<PAGE>
[LOGO]
/ /
AIM EUROPE
GROWTH FUND
FORMERLY GT GLOBAL
EUROPE GROWTH FUND
/ /
SEMIANNUAL REPORT
JUNE 30, 1998
INVEST WITH
DISCIPLINE-SM-
<PAGE>
TABLE
OF CONTENTS
<TABLE>
<S> <C>
Message from the
Chairman............. 1
Report from the Fund
Managers and Key
Portfolio Holdings... 2
Financial
Statements........... F1
Views of the Fund's management
described in this report are as
of the date written. Portfolio
holdings and allocations are as
of June 30, 1998, unless
otherwise noted. These views,
portfolio holdings and
allocations may have changed
subsequently.
</TABLE>
<PAGE>
MESSAGE FROM THE CHAIRMAN
Dear Fellow Shareholder,
We are pleased to send you this semiannual report. In the time since you
received your last report, there have been a few changes. Your Fund is now a
part of The AIM Family of Funds(r) and has adopted the AIM name. Thanks to a
vote of approval by GT Global shareholders, A I M Advisors, Inc., became the
new investment advisor to GT Global Funds, effective May 29, 1998.
We believe you'll enjoy many advantages as a member of The AIM Family of
Funds-registered trademark-. You'll have access to a greater variety of
investment choices, and you'll benefit from AIM's commitment to excellence in
shareholder service. Most of all, you'll be part of an expanded fund family
that is one of the largest and most respected in the industry. A complete
list of Funds included in the AIM family can be found inside the back cover
of this report. If you would like more information on any of these Funds, we
suggest you talk with your financial consultant to discuss their suitability
for your investment objectives, risk tolerance, and asset allocation.
Though the Funds are wearing a new name, your investments will continue to
seek their stated objectives and receive expert, professional management. In
the report that follows, you'll find commentary from managers you know, with
the depth of coverage you've come to expect.
Effective September 8, GT Global accounts will be fully integrated into the
AIM Family of Funds-registered trademark-. For account information, service,
and transactions, you will contact AIM's Client Services Department at
800-959-4246. Account information is also available on the AIM website at
www.aimfunds.com or on our automated AIM Investor Line at 800-246-5463.
Thank you for your past support of GT Global Funds. AIM is looking forward to
continuing a satisfying relationship with you and helping you reach your
financial goals.
Sincerely,
/s/ Charles T. Bauer
Charles T. Bauer
Chairman
The AIM Family of Funds-Registered Trademark-
<PAGE>
AIM EUROPE GROWTH FUND
PERFORMANCE SUMMARY
INVESTMENT OBJECTIVE AND CURRENT STRATEGY
The Fund seeks long-term capital growth by investing primarily in the equity
securities of issuers from European countries.
EDGAR REPRESENTATION OF PLOT POINTS USED IN PRINTED GRAPHICS
<TABLE>
<CAPTION>
GT Global Europe Growth Fund MSCI Europe
<S> <C> <C>
7/19/85 $9,525.0 $10,000.0
9,534.5 10,191.0
9,563.1 10,717.1
10,067.9 10,897.2
10,953.8 12,111.0
11,763.4 13,062.8
12,992.1 13,636.7
12,896.9 13,901.6
13,906.5 15,558.5
15,059.0 16,837.1
16,116.3 18,407.8
14,620.9 16,786.4
15,287.6 17,523.7
15,859.1 17,379.9
17,278.3 19,328.1
16,659.2 18,110.1
16,678.3 18,226.9
17,830.8 19,209.7
18,316.6 19,699.8
19,421.5 20,576.8
20,497.8 21,318.7
21,209.8 22,379.5
22,049.7 23,263.2
22,373.5 23,141.3
22,778.2 23,808.5
24,174.7 24,616.5
25,186.6 24,829.3
26,077.1 24,999.0
19,560.3 20,254.3
18,643.5 19,370.9
19,523.5 20,506.7
18,945.2 19,673.6
19,774.9 20,839.5
19,913.2 21,421.9
20,076.6 21,829.3
19,737.2 21,430.3
20,139.5 21,222.2
19,900.6 21,277.8
19,284.6 20,320.1
20,224.1 21,432.8
21,436.8 23,427.5
21,315.5 23,725.3
21,692.1 23,859.9
22,961.6 24,733.8
22,654.7 24,461.7
23,198.7 24,647.9
24,426.3 25,341.1
24,161.3 24,052.4
24,984.3 25,053.0
26,742.0 28,011.5
27,341.9 27,670.7
28,374.1 28,156.3
26,225.9 26,320.5
27,955.6 27,791.6
30,522.4 30,793.5
30,355.0 30,722.1
29,852.8 29,997.3
31,164.1 30,432.4
30,271.3 29,636.0
31,554.7 32,061.1
32,391.7 33,199.7
33,814.6 34,612.3
29,490.1 31,192.3
25,667.9 27,531.9
27,035.0 29,866.3
26,504.9 30,178.9
26,030.6 29,756.0
26,532.8 30,771.2
28,541.5 33,477.1
27,760.3 31,245.0
27,286.0 30,928.8
6/30/91 27,732.4 31,854.2
26,281.7 29,191.5
27,230.3 31,226.3
27,230.3 31,808.0
27,146.6 32,774.4
26,114.3 32,098.1
25,109.9 31,356.7
27,156.9 33,820.7
27,043.6 33,824.2
27,241.8 33,969.2
26,647.1 32,792.8
27,694.9 34,615.3
28,601.1 36,599.3
27,723.2 35,931.4
26,505.5 34,662.1
26,279.0 34,564.3
24,410.0 34,007.6
23,079.1 31,648.4
23,758.7 31,646.0
24,098.5 32,384.9
24,126.8 32,452.1
24,495.0 32,835.7
25,372.8 34,537.3
26,109.1 35,311.7
26,533.9 35,703.9
26,647.1 35,194.0
27,355.1 35,325.9
29,592.2 38,437.4
28,459.5 38,329.9
29,592.2 39,938.3
28,771.0 39,087.6
30,922.8 42,033.7
33,062.3 44,185.8
31,464.8 42,632.9
30,009.9 41,438.8
31,151.0 43,167.5
29,496.4 41,345.4
28,983.0 40,924.7
30,837.2 43,083.0
31,322.1 44,463.1
29,867.3 42,714.0
30,723.1 44,589.2
29,325.3 42,895.0
29,128.6 43,152.9
28,431.6 42,829.5
28,489.7 43,815.2
27,850.8 45,865.2
29,099.6 47,348.9
29,738.5 48,335.3
30,261.2 48,808.3
31,974.7 51,370.1
31,103.4 49,401.2
32,148.9 50,911.1
31,800.4 50,688.6
31,626.2 51,066.6
31,999.5 52,702.7
32,117.1 53,064.4
33,440.6 54,049.4
34,470.0 54,714.5
34,911.2 55,128.8
35,911.2 55,573.3
36,528.8 56,204.1
34,293.5 55,519.6
35,499.4 57,186.7
36,146.5 58,409.2
36,411.2 59,784.7
37,764.1 62,833.6
38,273.7 64,070.1
38,511.3 64,262.3
39,105.1 65,129.9
39,817.7 67,252.9
38,719.1 66,937.6
39,966.2 69,815.7
41,925.9 73,327.9
42,460.4 76,782.6
39,728.6 72,414.2
43,440.2 79,455.8
41,450.8 75,570.4
41,599.3 76,749.4
42,559.4 79,573.7
44,164.3 82,905.8
48,949.2 89,408.4
52,456.2 95,798.0
53,258.7 97,679.4
53,942.2 99,681.8
6/30/98 53,813.0 100,648.0
</TABLE>
The chart above shows performance of AIM Europe Growth Fund Class A shares
since the Fund's inception, versus the MSCI Europe Index. This represents a
cumulative return of 438.13% and an average annual total return of 13.88% for
the Fund. The chart assumes a hypothetical $10,000 initial investment in the
Fund's Class A shares and reflects all Fund expenses and the maximum 5.50%
sales charge. A $10,000 investment in the Fund's Class B shares at inception
on April 1, 1993, would have been valued at $20,438 on June 30, 1998. This
figure reflects all Fund expenses and the applicable contingent deferred
sales charge (5% in the first year, decreasing to 0% at the beginning of the
seventh year), assuming complete redemption at the end of the period. A
$10,000 investment in Advisor Class shares at inception on June 1, 1995,
would have been worth $18,359 on June 30, 1998.
