<PAGE>
[LOGO]
/ /
AIM NEW PACIFIC
GROWTH FUND
FORMERLY GT GLOBAL
NEW PACIFIC 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-REGISTERED TRADEMARK- 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 1
<PAGE>
AIM New Pacific Growth Fund
Performance Summary
[Graphic]
Investment Objective
The Fund seeks long-term growth of capital by investing primarily in equity
securities of issuers in the Asian Pacific Rim, excluding Japan.
Japan was eliminated from the Fund's Primary Investment Area on January 21,
1994.
EDGAR REPRESENTATION OF PLOT POINTS USED IN PRINTED GRAPHICS
<TABLE>
<CAPTION>
AIM New Pacific MSCI Pacific ex-
Growth Fund Class A Japan Index
<S> <C> <C>
1/19/77 $9525 $10000
9525 9993.98
9629.77 9760.11
9686.92 9957.87
9629.77 10051.8
9658.35 10220.3
9944.1 10295.4
9572.62 9879.44
9782.17 9716.99
10058.4 9601.97
10363.2 9984.98
10534.6 9896.9
10706.1 10342.9
10734.7 10055
11087.1 9804.83
12410.4 10532.7
12246.5 11001
12314 11465.2
13895.5 12394.9
15245.5 13113.8
15775.8 14619.3
16441.2 14340.4
17048.7 14560.9
15573.3 12368.6
16190.5 12823.8
15930.1 13735.2
15428.7 13693.4
15208 13921.6
14194.2 13706.4
13816.7 14198
13762.7 13831.6
13568.6 14578
13913.7 15604.1
13881.4 17215.9
12425.3 16840.8
11778.1 17261.2
12641 19508.4
12781.2 22324.1
11993.9 22753.2
11306.2 18862.1
12087.5 20660.2
13047.3 22880.1
13940.2 25334.9
13717 26369.1
14386.6 27937
15324.2 28479.7
15993.8 32112.8
15904.5 31374.2
17143.4 31504.8
18036.3 30842.1
17645.7 29898.9
18108.8 30525.5
19026 31055.6
19898.4 32411.3
20838 32861.6
19764.2 29608.7
19294.4 27989.5
17001.5 23882.6
17650.2 23676.8
18891.8 27090.6
18902.9 26628.4
18332.5 25057.8
16766.6 22313.2
15741.2 20936.7
17334.9 23576.2
17604.6 24166.9
16207.1 21637.8
15876.1 20322.4
15103.7 19361.1
14601.1 18867.2
14441.7 18084.6
15765.7 17834.1
16967.1 19121.6
16685.2 21059
17114.3 21522.7
17556.4 20935.5
18089.9 22917.7
18948.9 22679.7
19443.4 22804.6
20250.3 24147.5
20601.7 24008.9
20536.6 23116.1
20653.8 23482.2
21499.7 24606.5
23282.7 25663.9
24193.7 27046.8
24362.9 26105.5
25605 26257.6
24939.9 26240.8
21428.4 23046.4
20683.5 22327.1
19526.3 22034.2
21787.5 23813.8
21907.2 23799.5
22559 23874.3
22718.6 24328.7
22585.6 23805.6
23210.7 25585
22359.5 24333
22491.2 24633.6
22603.1 25040.2
22813.1 25917.2
22379.2 25578.4
22995 28220.8
22925.1 27237
23820.8 28074.6
25122.4 29263
25234.4 28210.3
24688.5 27921.8
25472.3 29489.1
27109.8 28782.2
30077.5 29706.8
31897.9 32327.7
32752 32654.7
35552.5 31319
40873.5 29529.1
44458.2 31614.7
43380 33556.6
38283.1 38477.9
39851.3 38624.4
41951.7 41441.2
41881.7 42639.4
43576 48204.6
46870.4 49784.1
8/31/87 48191.5 50979.2
50912.6 54582.6
50676 56844.8
53673.2 62936.1
54935.2 66816.3
56078.8 69436
42690.1 39198.2
39767.8 40871.2
44356.3 43180
45151.7 42762.8
46314.1 42584
50168.5 47744.2
52799.3 50069
51942.8 53623.4
52248.7 54572.4
53686.5 56784.7
51331 53723.5
51208.6 52817.4
52677 56302.3
54053.5 56075.2
54648.6 56379.2
58369 62282.2
59994.7 57472.7
61933 58460.5
64152.7 60417.6
64684.2 57695
63433.6 55342.6
68811 60330
71218.2 62951
75845.2 64710.3
73094.1 62538.2
76783.1 62610.8
80946.6 65389.9
79662.7 64990
78057.9 64167.3
76774.1 63340.8
73949.6 60079.1
80946.6 65777.2
82744 67864.5
85953.6 71504.7
77287.6 66051.5
69777.1 60013.9
74848.3 59274.9
72216.4 58751.8
72075.3 58754.6
74393.7 62284.9
80871.6 68233.7
82644.5 69913.2
83121.9 72274.7
83871.9 72539.1
82099 72261.7
84349.3 76474.6
80121.6 75522.8
82780.9 76310.5
84826.6 79168.6
80394.3 78406.1
81494.4 80266.3
82071.3 82099.6
81422.3 84698.3
77672.1 84110.2
79114.5 88101
85533.1 94085
82792.5 93142.9
78249 90792.2
75508.5 85619.1
74643.1 84236.4
76662.4 86875.7
74715.2 85200.5
75008.8 85896.7
75081.5 86537.5
78573.7 93195.4
81629.3 94782
88104.4 99640
90796.3 103455
88031.6 100316
91378.3 103860
95598 111708
97198.5 113866
100909 132280
101127 128331
120468 154978
118342 150724
113328 143388
98744.5 128164
100719 134114
104289 138544
99352.2 132406
104441 139383
112037 148749
110822 144844
111050 147178
101555 135384
96698.3 133297
86948.5 121795
91423.8 133171
93581.6 134577
94780.3 136361
103012 145618
101413 142866
105889 148766
102292 144832
102932 146694
100854 144116
99735.1 145398
103900 151118
113565 161163
111482 163613
109482 165746
110649 170317
114065 168612
111649 165478
105816 157182
110565 164258
112982 168499
115648 173125
122397 182409
124725 182807
123204 180657
125771 183264
118831 174802
110370 171263
115029 181958
117881 185980
118831 185528
102195 159827
101529 165318
74626 130287
70823.4 126213
69541.8 126585
61278.3 118802
70400.3 137125
69327.2 135548
64497.9 126116
57951.5 112008
6/30/98 53340 105399
</TABLE>
The chart above shows the performance of AIM New Pacific Growth Fund Class A
shares since the Fund's inception, versus the MSCI Pacific ex-Japan Index.
