<PAGE> 1
[AIM LOGO APPEARS HERE]
[GRAPHIC COLLAGE APPEARS HERE]
AIM MONEY MARKET FUND
SEMIANNUAL REPORT
JUNE 30, 1995
<PAGE> 2
CHAIRMAN'S LETTER
Dear Shareholder:
After the volatility and uncertainty of financial markets in
1994, investors welcomed evidence that the Federal Reserve
[PHOTO of Board was succeeding with its year-long effort to contain
Charles T. Bauer, inflation and moderate economic growth without precipitating
Chairman of a recession. During the first quarter of 1995, economic
the Board of growth was at a 2.7% annualized rate, decidedly slower than
the Fund, the 5.1% rate logged in the fourth quarter of 1994. By the
APPEARS HERE] second quarter of 1995, growth had dropped to an annualized
rate below 1%.
After the final short-term interest rate hike in February, the Federal Funds
rate was targeted at 6%. Financial markets became much more stable, and
long-term rates even began to decline. As of June 30, 1995, for example, the
yield on a 30-year U.S. Treasury Bond was 6.62%, down from 7.88% on December 30,
1994.
As short-term interest rates seemed to have stabilized at their higher
level of late 1994 and early 1995, AIM Money Market Fund's managers lengthened
the portfolio's weighted average maturity. At the close of the reporting
period, the weighted average maturity was 31 days, up from seven days six
months earlier. With this strategy, the Fund continued to provide attractive
yields. As of June 30, 1995, the Fund's seven-day yield was 4.99% for Class A
shares, 4.27% for Class B shares, and 4.96% for Class C shares.
As the reporting period was drawing to a close, opinion about the
state of the U.S. economy was divided and economic data were mixed. Personal
income declined 0.2% during May, but the housing market boomed with sales of
new single-family homes up 12.5%. In June, unemployment dropped 0.1% as the
economy added 215,000 jobs. However, most of these were in such seasonal
industries as recreation and tourism; approximately 40,000 factory workers were
laid off during June.
Studying this information, many observers believed the goals of stable
growth and subdued inflation had been achieved, thereby precluding the need for
any intervention by the Federal Reserve Board. Others were concerned about the
possibility of recession and believed the Board should therefore lower
short-term rates to stimulate greater economic activity.
On July 6, shortly after the close of the period covered by this
report, the Federal Reserve Board did lower the Federal Funds rate by 0.25%.
The move provoked a mixed reaction, some hailing it as likely to ward off a
slowdown, others declaring it unnecessary in light of the June data. The market
speculated whether this was an isolated cut or signaled further cuts to come.
The short maturities of the securities held by AIM Money Market Fund
enable it to respond swiftly to such changes in the financial environment and
provide a potentially attractive shelter from market volatility. The Fund seeks
as high a level of current income as possible consistent with preservation of
capital and liquidity. The Fund invests in a diversified portfolio of
high-quality money market instruments--including commercial paper, repurchase
agreements, and U.S. Treasury and U.S. government agency securities--with
maturities of 397 days or less from date of investment. It maintains a
dollar-weighted average portfolio maturity of 90 days or less.
As always, we are ready to respond to your questions or comments about
this report. Please call Client Services at 800-959-4246 during normal business
hours. For automated account information 24 hours a day, call the AIM Investor
Line toll-free at 800-246-5463.
Respectfully submitted,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman
<PAGE> 3
FINANCIALS
SCHEDULE OF INVESTMENTS
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
<S> <C> <C> <C>
COMMERCIAL PAPER-47.75%(a)
ASSET-BACKED SECURITIES-7.88%
Clipper Receivables Corp.
5.59% 07/05/95 $ 19,000 $ 18,987,439
- -----------------------------------------------------------------------------------------------
Falcon Asset Securitization Corp.
5.94% 08/15/95 19,095 18,953,220
- -----------------------------------------------------------------------------------------------
37,940,659
- -----------------------------------------------------------------------------------------------
AUTOMOBILE (MANUFACTURERS)-4.40%
Ford Motor Credit Co.
5.90% 09/20/95 21,500 21,214,588
- -----------------------------------------------------------------------------------------------
BEVERAGES (ALCOHOLIC)-1.06%
Seagram (Joseph E.) & Sons, Inc.
