<PAGE>
S
/ /
AIM DEVELOPING
MARKETS FUND
FORMERLY GT GLOBAL
DEVELOPING
MARKETS FUND
/ /
SEMIANNUAL REPORT
APRIL 30, 1998
INVEST WITH
DISCIPLINE-SM-
<PAGE>
TABLE
OF CONTENTS
<TABLE>
<S> <C>
Message from the
Chairmen............. 1
Report from the Fund
Managers and Key
Portfolio Holdings... 2
Report of Independent
Accountants.......... F1
Financial
Statements........... F2
Views of the Fund's management
described in this report are as
of the date written. Portfolio
holdings and allocations are as
of April 30, 1998, unless
otherwise noted. These views,
portfolio holdings and
allocations may have changed
subsequently.
</TABLE>
<PAGE>
MESSAGE FROM THE CHAIRMEN
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 June 1,
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.
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.
If you have any questions about your account, you can continue to call
800-223-2138 for information, service and transactions. Fund and account
information can also be found on the GT Global Website (www.gtglobal.com). These
sources will be available to you until September 1998. At that time, GT Global
accounts will be fully integrated into The AIM Family of Funds-Registered
Trademark-, and you will have received additional information from AIM.
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/ William J. Guilfoyle /s/ Charles T. Bauer
William J. Guilfoyle Charles T. Bauer
Chairman of the Board and President, Chairman,
GT Global Funds The AIM Family of
Funds-Registered Trademark-
1
- - -
<PAGE>
AIM DEVELOPING MARKETS FUND
PERFORMANCE SUMMARY
ABOUT THE PERFORMANCE SUMMARY
The G.T. Global Developing Markets Fund, Inc. (the "Predecessor Fund"), a
closed-end fund whose single class of shares traded on the New York Stock
Exchange, converted to an open-end fund on October 31, 1997, at which time
shareholders of the Predecessor Fund received Class A shares of the new Fund.
This enabled shareholders to realize the Predecessor Fund's discount to net
asset value. Fees and expenses of the new Fund differ from those of the
Predecessor Fund. Performance data shown for the period January 1, 1997 to
October 31, 1997 are based on performance and expenses of the Predecessor Fund.
As of November 1, 1997, performance is affected by expenses that the Fund incurs
as an open-ended Fund.
CLASS A SHARES
<TABLE>
<CAPTION>
AIM Developing J.P. Morgan IFC Investable
Markets Fund EMBI Plus Composite
<S> <C> <C> <C>
1/11/94 9525 10000 10000
9614 9863 10011
9239 9607 9097
8357 8638 7899
7944 8474 7752
8287 8673 8325
7944 8362 7902
8274 8963 8047
9163 10115 8712
9315 10367 8982
9195 10026 8698
8915 9648 8688
8185 8620 8126
7382 7468 7734
6784 7371 7374
6632 7352 7226
7251 7661 8000
7665 7947 8695
7652 7995 8888
7863 8249 8853
7876 8028 9094
7955 7967 9450
7665 7667 9348
7685 7628 9619
8108 7894 10301
8799 8555 11084
2/29/96 8681 8365 10472
8730 8487 10711
9037 8830 11295
9212 8752 11491
9247 8856 11895
9002 8274 12143
9310 8531 12589
9624 8657 13401
9582 8471 13506
9827 8596 14180
10020 8634 14350
10367 9244 14747
10722 9696 15004
10375 9457 14463
10512 9296 14891
10838 9612 15469
11142 10027 15825
11497 10124 16481
10223 8832 16414
10548 9119 16916
9093 7622 14967
8948 7260 15678
9170 7347 16218
8364 6877 16185
8881 7578 16648
9230 7875 17063
4/30/98 9427 7895 17104
CLASS B SHARES
<CAPTION>
AIM Developing J.P. Morgan IFC Investable
Markets Fund EMBI Plus Composite
<S> <C> <C> <C>
1/11/94 10000 10000 10000
10120 9863 10011
9726 9607 9097
8797 8638 7899
8362 8474 7752
8723 8673 8325
8362 8362 7902
8710 8963 8047
9646 10115 8712
9806 10367 8982
9679 10026 8698
9385 9648 8688
8616 8620 8126
7771 7468 7734
7141 7371 7374
6982 7352 7226
7633 7661 8000
8069 7947 8695
8055 7995 8888
8277 8249 8853
8291 8028 9094
8374 7967 9450
8069 7667 9348
8090 7628 9619
8535 7894 10301
9263 8555 11084
2/29/96 9138 8365 10472
9189 8487 10711
9513 8830 11295
9697 8752 11491
9734 8856 11895
9476 8274 12143
9800 8531 12589
10131 8657 13401
10087 8471 13506
10345 8596 14180
10548 8634 14350
10914 9244 14747
11287 9696 15004
10921 9457 14463
11066 9296 14891
11409 9612 15469
11729 10027 15825
12103 10124 16481
10761 8832 16414
11104 9119 16916
9572 7622 14967
9412 7260 15678
9646 7347 16218
8798 6877 16185
9334 7578 16648
9702 7875 17063
4/30/98 9703 7895 17104
</TABLE>
The charts above show performance of the AIM Developing Markets Fund Class A and
Class B shares since inception, versus the various indices. The top chart
assumes a hypothetical $10,000 initial investment in Class A shares and reflects
all Fund expenses and the maximum 4.75% sales charge. For Class B shares,
results reflect all Fund expenses and the applicable contingent deferred sales
charge (5% in the first year, decreasing to 0% after six years), assuming a
complete redemption at the end of the period. A $10,000 investment in Advisor
Class shares at inception on January 11, 1994, would have been worth $9,918 on
April 30, 1998.
AVERAGE ANNUAL TOTAL RETURNS %(1)
APRIL 30, 1998
<TABLE>
<CAPTION>
SHARE CLASS WITHOUT SALES CHARGE(2) WITH SALES CHARGE
1-YEAR LOF 1-YEAR LOF
<S> <C> <C> <C> <C>
CLASS A(3) -10.31 -0.24 -14.55 -1.36
CLASS B(3) -10.59 -0.31 -14.85 -0.70
ADVISOR CLASS(3) -10.14 -0.19 NA NA
</TABLE>
(1) Figures assume reinvestment of all dividends and capital gains
distributions at net asset value.
(2) Performance data do not reflect the maximum 4.75% sales charge or the
contingent deferred sales charge for Class A and Class B shares,
respectively, which, if included, would have reduced quoted performance.
(3) The Fund began operations on January 11, 1994.
(4) Advisor Class shares are not sold directly to the general public and 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 Fund 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 THE MANAGEMENT TEAM
Q HOW DID THE FUND PERFORM?
A For the six-month period to April 30, 1998,
sentiment toward many emerging equity markets continued to suffer from the Asian
crisis, beginning with devaluation of the Thai baht in July 1997. The fall in
oil prices in March of this year also contributed to the softness of several
emerging markets, including Russia, Mexico and Venezuela.
Against this backdrop, the Fund's Class A shares returned a total of 3.68%
(-1.27% including the maximum 4.75% sales charge); total return for the Fund's
Class B Shares was 3.36% (-1.24% including the maximum 5% contingent deferred
sales charge). The International Finance Corporation (IFC) Investable Composite
Index (5) returned 3.66% and the J.P. Morgan Emerging Markets Bond Index (EMBI)
Plus (6) returned a total of 14.28% over the same period.
On a country selection basis, the Fund performed well against the IFC Investable
Composite Index, with our underweighted positions in Malaysia and Indonesia
contributing significantly to Fund performance. Security selection in Taiwan was
also overwhelmingly positive. However, stock selection overall, and in South
Africa in particular, caused the Fund to lag the index.
The Fund's bond portion performed relatively in line with the J.P. Morgan EMBI
Plus. As a region, Latin America performed fairly well, with the Fund's
Brazilian fixed income position returning 13.97%. Russia, the Fund's largest
bond position (6% at the end of April), also contributed significantly to Fund
performance, returning 19.60%. The total percentage of the Fund's net assets
allocated to fixed income stood at 17% at April 30, which caused the Fund to
underperform the J.P Morgan EMBI Plus on an absolute basis, as emerging market
bonds outperformed equities.
Q WHAT COMPANIES MOST IMPACTED THE FUND'S PERFORMANCE?
A In this difficult environment, a few select companies performed well,
including Asustek Computer of Taiwan, Brazil's Telebras and Telefonos de Mexico.
Asustek benefited from strength in the electronics sector and a strong
competitive position. Telebras and Telefonos de Mexico-two of the most liquid
stocks in Latin America-recovered from their October lows as funds returned to
emerging markets.
Notable disappointments included South Africa's Iscor-a steel producer-and other
resource based stocks which have been hit by significant downward revisions in
growth and, therefore, forecast commodity prices.
Q WHAT EFFECT HAVE EVENTS IN ASIA HAD ON EMERGING MARKET DEBT?
A The Asian financial crisis has cast a pall over most emerging bond markets.
As expected, established economies were able to weather the Asian situation with
aplomb. How emerging markets will fare going forward remains to be seen.
Relatively low global inflation and falling bond yields in established markets
have suppressed investors' exuberance for emerging market debt. Investors
apparently remember the apex of the Asian crisis last year, when emerging
INVESTMENT OBJECTIVE
The Fund primarily seeks long-term capital appreciation and secondarily seeks
income, to the extent consistent with seeking capital appreciation. While a
majority of its assets are ordinarily invested in developing market equity
securities, the Fund may also invest in developing market debt securities,
making it possible to shift resources where we perceive opportunities are the
most promising.
CONTINUED P4
(5) The IFC Investable Composite Index is a market value-weighted average of
the performance of securities listed on the exchanges of 26 countries. It
includes the effect of reinvested dividends and is measured in U.S.
dollars.
(6) The J.P. Morgan EMBI Plus is market value-weighted average of government
bonds from emerging bond markets. It includes the effect of reinvested
coupons 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 THE MANAGEMENT TEAM CONTINUED
markets yield spreads more than doubled relative to U.S. Treasuries.
The six-month period ending April 1998 encompasses the huge market sell-off in
the days following October 1997 and the subsequent recovery in the first four
months of 1998. We feel this particular period offers a distorted view of the
returns investors have been experiencing. Valuations at the end of October 1997
represented prices close to the lows experienced during the Asian sell-off.
Conversely, valuations at the end of April 1998 represented levels at the high
end for the period. Following the end of the period, the market has since
corrected and is currently (mid-June) near the lows of the Asian crisis.
We feel emerging market debt continues to suffer from the lingering effect of
the Asian meltdown. Latin America, for example, is faced with lower commodity
prices and increased export competition that is resulting in deteriorating trade
accounts for most Latin countries and making exchange rates more difficult to
control.
Q HOW IS THE FUND POSITIONED RELATIVE TO THE IFC INVESTABLE COMPOSITE INDEX?
A We remain underweighted in most Asian emerging markets. We are
significantly overweighted against the index in only a few emerging
markets--Egypt, Turkey, Israel and Hungary. We feel some emerging markets are
overly exposed to weakness in the price of oil and other commodities. Others,
particularly in Europe, appear very expensive. Above all, the problems of the
newly industrialized countries in East Asia continue to overshadow most emerging
markets. At the end of April, the Fund was overweighted in the EMEA region (the
emerging markets of Europe, the Middle East and Africa), underweighted in Asia
and in line with the index weighting in Latin America.
Within EMEA, we added to our positions in Turkey, Israel, Greece and Hungary
over the six-month period. At the same time, we reduced exposure to South
Africa, to a considerably underweighted position relative to the index. We also
sold off a significant number of our Asian holdings, including those in
Indonesia, Thailand and Hong Kong. We substantially reduced exposure to Hong
Kong-listed red-chip stocks. Among our Latin American holdings, we supplemented
our investments in Argentina, Brazil, Mexico and Peru at the expense of Chile.
The most important underweighted positions include Indonesia, South Korea,
Malaysia, Thailand and Taiwan. We see insufficient progress toward restructuring
and recapitalization of the banking sector, with authorities continuing to
sanction non-market based solutions. In South Korea, major corporations remain
in business even though bankrupt, the Malaysian government has financially
rescued politically well-connected companies, and the political situation in
Indonesia remains volatile. We are underweighted in Taiwan despite its
relatively stable economic and political outlook because we feel valuations are
too demanding.