AVERAGE ANNUAL TOTAL RETURNS %(1)
JUNE 30, 1998
<TABLE>
<CAPTION>
SHARE CLASS WITHOUT SALES CHARGE(2) WITH SALES CHARGE
1-YEAR 5-YEAR 10-YEAR LOF 1-YEAR 5-YEAR 10-YEAR LOF
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A(3) 29.37 15.27 10.41 14.38 22.27 13.97 9.79 13.88
CLASS B(3) 28.45 14.53 N/A 14.70 23.45 14.30 N/A 14.60
ADVISOR CLASS(4) 30.11 N/A N/A 21.81 N/A N/A N/A N/A
</TABLE>
HISTORICAL PERFORMANCE(2)
ANNUAL TOTAL RETURNS % (LAST 10 YEARS)
<TABLE>
<CAPTION>
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A 11.11 40.71 -14.72 4.33 -11.26 28.32 -5.80 9.86 19.61 11.20
CLASS B N/A N/A N/A N/A N/A 20.503 -6.38 9.20 18.79 10.55
</TABLE>
(1) Figures assume reinvestment of all dividends and capital gains
distributions at net asset value.
(2) Performance data do not reflect the maximum 5.50% sales charge and the
contingent deferred sales charge for Class A and Class B shares,
respectively, which, if included, would have reduced performance quoted.
(3) The Fund began operations (Class A shares) on July 19, 1985; Class B
shares commenced on April 1, 1993.
(4) The Fund began offering Advisor Class shares on June 1, 1995. Advisor
Class shares are not sold directly to the general public. They are only
available through certain employee benefit plans, financial institutions
and other entities that have entered into specific agreements with the
Fund's distributor. Please see the Fund's prospectus for more information.
The above data represent past performance of the Fund's shares, which does
not guarantee future results. The investment return and principal value of an
investment in the Fund will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
From time to time, the Fund's investment advisor may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waivers
and reimbursements are subject to change.
2
<PAGE>
INTERVIEW WITH PORTFOLIO MANAGEMENT TEAM
Q HOW DID THE FUND PERFORM?
A European markets have been riding high on an unprecedented wave of growth,
which translated into excellent results for AIM Europe Growth Fund. For the
six months ended June 30, 1998, total returns for Class A and B shares were
27.44% and 26.96%, respectively excluding sales charges. In comparison, the
Morgan Stanley Capital International Europe Index5 returned 26.49% for the
same period.
Q WHAT WERE EUROPEAN ECONOMIES LIKE DURING THE REPORTING PERIOD?
A Economic news has been mostly positive, with low inflation and expanding
gross domestic product (GDP). The prospect of European Economic and Monetary
Union, or EMU, has been one of the drivers of growth. To participate in EMU,
governments are required to meet strict budgetary guidelines and improve
finances. Consequently, economic growth has increased, interest rates have
dropped, and inflation has dipped dramatically. In January 1999, 11 European
countries (excluding the United Kingdom) are expected to join EMU and begin
using a single currency, the euro.
EUROPEAN MARKETS HAVE BEEN RIDING HIGH ON AN UNPRECEDENTED WAVE OF GROWTH.
Worldwide, other economies contrasted starkly with those of Europe. In Asia,
the economic crisis continued its downward spiral. In the U.S., many
investors have been worried about slower earnings growth and a possible rate
hike by the Federal Reserve Board (the Fed). These concerns generated an
influx of cash into Europe's relatively more attractive markets.
Q WHAT'S DRIVING THE MARKETS?
A While European economies are steaming ahead, European corporations have
embraced the challenge to become more globally competitive. Corporations are
trimming down, becoming more efficient, and focusing on ways to add value for
shareholders. The deep structural changes these corporations are making have
spurred corporate profitability and earnings growth. Consolidation through
mergers and acquisitions has also been very active. Many companies are
looking ahead to when the monetary union will be more established. Rewards to
companies that can consolidate their positions and dominate a market across
Europe are potentially far higher than for companies that only maintain their
local franchises.
A new culture of investing among Europeans is also contributing to the market
surge. In the past, individual Europeans have been bank savers; now they are
turning to equities. This trend has helped the markets become broader,
larger, and more liquid. Peripheral countries such as Spain and Italy have
had noteworthy increases in private investment.
Q WHAT WAS YOUR STRATEGY IN MANAGING THE FUND IN THIS ENVIRONMENT?
A We believe the current low-inflation environment is sustainable for the
next three to five years. Therefore, the Fund continues to focus on companies
that we believe can show strong and sustainable earnings growth over the
medium term.
Telecommunications and software are attractive, particularly companies with
world leadership positions, a sustainable business franchise with high
returns on capital, and better than average growth prospects over the medium
term.
The Fund has very few investments in such areas as construction,
manufacturing, machinery, chemicals, metals, paper, and automobiles. These
areas are exposed to heavy competition within Europe and from cheap imports
coming from Asian countries with recently devalued currencies. Even as demand
in Europe improves, we do not expect to see sustainable profit margin
improvements for these types of businesses.
CONTINUED P.4
(5) The MSCI Europe Index is a market value-weighted average, of the
performance of 593 securities listed on 14 major European stock exchanges. It
includes the effect of reinvested dividends and is measured in U.S. dollars.
Indices are unmanaged, not available for direct investment and do not include
the effects of sales charges and professional management fees.
3
<PAGE>
INTERVIEW WITH PORTFOLIO MANAGEMENT TEAM CONTINUED
Q WHAT KINDS OF OPPORTUNITIES DID YOU FIND IN COMPANIES THAT ARE RESTRUCTURING?
A Again, we look for companies making positive changes that we think will
lead to sustainable growth. For instance, the French telecom company Alcatel
Alsthom Compagnie Generale d'Electricite has downsized, changed management,
and sought greater penetration of the U.S. market. The company now has
enormous potential as a provider of telecommunications equipment. Volvo AB is
another company making dynamic changes that should impact the bottom line.
Q WHAT ROLE DOES THE CONSUMER STAPLES INDUSTRY PLAY IN THE PORTFOLIO?
A We want to temper the risk in the portfolio by investing in established
companies that also have sustainable growth. The consumer non-durables
industry has been one of the Fund's primary interests recently, although true
growth companies are extremely rare in this area. Still, we hold several
strong examples including Heineken N.V., Nestle S.A., and Reckitt & Colman
PLC, a U.K. company specializing in such cleaners as Resolve, Wizard, and
Lysol products. While these may not be glamorous products, demand for them is
steady and the company has shown strong earnings growth.
Q WHY ARE YOU SO HEAVILY WEIGHTED IN THE FINANCIAL INDUSTRY?
A We've found good opportunities in the financial industry, which has
benefited from the low interest rate environment. The sector has been one of
the most active in consolidation, as well. One of our top holdings and a very
good performer was Dutch bank ING Groep N.V., which was recently involved in
a merger. The financial sector is also being rewarded from an influx of
personal savings spurred by cut backs in welfare systems throughout Europe.
At the end of the reporting period, nearly one-third of the portfolio's net
assets were invested in the financial sector.
Q HOW ARE EUROPEAN TELECOMMUNICATIONS COMPANIES PERFORMING?
A The telecommunications industry is one of the brightest spots on the
European investing scene. The mobile market is very hot right now, and
earnings have grown even faster than expected. Scandinavia, where consumers
can use a mobile phone for about the same price as their fixed telephone, has
been a big market, with about a 40% penetration rate. We believe the region
will drive continued growth for the industry.
THE TELECOMMUNICATIONS INDUSTRY IS ONE OF THE BRIGHTEST SPOTS ON THE EUROPEAN
INVESTING SCENE.
Nokia Oyj, a Finnish telecommunications company, was our top holding and best
performer during the reporting period. The company has become very
competitive with other telecommunications providers and is now one of the
world's biggest sellers of handsets. On the infrastructure side, Nokia is
using the latest technology to help shape mobile communications standards.
The company looks very strong from an operations standpoint as well.
Another plus for the telecommunications market has been the popularity of
prepaid phone cards, which are helping to increase the volume of telephone
usage across Europe.
Q WERE THERE ANY DISAPPOINTMENTS IN THE FUND DURING THE REPORTING PERIOD?
A Deep water oil discovery and extraction has been an exciting area, but the
decline in oil prices over the first half of 1998 put an unexpected damper on
stock prices.
