<PAGE> 1
SEMIANNUAL REPORT / APRIL 30 2000
AIM AGGRESSIVE GROWTH FUND
[COVER IMAGE]
[AIM LOGO APPEARS HERE]
--Registered Trademark--
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[ COVER IMAGE ]
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SUNFLOWERS IN THE FIELD BY ERIC ISENBURGER
SUNFLOWERS ARE AMONG THE FASTEST-GROWING PLANTS IN THE
BOTANICAL KINGDOM. THEY COME IN MANY VARIETIES, AND THEY
FLOURISH IN A WIDE RANGE OF SOILS AND CLIMATES. WE BELIEVE
THE DYNAMIC SUNFLOWER REFLECTS THE ATTRIBUTES OF THE DIVERSE,
RAPIDLY GROWING AND FUNDAMENTALLY STRONG COMPANIES WE SEEK
TO OWN IN AIM AGGRESSIVE GROWTH FUND.
-------------------------------------
AIM Aggressive Growth Fund is for shareholders who seek long-term growth of
capital by investing in a portfolio consisting primarily of small and mid-sized
company stocks which management believes will have earnings growth in excess of
the general economy.
ABOUT FUND PERFORMANCE AND PORTFOLIO DATA THROUGHOUT THIS REPORT:
o AIM Aggressive Growth Fund's performance figures are historical, and they
reflect the reinvestment of distributions and changes in net asset value.
o Had fees and expenses not been waived, total return of Class A shares would
have been lower.
o When sales charges are included in performance figures, Class A share
performance reflects the maximum 5.50% 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 and Class C shares will differ from
that of its Class A shares due to different sales-charge structure and class
expenses.
o The fund's average annual total returns as of the close of the reporting
period are shown in a table in the managers' overview on the pages that
follow. In addition, industry regulations require us to provide average
annual total returns (including sales charges) as of 3/31/00, the most
recent calendar quarter-end, which were: Class A shares, one year, 87.23%;
five years, 25.04%; 10 years, 25.59%. Class B shares, one year, 91.27%;
inception (3/1/99), 88.67%. Class C shares, one year, 95.22%; inception
(3/1/99), 92.17%.
o Investing in small and mid-sized companies may involve greater risk and
potential reward than investing in more established companies.
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.
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 unmanaged Lipper Mid-Cap Growth Fund Index represents an average of the
performance of the 30 largest mid-cap growth funds tracked by Lipper, Inc.,
an independent mutual fund performance monitor.
o The National Association of Securities Dealers Automated Quotation System
Composite Index (the Nasdaq) is a market-value-weighted index comprising all
domestic and non-U.S.-based common stocks listed on the Nasdaq system. It
includes more than 5,000 companies, and it is often considered
representative of the small and medium-sized company stock universe. While
it includes many small and mid-sized company stocks, large-capitalization
technology companies tend to dominate the index.
o The unmanaged Russell 2000 Index represents the performance of the stocks of
small-capitalization companies.
o The unmanaged Russell 2500 Index measures the performance of the 2,500
smallest companies in the Russell 3000 Index, which measures the performance
of the 3,000 largest U.S. companies based on total market capitalization.
o The unmanaged Standard & Poor's MidCap 400 Index (the S&P 400) comprises the
common stocks of approximately 400 mid-capitalization companies.
o An investment cannot be made in an index. Unless otherwise indicated, index
results include reinvested dividends, and they 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.
The fund's board of directors approved a four-for-one stock split effected in
the form of a 300% stock dividend effective in the third quarter of 2000. The
purpose of the dividend is to bring the fund's share price to a more comfortable
level for most investors, and to make it possible for shareholders in monthly
investment plans to buy one or more shares with each $50 investment. Because the
transaction is structured as a tax-free stock dividend, there are no tax
consequences to the shareholder.
AIM AGGRESSIVE GROWTH FUND
<PAGE> 3
SEMIANNUAL REPORT / CHAIRMAN'S LETTER
Dear Fellow Shareholder:
[PHOTO OF When we started AIM in 1976, we had only a table, two chairs
Charles T. and a telephone. At the time, Bob Graham, Gary Crum and I had
Bauer, the idea of creating a mutual fund company that put people
Chairman of first. Our slogan, "people are the product," means that
the Board of people--our employees and our investors--are our company.
THE FUND Almost a quarter-century later, we've grown to more than
APPEARS HERE] seven million investors, $176 billion in assets under
management and 53 retail funds. Over that time, the industry
[PHOTO OF as a whole has grown from $51 billion in assets to more than
Robert H. $7 trillion today. I never dreamed we would see such
Graham, phenomenal growth. You are the main reason for our success,
APPEARS HERE] and I want you to know how much I appreciate your loyalty and
trust over the past 24 years.
Usually in this letter I review market activity during
the period covered by the report. This time, I'd just like to
say thank you. I am retiring as chairman of the AIM Funds
effective September 30, and as chairman of AIM effective December 31, 2000. Bob
Graham, whose picture appears under mine, will succeed me as AIM's chairman and
chairman of the AIM Funds. Gary Crum will remain president of A I M Capital
Management, Inc., leading our investment division. I am enormously proud to
leave AIM in such capable hands.
I'm also very proud of our team of employees, now more than 2,300 strong.
Because of their collective commitment to excellence and ethical business
practices, AIM has earned the trust of investors and financial advisors alike.
And every employee, from portfolio managers to client services representatives,
is dedicated to serving our shareholders.
Rest assured that nothing at AIM will change because of my retirement. You
can still depend on this company to manage your money responsibly and provide
you with top-notch service. As chairman of AIM and chairman of the AIM Funds,
Bob is committed to preserving the things that have made AIM great in the past
and positioning it to succeed in the future. And Gary is dedicated to
maintaining the quality and long-term performance you've come to expect from
AIM.
In the pages that follow, the managers of your fund comment on recent market
activity, how they have managed your fund over the past six months and their
outlook for the coming months. We trust you will find their comments helpful.
If you have any questions or comments, please contact us through our Web
site, www.aimfunds.com, or call our Client Services department at 800-959-4246
during normal business hours. Information about your account is available at our
Web site and on our automated AIM Investor Line, 800-246-5463.
Thank you again for the support and trust you've shown us. I feel privileged
to have helped you with your financial goals, and I wish you success in all your
endeavors.
Sincerely,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman, A I M Advisors, Inc.
AIM AGGRESSIVE GROWTH FUND
<PAGE> 4
SEMIANNUAL REPORT / MANAGERS' OVERVIEW
FUND CHALKS UP IMPRESSIVE GAINS AS SMALL-,
MID-CAP STOCKS LEAD MARKET
MID- AND SMALL-CAP STOCKS RECORDED SOLID GAINS FOR THE REPORTING PERIOD DESPITE
A LATE DOWNTURN IN THE MARKET. HOW DID AIM AGGRESSIVE GROWTH FUND PERFORM?
Although several key market indexes plunged in April, the fund posted excellent
returns for the six-month period ended April 30, 2000. Excluding sales charges,
total returns for Class A, Class B and Class C shares were 49.67%, 49.07% and
49.03%, respectively. The fund outperformed the Russell 2500 Index and the
Lipper Mid-Cap Growth Fund Index, which recorded gains of 21.92% and 34.92%,
respectively, over the same period.
During the six-month reporting period, total net assets in the fund grew
from $2.84 billion to $4.46 billion.
WHAT WERE THE KEY TRENDS IN THE STOCK MARKET?
For most of the reporting period, technology stocks were the undisputed market
leaders. Tech stocks helped push the Dow, the Nasdaq and other market indexes to
new heights. While the Dow peaked in January, the tech-dominated Nasdaq
continued to set records well into March. Toward the end of the month, however,
investors became concerned that tech stocks might be overvalued, sparking a
sharp sell-off in this sector. In April, a federal court ruling against software
giant Microsoft (not a fund holding) helped perpetuate this sell-off. The stocks
of Internet companies with no earnings were particularly hard hit.
Investors were also concerned that the Federal Reserve Board (the Fed) might
continue to raise interest rates to slow torrid economic growth and contain
inflation. During the reporting period, the Fed, which launched a monetary
tightening policy in June 1999, raised the key federal funds rate--the rate
banks charge each other for overnight loans--from 5.25% to 6.0%. Interest-rate
concerns prompted a sell-off that affected nearly every stock-market sector in
April and caused markets to be extremely volatile.
Despite April's well-publicized market downturn, most major indexes posted
gains for the reporting period, with mid- and small-cap stocks leading the
charge. The S&P MidCap 400 Index and the Russell 2000 Index were up 21.26% and
18.72%, respectively, compared to 0.79% for the Dow. Growth stocks outperformed
value stocks by a wide margin.