Additionally, we have zero exposure to Venezuelan equities, which are especially
vulnerable to any further weakness in the price of oil; to the Czech Republic,
where political risks are excessive; and to Portugal, which appears very
overvalued.
Q WHAT DO YOU LIKE ABOUT THE EQUITY MARKETS OF EMEA?
A Although our outlook for many of these markets continues to be overshadowed
by events in Asia, we find some selected opportunities in the region. In
particular, we favor Egypt, Israel and Hungary.
In Egypt, interest rates have continued to edge lower, largely on the back of a
slight fall in inflation. We believe valuations remain attractive, and economic
reform and inflows of foreign capital could boost consumption and investment.
We believe falling inflation in Israel could prompt authorities to cut interest
rates further. Both economic fundamentals and stock valuations are attractive,
leading us to overweight the Israeli market.
CONTINUED P5
4
- - -
<PAGE>
INTERVIEW WITH THE MANAGEMENT TEAM CONTINUED
Our outlook for Hungary remains positive. The commitment of the Hungarian
authorities to financial stability and economic austerity has resulted in a
significant rerating of the domestic stock market. Its status as a relatively
safe haven subsequent to the global equity market turbulence in October 1997 has
produced substantial capital inflows and driven the market to record levels.
Fundamentally, the market continues to impress, and we are forecasting
significantly higher export-fueled growth this year. While we currently expect
to remain overweighted, we will watch for any signs of overheating.
Q WHAT ARE YOUR EXPECTATIONS OF SOUTH AMERICAN EQUITY MARKETS?
A Weakness in the price of oil has led to a tightening in Mexico's fiscal
policy, which we believe may serve to dampen domestic demand. Moreover, trade
accounts have deteriorated somewhat and, as a consequence, the peso may soften.
Against these negative factors, inflation has stabilized, interest rates could
decline from here, and we are able to identify a range of attractive stocks. We
remain slightly underweighted.
We are underweighted in Argentina's major oil stocks, which account for about
43% of the stock market's capitalization. However, we are overweighted in
banks and other plays on domestic demand, which remains firm.
We believe Brazil's economic growth is likely to be constrained by the doubling
in interest rates, to around 40%, and by the latest fiscal package. Much of the
good news about the economic reform program has already been discounted by the
market. Further progress may also be difficult following the deaths of two key
political supporters of President Cardoso. Although we are still overweighted
relative to the index, we have begun to trim our positions somewhat. In our
stock selection, we are concentrating on privatization plays.
Among the smaller markets, we are overweighted in Peru. Even though El Nino and
falling metal prices have had a severe impact on the important fishing and
mining industries, we believe equity valuations are attractive. However, we are
avoiding Colombia, where the economy is still weak and where political
instability remains a key issue.
We are also avoiding Venezuela, where we think the fall in the price of oil will
contribute to an economic slowdown and, possibly, to currency weakness. In
Chile, we believe valuations are beginning to appear attractive and that the
stock market may have discounted the impact of problems in East Asia
on Chile's exports, along with the recent rise in interest rates.
Q WHY DID YOU REDUCE THE FUND'S EQUITY EXPO SURE TO ASIA?
A We believe the recent optimism that produced strong rallies in a number of
these stock markets over the past three to four months is misplaced. In our
opinion, the environment in Asia remains very challenging, and we continue to
believe regional stock markets will remain volatile.
Thanks in part to Japan's worsening problems, economic conditions throughout the
region continue to deteriorate. While additional renegotiations of foreign
currency debt will take place later in 1998, authorities have not moved
sufficiently to recapitalize failed banks in the countries most affected by
financial crises over the last year. Above all, the economic problems and
political instability of Indonesia are likely to dampen investment sentiment
toward other ASEAN countries, South Korea and Hong Kong for some time.
Q WHAT IS YOUR POSITION ON SOUTH AFRICA?
A We have continued to realize profits in South African equities and have
sold off our debt holdings entirely. Short-term inflows of capital have boosted
money supply growth, with the consequence that bond yields have risen. Most
analysts are recognizing weakness in the economy and revising down their
earnings forecasts. We feel equity valuations are demanding.
5
- - -
<PAGE>
INTERVIEW WITH THE MANAGEMENT TEAM CONTINUED
Q RUSSIA CONTINUES TO BE A SIGNIFICANT FUND HOLDING AT 9.1%. ARE YOU
CONCERNED ABOUT RECENT MARKET WEAKNESS?
A We continue to believe in Russia's merits as a long-term holding. However,
we have a number of concerns about Russia, not the least of which is the poor
fiscal situation and large amount of short-term foreign capital in local
markets. Nonetheless, the Russian government is expected to reach an agreement
with the IMF in the next few weeks, and the new government appears proactive and
committed to reform. While we expect the situation in Russia to remain volatile,
we are positive over the short term and will continue to monitor events closely.
Q DO YOU STILL CONSIDER EMERGING MARKET DEBT ATTRACTIVE AS AN ASSET CLASS?
A We continue to find emerging market debt attractive as an asset class. As
of April 30, 1998, yields are over 250 basis points in excess of U.S. high-yield
bonds, an impressive difference. In addition, emerging markets have historically
offered investors important diversification because of their lower correlation
to other financial asset classes. However, investors should be aware that
investing in emerging markets carries certain additional risks relating to
political uncertainty and currency instability.
SECTOR ALLOCATION OF NET ASSETS %
APRIL 30, 1998
<TABLE>
<CAPTION>
<S> <C>
Services 16.8
Finance 16.2
Energy 13.3
Materials/Basic Industries 10.8
Multi Industry/Misc 9.8
Consumer Non-Durables 6.8
Technology 2.4
Consumer Durables 2.1
Health Care 1.7
Capital Goods 1.7
Fixed Income Investments 17.0
Short Term & Other 1.4
</TABLE>
GEOGRAPHIC ALLOCATION OF NET ASSETS %
<TABLE>
<CAPTION>
APRIL 30, 1998 JUNE 30, 1997
<S> <C> <C>
ARGENTINA 4.9 5.3
BRAZIL 14.8 12.5
BULGARIA 0.9 3.4
CHILE 4.1 4.0
CHINA 0.6 1.4
CROATIA 0.4 -
COLOMBIA - 0.8
ECUADOR 0.4 1.0
EGYPT 5.8 3.0
GREECE 2.7 0.5
HONG KONG 0.5 2.9
HUNGARY 2.0 0.7
INDIA 6.2 3.5
INDONESIA - 3.9
IRELAND 0.9 -
ISRAEL 3.1 1.7
JORDAN 0.9 -
KAZAKHSTAN 0.3 -
KOREA 1.4 2.9
MALAYSIA 1.9 7.1
MEXICO 9.5 6.7
MOROCCO 0.1 -
PAKISTAN 0.8 -
PANAMA 0.4 1.4
PERU 2.2 -
PHILIPPINES 2.2 1.7
POLAND 0.5 1.8
PORTUGAL - 0.6
RUSSIA 9.1 8.1
SOUTH AFRICA 9.6 9.4
SRI LANKA 0.5 -
TAIWAN 4.1 2.0
THAILAND 0.3 2.7
TURKEY 5.6 4.0
UNITED KINGDOM 1.2 -
UNITED STATES & OTHER 1.4 4.1
VENEZUELA 0.7 2.2
ZIMBABWE - 0.7
</TABLE>
6
- - -
<PAGE>
AIM DEVELOPING MARKETS FUND
<TABLE>
<CAPTION>
% of
KEY EQUITY HOLDINGS(7) Country Net Assets
<S> <C> <C>
TELEBRAS The holding company of Brazil's local and long-distance services, this currently Brazil 3.6
state-controlled company is scheduled for privatization in 1998.
ELETROBRAS Operates as a holding company for the electricity sector in Brazil. The company plans, Brazil 1.6
finances, coordinates and supervises expansion and construction projects for electric companies.
PETROBRAS Produces oil and natural gas liquids through approximately 7,258 producing wells. The Brazil 1.4
company continues to benefit from the rapid growth of both reserves and production.
ASUSTEK COMPUTER INC. Manufactures and markets Pentium Pro, Pentium and 486-based mainboards. Taiwan 1.2
The company also offers other peripherals such as audio, video and network cards. Asustek sells its
products in Taiwan and exports to America, Asia and Europe.
TELEFONOS DE MEXICO, S.A. DE C.V. Provides national and international long-distance and local Mexico 1.2
telephone service to 7,320 communities throughout Mexico. The company also provides voice, data,
image signal and cellular transmission services.
SUEZ CEMENT CO. Manufactures cement and other building materials, as well as operating two plants, Egypt 1.2
one in Suez and the other in Quattamia.
TELEFONICA DEL PERU S.A. This full service telecommunications provider offers fixed local Peru 1.1
and domestic and international long-distance telephone services, on an exclusive basis,
throughout Peru.
SASOL LTD. The holding company for a group that produces and markets liquid fuels, pipeline gas, South Africa 1.1
petrochemicals, plastics, fertilizers, waxes and mining explosives from coal and crude oil.
THE SAUDI ARABIAN INVESTMENT FUND LTD. A closed-end fund that gives non-Saudi nationals the UK 1.1
opportunity to invest in Saudi Arabia. With the consent of the Saudi Arabian Monetary Agency,
they will have unrestricted access to securities quoted on the Saudi stock market.
HELIOPLIS HOUSING A real estate developer. Egypt 1.1
</TABLE>
Source: Bloomberg, April 1998.
(7) There is no assurance the Fund will continue to hold these or any other
securities mentioned in this report.
7
- - -
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Shareholders and Board of Directors of AIM Developing Markets Fund
("Fund"):
We have audited the accompanying statement of assets and liabilities of AIM
Developing Markets Fund (formerly GT Global Developing Markets Fund), including
the portfolio of investments, as of April 30, 1998, the related statement of
operations for the six months then ended, the statements of changes in net
assets for the six months then ended, for the ten months ended October 31, 1997
and for the year ended December 31, 1996, and the financial highlights for each
of the periods indicated therein. These financial statements and the financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and the financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of April
30, 1998, by correspondence with the custodians and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and the financial highlights referred
to above present fairly, in all material respects, the financial position of AIM
Developing Markets Fund as of April 30, 1998, the results of its operations for
the six months then ended, the changes in its net assets for the six months then
ended, for the ten months ended October 31, 1997 and for the year ended December
31, 1996, and the financial highlights for each of the periods indicated
therein, in conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
BOSTON, MASSACHUSETTS
JUNE 17, 1998
F1
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Services (16.8%)
Telecomunicacoes Brasileiras S.A. (Telebras): ............. BRZL -- -- 3.6
TELEPHONE NETWORKS
ADR{\/} ................................................. -- 40,191 $ 4,895,254 --
Common .................................................. -- 25,866,258 2,567,399 --
Telefonos de Mexico, S.A. de C.V. "L" - ADR{\/} ........... MEX 43,283 2,450,900 1.2
TELEPHONE NETWORKS
Telefonica del Peru S.A. - ADR{\/} ........................ PERU 104,070 2,302,549 1.1
TELEPHONE NETWORKS
Pick'n Pay Stores Ltd.: ................................... SAFR -- -- 1.0
RETAILERS-OTHER
Common .................................................. -- 1,087,304 2,065,931 --
"N" ..................................................... -- 11,602 21,126 --
Magyar Tavkozlesi Rt. - ADR-/- {\/} ....................... HGRY 59,100 1,743,450 0.8
TELEPHONE NETWORKS
Philippine Long Distance Telephone Co.: ................... PHIL -- -- 0.7
TELEPHONE - LONG DISTANCE
Common .................................................. -- 36,900 990,449 --
ADR{\/} ................................................. -- 19,000 513,000 --
Mahanagar Telephone Nigam Ltd. ............................ IND 229,700 1,458,413 0.7
TELECOM - OTHER
Cifra, S.A. de C.V. "V" ................................... MEX 820,662 1,443,668 0.7
RETAILERS-OTHER
Grupo Televisa, S.A. de C.V. - GDR-/- {\/} ................ MEX 34,300 1,406,300 0.7
BROADCASTING & PUBLISHING
Carso Global Telecom "A1" ................................. MEX 295,300 1,133,087 0.5
TELEPHONE NETWORKS
Telefonica de Argentina S.A. - ADR{\/} .................... ARG 27,528 1,061,549 0.5
TELEPHONE NETWORKS
Companhia de Saneamento Basico do Estado de Sao Paulo -
SABESP ................................................... BRZL 4,531,127 1,030,252 0.5
BUSINESS & PUBLIC SERVICES
Cia de Telecomunicaciones de Chile S.A. - ADR{\/} ......... CHLE 39,302 985,006 0.5
TELEPHONE NETWORKS
Telecomunicacoes de Sao Paulo S.A. (TELESP)-/- ............ BRZL 3,195,000 834,025 0.4
TELEPHONE NETWORKS
Nortel Inversora S.A. - ADR{\/} ........................... ARG 23,500 699,125 0.3
TELEPHONE NETWORKS
Vimpel-Communications - ADR-/- {\/} ....................... RUS 12,900 696,600 0.3
WIRELESS COMMUNICATIONS
Telecom Argentina S.A. - ADR{\/} .......................... ARG 15,800 568,800 0.3
TELEPHONE NETWORKS
Hellenic Telecommunications Organization S.A. ............. GREC 19,730 565,042 0.3
TELEPHONE NETWORKS
Genting Bhd. .............................................. MAL 154,000 516,108 0.3
LEISURE & TOURISM
Guangshen Railway Co., Ltd. ............................... HK 2,606,000 487,857 0.2
TRANSPORTATION - ROAD & RAIL
Rostelecom - ADR-/- {\/} .................................. RUS 20,600 441,613 0.2
TELEPHONE - LONG DISTANCE
Telekom Malaysia Bhd. ..................................... MAL 143,000 432,865 0.2
TELEPHONE NETWORKS
</TABLE>
The accompanying notes are an integral part of the financial statements.