This represents a cumulative return of 433.40% and an average annual total
return of 8.12% 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 $6,290 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 $5,201 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) -54.39 -9.39 0.29 8.41 -56.90 -10.41 -0.28 8.12
CLASS B(3) -54.60 -10.00 N/A -8.34 -56.61 -10.25 N/A -8.46
ADVISOR CLASS(4) -54.11 N/A N/A -19.13 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 23.20 48.12 -10.96 13.07 -7.96 60.61 -19.73 7.45 20.04 -44.24
CLASS B N/A N/A N/A N/A N/A 46.303 -20.30 6.54 19.28 -44.65
</TABLE>
(1) Figures assume reinvestment of all dividends and capital gains
distributions at net asset value.
(2) Performance data do not reflect the maximum 5.5% 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 of Class A shares on January 19, 1977; 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 complete
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.
Page 2
<PAGE>
INTERVIEW WITH PORTFOLIO MANAGEMENT TEAM
Q HOW DID THE FUND PERFORM?
A Asian companies continued to be ravaged by the economic turbulence that
knocked the region off its feet in the last half of 1997 and kept it down
through the first half of 1998. The extent of the turmoil is reflected in the
Fund's performance for the reporting period. Total returns for the period
December 31, 1997 to June 30, 1998 were -22.69% for A shares and -22.77% for
Class B shares excluding sales charges.
Q WHAT WAS THE MARKET ENVIRONMENT LIKE IN ASIA DURING THE REPORTING PERIOD?
A The first half of 1998 was a time of crisis throughout Asia. Indonesia was
particularly hard hit. Struggling with the difficulties of adhering to the
International Monetary Fund (IMF) reform program, the country erupted with
social unrest and violent rioting early in the second quarter. In response,
long-time leader President Suharto stepped down. Japan, a crucial character
in the Pacific's economic story, faced a serious downturn as well. A major
weakening of the Japanese yen during the second quarter led to another round
of currency devaluations across the region. Soon after the reporting period
came to a close, Prime Minister Hashimoto resigned his post. He and his party
faced severe criticism for failing to come to grips with Japan's economic
problems. Markets in the Pacific region (excluding Japan) experienced very
poor performance in the first half of 1998. Indonesia was the worst
performer, down over 50%. Hong Kong was down 26.2%, Singapore down 33.8%, and
Taiwan down 16.4%. Relative to the rest of the region, Australia was the best
performer, up 1.7%.
Q WHAT WAS YOUR MANAGEMENT STRATEGY IN SUCH A VOLATILE ENVIRONMENT?
A We made several changes that placed the Fund in a more defensive position.
As of June 30, 1998, the Fund had no exposure in Indonesia. We also have
minimal exposure in Malaysia because we're skeptical about government
policies there. The economy is headed toward a recession, the number of
non-performing loans is rising, and the prime minister is very critical of
the current tight monetary policy. That suggests there may be an easing of
monetary policy in the near future, which we feel would be premature and have
a negative impact on inflation and the Ringgit, the local currency.
We've reduced our exposure in Singapore, expecting further deterioration in
the economy. We've cut back on our weighting in Singapore banks, in
particular. In Taiwan, where the electronics sector fell heavily during the
reporting period, we've tightened our focus by investing in selective
high-quality electronics companies. In Hong Kong, we've altered our strategy
by cutting back on property developers and certain mainland-China based
companies in favor of utilities.
GEOGRAPHIC ALLOCATION OF NET ASSETS %
JUNE 30, 1998
<TABLE>
<S> <C>
AUSTRALIA 33.6
HONG KONG 37.0
INDIA 1.4
MALAYSIA 1.9
NEW ZEALAND 1.4
PHILIPPINES 2.7
SINGAPORE 8.6
TAIWAN 3.5
THAILAND 1.7
UNITED STATES & OTHER 8.2
</TABLE>
Allocations will change based on current market conditions.
Q WHY HAS THE FUND CHANGED ITS INVESTMENT STRATEGY IN HONG KONG?