CONTINUED P.5
<TABLE>
<CAPTION>
GEOGRAPHIC ALLOCATION OF NET ASSETS %
JUNE 30, 1998
<S> <C>
UK 33.6
Netherlands 19.5
Switzerland 12.4
France 11.6
Sweden 10.1
Finland 5.9
Italy 4.8
Portugal 4.5
Germany 3.0
Norway 2.5
Greece 0.7
Austria 0.1
Short Term & Other (8.7)
</TABLE>
4
<PAGE>
INTERVIEW WITH PORTFOLIO MANAGEMENT TEAM CONTINUED
Italian and Spanish financials performed very well during the reporting
period, but we missed out on much of the opportunity there.
We had counted on Swiss pharmaceuticals to do well, but lackluster growth in
the industry and several product-specific problems reduced the benefit we
expected to earn from these companies.
Q WHAT ARE YOUR EXPECTATIONS FOR THE FUTURE?
A We believe the Fund is well-positioned to take advantage of opportunities
in the European marketplace during the rest of this year. We expect inflation
to stay subdued and for European economies to strengthen.
Consolidation and restructuring will continue to be key themes. Most European
companies have a long way to go before they can provide the kinds of returns
that investors expect from U.S. companies. But many companies are committed
to streamlining operations and improving profitability. That makes Europe a
very exciting place to watch in the coming years.
Long-term, we also will be watching EMU to see how markets are affected. We
believe the overall effect will be positive, but the market may experience
some volatility as the new system is tested.
<TABLE>
<CAPTION>
SECTOR ALLOCATION OF NET ASSETS %
JUNE 30, 1998
<S> <C>
Finance 34.0
Services 19.8
Health Care 13.6
Consumer Non-Durables 13.0
Capital Goods 9.3
Energy 7.4
Technology 6.9
Consumer Durables 2.7
Materials/Basic Industry 2.0
Short Term & Other (8.7)
</TABLE>
A complete listing of holdings and allocations may be found in the Investment
Portfolio section of this report.
AIM EUROPE GROWTH FUND
KEY PORTFOLIO HOLDINGS(6)
<TABLE>
<CAPTION>
% of
Country Net Assets
<S> <C> <C>
NOKIA OYJ Finland 4.8
ING GROEP N.V. Netherlands 4.3
FORENINGS SPARBANKEN AB Sweden 3.6
VODAFONE GROUP PLC UK 3.4
VNU Netherlands 3.4
ORANGE PLC UK 3.3
CADBURY SCHWEPPES PLC UK 3.1
TELECEL - COMMUNICACAOES PESSOAIS S.A. Portugal 3.0
VIAG AG Germany 3.0
AXA - UAP France 2.9
</TABLE>
(6) There is no assurance the Fund will continue to hold these or any other
securities mentioned in this report.
5
<PAGE>
<PAGE>
AIM EUROPE
GROWTH FUND
(FORMERLY
GT GLOBAL EUROPE
GROWTH FUND)
FINANCIAL
STATEMENTS
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (34.0%)
ING Groep N.V. ............................................ NETH 405,354 $ 26,560,976 4.3
BANKS-MONEY CENTER
ForeningsSparbanken AB .................................... SWDN 732,160 22,046,095 3.6
BANKS-REGIONAL
Axa - UAP ................................................. FR 161,800 18,200,225 2.9
INSURANCE - MULTI-LINE
UBS AG - Registered ....................................... SWTZ 48,397 18,009,939 2.9
BANKS-MONEY CENTER
CGU PLC ................................................... UK 899,843 16,797,871 2.7
INSURANCE - MULTI-LINE
Banque Nationale de Paris ................................. FR 203,000 16,588,698 2.7
BANKS-MONEY CENTER
National Westminster Bank PLC ............................. UK 847,000 15,146,719 2.4
BANKS-MONEY CENTER
Zurich Versicherungsgesellschaft .......................... SWTZ 23,350 14,913,434 2.4
INSURANCE - MULTI-LINE
Nordbanken Holding AB ..................................... SWDN 1,948,623 14,302,044 2.3
BANKS-REGIONAL
Lloyds TSB Group PLC ...................................... UK 949,000 13,286,634 2.1
BANKS-REGIONAL
BPI-SGPS S.A. ............................................. PORT 288,520 9,318,746 1.5
BANKS-MONEY CENTER
Royal & Sun Alliance Insurance Group PLC .................. UK 865,500 8,952,701 1.4
INSURANCE - MULTI-LINE
Abbey National PLC ........................................ UK 489,353 8,701,969 1.4
BANKS-SUPER REGIONAL
Halifax PLC ............................................... UK 656,800 8,532,149 1.4
BANKS-REGIONAL
------------
211,358,200
------------
Services (19.8%)
Vodafone Group PLC ........................................ UK 1,650,000 20,952,162 3.4
WIRELESS COMMUNICATIONS
VNU (Verenigde Nederlandse Uitgeversbedrijven Verenigd
Bezit) ................................................... NETH 573,300 20,841,632 3.4
BROADCASTING & PUBLISHING
Orange PLC-/- ............................................. UK 1,953,000 20,707,213 3.3
WIRELESS COMMUNICATIONS
Telecel - Comunicacaoes Pessoais S.A. ..................... PORT 103,383 18,373,225 3.0
WIRELESS COMMUNICATIONS
Telecom Italia SpA ........................................ ITLY 2,465,000 18,023,283 2.9
TELEPHONE NETWORKS
Koninklijke Ahold N.V. .................................... NETH 386,359 12,411,080 2.0
RETAILERS-FOOD
Helsingin Puhelin Oyj (Helsinki Telephone Corp.) .......... FIN 152,600 7,104,413 1.1
TELEPHONE NETWORKS
STET Hellas Telecommunications S.A. - ADR-/- {\/} ......... GREC 110,940 4,604,010 0.7
TELECOM - OTHER
------------
123,017,018
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F1
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Health Care (13.6%)
Glaxo Wellcome PLC ........................................ UK 559,639 $ 16,810,662 2.7
PHARMACEUTICALS
Roche Holding AG .......................................... SWTZ 1,600 15,724,466 2.5
PHARMACEUTICALS
SmithKline Beecham PLC .................................... UK 975,500 11,914,815 1.9
PHARMACEUTICALS
Novartis AG ............................................... SWTZ 6,540 10,891,370 1.8
PHARMACEUTICALS
Nycomed Amersham PLC ...................................... UK 1,309,561 9,757,749 1.6
PHARMACEUTICALS
Genset - ADR-/- {\/} ...................................... FR 322,467 9,472,468 1.5
BIOTECHNOLOGY
Astra AB "A" .............................................. SWDN 459,510 9,397,168 1.5
PHARMACEUTICALS
Nearmedic Ltd.-/- ......................................... ASTRI 618,200 633,601 0.1
PHARMACEUTICALS
------------
84,602,299
------------
Consumer Non-Durables (13.0%)
Cadbury Schweppes PLC ..................................... UK 1,236,700 19,152,434 3.1
BEVERAGES - NON-ALCOHOLIC
Nestle S.A. - Registered .................................. SWTZ 8,100 17,347,981 2.8
FOOD
Heineken N.V. ............................................. NETH 401,500 15,781,115 2.5
BEVERAGES - ALCOHOLIC
Gucci Group - NY Registered Shares{\/} .................... NETH 289,950 15,367,350 2.5
TEXTILES & APPAREL
Reckitt & Colman PLC ...................................... UK 686,640 13,115,982 2.1
HOUSEHOLD PRODUCTS
------------
80,764,862
------------
Capital Goods (9.3%)
Nokia Oyj "A" ............................................. FIN 404,380 29,900,480 4.8
TELECOM EQUIPMENT
Alcatel Alsthom Compagnie Generale d'Electricite .......... FR 79,820 16,253,957 2.6
TELECOM EQUIPMENT
Coflexip - ADR{\/} ........................................ FR 193,500 11,827,688 1.9
CONSTRUCTION
------------
57,982,125
------------
Energy (7.4%)
Viag AG ................................................... GER 26,590 18,314,541 3.0
ELECTRICAL & GAS UTILITIES
Petroleum Geo-Services ASA-/- ............................. NOR 499,600 15,589,059 2.5
ENERGY EQUIPMENT & SERVICES
Ente Nazionale Idrocarburi (ENI) S.p.A. ................... ITLY 1,790,700 11,674,533 1.9
OIL
------------
45,578,133
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F2
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Technology (6.9%)
Baan Company N.V.-/- {\/} ................................. NETH 478,400 $ 17,102,800 2.8
SOFTWARE
Misys PLC ................................................. UK 246,228 13,999,104 2.3
SOFTWARE
Computacenter PLC-/- ...................................... UK 906,400 11,335,675 1.8
COMPUTERS & PERIPHERALS
------------
42,437,579
------------
Consumer Durables (2.7%)
Volvo AB "B" .............................................. SWDN 564,970 16,834,625 2.7
------------
AUTOMOBILES
Materials/Basic Industry (2.0%)
Akzo Nobel N.V. ........................................... NETH 55,500 12,346,074 2.0
CHEMICALS
------------ -----
TOTAL EQUITY INVESTMENTS (cost $498,518,909) ................ 674,920,915 108.7
------------ -----
<CAPTION>
VALUE % OF NET
REPURCHASE AGREEMENT (NOTE 1) ASSETS
- ------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C> <C>
Dated June 30, 1998, with State Street Bank & Trust Co.,
due July 1, 1998, for an effective yield of 5.70%,
collateralized by $1,515,000 U.S. Treasury Bills, 5.75%
due 12/31/98 (market value of collateral is $1,516,894,
including accrued interest). (cost $1,484,000) .......... 1,484,000 0.3
------------ -----
TOTAL INVESTMENTS (cost $500,002,909) * .................... 676,404,915 109.0
Other Assets and Liabilities ................................ (55,576,739) (9.0)
------------ -----
NET ASSETS .................................................. $620,828,176 100.0
------------ -----
------------ -----
</TABLE>
- --------------
{\/} U.S. currency denominated.