6.17% 07/05/95 5,106 5,102,499
- -----------------------------------------------------------------------------------------------
BEVERAGES (SOFT DRINKS)-4.65%
PepsiCo, Inc.
5.70% 12/21/95 23,000 22,369,992
- -----------------------------------------------------------------------------------------------
CONSUMER NONDURABLES-4.13%
Philip Morris Companies Inc.
5.93% 08/10/95 20,000 19,868,222
- -----------------------------------------------------------------------------------------------
ELECTRIC POWER-3.93%
CSW Credit, Inc.
5.97% 07/24/95 19,000 18,927,531
- -----------------------------------------------------------------------------------------------
FINANCE (BUSINESS SERVICES)-3.07%
National Rural Utilities Cooperative Finance Corp.
5.55% 10/05/95 15,000 14,778,000
- -----------------------------------------------------------------------------------------------
FINANCE (CONSUMER CREDIT)-4.13%
American Express Credit Corp.
6.10% 08/03/95 20,000 19,888,167
- -----------------------------------------------------------------------------------------------
FINANCE (LEASING SERVICES)-7.92%
Hertz Corp.
5.94% 08/14/95 18,500 18,365,690
- -----------------------------------------------------------------------------------------------
International Lease Finance Corp.
6.10% 09/11/95 20,000 19,756,000
- -----------------------------------------------------------------------------------------------
38,121,690
- -----------------------------------------------------------------------------------------------
FINANCE (MISCELLANEOUS)-4.33%
BTR Dunlop Finance Inc.
5.90% 08/18/95 21,000 20,834,800
- -----------------------------------------------------------------------------------------------
OIL & GAS-2.25%
ARCO Coal Australia Inc.
5.77% 09/07/95 10,953 10,833,625
- -----------------------------------------------------------------------------------------------
Total Commercial Paper 229,879,773
- -----------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE> 4
FINANCIALS
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
<S> <C> <C> <C>
MASTER NOTE AGREEMENT-5.09%
Morgan (J.P.) & Co. Inc.(b)
6.55% 10/16/95 $ 24,500 $ 24,500,000
- ---------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES-11.34%
Federal National Mortgage Association
5.58% 06/02/99 32,000 32,000,000
- ---------------------------------------------------------------------------------------------------------
Student Loan Marketing Association
5.70%(c) 08/20/98 2,600 2,600,000
- ---------------------------------------------------------------------------------------------------------
5.72%(c) 02/08/99 20,000 20,012,976
- ---------------------------------------------------------------------------------------------------------
Total U.S. Government Agencies 54,612,976
- ---------------------------------------------------------------------------------------------------------
Total Investments (excluding Repurchase Agreements) 308,992,749
- ---------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS(d)-29.17%
Daiwa Securities America Inc.(e)
6.20% 07/03/95 25,412 25,412,206
- ---------------------------------------------------------------------------------------------------------
SBC Government Securities, Inc.(f)
6.22% 07/03/95 115,000 115,000,000
- ---------------------------------------------------------------------------------------------------------
Total Repurchase Agreements 140,412,206
- ---------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 93.35% 449,404,955
- ---------------------------------------------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES -- 6.65% 32,010,490
- ---------------------------------------------------------------------------------------------------------
NET ASSETS -- 100.00% $481,415,445
=========================================================================================================
</TABLE>
(a) Some commercial paper is traded on a discount basis. In such cases the
interest rate shown represents the rate of discount paid or received at
the time of purchase by the Fund.
(b) The Fund may demand prepayment of notes purchased under the Master Note
Purchase Agreement upon seven calendar days' notice. Interest rate on the
master note is redetermined periodically. Rate shown is the rate in
effect on June 30, 1995.
(c) Interest rates are redetermined weekly. Rates shown are the rates in
effect on June 30, 1995.
(d) Collateral on repurchase agreements, including the Fund's pro-rata
interest in joint repurchase agreements, is taken into possession by the
Fund upon entering into the repurchase agreement. The collateral is
marked to market daily to ensure its market value as being 102 percent of
the sales price of the repurchase agreement. The investments in some
repurchase agreements are through participation in joint accounts with
other mutual funds managed by the investment advisor.
