<PAGE>
[GRAPHIC]
[LOGO]
AIM GLOBAL
THEME FUNDS
FORMERLY GT GLOBAL
THEME FUNDS
SEMIANNUAL REPORT
APRIL 30, 1998
INVEST WITH DISCIPLINE-Signature Mark-
<PAGE>
[GRAPHIC]
AIM GLOBAL
THEME FUNDS
TABLE OF CONTENTS
Message from the Chairmen. . . . . . . . . . . . . . . . . . . . . . . . . 1
Introduction to Theme Funds. . . . . . . . . . . . . . . . . . . . . . . . 2
AIM Global
Consumer Products
and Services Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
AIM Global
Financial Services Fund. . . . . . . . . . . . . . . . . . . . . . . . . . 8
AIM Global
Health Care Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
AIM Global
Infrastructure Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
AIM Global
Resources Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
AIM Global
Telecommunications Fund. . . . . . . . . . . . . . . . . . . . . . . . . . 24
Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-1
Inside Back
List of Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cover
Views of the Funds' management described in this report are as of the date
written. Portfolio holdings and allocations are as of April 30, 1998, unless
otherwise noted. Views, portfolio holdings and allocations may have changed
subsequent to these dates.
<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 the 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 will 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 GLOBAL THEME FUNDS
[GRAPHIC]
AIM Global Theme Funds provide investors with access to a new dimension of
global investing. Each Fund is structured to include multiple industries that,
in combination, represent important global investment themes. From health care
to natural resources to telecommunications, these themes are central to our
modern lives and form the gears that drive global growth.
As the world economy becomes ever more global, we believe it is increasingly
appropriate for investors to expand their options by investing in specific
industries as well as regions. Talk to your financial adviser and evaluate how
one or more of these six globally diversified Funds may help you realize your
investment goals.
The Funds are based on themes we believe will continue to gain importance in the
years to come.
- ------------------------------------------------
- ------------------------------------------------
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
FORMERLY GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
Seeking to benefit from the changing needs of the new global consumer, the
Fund's portfolio invests in companies that manufacture, market, retail or
distribute consumer products and services.
- --------------------------------------------
- --------------------------------------------
AIM GLOBAL FINANCIAL SERVICES FUND
FORMERLY GT GLOBAL FINANCIAL SERVICES FUND
Focusing globally on issuers in the financial services industries, such as
banks, brokerage and investment advisory firms and insurance companies, this
Fund concentrates on the worldwide growth potential of capital markets.
- -------------------------------------
- -------------------------------------
AIM GLOBAL HEALTH CARE FUND
FORMERLY GT GLOBAL HEALTH CARE FUND
Searching out promising issuers in global health care industries, including
pharmaceutical, biotechnology, health care services, and medical technology and
supply companies around the world, this Fund emphasizes the increased health
care needs of the world's aging population and the growing demand for health
care in emerging markets.
- ----------------------------------------
- ----------------------------------------
AIM GLOBAL INFRASTRUCTURE FUND
FORMERLY GT GLOBAL INFRASTRUCTURE FUND
Seeking to capitalize on the growing need for energy, transportation and
communications in emerging markets and the need to upgrade existing
infrastructure in developed markets, the Fund's portfolio invests in companies
that build, upgrade and repair basic infrastructure.
- -------------------------------------------
- -------------------------------------------
AIM GLOBAL RESOURCES FUND
FORMERLY GT GLOBAL NATURAL RESOURCES FUND
Targeting companies that own, explore or develop natural resources, including
precious and base metals, fossil fuels, and forest and agricultural products,
the AIM Global Resources Fund seeks to benefit from a rise in global industrial
production and related business and inflationary cycles.
- --------------------------------------------
- --------------------------------------------
AIM GLOBAL TELECOMMUNICATIONS FUND
FORMERLY GT GLOBAL TELECOMMUNICATIONS FUND
Concentrating on companies engaged in the development, manufacture or sale of
telecommunications services or equipment, the Fund seeks to participate in the
growth of worldwide demand for information and the means by which it travels.
2 * * *
<PAGE>
THE TEAM APPROACH TO INVESTING
Teamwork among talented investment professionals is at the center of our
investment discipline. Our Theme Fund managers, with an average of ten years of
industry experience, are supported by a group of seasoned investment analysts.
We believe working together as a team creates a combination of strengths and
facilitates the investment process. Within this framework, individual team
members concentrate on their defined industries and regions, ensuring a deeper
and broader group understanding of companies, markets and world events. The
continual exchange of knowledge and ideas promotes style integrity and reflects
our belief that the key to achieving consistent results is following a
disciplined investment process.
[PHOTO]
AIM GLOBAL THEME FUNDS' PORTFOLIO MANAGERS:
(LEFT TO RIGHT) BRIAN NELSON, MIKE YELLEN, MICHAEL MAHONEY, DEREK WEBB AND JAMES
ELLMAN.
ABOUT THE PORTFOLIO MANAGERS
DEREK WEBB, CFA - Head of the Theme Funds and Portfolio Manager of the AIM
Global Consumer Products and Services Fund and the AIM Global Resources Fund.
Previously, Mr. Webb spent seven years in the financial services industry. He
received an M.B.A. from the Wharton Business School.
MICHAEL MAHONEY - Portfolio Manager of the AIM Global Telecommunications Fund
since 1993; Investment Analyst from 1991 to 1993. Previously, Mr. Mahoney was a
Management Consultant at Bain & Co. and received an M.B.A. from Stanford
Graduate School of Business.
A. JAMES ELLMAN - Portfolio Manager of the AIM Global Financial Services Fund
since 1995; Investment Analyst from 1994 to 1995. Formerly, Mr. Ellman was an
international bank examiner for the Federal Reserve. He received an M.B.A. from
Harvard Graduate School of Business.
MIKE YELLEN - Portfolio Manager of the AIM Global Health Care Fund since 1996;
Investment Analyst from 1994 to 1996. Previously, Mr. Yellen was a Senior
Securities Analyst for Franklin Resources Global Health Care Fund. He is a
graduate of Stanford University.
BRIAN NELSON, CFA - Portfolio Manager of the AIM Global Infrastructure Fund
since 1997; Investment Analyst from 1995 to 1997. Previously, Mr. Nelson was an
Equity Research Analyst and Co-Portfolio Manager of the Franklin Global
Utilities Fund at Franklin Templeton. He earned a B.A. from the University of
California at Santa Barbara.
* * * 3
<PAGE>
INVESTMENT OBJECTIVE
AND CURRENT STRATEGY
The Fund seeks long-term capital growth by investing primarily in equity
securities of companies worldwide that manufacture, market, retail or distribute
consumer products and services. The Fund looks for companies well positioned to
benefit from demographic and economic trends, and that have strong earnings
growth and fundamentals.