WAS THE FUND ABLE TO TAKE ADVANTAGE OF THESE MARKET TRENDS?
Yes, because mid-, small- and micro-cap stocks, the market leaders for the
reporting period, made up 95% of the fund's stock portfolio. Investors
gravitated to mid- and small-cap stocks because of their attractive valuations
compared to large-cap stocks and the attractive earnings prospects of small and
mid-sized companies. And while technology stocks were volatile, the fund's heavy
weighting in this sector enhanced performance. Despite weakness in March and
April, tech stocks still significantly outperformed other sectors for the
six-month reporting period. We also took advantage of April's market sell-off to
buy the stocks of quality companies at reduced prices.
HOW WAS THE FUND POSITIONED AS OF APRIL 30?
At the end of the reporting period, the fund had 192 equity holdings, about the
same number as it held six months ago. Over the last six months, we increased
the fund's technology holdings from 46% to 52% while reducing consumer-cyclical
stocks from 20% to 10% of the portfolio. The portfolio's heavy weighting in the
technology sector was a result of our stock-selection criteria, which are based
on earnings growth prospects, not macroeconomic predictions. We continued to
find many companies with excellent earnings prospects in the technology sector.
Moreover, we generally do not buy the stocks of companies that have no earnings.
Industries within the technology sector that were prominently represented in
the portfolio included computer software and services, communications equipment
and semiconductors. These industries are benefiting from the steady sales of
personal computers, the proliferation of new
TOTAL RETURNS
10/31/99-4/30/00, excluding sales charges
================================================================================
FUND CLASS A SHARES 49.67%
FUND CLASS B SHARES 49.07%
FUND CLASS C SHARES 49.03%
RUSSELL 2500 INDEX 21.92%
LIPPER MID-CAP GROWTH FUND INDEX 34.92%
================================================================================
================================================================================
GROWTH OF NET ASSETS
10/31/99 $2.84 BILLION
4/30/00 $4.46 BILLION
================================================================================
See important fund and index disclosures inside front cover.
AIM AGGRESSIVE GROWTH FUND
2
<PAGE> 5
SEMIANNUAL REPORT / MANAGERS' OVERVIEW
communications devices and the expansion of the Internet.
CAN YOU NAME A FEW OF THE TECH STOCKS IN THE PORTFOLIO?
Tech stocks that we liked included Powerwave Technologies, the fund's largest
holding. Powerwave Technologies makes radio frequency power amplifiers that
boost signal strength and reduce transmission interference in the base stations
of cellular and personal communications service networks. Microchip Technology,
the fund's second-largest holding, makes low-cost embedded control products for
the automotive, consumer, communications, industrial and office automation
markets. Vishay Intertechnology, the fund's third-largest holding, makes
components that are used in products that contain electronic devices, from
automobiles to satellites.
Other tech stocks in the portfolio included Alpha Industries, which sells
integrated circuits that help send and receive radio frequencies; Credence
Systems, which makes test equipment and software used in the production of
semiconductors; and Kopin, which makes specialized semiconductor wafers used in
digital phones, pagers and video cameras.
We believe the outlook is favorable for tech companies, which stand to
benefit from global economic expansion, mergers and acquisitions and the growth
of wireless communications and the Internet.
WHAT OTHER STOCKS PERFORMED WELL FOR THE FUND?
Robert Half International provides temporary and permanent staffing for
accounting and finance-service positions, while Patterson Energy provides
onshore contract drilling for oil and natural-gas companies.
WHAT IS YOUR OUTLOOK FOR THE NEAR TERM?
The near-term outlook for stocks could depend to a large extent on the Fed's
ability to bring the economy to a "soft landing." On May 16, after the reporting
period ended, the central bank raised the federal funds rate to 6.5%. It appears
the Fed's tightening cycle may be winding down, although the central bank is
expected to approve additional rate increases in the immediate months ahead.
If the Fed succeeds in slowing economic growth to a more sustainable rate
and keeping inflation under control, it could prolong the current record
economic expansion. Such an environment could help sustain corporate earnings
growth and prove favorable for stocks, particularly mid- and small-cap issues
because of their attractive valuations.
However, uncertainty over the Fed's actions and other factors could
perpetuate the volatility that has characterized markets in recent months. In
such an environment, investors would be well advised to take a long-term
perspective on their investment.
PORTFOLIO COMPOSITION
As of 4/30/00, based on total net assets
<TABLE>
<CAPTION>
====================================================================================================================================
TOP 10 EQUITY HOLDINGS TOP 10 INDUSTRIES
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<S> <C> <C> <C>
1. Powerwave Technologies, Inc. 2.22% 1. Electronics (Semiconductors) 11.37%
2. Microchip Technology, Inc. 2.09 2. Computers (Software & Services) 9.67
3. Vishay Intertechnology, Inc. 1.88 3. Electrical Equipment 7.85
4. Alpha Industries, Inc. 1.87 4. Communications Equipment 7.73
5. Credence Systems Corp. 1.73 5. Equipment (Semiconductor) 5.87
6. Robert Half International, Inc. 1.47 6. Oil & Gas (Drilling & Equipment) 5.74
7. Kopin Corp. 1.39 7. Telecommunications (Cellular/Wireless) 3.98
8. Asyst Technologies, Inc. 1.32 8. Computers (Peripherals) 3.77
9. ANADIGICS, Inc. 1.27 9. Electronics (Instrumentation) 3.32
10. Polycom, Inc. 1.25 10. Retail (Specialty-Apparel) 2.54
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
The fund's portfolio composition is subject to change, and there is no assurance
that the fund will continue to hold any particular security.
RESULTS OF A $10,000 INVESTMENT
CLASS A SHARES
5/1/84-4/30/00, including sales charges
================================================================================
AIM AGGRESSIVE GROWTH FUND CLASS A SHARES...............................$139,868
RUSSELL 2000 INDEX......................................................$ 64,908
================================================================================
AVERAGE ANNUAL TOTAL RETURNS
As of 4/30/00, including sales charges
================================================================================
CLASS A SHARES
Inception (5/1/84) 17.93%
10 Years 25.12
5 Years 22.93
1 Year 69.14*
*79.01%, excluding sales charges
CLASS B SHARES
Inception (3/1/99) 70.18%
1 Year 72.35*
*77.35%, excluding CDSC
CLASS C SHARES
Inception (3/1/99) 73.28
1 Year 76.30*
*77.30%, excluding CDSC
================================================================================
Past performance cannot guarantee comparable future results.
MARKET VOLATILITY CAN SIGNIFICANTLY IMPACT SHORT-TERM PERFORMANCE. RESULTS
OF AN INVESTMENT MADE TODAY MAY DIFFER SUBSTANTIALLY FROM THE HISTORICAL
PERFORMANCE SHOWN.
See important fund and index disclosures inside front cover.
AIM AGGRESSIVE GROWTH FUND
3
<PAGE> 6
SEMIANNUAL REPORT / FOR CONSIDERATION
CHASING PERFORMANCE MAY HURT MORE THAN IT HELPS
In the wake of some of last year's eye-popping mutual fund returns of more than
100%, it may be hard to look at your own returns and not feel disappointed.
According to Lipper, Inc.(1), the average large-cap core mutual fund finished
1999 up 22.35%--a return that would be considered terrific in most other
years--while the average science and technology fund had an astounding return of
134.77% for the year. Industry trends point to the fact that some investors have
looked at such performance and said, "My investments haven't had that kind of
return. I need to change my portfolio." What's an investor to do?
LOOK AT THE BIG PICTURE
It's very tempting to look only at returns when you invest in a mutual fund. But
there are other factors to consider:
o HOW WELL DOES THE FUND MATCH MY FINANCIAL GOALS?
Different kinds of mutual funds are appropriate for different people at
different stages. Are you a young adult early in your work life, or are you
approaching retirement? Are you investing to buy a house, car or other large
item soon, or are you investing for your later years?
If your investment plan has a rather long time horizon, you may be able to
invest more aggressively because you could have time to recoup should you
experience losses. If your needs are more immediate, you should assess how
aggressive you can afford to be--you may need to be more conservative than you
thought to meet your goal.
o HOW WELL DOES THE FUND MATCH MY TOLERANCE FOR RISK?
Many of the mutual funds that had such high-flying returns for 1999 are pretty
aggressive, investing in smaller, less- established companies, some of which
have not even realized a profit. So while these mutual funds have the potential
to make your money grow, they may also entail more risk than you may be prepared
to take.