(e) Joint repurchase agreement entered into 06/30/95 with a maturing value of
$186,890,118. Collateralized by $195,572,000 U.S. Treasury obligations,
0% to 8.375% due 06/27/96 to 08/15/08.
(f) Joint repurchase agreement entered into 06/30/95 with a maturing value of
$200,103,667. Collateralized by $233,420,000 U.S. Treasury obligations,
0% to 8.25% due 07/05/95 to 08/15/02.
See Notes to Financial Statements.
3
<PAGE> 5
FINANCIALS
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, excluding repurchase agreements, at value (amortized cost) $308,992,749
- ----------------------------------------------------------------------------------------
Repurchase agreements 140,412,206
- ----------------------------------------------------------------------------------------
Receivables for:
Capital stock sold 39,021,593
- ----------------------------------------------------------------------------------------
Interest 491,745
- ----------------------------------------------------------------------------------------
Investment for deferred compensation plan 75,006
- ----------------------------------------------------------------------------------------
Other assets 90,976
- ----------------------------------------------------------------------------------------
Total assets 489,084,275
- ----------------------------------------------------------------------------------------
LIABILITIES:
Payables for:
Capital stock reacquired 7,095,330
- ----------------------------------------------------------------------------------------
Dividends 104,970
- ----------------------------------------------------------------------------------------
Deferred compensation plan 75,006
- ----------------------------------------------------------------------------------------
Accrued distribution fees 270,831
- ----------------------------------------------------------------------------------------
Accrued operating expenses 122,693
- ----------------------------------------------------------------------------------------
Total liabilities 7,668,830
- ----------------------------------------------------------------------------------------
Net assets applicable to shares outstanding $481,415,445
========================================================================================
NET ASSETS:
Class A $174,807,353
========================================================================================
Class B $ 46,903,778
========================================================================================
Class C $259,704,314
========================================================================================
SHARES OUTSTANDING, $0.01 PAR VALUE PER SHARE:
Class A 174,820,120
========================================================================================
Class B 46,906,229
========================================================================================
Class C 259,730,438
========================================================================================
Class A:
Net asset value and redemption price per share $ 1.00
========================================================================================
Offering price per share:
(Net asset value of $1.00 divided by 94.50%) $ 1.06
========================================================================================
Class B:
Net asset value and offering price per share $ 1.00
========================================================================================
Class C:
Net asset value, offering and redemption price per share $ 1.00
========================================================================================
</TABLE>
See Notes to Financial Statements.
4
<PAGE> 6
FINANCIALS
STATEMENT OF OPERATIONS
For the six months ended June 30, 1995
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest income $13,064,721
- ----------------------------------------------------------------------------------------
EXPENSES:
Advisory fees 1,180,301
- ----------------------------------------------------------------------------------------
Custodian fees 61,267
- ----------------------------------------------------------------------------------------
Distribution fees -- Class A 165,670
- ----------------------------------------------------------------------------------------
Distribution fees -- Class B 127,315
- ----------------------------------------------------------------------------------------
Distribution fees -- Class C 339,002
- ----------------------------------------------------------------------------------------
Trustees' fees 3,984
- ----------------------------------------------------------------------------------------
Transfer agent fees -- Class A 66,517
- ----------------------------------------------------------------------------------------
Transfer agent fees -- Class B 17,794
- ----------------------------------------------------------------------------------------
Transfer agent fees -- Class C 145,254
- ----------------------------------------------------------------------------------------
Administrative service fees 29,049
- ----------------------------------------------------------------------------------------
Other 86,584
- ----------------------------------------------------------------------------------------
Total expenses 2,222,737
- ----------------------------------------------------------------------------------------
Net investment income 10,841,984
- ----------------------------------------------------------------------------------------
Net realized gain (loss) on sales of investments (41,342)
- ----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $10,800,642
========================================================================================
</TABLE>
See Notes to Financial Statements.
