) (591,114,189) - ---------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period 1,898,065,790 2,489,179,979 - ---------------------------------------------------------------------------------------------- End of period $1,665,567,267 $1,898,065,790 ============================================================================================== NET ASSETS CONSIST OF: Capital (par value and additional paid-in) $1,194,234,856 $1,684,292,210 - ---------------------------------------------------------------------------------------------- Undistributed net investment income (loss) (22,421,260) (10,598,077) - ---------------------------------------------------------------------------------------------- Undistributed net realized gain (loss) from investment securities and foreign currencies (19,621,352) (85,955,828) - ---------------------------------------------------------------------------------------------- Unrealized appreciation of investment securities and foreign currencies 513,375,023 310,327,485 - ---------------------------------------------------------------------------------------------- $1,665,567,267 $1,898,065,790 ==============================================================================================
NOTES TO FINANCIAL STATEMENTS April 30, 1999 (Unaudited) NOTE 1-SIGNIFICANT ACCOUNTING POLICIES AIM Global Aggressive Growth Fund (the "Fund") is a series portfolio of AIM International Funds, Inc. (the "Company"). The Company is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end series management investment company consisting of six separate portfolios. The Fund currently offers three different classes of shares: Class A shares, Class B shares and Class C shares. Class A shares are sold with a front-end sales charge. Class B shares and Class C 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 Fund's investment objective is to provide above-average long-term growth of capital appreciation. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. A. Security Valuations -- A security listed or traded on an exchange (except convertible bonds) is valued at the last sales price on the exchange where the security is principally traded or, lacking any sales, at the closing bid price 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 based upon quotes furnished by market makers for such securities. Securities reported on the NASDAQ National Market System are valued at the last sales price on the valuation date or, absent a last sales price, at the closing bid price. Debt obligations (including convertible bonds) 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 prices, and may reflect appropriate factors such as yield, type of issue, coupon rate and 11 14 maturity date. Securities for which market quotations are either not readily available or are questionable 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 would 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. Bond Premiums-It is the policy of the Fund not to amortize market premiums on bonds for financial reporting purposes. C. 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. The Fund does not separately account for that portion of the results of operations resulting from changes in foreign exchange rates on investments and the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. D. 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. E. 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 and are paid annually. F. 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. The Fund has a capital loss carryforward of $85,299,787 (which may be carried forward to offset future taxable capital gains, if any) which expires, if not previously utilized, through the year 2006. G. Expenses -- Distribution and transfer agency expenses directly attributable to a class of shares are charged to that class' operations. All other expenses which are attributable to more than one class are allocated among the classes. 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 0.90% of the first $1 billion of the Fund's average daily net assets, plus 0.85% of the Fund's average daily net assets in excess of $1 billion. The Fund, pursuant to a master administrative services agreement with AIM, has agreed to reimburse AIM for administrative costs incurred in providing accounting services to the Fund. During the six months ended April 30, 1999, AIM was reimbursed $56,187 for such services. The Fund, pursuant to a transfer agency and services agreement, has agreed to pay 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, 1999, AFS was paid $1,796,442 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, Class B and Class C shares of the Fund. The Company has adopted distribution plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A shares and Class C shares (the "Class A and C Plan"), and the Fund's Class B shares (the "Class B Plan")(collectively, the "Plans"). The Fund, pursuant to the Class A and C Plan, pays AIM Distributors compensation at an annual rate of 0.50% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of Class C shares. The Fund, pursuant to the Class B Plan, pays AIM Distributors compensation at an