A We favored Hong Kong because of attractive valuations and currency
stability. However, we are concerned about the effect of a slowdown in
exports and domestic demand in China. Investors have become much more wary
about the so-called "red-chip" stocks (Hong Kong-based units of
mainland-Chinese firms). For instance, Beijing Enterprises Holdings Ltd, a
multi-industry red-chip company, was one of the portfolio's disappointments
during the reporting period. The stock underperformed as sentiment toward the
entire universe of red-chips turned cautious.
CONTINUED P.4
(5) The MSCI Pacific ex-Japan Index is a market-value-weighted average of the
performance of selected securities listed on five major Pacific Rim exchanges
(Australia, Hong Kong, Malaysia, New Zealand, and Singapore). 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.
Page 3
<PAGE>
INTERVIEW WITH PORTFOLIO MANAGEMENT TEAM CONTINUED
While red-chips have provided good opportunities for the Fund in the past, in
the short term they may suffer from concerns about currency devaluation in
China. Therefore, we've shifted our emphasis in Hong Kong to more defensive
investments such as utilities, which have greater earnings stability. For
instance, during the reporting period Hong Kong Telecommunications Ltd.
achieved double-digit earnings and had a high net-cash position. We also
liked Hong Kong money center bank HSBC Holdings. Almost half of HSBC's
profits are derived from outside of Asia, so it was relatively immune to the
Asian turmoil. The company's strong capital base helps it withstand the
current difficult operating environment.
Q WHAT KINDS OF OPPORTUNITIES DID YOU FIND IN AUSTRALIA?
A We believe Australia offers a relative safe haven, even though it is far
from immune to problems in the rest of the Asia/Pacific region. First-quarter
economic growth of 4.9% was stronger than expected, particularly after the
fourth quarter of 1997's disappointing growth rate of 3.1%. However, weaker
export growth and a depreciating Australian dollar indicate a possible
slowdown for the second half of 1998. Australia's domestic consumption
remains healthy though, which could help offset the Asian threat.
Our strategy has been to adopt a defensive stance, favoring banks and
telecommunications because of their relatively sound management, predictable
earnings, and attractive dividend yields. For example, Telstra Corp. Ltd., an
Australian telephone network company, pulled in double-digit earnings growth
over the reporting period. Another good holding was global communications
giant News Corp. Ltd., which was able to achieve above average earnings
growth because of U.S. dollar revenues.
Q WHAT IS YOUR OUTLOOK FOR THE FUTURE?
A There is long-term growth potential in Asia, despite its struggles now.
However, the region's rebound hinges on reform. Much depends on whether the
Japanese and Chinese governments are able to stimulate their domestic
economies. Should the Yen continue to weaken, other Asian currencies will
feel the pressure, and if demand in Japan remains weak, the recovery of Asian
exports will be hindered.
Systemic risk in the banking sector, caused by rising bankruptcies and
non-performing loans, is another critical issue in the region. Inflation,
which has risen primarily due to the impact of currency devaluations, also is
a concern. However, we expect inflation to start tapering off during the
spring of 1999. Interest rates may begin to drop then, as well, especially if
the current amount of inventory surplus is sustained.
Over the long term, we expect to see slower but more sustainable growth in
gross domestic product (GDP). With more open economies, we think Asia is
likely to experience greater competitiveness and higher efficiency. We expect
corporate governance to improve, with more attention paid to productivity and
returns on equity.
After the crisis, Asia may have a firmer economic base and stronger banking
systems. It's going to take a lot of work for Asia to reaccelerate growth,
but for the aggressive investor with a more distant time horizon, AIM New
Pacific Growth can provide exposure to this region's potential.
Page 4
<PAGE>
SECTOR ALLOCATION OF NET ASSETS %
JUNE 30, 1998
<TABLE>
<S> <C>
Services 28.3
Finance 23.4
Multi-Industry/Misc. 10.2
Consumer Durables 7.9
Materials/Basic Industry 7.8
Energy 6.7
Capital Goods 3.5
Consumer Non-Durables 1.9
Technology 1.6
Health Care 0.5
Short Term & Other 8.2
</TABLE>
A complete listing of holdings and allocations may be found in the Investment
Portfolio section of this report.
AIM NEW PACIFIC GROWTH FUND
<TABLE>
<CAPTION>
% of
KEY PORTFOLIO HOLDINGS(6) Country Net Assets
<S> <C> <C>
Hong Kong Telecommunications Ltd. Hong Kong 5.0
Huchison Whampoa Hong Kong 4.9
News Corp., Ltd. Australia 4.4
National Australia Bank Ltd. Australia 4.1
CLP Holdings Ltd. Hong Kong 3.9
Australia & New Zealand Banking Group Ltd. Australia 3.8
Cheung Kong (Holdings) Ltd. Hong Kong 3.7
HSBC Holdings PLC Hong Kong 3.6
Telstra Corp., Ltd. Australia 3.4
Development Bank of Singapore Singapore 3.2
</TABLE>
(6) There is no assurance the Fund will continue to hold these or any other
securities mentioned in this report.