5
<PAGE> 7
FINANCIALS
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended June 30, 1995 and the year ended December 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
JUNE 30, DECEMBER 31,
1995 1994
<S> <C> <C>
OPERATIONS:
Net investment income $ 10,841,984 $ 15,485,684
- ---------------------------------------------------------------------------------------------------
Net realized gain (loss) on sales of investment securities (41,342) --
- ---------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 10,800,642 15,485,684
- ---------------------------------------------------------------------------------------------------
Distributions to shareholders from net investment income:
Class A (3,389,686) (3,918,606)
- ---------------------------------------------------------------------------------------------------
Class B (547,701) (600,466)
- ---------------------------------------------------------------------------------------------------
Class C (6,904,597) (10,966,612)
- ---------------------------------------------------------------------------------------------------
Share transactions-net:
Class A 25,934,391 67,425,582
- ---------------------------------------------------------------------------------------------------
Class B 12,907,271 32,709,856
- ---------------------------------------------------------------------------------------------------
Class C (100,221,114) 118,173,709
- ---------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (61,420,794) 218,309,147
- ---------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 542,836,239 324,527,092
- ---------------------------------------------------------------------------------------------------
End of period $ 481,415,445 $542,836,239
===================================================================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $ 481,456,787 $542,836,239
- ---------------------------------------------------------------------------------------------------
Undistributed net realized gain (loss) on sales of investments (41,342) --
- ---------------------------------------------------------------------------------------------------
$ 481,415,445 $542,836,239
===================================================================================================
</TABLE>
See Notes to Financial Statements.
6
<PAGE> 8
FINANCIALS
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
(Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
AIM Money Market Fund (the "Fund") is a series portfolio of AIM Funds Group (the
"Trust"). The Trust is a Delaware business trust registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end series
management investment company consisting of nine separate series portfolios,
each having an unlimited number of shares of beneficial interest. The Fund
currently offers three different classes of shares: the Class A shares, the
Class B shares and the Class C shares. Class A shares are sold with a front-end
sales charge. Class B shares are sold with a contingent deferred sales charge.
Class C shares are sold at net asset value. 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 following is a summary of significant accounting policies
followed by the Fund in the preparation of its financial statements.
A. Security Valuations - The Fund invests only in securities which have
maturities of 397 days or less from the date of purchase. The securities are
valued on the basis of amortized cost which approximates market value. This
method values a security at its cost on the date of purchase and thereafter
assumes a constant amortization to maturity of any discount or premium.
B. Securities Transactions, Investment Income and Distributions - 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, adjusted for amortization of premiums and
discounts on investments, is recorded as earned from settlement date and is
recorded on the accrual basis. Dividends to shareholders are declared daily
and are paid monthly.
C. 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.
D. Expenses - Operating expenses directly attributable to a class of shares are
charged to that class' operations. Expenses which are applicable to all
classes, e.g. advisory fees, are allocated among them.
NOTE 2 - ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust 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 an annual rate of 0.55% of
the first $1 billion of the Fund's average daily net assets plus 0.50% of the
Fund's average daily net assets in excess of $1 billion. This agreement requires
AIM to reduce its fees or, if necessary, make payments to the Fund to the extent
required to satisfy any expense limitations imposed by the securities laws or
regulations thereunder of any state in which the Fund's shares are qualified for
sale.
The Fund, pursuant to a master administrative services agreement with AIM,
has agreed to reimburse AIM for certain administrative costs incurred in
providing accounting services to the Fund. During the six months ended June 30,
1995, AIM was reimbursed $29,049 for such services.
The Fund, pursuant to a transfer agency and service agreement, has agreed to
reimburse A I M Fund Services, Inc. ("AFS") for certain costs incurred in
providing transfer agency services to the Fund. During the six months ended June
30, 1995, AFS was reimbursed $160,868.