annual rate of 1.00% of the average daily net assets of the Class B shares. Of these amounts, the Fund may pay a service fee of 0.25% of the average daily net assets of the Class A, Class B or C shares to selected dealers and financial institutions who furnish continuing personal shareholder services to their customers who purchase and own the appropriate class of shares of the Fund. Any amounts not paid as a service fee under the 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, 1999, the Class A, Class B and Class C shares paid AIM Distributors 12 15 $2,215,308, $4,652,169 and $69,053, respectively, as compensation under the Plans. AIM Distributors received commissions of $156,569 from the sales of the Class A shares of the Fund during the six months ended April 30, 1999. 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, 1999, AIM Distributors received commissions of $72,897 in contingent deferred sales charges imposed on redemptions of Fund 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, 1999, the Fund paid legal fees of $2,799 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Company's directors. A member of that firm is a director of the Company. NOTE 3-INDIRECT EXPENSES During the six months ended April 30, 1999, the Fund received reductions in transfer agency fees from AFS (an affiliate of AIM) and reductions in custodian fees of $11,983 and $9,713, respectively, under expense offset arrangements. The effect of the above arrangements resulted in a reduction of the Fund's total expenses of $21,696 during the six months ended April 30, 1999. NOTE 4-DIRECTORS' FEES Directors' fees represent remuneration paid or accrued to each director who is not an "interested person" of AIM. The Company may invest directors' fees, if so elected by a director, in mutual fund shares in accordance with a deferred compensation plan. NOTE 5-BANK BORROWINGS The Fund is a participant in a committed line of credit facility with a syndicate administered by The Chase Manhattan Bank. The Fund may borrow up to the lesser of (i) $1,000,000,000 or (ii) the limits set by its prospectus for borrowings. The Fund and other funds advised by AIM which are parties to the line of credit may borrow on a first come, first served basis. During the six months ended April 30, 1999, the Fund did not borrow under the line of credit agreement. The funds which are party to the line of credit are charged a commitment fee of 0.05% on the unused balance of the committed line. The commitment fee is allocated among the funds based on their respective average net assets for the period. NOTE 6-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, 1999 was $485,616,331 and $804,066,323, respectively. The amount of unrealized appreciation (depreciation) of investment securities as of April 30, 1999, on a tax basis, is as follows. Aggregate unrealized appreciation of investment securities $539,037,314 - ------------------------------------------------------------ Aggregate unrealized (depreciation) of investment securities (36,823,768) - ------------------------------------------------------------ Net unrealized appreciation of investment securities $502,213,546 ============================================================
Cost of investments for tax purposes is $1,059,268,315. NOTE 7-CAPITAL STOCK Changes in the Fund's capital stock outstanding during the six months ended April 30, 1999 and year ended October 31, 1998 were as follows:
APRIL 30, 1999 OCTOBER 31, 1998 --------------------------- ------------------------------ SHARES AMOUNT SHARES AMOUNT ----------- ------------- ------------ --------------- Sold: Class A 32,842,834 $ 563,765,422 98,887,924 $ 1,735,509,689 - ----------------------------------------------------------------------------------- Class B 1,882,734 31,749,222 8,273,209 143,682,325 - ----------------------------------------------------------------------------------- Class C 606,142 10,251,281 839,541 14,593,832 - ----------------------------------------------------------------------------------- Reacquired: Class A (48,411,702) (834,955,355) (111,697,312) (1,966,433,764) - ----------------------------------------------------------------------------------- Class B (14,668,131) (248,940,091) (20,304,373) (339,291,093) - ----------------------------------------------------------------------------------- Class C (701,186) (11,927,833) (265,144) (4,446,974) - ----------------------------------------------------------------------------------- (28,449,309) $(490,057,354) (24,266,155) $ (416,385,985) ===================================================================================
13 16 NOTE 8-FINANCIAL HIGHLIGHTS Shown below are the financial highlights for a share of Class A and Class B capital stock outstanding during the six months ended April 30, 1999, each of the years in the four-year period ended October 31, 1998 and the period September 15, 1994 (date sales commenced) through October 31, 1994, and for a share of Class C capital stock outstanding during the six months ended April 30, 1999, the year ended October 31, 1998 and the period August 4, 1997 (date sales commenced) through October 31, 1997.