Page 5
<PAGE>
AIM NEW PACIFIC
GROWTH FUND
(FORMERLY
GT GLOBAL NEW
PACIFIC GROWTH FUND)
FINANCIAL
STATEMENTS
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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>
Services (28.3%)
Hong Kong Telecommunications Ltd. ......................... HK 3,300,200 $ 6,197,859 5.0
TELEPHONE NETWORKS
News Corp., Ltd. Preferred ................................ AUSL 761,650 5,409,957 4.4
BROADCASTING & PUBLISHING
Telstra Corp., Ltd. - Installment Receipts ................ AUSL 1,627,300 4,182,927 3.4
TELEPHONE NETWORKS
China Telecom (Hong Kong) Ltd.-/- ......................... HK 1,800,000 3,124,879 2.5
WIRELESS COMMUNICATIONS
Brambles Industries Ltd. .................................. AUSL 149,050 2,932,692 2.4
BUSINESS & PUBLIC SERVICES
Singapore Press Holdings Ltd. ............................. SING 385,352 2,578,903 2.1
BROADCASTING & PUBLISHING
Woolworths Ltd. ........................................... AUSL 704,950 2,297,894 1.8
RETAILERS-OTHER
TABCORP Holdings Ltd. ..................................... AUSL 426,400 2,184,155 1.8
LEISURE & TOURISM
Philippine Long Distance Telephone Co. .................... PHIL 85,290 1,952,422 1.6
TELEPHONE - LONG DISTANCE
Telecom Corporation of New Zealand Ltd. ................... NZ 431,200 1,780,317 1.4
TELEPHONE NETWORKS
Telekom Malaysia Bhd. ..................................... MAL 700,000 1,182,005 1.0
TELEPHONE NETWORKS
Malaysia International Shipping Bhd. - Foreign ............ MAL 458,000 668,412 0.5
TRANSPORTATION - SHIPPING
Berjaya Sports Toto Bhd. .................................. MAL 300,000 445,061 0.4
LEISURE & TOURISM
------------
34,937,483
------------
Finance (23.4%)
National Australia Bank Ltd. .............................. AUSL 386,050 5,105,467 4.1
BANKS-REGIONAL
Australia & New Zealand Banking Group Ltd. ................ AUSL 683,350 4,726,511 3.8
BANKS-REGIONAL
HSBC Holdings PLC ......................................... HK 183,021 4,476,603 3.6
BANKS-MONEY CENTER
Development Bank of Singapore - Foreign ................... SING 728,000 4,031,270 3.2
BANKS-MONEY CENTER
Hang Seng Bank ............................................ HK 550,000 3,109,390 2.5
BANKS-MONEY CENTER
Overseas-Chinese Banking Corp., Ltd. - Foreign ............ SING 800,000 2,724,312 2.2
BANKS-REGIONAL
State Bank of India Ltd. - Reg. S GDR{c} {\/} ............. IND 146,070 1,723,626 1.4
BANKS-REGIONAL
AMP Ltd.-/- ............................................... AUSL 91,800 1,077,251 0.9
INSURANCE-LIFE
Cathay Life Insurance Co., Ltd. ........................... TWN 300,000 917,004 0.7
INSURANCE-BROKER
First Commercial Bank ..................................... TWN 350,000 646,997 0.5
BANKS-MONEY CENTER
</TABLE>
The accompanying notes are an integral part of the financial statements.
F1
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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>
Finance (Continued)
China Development Corp.-/- ................................ TWN 270,000 $ 624,873 0.5
BANKS-MONEY CENTER
------------
29,163,304
------------
Multi-Industry/Miscellaneous (10.2%)
Hutchison Whampoa ......................................... HK 1,150,000 6,070,991 4.9
MULTI-INDUSTRY
Shanghai Industrial Holdings Ltd. ......................... HK 829,000 1,952,791 1.6
MULTI-INDUSTRY
Ocean-Land Group Ltd. ..................................... HK 9,358,000 1,811,810 1.5
MULTI-INDUSTRY
Beijing Enterprises Holdings Ltd.-/- ...................... HK 1,165,000 1,766,860 1.4
MULTI-INDUSTRY
Pacific Dunlop Ltd. ....................................... AUSL 616,200 998,561 0.8
MULTI-INDUSTRY
------------
12,601,013
------------
Consumer Durables (7.9%)
Cheung Kong (Holdings) Ltd. ............................... HK 942,000 4,632,488 3.7
HOUSING
New World Development Co., Ltd. ........................... HK 2,000,000 3,872,217 3.1
HOUSING
City Developments Ltd. .................................... SING 500,000 1,397,690 1.1
HOUSING
------------
9,902,395
------------
Materials/Basic Industry (7.8%)
Broken Hill Proprietary Co., Ltd. ......................... AUSL 434,300 3,680,737 3.0
MISC. MATERIALS & COMMODITIES
CSR Ltd. .................................................. AUSL 899,300 2,601,973 2.1
BUILDING MATERIALS & COMPONENTS
Rio Tinto Ltd. ............................................ AUSL 212,100 2,528,449 2.0
MISC. MATERIALS & COMMODITIES
Capral Aluminum Ltd. ...................................... AUSL 634,500 894,272 0.7
METALS - NON-FERROUS
------------
9,705,431
------------
Energy (6.7%)
CLP Holdings Ltd. ......................................... HK 1,059,000 4,825,131 3.9
ELECTRICAL & GAS UTILITIES
Manila Electric Co. "B" ................................... PHIL 500,000 1,325,301 1.1
ELECTRICAL & GAS UTILITIES
PTT Exploration and Production Public Co., Ltd. -
Foreign-/- ............................................... THAI 164,600 1,249,632 1.0
OIL
Electricity Generating Public Co., Ltd. - Foreign-/- ...... THAI 535,900 832,775 0.7
ELECTRICAL & GAS UTILITIES
------------
8,232,839
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F2
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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>
Capital Goods (3.5%)
New World Infrastructure Ltd.-/- .......................... HK 2,000,000 $ 2,297,515 1.8
CONSTRUCTION
Cheung Kong Infrastructure Holdings ....................... HK 1,000,000 1,890,933 1.5
CONSTRUCTION
Taiwan Semiconductor Manufacturing Co.-/- ................. TWN 125,000 258,362 0.2
MACHINERY & ENGINEERING
------------
4,446,810
------------
Consumer Non-Durables (1.9%)
Foster's Brewing Group Ltd. ............................... AUSL 1,012,600 2,389,097 1.9
------------
BEVERAGES - ALCOHOLIC
Technology (1.6%)
Asustek Computer Inc. - Reg. S GDR-/- {c} {\/} ............ TWN 131,700 1,055,244 0.8
COMPUTERS & PERIPHERALS
Compeq Manufacturing Co., Ltd.-/- ......................... TWN 191,200 1,018,590 0.8
COMPUTERS & PERIPHERALS
------------
2,073,834
------------
Health Care (0.5%)