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
PERFORMANCE SUMMARY
<TABLE>
<CAPTION>
AIM Global
Consumer
Products and MSCI
Class A Shares Services Fund World Index
<S> <C> <C>
12/30/94 $9,525 $10,000
$9,467 $9,852
$9,533 $9,997
$9,858 $10,481
$9,708 $10,849
$9,867 $10,943
$10,508 $10,942
$11,400 $11,492
$11,542 $11,238
$12,083 $11,567
$12,158 $11,387
$12,475 $11,785
$12,894 $12,132
$13,101 $12,353
$13,575 $12,431
$14,472 $12,640
$15,352 $12,939
$16,654 $12,953
$16,456 $13,021
$15,912 $12,563
8/31/96 $17,318 $12,710
$18,776 $13,210
$18,094 $13,304
$18,060 $14,052
$17,832 $13,830
$17,660 $13,999
$17,201 $14,162
$16,299 $13,884
$16,020 $14,341
$17,056 $15,228
$17,976 $15,990
$19,139 $16,729
$18,976 $15,613
$20,455 $16,463
$20,004 $15,599
$20,518 $15,878
$20,961 $16,074
$20,814 $16,524
$22,943 $17,645
$24,522 $18,392
4/30/98 $24,502 $18,304
<CAPTION>
Class B Shares
<S> <C> <C>
12/30/94 $10,000 $10,000
$9,939 $9,852
$10,009 $9,997
$10,341 $10,481
$10,175 $10,849
$10,350 $10,943
$11,015 $10,942
$11,942 $11,492
$12,082 $11,238
$12,633 $11,567
$12,712 $11,387
$13,036 $11,785
$13,467 $12,132
$13,675 $12,353
$14,164 $12,431
$15,097 $12,640
$16,012 $12,939
$17,361 $12,953
$17,153 $13,021
$16,582 $12,563
8/31/96 $18,040 $12,710
$19,544 $13,210
$18,828 $13,304
$18,783 $14,052
$18,534 $13,830
$18,354 $13,999
$17,861 $14,162
$16,924 $13,884
$16,630 $14,341
$17,691 $15,228
$18,638 $15,990
$19,840 $16,729
$19,660 $15,613
$21,185 $16,463
$20,702 $15,599
$21,223 $15,878
$21,689 $16,074
$21,524 $16,524
$23,701 $17,645
$25,332 $18,392
4/30/98 $25,001 $18,304
</TABLE>
The charts above show performance of the AIM Global Consumer Products and
Services Fund Class A and Class B shares since inception, versus the MSCI World
Index. 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 June 1, 1995, would have been worth $25,205
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 LIFE OF FUND 1-YEAR LIFE OF FUND
<S> <C> <C> <C> <C>
CLASS A(3) 52.95 32.79 45.66 30.87
CLASS B(3) 52.14 32.13 47.14 31.66
ADVISOR CLASS(4) 53.64 37.32 N/A N/A
</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 December 30, 1994.
(4) The Fund began offering Advisor Class shares on June 1, 1995. 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.
4 * * *
<PAGE>
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
INTERVIEW WITH PORTFOLIO MANAGER
DEREK WEBB
Q HOW HAS THE FUND PERFORMED OVER THE PAST SIX MONTHS?
A We are pleased with the Fund's performance over the past six months to
April 30, 1998. For the period, the Fund returned 22.48% for Class A shares
(16.65% including the maximum 4.75% sales charge), and 22.21% for Class B shares
(17.21% including the maximum 5% contingent deferred sales charge).
The Morgan Stanley Capital International (MSCI) World Index,(5) which, unlike
the Fund, is heavily concentrated in larger cap stocks, returned 18.86% over
the same period. The index is designed to represent the performance of all
markets, however, and does not reflect the Fund's concentration in the
consumer products and services industry.
Q WHAT DO YOU FIND ATTRACTIVE ABOUT NON-INDEX STOCKS?
A The Fund's overweighted position in non-index stocks continued to perform
exceptionally well over the period. We like these companies primarily because
they tend to have better price-to-growth rates (PEGs) than index stocks, meaning
their price-to-earnings ratios (P/Es) are lower relative to their earnings
growth.
Earnings growth of non-index stocks tends to be higher because of their
relatively smaller size. P/Es are lower because these stocks are not included in
standard indices, the inclusion of which generally drives stock prices up.
Because of the strong demand for index stocks, we find many of these companies
tremendously overpriced relative to non-index stocks.
Q WHAT OTHER CRITERIA ARE IMPORTANT IN YOUR STOCK SELECTION?
A We look for companies with potential for positive quarterly earnings
surprises and positive earnings revisions by Wall Street analysts. Additionally,
we invest in companies we believe display strong fundamentals, such as high
return on equity, low debt and highly predictable earnings and cash flows. We
also focus on companies we think offer superior products or services with the
ability to consistently grow sales.
Q COULD YOU PROVIDE EXAMPLES OF FUND HOLDINGS THAT HAVE DONE WELL OVER THE
PERIOD?
A Stocks that have performed well include Tabacelera in Spain. Whereas,
tobacco companies in the U.S. have had a difficult time, the Spanish government
is actually decreasing tobacco taxes. The government is privatizing Tabacelera
and, therefore, trying to make the tobacco industry as attractive as possible.
Consumption is quite high in Spain, and companies are not currently faced with
legal liabilities. However, at the end of March we sold off our position in
Tabacelera, due to its high valuations.
The billboard companies Lamar Advertising and Outdoor Systems have also
performed strongly. In general, this industry has done well because advertising
revenues are increasing on the back of a strong economy. Moreover, supply is
limited and many companies are realizing price increases of 6% a year, while
costs have remained fixed.
The industry has also been consolidating, which has supported fundamentals and
valuations. Additionally, tremendous synergies exist between billboard and
CONTINUED P6
LAMAR ADVERTISING
SHARE PRICE
<TABLE>
<S> <C>
8/8/96 $13.67
17.00
17.67
18.83
20.17
20.67
22.50
26.33
23.67
23.17
24.33
20.17
18.33
16.50
17.50
16.17
15.50
16.50
17.00
16.67
16.00
16.00
16.17
15.92
16.00
16.67
15.33
15.50
15.00
12.83
13.33
14.33
13.75
13.25
13.17
13.67
12.25
11.17
13.83
14.67
13.67
14.33
16.00
15.83
18.17
6/19/97 15.08
16.33
17.83
18.33
19.00
17.96
18.63
17.83
16.50
17.00
18.50
17.83
19.79
20.17
20.42
20.33
20.08
19.88
20.67
22.83
22.67
20.00
20.83
20.08
21.83
23.92
24.83
25.71
26.50
25.75
27.67
28.75
27.42
30.25
32.75
33.96
33.25
35.13
35.50
37.25
33.63
34.00
33.75
34.00
34.44
4/30/98 34.50
</TABLE>
AGAINST A STRONG ECONOMIC BACKDROP, BILLBOARD COMPANIES, AND LAMAR ADVERTISING
IN PARTICULAR, HAVE ENJOYED HEALTHY GAINS.
Source: Datastream, April 1998.