F2
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Services (Continued)
Danubius Hotel and Spa Rt.-/- ............................. HGRY 16,320 $ 398,870 0.2
LEISURE & TOURISM
Telecomunicacoes do Parana (TELPAR) ....................... BRZL 616,000 351,769 0.2
TELECOM - OTHER
Malaysia International Shipping Bhd. - Foreign ............ MAL 192,000 337,297 0.2
TRANSPORTATION - SHIPPING
Indian Hotels Co., Ltd. ................................... IND 23,150 308,987 0.2
LEISURE & TOURISM
Advanced Info. Service - Foreign .......................... THAI 43,800 306,373 0.1
WIRELESS COMMUNICATIONS
Telecomunicacoes de Minas Gerais - Telemig ................ BRZL 1,787,700 275,933 0.1
TELECOM - OTHER
Tanjong PLC ............................................... MAL 116,000 266,486 0.1
LEISURE & TOURISM
Santa Isabel S.A. - ADR{\/} ............................... CHLE 13,514 222,981 0.1
RETAILERS-FOOD
Migros Turk T.A.S. ........................................ TRKY 220,300 216,110 0.1
RETAILERS-FOOD
Pakistan Telecommunications Co., Ltd. - GDR-/- {\/} ....... PAK 2,900 200,100 0.1
TELEPHONE NETWORKS
Super Sol Ltd. ............................................ ISRL 60,231 189,953 0.1
RETAILERS-FOOD
Berjaya Sports Toto Bhd. .................................. MAL 76,000 181,784 0.1
LEISURE & TOURISM
Trade House GUM - ADR{\/} ................................. RUS 32,660 163,300 0.1
RETAILERS-OTHER
Goody's S.A. .............................................. GREC 4,850 129,792 0.1
RESTAURANTS
Siam Makro Public Co., Ltd. - Foreign ..................... THAI 45,000 74,028 --
RETAILERS-OTHER
------------
34,934,131
------------
Finance (16.2%)
Alpha Credit Bank ......................................... GREC 17,700 1,867,438 0.9
BANKS-REGIONAL
Uniao de Bancos Brasileiros S.A. (Unibanco): .............. BRZL -- -- 0.9
BANKS-MONEY CENTER
Units ................................................... -- 14,649,042 1,127,470 --
GDR-/- {\/} ............................................. -- 18,510 735,773 --
State Bank of India Ltd. .................................. IND 218,400 1,584,762 0.8
BANKS-MONEY CENTER
Turkiye Garanti Bankasi AS-/- ............................. TRKY 29,372,000 1,558,274 0.8
BANKS-REGIONAL
ABSA Group Ltd. ........................................... SAFR 172,076 1,490,020 0.7
BANKS-REGIONAL
Commercial International Bank: ............................ EGPT -- -- 0.6
BANKS-MONEY CENTER
144A GDR{.} {\/} ........................................ -- 43,400 735,630 --
Common .................................................. -- 23,940 411,606 --
</TABLE>
The accompanying notes are an integral part of the financial statements.
F3
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (Continued)
Yapi ve Kredi Bankasi AS .................................. TRKY 23,117,092 $ 1,133,871 0.5
BANKS-REGIONAL
Bank Hapoalim Ltd. ........................................ ISRL 416,100 1,117,568 0.5
BANKS-REGIONAL
Credicorp Ltd. - ADR{\/} .................................. PERU 66,220 1,109,185 0.5
BANKS-MONEY CENTER
Akbank T.A.S. ............................................. TRKY 12,775,000 1,086,962 0.5
BANKS-REGIONAL
Cathay Life Insurance Co., Ltd. ........................... TWN 251,000 1,004,914 0.5
INSURANCE-BROKER
Grupo Financiero Banamex Accival, S.A. de C.V. "B"-/- ..... MEX 308,800 966,139 0.5
BANKS-MONEY CENTER
National Bank of Greece S.A. .............................. GREC 5,400 950,232 0.5
BANKS-MONEY CENTER
Liberty Life Association of Africa Ltd. ................... SAFR 27,600 934,112 0.5
INSURANCE-LIFE
C.G. Smith Ltd. ........................................... SAFR 178,600 883,721 0.4
INVESTMENT MANAGEMENT
China Development Corp.-/- ................................ TWN 303,000 822,520 0.4
BANKS-MONEY CENTER
Banco de Galicia y Buenos Aires, S.A. de C.V. - ADR{\/} ... ARG 28,872 707,364 0.3
BANKS-MONEY CENTER
Standard Bank Investment Corporation Ltd. ................. SAFR 11,900 704,226 0.3
BANKS-MONEY CENTER
Kazkommertsbank Co. - GDR-/- {\/} ......................... KAZ 26,600 698,250 0.3
BANKS-REGIONAL
Banco Frances del Rio de la Plata S.A. - ADR{\/} .......... ARG 23,368 679,133 0.3
BANKS-MONEY CENTER
Aksigorta AS .............................................. TRKY 9,123,000 675,778 0.3
INSURANCE - MULTI-LINE
Banco do Estado de Sao Paulo S.A. - Banespa ............... BRZL 9,930,000 659,974 0.3
BANKS-REGIONAL
Hua Nan Commercial Bank ................................... TWN 267,000 647,862 0.3
BANKS-MONEY CENTER
Ergo Bank S.A. ............................................ GREC 6,800 640,489 0.3
BANKS-REGIONAL
National Societe Generale Bank ............................ EGPT 24,000 603,439 0.3
BANKS-MONEY CENTER
Nedcor Ltd. ............................................... SAFR 20,500 584,265 0.3
BANKS-REGIONAL
Banco Santander Chile - ADR{\/} ........................... CHLE 40,700 569,800 0.3
BANKS-REGIONAL
MISR International Bank - Reg S GDR-/- {c} {\/} ........... EGPT 45,000 562,500 0.3
BANKS-MONEY CENTER
Banco de A. Edwards - ADR{\/} ............................. CHLE 34,994 562,091 0.3
BANKS-MONEY CENTER
Bank Leumi Le - Israel .................................... ISRL 249,668 456,496 0.2
BANKS-REGIONAL
Turkiye Is Bankasi (Isbank) "C" ........................... TRKY 3,608,400 455,114 0.2
BANKS-MONEY CENTER
</TABLE>
The accompanying notes are an integral part of the financial statements.
F4
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Finance (Continued)
Administradora de Fondos de Pensiones Provida S.A. -
ADR{\/} .................................................. CHLE 25,086 $ 448,412 0.2
INVESTMENT MANAGEMENT
National Development Bank-/- .............................. SLNKA 116,300 431,898 0.2
BANKS-REGIONAL
Bank Slaski S.A. .......................................... POL 4,766 408,635 0.2
BANKS-MONEY CENTER
Banco Rio de La Plata S.A. - ADR-/- {\/} .................. ARG 26,900 369,875 0.2
BANKS-MONEY CENTER
Bank of the Philippine Islands ............................ PHIL 147,000 367,041 0.2
BANKS-MONEY CENTER
Commercial Bank of Greece S.A. ............................ GREC 5,800 364,968 0.2
BANKS-MONEY CENTER
Inversiones y Representaciones S.A. (IRSA) - GDR{\/} ...... ARG 9,000 349,875 0.2
REAL ESTATE
Liberty Investors Ltd. .................................... SAFR 61,400 312,924 0.2
INVESTMENT MANAGEMENT
Muslim Commercial Bank Ltd.-/- ............................ PAK 367,300 291,839 0.1
BANKS-MONEY CENTER
Global Menkul Degerler AS-/- .............................. TRKY 12,103,256 290,769 0.1
SECURITIES BROKER
F.I.B.I. Holdings Ltd. .................................... ISRL 1,520 269,696 0.1
BANKS-REGIONAL
Ayala Land, Inc. .......................................... PHIL 633,600 249,169 0.1
REAL ESTATE
National Mortgage Bank of Greece .......................... GREC 3,040 231,197 0.1
BANKS-REGIONAL
OTP Bank Rt. .............................................. HGRY 4,270 202,446 0.1
BANKS-MONEY CENTER
Malayan Banking Bhd. ...................................... MAL 66,000 196,216 0.1
BANKS-MONEY CENTER
Egyptian American Bank SAE ................................ EGPT 5,363 137,129 0.1
BANKS-MONEY CENTER
Shinhan Bank-/- ........................................... KOR 24,300 94,652 --
BANKS-MONEY CENTER
Samsung Fire & Marine Insurance-/- ........................ KOR 260 76,929 --
INSURANCE - MULTI-LINE
Kookmin Bank - GDR-/- {\/} ................................ KOR 10,400 68,224 --
BANKS-MONEY CENTER
Bangkok Bank Public Co., Ltd. - Foreign ................... THAI 20,600 51,767 --
BANKS-MONEY CENTER
Thai Farmers Bank Public Co., Ltd. - Foreign .............. THAI 17,200 39,435 --
BANKS-MONEY CENTER
------------
33,980,074
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F5
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Energy (13.3%)
Centrais Eletricas Brasileiras S.A. (Eletrobras): ......... BRZL -- -- 1.6
ELECTRICAL & GAS UTILITIES
"B" ADR{\/} ............................................. -- 118,958 $ 2,661,685 --
Common-/- ............................................... -- 9,090,500 373,637 --
"B" Preferred ........................................... -- 4,460,000 198,955 --
Petroleo Brasileiro S.A. (Petrobras) Preferred ............ BRZL 11,865,398 3,009,152 1.4
OIL
Sasol Ltd. ................................................ SAFR 223,556 2,256,577 1.1
ENERGY SOURCES
LUKoil Holding - ADR{\/} .................................. RUS 31,666 2,058,290 1.0
OIL
Unified Energy Systems - Reg S GDR-/- {c} {\/} ............ RUS 57,100 1,827,200 0.9
ELECTRICAL & GAS UTILITIES
Companhia Energetica de Minas Gerais (CEMIG) - ADR{\/} .... BRZL 36,144 1,752,984 0.8
ELECTRICAL & GAS UTILITIES
YPF S.A. - ADR{\/} ........................................ ARG 37,260 1,299,443 0.6
ENERGY SOURCES
Empresa Nacional de Electricidad S.A. - ADR{\/} ........... CHLE 67,677 1,180,118 0.6
ELECTRICAL & GAS UTILITIES
Light - Participacoes S.A. ................................ BRZL 4,613,750 1,129,733 0.5
ELECTRICAL & GAS UTILITIES
Enersis S.A. - ADR{\/} .................................... CHLE 37,038 1,090,306 0.5
ELECTRICAL & GAS UTILITIES
Bombay Suburban Electric Supply (BSES) Ltd. ............... IND 199,850 921,959 0.4
ELECTRICAL & GAS UTILITIES
Light - Servicos de Electricidade S.A. .................... BRZL 2,271,290 913,680 0.4
ELECTRICAL & GAS UTILITIES
Cukurova Elektrik AS ...................................... TRKY 308,000 887,928 0.4
ELECTRICAL & GAS UTILITIES
MOL Magyar Olaj-es Gazipari RT - Reg S GDR{c} {\/} ........ HGRY 26,400 805,860 0.4
ENERGY SOURCES
Manila Electric Co. "B" ................................... PHIL 281,300 800,704 0.4
ELECTRICAL & GAS UTILITIES
Gener S.A. - ADR{\/} ...................................... CHLE 33,092 740,434 0.4
ELECTRICAL & GAS UTILITIES
The Hub Power Co., Ltd. - GDR-/- {\/} ..................... PAK 24,800 626,200 0.3
ENERGY SOURCES
Perez Companc S.A. "B" .................................... ARG 71,460 429,518 0.2
OIL
Irkutskenergo - ADR{\/} ................................... RUS 43,300 422,175 0.2
ELECTRICAL & GAS UTILITIES
Surgutneftegaz - ADR{\/} .................................. RUS 54,820 383,740 0.2
OIL
Ingwe Coal Corp. .......................................... SAFR 87,200 312,384 0.2
COAL
Petronas Gas Bhd. ......................................... MAL 124,000 301,622 0.1
OIL
Chilectra S.A. - ADR{\/} .................................. CHLE 10,630 293,654 0.1
ELECTRICAL & GAS UTILITIES
</TABLE>
The accompanying notes are an integral part of the financial statements.