Of course, investing in any mutual fund brings with it a certain amount of
risk, but this risk can vary widely depending on the types of holdings in which
a fund invests. It's important that you take a hard look at your risk tolerance
before investing in any fund, particularly if you are ratcheting up to a more
aggressive fund.
o HOW WELL DOES THE FUND FIT INTO MY PORTFOLIO?
When a market sector or mutual fund is doing well, you may be tempted to
overload your portfolio with the "winner of the moment." It seems to make
sense--you're making money with that investment so you should allocate more
money to it, right?
Be careful. A narrowly invested portfolio could be especially vulnerable to
market volatility. Spreading your investment over several types of funds or
investing in one diversified fund can help you spread out your risk--the more
diversified your portfolio, the less overlap it should have. Less overlap can
mean less risk.
PAST PERFORMANCE IS NO GUARANTEE
Last year's phenomenal returns were the result of a number of unique
factors--the strong U.S. economy, the proliferation of new technology companies
and record amounts of cash being poured into the stock market, to name a few.
Even so, it may seem that everyone came out a winner in 1999.
In reality, just a few large companies accounted for many of the markets'
records in 1999. More than half the stocks in the S&P 500 (2) declined during
the year. The technology sector was clearly dominant--the tech component of the
S&P 500 finished 1999 with a return of 75.11%, while the capital goods component
of the index, which came in second for the year, had a return of 28.76%.(3) So
if you didn't invest in technology in 1999, you probably didn't enjoy the same
performance as people who did.
As we've seen thus far in 2000, financial markets can be quite fickle,
revolving around investors' perceptions as much as hard facts. Because of the
ever-changing nature of the market environment, many high-performing mutual
funds don't repeat their gains from year to year. This doesn't necessarily mean
a fund had a
SEC SPEAKS OUT
In the wake of 1999's extraordinary fund performances, the Securities and
Exchange Commission (SEC), which regulates the mutual fund industry, says that
investors should temper their expectations and not make investment decisions
based only on past performance. The SEC also suggests that investors consider
the following factors when looking at a mutual fund:
================================================================================
Age
Risk
Size
Volatility
Management
Expenses
Tax Efficiency
Source: The Wall Street Journal, 1/25/00
================================================================================
AIM AGGRESSIVE GROWTH FUND
4
<PAGE> 7
SEMIANNUAL REPORT / FOR CONSIDERATION
"bad" year or that fund managers chose holdings poorly. It may just mean that
the environment for a particular fund was not as ideal as it had been in the
past. This can be true for any mutual fund.
KEEP EXPECTATIONS REALISTIC
Along with recognizing how quickly the market environment can change, it's
important to keep your expectations realistic. Of course you would like your
investments to do well every year, but chances are they won't. It's the nature
of the beast. So what you should be shooting for is good performance over the
long term. While your investment may not have a stellar year every year, over
time its average returns may prove to be just what you hoped for.
Sometimes it's hard to be patient when it seems like everyone else's
investments are doing better than yours. You may be tempted to chase winning
performance by trying to time the market, switching in and out of funds as
markets or sectors go in and out of favor. But this strategy can greatly
increase your risk and it rarely works--you may end up with significantly lower
returns than if you'd just stayed put. (There can also be adverse tax
consequences.)
ASSET ALLOCATION: THE OLD STANDBY
The truth is, no one knows for sure what is going to perform well in the market,
which is why mutual fund investors should diversify using asset
allocation--spreading investments over several fund types (e.g., core, growth,
international and income). Unfortunately, some investors seem less interested in
asset allocation these days because they want to chase performance instead. And
when the market is roaring ahead, who can blame them?
But as Isaac Newton proved, what goes up must come down. A diversified
portfolio can offer some protection in a market downturn because when your
assets are spread over several different types of funds, chances are at least
one of them is keeping its head above water. And while a diversified fund
portfolio probably won't perform as well as the flashiest stock fund, it
probably won't do as badly as the worst of them either.
DOLLAR-COST AVERAGING CAN LOWER THE COST OF INVESTING
One useful way to buy shares of a mutual fund is through dollar-cost averaging.
In such a plan, you invest a certain amount at regular intervals--say $200 per
month--which allows you to buy more shares when mutual fund prices go down and
fewer shares when prices go up. This gives you the benefit of your average cost
per share actually being less than the average price per share.
Please keep in mind that this example is hypothetical and is not indicative of
the performance of any investment, IRA or AIM fund. Dollar-cost averaging does
not assure a profit and does not protect against loss in declining markets.
Since dollar-cost averaging involves continuous investing regardless of
fluctuating securities prices, investors should consider their ability to
continue purchases over an extended period of time.
For more complete information about any AIM fund(s), including sales charges
and expenses, ask your financial advisor or securities dealer for a free
prospectus(es). Please read the prospectus(es) carefully before you invest or
send money.
================================================================================
MONTH AMOUNT INVESTED SHARE PRICE SHARES PURCHASED
JANUARY $ 200 $ 24 8.333
FEBRUARY 200 20 10.000
MARCH 200 14 14.286
APRIL 200 18 11.111
MAY 200 22 9.091
JUNE 200 24 8.333
6-MONTH TOTAL $1200 $122 61.154
Average price per share: $122 divided by 6 = $20.33
Average cost per share: $1200 divided by 61.154 = $19.62
================================================================================
Your financial advisor can help you determine what kinds of mutual funds best
fit your investment goals and risk tolerance. Talk to your financial advisor for
more information.
(1) Lipper, Inc. is an independent mutual fund performance monitor.
(2) The unmanaged Standard & Poor's Composite Index of 500 Stocks (the S&P 500)
is generally considered representative of the stock market.
(3) Source: Bloomberg.
AIM AGGRESSIVE GROWTH FUND
5
<PAGE> 8
SCHEDULE OF INVESTMENTS
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
COMMON STOCKS & OTHER EQUITY
INTERESTS-97.31%
AIR FREIGHT-0.36%
EGL Inc.(a) 137,300 $ 3,149,319
---------------------------------------------------------------
Expeditors International of
Washington, Inc. 300,000 12,825,000
---------------------------------------------------------------
15,974,319
---------------------------------------------------------------
AIRLINES-0.25%
Ryanair Holdings PLC-ADR
(Ireland)(a) 275,000 11,206,250
---------------------------------------------------------------
AUTO PARTS & EQUIPMENT-0.54%
Gentex Corp.(a) 750,000 24,187,500
---------------------------------------------------------------
BANKS (REGIONAL)-0.76%
Bank United Corp.-Class A 325,000 10,785,937
---------------------------------------------------------------
First Republic Bank(a) 150,000 2,943,750
---------------------------------------------------------------
Southwest Bancorp. of Texas,
Inc.(a) 750,000 14,671,875
---------------------------------------------------------------
Trustmark Corp. 300,000 5,512,500
---------------------------------------------------------------
33,914,062
---------------------------------------------------------------
BEVERAGES (ALCOHOLIC)-0.17%
Canandaigua Brands, Inc.-Class
A(a) 150,000 7,556,250
---------------------------------------------------------------
BIOTECHNOLOGY-0.44%
Aurora Biosciences Corp.(a) 200,000 7,250,000
---------------------------------------------------------------
PE Corp.-Celera Genomics Group(a) 150,000 12,375,000
---------------------------------------------------------------
19,625,000
---------------------------------------------------------------
BROADCASTING (TELEVISION, RADIO &
CABLE)-1.35%
Emmis Broadcasting Corp.-Class
A(a) 400,000 17,000,000
---------------------------------------------------------------
Hispanic Broadcasting Corp.(a) 225,000 22,739,062
---------------------------------------------------------------
Radio One, Inc.(a) 350,000 20,300,000
---------------------------------------------------------------
60,039,062
---------------------------------------------------------------
BUILDING MATERIALS-0.31%
Elcor Corp. 150,000 4,771,875
---------------------------------------------------------------
Simpson Manufacturing Co., Inc.(a) 200,000 9,050,000
---------------------------------------------------------------
13,821,875
---------------------------------------------------------------
CHEMICALS (SPECIALTY)-1.10%
Cambrex Corp. 350,000 14,350,000
---------------------------------------------------------------
OM Group, Inc. 750,000 34,500,000
---------------------------------------------------------------
48,850,000
---------------------------------------------------------------
COMMUNICATIONS EQUIPMENT-7.73%
Aspect Communications Corp.(a) 350,000 12,425,000
---------------------------------------------------------------
BreezeCom Ltd. (Israel)(a) 200,000 5,500,000
---------------------------------------------------------------
Comverse Technology, Inc.(a) 400,000 35,675,000
---------------------------------------------------------------
Digital Lightwave, Inc.(a) 250,000 17,125,000
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
COMMUNICATIONS EQUIPMENT-(CONTINUED)
Dycom Industries, Inc.(a) 467,550 $ 24,312,600
---------------------------------------------------------------
Finisar Corp.(a) 900,000 33,581,250
---------------------------------------------------------------
Harmonic, Inc.(a) 700,000 51,668,750
---------------------------------------------------------------
MasTec, Inc.(a) 500,000 43,187,500
---------------------------------------------------------------
Polycom, Inc.(a) 702,100 55,553,662