-/- Non-income producing security.
* For Federal income tax purposes, cost is $500,002,909 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 185,254,268
Unrealized depreciation: (8,852,262)
-------------
Net unrealized appreciation: $ 176,402,006
-------------
-------------
</TABLE>
Abbreviations:
ADR--American Depositary Receipt
The accompanying notes are an integral part of the financial statements.
F3
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at June 30, 1998, was concentrated in the
following countries:
<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS
{D}
---------------------------
SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY & OTHER TOTAL
- -------------------------------------- ------ ---------- -----
<S> <C> <C> <C>
Austria (ASTRI/ATS) .................. 0.1 0.1
Finland (FIN/FIM) .................... 5.9 5.9
France (FR/FRF) ...................... 11.6 11.6
Germany (GER/DEM) .................... 3.0 3.0
Greece (GREC/GRD) .................... 0.7 0.7
Italy (ITLY/ITL) ..................... 4.8 4.8
Netherlands (NETH/NLG) ............... 19.5 19.5
Norway (NOR/NOK) ..................... 2.5 2.5
Portugal (PORT/PTE) .................. 4.5 4.5
Sweden (SWDN/SEK) .................... 10.1 10.1
Switzerland (SWTZ/CHF) ............... 12.4 12.4
United Kingdom (UK/GBP) .............. 33.6 33.6
United States (US/USD) ............... (8.7) (8.7)
------ ----- -----
Total ............................... 108.7 (8.7) 100.0
------ ----- -----
------ ----- -----
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $620,828,176.
The accompanying notes are an integral part of the financial statements.
F4
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
STATEMENT OF ASSETS
AND LIABILITIES
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Assets:
Investments in securities, at value (cost $500,002,909) (Note 1).......................................... $676,404,915
U.S. currency................................................................................ $ 1,199,170
Foreign currencies (cost $14,575,413)........................................................ 14,576,258 15,775,428
-----------
Receivable for Fund shares sold........................................................................... 4,235,397
Dividends and dividend withholding tax reclaims receivable................................................ 1,233,641
Other receivable.......................................................................................... 148,420
------------
Total assets............................................................................................ 697,797,801
------------
Liabilities:
Payable for Fund shares repurchased....................................................................... 70,714,356
Payable for securities purchased.......................................................................... 5,029,902
Payable for investment management and administration fees (Note 2)........................................ 505,934
Payable for transfer agent fees (Note 2).................................................................. 329,805
Payable for service and distribution expenses (Note 2).................................................... 243,898
Payable for printing and postage expenses................................................................. 80,413
Payable for custodian fees................................................................................ 33,888
Payable for fund accounting fees (Note 2)................................................................. 14,487
Payable for registration and filing fees.................................................................. 6,892
Payable for professional fees............................................................................. 5,021
Payable for Trustees' fees and expenses (Note 2).......................................................... 2,296
Other accrued expenses.................................................................................... 2,733
------------
Total liabilities....................................................................................... 76,969,625
------------
Net assets.................................................................................................. $620,828,176
------------
------------
Class A:
Net asset value and redemption price per share ($493,758,256 DIVIDED BY 27,062,196 shares outstanding)...... $ 18.25
------------
------------
Maximum offering price per share (100/94.5 of $18.25) *..................................................... $ 19.31
------------
------------
Class B:+
Net asset value and offering price per share ($119,843,766 DIVIDED BY 6,715,341 shares outstanding)......... $ 17.85
------------
------------
Advisor Class:
Net asset value, offering price per share, and redemption price per share ($7,226,154 DIVIDED BY 392,184
shares outstanding)........................................................................................ $ 18.43
------------
------------
Net assets consist of:
Paid in capital (Note 4).................................................................................. $405,152,368
Undistributed net investment income....................................................................... 948,480
Accumulated net realized gain on investments and foreign currency transactions............................ 38,345,574
Net unrealized depreciation on translation of assets and liabilities in foreign currencies................ (20,252)
Net unrealized appreciation of investments................................................................ 176,402,006
------------
Total -- representing net assets applicable to capital shares outstanding................................... $620,828,176
------------
------------
<FN>
- --------------
* On sales of $25,000 or more, the offering price is reduced.
+ Redemption price per share is equal to the net asset value per share less
any applicable contingent deferred sales charge.
</TABLE>
The accompanying notes are an integral part of the financial statements.
F5
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND
STATEMENT OF OPERATIONS
Six months ended June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment income: (Note 1)
Dividend income (net of foreign withholding tax of $1,392,889)............................................. $ 6,744,459
Securities lending income.................................................................................. 351,896
Interest income............................................................................................ 237,576
------------
Total investment income.................................................................................. 7,333,931
------------
Expenses:
Investment management and administration fees (Note 2)..................................................... 2,917,028
Service and distribution expenses:(Note 2)
Class A.................................................................................... $ 855,821
Class B.................................................................................... 533,998 1,389,819
------------
Interest expense (Note 1).................................................................................. 848,608
Transfer agent fees........................................................................................ 764,001
Custodian fees............................................................................................. 205,616
Fund accounting fees (Note 2).............................................................................. 81,435
Printing and postage expenses.............................................................................. 59,911
Registration and filing fees............................................................................... 56,110
Legal fees................................................................................................. 44,747
Audit fees................................................................................................. 30,883
Trustees' fees and expenses (Note 2)....................................................................... 7,964
Other expenses............................................................................................. 6,608
------------
Total expenses before reductions......................................................................... 6,412,730
------------
Expense reductions (Note 5)............................................................................ (27,279)
------------
Total net expenses....................................................................................... 6,385,451
------------
Net investment income........................................................................................ 948,480
------------
Net realized and unrealized gain on investments and foreign currencies: (Note 1)
Net realized gain on investments............................................................. 33,308,247
Net realized gain on foreign currency transactions........................................... 509,373
------------
Net realized gain during the period...................................................................... 33,817,620
Net change in unrealized depreciation on translation of assets and liabilities in foreign
currencies.................................................................................. 185,566
Net change in unrealized appreciation of investments......................................... 117,058,616
------------
Net unrealized appreciation during the period............................................................ 117,244,182
------------
Net realized and unrealized gain on investments and foreign currencies....................................... 151,061,802
------------
Net increase in net assets resulting from operations......................................................... $152,010,282
------------
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F6
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, 1998 DECEMBER 31,
(UNAUDITED) 1997
--------------- ---------------
<S> <C> <C>
Increase (Decrease) in net assets
Operations:
Net investment income (loss)........................................... $ 948,480 $ (2,163,876)