(5) The MSCI World Index is a market value-weighted average of the performance
of 1,578 securities listed on major world stock exchanges-the U.S., Europe,
Canada, Australia, New Zealand and the Far East. It includes the effect of
reinvested dividends and is measured in U.S. dollars.
Indices are unmanaged, not available for direct investment and do not incur
sales charges and professional management fees.
* * * 5
<PAGE>
INTERVIEW WITH THE PORTFOLIO MANAGER CONTINUED
other media companies. Looking ahead, we expect consolidation to continue.
Other companies that contributed significantly to Fund returns include Linens 'N
Things and Pacific Sunwear of California. Both companies are classic examples of
retailers that meet our strict investment discipline. We look for retailers with
accelerating revenues, expanding gross margins and declining SG&A (sales,
general and administrative expenses) as a percentage of sales. If these factors
are present, earnings are generally accelerating, and earnings
drive share prices.
Q WHAT DO YOU SEE AHEAD FOR THE CONSUMER PRODUCTS INDUSTRY?
A We believe consumer products and services companies will remain attractive
investments. Often these companies have distinguished franchises or name-brand
products that tend to compete more on perceived value than strictly on price. We
also find them good investments because many have low fixed assets and high,
unrestricted cash flows. High cash generation allows them to reinvest in core
businesses, make acquisitions, repurchase stock or debt, and/or increase
dividends.
The AIM Global Consumer Products and Services Fund is rare because it is
completely company specific. Consumer products and services companies differ
vastly from one another and are not generally as affected by macroeconomic
trends as companies in other industries.
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND ALLOCATION OF NET ASSETS %
<TABLE>
<CAPTION>
1998 1997
APRIL 30 APRIL 30
<S> <C> <C>
SERVICES 59.0 21.4
CONSUMER NON-DURABLES 25.5 41.3
FINANCE 7.7 7.5
CAPITAL GOODS 2.3 N/A
CONSUMER DURABLES 1.5 8.1
TECHNOLOGY 0.2 2.1
MULTI INDUSTRY N/A 2.6
HEALTH CARE N/A 2.1
SHORT TERM & OTHER 3.8 14.9
</TABLE>
6 * * *
<PAGE>
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
GEOGRAPHIC ALLOCATION OF NET ASSETS
[CHART]
Europe 17.1%
North America & Other 82.9%
Allocations may change based on current market conditions. A complete listing
may be found in the Financial Statements section of this report.
<TABLE>
<CAPTION>
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
KEY PORTFOLIO HOLDINGS(6) % of
Country Net Assets
<S> <C> <C>
HEINEKEN N.V. Heineken is an international brewery and soft drinks producer. Netherlands 2.7
They also produce beverages through affiliated breweries and under
license-holders all over the world.
LINENS 'N THINGS, INC. The company sells home textiles, housewares and home U.S. 2.7
accessories through more than 170 outlets in the United States. Brands include
Wamsutta, Laura Ashley and Markets.
SAPUTO GROUP, INC. Produces and markets mozzarella and other Italian specialty Canada 2.7
cheeses and by-products such as butter, lactose and whey protein.
NESTLE S.A. Nestle is a consumer packaged goods company. Subsidiaries produce Switzerland 2.6
and sell beverages, culinary, refrigerated, food service and milk products, as
well as frozen foods, chocolate, ready-to-eat dishes, pet food, pharmaceuticals
and cosmetics.
FRED MEYER, INC. The company retails food and drugs through the Fred Meyer U.S. 2.6
Stores subsidiary, which operates one-stop-shopping stores in 11 western states.
MERITA LTD. This is a financial services group created from the merger of the Finland 2.5
Kansallis Banking Group and the Unitas Group. In addition to commercial banking
services, the group provides real estate business services, equity investment,
insurance, real estate brokerage, corporate restructuring and other financial
services.
LAMAR ADVERTISING CO. Owns and operates outdoor advertising structures; U.S. 2.5
provides logo signs and poster and bulletin displays.
NEW YORK TIMES CO. Publishes magazines and newspapers, including the NEW YORK U.S. 2.4
TIMES and the BOSTON GLOBE. In addition, the company operates
broadcasting/information services such as television and radio stations and news
photo and graphics services. They also license electronic databases.
THE DIAL CORP. A consumer products company whose products are categorized among U.S. 2.4
four core groups of Dial soaps and bath products, Purex detergents and other
laundry cleaners, Renuzit air fresheners, and Armour canned meats.
BRYLANE, INC. Brylane retails apparel through specialty catalogs. U.S. 2.3
</TABLE>
Source: Bloomberg, April 1998.
(6) There is no assurance the Fund will continue to hold these or any other
securities mentioned in this report.
* * * 7
<PAGE>
[Photo]
INVESTMENT OBJECTIVE AND CURRENT STRATEGY
The Fund seeks long-term growth of capital by investing primarily in the equity
securities of financial services companies, including those engaged in banking,
insurance, investment management, brokerage and diversified financial
activities. Emphasis is on companies we believe have the potential to experience
rising profitability.