---------------------------------------------------------------
Proxim, Inc.(a) 250,000 19,234,375
---------------------------------------------------------------
SBA Communications Corp.(a) 300,000 12,187,500
---------------------------------------------------------------
Sycamore Networks, Inc.(a) 100,000 7,850,000
---------------------------------------------------------------
Tollgrade Communications, Inc.(a) 200,000 13,200,000
---------------------------------------------------------------
UTStarcom, Inc.(a) 275,000 13,062,500
---------------------------------------------------------------
344,563,137
---------------------------------------------------------------
COMPUTERS (HARDWARE)-1.56%
National Instruments Corp.(a) 1,108,100 54,019,875
---------------------------------------------------------------
Visual Networks, Inc.(a) 400,000 15,600,000
---------------------------------------------------------------
69,619,875
---------------------------------------------------------------
COMPUTERS (NETWORKING)-2.36%
Cabletron Systems, Inc.(a) 1,000,000 22,875,000
---------------------------------------------------------------
Foundry Networks, Inc.(a) 100,200 9,118,200
---------------------------------------------------------------
MRV Communications, Inc.(a) 150,000 10,340,625
---------------------------------------------------------------
SonicWALL, Inc.(a) 500,000 30,250,000
---------------------------------------------------------------
VeriSign, Inc.(a) 100,000 13,937,500
---------------------------------------------------------------
Virata Corp.(a) 150,000 18,787,500
---------------------------------------------------------------
105,308,825
---------------------------------------------------------------
COMPUTERS (PERIPHERALS)-3.77%
Actel Corp.(a) 1,039,400 38,262,912
---------------------------------------------------------------
Cybex Computer Products Corp.(a) 262,500 7,185,937
---------------------------------------------------------------
MICROS Systems, Inc.(a) 200,000 8,050,000
---------------------------------------------------------------
QLogic Corp.(a) 200,000 20,062,500
---------------------------------------------------------------
SanDisk Corp.(a) 500,000 45,812,500
---------------------------------------------------------------
Silicon Storage Technology,
Inc.(a) 500,000 48,750,000
---------------------------------------------------------------
168,123,849
---------------------------------------------------------------
COMPUTERS (SOFTWARE &
SERVICES)-9.67%
Affiliated Computer Services,
Inc.-Class A(a) 250,000 8,281,250
---------------------------------------------------------------
American Management Systems,
Inc.(a) 600,000 22,200,000
---------------------------------------------------------------
Apropos Technology, Inc.(a) 266,800 3,001,500
---------------------------------------------------------------
Aspen Technology, Inc.(a) 1,000,000 35,375,000
---------------------------------------------------------------
Business Objects S.A.-ADR
(France)(a) 300,000 29,362,500
---------------------------------------------------------------
Check Point Software Technologies
Ltd. (Israel)(a) 125,000 21,625,000
---------------------------------------------------------------
Diamond Technology Partners
Inc.(a) 100,000 7,912,500
---------------------------------------------------------------
Electronics for Imaging, Inc.(a) 400,000 20,900,000
---------------------------------------------------------------
</TABLE>
6
<PAGE> 9
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
COMPUTERS (SOFTWARE & SERVICES)-(CONTINUED)
Entrust Technologies, Inc. 200,000 $ 9,825,000
---------------------------------------------------------------
Gemstar International Group
Ltd.(a) 300,000 13,875,000
---------------------------------------------------------------
Go2Net, Inc.(a) 100,000 5,950,000
---------------------------------------------------------------
Inforte Corp.(a) 200,000 7,850,000
---------------------------------------------------------------
ISS Group, Inc.(a) 150,000 13,565,625
---------------------------------------------------------------
J.D. Edwards & Co.(a) 500,000 9,125,000
---------------------------------------------------------------
Jack Henry & Associates 750,000 29,625,000
---------------------------------------------------------------
Macromedia, Inc.(a) 225,000 19,575,000
---------------------------------------------------------------
Macrovision Corp.(a) 500,000 24,437,500
---------------------------------------------------------------
Mercator Software, Inc.(a) 150,000 5,521,875
---------------------------------------------------------------
Mercury Interactive Corp.(a) 200,000 18,000,000
---------------------------------------------------------------
Micromuse, Inc.(a) 100,000 9,812,500
---------------------------------------------------------------
Mission Critical Software, Inc.(a) 150,000 5,400,000
---------------------------------------------------------------
Peregrine Systems, Inc.(a) 400,000 9,625,000
---------------------------------------------------------------
Project Software & Development,
Inc.(a) 250,000 7,625,000
---------------------------------------------------------------
Rational Software Corp.(a) 200,000 17,025,000
---------------------------------------------------------------
Secure Computing Corp.(a) 1,000,000 12,437,500
---------------------------------------------------------------
Symantec Corp.(a) 500,000 31,218,750
---------------------------------------------------------------
Verity, Inc.(a) 750,000 24,328,125
---------------------------------------------------------------
Versata, Inc.(a) 250,000 7,593,750
---------------------------------------------------------------
431,073,375
---------------------------------------------------------------
CONSUMER (JEWELRY, NOVELTIES &
GIFTS)-0.21%
Fossil, Inc.(a) 450,000 9,337,500
---------------------------------------------------------------
DISTRIBUTORS (FOOD & HEALTH)-0.26%
Patterson Dental Co.(a) 240,600 11,578,875
---------------------------------------------------------------
ELECTRICAL EQUIPMENT-7.85%
Black Box Corp.(a) 300,000 23,081,250
---------------------------------------------------------------
Cohu, Inc. 250,000 9,515,625
---------------------------------------------------------------
CommScope, Inc.(a) 999,800 47,490,500
---------------------------------------------------------------
Cree Research, Inc.(a) 200,000 29,100,000
---------------------------------------------------------------
Crossroads Systems, Inc.(a) 250,000 17,656,250
---------------------------------------------------------------
Molex, Inc.-Class A 1,000,025 40,001,000
---------------------------------------------------------------
Pinnacle Systems, Inc.(a) 800,000 19,200,000
---------------------------------------------------------------
Plexus Corp.(a) 450,000 34,481,250
---------------------------------------------------------------
Sanmina Corp.(a) 400,000 24,025,000
---------------------------------------------------------------
Sawtek, Inc.(a) 450,000 21,515,625
---------------------------------------------------------------
Vishay Intertechnology, Inc.(a) 1,000,000 83,875,000
---------------------------------------------------------------
349,941,500
---------------------------------------------------------------
ELECTRONICS (COMPONENT
DISTRIBUTORS)-2.24%
C-COR.net Corp.(a) 1,250,000 48,906,250
---------------------------------------------------------------
Power-One, Inc.(a) 750,000 51,187,500
---------------------------------------------------------------
100,093,750
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
ELECTRONICS (DEFENSE)-0.58%
Anaren Microwave, Inc.(a) 250,000 $ 26,000,000
---------------------------------------------------------------
ELECTRONICS
(INSTRUMENTATION)-3.32%
Alpha Industries, Inc.(a) 1,600,100 83,205,200
---------------------------------------------------------------
PerkinElmer, Inc. 200,000 10,950,000
---------------------------------------------------------------
Tektronix, Inc. 350,000 20,256,250
---------------------------------------------------------------
Varian Semiconductor Equipment
Associates, Inc.(a) 500,000 33,625,000
---------------------------------------------------------------
148,036,450
---------------------------------------------------------------
ELECTRONICS
(SEMICONDUCTORS)-11.37%
ANADIGICS, Inc.(a) 750,000 56,437,500
---------------------------------------------------------------
Applied Micro Circuits Corp.(a) 100,000 12,887,500
---------------------------------------------------------------
ATMI, Inc.(a) 250,000 9,625,000
---------------------------------------------------------------
Burr-Brown Corp.(a) 500,000 34,062,500
---------------------------------------------------------------
Dallas Semiconductor Corp. 1,000,000 42,937,500
---------------------------------------------------------------
Fairchild Semiconductor Corp.(a) 500,000 23,750,000
---------------------------------------------------------------
GlobeSpan, Inc.(a) 479,900 45,590,500
---------------------------------------------------------------
Integrated Device Technology,
Inc.(a) 1,000,000 48,062,500
---------------------------------------------------------------
Micrel, Inc.(a) 300,000 25,950,000
---------------------------------------------------------------
Microchip Technology, Inc.(a) 1,500,000 93,093,750
---------------------------------------------------------------
SDL, Inc.(a) 175,000 34,125,000
---------------------------------------------------------------
Semtech Corp.(a) 425,000 28,979,687
---------------------------------------------------------------
TranSwitch Corp.(a) 300,000 26,418,750
---------------------------------------------------------------
Zoran Corp.(a) 500,000 24,968,750
---------------------------------------------------------------
506,888,937
---------------------------------------------------------------
EQUIPMENT (SEMICONDUCTOR)-5.87%
Advanced Energy Industries,
Inc.(a) 500,000 34,500,000
---------------------------------------------------------------
Asyst Technologies, Inc.(a) 1,100,000 58,850,000
---------------------------------------------------------------
Brooks Automation, Inc.(a) 400,000 35,875,000
---------------------------------------------------------------
Credence Systems Corp.(a) 540,000 77,085,000
---------------------------------------------------------------
Cymer, Inc.(a) 450,000 17,578,125
---------------------------------------------------------------
EMCORE Corp.(a) 175,000 15,181,250
---------------------------------------------------------------
LTX Corp.(a) 500,000 22,875,000