Cochlear Ltd. ............................................. AUSL 150,900 587,448 0.5
HEALTH CARE SERVICES
------------ -----
TOTAL EQUITY INVESTMENTS (cost $143,745,670) ................ 114,039,654 91.8
------------ -----
<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 efffective yield of 5.70%,
collateralized by $7,030,000 U.S. Treasury Bills, 5.75%
due 12/31/98 (market value of collateral is $7,038,788,
including accrued interest). (cost $6,898,000) .......... 6,898,000 5.5
------------ -----
TOTAL INVESTMENTS (cost $150,643,670) * .................... 120,937,654 97.3
Other Assets and Liabilities ................................ 3,355,046 2.7
------------ -----
NET ASSETS .................................................. $124,292,700 100.0
------------ -----
------------ -----
</TABLE>
- --------------
-/- Non-income producing security.
{c} Security issued under Regulation S. Rule 144A and additional
restrictions may apply in the resale of such securities.
{\/} U.S. currency denominated.
* For Federal income tax purposes, cost is $151,742,022 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 4,617,724
Unrealized depreciation: (35,422,092)
-------------
Net unrealized depreciation: $ (30,804,368)
-------------
-------------
</TABLE>
Abbreviations:
GDR--Global Depositary Receipt
The accompanying notes are an integral part of the financial statements.
F3
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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>
Australia (AUSL/AUD) ................. 33.6 33.6
Hong Kong (HK/HKD) ................... 37.0 37.0
India (IND/INR) ...................... 1.4 1.4
Malaysia (MAL/MYR) ................... 1.9 1.9
New Zealand (NZ/NZD) ................. 1.4 1.4
Philippines (PHIL/PHP) ............... 2.7 2.7
Singapore (SING/SGD) ................. 8.6 8.6
Taiwan (TWN/TWD) ..................... 3.5 3.5
Thailand (THAI/THB) .................. 1.7 1.7
United States (US/USD) ............... 8.2 8.2
------ --- -----
Total ............................... 91.8 8.2 100.0
------ --- -----
------ --- -----
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $124,292,700.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACT OUTSTANDING
JUNE 30, 1998
<TABLE>
<CAPTION>
MARKET VALUE
(U.S. CONTRACT DELIVERY UNREALIZED
CONTRACT TO SELL: DOLLARS) PRICE DATE APPRECIATION
- ---------------------------------------- ------------ -------- -------- -------------
<S> <C> <C> <C> <C>
Australian Dollars...................... 5,792,879 1.52036 07/14/98 $ 343,835
------------ -------------
Total Contract to Sell (Receivable
amount $6,136,714)................... 5,792,879 343,835
------------ -------------
THE VALUE OF CONTRACT TO SELL AS
PERCENTAGE OF NET ASSETS IS 4.66%
Total Open Forward Foreign Currency
Contract............................. $ 343,835
-------------
-------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F4
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC GROWTH FUND)
STATEMENT OF ASSETS
AND LIABILITIES
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Assets:
Investments in securities, at value (cost $150,643,670) (Note 1).......................... $120,937,654
U.S. currency.................................................................. $ 189
Foreign currencies (cost $8,517,849)........................................... 8,259,284 8,259,473
---------
Receivable for securities sold............................................................ 7,665,166
Dividends receivable...................................................................... 596,708
Receivable for open forward foreign currency contracts.................................... 343,835
Receivable from A I M Advisors, Inc....................................................... 337,887
Receivable for Fund shares sold........................................................... 145,782
Interest receivable....................................................................... 1,092
-----------
Total assets............................................................................ 138,287,597
-----------
Liabilities:
Payable for Fund shares repurchased....................................................... 9,408,146
Payable for securities purchased.......................................................... 3,757,964
Payable for investment management and administration fees (Note 2)........................ 366,742
Payable for transfer agent fees (Note 2).................................................. 163,275
Payable for custodian fees................................................................ 76,620
Payable for printing and postage expenses................................................. 68,011
Payable for service and distribution expenses (Note 2).................................... 58,543
Payable for professional fees............................................................. 38,892
Payable for registration and filing fees.................................................. 18,624
Payable for fund accounting fees (Note 2)................................................. 2,078
Payable for Trustees' fees and expenses (Note 2).......................................... 1,694
Other accrued expenses.................................................................... 34,308
-----------
Total liabilities....................................................................... 13,994,897
-----------
Net assets.................................................................................. $124,292,700
-----------
-----------
Class A:
Net asset value and redemption price per share ($86,769,083 DIVIDED BY 17,308,641 shares
outstanding)............................................................................... $ 5.01
-----------
-----------
Maximum offering price per share (100/94.5 of $5.01) *...................................... $ 5.30
-----------
-----------
Class B:+
Net asset value and offering price per share ($36,779,247 DIVIDED BY 7,593,164 shares
outstanding)............................................................................... $ 4.84