Net realized gain on investments and foreign currency transactions..... 33,817,620 107,144,938
Net change in unrealized appreciation (depreciation) on translation of
assets and liabilities in foreign currencies.......................... 185,566 (237,701)
Net change in unrealized appreciation (depreciation) of investments.... 117,058,616 (31,970,694)
--------------- ---------------
Net increase in net assets resulting from operations................. 152,010,282 72,772,667
--------------- ---------------
Class A:
Distributions to shareholders: (Note 1)
From net realized gain on investments.................................. -- (368,261)
Class B:
Distributions to shareholders: (Note 1)
From net realized gain on investments.................................. -- (76,445)
Advisor Class:
Distributions to shareholders: (Note 1)
From net realized gain on investments.................................. -- (1,099)
--------------- ---------------
Total distributions.................................................. -- (445,805)
--------------- ---------------
Capital share transactions: (Note 4)
Increase from capital shares sold and reinvested....................... 2,449,988,999 2,415,165,409
Decrease from capital shares repurchased............................... (2,472,424,916) (2,538,538,626)
--------------- ---------------
Net decrease from capital share transactions......................... (22,435,917) (123,373,217)
--------------- ---------------
Total increase (decrease) in net assets.................................. 129,574,365 (51,046,355)
Net assets:
Beginning of period.................................................... 491,253,811 542,300,166
--------------- ---------------
End of period *........................................................ $ 620,828,176 $ 491,253,811
--------------- ---------------
--------------- ---------------
* Includes undistributed net investment income of....................... $ 948,480 $ --
--------------- ---------------
--------------- ---------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F7
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the 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
JUNE 30, YEAR ENDED DECEMBER 31,
1998 ----------------------------------------------------------
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 (D) 1994 (D) 1993 (D)
------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 14.32 $ 12.89 $ 10.88 $ 10.03 $ 10.84 $ 8.51
------------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income (loss).......... 0.03 (0.04) (0.03) 0.04 0.06 0.05
Net realized and unrealized gain
(loss) on investments................ 3.90 1.48 2.16 0.95 (0.69) 2.36
------------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) from
investment operations.............. 3.93 1.44 2.13 0.99 (0.63) 2.41
------------- ---------- ---------- ---------- ---------- ----------
Distributions to shareholders:
From net investment income............ -- -- -- (0.10) (0.05) (0.06)
From net realized gain on
investments.......................... -- (0.01) (0.12) (0.04) -- --
In excess of net investment income.... -- -- -- -- -- (0.02)
In excess of net realized gain on
investments.......................... -- -- -- -- (0.13) --
------------- ---------- ---------- ---------- ---------- ----------
Total distributions................. -- (0.01) (0.12) (0.14) (0.18) (0.08)
------------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period.......... $ 18.25 $ 14.32 $ 12.89 $ 10.88 $ 10.03 $ 10.84
------------- ---------- ---------- ---------- ---------- ----------
------------- ---------- ---------- ---------- ---------- ----------
Total investment return (c)............. 27.44%(b) 11.20% 19.61% 9.86% (5.8)% 28.3%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 493,758 $ 407,004 $ 453,792 $ 483,375 $ 646,313 $ 854,701
Ratio of net investment income (loss) to
average net assets:
With expense reductions (Note 5)...... 0.42%(a) (0.29)% (0.26)% 0.38% 0.61% 0.6%
Without expense reductions............ 0.41%(a) (0.43)% (0.32)% 0.32% 0.53% N/A
Ratio of operating expenses to average
net assets:
With expense reductions (Note 5)...... 1.73%(a) 1.75% 1.82% 1.83% 1.73% 1.9%
Without expense reductions............ 1.74%(a) 1.89% 1.88% 1.89% 1.81% N/A
Ratio of interest expense to average net
assets++++............................. 0.28%(a) N/A N/A N/A N/A N/A
Portfolio turnover rate++++............. 40%(a) 107% 123% 108% 91% 67%
</TABLE>
- ----------------
(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) Calculated based upon average shares outstanding during the period.
+ All capital shares issued and outstanding as of March 31, 1993, were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover rates and ratio of interest expense to average net
assets are calculated on the basis of the Fund as a whole without
distinguishing between the classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F8
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
CLASS B++
----------------------------------------------------------------------------
SIX MONTHS
ENDED APRIL 1, 1993
JUNE 30, YEAR ENDED DECEMBER 31, TO
1998 ---------------------------------------------- DECEMBER 31,
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 (D) 1994 (D) 1993 (D)
------------- ---------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 14.06 $ 12.73 $ 10.81 $ 9.97 $ 10.79 $ 9.02
------------- ---------- ---------- ---------- ---------- -------------
Income from investment operations:
Net investment income (loss).......... (0.01) (0.13) (0.11) (0.03) -- --
Net realized and unrealized gain
(loss) on investments................ 3.80 1.47 2.15 0.94 (0.69) 1.85
------------- ---------- ---------- ---------- ---------- -------------
Net increase (decrease) from
investment operations.............. 3.79 1.34 2.04 0.91 (0.69) 1.85
------------- ---------- ---------- ---------- ---------- -------------
Distributions to shareholders:
From net investment income............ -- -- -- (0.03) -- (0.06)
From net realized gain on
investments.......................... -- (0.01) (0.12) (0.04) -- --
In excess of net investment income.... -- -- -- -- -- (0.02)
In excess of net realized gain on
investments.......................... -- -- -- -- (0.13) --
------------- ---------- ---------- ---------- ---------- -------------
Total distributions................. -- (0.01) (0.12) (0.07) (0.13) (0.08)
------------- ---------- ---------- ---------- ---------- -------------
Net asset value, end of period.......... $ 17.85 $ 14.06 $ 12.73 $ 10.81 $ 9.97 $ 10.79
------------- ---------- ---------- ---------- ---------- -------------
------------- ---------- ---------- ---------- ---------- -------------
Total investment return (c)............. 26.96%(b) 10.55% 18.79% 9.20% (6.38)% 20.5%(b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 119,844 $ 81,011 $ 87,092 $ 73,025 $ 81,602 $ 34,048
Ratio of net investment income (loss) to
average net assets:
With expense reductions (Note 5)...... (0.23)%(a) (0.94)% (0.91)% (0.27)% (0.04)% (0.1)%(a)
Without expense reductions............ (0.24)%(a) (1.08)% (0.97)% (0.33)% (0.12)% N/A
Ratio of operating expenses to average
net assets:
With expense reductions (Note 5)...... 2.38%(a) 2.40% 2.47% 2.48% 2.38% 2.6%(a)
Without expense reductions............ 2.39%(a) 2.54% 2.53% 2.54% 2.46% N/A
Ratio of interest expense to average net
assets++++............................. 0.28%(a) N/A N/A N/A N/A N/A
Portfolio turnover rate++++............. 40%(a) 107% 123% 108% 91% 67%(a)
</TABLE>
- ----------------
(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) Calculated based upon average shares outstanding during the period.
+ All capital shares issued and outstanding as of March 31, 1993, were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover rates and ratio of interest expense to average net
assets are calculated on the basis of the Fund as a whole without
distinguishing between the classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F9
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
ADVISOR CLASS+++
-------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, JUNE 1, 1995
JUNE 30, TO
1998 ------------------------ DECEMBER 31,
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 (D)
-------------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 14.41 $ 12.92 $ 10.85 $ 10.24
-------------- ----------- ----------- -------------
Income from investment operations:
Net investment income (loss).......... 0.06 0.01 0.01 0.08
Net realized and unrealized gain
(loss) on investments................ 3.96 1.49 2.18 0.71
-------------- ----------- ----------- -------------
Net increase (decrease) from
investment operations.............. 4.02 1.50 2.19 0.79
-------------- ----------- ----------- -------------
Distributions to shareholders:
From net investment income............ -- -- -- (0.14)
From net realized gain on
investments.......................... -- (0.01) (0.12) (0.04)
In excess of net investment income.... -- -- -- --
In excess of net realized gain on
investments.......................... -- -- -- --
-------------- ----------- ----------- -------------
Total distributions................. -- (0.01) (0.12) (0.18)
-------------- ----------- ----------- -------------
Net asset value, end of period.......... $ 18.43 $ 14.41 $ 12.92 $ 10.85
-------------- ----------- ----------- -------------
-------------- ----------- ----------- -------------
Total investment return (c)............. 27.83 %(b) 11.64% 20.21% 7.75%(b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 7,226 $ 3,239 $ 1,416 $ 718
Ratio of net investment income (loss) to
average net assets:
With expense reductions (Note 5)...... 0.77 %(a) 0.06% 0.09% 0.73%(a)
Without expense reductions............ 0.76 %(a) (0.08)% 0.03% 0.67%(a)
Ratio of operating expenses to average
net assets:
With expense reductions (Note 5)...... 1.38 %(a) 1.40% 1.47% 1.48%(a)
Without expense reductions............ 1.39 %(a) 1.54% 1.53% 1.54%(a)
Ratio of interest expense to average net
assets++++............................. 0.28 %(a) N/A N/A N/A
Portfolio turnover rate++++............. 40 %(a) 107% 123% 108%(a)
</TABLE>
- ----------------
(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) Calculated based upon average shares outstanding during the period.