---------------------------------------------------------------
261,944,375
---------------------------------------------------------------
FINANCIAL (DIVERSIFIED)-0.33%
SEI Investments Co. 125,000 14,921,875
---------------------------------------------------------------
FOODS-0.45%
Hain Food Group, Inc. (The)(a) 750,000 20,109,375
---------------------------------------------------------------
FOOTWEAR-0.50%
Steven Madden, Ltd.(a) 500,000 10,843,750
---------------------------------------------------------------
Vans, Inc.(a)(b) 750,000 11,343,750
---------------------------------------------------------------
22,187,500
---------------------------------------------------------------
GAMING, LOTTERY & PARIMUTUEL
COMPANIES-0.32%
Station Casinos, Inc.(a) 500,000 14,250,000
---------------------------------------------------------------
</TABLE>
7
<PAGE> 10
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
HEALTH CARE (DRUGS-GENERIC &
OTHER)-1.26%
Alpharma, Inc.-Class A 600,834 $ 23,207,213
---------------------------------------------------------------
Biovail Corp. (Canada)(a) 350,000 16,690,625
---------------------------------------------------------------
Jones Pharma, Inc. 200,000 5,762,500
---------------------------------------------------------------
Medicis Pharmaceutical Corp.-Class
A(a) 243,000 10,631,250
---------------------------------------------------------------
56,291,588
---------------------------------------------------------------
HEALTH CARE (HOSPITAL
MANAGEMENT)-2.31%
Health Management Associates,
Inc.-Class A(a) 2,500,000 39,843,750
---------------------------------------------------------------
LifePoint Hospitals, Inc.(a) 1,000,000 17,125,000
---------------------------------------------------------------
Province Healthcare Co.(a)(b) 1,200,000 34,650,000
---------------------------------------------------------------
Triad Hospitals Holdings Inc.(a) 675,000 11,601,563
---------------------------------------------------------------
103,220,313
---------------------------------------------------------------
HEALTH CARE (MEDICAL PRODUCTS &
SUPPLIES)-1.37%
Biosite Diagnostics, Inc.(a) 450,000 10,406,250
---------------------------------------------------------------
PolyMedica Corp.(a) 300,000 16,106,250
---------------------------------------------------------------
ResMed, Inc. 500,000 17,000,000
---------------------------------------------------------------
Zoll Medical Corp.(a) 400,000 17,675,000
---------------------------------------------------------------
61,187,500
---------------------------------------------------------------
HEALTH CARE (SPECIALIZED
SERVICES)-0.79%
Hooper Holmes, Inc. 800,000 13,900,000
---------------------------------------------------------------
Techne Corp.(a) 300,000 21,337,500
---------------------------------------------------------------
35,237,500
---------------------------------------------------------------
INVESTMENT MANAGEMENT-0.57%
Affiliated Managers Group, Inc.(a) 300,000 12,037,500
---------------------------------------------------------------
Eaton Vance Corp. 316,100 13,374,981
---------------------------------------------------------------
25,412,481
---------------------------------------------------------------
LEISURE TIME (PRODUCTS)-0.33%
Meade Instruments Corp.(a) 200,000 14,625,000
---------------------------------------------------------------
MANUFACTURING (DIVERSIFIED)-1.78%
Kopin Corp.(a) 800,000 61,950,000
---------------------------------------------------------------
Spartech Corp. 500,000 17,375,000
---------------------------------------------------------------
79,325,000
---------------------------------------------------------------
MANUFACTURING (SPECIALIZED)-0.80%
Dril-Quip, Inc.(a) 300,000 12,187,500
---------------------------------------------------------------
Insituform Technologies,
Inc.-Class A(a) 391,000 13,122,938
---------------------------------------------------------------
Mettler-Toledo International,
Inc.(a) 300,000 10,350,000
---------------------------------------------------------------
35,660,438
---------------------------------------------------------------
METAL FABRICATORS-0.20%
Shaw Group, Inc.(a) 250,000 8,890,625
---------------------------------------------------------------
NATURAL GAS-0.44%
Kinder Morgan, Inc. 650,000 19,703,125
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
OFFICE EQUIPMENT & SUPPLIES-0.16%
Miami Computer Supply Corp.(a)(c) 330,781 $ 6,920,559
---------------------------------------------------------------
OIL & GAS (DRILLING &
EQUIPMENT)-5.74%
Cal Dive International, Inc.(a) 500,000 24,875,000
---------------------------------------------------------------
Cooper Cameron Corp.(a) 500,000 37,500,000
---------------------------------------------------------------
Core Laboratories N.V.
(Netherlands)(a) 1,250,000 35,468,750
---------------------------------------------------------------
Hanover Compressor Co.(a) 250,000 14,562,500
---------------------------------------------------------------
Marine Drilling Companies, Inc.(a) 1,000,000 26,000,000
---------------------------------------------------------------
Maverick Tube Corp.(a)(b) 1,000,000 28,500,000
---------------------------------------------------------------
National-Oilwell, Inc.(a) 1,000,000 23,937,500
---------------------------------------------------------------
Patterson Energy, Inc.(a) 1,500,000 42,375,000
---------------------------------------------------------------
Pride International, Inc.(a) 1,000,000 22,625,000
---------------------------------------------------------------
255,843,750
---------------------------------------------------------------
OIL & GAS (EXPLORATION &
PRODUCTION)-0.81%
Evergreen Resources, Inc.(a) 375,000 8,671,875
---------------------------------------------------------------
Newfield Exploration Co.(a) 500,000 20,312,500
---------------------------------------------------------------
Stone Energy Corp.(a) 150,000 7,087,500
---------------------------------------------------------------
36,071,875
---------------------------------------------------------------
PERSONAL CARE-0.50%
NBTY, Inc.(a) 1,250,000 22,187,500
---------------------------------------------------------------
RESTAURANTS-1.26%
CEC Entertainment, Inc.(a) 800,000 24,000,000
---------------------------------------------------------------
Jack in the Box, Inc.(a) 750,000 18,375,000
---------------------------------------------------------------
Sonic Corp.(a) 500,000 13,906,250
---------------------------------------------------------------
56,281,250
---------------------------------------------------------------
RETAIL (BUILDING SUPPLIES)-0.66%
Fastenal Co. 500,000 29,218,750
---------------------------------------------------------------
RETAIL (COMPUTERS &
ELECTRONICS)-0.25%
Tweeter Home Entertainment Group,
Inc.(a) 300,000 11,062,500
---------------------------------------------------------------
RETAIL (DISCOUNTERS)-0.96%
99 Cents Only Stores(a) 518,908 19,523,914
---------------------------------------------------------------
Dollar Tree Stores, Inc.(a) 400,000 23,150,000
---------------------------------------------------------------
42,673,914
---------------------------------------------------------------
RETAIL (FOOD CHAINS)-0.15%
Wild Oats Markets, Inc.(a) 500,000 6,625,000
---------------------------------------------------------------
RETAIL (SPECIALTY)-1.76%
Barnes & Noble, Inc.(a) 400,000 7,400,000
---------------------------------------------------------------
Linens 'n Things, Inc.(a) 850,000 26,243,750
---------------------------------------------------------------
Michaels Stores, Inc.(a) 750,000 29,578,125
---------------------------------------------------------------
Zale Corp.(a) 375,000 15,468,750
---------------------------------------------------------------
78,690,625
---------------------------------------------------------------
RETAIL (SPECIALTY-APPAREL)-2.54%
Children's Place Retail Stores,
Inc. (The)(a) 500,000 11,125,000
---------------------------------------------------------------
</TABLE>
8
<PAGE> 11
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
RETAIL (SPECIALTY-APPAREL)-(CONTINUED)
Men's Wearhouse, Inc. (The)(a) 1,750,000 $ 37,515,625
---------------------------------------------------------------
Pacific Sunwear of California(a) 500,000 17,031,250
---------------------------------------------------------------
Talbots, Inc. (The) 350,000 17,696,875
---------------------------------------------------------------
Too Inc.(a) 1,000,000 29,937,500
---------------------------------------------------------------
113,306,250
---------------------------------------------------------------
SERVICES
(ADVERTISING/MARKETING)-0.33%
Forrester Research, Inc.(a) 323,200 14,645,000
---------------------------------------------------------------
SERVICES (COMMERCIAL &
CONSUMER)-0.43%
Copart, Inc.(a) 600,000 10,350,000
---------------------------------------------------------------
Iron Mountain Inc.(a) 250,000 8,750,000
---------------------------------------------------------------
19,100,000
---------------------------------------------------------------
SERVICES (COMPUTER SYSTEMS)-0.54%
Keane, Inc.(a) 841,900 24,309,863
---------------------------------------------------------------
SERVICES (DATA PROCESSING)-1.27%
Concord EFS, Inc.(a) 500,000 11,187,500
---------------------------------------------------------------
FactSet Research Systems, Inc. 174,500 5,016,875
---------------------------------------------------------------
Fiserv, Inc.(a) 319,600 14,681,625
---------------------------------------------------------------
National Computer Systems, Inc. 500,000 25,718,750
---------------------------------------------------------------
56,604,750
---------------------------------------------------------------
SERVICES (EMPLOYMENT)-2.03%
Hall, Kinion & Associates, Inc.(a) 380,200 9,338,663
---------------------------------------------------------------
On Assignment, Inc.(a) 500,000 15,687,500
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
SERVICES (EMPLOYMENT)-(CONTINUED)
Robert Half International, Inc.(a) 1,071,200 $ 65,477,100
---------------------------------------------------------------
90,503,263
---------------------------------------------------------------
TELECOMMUNICATIONS (CELLULAR/
WIRELESS)-3.98%
AirGate PCS Inc.(a) 500,000 42,875,000
---------------------------------------------------------------
Powerwave Technologies, Inc.(a) 475,000 98,829,688
---------------------------------------------------------------
Research in Motion Ltd.