-----------
-----------
Advisor Class:
Net asset value, offering price per share, and redemption price per share ($744,370 DIVIDED
BY 148,367 shares outstanding)............................................................. $ 5.02
-----------
-----------
Net assets consist of:
Paid in capital (Note 4).................................................................. $218,876,228
Undistributed net investment income....................................................... 903,288
Accumulated net realized loss on investments and foreign currency transactions............ (65,853,447)
Net unrealized appreciation on translation of assets and liabilities in foreign
currencies............................................................................... 72,647
Net unrealized depreciation of investments................................................ (29,706,016)
-----------
Total -- representing net assets applicable to capital shares outstanding................... $124,292,700
-----------
-----------
<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 NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC GROWTH FUND)
STATEMENT OF OPERATIONS
Six months ended June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment income:
Dividend income (net of foreign withholding tax of $89,177) (Note 1)...................... $ 2,353,281
Interest income........................................................................... 316,124
Securities lending income................................................................. 144,671
-----------
Total investment income................................................................. 2,814,076
-----------
Expenses:
Investment management and administration fees (Note 2).................................... 848,177
Transfer agent fees (Note 2).............................................................. 588,000
Service and distribution expenses: (Note 2)
Class A..................................................................... $ 216,644
Class B..................................................................... 241,418 458,062
----------
Custodian fees............................................................................ 113,500
Registration and filing fees.............................................................. 72,400
Printing and postage expenses............................................................. 52,075
Legal fees................................................................................ 39,760
Audit fees................................................................................ 25,929
Fund accounting fees (Note 2)............................................................. 22,357
Trustees' fees and expenses (Note 2)...................................................... 6,516
Other expenses (Note 1)................................................................... 82,578
-----------
Total expenses before reductions........................................................ 2,309,354
-----------
Expenses reimbursed by A I M Advisors, Inc. (Note 2).................................. (337,887)
Expense reductions (Note 5)........................................................... (60,679)
-----------
Total net expenses...................................................................... 1,910,788
-----------
Net investment income....................................................................... 903,288
-----------
Net realized and unrealized gain (loss) on investments and foreign currencies:
(Note 1)
Net realized loss on investments.............................................. (19,697,597)
Net realized gain on foreign currency transactions............................ 2,092,223
----------
Net realized loss during the period..................................................... (17,605,374)
Net change in unrealized appreciation on translation of assets and liabilities
in foreign currencies........................................................ (1,217,598)
Net change in unrealized depreciation of investments.......................... (10,343,511)
----------
Net unrealized depreciation during the period........................................... (11,561,109)
-----------
Net realized and unrealized loss on investments and foreign currencies...................... (29,166,483)
-----------
Net decrease in net assets resulting from operations........................................ $(28,263,195)
-----------
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F6
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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>
Decrease in net assets
Operations:
Net investment income..................................................... $ 903,288 $ 864,307
Net realized loss on investments and foreign currency transactions........ (17,605,374) (48,653,550)
Net change in unrealized appreciation (depreciation) on translation of
assets and liabilities in foreign currencies............................. (1,217,598) 1,286,651
Net change in unrealized depreciation of investments...................... (10,343,511) (113,591,619)
------------- --------------
Net decrease in net assets resulting from operations.................... (28,263,195) (160,094,211)
------------- --------------
Class A:
Distributions to shareholders: (Note 1)
From net investment income................................................ -- (427,042)
From net realized gain on investments..................................... -- (15,152,919)
Class B:
Distributions to shareholders: (Note 1)
From net investment income................................................ -- --
From net realized gain on investments..................................... -- (6,636,532)
Advisor Class:
Distributions to shareholders: (Note 1)
From net investment income................................................ -- (13,447)
From net realized gain on investments..................................... -- (179,887)
------------- --------------
Total distributions..................................................... -- (22,409,827)