AIM GLOBAL FINANCIAL SERVICES FUND
PERFORMANCE SUMMARY
<TABLE>
<CAPTION>
[Chart]
AIM GLOBAL FINANCIAL
CLASS A SHARES SERVICES FUND MSCI WORLD INDEX MSCI BANKING INDEX
<S> <C> <C> <C>
5/31/94 $9,525 $10,000 $10,000
$9,525 $9,974 $10,012
$9,508 $10,165 $10,010
$9,950 $10,473 $10,042
$9,683 $10,200 $9,707
$9,683 $10,492 $9,971
$9,283 $10,039 $9,542
$9,075 $10,138 $9,631
$8,825 $9,987 $9,507
$8,650 $10,135 $9,550
$8,408 $10,626 $9,943
$8,583 $10,998 $10,534
$9,242 $11,094 $10,648
$9,400 $11,093 $10,141
$9,850 $11,650 $10,915
$9,942 $11,393 $10,355
$10,117 $11,727 $10,736
$9,933 $11,544 $10,355
$10,458 $11,947 $11,041
$10,805 $12,299 $11,566
$11,007 $12,524 $11,437
$10,990 $12,602 $11,374
$11,158 $12,814 $11,648
4/30/96 $11,411 $13,118 $11,818
$11,537 $13,131 $11,641
$11,386 $13,200 $11,602
$10,998 $12,736 $11,369
$11,369 $12,885 $11,513
$11,781 $13,392 $12,033
$11,941 $13,488 $12,173
$12,681 $14,246 $12,753
$12,448 $14,020 $12,096
$13,025 $14,192 $11,820
$13,521 $14,357 $12,379
$13,016 $14,076 $11,881
$13,422 $14,538 $12,177
$14,071 $15,438 $13,088
$15,062 $16,211 $14,083
$16,117 $16,960 $14,886
$15,297 $15,828 $13,946
$16,523 $16,690 $14,935
$15,513 $15,814 $13,497
$15,630 $16,097 $13,654
$16,222 $16,295 $14,185
$15,886 $16,752 $14,353
$17,407 $17,888 $15,716
$18,340 $18,646 $16,384
4/30/98 $18,815 $18,504 $16,644
<CAPTION>
CLASS B SHARES
<S> <C> <C> <C>
5/31/94 $10,000 $10,000 $10,000
$10,000 $9,974 $10,012
$9,974 $10,165 $10,010
$10,437 $10,165 $10,010
$10,149 $10,200 $9,707
$10,149 $10,492 $9,971
$9,720 $10,039 $9,542
$9,493 $10,138 $9,631
$9,230 $9,987 $9,507
$9,046 $10,135 $9,550
$8,793 $10,626 $9,943
$8,968 $10,998 $10,534
$9,650 $11,094 $10,648
$9,816 $11,093 $10,141
$10,280 $11,650 $10,915
$10,367 $11,393 $10,355
$10,551 $11,727 $10,736
$10,350 $11,544 $10,355
$10,892 $11,947 $11,041
$11,255 $12,299 $11,566
$11,458 $12,524 $11,437
$11,431 $12,602 $11,374
$11,607 $12,814 $11,648
4/30/96 $11,863 $13,118 $11,818
$12,004 $13,131 $11,641
$11,837 $13,200 $11,602
$11,431 $12,736 $11,369
$11,810 $12,885 $11,513
$12,233 $13,392 $12,033
$12,401 $13,488 $12,173
$13,159 $14,246 $12,753
$12,905 $14,020 $12,096
$13,500 $14,192 $11,820
$14,010 $14,357 $12,379
$13,481 $14,076 $11,881
$13,887 $14,538 $12,177
$14,558 $15,438 $13,088
$15,579 $16,211 $14,083
$16,665 $16,960 $14,886
$15,805 $15,828 $13,946
$17,071 $16,690 $14,935
$16,013 $15,814 $13,497
$16,136 $16,097 $13,654
$16,737 $16,295 $14,185
$16,385 $16,752 $14,353
$17,941 $17,888 $15,716
$18,889 $18,646 $16,384
4/30/98 $19,079 $18,504 $16,644
</TABLE>
The charts above show performance of the AIM Global Financial Services Fund
Class A and Class B shares since inception, versus the MSCI World Index and the
MSCI Banking Index. 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 June 1,
1995, would have been worth $20,456 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 LIFE OF FUND 1-YEAR LIFE OF FUND
<S> <C> <C> <C> <C>
CLASS A(3) 40.19 18.99 33.55 17.52
CLASS B(3) 39.54 18.41 34.54 17.94
ADVISOR CLASS(4) 40.83 27.83 N/A N/A
</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 May 31, 1994.
(4) The Fund began offering Advisor Class shares on June 1, 1995. 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.
8 - - -
<PAGE>
AIM GLOBAL FINANCIAL SERVICES FUND
INTERVIEW WITH PORTFOLIO MANAGER
JAMES ELLMAN
Q HOW DID THE FUND PERFORM?
A We are pleased with the Fund's performance over the past six months. Total
return for the six-month period to April 30, 1998, was 21.29% for Class A shares
(15.52% including the maximum 4.75% sales charge) and 21.02% for Class B shares
(16.02% including the maximum 5% contingent deferred sales charge). The Fund
performed nearly in line with its benchmark, the Morgan Stanley Capital
International (MSCI) Banking Index,(5) which returned 23.31% for the same
period, while the broader MSCI World Index(6) returned 18.86%.
Q WHAT IS DRIVING THE PERFORMANCE OF EUROPEAN FINANCIAL SERVICES COMPANIES?
A European financial stocks have enjoyed spectacular returns as a result of
several factors, including expectations for a successful launch of the euro, the
currency of monetary union, and the anticipation of lower interest rates.
Additionally, because of the increased competition associated with the European
Union, a greater level of merger and acquisition activity is anticipated.
Finally, similar to what has already occurred here in the U.S., investors
believe European governments are unlikely to continue to support retirement
funding to the extent they have in the past. As a result, personal savings would
need to increase. Asset management firms in Europe are already experiencing
stronger inflows, and the Fund has benefited from its holdings.
Q WHAT'S BEHIND THE MEGA-MERGER ACTIVITY IN THE U.S.?
A We've recently seen a considerable amount of consolidation activity in the
financial services industry. Among the Fund's larger holdings,
NationsBank/BankAmerica and Citicorp/Travelers have entered into merger
agreements. Why would some of the nation's largest financial services companies
merge? Largely because of technology.
While NationsBank's retail bank technology platform is very strong,
BankAmerica's is not. BankAmerica would have to spend a considerable amount of
money just to upgrade the technology for their branch banking. With the
consolidation, they will be able to roll in NationsBank's model bank platform.
Additionally, they should achieve cost savings and economies of scale by merging
back office systems, ATM networks, Internet banking, phone banks and credit card
distribution systems-all of which are technology intensive.
In some ways, the Citicorp/Travelers merger is even more driven by technology
because it's predicated on the ability of the bank to cross-sell bank products
to insurance customers and the insurance company to cross-sell its products to
bank customers. Technology plays an important role in determining customers who
meet the necessary financial criteria. By utilizing technology, the companies
would be able to deliver more products through more distribution channels into
the hands of their customers.
Q WHAT EFFECT DO YOU THINK THESE MERGERS WILL HAVE ON THE BANKING INDUSTRY?
A Consolidation among the nation's largest financial services companies has
forced other companies to determine how they can grow. Many realize they need to
be larger to compete and, as a result, we expect to see an increasing number of
mergers over the coming months. Additionally, because of year 2000 technology
issues, some companies realize that if they don't act by the beginning of next
year, they may need to postpone their acquisitions until after the year 2000.
Q WHAT INDIVIDUAL HOLDINGS DO YOU FEEL PARTICULARLY ENTHUSIASTIC ABOUT?
A Among the Fund's holdings, several companies stand out. BankAmerica has
been one of the Fund's largest holdings for several years. Since we own
NationsBank as well, the merger will benefit the Fund's position. We are
encouraged by the new entity's potential merger synergies in terms of revenue
acceleration and the elimination of overlapping costs.
CONTINUED P10
(5) The MSCI Banking Index is a market value-weighted average of the
performance of 111 securities listed on major world stock exchanges--the
U.S., Europe, Canada, Australia, New Zealand and the Far East. It includes
the effect of reinvested dividends and is measured in U.S. dollars.
(6) The MSCI World Index is a market value-weighted average of the performance
of 1,578 securities listed on major world stock exchanges--the U.S.,
Europe, Canada, Australia, New Zealand and the Far East. It includes the
effect of reinvested dividends and is measured in U.S. dollars.
Indices are unmanaged, not available for direct investment and do not incur
sales charges and professional management fees.