The Trust has entered into master distribution agreements with A I M
Distributors, Inc. ("AIM Distributors") to serve as the distributor for the
Class A shares, the Class B shares and the Class C shares of the Fund. The Trust
has adopted 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 with
respect to the Fund's Class B shares (the "Class B Plan") (collectively, the
"Plans"). The Fund, pursuant to the Class A and C Plan, pays to AIM Distributors
compensation at an annual rate of 0.25% of the average daily net assets
attributable to the Class A shares and the Class C shares. The Class A
7
<PAGE> 9
FINANCIALS
NOTE 2 - ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES (continued)
and C Plan is designed to compensate AIM Distributors for certain promotional
and other sales related costs, and to implement a program which provides
periodic payments to selected dealers and financial institutions who furnish
continuing personal shareholder services to their customers who purchase and own
Class A shares or Class C shares of the Fund. 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 attributable to the Class B shares. Of this amount, the
Fund may pay a service fee of 0.25% of the average daily net assets of the Class
B shares to selected dealers and financial institutions who furnish continuing
personal shareholder services to their customers who purchase and own Class B
shares of the Fund. Any amounts not paid as a service fee under such Plans would
constitute an asset-based sales charge. The Plans also impose a cap on the total
sales charges, including asset-based sales charges, that may be paid by the
respective classes. During the six months ended June 30, 1995, the Class A
shares, the Class B shares and the Class C shares paid AIM Distributors
$165,670, $127,315 and $339,002, respectively, as compensation under the Plans.
AIM Distributors received commissions of $156,462 from sales of the Class A
shares of the Fund during the six months ended June 30, 1995. Such commissions
are not an expense of the Fund. They are deducted from, and are not included in,
the proceeds from sales of Class A shares. During the six months ended June 30,
1995, AIM Distributors received $143,167 in contingent deferred sales charges
imposed on redemptions of Fund shares. Certain officers and trustees of the
Trust are officers and directors of AIM, AIM Distributors and AFS.
During the six months ended June 30, 1995, the Fund paid legal fees of $245
for services rendered by Kramer, Levin, Naftalis, Nessen, Kamin & Frankel as
counsel to the Board of Trustees. A member of that firm is a trustee of the
Trust.
NOTE 3 - TRUSTEES' FEES
Trustees' fees represent remuneration paid or accrued to each trustee who is not
an "interested person" of the Trust. The Trust may invest trustees' fees, if so
elected by a trustee, in mutual fund shares in accordance with a deferred
compensation plan.
8
<PAGE> 10
FINANCIALS
NOTE 4 - SHARE INFORMATION
Changes in shares outstanding during the six months ended June 30, 1995 and the
year ended December 31, 1994 were as follows:
<TABLE>
<CAPTION>
JUNE 30, 1995 DECEMBER 31, 1994
----------------------------------- -----------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
Sold:
Class A 377,991,043 $ 377,991,043 607,113,357 $ 607,113,357
- ------------------------------------------------ ----------------------------------- -----------------------------------
Class B 53,856,332 53,856,332 94,699,624 94,699,624
- ------------------------------------------------ ----------------------------------- -----------------------------------
Class C 1,510,116,945 1,510,116,945 2,084,342,014 2,084,342,014
- ------------------------------------------------ ----------------------------------- -----------------------------------
Issued as reinvestment of dividends:
Class A 2,994,114 2,994,114 3,420,397 3,420,397
- ------------------------------------------------ ----------------------------------- -----------------------------------
Class B 482,871 482,871 503,240 503,240
- ------------------------------------------------ ----------------------------------- -----------------------------------
Class C 5,613,554 5,613,554 9,396,978 9,396,978
- ------------------------------------------------ ----------------------------------- -----------------------------------
Reacquired:
Class A (355,050,766) (355,050,766) (543,108,172) (543,108,172)
- ------------------------------------------------ ----------------------------------- -----------------------------------
Class B (41,431,932) (41,431,932) (62,493,008) (62,493,008)
- ------------------------------------------------ ----------------------------------- -----------------------------------
Class C (1,615,951,613) (1,615,951,613) (1,975,565,283) (1,975,565,283)
- ------------------------------------------------ ----------------------------------- -----------------------------------
(61,379,452) $ (61,379,452) 218,309,147 $ 218,309,147
================================================ =================================== ===================================
</TABLE>
NOTE 5 - FINANCIAL HIGHLIGHTS
Shown below are the condensed financial highlights for a Class A share, a Class
B share and a Class C share outstanding during the six months ended June 30,
1995, the year ended December 31, 1994 and the period October 16, 1993 (date
operations commenced) through December 31, 1993.