F6
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Energy (Continued)
Companhia Brasileira de Petroleo Ipiranga S.A.
Preferred ................................................ BRZL 19,148,000 $ 249,502 0.1
OIL
Electricity Generating Public Co., Ltd. - Foreign ......... THAI 126,100 245,013 0.1
ELECTRICAL & GAS UTILITIES
Tenaga Nasional Bhd. ...................................... MAL 108,000 217,459 0.1
ELECTRICAL & GAS UTILITIES
PTT Exploration and Production Public Co., Ltd. -
Foreign .................................................. THAI 14,000 147,979 0.1
OIL
Korea Electric Power Corp. ................................ KOR 10,500 143,146 0.1
ELECTRICAL & GAS UTILITIES
Companhia Paranaense de Energia - Copel ................... BRZL 10,185,000 117,571 0.1
ELECTRICAL & GAS UTILITIES
Transportadora de Gas del Sur S.A. (TGS) - ADR{\/} ........ ARG 2,000 23,125 --
GAS PRODUCTION & DISTRIBUTION
Banpu Public Co., Ltd. - Foreign .......................... THAI 3,000 20,674 --
COAL
------------
27,842,407
------------
Materials/Basic Industry (10.8%)
Suez Cement Co. - Reg S GDR{c} {\/} ....................... EGPT 118,295 2,413,218 1.2
CEMENT
Helioplis Housing ......................................... EGPT 17,100 2,211,315 1.1
BUILDING MATERIALS & COMPONENTS
Kimberly-Clark de Mexico, S.A. de C.V. "A" ................ MEX 406,179 1,997,326 1.0
PAPER/PACKAGING
Companhia Vale do Rio Doce Preferred ...................... BRZL 55,700 1,315,173 0.6
METALS - STEEL
De Beers Centenary AG - Linked Unit{.:} ................... SAFR 42,900 1,112,301 0.5
MISC. MATERIALS & COMMODITIES
Industrias Penoles S.A. (CP) .............................. MEX 255,003 1,053,731 0.5
METALS - NON-FERROUS
Reliance Industries Ltd. - GDR-/- {\/} .................... IND 114,420 1,044,083 0.5
CHEMICALS
Cemex, S.A. de C.V. "CPO" ................................. MEX 203,800 1,020,203 0.5
CEMENT
Apasco, S.A. de C.V. ...................................... MEX 147,133 1,000,574 0.5
CEMENT
SA Iron & Steel Industrial Corporation Ltd. (ISCOR) ....... SAFR 2,706,606 873,185 0.4
METALS - STEEL
Anglo American Platinum Corporation Ltd. .................. SAFR 44,900 718,045 0.3
METALS - NON-FERROUS
Compania de Minas Buenaventura S.A. - ADR{\/} ............. PERU 44,400 688,200 0.3
METALS - NON-FERROUS
Ameriyah Cement Co. ....................................... EGPT 32,500 629,464 0.3
CEMENT
Sociedad Quimica y Minera de Chile S.A. - ADR{\/} ......... CHLE 13,500 586,406 0.3
CHEMICALS
</TABLE>
The accompanying notes are an integral part of the financial statements.
F7
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Materials/Basic Industry (Continued)
Hindalco Industries Ltd.: ................................. IND -- -- 0.2
METALS - NON-FERROUS
GDR{\/} ................................................. -- 26,200 $ 510,900 --
Common .................................................. -- 1,634 31,083 --
Siderca S.A. "A" .......................................... ARG 213,000 513,381 0.2
METALS - STEEL
Larsen & Toubro Ltd. - Reg S GDR{c} {\/} .................. IND 37,800 498,015 0.2
CEMENT
Grupo Mexico S.A.: ........................................ MEX -- -- 0.2
METALS - NON-FERROUS
"B" ..................................................... -- 133,100 432,143 --
"L" ..................................................... -- 300 956 --
Nan Ya Plastics Corp. ..................................... TWN 208,000 343,828 0.2
PLASTICS & RUBBER
AECI Ltd. ................................................. SAFR 65,400 323,602 0.2
CHEMICALS
Turk Sise ve Cam Fabrikalari AS-/- ........................ TRKY 6,248,550 306,485 0.1
GLASS
Titan Cement Co., S.A. .................................... GREC 3,400 291,033 0.1
BUILDING MATERIALS & COMPONENTS
Kuala Lumpur Kepong Bhd. .................................. MAL 123,000 287,554 0.1
FOREST PRODUCTS
Makhteshim Chemical Works Ltd.-/- ......................... ISRL 31,439 267,009 0.1
CHEMICALS
Pannonplast Rt. ........................................... HGRY 5,842 247,894 0.1
MISC. MATERIALS & COMMODITIES
Torah Portland Cement Co. ................................. EGPT 11,150 236,436 0.1
CEMENT
Golden Hope Plantations Bhd. .............................. MAL 189,000 235,995 0.1
FOREST PRODUCTS
Fauji Fertilizer Co., Ltd. ................................ PAK 116,300 229,432 0.1
CHEMICALS
Grupo Cementos de Chihuahua, S.A. de C.V. "B" ............. MEX 202,900 216,554 0.1
CEMENT
Engro Chemicals Pakistan Ltd. ............................. PAK 90,270 201,238 0.1
CHEMICALS
Formosa Plastics Corp. .................................... TWN 113,000 193,646 0.1
CHEMICALS
Agros Holding S.A. "C"-/- ................................. POL 6,953 153,646 0.1
MISC. MATERIALS & COMMODITIES
HI Cement Corp. ........................................... PHIL 1,178,000 141,184 0.1
CEMENT
Malakoff Bhd. ............................................. MAL 50,000 132,432 0.1
FOREST PRODUCTS
Israel Chemicals Ltd. ..................................... ISRL 101,158 122,029 0.1
CHEMICALS
Pohang Iron & Steel Co., Ltd. ............................. KOR 2,130 115,508 0.1
METALS - STEEL
</TABLE>
The accompanying notes are an integral part of the financial statements.
F8
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Materials/Basic Industry (Continued)
Maderas y Sinteticos S.A. - ADR{\/} ....................... CHLE 7,000 $ 66,938 --
MISC. MATERIALS & COMMODITIES
------------
22,762,145
------------
Multi-Industry/Miscellaneous (9.8%)
The Saudi Arabian Investment Fund Ltd.-/- {\/} ............ UK 281,000 2,214,280 1.1
COUNTRY FUNDS
Barlow Ltd. ............................................... SAFR 216,924 2,097,326 1.0
CONGLOMERATE
Central Asia Regional Growth Fund(::) -/- {\/} ............ IRE 175,000 1,862,000 0.9
COUNTRY FUNDS
Haci Omer Sabanci Holding AS .............................. TRKY 24,915,100 1,820,623 0.9
CONGLOMERATE
Rembrandt Group Ltd. ...................................... SAFR 185,300 1,687,046 0.8
CONGLOMERATE
NASR (El) City Company For Housing & Construction ......... EGPT 23,005 1,413,024 0.7
MISCELLANEOUS
Koc Holding AS ............................................ TRKY 6,419,150 1,362,222 0.7
CONGLOMERATE
Grupo Carso, S.A. de C.V. "A1" ............................ MEX 200,900 1,266,595 0.6
MULTI-INDUSTRY
Sanluis Corporacion, S.A. de C.V. ......................... MEX 172,177 914,754 0.4
CONGLOMERATE
Koor Industries Ltd. - ADR{\/} ............................ ISRL 32,643 828,316 0.4
CONGLOMERATE
Dogan Sirketler Grubu Holding AS-/- ....................... TRKY 13,003,000 741,913 0.4
MULTI-INDUSTRY
GT Taiwan Fund-/- +X+ {\/} ................................ TWN 49,751 703,483 0.3
COUNTRY FUNDS
John Keells Holdings Ltd.-/- .............................. SLNKA 125,000 661,741 0.3
MULTI-INDUSTRY
Anglo American Corporation of South Africa Ltd. ........... SAFR 10,920 646,231 0.3
CONGLOMERATE
Empresas La Moderna, S.A. de C.V. "A"-/- .................. MEX 80,400 402,949 0.2
MULTI-INDUSTRY
Ayala Corp. ............................................... PHIL 813,300 360,451 0.2
CONGLOMERATE
Quinenco S.A. - ADR-/- {\/} ............................... CHLE 34,700 357,844 0.2
CONGLOMERATE
Alfa, S.A. de C.V. "A" .................................... MEX 63,000 344,380 0.2
CONGLOMERATE
Antofagasta Holdings PLC .................................. UK 46,200 252,246 0.1
CONGLOMERATE
ONA (Omnium Nord Africain) S.A. "A" ....................... MOR 1,320 139,891 0.1
CONGLOMERATE
------------
20,077,315
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F9
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Consumer Non-Durables (6.8%)
South African Breweries Ltd. .............................. SAFR 48,392 $ 1,624,400 0.8
BEVERAGES - ALCOHOLIC
Hindustan Lever Ltd. ...................................... IND 40,650 1,615,144 0.8
PERSONAL CARE/COSMETICS
ITC Ltd. .................................................. IND 79,900 1,586,827 0.8
TOBACCO
Fomento Economico Mexicano, S.A. de C.V. "B" .............. MEX 206,556 1,531,490 0.7
BEVERAGES - ALCOHOLIC
Gruma S.A. "B"-/- ......................................... MEX 423,373 973,708 0.5
FOOD
A-Ahram Beverages Co. S.A.E. - 144A GDR{.} {\/} ........... EGPT 28,114 894,025 0.4
BEVERAGES - ALCOHOLIC
Embotelladora Andina S.A. "B" - ADR{\/} ................... CHLE 41,497 840,314 0.4
BEVERAGES - NON-ALCOHOLIC
Eastern Tobacco Co. ....................................... EGPT 31,185 710,312 0.3
TOBACCO
C.G. Smith Foods Ltd. ..................................... SAFR 41,000 641,069 0.3
FOOD
Compania Cervecerias Unidas S.A. - ADR{\/} ................ CHLE 18,100 500,013 0.2
BEVERAGES - ALCOHOLIC
Hellenic Bottling Co. S.A. ................................ GREC 12,620 469,847 0.2
BEVERAGES - NON-ALCOHOLIC
Rothmans of Pall Mall Bhd. ................................ MAL 48,800 405,568 0.2
TOBACCO
San Miguel Corp. "B" ...................................... PHIL 244,000 402,097 0.2
BEVERAGES - ALCOHOLIC
Companhia Cervejaria Brahma Preferred ..................... BRZL 563,721 367,269 0.2
BEVERAGES - ALCOHOLIC
SUN Brewing Ltd. - GDR-/- {\/} ............................ RUS 19,500 347,826 0.2
BEVERAGES - ALCOHOLIC
Far Eastern Textile Ltd. .................................. TWN 359,000 326,661 0.2
TEXTILES & APPAREL
Pepsi-Gemex S.A. - GDR-/- {\/} ............................ MEX 22,400 303,800 0.1
BEVERAGES - NON-ALCOHOLIC
Zaklady Piwowarskie w Zywcu S.A. (Zywiec) ................. POL 1,639 163,224 0.1
BEVERAGES - ALCOHOLIC
Carlsberg Brewery Malaysia Bhd. ........................... MAL 33,900 118,192 0.1
BEVERAGES - ALCOHOLIC
Oriental Weavers "C"-/- ................................... EGPT 5,600 116,855 0.1
TEXTILES & APPAREL
Nong Shim Co., Ltd. ....................................... KOR 2,100 91,551 --
FOOD
Erciyas Biracilik ve Malt Sanayii AS ...................... TRKY 111,000 18,000 --
BEVERAGES - ALCOHOLIC
------------
14,048,192
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F10
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Technology (2.4%)
Asustek Computer Inc. - Reg. S GDR-/- {c} {\/} ............ TWN 122,448 $ 2,525,490 1.2
COMPUTERS & PERIPHERALS