CLASS A ------------------------------------------------------------------------------- OCTOBER 31, APRIL 30, ---------------------------------------------------------------- 1999 1998 1997 1996 1995 1994 ---------- ---------- ---------- -------- -------- -------- Net asset value, beginning of period $ 15.87 $ 17.28 $ 15.76 $ 13.09 $ 10.22 $ 10.00 - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Income from investment operations: Net investment income (loss) (0.09)(a) (0.10)(a) (0.15)(a) (0.09)(a) (0.09)(a) -- - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Net gains (losses) on securities (both realized and unrealized) 2.46 (1.31) 1.67 2.81 2.96 0.22 - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Total from investment operations 2.37 (1.41) 1.52 2.72 2.87 0.22 - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Less distributions: Distributions from net realized gains -- -- -- (0.05) -- -- - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Net asset value, end of period $ 18.24 $ 15.87 $ 17.28 $ 15.76 $ 13.09 $ 10.22 - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Total return(b) 14.93% (8.16)% 9.65% 20.83% 28.08% 2.20% - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Ratios/supplemental data: Net assets, end of period (000s omitted) $ 793,703 $ 937,587 $1,242,505 $919,319 $186,029 $ 18,410 - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Ratio of expenses to average net assets 1.84%(c) 1.75% 1.75% 1.83% 2.11% 2.02%(d)(e) - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Ratio of net investment income (loss) to average net assets (1.03)%(c) (0.55)% (0.88)% (0.62)% (0.68)% 0.27%(e)(f) - ----------------------------------------- ---------- ---------- ---------- -------- -------- -------- Portfolio turnover rate 29% 50% 57% 44% 64% 2% ========================================= ========== ========== ========== ======== ======== ========
(a) Calculated using average shares outstanding. (b) Does not deduct sales charges and is not annualized for periods less than one year. (c) Ratios are annualized and based on average net assets of $893,466,600. (d) After fee waivers and/or expense reimbursements. Ratio of expenses to average net assets prior to fee waivers and/or expense reimbursements was 4.03% (annualized). (e) Annualized. (f) After fee waivers and/or expense reimbursements. Ratio of net investment income (loss) to average net assets prior to fee waivers and/or expense reimbursements was (1.74)% (annualized). 14 17 NOTE 8 -- FINANCIAL HIGHLIGHTS (CONTINUED)
CLASS B ------------------------------------------------------------------------ OCTOBER 31, APRIL 30, ---------------------------------------------------------- 1999 1998 1997 1996 1995 1994 ---------- ---------- ---------- ---------- ---------- ---------- Net asset value, beginning of period $ 15.52 $ 17.00 $ 15.58 $ 13.02 $ 10.21 $ 10.00 - ---------------------------- ---------- ---------- ---------- ---------- ---------- ---------- Income from investment operations: Net investment income (loss) (0.13)(a) (0.19)(a) (0.24)(a) (0.17)(a) (0.14)(a) -- - ---------------------------- ---------- ---------- ---------- ---------- ---------- ---------- Net gains (losses) on securities (both realized and unrealized) 2.40 (1.29) 1.66 2.78 2.95 0.21 - ---------------------------- ---------- ---------- ---------- ---------- ---------- ---------- Total from investment operations 2.27 (1.48) 1.42 2.61 2.81 0.21 - ---------------------------- ---------- ---------- ---------- ---------- ---------- ---------- Less distributions: Distributions from net realized gains -- -- -- (0.05) -- -- - ---------------------------- ---------- ---------- ---------- ---------- ---------- ---------- Net asset value, end of period $ 17.79 $ 15.52 $ 17.00 $ 15.58 $ 13.02 $ 10.21 ============================ ========== ========== ========== ========== ========== ========== Total return(b) 14.63% (8.71)% 9.11% 20.09% 27.52% 2.10% ============================ ========== ========== ========== ========== ========== ========== Ratios/supplemental data: Net assets, end of period (000s omitted) $ 858,445 $ 947,293 $1,241,999 $ 807,215 $ 118,199 $ 6,201 ============================ ========== ========== ========== ========== ========== ========== Ratio of expenses to average net assets 2.34%(c) 2.32% 2.30% 2.37% 2.62% 2.54%(d)(e) ============================ ========== ========== ========== ========== ========== ========== Ratio of net investment income (loss) to average net assets (1.53)%(c) (1.11)% (1.44)% (1.16)% (1.19)% (0.25)%(e)(f) ============================ ========== ========== ========== ========== ========== ========== Portfolio turnover rate 29% 50% 