- - - 9
<PAGE>
INTERVIEW WITH THE PORTFOLIO MANAGER CONTINUED
BankAmerica's price-to-earnings multiple is also significantly lower than the
market multiple, allowing for potential significant expansion. Moreover, it will
be the first and only coast to coast nationwide bank with operations in all the
growth markets of the U.S.--the Northwest, Rocky Mountain states, California and
the Southeast.
Another large holding we continue to find attractive is Merita Nordbanken. This
Swedish-Finnish bank enjoys healthy non-interest income growth and recently
reported very strong earnings. Post-merger, they have become the largest bank in
Scandinavia, with a good management team and interesting opportunities for
synergies. Meanwhile, the bank still trades at a considerable discount to most
European banks, in part because the bank holds a significant amount of Finish
real estate, which has been very depressed. If property prices begin to stage a
recovery, we expect that cloud could lift.
Q HOW DO YOU EXPECT TO POSITION THE FUND OVER THE REMAINDER OF THE YEAR?
A In Europe, barriers to banking and insurance between countries are being
torn down, and the ability to use one currency across markets cumulatively
larger than the U.S. is moving into place. We believe this trend will actually
initially increase costs for banks and insurance companies, as computer systems
will need to be modified to accommodate the new currency. Earnings will also
come under pressure as more competitors enter the arena.
Meanwhile, as banks realize they will have to grow larger to survive,
consolidation is inevitable. Many stock prices, however, may have already been
run up in anticipation of potential future events. We believe a number of these
markets have already discounted some of the positives and, as a result, we don't
own some of the larger names.
On the other hand, we remain overweighted in peripheral European markets such as
Scandinavia and Ireland, where we find financial services stocks to be cheaper
and to provide higher returns on equity. We believe the benefits of
consolidation in Europe may still profit share prices in these markets.
Meanwhile, we are finding abundant opportunities in companies that follow our
investment discipline of positive earnings per share surprises, rising
estimates, high profitability and reasonable price-to-earnings and growth rates.
In the U.S., we currently intend to continue taking advantage of ongoing
industry consolidation, particularly among larger banks, as well as hold stocks
of banks that have already entered into merger agreements. We feel considerable
room exists for cost savings as the industry is gradually rationalized.
Consolidation also means fewer and more rational competitors, which is usually
beneficial for industry profits and share prices.
Under current conditions, we expect to continue avoiding Japan, where we have
been underweighted over the last three years. We feel the financial system is
deeply troubled, and until massive structural problems are effectively addressed
by regulators and the government, we remain content to sit tight on the
sidelines.
Among financial services companies, we're most enthusiastic about stocks in
several of the emerging markets of Europe, the Middle East, and Africa,
including Turkey, Israel and South Africa. We are currently able to purchase
some banks for roughly half the multiples of U.S. banks and at double the
earnings growth. We will look to increase our holdings on a selective basis.
AIM GLOBAL FINANCIAL SERVICES FUND
ALLOCATION OF NET ASSETS %
<TABLE>
<CAPTION>
1998 1997
APRIL 30 APRIL 30
<S> <C> <C>
BANKS - REGIONAL 46.7 48.0
BANK - MONEY CENTER 14.4 13.9
INSURANCE 11.8 9.7
CONSUMER FINANCE 11.1 3.5
OTHER FINANCIAL 7.2 5.2
INVESTMENT MGMT.. 3.0 1.6
SECURITIES BROKER 2.5 1.9
REAL ESTATE N/A 0.9
SHORT TERM & OTHER 3.3 15.3
</TABLE>
10 - - -
<PAGE>
AIM GLOBAL FINANCIAL SERVICES FUND
GEOGRAPHIC ALLOCATION OF NET ASSETS
[Chart]
<TABLE>
<CAPTION>
<S> <C>
ASIA-PACIFIC 8.5%
EUROPE 24.2%
NORTH AMERICA & OTHER 67.3%
</TABLE>
Allocations may change based on current market conditions. A complete listing
may be found in the Financial Statements section of this report.
AIM GLOBAL FINANCIAL SERVICES FUND
<TABLE>
<CAPTION>
% of
KEY PORTFOLIO HOLDINGS(7) Country Net Assets
<S> <C> <C>
THE MONEY STORE, INC. This national financial services company is a home equity lender, a small U.S. 4.1
business administration lender, and an originator of government-guaranteed student loans. The
company also provides vehicle financing, primarily for automobiles.
BANKAMERICA CORP. Provides diverse financial products and services to individuals, businesses, U.S. 3.3
government agencies and financial institutions in 36 countries. The company's banking subsidiaries
operate over 2,000 offices throughout the western United States.
NEWCOURT CREDIT GROUP, INC. Manages and sells asset-based loans and provides loan origination, loan Canada 2.7
sales and loan management services to commercial/corporate clients around the world.
GREEN TREE FINANCIAL CORP. This is a diversified financial services company serving customers in the U.S. 2.5
consumer finance, commercial finance and insurance markets.
HSBC HOLDINGS PLC This is the holding company for the HSBC Group, an international banking and Hong Kong 2.5
financial services organization with operations in Asia-Pacific, Europe, the Middle East and the
Americas. Services include retail and corporate banking, trade, trustee, securities, custody, capital
markets and treasury services, private and investment banking, and insurance.
PROVIDIAN FINANCIAL CORP. The company provides lending and deposit products to customers nationwide. U.S. 2.2
In addition, they serve a broad, diversified market with loan products including credit cards,
secured credit cards and home loans.
H.F. AHMANSON & CO. The parent company of Home Savings of America, FSB, they offer consumer and small U.S. 2.0
business banking and related financial services that include unsecured personal lines of credit and
home equity loans. Home Savings operates 370 retail branches in three states and 126 loan offices in
nine states.
NATIONSBANK CORP. NationsBank is a product of the merger between NCNB Corporation and C&S/Sovran U.S. 2.0
Corp. The company operates in 16 states and the District of Columbia, covering a region from Maryland
to Texas with over 1,900 branches.
TRAVELERS GROUP, INC. A diversified financial services holding company that provides investment U.S. 2.0
services, including asset management, consumer finance, property, casualty and life insurance.
BENEFICIAL CORP. Subsidiaries of this financial services holding company provide financial services U.S. 1.8
through their various consumer finance, credit card, banking and insurance operations in the United
States, the United Kingdom, Ireland, and Germany.
</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.
- - - 11
<PAGE>
INVESTMENT OBJECTIVE AND CURRENT STRATEGY
The Fund seeks long-term capital appreciation by investing primarily in equity
securities of health care companies, including those specializing in
pharmaceuticals, biotechnology, medical devices and supplies, and health care
services. The Fund's strategy is to invest in the securities of a variety of
health care companies worldwide that we believe will benefit from economic,
political and regulatory developments.