<TABLE>
<CAPTION>
CLASS A SHARES CLASS B SHARES
------------------------------------ --------------------------------
DECEMBER 31, DECEMBER 31,
JUNE 30, ---------------------- JUNE 30, --------------------
1995 1994 1993 1995 1994 1993
-------- -------- -------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------- -------- -------- -------- ------- ------- --------
Income from investment operations:
Net investment income 0.0254 0.0337 0.0048 0.0214 0.0259 0.0032
- --------------------------------------------- -------- -------- -------- ------- ------- --------
Less distributions:
Dividends from net investment income (0.0254) (0.0337) (0.0048) (0.0214) (0.0259) (0.0032)
- --------------------------------------------- -------- -------- -------- ------- ------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============================================= ======== ======== ======== ======= ======= ========
Total return(a) 2.57%(b) 3.43% 2.27%(b) 2.16%(b) 2.62% 1.51%(b)
============================================= ======== ======== ======== ======= ======= ========
Ratios/supplemental data:
Net assets, end of period (000s omitted) $174,807 $148,886 $ 81,460 $46,904 $33,999 $ 1,289
============================================= ======== ======== ======== ======= ======= ========
Ratio of expenses to average net assets 0.98%(c) 0.97%(d) 1.00%(b)(d) 1.78%(c) 1.78%(e) 1.75%(b)(e)
============================================= ======== ======== ======== ======= ======= ========
Ratio of net investment income to average net
assets 5.12%(c) 3.53%(d) 2.27%(b)(d) 4.30%(c) 3.14%(e) 1.54%(b)(e)
============================================= ======== ======== ======== ======= ======= ========
<CAPTION>
CLASS C SHARES
------------------------------------
DECEMBER 31,
JUNE 30, ----------------------
1995 1994 1993
-------- -------- --------
<S> <<C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
- --------------------------------------------- -------- -------- --------
Income from investment operations:
Net investment income 0.0253 0.0337 0.0048
- --------------------------------------------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.0253) (0.0337) (0.0048)
- --------------------------------------------- -------- -------- --------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
============================================= ======== ======== ========
Total return(a) 2.56%(b) 3.42% 2.27%(b)
============================================= ======== ======== ========
Ratios/supplemental data:
Net assets, end of period (000s omitted) $259,704 $359,952 $241,778
============================================= ======== ======== ========
Ratio of expenses to average net assets 0.99%(c) 0.99%(f) 1.00%(b)(f)
============================================= ======== ======== ========
Ratio of net investment income to average net
assets 5.09%(c) 3.49%(f) 2.27%(b)(f)
============================================= ======== ======== ========
</TABLE>
(a) Does not deduct sale charges or contingent deferred sales charges, where
applicable.
(b) Annualized.
(c) Ratios are annualized and based on average daily net assets as follows:
Class A Shares - $133,634,518, Class B Shares - $25,673,957 and Class C
Shares - $273,448,847.
(d) Ratios of expenses and net investment income to average daily net assets
prior to waiver of advisory fees are 1.06% and 3.44% for 1994 and 1.20%
(annualized) and 2.07% (annualized) for 1993.
(e) Ratios of expenses and net investment income to average daily net assets
prior to waiver of advisory fees are 1.87% and 3.05% for 1994 and 1.95%
(annualized) and 1.34% (annualized) for 1993.
(f) Ratios of expenses and net investment income to average daily net assets
prior to waiver of advisory fees are 1.08% and 3.40% for 1994 and 1.20%
(annualized) and 2.07% (annualized) for 1993.
9
<PAGE> 11
TRUSTEES & OFFICERS
<TABLE>
<S> <C> <C>
BOARD OF TRUSTEES OFFICERS OFFICE OF THE FUND
Charles T. Bauer Charles T. Bauer 11 Greenway Plaza
Chairman and Chief Executive Officer Chairman Suite 1919
A I M Management Group Inc. Houston, TX 77046
Robert H. Graham 800-347-1919
Bruce L. Crockett President
Director, President and
Chief Executive Officer John J. Arthur INVESTMENT ADVISOR
COMSAT Corporation Senior Vice President and Treasurer
A I M Advisors, Inc.