57% 44% 64% 2% ============================ ========== ========== ========== ========== ========== ========== CLASS C ---------------------------------------- OCTOBER 31, APRIL 30, ------------------------- 1999 1998 1997 ---------- ---------- ---------- Net asset value, beginning of period $ 15.52 $ 17.00 $ 18.39 - ---------------------------- ---------- ---------- ---------- Income from investment operations: Net investment income (loss) (0.13)(a) (0.19)(a) (0.04)(a) - ---------------------------- ---------- ---------- ---------- Net gains (losses) on securities (both realized and unrealized) 2.40 (1.29) (1.35) - ---------------------------- ---------- ---------- ---------- Total from investment operations 2.27 (1.48) (1.39) - ---------------------------- ---------- ---------- ---------- Less distributions: Distributions from net realized gains -- -- -- - ---------------------------- ---------- ---------- ---------- Net asset value, end of period $ 17.79 $ 15.52 $ 17.00 ============================ ========== ========== ========== Total return(b) 14.63% (8.71)% (7.56)% ============================ ========== ========== ========== Ratios/supplemental data: Net assets, end of period (000s omitted) $ 13,420 $ 13,186 $ 4,676 ============================ ========== ========== ========== Ratio of expenses to average net assets 2.34%(c) 2.34% 2.36%(e) ============================ ========== ========== ========== Ratio of net investment income (loss) to average net assets (1.53)%(c) (1.13)% (1.50)%(e) ============================ ========== ========== ========== Portfolio turnover rate 29% 50% 57% ============================ ========== ========== ==========
(a) Calculated using average shares outstanding. (b) Does not deduct contingent deferred sales charges and is not annualized for periods less than one year. (c) Ratios are annualized and based on average net assets of $938,144,603 and $13,924,988 for Class B and Class C, respectively. (d) After fee waivers and/or expense reimbursements. Ratio of expenses to average net assets prior to fee waivers and/or expense reimbursements was 4.43% (annualized). (e) Annualized. (f) After fee waivers and/or expense reimbursements. Ratio of net investment income (loss) to average net assets prior to fee waivers and/or expense reimbursements was (2.14)% (annualized). 15 18
BOARD OF DIRECTORS OFFICERS OFFICE OF THE FUND Charles T. Bauer Charles T. Bauer 11 Greenway Plaza Chairman Chairman Suite 100 A I M Management Group Inc. Houston, TX 77046 Robert H. Graham Bruce L. Crockett President INVESTMENT ADVISOR Director ACE Limited; Carol F. Relihan A I M Advisors, Inc. Formerly Director, President, and Senior Vice President and Secretary 11 Greenway Plaza Chief Executive Officer Suite 100 COMSAT Corporation Gary T. Crum Houston, TX 77046 Senior Vice President Owen Daly II TRANSFER AGENT Director Dana R. Sutton Cortland Trust Inc. Vice President and Treasurer A I M Fund Services, Inc. P.O. Box 4739 Edward K. Dunn Jr. Robert G. Alley Houston, TX 77210-4739 Chairman, Mercantile Mortgage Corp.; Vice President Formerly Vice Chairman and President, CUSTODIAN Mercantile-Safe Deposit & Trust Co.; and Melville B. Cox President, Mercantile Bankshares Vice President State Street Bank and Trust Company 225 Franklin Street Jack Fields Edgar M. Larsen Boston MA 02110 Chief Executive Officer Vice President Texana Global, Inc.; COUNSEL TO THE FUND Formerly Member Mary J. Benson of the U.S. House of Representatives Assistant Vice President and Ballard Spahr Assistant Treasurer Andrews & Ingersoll, LLP Carl Frischling 1735 Market Street Partner Sheri Morris Philadelphia, PA 19103 Kramer, Levin, Naftalis & Frankel LLP Assistant Vice President and Assistant Treasurer COUNSEL TO THE DIRECTORS Robert H. Graham President and Chief Executive Officer Renee A. Friedli Kramer, Levin, Naftalis & Frankel LLP A I M Management Group Inc. Assistant Secretary 919 Third Avenue New York, NY 10022 Prema Mathai-Davis P. Michelle Grace Chief Executive Officer, YWCA of the U.S.A.; Assistant Secretary DISTRIBUTOR Commissioner, New York City Dept. for the Aging; and member of the Board of Directors, Jeffrey H. Kupor A I M Distributors, Inc. Metropolitan Transportation Authority of Assistant Secretary 11 Greenway Plaza New York State Suite 100 Nancy L. Martin Houston, TX 77046 Lewis F. Pennock Assistant Secretary Attorney Ofelia M. Mayo Louis S. Sklar Assistant Secretary Executive Vice President Hines Interests Lisa A. Moss Limited Partnership Assistant Secretary Kathleen J. Pflueger Assistant Secretary Samuel D. Sirko Assistant Secretary Stephen I. Winer Assistant Secretary
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