Formula Systems Ltd.-/- ................................... ISRL 16,415 634,454 0.3
SOFTWARE
Alcatel Teletas Telekomunikasyon Endustri ve Ticaret AS ... TRKY 2,885,500 456,365 0.2
TELECOM TECHNOLOGY
Tadiran Ltd. .............................................. ISRL 10,100 393,379 0.2
TELECOM TECHNOLOGY
Delta Electronics, Inc. ................................... TWN 98,000 359,660 0.2
COMPUTERS & PERIPHERALS
Clal Electronics Industries Ltd. .......................... ISRL 2,054 293,333 0.1
SEMICONDUCTORS
Samsung Electronics (1/2 of Common Share) - GDR{\/} ....... KOR 9,900 277,200 0.1
SEMICONDUCTORS
United Microelectronics Corporation Ltd.-/- ............... TWN 128,000 240,704 0.1
SEMICONDUCTORS
------------
5,180,585
------------
Consumer Durables (2.1%)
Bajaj Auto Ltd. ........................................... IND 79,200 1,188,798 0.6
AUTOMOBILES
Imperial Holdings Ltd. .................................... SAFR 52,840 721,615 0.3
AUTOMOBILES
Hon Hai Precision Industry-/- ............................. TWN 101,000 588,171 0.3
CONSUMER ELECTRONICS
Qingling Motors Co., Ltd.{*} .............................. CHNA 1,022,000 442,024 0.2
AUTOMOBILES
Tata Engineering and Locomotive Co., Ltd. - GDR{\/} ....... IND 48,000 349,200 0.2
AUTOMOBILES
Mahindra & Mahindra Ltd. .................................. IND 43,300 315,395 0.2
AUTOMOBILES
Ford Otomotiv Sanayi AS ................................... TRKY 324,000 233,514 0.1
AUTOMOBILES
Tofas Turk Otomobil Fabrikasi AS .......................... TRKY 4,219,000 219,608 0.1
AUTOMOBILES
Arcelik AS ................................................ TRKY 1,601,300 179,525 0.1
APPLIANCES & HOUSEHOLD DURABLES
------------
4,237,850
------------
Health Care (1.7%)
Ranbaxy Laboratories Ltd. ................................. IND 79,850 1,334,857 0.6
MEDICAL TECHNOLOGY & SUPPLIES
Teva Pharmaceutical Industries Ltd. ....................... ISRL 24,700 1,047,539 0.5
PHARMACEUTICALS
Richter Gedeon Rt. - Reg S GDR{c} {\/} .................... HGRY 6,002 640,714 0.3
PHARMACEUTICALS
Egypt International Pharmaceutical Industries Co.
(EIPICO) ................................................. EGPT 7,000 499,927 0.2
PHARMACEUTICALS
</TABLE>
The accompanying notes are an integral part of the financial statements.
F11
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Health Care (Continued)
EGIS Rt. .................................................. HGRY 4,750 $ 247,724 0.1
PHARMACEUTICALS
Medison Co., Ltd. ......................................... KOR 8,200 67,174 --
MEDICAL TECHNOLOGY & SUPPLIES
------------
3,837,935
------------
Capital Goods (1.7%)
NICE-Systems Ltd.-/- ...................................... ISRL 13,650 568,935 0.3
TELECOM EQUIPMENT
Taiwan Semiconductor Manufacturing Co.-/- ................. TWN 121,000 522,975 0.3
MACHINERY & ENGINEERING
Corporacion GEO, S.A. de C.V. "B"-/- ...................... MEX 51,700 357,688 0.2
CONSTRUCTION
ECI Telecommunications Ltd.{\/} ........................... ISRL 10,600 323,300 0.2
TELECOM EQUIPMENT
Arabian International Construction-/- ..................... EGPT 6,298 296,159 0.1
CONSTRUCTION
Netas Telekomunik-/- ...................................... TRKY 670,200 249,564 0.1
TELECOM EQUIPMENT
Elektrim Spolka Akcyjna S.A. .............................. POL 13,472 192,514 0.1
ELECTRICAL PLANT/EQUIPMENT
Samsung Display Devices Co. ............................... KOR 3,090 153,921 0.1
ELECTRICAL PLANT/EQUIPMENT
Daewoo Heavy Industries ................................... KOR 30,600 151,510 0.1
INDUSTRIAL COMPONENTS
Samsung Electro-Mechanics Co. ............................. KOR 6,600 138,427 0.1
ELECTRICAL PLANT/EQUIPMENT
Sindo Ricoh Co. ........................................... KOR 3,300 116,180 0.1
OFFICE EQUIPMENT
Delta Electronics (Thailand) Public Co., Ltd. - Foreign ... THAI 6,200 63,927 --
ELECTRICAL PLANT/EQUIPMENT
LG Electronics ............................................ KOR 4,148 49,403 --
ELECTRICAL PLANT/EQUIPMENT
Madeco S.A. - ADR{\/} ..................................... CHLE 2,000 32,000 --
INDUSTRIAL COMPONENTS
------------
3,216,503
------------ -----
TOTAL EQUITY INVESTMENTS (cost $168,597,232) ................ 170,117,137 81.6
------------ -----
<CAPTION>
PRINCIPAL VALUE % OF NET
FIXED INCOME INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Government & Government Agency Obligations (13.4%)
Argentina (1.1%)
Republic of Argentina:
Par Bond Series L, 5.75% (6% at 4/99) due 3/31/23++ ... USD 1,270,000 967,581 0.5
Global Bond, 9.75% due 9/19/27 ........................ USD 419,000 404,021 0.2
Global Bond, 11.375% due 1/30/17 ...................... USD 358,000 396,038 0.2
Discount Bond, 6.625% due 3/31/23+ .................... USD 415,000 357,678 0.2
</TABLE>
The accompanying notes are an integral part of the financial statements.
F12
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE % OF NET
FIXED INCOME INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Government & Government Agency Obligations (Continued)
Brazil (2.1%)
Republic of Brazil:
C Bond, 5% (8% at 4/00) due 4/15/14 (Effective rate at
year end is 8%, including "payment-in-kind" bonds.)[.]
++ ................................................... USD 5,175,697 $ 4,289,359 2.1
Debt Conversion Bond Series L, 6.6875% due 4/15/12+ ... USD 124,000 98,580 --
Bulgaria (0.9%)
Republic of Bulgaria:
Front Loaded Interest Reduction Bond Series A, 2.25%
(2.5% at 7/98) due 7/28/12++ ......................... USD 1,500,000 1,014,375 0.5
Interest Arrears Bond, 6.625% due 7/28/11+ ............ USD 1,000,000 790,625 0.4
Croatia (0.4%)
Croatian Government Series A, 6.625% due 7/31/10+ ....... USD 1,000,000 898,125 0.4
Ecuador (0.4%)
Republic of Ecuador:
Past Due Interest Bond, 6.625% due 2/27/15[.]+ ........ USD 578,588 371,743 0.2
Past Due Interest Bond, 6.625% due 2/27/15 -
Registered[.]+ ....................................... USD 535,194 343,862 0.2
Jordan (0.9%)
Kingdom of Jordan, 5% (5.5% at 12/98) due 12/23/23 ...... USD 2,500,000 1,825,000 0.9
Korea (0.3%)
Republic of Korea, 8.875% due 4/15/08 ................... USD 670,000 660,654 0.3
Pakistan (0.1%)
Republic of Pakistan, 6% due 2/26/02 - Reg S{c} ......... USD 285,000 268,613 0.1
Panama (0.4%)
Republic of Panama:
Interest Reduction Bond, 3.75% (4% at 7/98) due
7/17/14++ ............................................ USD 1,173,000 921,538 0.4
8.875% due 9/30/27 .................................... USD 67,000 65,627 --
Peru (0.3%)
Republic of Peru, Past Due Interest Bond, 4% (4.5% at
7/98) due 3/7/17++ ..................................... USD 946,000 645,054 0.3
Philippines (0.3%)
Republic of Philippines, 8.875% due 4/15/08 - 144A{.} ... USD 320,000 316,512 0.2
Bangko Sentral Pilipinas, 8.6% due 6/15/27 .............. USD 226,000 205,991 0.1
Russia (5.5%)
Bank of Foreign Economic Affairs (Vnesheconombank)
Interest Notes, 6.72% due 12/15/15+ .................... USD 10,601,311 7,646,196 3.7
Bank of Foreign Economic Affairs (Vnesheconombank)
Principal Loans, 3.36% due 12/15/20+ ................... USD 5,774,860 3,667,036 1.8
Venezuela (0.7%)
Republic of Venezuela, 9.25% due 9/15/27{j} ............. USD 1,734,000 1,535,891 0.7
------------
Total Government & Government Agency Obligations (cost
$26,379,949) ............................................... 27,690,099
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F13
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL VALUE % OF NET
FIXED INCOME INVESTMENTS CURRENCY AMOUNT (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Corporate Bonds (3.4%)
Argentina (0.7%)
Telefonica de Argentina, 9.125% due 5/7/08 - 144A{.} .... USD 1,504,000 $ 1,511,009 0.7
Brazil (1.0%)
RBS Participacoes S.A., 11% due 4/1/07 - 144A{.} ........ USD 942,000 946,710 0.5
Banco Hipotecario Espana, 10% due 4/17/03 - 144A{.} ..... USD 710,000 717,988 0.3
Comtel Brasileira Ltd. "A", 10.75% due 9/26/04 -
144A{.} ................................................ USD 165,000 169,125 0.1
Banco Do Brasil (Cayman), 9.375% due 6/15/07 ............ USD 122,000 120,170 0.1
China (0.4%)
Greater Beijing First, 9.5% due 6/15/07 - 144A{.} ....... USD 960,000 764,976 0.4
Hong Kong (0.3%)
Road King Infrastructure, 9.5% due 7/15/07 - 144A{.} .... USD 700,000 571,760 0.3
Korea (0.2%)
L.G.-Caltex Oil Corp., 12.75% due 3/31/01 - 144A{.} ..... USD 511,000 519,943 0.2
Pohang Iron & Steel, 2% due 10/9/00 ..................... JPY 5,500,000 36,996 --
Korea Development Bank, 4.35% due 5/25/99 ............... JPY 1,500,000 10,770 --
Malaysia (0.1%)
Tenaga Nasional Bhd., 7.875% due 6/15/04 - 144A{.} ...... USD 226,000 213,379 0.1
Petroliam Nasional Bhd.:
7.125% due 8/15/05 - 144A{.} .......................... USD 94,000 83,308 --
7.625% due 10/15/26 - 144A{.} ......................... USD 88,000 76,868 --
Mexico (0.2%)
Petroleos Mexicanos:
9.25% due 3/30/18 - 144A{.} ........................... USD 440,000 430,100 0.2
9.5% due 9/15/27 - 144A{.} ............................ USD 4,000 4,010 --
Russia (0.5%)
Lukinter Finance BV Convertible, 3.5% due 5/6/02 -
144A{.} ................................................ USD 851,000 1,025,455 0.5
Mosenergo Finance BV, 8.375% due 10/9/02 - 144A{.} ...... USD 5,000 4,425 --
------------
Total Corporate Bonds (cost $7,326,458) ..................... 7,206,992
------------
Structured Notes (0.2%)
Korea (0.2%)
Fixed Rate Trust Certificate 13.55% due 2/15/02[::]
(Issued by a newly created Delaware Business Trust,
collateralized by triple A paper. This trust certificate
has a credit risk component linked to the value of a
referenced security: Korean Development Bank 1.875%
2002.) (cost $470,000) ................................. USD 470,000 467,650 0.2
------------ -----
TOTAL FIXED INCOME INVESTMENTS (cost $34,176,407) ........... 35,364,741 17.0
------------ -----
<CAPTION>
NO. OF VALUE % OF NET
RIGHTS COUNTRY RIGHTS (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Delta Electronics (Thailand) Public Co., Ltd. (UNAV NP
RTS), due 5/15/98 - Foreign .............................. THAI 3,100 31,161 --
ELECTRICAL PLANT/EQUIPMENT
</TABLE>
The accompanying notes are an integral part of the financial statements.