------------- --------------
Capital share transactions: (Note 4)
Increase from capital shares sold and reinvested.......................... 768,827,723 1,697,761,633
Decrease from capital shares repurchased.................................. (809,387,115) (1,836,766,167)
------------- --------------
Net decrease from capital share transactions............................ (40,559,392) (139,004,534)
------------- --------------
Total decrease in net assets................................................ (68,822,587) (321,508,572)
Net assets:
Beginning of period....................................................... 193,115,287 514,623,859
------------- --------------
End of period *.......................................................... $124,292,700 $ 193,115,287
------------- --------------
------------- --------------
* Includes undistributed net investment income of.......................... $ 903,288 $ --
------------- --------------
------------- --------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F7
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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 1993
------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 6.48 $ 13.12 $ 12.47 $ 12.10 $ 15.86 $ 10.31
------------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income (loss).......... 0.03* 0.05 0.02 0.11 0.02 (0.03)
Net realized and unrealized gain
(loss) on investments................ (1.50) (5.84) 2.44 0.79 (3.15) 6.23
------------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) from
investment operations.............. (1.47) (5.79) 2.46 0.90 (3.13) 6.20
------------- ---------- ---------- ---------- ---------- ----------
Distributions to shareholders:
From net investment income............ -- (0.03) -- (0.10) (0.01) --
From net realized gain on
investments.......................... -- (0.82) (1.81) (0.43) (0.55) (0.65)
In excess of net realized gain on
investments.......................... -- -- -- -- (0.07) --
------------- ---------- ---------- ---------- ---------- ----------
Total distributions................. -- (0.85) (1.81) (0.53) (0.63) (0.65)
------------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period.......... $ 5.01 $ 6.48 $ 13.12 $ 12.47 $ 12.10 $ 15.86
------------- ---------- ---------- ---------- ---------- ----------
------------- ---------- ---------- ---------- ---------- ----------
Total investment return (c)............. (22.69)%(b) (44.24)% 20.04% 7.45% (19.73)% 60.61%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 86,769 $ 135,807 $ 361,244 $ 383,722 $ 404,680 $ 498,898
Ratio of net investment income (loss) to
average net assets:
With expense reductions and/or
reimbursement (Notes 2 & 5).......... 1.21%(a) 0.41% 0.17% 0.91% 0.11% (0.3)%
Without expense reductions and/or
reimbursement........................ 0.75%(a) 0.14% 0.04% 0.86% N/A N/A
Ratio of operating expenses to average
net assets:
With expense reductions and/or
reimbursement (Notes 2 & 5).......... 1.92%(a) 1.66% 1.86% 1.89% 1.81% 1.9%
Without expense reductions and/or
reimbursement........................ 2.38%(a) 1.93% 1.99% 1.94% N/A N/A
Ratio of interest expense to average net
assets++++............................. 0.09%(a) N/A N/A N/A N/A N/A
Portfolio turnover rate++++............. 92%(a) 80% 93% 63% 87% 117%
</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.
* Includes reimbursement of Fund operating expenses per share of $0.01.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F8
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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 1993
------------- ---------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 6.28 $ 12.80 $ 12.29 $ 11.96 $ 15.79 $ 11.27
------------- ---------- ---------- ---------- ---------- -------------
Income from investment operations:
Net investment income (loss).......... 0.02* (0.03) (0.06) 0.03 (0.06) (0.10)
Net realized and unrealized gain
(loss) on investments................ (1.46) (5.67) 2.38 0.75 (3.15) 5.27
------------- ---------- ---------- ---------- ---------- -------------
Net increase (decrease) from
investment operations.............. (1.44) (5.70) 2.32 0.78 (3.21) 5.17
------------- ---------- ---------- ---------- ---------- -------------
Distributions to shareholders:
From net investment income............ -- -- -- (0.02) -- --
From net realized gain on
investments.......................... -- (0.82) (1.81) (0.43) (0.55) (0.65)
In excess of net realized gain on
investments.......................... -- -- -- -- (0.07) --
------------- ---------- ---------- ---------- ---------- -------------
Total distributions................. -- (0.82) (1.81) (0.45) (0.62) (0.65)
------------- ---------- ---------- ---------- ---------- -------------
Net asset value, end of period.......... $ 4.84 $ 6.28 $ 12.80 $ 12.29 $ 11.96 $ 15.79
------------- ---------- ---------- ---------- ---------- -------------
------------- ---------- ---------- ---------- ---------- -------------
Total investment return (c)............. (22.77)%(b) (44.65)% 19.28% 6.54% (20.30)% 46.30%(b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 36,779 $ 55,820 $ 151,805 $ 130,887 $ 120,171 $ 72,122
Ratio of net investment income (loss) to
average net assets:
With expense reductions and/or
reimbursement (Notes 2 & 5).......... 0.56%(a) (0.24)% (0.48)% 0.26% (0.54)% (0.9)%(a)
Without expense reductions and/or
reimbursement........................ 0.10%(a) (0.51)% (0.61)% 0.21% N/A N/A
Ratio of operating expenses to average
net assets:
With expense reductions and/or
reimbursement (Notes 2 & 5).......... 2.57%(a) 2.31% 2.51% 2.54% 2.46% 2.5%(a)
Without expense reductions and/or
reimbursement........................ 3.03%(a) 2.58% 2.64% 2.59% N/A N/A
Ratio of interest expense to average net
assets++++............................. 0.09%(a) N/A N/A N/A N/A N/A
Portfolio turnover rate++++............. 92%(a) 80% 93% 63% 87% 117%(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.