+ All capital shares issued and outstanding as of March 31, 1993, were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover rates and ratio of interest expense to average net
assets are calculated on the basis of the Fund as a whole without
distinguishing between the classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F10
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
NOTES TO
FINANCIAL STATEMENTS
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (SEE ALSO NOTE 2)
AIM Europe Growth Fund (the "Fund" formerly, GT Global Europe Growth Fund), is a
separate series of AIM Growth Series (the "Trust" formerly, G.T. Global Growth
Series). The Trust is organized as a Delaware business trust and is registered
under the Investment Company Act of 1940, as amended ("1940 Act"), as a
diversified, open-end management investment company. The Trust has eight series
of shares in operation, each series corresponding to a distinct portfolio of
investments.
The Fund offers Class A, Class B, and Advisor Class shares, each of which has
equal rights as to assets and voting privileges. Class A and Class B each has
exclusive voting rights with respect to its distribution plan. Investment
income, realized and unrealized capital gains and losses, and the common
expenses of the Fund are allocated on a pro rata basis to each class based on
the relative net assets of each class to the total net assets of the Fund. Each
class of shares differs in its respective distribution expenses, and may differ
in its transfer agent, registration, and certain other class-specific fees and
expenses.
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 and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of income and expenses during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies in conformity with generally accepted accounting
principles consistently followed by the Fund in the preparation of the financial
statements.
(A) PORTFOLIO VALUATION
The Fund calculates the net asset value of Fund shares and completes orders to
purchase, exchange or repurchase Fund shares on each business day, with the
exception of those days on which the New York Stock Exchange is closed.
Equity securities are valued at the last sale price on the exchange on which
such securities are traded or on the principal over-the-counter market in which
such securities are traded, as of the close of business on the day the
securities are being valued or, lacking any sales, at the last available bid
price. In cases where securities are traded on more than one exchange, the
securities are valued on the exchange determined by A I M Advisors, Inc. (the
"Manager") to be the primary market.
Fixed income investments are valued at the mean of representative quoted bid and
asked prices for such investments or, if such prices are not available, at
prices for investments of comparative maturity, quality and type; however, when
the Manager deems it appropriate, prices obtained for the day of valuation from
a bond pricing service will be used. Short-term investments with a maturity of
60 days or less are valued to amortized cost, adjusted for foreign exchange
translation and market fluctuation, if any.
Investments for which market quotations are not readily available (including
restricted securities which are subject to limitations on their sale) are valued
at fair value as determined in good faith by or under the direction of the
Trust's Board of Trustees.
Portfolio securities which are primarily traded on foreign exchanges are
generally valued at the preceding closing values of such securities on their
respective exchanges, and those values are then translated into U.S. dollars at
the current exchange rates, except that when an occurrence subsequent to the
time a value was so established is likely to have materially changed such value,
then the fair value of those securities will be determined by consideration of
other factors by or under the direction of the Trust's Board of Trustees.
(B) FOREIGN CURRENCY TRANSLATION
The accounting records of the Fund are maintained in U.S. dollars. The market
values of foreign securities, currency holdings, other assets and liabilities
are recorded in the books and records of the Fund after translation to U.S.
dollars based on the exchange rates on that day. The cost of each security is
determined using historical exchange rates. Income and withholding taxes are
translated at prevailing exchange rates when earned or incurred.
The Fund does not isolate that portion of the results of operations resulting
from changes in foreign exchange rates on investments from the fluctuation
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains and losses arise from sales and
maturities of short-term securities, forward foreign currency contracts, sales
of foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the differences between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains or losses arise from changes in the
value of assets and liabilities other than investments in securities at period
end, resulting from changes in exchange rates.
(C) REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by the Fund, it is the Fund's
policy to always receive, as collateral, U.S. government securities or other
high quality debt securities of which the value, including accrued interest, is
at least equal to the amount to be repaid to the Fund under each agreement at
its maturity.
(D) FORWARD FOREIGN CURRENCY CONTRACTS
A forward foreign currency contract ("Forward Contract") is an agreement between
two parties to buy and sell a currency at a set
F11
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
price on a future date. The market value of the Forward Contract fluctuates with
changes in currency exchange rates. The Forward Contract is marked-to-market
daily and the change in market value is recorded by the Fund as an unrealized
gain or loss. When the Forward Contract is closed, the Fund records a realized
gain or loss equal to the difference between the value at the time it was opened
and the value at the time it was closed. The Fund could be exposed to risk if a
counterparty is unable to meet the terms of a contract or if the value of the
currency changes unfavorably. The Fund may enter into Forward Contracts in
connection with planned purchases or sales of securities, or to hedge against
adverse fluctuations in exchange rates between currencies.
(E) OPTION ACCOUNTING PRINCIPLES
When the Fund writes a call or put option, an amount equal to the premium
received is included in the Fund's "Statement of Assets and Liabilities" as an
asset and an equivalent liability. The amount of the liability is subsequently
market-to-market to reflect the current market value of the option. The current
market value of an option listed on a traded exchange is valued at its last bid
price, or, in the case of an over-the-counter option, is valued at the average
of the last bid prices obtained from brokers, unless a quotation from only one
broker is available, in which case only that broker's price will be used. If an
option expires on its stipulated expiration date or if the Fund enters into a
closing purchase transaction, a gain or loss is realized without regard to any
unrealized gain or loss on the underlying security, and the liability related to
such option is extinguished. If a written call option is exercised, a gain or
loss is realized from the sale of the underlying security and the proceeds of
the sale are increased by the premium originally received. If a written put
option is exercised, the cost of the underlying security purchased would be
decreased by the premium originally received. The Fund can write options only on
a covered basis, which, for a call, requires that the Fund hold the underlying
security, and, for a put, requires the Fund to set aside cash, U.S. government
securities or other liquid securities in an amount not less than the exercise
price or otherwise provide adequate cover at all times while the put option is
outstanding. The Fund may use options to manage its exposure to the stock market
and to fluctuations in currency values or interest rates.
The premium paid by the Fund for the purchase of a call or put option is
included in the Fund's "Statement of Assets and Liabilities" as an investment
and subsequently "marked-to-market" to reflect the current market value of the
option. If an option which the Fund has purchased expires on the stipulated
expiration date, the Fund realizes a loss in the amount of the cost of the
option. If the Fund enters into a closing sale transaction, the Fund realizes a
gain or loss, depending on whether proceeds from the closing sale transaction
are greater or less than the cost of the option. If the Fund exercises a call
option, the cost of the securities acquired by exercising the call is increased
by the premium paid to buy the call. If the Fund exercises a put option, it
realizes a gain or loss from the sale of the underlying security, and the
proceeds from such sale are decreased by the premium originally paid.
The risk associated with purchasing options is limited to the premium originally
paid. The risk in writing a call option is that the Fund may forego the
opportunity of profit if the market value of the underlying security or index
increases and the option is exercised. The risk in writing a put option is that
the Fund may incur a loss if the market value of the underlying security or
index decreases and the option is exercised. In addition, there is the risk the
Fund may not be able to enter into a closing transaction because of an illiquid
secondary market.
(F) FUTURES CONTRACTS
A futures contract is an agreement between two parties to buy and sell a
security at a set price on a future date. Upon entering into such a contract the
Fund is required to pledge to the broker an amount of cash or securities equal
to the minimum "initial margin" requirements of the exchange on which the
contract is traded. Pursuant to the contract, the Fund agrees to receive from or
pay to the broker an amount of cash equal to the daily fluctuation in value of
the contract. Such receipts or payments are known as "variation margin" and are
recorded by the Fund as unrealized gains or losses. When the contract is closed,
the Fund records a realized gain or loss equal to the difference between the
value of the contract at the time it was opened and the value at the time it was
closed. The potential risk to the Fund is that the change in value of the
underlying securities may not correlate to the change in value of the contracts.
The Fund may use futures contracts to manage its exposure to the stock market
and to fluctuations in currency values or interest rates.