(Canada)(a) 200,000 8,500,000
---------------------------------------------------------------
Rural Cellular Corp.-Class A(a) 200,000 14,787,500
---------------------------------------------------------------
Western Wireless Corp.-Class A(a) 250,000 12,421,875
---------------------------------------------------------------
177,414,063
---------------------------------------------------------------
TEXTILES (APPAREL)-0.42%
Quicksilver, Inc.(a) 1,000,000 18,875,000
---------------------------------------------------------------
Total Common Stocks & Other
Equity Interests (Cost
$2,751,478,670) 4,339,040,998
---------------------------------------------------------------
MONEY MARKET FUNDS-4.22%
STIC Liquid Assets Portfolio(d) 94,075,722 94,075,722
---------------------------------------------------------------
STIC Prime Portfolio(d) 94,075,722 94,075,722
---------------------------------------------------------------
Total Money Market Funds (Cost
$188,151,444) 188,151,444
---------------------------------------------------------------
TOTAL INVESTMENTS-101.53% (Cost
$2,939,630,114) 4,527,192,442
---------------------------------------------------------------
LIABILITIES LESS OTHER
ASSETS-(1.53%) (68,244,751)
---------------------------------------------------------------
NET ASSETS-100.00% $4,458,947,691
===============================================================
</TABLE>
Investment Abbreviations:
ADR - American Depositary Receipt
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) Affiliated issuers are those in which the Fund's holdings of an issuer
represent 5% or more of the outstanding voting securities of the issuer. The
Fund has never owned enough of the outstanding voting securities of any
issuer to have control (as defined in the Investment Co. Act of 1940) of
that issuer. The aggregate market value of affiliated issuers as of 04/30/00
was $74,493,750 which represented 1.67% of the Fund's net assets.
(c) Security fair valued in accordance with the procedures established by the
Board of Directors.
(d) The money market fund has the same investment advisor as the Fund.
See Notes to Financial Statements.
9
<PAGE> 12
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2000
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, at market value (cost
$2,939,630,114) $4,527,192,442
-------------------------------------------------------------
Receivables for:
Investments sold 15,003,467
-------------------------------------------------------------
Capital stock sold 15,401,745
-------------------------------------------------------------
Dividends 723,360
-------------------------------------------------------------
Investment for deferred compensation plan 70,089
-------------------------------------------------------------
Other assets 116,705
-------------------------------------------------------------
Total assets 4,558,507,808
-------------------------------------------------------------
LIABILITIES:
Payables for:
Investments purchased 91,068,983
-------------------------------------------------------------
Capital stock reacquired 4,058,430
-------------------------------------------------------------
Deferred compensation plan 70,089
-------------------------------------------------------------
Accrued advisory fees 2,208,139
-------------------------------------------------------------
Accrued administrative services fees 19,073
-------------------------------------------------------------
Accrued distribution fees 1,390,069
-------------------------------------------------------------
Accrued directors' fees 1,454
-------------------------------------------------------------
Accrued transfer agent fees 456,778
-------------------------------------------------------------
Accrued operating expenses 287,102
-------------------------------------------------------------
Total liabilities 99,560,117
-------------------------------------------------------------
Net assets applicable to shares outstanding $4,458,947,691
=============================================================
NET ASSETS:
Class A $4,224,397,887
=============================================================
Class B $ 177,359,303
=============================================================
Class C $ 57,190,501
=============================================================
Capital stock, $0.001 par value per share:
Class A:
Authorized 750,000,000
-------------------------------------------------------------
Outstanding 56,543,704
=============================================================
Class B:
Authorized 750,000,000
-------------------------------------------------------------
Outstanding 2,401,669
=============================================================
Class C:
Authorized 750,000,000
-------------------------------------------------------------
Outstanding 774,558
=============================================================
Class A:
Net asset value and redemption price per
share $ 74.71
-------------------------------------------------------------
Offering price per share:
(Net asset value of $74.71
divided by 94.50%) $ 79.06
=============================================================
Class B:
Net asset value and offering price per
share $ 73.85
=============================================================
Class C:
Net asset value and offering price per
share $ 73.84
=============================================================
</TABLE>
STATEMENT OF OPERATIONS
For the six months ended April 30, 2000
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends $ 4,125,039
-------------------------------------------------------------
Interest 5,263
-------------------------------------------------------------
Total investment income 4,130,302
-------------------------------------------------------------
EXPENSES:
Advisory fees 12,095,932
-------------------------------------------------------------
Administrative services fee 109,225
-------------------------------------------------------------
Custodian fees 105,518
-------------------------------------------------------------
Distribution fees-Class A 4,640,776
-------------------------------------------------------------
Distribution fees-Class B 445,428
-------------------------------------------------------------
Distribution fees-Class C 132,379
-------------------------------------------------------------
Transfer agent fees-Class A 2,383,152
-------------------------------------------------------------
Transfer agent fees-Class B 112,536
-------------------------------------------------------------
Transfer agent fees-Class C 33,445
-------------------------------------------------------------
Directors' fees 9,686
-------------------------------------------------------------
Other 281,839
-------------------------------------------------------------
Total expenses 20,349,916
-------------------------------------------------------------
Less: Expenses paid indirectly (87,427)
-------------------------------------------------------------
Net expenses 20,262,489
-------------------------------------------------------------
Net investment income (loss) (16,132,187)
-------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENT
SECURITIES:
Net realized gain from investment securities 879,195,768
-------------------------------------------------------------
Change in net unrealized appreciation of
investment securities 521,408,617
-------------------------------------------------------------
Net gain on investment securities 1,400,604,385
-------------------------------------------------------------
Net increase in net assets resulting from
operations $1,384,472,198
=============================================================
</TABLE>
See Notes to Financial Statements.