AIM GLOBAL HEALTH CARE FUND
PERFORMANCE SUMMARY
[Chart]
<TABLE>
<CAPTION>
AIM GLOBAL HEALTH MSCI HEALTH & PERSONAL MSCI WORLD
CLASS A SHARES CARE FUND CARE INDEX INDEX
<S> <C> <C> <C>
8/7/89 $9,525 $10,000 $10,000
$9,608 $9,856 $10,034
$9,650 $10,136 $10,347
$9,858 $9,800 $10,050
$10,200 $10,193 $10,365
$10,368 $10,522 $10,564
$9,900 $10,032 $10,219
$9,908 $9,604 $9,696
$10,184 $9,025 $9,513
$10,184 $8,897 $9,668
$11,286 $9,835 $10,734
$11,587 $9,767 $11,097
$11,612 $9,858 $11,452
$10,844 $8,937 $10,502
$10,409 $7,996 $9,870
$10,718 $8,744 $10,758
$11,445 $8,602 $11,139
$11,729 $8,784 $11,243
$12,509 $9,107 $11,550
$13,546 $9,951 $12,607
$14,326 $9,660 $12,807
$14,034 $9,737 $12,852
$14,737 $9,959 $13,214
$14,051 $9,346 $12,603
$15,045 $9,789 $13,522
$15,422 $9,759 $13,790
$15,576 $10,017 $13,950
$16,527 $10,181 $14,712
$15,902 $9,739 $14,453
$18,518 $10,450 $16,468
$18,276 $10,258 $15,572
$17,517 $10,083 $15,263
$16,344 $9,610 $14,554
$15,317 $9,745 $14,471
$15,679 $10,135 $15,087
$15,066 $9,797 $14,553
$15,679 $9,824 $15,213
$15,291 $10,065 $15,276
$14,946 $9,974 $14,813
$15,058 $9,706 $14,685
$16,007 $9,881 $14,847
$16,016 $9,963 $14,649
$15,446 $9,998 $13,688
$13,444 $10,237 $13,239
$13,634 $10,832 $13,387
$13,720 $11,336 $13,991
$14,540 $11,599 $14,405
$14,583 $11,504 $13,779
$14,195 $11,743 $13,123
$14,298 $12,283 $13,819
9/30/93 $14,868 $12,058 $13,950
$15,412 $12,392 $14,359
$15,567 $11,693 $14,161
$16,433 $12,267 $14,628
$17,550 $13,078 $15,124
$16,849 $12,911 $14,542
$15,749 $12,357 $13,906
$15,714 $12,741 $14,245
$15,654 $12,776 $14,437
$14,814 $12,743 $14,446
$15,437 $12,987 $14,429
$17,030 $13,381 $15,598
$17,022 $13,031 $15,579
$16,970 $13,404 $16,022
$16,554 $12,825 $16,077
$16,481 $12,952 $16,425
$17,012 $12,760 $16,837
$17,338 $12,949 $17,335
$17,897 $13,575 $18,319
$17,450 $14,051 $18,973
$17,385 $14,174 $19,209
$17,664 $14,172 $19,974
$18,773 $14,884 $20,632
$19,127 $14,555 $20,275
$20,049 $14,982 $21,750
$20,329 $14,749 $22,406
$21,409 $15,264 $23,270
$22,573 $15,713 $24,437
$23,729 $16,000 $25,028
$24,429 $16,100 $25,041
$24,906 $16,371 $25,446
$25,097 $16,759 $25,234
$25,521 $16,777 $25,687
$24,323 $16,865 $26,469
$22,106 $16,272 $25,841
$23,920 $16,462 $26,595
$25,691 $17,109 $28,206
$25,034 $17,232 $28,849
$25,193 $18,201 $30,693
$27,954 $17,912 $30,040
$28,895 $18,131 $32,204
$29,091 $18,343 $32,677
$25,645 $17,983 $31,951
$24,256 $18,574 $34,156
$28,539 $19,724 $35,821
$28,861 $20,711 $39,168
$29,343 $21,668 $40,091
$29,722 $20,221 $36,403
$32,881 $21,323 $39,036
$32,134 $20,204 $39,134
$31,307 $20,565 $40,162
$30,179 $20,819 $41,846
$29,754 $21,402 $45,220
$32,261 $22,853 $47,712
$32,307 $23,822 $48,202
4/30/98 $32,823 $22,992 $48,554
<CAPTION>
CLASS B SHARES
<S> <C> <C> <C>
4/1/93 $10,000 $10,000 $10,000
$10,199 $10,377 $10,573
$10,802 $10,618 $10,886
$10,827 $10,531 $10,413
$10,532 $10,750 $9,917
$10,603 $11,244 $10,443
$11,020 $11,038 $10,542
$11,418 $11,344 $10,851
$11,520 $10,704 $10,702
$12,160 $11,230 $11,054
$12,983 $11,972 $11,430
$12,456 $11,819 $10,990
$11,640 $11,312 $10,509
$11,608 $11,663 $10,765
$11,563 $11,695 $10,910
$10,939 $11,665 $10,917
$11,389 $11,889 $10,904
$12,559 $12,249 $11,787
$12,552 $11,929 $11,773
$12,507 $12,271 $12,108
$12,199 $11,741 $12,150
$12,138 $11,857 $12,412
$12,525 $11,681 $12,724
$12,760 $11,853 $13,100
$13,169 $12,427 $13,843
$12,830 $12,863 $14,338
$12,781 $12,975 $14,516
$12,982 $12,974 $15,094
7/31/95 $13,785 $13,625 $15,592
$14,041 $13,324 $15,322
$14,712 $13,715 $16,436
$14,906 $13,502 $16,932
$15,694 $13,973 $17,585
$16,537 $14,384 $18,467
$17,381 $14,647 $18,913
$17,887 $14,739 $18,923
$18,234 $14,987 $19,230
$18,368 $15,342 $19,070
$18,668 $15,358 $19,412
$17,784 $15,438 $20,002
$16,158 $14,895 $19,528
$17,476 $15,069 $20,098
$18,763 $15,662 $21,316
$18,273 $15,774 $21,802
$18,384 $16,661 $23,195
$20,390 $16,397 $22,702
$21,067 $16,598 $24,337
$21,204 $16,791 $24,694
$18,687 $16,462 $24,145
$17,668 $17,003 $25,811
$20,776 $18,056 $27,070
$21,007 $18,959 $29,599
$21,341 $19,835 $30,297
$21,615 $18,511 $27,510
$23,892 $19,520 $29,500
$23,344 $18,495 $29,574
$22,736 $18,826 $30,351
$21,901 $19,058 $31,623
$21,592 $19,592 $34,173
$23,397 $20,921 $36,056
$23,420 $21,807 $36,426
4/30/98 $23,686 $21,518 $36,693
</TABLE>
The charts above show the performance of AIM Global Health Care Fund Class A and
Class B shares since inception, versus the MSCI World Index and the MSCI Health
and Personal Care Index. 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 June 1,
1995, would have been worth $19,066 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 5-YEAR LIFE OF FUND 1-YEAR 5-YEAR LIFE OF FUND
<S> <C> <C> <C> <C> <C> <C>
CLASS A(3) 35.32 19.06 15.23 28.91 17.91 14.59
CLASS B(3) 34.62 18.45 18.60 29.62 18.25 18.50
ADVISOR CLASS(4) 36.01 N/A 24.78 N/A N/A N/A
</TABLE>
HISTORICAL PERFORMANCE %(2)
ANNUAL TOTAL RETURNS (PER CALENDAR YEAR)
<TABLE>
<CAPTION>
1990 1991 1992 1993 1994 1995 1996 1997
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A 13.14 57.88 -13.51 2.61 0.29 36.96 23.84 7.96
CLASS B N/A N/A N/A 21.60(3) -0.19 36.24 23.30 7.41
</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 performance quoted.