(G) SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME
Security transactions are accounted for on the trade date (date the order to buy
or sell is executed). The cost of securities sold is determined on a first-in,
first-out basis, unless otherwise specified. Dividends are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis. Where a high
level of uncertainty exists as to its collection, income is recorded net of all
withholding tax with any rebate recorded when received. The Fund may trade
securities on other than normal settlement terms. This may increase the risk if
the other party to the transaction fails to deliver and causes the Fund to
subsequently invest at less advantageous prices.
(H) PORTFOLIO SECURITIES LOANED
At June 30, 1998, stocks with an aggregate value of approximately $51,984,881
were on loan to brokers. The loans were secured by cash collateral of
$54,717,285, received by the Fund. Cash collateral is received by the Fund
against loaned securities in an amount at least equal to 105% of the market
value of the loaned securities at the inception of each loan. This collateral
must be maintained at not less than 103% of the market value of the loaned
securities during the period of the loan. The cash collateral is invested in a
securities lending trust which consists of a portfolio of high quality short
duration securities whose average effective duration is restricted to 120 days
or less. For the period ended June 30, 1998, the Fund received securities
lending fees of $351,896.
F12
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
(I) TAXES
It is the policy of the Fund to meet the requirements for qualification as a
"regulated investment company" under the Internal Revenue Code of 1986, as
amended ("Code"). It is also the intention of the Fund to make distributions
sufficient to avoid imposition of any excise tax under Section 4982 of the Code.
Therefore, no provision has been made for Federal taxes on income, capital
gains, or unrealized appreciation of securities held, or excise tax on income
and capital gains.
(J) DISTRIBUTIONS TO SHAREHOLDERS
Distribution to shareholders are recorded by the Fund on the ex-date. Income and
capital gain distributions are determined in accordance with Federal income tax
regulations which may differ from generally accepted accounting principles.
These differences are primarily due to differing treatments of income and gains
on various investment securities held by the Fund and timing differences.
(K) FOREIGN SECURITIES
There are certain additional considerations and risks associated with investing
in foreign securities and currency transactions that are not inherent in
investments of domestic origin. The Fund's investments in emerging market
countries may involve greater risks than investments in more developed markets,
and the prices of such investments may be volatile. These risks of investing in
foreign and emerging markets may include foreign currency exchange rate
fluctuations, perceived credit risk, adverse political and economic developments
and possible adverse foreign government intervention.
(L) RESTRICTED SECURITIES
The Fund is permitted to invest in privately placed restricted securities. These
securities may be resold in transactions exempt from registration or to the
public if the securities are registered. Disposal of these securities may
involve time-consuming negotiations and expense, and prompt sale at an
acceptable price may be difficult.
(M) INDEXED SECURITIES
The Fund may invest in indexed securities whose value is linked either directly
or indirectly to changes in foreign currencies, interest rates, equities,
indices, or other reference instruments. Indexed securities may be more volatile
than the reference instrument itself, but any loss is limited to the amount of
the original investment.
(N) LINE OF CREDIT
The Fund, along with certain other funds advised and/or administered by the
Manager, has a line of credit with BankBoston and State Street Bank & Trust
Company. The arrangements with the banks allow the Fund and certain other funds
to borrow, on a first come, first serve basis, an aggregate maximum amount of
$250,000,000. The Fund is limited to borrowing up to 33 1/3% of the value of the
Fund's total assets. On June 30, 1998, the Fund had no loans outstanding.
For the period ended June 30, 1998, the weighted average outstanding daily
balance of bank loans (based on the number of days the loans were outstanding)
was $39,796,615 with a weighted average interest rate of 6.29%. Interest expense
for the period ended June 30, 1998, was $848,608.
2. RELATED PARTIES
A I M Advisors, Inc. ("AIM" or the "Manager") is the Fund's investment manager
and administrator, and INVESCO (NY), Inc., (formerly, Chancellor LGT Asset
Management, Inc.) is the Fund's investment sub-adviser and/or sub-administrator.
As of the close of business on May 29, 1998, Liechtenstein Global Trust AG
("LGT"), the former indirect parent organization of Chancellor LGT Asset
Management, Inc. ("Chancellor LGT"), consummated a purchase agreement with
AMVESCAP PLC pursuant to which AMVESCAP PLC acquired LGT's Asset Management
Division, which included Chancellor LGT and certain other affiliates. As a
result of this transaction, Chancellor LGT was renamed INVESCO (NY), Inc., and
is now an indirect wholly-owned subsidiary of AMVESCAP PLC. In connection with
this transaction, A I M Advisors, Inc., an indirect wholly-owned subsidiary of
AMVESCAP PLC, became the investment manager and administrator of the Fund and
INVESCO (NY), Inc. became the sub-adviser and sub-administrator of the Fund.
A I M Distributors, Inc. ("AIM Distributors") became the Fund's distributor.
Finally, the Trust was reorganized from a Massachusetts business trust into a
Delaware business trust. All of the changes became effective as of the close of
business on May 29, 1998.
The Fund pays investment management and administration fees to the Manager at
the following annualized rates: 0.975% on the first $500 million of the average
daily net assets of the Fund; 0.95% on the next $500 million; 0.925% on the next
$500 million and 0.90% on amounts thereafter. These fees are computed daily and
paid monthly, and are subject to reduction in any period to the extent that the
Fund's expenses (exclusive of brokerage commissions, taxes, interest,
distribution-related expenses and extraordinary expenses) exceed the most
stringent limits prescribed by the laws or regulations of any state in which the
Fund's shares are offered for sale, based on the average total net asset value
of the Fund.
AIM Distributors, an affiliate of the Manager, serves as the Fund's distributor.
For the period ended May 29, 1998, GT Global, Inc. ("GT Global"), an affiliate
of the investment sub-advisor, served as the Fund's distributor. The Fund offers
Class A, Class B, and Advisor Class shares for purchase.
Class A shares are subject to initial sales charges imposed at the time of
purchase, in accordance with the schedule included in the Fund's current
prospectus. AIM Distributors and GT Global collected the sales charges imposed
on sales of Class A shares, and reallowed a portion of such charges to dealers
through which the sales are made. For the period ended June 30, 1998, AIM
Distributors and GT Global retained $7,717 and $789, respectively, of such sales
charges. Purchases of Class A shares exceeding $500,000 may be subject to a
contingent deferred sales charge ("CDSC") upon redemption, in accordance with
the Fund's current prospectus. No CDSC's were collected for the period ended
June 30, 1998. AIM Distributors also makes ongoing
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<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
shareholder servicing and trail commission payments to dealers whose clients
hold Class A shares.
Class B shares are not subject to initial sales charges. When Class B shares are
sold, AIM Distributors from its own resources pays commissions to dealers
through which the sales are made. Certain redemptions of Class B shares made
within six years of purchase are subject to CDSCs, in accordance with the Fund's
current prospectus. During the period ended June 30, 1998, AIM Distributors and
GT Global collected such CDSCs in the amount of $26,482 and $178,096,
respectively. In addition, AIM Distributors makes ongoing shareholder servicing
and trail commission payments to dealers whose clients hold Class B shares.
For the period ended May 29, 1998, pursuant to the then effective separate
distribution plans adopted under the 1940 Act Rule 12b-1 by the Trust's Board of
Trustees with respect to the Fund's Class A shares ("Class A Plan") and Class B
shares ("Class B Plan"), the Fund reimbursed GT Global for a portion of its
shareholder servicing and distribution expenses. Under the Class A Plan, the
Fund was permitted to pay GT Global a service fee at the annualized rate of up
to 0.25% of the average daily net assets of the Fund's Class A shares for GT
Global's expenditures incurred in servicing and maintaining shareholder
accounts, and was permitted to pay GT Global a distribution fee at the
annualized rate of up to 0.35% of the average daily net assets of the Fund's
Class A shares, less any amounts paid by the Fund as the aforementioned service
fee, for its expenditures incurred in providing services as distributor. All
expenses for which GT Global was reimbursed under the Class A Plan would have
been incurred within one year of such reimbursement.
For the period ended May 29, 1998, pursuant to the Class B Plan, the Fund was
permitted to pay GT Global a service fee at the annualized rate of up to 0.25%
of the average daily net assets of the Fund's Class B shares for its
expenditures incurred in servicing and maintaining shareholder accounts, and was
permitted to pay GT Global a distribution fee at the annualized rate of up to
0.75% of the average daily net assets of the Fund's Class B shares for GT
Global's expenditures incurred in providing services as distributor. Expenses
incurred under the Class B Plan in excess of 1.00% annually were permitted to be
carried forward for reimbursement in subsequent years as long as that Plan
continues in effect.