F14
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NO. OF VALUE % OF NET
RIGHTS COUNTRY RIGHTS (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Samsung Electronics Rights, due 5/27/98 - GDR 144A{.}
{\/} ..................................................... KOR 788 7,835 --
SEMICONDUCTORS
Samsung Development Rights, due 5/13/98 ................... KOR 444 $ 7,717 --
ELECTRICAL PLANT/EQUIPMENT
------------ -----
TOTAL RIGHTS (cost $27,062) ................................. 46,713 --
------------ -----
<CAPTION>
NO. OF VALUE % OF NET
WARRANTS COUNTRY WARRANTS (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Belle Corp. Warrants, expire 2002 (cost $0) ............... PHIL 659,400 1,893 --
------------ -----
OIL
TOTAL INVESTMENTS (cost $202,800,701) * .................... 205,530,484 98.6
Other Assets and Liabilities ................................ 2,882,202 1.4
------------ -----
NET ASSETS .................................................. $208,412,686 100.0
------------ -----
------------ -----
</TABLE>
- --------------
-/- Non-income producing security.
{\/} U.S. currency denominated.
{*} Security is denominated in Hong Kong Dollars.
{.} Security exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers.
{c} Security issued under Regulation S. Rule 144A and additional
restrictions may apply in the resale of such securities.
{.:} Each Centenary Linked Unit consists of 1 registered deferred share
of De Beers Consolidated Mine + 1 Centenary Depositary Receipt.
(::) Valued in good faith at fair value using procedures approved by the
Board of Directors (See Note 1 of Notes to Financial Statements).
+X+ The GT Global Developing Markets Fund (the "Fund") has invested in
the GT Global Taiwan Fund, a fund managed by LGT Asset Management
Ltd. who is an affiliate of the Fund's manager, Chancellor LGT
Asset Management, Inc.
+ The coupon rate shown on floating rate note represents the rate at
period end.
++ The coupon rate shown on step-up coupon bond represents the rate at
period end.
[.] Bond pays stated or additional interest with "payment-in-kind"
(PIK) bonds.
[::] Certain events may cause the contract to terminate prior to date
shown.
{j} All or part of the Fund's holdings in this security is segregated
as collateral for extended settlement of derivative instruments.
(See Note 1 of Notes to Financial Statements.)
* For Federal income tax purposes, cost is $204,117,118 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 17,708,574
Unrealized depreciation: (16,295,208)
-------------
Net unrealized appreciation: $ 1,413,366
-------------
-------------
</TABLE>
Abbreviations:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
The accompanying notes are an integral part of the financial statements.
F15
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998
- --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at April 30, 1998, was concentrated in the
following countries:
<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS {d}
-------------------------------------------
FIXED INCOME,
RIGHTS & SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY WARRANTS & OTHER TOTAL
- -------------------------------------- ------ ------------- ---------- -----
<S> <C> <C> <C> <C>
Argentina (ARG/ARS) .................. 3.1 1.8 4.9
Brazil (BRZL/BRL) .................... 11.7 3.1 14.8
Bulgaria (BUL/LEV) ................... 0.9 0.9
Chile (CHLE/CLP) ..................... 4.1 4.1
China (CHNA/RMB) ..................... 0.2 0.4 0.6
Croatia (CRT/HRK) .................... 0.4 0.4
Ecuador (ECDR/ECS) ................... 0.4 0.4
Egypt (EGPT/EGP) ..................... 5.8 5.8
Greece (GREC/GRD) .................... 2.7 2.7
Hong Kong (HK/HKD) ................... 0.2 0.3 0.5
Hungary (HGRY/HUF) ................... 2.0 2.0
India (IND/INR) ...................... 6.2 6.2
Ireland (IRE/IEP) .................... 0.9 0.9
Israel (ISRL/ILS) .................... 3.1 3.1
Jordan (JDN/JOD) ..................... 0.9 0.9
Kazakhstan (KAZ/KTS) ................. 0.3 0.3
Korea (KOR/KRW) ...................... 0.7 0.7 1.4
Malaysia (MAL/MYR) ................... 1.8 0.1 1.9
Mexico (MEX/MXN) ..................... 9.3 0.2 9.5
Morocco (MOR/MAD) .................... 0.1 0.1
Pakistan (PAK/PKR) ................... 0.7 0.1 0.8
Panama (PAN/PND) ..................... 0.4 0.4
Peru (PERU/PES) ...................... 1.9 0.3 2.2
Philippines (PHIL/PHP) ............... 1.9 0.3 2.2
Poland (POL/PLZ) ..................... 0.5 0.5
Russia (RUS/SUR) ..................... 3.1 6.0 9.1
South Africa (SAFR/ZAR) .............. 9.6 9.6
Sri Lanka (SLNKA/LKR) ................ 0.5 0.5
Taiwan (TWN/TWD) ..................... 4.1 4.1
Thailand (THAI/THB) .................. 0.3 0.3
Turkey (TRKY/TRL) .................... 5.6 5.6
United Kingdom (UK/GBP) .............. 1.2 1.2
United States (US/USD) ............... 1.4 1.4
Venezuela (VENZ/VEB) ................. 0.7 0.7
------ ----- --- -----
Total ............................... 81.6 17.0 1.4 100.0
------ ----- --- -----
------ ----- --- -----
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $208,412,686.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
APRIL 30, 1998
<TABLE>
<CAPTION>
MARKET VALUE CONTRACT DELIVERY UNREALIZED
CONTRACTS TO SELL: (U.S. DOLLARS) PRICE DATE APPRECIATION
- ---------------------------------------- -------------- ----------- -------- --------------
<S> <C> <C> <C> <C>
Japanese Yen............................ 37,065 122.90001 7/31/98 $ 2,308
Japanese Yen............................ 10,953 121.89997 7/31/98 778
-------------- --------------
Total Contracts to Sell (Receivable
amount $51,104)...................... 48,018 3,086
-------------- --------------
THE VALUE OF CONTRACTS TO SELL AS A
PERCENTAGE OF NET ASSETS IS 0.02%.
Total Open Forward Foreign Currency
Contracts............................ $ 3,086
--------------
--------------
</TABLE>
- ----------------
See Note 1 of Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
F16
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
STATEMENT OF ASSETS
AND LIABILITIES
April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Assets:
Investments in securities, at value (cost $202,800,701) (Note 1)................ $205,530,484
U.S. currency....................................................... $ 444,445
Foreign currencies (cost $2,551,489)................................ 2,543,606 2,988,051
----------
Receivable for securities sold.................................................. 4,460,160
Interest receivable............................................................. 772,897
Dividends receivable............................................................ 682,025
Receivable from Chancellor LGT Asset Management, Inc. (Note 2).................. 540,059
Unamortized organizational costs (Note 1)....................................... 50,225
Receivable for Fund shares sold................................................. 4,417
Receivable for open forward foreign currency contracts (Note 1)................. 3,086
------------
Total assets.................................................................. 215,031,404
------------
Liabilities:
Payable for securities purchased................................................ 5,089,190
Payable for Fund shares repurchased............................................. 760,558
Payable for investment management and administration fees (Note 2).............. 422,779
Payable for professional fees................................................... 105,562
Payable for transfer agent fees (Note 2)........................................ 71,387
Payable for service and distribution expenses (Note 2).......................... 50,898
Payable for custodian fees...................................................... 17,067
Payable for printing and postage expenses....................................... 16,019
Payable for Directors' fees and expenses (Note 2)............................... 13,860
Payable for registration and filing fees........................................ 10,941
Payable for fund accounting fees (Note 2)....................................... 4,224
Other accrued expenses.......................................................... 56,233
------------
Total liabilities............................................................. 6,618,718
------------
Net assets........................................................................ $208,412,686
------------
------------
Class A:
Net asset value and redemption price per share ($208,168,793 DIVIDED BY 16,756,318
shares outstanding).............................................................. $ 12.42
------------
------------
Maximum offering price per share (100/95.25 of $12.42) *.......................... $ 13.04
------------
------------
Class B:+
Net asset value and offering price per share ($207,318 DIVIDED BY 16,731 shares
outstanding)..................................................................... $ 12.39
------------
------------
Advisor Class:
Net asset value, offering price per share, and redemption price per share ($36,575
DIVIDED BY 2,941 shares outstanding)............................................. $ 12.44
------------
------------
Net assets consist of:
Paid in capital (Note 4)........................................................ $303,197,267
Undistributed net investment income............................................. 1,755,638
Accumulated net realized loss on investments and foreign currency
transactions................................................................... (99,259,192)
Net unrealized depreciation on translation of assets and liabilities in foreign
currencies..................................................................... (10,810)
Net unrealized appreciation of investments...................................... 2,729,783
------------
Total -- representing net assets applicable to capital shares outstanding......... $208,412,686
------------
------------
<FN>
- --------------
* On sales of $50,000 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.