* Includes reimbursement of Fund operating expenses per share of $0.01.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F9
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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.... $ 6.45 $ 13.16 $ 12.45 $ 12.89
-------------- ----------- ---------- -------------
Income from investment operations:
Net investment income (loss).......... 0.04* 0.08 0.07 0.09
Net realized and unrealized gain
(loss) on investments................ (1.47) (5.89) 2.45 0.05
-------------- ----------- ---------- -------------
Net increase (decrease) from
investment operations.............. (1.43) (5.81) 2.52 0.14
-------------- ----------- ---------- -------------
Distributions to shareholders:
From net investment income............ -- (0.08) -- (0.15)
From net realized gain on
investments.......................... -- (0.82) (1.81) (0.43)
In excess of net realized gain on
investments.......................... -- -- -- --
-------------- ----------- ---------- -------------
Total distributions................. -- (0.90) (1.81) (0.58)
-------------- ----------- ---------- -------------
Net asset value, end of period.......... $ 5.02 $ 6.45 $ 13.16 $ 12.45
-------------- ----------- ---------- -------------
-------------- ----------- ---------- -------------
Total investment return (c)............. (22.17)%)(b) (44.26)% 20.56% 1.07%(b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 744 $ 1,488 $ 1,575 $ 935
Ratio of net investment income (loss) to
average net assets:
With expense reductions and/or
reimbursement (Notes 2 & 5).......... 1.56 %(a) 0.76% 0.52% 1.26%(a)
Without expense reductions and/or
reimbursement........................ 1.10 %(a) 0.49% 0.39% 1.21%(a)
Ratio of operating expenses to average
net assets:
With expense reductions and/or
reimbursement (Notes 2 & 5).......... 1.57 %(a) 1.31% 1.51% 1.54%(a)
Without expense reductions and/or
reimbursement........................ 2.03 %(a) 1.58% 1.64% 1.59%(a)
Ratio of interest expense to average net
assets++++............................. 0.09 %(a) N/A N/A N/A
Portfolio turnover rate++++............. 92 %(a) 80% 93% 63%(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.
* Includes reimbursement of Fund operating expenses per share of $0.01.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F10
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC GROWTH FUND)
NOTES TO FINANCIAL STATEMENTS
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
1. SIGNIFICANT ACCOUNTING POLICIES (SEE ALSO NOTE 2)
AIM New Pacific Growth Fund (the "Fund" formerly, GT Global New Pacific 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 Funds in the preparation of the
financial statements.
(A) PORTFOLIO VALUATION
The Fund calculates the net asset value of 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 securities are valued at the mean of representative quoted bid and
ask prices for such investments or, if such prices are not available, at prices
for securities 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 at 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 fluctuations
arising from changes in market prices of securities held. Such fluctuations are
included with the net realized and unrealized gain or loss from investments.
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 NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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
marked-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 in 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 and
bond markets 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 and bond
markets 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 $26,982,549
were on loan to brokers. The loans were secured by cash collateral of
$28,586,659, 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
F12
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC GROWTH FUND)
120 days or less. For the period ended June 30, 1998, the Fund received
securities lending fees of $144,671.
(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. The Fund currently has a capital loss carryforward of
$3,081,427 which expires in 2005.
(J) DISTRIBUTIONS TO SHAREHOLDERS
Distributions 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 $6,571,267 with a weighted average interest rate of 6.33%. Interest expense
for the period ended June 30, 1998, was $69,364, and is included in "Other
expenses" on the Statement of Operations.
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 average
daily net assets on 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 were made. For the period ended June 30, 1998, AIM
Distributors retained $3,202 of such sales charges. Purchases of Class A shares
exceeding $500,000 may be subject to a contingent deferred sales charge ("CDSC")
upon
F13
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC GROWTH FUND)
redemption, in accordance with the Fund's current prospectus. AIM Distributors
and GT Global collected such CDSCs in the amount of $10,090 and $2,399,
respectively for the period ended June 30, 1998. AIM Distributors also makes
ongoing 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 $13,651 and $124,324,
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 Funds. Under the Class A Plan, the 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 also is
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% of 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 $73,078,048 and $101,866,381, respectively. There were no purchases
or sales of U.S. government obligations during the period.
F14
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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................................................. 112,119,757 $ 661,452,247 110,903,994 $ 1,213,154,082
Shares issued in connection with reinvestment of
distributions............................................. -- -- 2,058,341 13,577,615
------------ ------------- ------------- ---------------
112,119,757 661,452,247 112,962,335 1,226,731,697
Shares repurchased.......................................... (115,779,632) (692,548,182) (119,529,679) (1,324,924,362)
------------ ------------- ------------- ---------------
Net decrease................................................ (3,659,875) $ (31,095,935) (6,567,344) $ (98,192,665)
------------ ------------- ------------- ---------------
------------ ------------- ------------- ---------------
<CAPTION>
CLASS B
- ------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................................. 14,719,157 $ 83,694,422 37,888,593 $ 423,842,967
Shares issued in connection with reinvestment of
distributions............................................. -- -- 856,732 5,478,474
------------ ------------- ------------- ---------------
14,719,157 83,694,422 38,745,325 429,321,441
Shares repurchased.......................................... (16,021,430) (92,123,012) (41,705,872) (470,119,000)
------------ ------------- ------------- ---------------
Net decrease................................................ (1,302,273) $ (8,428,590) (2,960,547) $ (40,797,559)
------------ ------------- ------------- ---------------
------------ ------------- ------------- ---------------
<CAPTION>
ADVISOR CLASS
- ------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold................................................. 4,413,141 $ 23,681,054 4,493,439 $ 41,526,678
Shares issued in connection with reinvestment of
distributions............................................. -- -- 25,872 181,817
------------ ------------- ------------- ---------------
4,413,141 23,681,054 4,519,311 41,708,495
Shares repurchased.......................................... (4,495,633) (24,715,921) (4,408,085) (41,722,805)
------------ ------------- ------------- ---------------
Net increase (decrease)..................................... (82,492) $ (1,034,867) 111,226 $ (14,310)
------------ ------------- ------------- ---------------
------------ ------------- ------------- ---------------
</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 ended June 30, 1998, the Fund's
expenses were reduced by $60,679 under these arrangements.
F15
<PAGE>
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC 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 AIM Select
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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