Effective as of the close of business May 29, 1998, pursuant to Rule 12b-1 under
the 1940 Act, the Trust's Board of Trustees adopted a Master Distribution Plan
applicable to the Fund's Class A shares ("Class A Plan") and Class B shares
("Class B Plan"), pursuant to which the Fund compensates AIM Distributors for
the purpose of financing any activity that is intended to result in the sale of
Class A or Class B shares of the Fund. Under the Class A Plan, a Fund
compensates AIM Distributors at the annualized rate of 0.35% of the average
daily net assets of the Fund's Class A shares.
Pursuant to the Fund's Class B Plan, the Fund compensates AIM Distributors at an
annualized rate of 1.00% of the average daily net assets of the Fund's Class B
shares.
The Manager and AIM Distributors have voluntarily undertaken to limit the Fund's
expenses (exclusive of brokerage commissions, taxes, interest, and extraordinary
items) to the maximum annual level of 2.00%, 2.65%, and 1.65% of the average
daily net assets of the Fund's Class A, Class B, and Advisor Class shares,
respectively. If necessary, this limitation will be effected by waivers by the
Manager of investment management and administration fees, waivers by AIM
Distributors of payments under the Class A Plan and/or Class B Plan and/or
reimbursements by the Manager or AIM Distributors of portions of the Fund's
other operating expenses.
GT Global Investor Services, Inc. ("GT Services"), an affiliate of the Manager
and AIM Distributors, is the transfer agent of the Fund. For performing
shareholder servicing, reporting, and general transfer agent services, GT
Services receives an annual maintenance fee of $17.50 per account, a new account
fee of $4.00 per account, a per transaction fee of $1.75 for all transactions
other than exchanges and a per exchange fee of $2.25. GT Services is also
reimbursed by the Fund for its out-of-pocket expenses for such items as postage,
forms, telephone charges, stationery and office supplies.
The Manager is the pricing and accounting agent for the Fund. The monthly fee
for these services to the Manager is a percentage, not to exceed 0.03% annually,
of the Fund's average daily net assets. The annual fee rate is derived by
applying 0.03% to the first $5 billion of assets of all registered mutual funds
advised by the Manager and 0.02% to the assets in excess of $5 billion and
allocating the result according to the Fund's average daily net assets.
The Trust pays each of its Trustees who is not an employee, officer or director
of the Manager, AIM Distributors or GT Services $5,000 per year plus $300 for
each meeting of the board or any committee thereof attended by the Trustee.
3. PURCHASES AND SALES OF SECURITIES
For the period ended June 30, 1998, purchases and sales of investment securities
by the Fund, other than U.S. government obligations and short-term investments,
aggregated $175,430,452 and $119,926,341, respectively. There were no purchases
or sales of U.S. government obligations by the Fund during the period.
F14
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
4. CAPITAL SHARES
At June 30, 1998, there were an unlimited number of shares of beneficial
interest authorized, at no par value. Transactions in capital shares of the Fund
were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1998 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1997
----------------------------- -----------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- ---------------------------------------- ------------ --------------- ------------ ---------------
<S> <C> <C> <C> <C>
Shares sold............................. 122,644,726 $ 2,087,003,868 146,863,882 $ 2,008,141,712
Shares issued in connection with
reinvestment of distributions ........ -- -- 20,229 286,488
------------ --------------- ------------ ---------------
122,644,726 2,087,003,868 146,884,111 2,008,428,200
Shares repurchased ..................... (124,003,141) (2,126,049,350) (153,681,853) (2,115,903,158)
------------ --------------- ------------ ---------------
Net decrease............................ (1,358,415) $ (39,045,482) (6,797,742) $ (107,474,958)
------------ --------------- ------------ ---------------
------------ --------------- ------------ ---------------
<CAPTION>
CLASS B
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 17,592,826 $ 293,337,166 25,162,463 $ 340,605,118
Shares issued in connection with
reinvestment of distributions ........ -- -- 4,768 66,175
<CAPTION>
CLASS B
- ----------------------------------------
<S> <C> <C> <C> <C>
------------ --------------- ------------ ---------------
17,592,826 293,337,166 25,167,231 340,671,293
Shares repurchased ..................... (16,641,134) (279,103,045) (26,243,592) (357,657,223)
------------ --------------- ------------ ---------------
Net increase (decrease)................. 951,692 $ 14,234,121 (1,076,361) $ (16,985,930)
------------ --------------- ------------ ---------------
------------ --------------- ------------ ---------------
<CAPTION>
ADVISOR CLASS
- ----------------------------------------
<S> <C> <C> <C> <C>
Shares sold............................. 4,058,228 $ 69,647,965 4,798,844 $ 66,064,822
Shares issued in connection with
reinvestment of distributions ........ -- -- 77 1,094
------------ --------------- ------------ ---------------
4,058,228 69,647,965 4,798,921 66,065,916
Shares repurchased ..................... (3,890,891) (67,272,521) (4,683,709) (64,978,245)
------------ --------------- ------------ ---------------
Net increase............................ 167,337 $ 2,375,444 115,212 $ 1,087,671
------------ --------------- ------------ ---------------
------------ --------------- ------------ ---------------
</TABLE>
5. EXPENSE REDUCTIONS
The Manager has directed certain portfolio trades to brokers who then paid a
portion of the Fund's expenses. For the period then ended June 30, 1998, the
Fund's expenses were reduced by $27,279 under these arrangements.
F15
<PAGE>
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
NOTES
- --------------------------------------------------------------------------------
<PAGE>
The AIM Family of Funds-Registered Trademark-
GROWTH FUNDS
AIM Aggressive Growth Fund(1)
AIM Blue Chip Fund
AIM Capital Development Fund
AIM Constellation Fund
AIM Mid Cap Growth Fund(2)
AIM Select Growth Fund(3)
AIM Small Cap Equity Fund(2)
AIM Small Cap Opportunities Fund
AIM Value Fund
AIM Weingarten Fund
GROWTH & INCOME FUNDS
AIM Advisor Flex Fund
AIM Advisor Large Cap Value Fund
AIM Advisor MultiFlex Fund
AIM Advisor Real Estate Fund
AIM America Value Fund(2)
AIM Balanced Fund
AIM Charter Fund
INCOME FUNDS
AIM Floating Rate Fund(2)
AIM High Yield Fund
AIM Income Fund
AIM Intermediate Government Fund
AIM Limited Maturity Treasury 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
MONEY MARKET FUNDS
AIM Dollar Fund(2)
AIM Money Market Fund
AIM Tax-Exempt Cash Fund
INTERNATIONAL GROWTH FUNDS
AIM Advisor International Value Fund
AIM Asian Growth Fund
AIM Developing Markets Fund(2)
AIM Emerging Markets Fund(2)
AIM Europe Growth Fund(2)
AIM European Development Fund
AIM International Equity Fund
AIM International Growth Fund(2)
AIM Japan Growth Fund(2)
AIM Latin American Growth Fund(2)
AIM New Pacific Growth Fund(2)
GLOBAL GROWTH FUNDS
AIM Global Aggressive Growth Fund
AIM Global Growth Fund
AIM Worldwide Growth Fund(2)
GLOBAL GROWTH & INCOME FUNDS
AIM Global Growth & Income Fund(2)
AIM Global Utilities Fund
GLOBAL INCOME FUNDS
AIM Global Government Income Fund(2)
AIM Global High Income Fund(2)
AIM Global Income Fund
AIM Strategic Income Fund(2)
THEME FUNDS
AIM Global Consumer Products and Services Fund(2)
AIM Global Financial Services Fund(2)
AIM Global Health Care Fund(2)
AIM Global Infrastructure Fund(2)
AIM Global Resources Fund(2)
AIM Global Telecommunications Fund(2)
AIM New Dimension Fund(2)
(1)AIM Aggressive Growth Fund closed to new investors on June 5, 1997.
(2)Effective May 29, 1998, A I M Advisors, Inc. became advisor to the former
GT Global Funds. (3)On May 1, 1998, AIM Growth Fund was renamed AIMSelect
Growth Fund. For more complete information about any AIM Fund, including
sales charges and expenses, obtain the appropriate prospectus(es) from your
financial consultant. Please read the prospectus(es) carefully before you
invest or send money.
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