F17
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
STATEMENT OF OPERATIONS
Six months ended April 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment income: (Note 1)
Interest income........................................................................... $ 4,633,495
Dividend income (net of foreign withholding tax of $104,449).............................. 2,423,523
Securities lending income................................................................. 155,608
-----------
Total investment income................................................................. 7,212,626
-----------
Expenses:
Investment management and administration fees (Note 2).................................... 1,130,939
Transfer agent fees (Note 2).............................................................. 392,250
Professional fees......................................................................... 354,647
Service and distribution expenses: (Note 2)
Class A.................................................................... $ 298,300
Class B.................................................................... 709 299,009
-----------
Interest expense (Note 1)................................................................. 260,016
Printing and postage expenses............................................................. 147,676
Custodian fees............................................................................ 83,146
Registration and filing fees.............................................................. 78,500
Fund accounting fees (Note 2)............................................................. 37,617
Amortization of organization costs (Note 1)............................................... 35,087
Directors' fees and expenses (Note 2)..................................................... 15,204
Other expenses............................................................................ 4,477
-----------
Total expenses before reductions........................................................ 2,838,568
-----------
Expenses reimbursed by Chancellor LGT Asset Management, Inc. (Note 2)................. (540,059)
Expense reductions (Note 5)........................................................... (40,839)
-----------
Total net expenses...................................................................... 2,257,670
-----------
Net investment income....................................................................... 4,954,956
-----------
Net realized and unrealized gain (loss) on investments and foreign currencies:
(Note 1)
Net realized loss on investments............................................. (41,994,248)
Net realized loss on foreign currency transactions........................... (1,662,852)
-----------
Net realized loss during the period..................................................... (43,657,100)
Net change in unrealized depreciation on translation of assets and
liabilities in foreign currencies........................................... 196,235
Net change in unrealized appreciation of investments......................... 43,290,356
-----------
Net unrealized appreciation during the period........................................... 43,486,591
-----------
Net realized and unrealized loss on investments and foreign currencies...................... (170,509)
-----------
Net increase in net assets resulting from operations........................................ $ 4,784,447
-----------
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F18
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SIX MONTHS ENDED TEN MONTHS ENDED YEAR ENDED
APRIL 30, 1998 OCTOBER 31, 1997 DECEMBER 31, 1996
---------------- ---------------- -----------------
Decrease in net assets
Operations:
Net investment income....................................... $ 4,954,956 $ 9,089,483 $ 19,406,553
Net realized gain (loss) on investments and foreign currency
transactions............................................... (43,657,100) 45,653,300 945,154
Net change in unrealized appreciation (depreciation) on
translation of assets and liabilities in foreign
currencies................................................. 196,235 (297,303) 91,835
Net change in unrealized appreciation (depreciation) of
investments................................................ 43,290,356 (101,078,671) 78,628,364
---------------- ---------------- -----------------
Net increase (decrease) in net assets resulting from
operations............................................... 4,784,447 (46,633,191) 99,071,906
---------------- ---------------- -----------------
Class A:
Distributions to shareholders: (Note 1)
From net investment income.................................. (11,843,408) -- (17,407,047)
Class B:
Distributions to shareholders: (Note 1)
From net investment income.................................. (1,499) -- --
Advisor Class:
Distributions to shareholders: (Note 1)
From net investment income.................................. (46) -- --
---------------- ---------------- -----------------
Total distributions....................................... (11,844,953) -- (17,407,047)
---------------- ---------------- -----------------
Capital share transactions: (Note 4)
Increase from capital shares sold and reinvested............ 11,481,861 -- --
Decrease from capital shares repurchased.................... (253,387,857) -- --
---------------- ---------------- -----------------
Net increase (decrease) from capital share transactions... (241,905,996) -- --
---------------- ---------------- -----------------
Total decrease in net assets.................................. (248,966,502) (46,633,191) 81,664,859
Net assets:
Beginning of period......................................... 457,379,188 504,012,379 422,347,520
---------------- ---------------- -----------------
End of period *............................................. $ 208,412,686 $ 457,379,188 $504,012,379
---------------- ---------------- -----------------
---------------- ---------------- -----------------
* Includes undistributed net investment income of............ $ 1,755,638 $ 8,645,635 $ 363,782
---------------- ---------------- -----------------
---------------- ---------------- -----------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F19
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout each period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
CLASS A+
---------------------------------------------------------------------------
JANUARY 11, 1994
(COMMENCEMENT
SIX MONTHS TEN MONTHS YEAR ENDED OF OPERATIONS)
ENDED ENDED DECEMBER 31, TO
APRIL 30, OCTOBER 31, ----------------------- DECEMBER 31,
1998 (D) 1997 (E) 1996 (E) 1995 (E) 1994 (E)
---------- ----------- --------- --------- ----------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 12.56 $ 13.84 $ 11.60 $ 12.44 $ 15.00
---------- ----------- --------- --------- ----------------
Income from investment operations:
Net investment income................. 0.23*{/\} 0.25 0.53 0.72 0.35
Net realized and unrealized gain
(loss) on investments................ -- (1.53) 2.19 (0.84) (2.46)
---------- ----------- --------- --------- ----------------
Net increase (decrease) from
investment operations.............. 0.23 (1.28) 2.72 (0.12) (2.11)
---------- ----------- --------- --------- ----------------
Redemption fees retained (Note 4)..... 0.23 -- -- -- --
---------- ----------- --------- --------- ----------------
Distributions to shareholders:
From net investment income.......... (0.60) -- (0.48) (0.72) (0.35)
From net realized gain on
investments........................ -- -- -- -- (0.10)
---------- ----------- --------- --------- ----------------
Total distributions............... (0.60) -- (0.48) (0.72) (0.45)
---------- ----------- --------- --------- ----------------
Net asset value, end of period.......... $ 12.42 $ 12.56 $ 13.84 $ 11.60 $ 12.44
---------- ----------- --------- --------- ----------------
---------- ----------- --------- --------- ----------------
Market value, end of period......... $ N/A $ 11.81 $ 11.63 $ 9.75 $ 9.75
---------- ----------- --------- --------- ----------------
---------- ----------- --------- --------- ----------------
Total investment return (based on
market value)...................... N/A 1.62%(b) 24.18% 6.60% (32.16)% (b)
Total investment return (based on
net asset value)................... 3.68%(b)(c) (9.25)%(b) 23.59% (0.95)% (14.07)% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $208,169 $457,379 $504,012 $422,348 $452,872
Ratio of net investment income to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 3.06%(a) 2.03%(a) 4.07% 6.33% 2.75% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.56%(a) 1.95%(a) 4.04% 6.30% 2.75% (a)
Ratio of operating expenses to average
net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.72%(a) 1.75%(a) 1.82% 1.77% 2.01% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.22%(a) 1.83%(a) 1.85% 1.80% 2.01% (a)
Ratio of interest expense to average net
assets (Note 1)+++..................... 0.22%(a) N/A N/A N/A N/A
Portfolio turnover rate................. 99%(a) 184%(a) 138% 75% 56%
Average commission rate per share paid
on portfolio transactions.............. $ 0.0017 $ 0.0023 $ 0.0022 N/A N/A
</TABLE>
- ----------------
(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) These selected per share data were calculated based upon the average
shares outstanding during the period.
(e) These financial highlights provide per share information of G.T.
Global Developing Markets Fund, Inc. ("Predecessor Fund") (See Note 1
to Notes to Financial Statements) for the periods up to and including
October 31, 1997. The fees and expenses of the Fund differ from those
of the Predecessor Fund.
{/\} Net investment income per share reflects an interest payment received
from the conversion of Vnesheconombank loan agreements. Without such a
payment net investment would have been $0.09, $0.07 and $0.13 per
share for Class A, B, and Advisor, respectively.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.03 for Class
A, B, and Advisor.
+ All capital shares issued and outstanding October 31, 1997 were
reclassified as Class A shares.
++ Commencing November 1, 1997, the Fund began offering Class B and
Advisor Class shares.
+++ Portfolio turnover rate, average commission rate, and ratio of
interest expense to average net assets are calculated on the basis of
the Fund as whole without distinguishing between the classes of shares
issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F20
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout each period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
CLASS B++ ADVISOR CLASS++
----------------- -----------------
SIX MONTHS SIX MONTHS
ENDED ENDED
APRIL 30, 1998(D) APRIL 30, 1998(D)
----------------- -----------------
<S> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 12.56 $ 12.56
----------------- -----------------
Income from investment operations:
Net investment income................. 0.21*{/\} 0.27*{/\}
Net realized and unrealized gain
(loss) on investments................ (0.01) (0.02)
----------------- -----------------
Net increase (decrease) from
investment operations.............. 0.20 0.25
----------------- -----------------
Redemption fees retained (Note 4)..... 0.23 0.23
----------------- -----------------
Distributions to shareholders:
From net investment income.......... (0.60) (0.60)
From net realized gain on
investments........................ -- --
----------------- -----------------
Total distributions............... (0.60) (0.60)
----------------- -----------------
Net asset value, end of period.......... $ 12.39 $ 12.44
----------------- -----------------
----------------- -----------------
Total investment return (based on
net asset value)................... 3.36% (b)(c) 3.88% (b)(c)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 207 $ 37
Ratio of net investment income to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 2.32% (a) 3.32% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 1.82% (a) 2.82% (a)
Ratio of operating expenses to average
net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 2.46% (a) 1.46% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.96% (a) 1.96% (a)
Ratio of interest expense to average net
assets (Note 1)+++..................... 0.22% (a) 0.22% (a)
Portfolio turnover rate................. 99% (a) 99% (a)
Average commission rate per share paid
on portfolio transactions.............. $0.0017 $0.0017
</TABLE>
- ----------------
(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) These selected per share data were calculated based upon the average
shares outstanding during the period.
{/\} Net investment income per share reflects an interest payment received
from the conversion of Vnesheconombank loan agreements. Without such a
payment net investment would have been $0.09, $0.07 and $0.13 per
share for Class A, B, and Advisor, respectively.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.03 for Class
A, B, and Advisor.
+ All capital shares issued and outstanding October 31, 1997 were
reclassified as Class A shares.
++ Commencing November 1, 1997, the Fund began offering Class B and
Advisor Class shares.
+++ Portfolio turnover rate, average commission rate, and ratio of
interest expense to average net assets are calculated on the basis of
the Fund as whole without distinguishing between the classes of shares
issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F21
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
NOTES TO
FINANCIAL STATEMENTS
April 30, 1998
- --------------------------------------------------------------------------------
The following Notes to Financial Statements are for the period ending April 30,
1998, and unless otherwise indicated reflect facts as of that date. Please see
"Note 6 -- Subsequent Events" for a discussion of certain changes which took
place after April 30, 1998.
1. SIGNIFICANT ACCOUNTING POLICIES (SEE ALSO NOTE 6)
GT Global Developing Markets Fund ("Fund") is a separate series of G.T.
Investment Funds, Inc. ("Company"). Effective June 1, 1998, the Company was
renamed AIM Investment Funds, Inc. and the Fund was renamed AIM Developing
Markets Fund. The Company is organized as a Maryland corporation and is
registered under the Investment Company Act of 1940, as amended ("1940 Act"), as
an open-end management investment company. The Company has thirteen series of
shares in operation, each series corresponding to a distinct portfolio of
investments.
On October 31, 1997, at the close of business, the Fund acquired the assets and
assumed the liabilities of G.T. Global Developing Markets Fund, Inc., a Maryland
corporation registered under the 1940 Act as a non-diversified closed-end
management investment company ("Predecessor Fund"), in exchange for Class A
shares of the Fund in a tax-free reorganization of the Predecessor Fund.
Shareholders of the Predecessor Fund approved the reorganization on October 20,
1997. Prior to October 28, 1997 the Closed-End Fund's shares traded on the New
York Stock Exchange.
Commencing November 1, 1997, the Fund began to offer Class A, Class B, and
Advisor Class shares, each of which has equal rights as to assets and voting
privileges except that 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
service and 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 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 on 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 Chancellor LGT Asset
Management, Inc. (the "Manager") to be the primary market.
Fixed income investments are valued at the mean of representative quoted bid and
asked prices for securities 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
Fund's Board of Directors.
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 Fund's Board of Directors.
(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
existing 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 investments, forward foreign currency contracts, sales
of foreign currencies, currency gains or
F22
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
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 and losses arise from changes in the value of assets and
liabilities other than investments in securities at year 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, United States 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 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 an 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 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 collection of income on securities, income is
recorded net of all
F23
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
withholding tax with any rebate recorded when received. The Fund may trade
securities on other than normal settlement terms. This may increase the market
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 April 30, 1998, stocks with an aggregate value of approximately $13,962,416
were on loan to brokers. The loans were secured by cash collateral of
$14,552,194 received by the Fund. For international securities, 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. For domestic securities,
cash collateral is received by the Fund against loaned securities in an amount
at least equal to 102% of the market value of the loaned securities at the
inception of each loan. This collateral must be maintained at not less than 100%
of the market value of the loaned securities during the period of each 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 six months ended April 30,
1998, the Fund received securities lending income of $155,608.
(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, and unrealized appreciation of securities held, or excise tax on income
and capital gains. The Fund currently has a capital loss carryforward of
$54,472,976 which expires in 2003.
(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) DEFERRED ORGANIZATIONAL EXPENSES
Expenses incurred by the Fund in connection with its organization, its
registration with the Securities and Exchange Commission and with various states
aggregated $353,775. These expenses are being amortized on a straightline basis
over a five-year period.
(L) 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.
(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) 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.
(O) SECURITIES PURCHASED ON A WHEN-ISSUED OR FORWARD COMMITMENT BASIS
The Fund may trade securities on a when-issued or forward commitment basis, with
payment and delivery scheduled for a future date. These transactions are subject
to market fluctuations and are subject to the risk that the value at delivery
may be more or less than the trade date purchase price. Although the Fund will
generally purchase these securities with the intention of acquiring such
securities, they may sell such securities before the settlement date. These
securities are identified on the accompanying Portfolio of Investments. The Fund
has purchased and sold when-issued securities during the period and has set
aside liquid securities as collateral for these commitments.