Owen Daly II Gary T. Crum 11 Greenway Plaza
Director Senior Vice President Suite 1919
Cortland Trust Inc. Houston, TX 77046
Carol F. Relihan
Carl Frischling Vice President and Secretary
Partner TRANSFER AGENT
Kramer, Levin, Naftalis, Nessen, Dana R. Sutton
Kamin & Frankel Vice President A I M Fund Services, Inc.
and Assistant Treasurer P.O. Box 4739
Robert H. Graham Houston, TX 77210-4739
President Robert G. Alley
A I M Management Group Inc. Vice President
CUSTODIAN
John F. Kroeger Stuart W. Coco
Formerly, Consultant Vice President State Street Bank and Trust Company
Wendell & Stockel Associates, Inc. 225 Franklin Street
Melville B. Cox Boston, MA 02110
Lewis F. Pennock Vice President
Attorney
Karen Dunn Kelley COUNSEL TO THE FUND
Ian W. Robinson Vice President
Consultant; Former Executive Ballard Spahr
Vice President and Jonathan C. Schoolar Andrews & Ingersoll
Chief Financial Officer Vice President 1735 Market Street
Bell Atlantic Management Philadelphia, PA 19103
Services, Inc. P. Michelle Grace
Assistant Secretary
Louis S. Sklar COUNSEL TO THE TRUSTEES
Executive Vice President Nancy L. Martin
Hines Interests Assistant Secretary Kramer, Levin, Naftalis,
Limited Partnership Nessen, Kamin & Frankel
Ofelia M. Mayo 919 Third Avenue
Assistant Secretary New York, NY 10022
Kathleen J. Pflueger
Assistant Secretary DISTRIBUTOR
Samuel D. Sirko A I M Distributors, Inc.
Assistant Secretary 11 Greenway Plaza
Suite 1919
Stephen I. Winer Houston, TX 77046
Assistant Secretary
Mary J. Benson
Assistant Treasurer
</TABLE>
This report may be distributed only to current shareholders or to persons
who have received a current Fund prospectus.
10
<PAGE> 12
A I M Distributors, Inc. ---------------
[AIM LOGO 11 Greenway Plaza, Suite 1919 BULK RATE
APPEARS HERE] Houston, Texas 77046 U.S. POSTAGE
PAID
Houston, TX
THE AIM FAMILY OF FUNDS(R) Permit No. 2332
---------------
AGGRESSIVE GROWTH
AIM Aggressive Growth Fund*
AIM Constellation Fund
AIM Global Aggressive Growth Fund
GROWTH
AIM Global Growth Fund
AIM Growth Fund
AIM International Equity Fund
AIM Value Fund
AIM Weingarten Fund
GROWTH AND INCOME
AIM Balanced Fund
AIM Charter Fund
INCOME AND GROWTH [FULL PAGE PHOTO OF
AIM Global Utilities Fund** AIM MANAGEMENT GROUP
HIGH CURRENT INCOME OFFICE BUILDING]
AIM High Yield Fund
CURRENT INCOME
AIM Global Income Fund
AIM Income Fund
CURRENT TAX-FREE INCOME
AIM Municipal Bond Fund
AIM Tax-Exempt Bond Fund of Conn.
AIM Tax-Free Intermediate Shares
CURRENT INCOME AND HIGH DEGREE OF SAFETY
AIM Government Securities Fund
HIGH DEGREE OF SAFETY AND CURRENT INCOME
AIM Limited Maturity Treasury Shares
STABILITY, LIQUIDITY, AND CURRENT INCOME
AIM Money Market Fund
STABILITY, LIQUIDITY, AND CURRENT TAX-FREE INCOME
AIM Tax-Exempt Cash Fund
*AIM Aggressive Growth Fund was closed to new investors on
July 18, 1995. **On May 1, 1995, AIM Utilities Fund broadened its investment
strategy to permit up to 80% of its total assets to be invested in foreign
securities, and was renamed AIM Global Utilities Fund. For more complete
information about any AIM Fund(s), including sales charges and expenses, ask
your financial consultant or securities dealer for a free prospectus(es).
Please read the prospectus(es) carefully before you invest or send money.