10
<PAGE> 13
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended April 30, 2000 and the year ended October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
APRIL 30, OCTOBER 31,
2000 1999
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) $ (16,132,187) $ (18,681,715)
----------------------------------------------------------------------------------------------
Net realized gain from investment securities 879,195,768 401,315,614
----------------------------------------------------------------------------------------------
Change in net unrealized appreciation of investment
securities 521,408,617 514,158,866
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 1,384,472,198 896,792,765
----------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A (320,367,928) (25,067,232)
----------------------------------------------------------------------------------------------
Class B (4,412,396) --
----------------------------------------------------------------------------------------------
Class C (1,286,905) --
----------------------------------------------------------------------------------------------
Share transactions-net:
Class A 374,774,520 (697,955,629)
----------------------------------------------------------------------------------------------
Class B 138,871,288 22,307,605
----------------------------------------------------------------------------------------------
Class C 46,725,032 6,056,717
----------------------------------------------------------------------------------------------
Net increase in net assets 1,618,775,809 202,134,226
----------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 2,840,171,882 2,638,037,656
----------------------------------------------------------------------------------------------
End of period $4,458,947,691 $2,840,171,882
==============================================================================================
NET ASSETS CONSIST OF:
Capital (par value and additional paid-in) $1,945,009,132 $1,384,638,292
----------------------------------------------------------------------------------------------
Undistributed net investment income (loss) (16,280,515) (148,328)
----------------------------------------------------------------------------------------------
Undistributed net realized gain from investment securities 942,656,746 389,528,207
----------------------------------------------------------------------------------------------
Unrealized appreciation of investment securities 1,587,562,328 1,066,153,711
----------------------------------------------------------------------------------------------
$4,458,947,691 $2,840,171,882
==============================================================================================
</TABLE>
See Notes to Financial Statements.
11
<PAGE> 14
NOTES TO FINANCIAL STATEMENTS
April 30, 2000
(Unaudited)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES
AIM Aggressive Growth Fund (the "Fund") is a series portfolio of AIM Equity
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 eleven 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 will
be 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 achieve long-term growth of
capital by investing primarily in common stocks of companies whose earnings the
Fund's portfolio managers expect to grow more than 15% per year.
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 the 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 its last sales price as of the close of the
customary trading session on the exchange where the security is principally
traded, or lacking any sales on a particular day, the security is valued at
the closing bid price on that day. Each security reported on the NASDAQ
National Market System is 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 maturity date. Securities for which market prices are not provided by
any of the above methods are valued based upon quotes furnished by
independent sources and are valued at the last bid price in the case of
equity securities and in the case of debt obligations, the mean between the
last bid and asked prices. Securities for which market quotations are 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 of the Company.
Short-term obligations having 60 days or less to maturity are valued at
amortized cost which approximates market value. For purposes of determining
net asset value per share, futures and option contracts generally will be
valued 15 minutes after the close of the customary trading session of the
New York Stock Exchange ("NYSE").
Generally, trading in foreign securities is substantially completed
each day at various times prior to the close of the NYSE. 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 NYSE. 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
customary trading session of the NYSE 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. Securities Transactions and Investment Income--Securities transactions are
accounted for on a trade date basis. Realized gains or losses on sales 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 the accrual basis. Dividend income is recorded on the ex-dividend date.
C. Distributions--Distributions from income and net realized capital gains,
if any, are generally paid annually and recorded on ex-dividend date. The
Fund may elect to use a portion of the proceeds from redemptions as
distributions for federal income tax purposes.
D. 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.
E. Expenses--Distribution expenses and certain transfer agency expenses
directly attributable to a class of shares are charged to those classes'
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 0.80% of
the first $150 million of the Fund's average daily net assets, plus 0.625% of
the Fund's average daily net assets in excess of $150 million.
The Fund, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain
12
<PAGE> 15
administrative costs incurred in providing accounting services to the Fund. For
the six months ended April 30, 2000, AIM was paid $109,225 for such services.
The Fund, pursuant to a transfer agency and service agreement, has agreed to
pay A I M Fund Services, Inc. ("AFS") a fee for providing transfer agency and
shareholder services to the Fund. For the six months ended April 30, 2000, AFS
was paid $1,110,279 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 plans
pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A
shares, Class B shares and Class C shares (collectively the "Plans"). The Fund,
pursuant to the Plans, pays AIM Distributors compensation at the annual rate of
0.25% of the Fund's average daily net assets of Class A shares and 1.00% of the
average daily net assets of Class B and C 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 Class 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, 2000, the Class A, Class B and Class C shares paid AIM Distributors
$4,460,776, $445,428 and $132,379, respectively, as compensation under the
Plans.
AIM Distributors received commissions of $840,200 from sales of the Class A
shares of the Fund during the six months ended April 30, 2000. 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,
2000, AIM Distributors received $28,818 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, 2000, the Fund paid legal fees of
$3,150 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, 2000, the Fund received reductions in
transfer agency fees from AFS (an affiliate of AIM) and reductions in custodian
fees of $23,149 and $64,278, respectively, under expense offset arrangements.
The effect of the above arrangements resulted in a reduction of the Fund's total
expenses of $87,427 during the six months ended April 30, 2000.
NOTE 4-DIRECTORS' FEES
Directors' fees represent remuneration paid to directors who are not an
"interested person" of AIM. The Company invests 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, 2000, 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 0.09% 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, 2000 was
$2,110,818,532 and $1,925,913,280, respectively.
The amount of unrealized appreciation (depreciation) of investment securities,
for tax purposes, as of April 30, 2000 is as follows:
<TABLE>
<S> <C>
Aggregate unrealized appreciation of
investment securities $1,738,594,490
----------------------------------------------------------
Aggregate unrealized (depreciation) of
investment securities (151,219,239)
----------------------------------------------------------
Net unrealized appreciation of investment
securities $1,587,375,251
==========================================================
Cost of investments for tax purposes is $2,939,817,191.
</TABLE>
13
<PAGE> 16
NOTE 7-CAPITAL STOCK
Changes in capital stock outstanding during the six months ended April 30, 2000
and the year ended October 31, 1999 were as follows:
<TABLE>
<CAPTION>
APRIL 30, 2000 OCTOBER 31, 1999
--------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Sold:
Class A 7,592,987 $ 541,258,053 20,202,014 $ 945,046,848
---------------------------------------------------------------------------------------------------------------------------
Class B* 2,139,259 153,485,375 515,321 25,493,142
---------------------------------------------------------------------------------------------------------------------------
Class C* 692,412 49,698,242 137,866 6,796,692
---------------------------------------------------------------------------------------------------------------------------
Issued as reinvestment of dividends:
Class A 5,280,778 297,989,762 522,585 23,265,335
---------------------------------------------------------------------------------------------------------------------------
Class B 72,261 4,044,626 -- --
---------------------------------------------------------------------------------------------------------------------------
Class C 19,216 1,075,533 -- --
---------------------------------------------------------------------------------------------------------------------------
Reacquired:
Class A (6,836,536) (464,473,294) (35,925,286) (1,666,267,812)
---------------------------------------------------------------------------------------------------------------------------
Class B* (260,809) (18,658,713) (64,363) (3,185,537)
---------------------------------------------------------------------------------------------------------------------------
Class C* (60,287) (4,048,744) (14,649) (739,975)
---------------------------------------------------------------------------------------------------------------------------
8,639,281 $ 560,370,840 (14,626,512) $ (669,591,307)
===========================================================================================================================
* Class B shares and Class C shares commenced sales on March 1, 1999.
</TABLE>
NOTE 8-FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share outstanding
throughout each period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
CLASS A
-------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, -----------------------------------------------------------------
2000 1999 1998 1997 1996 1995
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 55.61 $ 40.15 $ 49.97 $ 44.93 $ 40.13 $ 28.37
--------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (0.27) (0.37) (0.33) (0.26) (0.32) (0.04)
--------------------------------------------------------------------------------------------------------------------------------
Net gains (losses) on securities (both
realized and unrealized) 25.81 16.22 (7.71) 7.60 6.09 11.80
--------------------------------------------------------------------------------------------------------------------------------
Total from investment operations 25.54 15.85 (8.04) 7.34 5.77 11.76
--------------------------------------------------------------------------------------------------------------------------------
Less distributions from net realized
gains (6.44) (0.39) (1.78) (2.30) (0.97) --
--------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 74.71 $ 55.61 $ 40.15 $ 49.97 $ 44.93 $ 40.13
================================================================================================================================
Total return(a) 49.67% 39.73% (16.36)% 17.35% 14.77% 41.45%
================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $4,224,398 $2,808,451 $2,638,038 $3,864,257 $2,750,564 $2,245,554
================================================================================================================================
Ratio of expenses to average net assets 1.04%(b) 1.09% 1.06% 1.06% 1.11% 1.08%(c)
================================================================================================================================
Ratio of net investment income (loss) to
average net assets (0.81)%(b) (0.69)% (0.64)% (0.65)% (0.76)% (0.19)%
================================================================================================================================
Portfolio turnover rate 52% 75% 69% 73% 79% 52%
================================================================================================================================
</TABLE>
(a) Does not deduct sales charges and is not annualized for periods less than
one year.