(3) The Fund began operations for Class A shares on Aug. 7, 1989 and for Class
B shares on April 1, 1993.
(4) The Fund began offering Advisor Class shares on June 1, 1995. Advisor Class
shares are not sold directly to the general public 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 the Fund's shares, which does not
guarantee future results. The investment return and principal value of an
investment in the Fund will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
From time to time, the Fund's investment advisor may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waivers and
reimbursements are subject to change.
12 - - -
<PAGE>
AIM GLOBAL HEALTH CARE FUND
INTERVIEW WITH PORTFOLIO MANAGER
MIKE YELLEN
Q HOW HAS THE FUND PERFORMED?
A In a difficult environment for small capitalization stocks, the Fund
returned a total of 2.15% for Class A shares (-2.72% including the maximum 4.75%
sales charge) for the six-month period to April 30, 1998, and 1.89% for Class B
shares (-1.92% including the maximum 5% contingent deferred sales charge). For
the same time frame, the Fund's benchmarks, the Morgan Stanley Capital
International (MSCI) World Index(5) and the MSCI Health and Personal Care
Index(6), returned 18.86% and 24.07%, respectively.
While we began increasing the Fund's exposure to large cap companies during the
last six months, the Fund continued to have a greater weighting in small and
mid-cap companies relative to our competitors, and relative to the MSCI Health &
Personal Care Index, which holds a significant weighting in large cap
pharmaceutical companies. Throughout most of 1997 we felt that, relative to
their small and mid-cap counterparts, larger companies were fully valued after
three years of dramatic outperformance. Conversely, most small cap stocks had
underperformed and appeared relatively inexpensive given their growth prospects.
Unfortunately, our view proved to be incorrect. In fact, small cap stocks, and
biotech stocks in particular, had a very poor year in 1997 and have continued to
underperform the market into 1998. Our relative overweighting of these stocks
was the primary reason for the Fund's lag in performance.
Q SPECIFICALLY, WHAT COMPANIES WERE DISAPPOINTING?
A A number of companies underperformed significantly, including Cell
Therapeutics, Protein Design Labs and Endosonics.
Cell Therapeutics proved to be a lesson in the high-risk nature of biotechnology
companies. The company's lead drug failed in a pivotal phase 3 trial designed to
show a benefit in reducing infection and mortality in cancer patients. Although
it had delivered good data in earlier trials, it failed to achieve statistical
significance in the pivotal trial, and the stock lost 70% of its value. We
subsequently sold our position given the likelihood that the drug would never
become an approved product. Even if the company eventually succeeds in
commercializing it or a follow-up compound, it will be many years before this
happens, and they will need to raise substantial additional capital in the
interim.
While Protein Design Labs has been one of the few biotechnology companies to
successfully develop and commercialize a drug, called Zenapax used to prevent
organ transplant rejections, the sales potential is turning out to be below what
the investment community had anticipated. Given that the company is likely still
years away from receiving approval of any additional drugs, the reduced
expectations for Zenapax caused a considerable decline in the stock price.
Again, this example highlights the risk inherent in a biotechnology firm's
dependence on one product, which, more often than not, fails to live up to the
aggressive expectations of Wall Street.
We feel Endosonics, a small medical device company that manufactures
intravascular ultrasound catheters (used to diagnose coronary arteries during
angioplasty), is dramatically undervalued. The company's share price has
suffered in the past year due both to the generally weak market for small cap
stocks as well as reporting slightly disappointing sales and earnings over the
last few quarters. We believe the company has made excellent fundamental
progress over the last year, and that the primary disappointment stems from
their marketing agreement with Johnson & Johnson, which has lost substantial
market share in the cardiology market in the last year. Endosonics recently
regained the right to
CONTINUED P14
(5) The MSCI World Index is a market value-weighted average of the performance
of 1,578 securities listed on major world stock exchanges- the U.S.,
Europe, Canada, Australia, New Zealand and the Far East. It includes the
effect of reinvested dividends and is measured in U.S. dollars.
(6) The MSCI Health and Personal Care Index is a market value-weighted average
of the performance of 55 securities listed on major world stock exchanges.
Index returns are given without dividends before December 1993 and with
dividends after December 1994.
Indices are unmanaged, not available for direct investment and do not incur
sales charges and professional management fees.
- - - 13
<PAGE>
INTERVIEW WITH THE PORTFOLIO MANAGER CONTINUED
market their own products, which should help them materially over the next year.
Q WHAT CHANGES ARE YOU MAKING IN THE FUND'S INVESTMENT STRUCTURE?
A We have given considerable thought to how we can best provide improved,
consistent returns. We are currently working to make the Fund more diversified
by increasing exposure to mainstream blue-chip names, primarily large drug
companies. We began implementing these changes early last fall and have
accelerated our pace over the last few months. Currently, the Fund is almost
fully repositioned.
Most dramatically, we have reconsidered our outlook for smaller cap stocks. We
now believe they will continue to underperform based on fundamentals. We have
significantly reduced the Fund's weighting to such companies to less than 20% at
the end of the period (and still declining), down from some 60% a year ago.
We reallocated a good part of our small cap positions into large drug companies
that have enjoyed strong performance over the past four years. We feel this
industry provides very stable, consistent longer-term growth potential. Given
their relatively rich valuations, we prefer to take larger positions in
companies we feel have the best near- to intermediate-term fundamentals with the
least amount of risk for earnings disappointments. Pfizer and Warner Lambert,
for example, while somewhat expensive, are very likely little to achieve 15%-20%
earnings growth, or higher, annually over the next several years.
Q WHY HAS YOUR SENTIMENT TOWARD SMALLER CAP STOCKS CHANGED?
A While small companies in general have been out of favor in the stock market
this past year, emerging biotechnology and medical technology companies, in
particular, have performed very poorly. We think this underperformance versus
the general market is likely to continue. The risks inherent in any of these
emerging companies are extremely high and continue to be inadequately
represented in most equity valuations.
Taking a drug through years of clinical trials is a highly expensive process,
and the failure rate has been increasing dramatically. When a drug fails to make
it to market, the value of a company's stock plummets. Especially over the past
year, we have seen many more small companies make it past early stage clinical
trials, only to fail in the final pivotal trials. This trend has dampened our
enthusiasm for the prospects of the almost 300 public companies with as yet no
products to market. In addition, the few drugs that succeed in clinical trials
and become commercialized often experience lower demand than expected by the
investment community, resulting in underperformance.