(P) LINE OF CREDIT
The Fund, along with certain other funds advised and/or administered by the
Manager ("GT Funds"), has a line of credit with each of BankBoston and State
Street Bank & Trust Company. The arrangements with the banks allow the Fund and
the GT Funds to borrow an aggregate maximum amount of $250,000,000. The Fund is
limited to borrowing up to 33 1/3% of the value of each Fund's total assets. On
April 30, 1998, the Fund had no loans outstanding.
For the six months ended April 30, 1998, the weighted average outstanding daily
balance of bank loans (based on the number of days the loans were outstanding)
for the Fund was $7,671,408, with a weighted average interest rate of 6.29%.
Interest expense for the Fund for the six months ended April 30, 1998 was
$210,460. Other interest expense charges amounted to $49,556.
2. RELATED PARTIES (SEE ALSO NOTE 6)
For the period ended April 30, 1998, Chancellor LGT Asset Management, Inc. was
the Fund's investment manager and administrator. The Fund pays the Manager
investment management and administration fees at the annualized rate of 0.975%
on the first $500 million of average daily net assets of the Fund; 0.95% on the
F24
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
next $500 million; 0.925% on the next $500 million and 0.90% on amounts
thereafter. These fees are computed daily and paid monthly.
For the period ended April 30, 1998, GT Global, Inc. ("GT Global"), an affiliate
of the Manager, serves 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. GT Global collects the sales charges imposed on sales of Class A
shares, and reallows a portion of such charges to dealers through which the
sales are made. For the six months ended April 30, 1998, GT Global did not
retain any 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. GT Global did not collect
CDSCs for the six months ended April 30, 1998. GT Global 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, GT Global, 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. For the six months ended April 30, 1998, GT Global did not collect
any CDSCs. In addition, GT Global makes ongoing shareholder servicing and trail
commission payments to dealers whose clients hold Class B shares.
Pursuant to the then effective separate distribution plans adopted under 1940
Act Rule 12b-1 by the Company's Board of Directors 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 that 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 0.50% 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 GT Global's 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 April 30, 1998, pursuant to that 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 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
0.75% 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
continued in effect.
The Manager and GT Global voluntarily undertook to limit the Fund's expenses
(exclusive of brokerage commissions, taxes, interest, and extraordinary
expenses) to the maximum annual rate of 2.00%, 2.50%, and 1.50% 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 the waivers by
the Manager of investment management and administration fees, waivers by GT
Global of payments under the Class A Plan and/or Class B Plan and/or
reimbursements by the Manager or GT Global of portions of the Fund's other
operating expenses.
GT Global Investor Services, Inc. ("GT Services"), an affiliate of the Manager
and GT Global, 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% 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 Company pays each of its Directors who is not an employee, officer or
director of the Manager or any of its affiliated companies $5,000 per year plus
$300 for each meeting of the board or any committee thereof attended by the
Director.
3. PURCHASES AND SALES OF SECURITIES
For the six months ended April 30, 1998, purchases and sales of investment
securities by the Fund, other than U.S. government obligations and short-term
investments, aggregated $120,141,572 and $302,645,182, respectively. There were
no purchases of U.S. government obligations by the Fund for the period. Sales of
U.S. government obligations by the Fund were $7,170,550 for the period.
4. CAPITAL SHARES
At April 30, 1998, there were 6,000,000,000 shares of the Company's common stock
authorized, at $0.0001 par value. Of this amount, 200,000,000 were classified as
shares of GT Global Developing Markets Fund; 400,000,000 were classified as
shares of GT Global Government Income Fund; 200,000,000 were classified as
shares of GT Global Health Care Fund; 200,000,000 were classified as shares of
GT Global Strategic Income Fund; 200,000,000 were classified as shares of GT
Global Currency Fund (inactive); 200,000,000 were classified as shares of GT
Global Growth & Income Fund; 200,000,000 were classified as shares of GT Global
Small Companies Fund
F25
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
(inactive); 200,000,000 were classified as shares of GT Global Latin America
Growth Fund; 200,000,000 were classified as shares of GT Global Emerging Markets
Fund; 400,000,000 were classified as shares of GT Global Telecommunications
Fund; 200,000,000 were classified as shares of GT Global High Income Fund;
200,000,000 were classified as shares of GT Global Financial Services Fund;
200,000,000 were classified as shares of GT Global Natural Resources Fund;
200,000,000 were classified as shares of GT Global Infrastructure Fund; and
200,000,000 were classified as shares of GT Global Consumer Products and
Services Fund. The shares of each of the foregoing series of the Company were
divided equally into two classes, designated Class A and Class B common stock.
With respect to the issuance of Advisor Class shares, 100,000,000 shares were
classified as shares of each of the fifteen series of the Company and designated
as Advisor Class common stock. 1,100,000,000 shares remain unclassified.
Transactions in capital shares of the Fund were as follows:
CAPITAL SHARE TRANSACTIONS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998
-----------------------------------
CLASS A SHARES AMOUNT
- ---------------------------------------- --------------- ------------------
<S> <C> <C>
Shares sold............................. 252,838 $ 3,022,409
Shares issued in connection with
reinvestment of distributions......... 676,249 8,202,878
--------------- ------------------
929,087 11,225,287
Shares repurchased including those
purchased in connection with open
ending of the Fund on 11/1/97*........ (20,589,436) (253,365,429)
--------------- ------------------
Net decrease............................ (19,660,349) $ (242,140,142)
--------------- ------------------
--------------- ------------------
<CAPTION>
CLASS B
- ----------------------------------------
<S> <C> <C>
Shares sold............................. 18,606 $ 220,436
Shares issued in connection with
reinvestment of distributions......... 124 1,499
--------------- ------------------
18,730 221,935
Shares repurchased...................... (1,999) (22,428)
--------------- ------------------
Net increase............................ 16,731 $ 199,507
--------------- ------------------
--------------- ------------------
<CAPTION>
ADVISOR CLASS
- ----------------------------------------
<S> <C> <C>
Shares sold............................. 2,937 $ 34,593
Shares issued in connection with
reinvestment of distributions......... 4 46
--------------- ------------------
2,941 34,639
Shares repurchased...................... -- --
--------------- ------------------
Net increase............................ 2,941 $ 34,639
--------------- ------------------
--------------- ------------------
</TABLE>
- --------------
* The redemption amount for Class A redemptions is net of a 2% redemption fee of
$4,923,187 incurred in the period from November 1, 1997 to April 30, 1998 in
connection with redemptions upon the open ending of the Fund.
5. EXPENSE REDUCTIONS
The Manager has directed certain portfolio trades to brokers who paid a portion
of the Fund's expenses. For the six months ended April 30, 1998, the Fund's
expenses were reduced by $40,839 under these arrangements.
6. SUBSEQUENT EVENTS
On May 29, 1998, Liechtenstein Global Trust ("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. ("AIM"),
an indirect wholly-owned subsidiary of AMVESCAP PLC, became the investment
adviser and administrator of the Fund and INVESCO (NY), Inc. became the
sub-adviser and sub-administrator of the Fund. In addition, A I M Distributors,
Inc. replaced GT Global, Inc. as the Fund's principal underwriter, and the Fund
became subject to compensation-type Rule 12b-1 plans of distribution, which
replaced the Fund's former reimbursement-type Rule 12b-1 plans of distribution.
All of the changes became effective as of the close of business on May 29, 1998.
F26
<PAGE>
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
NOTES
- --------------------------------------------------------------------------------
<PAGE>
AIM DEVELOPING MARKETS FUND
AIM/GT FUNDS
AIM Distributors offers a broad range of funds to complement many investors'
portfolios. For more information and a prospectus on any of the funds listed
below, please contact your Financial Adviser or call 1-800-824-1580. The
prospectus contains more complete information, including charges, expenses and
risks. Investors should read the prospectus carefully before investing.
EQUITY FUNDS
AIM NEW DIMENSION FUND
(FORMERLY GT GLOBAL NEW DIMENSION FUND)
Captures global growth opportunities by investing directly in the six global
theme funds
AIM WORLDWIDE GROWTH FUND
(FORMERLY GT GLOBAL WORLDWIDE GROWTH FUND)
Invests around the world, including the U.S.
AIM INTERNATIONAL GROWTH FUND
(FORMERLY GT GLOBAL INTERNATIONAL GROWTH FUND)
Offers portfolio diversity by investing outside the U.S.
AIM EMERGING MARKETS FUND
(FORMERLY GT GLOBAL EMERGING MARKETS FUND)
Provides access to the growth potential of developing economies
AIM DEVELOPING MARKETS FUND
(FORMERLY GT GLOBAL DEVELOPING MARKETS FUND)
Invests in debt and equity securities of developing market issuers
AIM NEW PACIFIC GROWTH FUND
(FORMERLY GT GLOBAL NEW PACIFIC GROWTH FUND)
Offers access to emerging and established markets of the Pacific Rim, excluding
Japan
AIM JAPAN GROWTH FUND
(FORMERLY GT GLOBAL JAPAN GROWTH FUND)
Provides U.S. investors with access to the Japanese market
AIM EUROPE GROWTH FUND
(FORMERLY GT GLOBAL EUROPE GROWTH FUND)
Focuses on investment opportunities in Europe
AIM LATIN AMERICAN GROWTH FUND
(FORMERLY GT GLOBAL LATIN AMERICA GROWTH FUND)
Invests in the emerging markets of Latin America
AIM SMALL CAP EQUITY FUND
(FORMERLY GT GLOBAL AMERICA SMALL CAP GROWTH FUND)
Invests in equity securities of small U.S. companies
AIM MID CAP GROWTH FUND
(FORMERLY GT GLOBAL MID CAP GROWTH FUND)
Concentrates on medium-sized companies in the U.S.
AIM AMERICA VALUE FUND
(FORMERLY GT GLOBAL AMERICA VALUE FUND)
Looks for equity securities of large cap U.S. companies believed to be
undervalued
GROWTH AND INCOME FUND
AIM GLOBAL GROWTH & INCOME FUND
(FORMERLY GT GLOBAL GROWTH & INCOME FUND)
Invests in blue-chip stocks and government securities from around the world
INCOME FUNDS
AIM GLOBAL GOVERNMENT INCOME FUND
(FORMERLY GT GLOBAL GOVERNMENT INCOME FUND)
Seeks to earn monthly income from global government securities
AIM STRATEGIC INCOME FUND
(FORMERLY GT GLOBAL STRATEGIC INCOME FUND)
Allocates its assets among debt securities from the U.S., developed foreign
countries and emerging markets
AIM GLOBAL HIGH INCOME FUND
(FORMERLY GT GLOBAL HIGH INCOME FUND)
Invests in debt securities of emerging markets
AIM FLOATING RATE FUND
(FORMERLY GT GLOBAL FLOATING RATE FUND)
Invests primarily in senior secured floating rate loans with the potential to
achieve a high level of current income
AIM DOLLAR FUND
(FORMERLY GT GLOBAL DOLLAR FUND)
Invests in high quality, U.S. dollar-denominated money market securities
worldwide for stability and preservation of capital
THEME FUNDS
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
(FORMERLY GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND)
Focuses on worldwide opportunities resulting from the demand for consumer
products and services
AIM GLOBAL FINANCIAL SERVICES FUND
(FORMERLY GT GLOBAL FINANCIAL SERVICES FUND)
Focuses on the worldwide opportunities stemming from the demand for financial
services and products
AIM GLOBAL HEALTH CARE FUND
(FORMERLY GT GLOBAL HEALTH CARE FUND)
Invests in growing health care industries worldwide
AIM GLOBAL INFRASTRUCTURE FUND
(FORMERLY GT GLOBAL INFRASTRUCTURE FUND)
Invests in companies that build, improve or maintain a country's infrastructure
AIM GLOBAL RESOURCES FUND
(FORMERLY GT GLOBAL NATURAL RESOURCES FUND)
Concentrates on companies that own, explore or develop natural resources
AIM GLOBAL TELECOMMUNICATIONS FUND
(FORMERLY GT GLOBAL TELECOMMUNICATIONS FUND)
Invests in companies worldwide that develop, manufacture or sell
telecommunications services or equipment
This report must be accompanied or preceded by a current prospectus.
<PAGE>
[LOGO]
A I M Distributors, Inc.
Fifty California Street
27th Floor
San Francisco, California
94111-4624
DATED MATERIAL
PLEASE EXPEDITE
AIM Developing Markets Fund
DVM-SAR-1