(b) Ratios are annualized and based on average net assets of $3,733,020,141.
(c) After fee waiver and/or expense reimbursement. Ratio of expenses to average
net assets prior to fee waiver and/or expense reimbursement was 1.15%.
14
<PAGE> 17
NOTE 8-FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
CLASS B CLASS C
--------------------------------- ---------------------------------
MARCH 1, 1999 MARCH 1, 1999
(DATE SALES (DATE SALES
COMMENCED) COMMENCED)
SIX MONTHS ENDED TO SIX MONTHS ENDED TO
APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31,
2000(a) 1999 200l(a) 1999
---------------- ------------- ---------------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 55.25 $ 43.41 $ 55.25 $43.41
---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (0.59) (0.28) (0.59) (0.28)
---------------------------------------------------------------------------------------------------------------------------------
Net gains on securities (both realized and unrealized) 25.63 12.12 25.62 12.12
---------------------------------------------------------------------------------------------------------------------------------
Total from investment operations 25.04 11.84 25.03 11.84
---------------------------------------------------------------------------------------------------------------------------------
Less distributions from net realized gains (6.44) -- (6.44) --
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 73.85 $ 55.25 $ 73.84 $55.25
=================================================================================================================================
Total return(b) 49.05% 27.27% 49.03% 27.27%
=================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $177,359 $24,914 $57,191 $6,807
=================================================================================================================================
Ratio of expenses to average net assets 1.91%(c) 2.08%(d) 1.91%(c) 2.08%(d)
=================================================================================================================================
Ratio of net investment income (loss) to average net
assets (1.66)%(c) (1.68)%(d) (1.66)%(c) (1.68)%(d)
=================================================================================================================================
Portfolio turnover rate 52% 75% 52% 75%
=================================================================================================================================
</TABLE>
(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 $89,575,129 and
$26,621,181 for Class B and Class C, respectively.
(d) Annualized.
15
<PAGE> 18
<TABLE>
<S> <C> <C>
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 Edgar M. Larsen
Cortland Trust Inc. Senior Vice President A I M Fund Services, Inc.
P.O. Box 4739
Edward K. Dunn Jr. Dana R. Sutton Houston, TX 77210-4739
Chairman, Mercantile Mortgage Corp.; Vice President and Treasurer
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 Mary J. Benson Boston, MA 02110
Chief Executive Officer Assistant Vice President and
Texana Global, Inc.; Assistant Treasurer COUNSEL TO THE FUND
Formerly Member
of the U.S. House of Representatives Sheri Morris Ballard Spahr
Assistant Vice President and Andrews & Ingersoll, LLP
Carl Frischling Assistant Treasurer 1735 Market Street
Partner Philadelphia, PA 19103
Kramer, Levin, Naftalis & Frankel LLP Renee A. Friedli
Assistant Secretary COUNSEL TO THE DIRECTORS
Robert H. Graham
President and Chief Executive Officer P. Michelle Grace Kramer, Levin, Naftalis & Frankel LLP
A I M Management Group Inc. Assistant Secretary 919 Third Avenue
New York, NY 10022
Prema Mathai-Davis Nancy L. Martin
Chief Executive Officer, YWCA of the U.S.A. Assistant Secretary DISTRIBUTOR
Lewis F. Pennock Ofelia M. Mayo A I M Distributors, Inc.
Attorney Assistant Secretary 11 Greenway Plaza
Suite 100
Louis S. Sklar Lisa A. Moss Houston, TX 77046
Executive Vice President Assistant Secretary
Hines Interests
Limited Partnership Kathleen J. Pflueger
Assistant Secretary
Samuel D. Sirko
Assistant Secretary
</TABLE>
16
<PAGE> 19
-------------------------------------
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800-246-5463,
PROVIDES CURRENT ACCOUNT
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-------------------------------------
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o AIM BANK CONNECTION(SM). You can make investments in your AIM account in
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o AIM INTERNET CONNECT(SM). Sign up for this service and you can purchase,
redeem or exchange shares of AIM funds in your current AIM account simply by
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as an IRA or 403(b), only exchanges are allowed over the Internet because of
the tax-reporting and record-keeping requirements these accounts involve.
o AUTOMATIC REINVESTMENT OF DIVIDENDS AND/OR CAPITAL GAINS. You can receive
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o AUTOMATIC INVESTMENT PLAN. You can add to your account by authorizing your
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on a regular schedule.
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o EXCHANGE PRIVILEGE. As your investment goals change, you may exchange part
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o E-MAIL ACCESS. You can contact us at [email protected] for general
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[email protected].
o www.aimfunds.com. Our award-winning Web site provides account information,
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<PAGE> 20
THE AIM FAMILY OF FUNDS--Registered Trademark--
<TABLE>
<S> <C> <C>
GROWTH FUNDS MONEY MARKET FUNDS A I M Management Group Inc. has provided
AIM Aggressive Growth Fund AIM Money Market Fund leadership in the mutual fund industry
AIM Blue Chip Fund AIM Tax-Exempt Cash Fund since 1976 and managed approximately $176
AIM Capital Development Fund billion in assets for more than 7.4
AIM Constellation Fund(1) INTERNATIONAL GROWTH FUNDS million shareholders, including individual
AIM Dent Demographic Trends Fund AIM Advisor International Value Fund investors, corporate clients and financial
AIM Emerging Growth Fund AIM Asian Growth Fund institutions, as of March 31, 2000.
AIM Large Cap Growth Fund AIM Developing Markets Fund The AIM Family of Funds--Registered
AIM Large Cap Opportunities Fund AIM Euroland Growth Fund(5) Trademark--is distributed nationwide, and
AIM Mid Cap Equity Fund AIM European Development Fund AIM today is the eighth-largest mutual
AIM Mid Cap Growth Fund AIM International Equity Fund fund complex in the United States in
AIM Mid Cap Opportunities Fund(2) AIM Japan Growth Fund assets under management, according to
AIM Select Growth Fund AIM Latin American Growth Fund Strategic Insight, an independent mutual
AIM Small Cap Growth Fund(3) fund monitor.
AIM Small Cap Opportunities Fund(4) GLOBAL GROWTH FUNDS
AIM Value Fund AIM Global Aggressive Growth Fund
AIM Weingarten Fund AIM Global Growth Fund
AIM Global Trends Fund(6)
GROWTH & INCOME FUNDS
AIM Advisor Flex Fund GLOBAL GROWTH & INCOME FUNDS
AIM Advisor Real Estate Fund AIM Global Utilities Fund
AIM Balanced Fund
AIM Basic Value Fund GLOBAL INCOME FUNDS
AIM Charter Fund AIM Global Income Fund
AIM Strategic Income Fund
INCOME FUNDS
AIM Floating Rate Fund THEME FUNDS
AIM High Yield Fund AIM Global Consumer Products and Services Fund
AIM High Yield Fund II AIM Global Financial Services Fund
AIM Income Fund AIM Global Health Care Fund
AIM Intermediate Government Fund AIM Global Infrastructure Fund
AIM Limited Maturity Treasury Fund AIM Global Resources Fund
AIM Global Telecommunications and Technology Fund
TAX-FREE INCOME FUNDS
AIM High Income Municipal Fund
AIM Municipal Bond Fund
AIM Tax-Exempt Bond Fund of Connecticut
AIM Tax-Free Intermediate Fund
</TABLE>
(1) Effective December 1, 1999, AIM Constellation Fund's investment strategy
broadened to allow investments across all market capitalizations. (2) AIM Mid
Cap Opportunities Fund closed to new investors on March 21, 2000. (3) AIM Small
Cap Growth Fund closed to new investors on November 8, 1999. (4) AIM Small Cap
Opportunities Fund closed to new investors on November 4, 1999. (5) On September
1, 1999, AIM Europe Growth Fund was renamed AIM Euroland Growth Fund. Previously
the fund invested in all size companies in most areas of Europe. The fund now
seeks to invest at least 65% of its assets in large-cap companies within
countries using the euro as their currency (EMU-member countries). (6) Effective
August 27, 1999, AIM Global Trends Fund was restructured to operate as a
traditional mutual fund. Before that date, the fund operated as a fund of funds.
For more complete information about any AIM fund(s), including sales charges and
expenses, ask your financial advisor or securities dealer for a free
prospectus(es). Please read the prospectus(es) carefully before you invest or
send money. If used as sales material after July 20, 2000, this report must be
accompanied by a current Quarterly Review of Performance for AIM Funds.
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--Registered Trademark--
INVEST WITH DISCIPLINE
--Register Trademark--
AGRO-SAR-1
A I M DISTRIBUTORS, INC.