Q WHAT DO YOU LIKE ABOUT MEDICAL TECHNOLOGY AND SUPPLY COMPANIES-CURRENTLY
THE FUND'S LARGEST WEIGHTING?
A We find many of these companies attractive on a bottom-up, fundamental
basis. They represent growth at a reasonable price, and many are projected to
grow at rates of 20% or more over the next few years-faster than the large cap
drug stocks, yet at significantly lower price-to-earnings multiples.
We particularly like the medical device industry, especially the areas of
cardiac rhythm management and interventional cardiology. The market for devices
to treat heart disease is enormous, and our long-term growth outlook finds the
industry very attractive relative to other industries. Moreover, from a
competitive standpoint, only a handful of major players can sell these
sophisticated devices. Barriers to entry are high, which translates into good
pricing flexibility, high margins, and high returns on equity.
Guidant, for example, has done well for the Fund. A premier medical technology
name, Guidant specializes in interventional cardiology (angioplasty catheters,
stents) and cardiac rhythm devices (pacemakers, defibrillators). Physio-Control,
the leading manufacturer of external defibrillators (used to shock the heart
back into a normal rhythm after sudden cardiac arrest), represents another
company that we feel is attractively valued and dominates a market niche with
very favorable growth prospects.
14 - - -
<PAGE>
AIM GLOBAL HEALTH CARE FUND
GEOGRAPHIC ALLOCATION OF NET ASSETS
<TABLE>
<CAPTION>
<S> <C>
ASIA-PACIFIC/EUROPE 4.5%
NORTH AMERICA & OTHER 95.5%
</TABLE>
AIM GLOBAL HEALTH CARE FUND
ALLOCATION OF NET ASSETS %
<TABLE>
<CAPTION>
1998 1997
APRIL 30 APRIL 30
<S> <C> <C>
MEDICAL TECH. & SUPPLIES 51.5 42.1
PHARMACEUTICALS 20.0 21.8
BIOTECHNOLOGY 12.4 30.7
HEALTH CARE SERVICES 5.5 2.4
SHORT TERM & OTHER 10.6 3.0
</TABLE>
Allocations may change based on current market conditions. A complete listing
may be found in the Financial Statements section of this report.
AIM GLOBAL HEALTH CARE FUND
<TABLE>
<CAPTION>
KEY PORTFOLIO HOLDINGS(7) % of
Country Net Assets
<S> <C> <C>
GUIDANT CORP. Guidant designs, develops, manufactures and markets products used in cardiac rhythm U.S. 7.1
management, vascular intervention, and cardiac and vascular surgery.
VISX, INC. Develops and manufactures excimer laser systems. These systems are designed to recontour the U.S. 6.8
front surface of the cornea of the human eye to reduce or eliminate dependence on corrective lenses. They
treat refractive disorders such as myopia, astigmatism and hyperopia with a procedure known as
photorefractive keratectomy.
ATL ULTRASOUND, INC. We believe this leading maker of ultrasound machines stands to benefit as capital U.S. 6.4
expenditure by U.S. hospitals is beginning to accelerate.
PHYSIO-CONTROL INTERNATIONAL CORP. Manufactures, markets and services a line of non-invasive emergency U.S. 4.9
cardiac defibrillator and vital signs assessment devices, disposable electrodes and data management
software.
WARNER-LAMBERT CO. The company discovers, develops, manufactures and markets pharmaceutical, consumer U.S. 4.6
health care and confectionery products that include Listerine mouthwash, Trident gum, Schick razors and
Tetra fish food.
AGOURON PHARMACEUTICALS, INC. Designs and develops drugs for the treatment of cancer, AIDS and other U.S. 4.3
serious diseases. The company's technologies allow for the rational design of novel, small molecule drugs
based on the molecular structures of proteins, which play key roles in human disease.
WATERS CORP. Manufactures liquid chromatography, thermal analysis and mass spectrometry instruments, U.S. 3.6
software, consumables and related support services.
DEXTER CORP. Supplies specialty materials to the aerospace, electronics, food packaging and medical U.S. 3.6
markets. Specialty products include aerospace adhesive and electronic encapsulation materials.
PFIZER, INC. A research-based, global health care company, Pfizer develops, manufactures and sells U.S. 3.2
products to improve the quality of life for people around the world. The company operates in three
business segments: health care, animal health and consumer health care.
MENTOR CORP. Mentor develops, manufactures and markets a broad range of products for the medical U.S. 3.0
specialties of plastic and reconstructive surgery, urology and ophthalmology.
</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.
- - - 15
<PAGE>
[PHOTO]
INVESTMENT OBJECTIVE
AND CURRENT STRATEGY
The Fund seeks long-term growth of capital by investing primarily in equity
securities of companies in established and emerging economies throughout the
world that design, develop or provide products and services necessary for
creating and maintaining a country's infrastructure.
AIM GLOBAL INFRASTRUCTURE FUND
PERFORMANCE SUMMARY
AIM Global
CLASS A SHARES Infrastructure Fund MSCI World Index
5/31/94 $9,525 $10,000
$9,567 $9,974
$9,992 $10,165
$10,400 $10,473
$10,325 $10,200
$10,392 $10,492
$10,042 $10,039
$9,817 $10,138
$9,567 $9,987
$9,308 $10,135
$9,133 $10,626
$9,625 $10,998
$10,000 $11,094
$10,292 $11,093
$10,750 $11,650
$10,583 $11,393
$10,600 $11,727
$10,092 $11,544
$10,267 $11,947
$10,417 $12,299
$10,725 $12,524
$10,833 $12,602
$10,942 $12,814
4/30/96 $11,742 $13,118
$12,033 $13,131
$12,183 $13,200
$11,650 $12,736
$11,917 $12,885
$12,167 $13,392
$12,008 $13,488
$12,475 $14,246
$12,767 $14,020
$13,248 $14,192
$13,064 $14,357
$12,854 $14,076
$12,732 $14,538
$13,335 $15,438
$13,790 $16,211
$14,639 $16,960
$13,729 $15,828
$14,438 $16,690
$13,134 $15,814
$13,082 $16,097
$13,163 $16,295
$12,890 $16,752
$13,551 $17,888
$14,371 $18,646
4/30/98 $14,485 $18,504
AIM Global
CLASS B SHARES Infrastructure Fund MSCI World Index
5/31/94 $10,000 $10,000
$10,044 $9,974
$10,481 $10,165
$10,901 $10,473
$10,822 $10,200
$10,892 $10,492
$10,525 $10,039
$10,271 $10,138
$10,017 $9,987
$9,738 $10,135
$9,554 $10,626
$10,061 $10,998
$10,446 $11,094
$10,752 $11,093
$11,225 $11,650
$11,041 $11,393
$11,050 $11,727
$10,525 $11,544
$10,700 $11,947
$10,857 $12,299
$11,164 $12,524
$11,277 $12,602
$11,382 $12,814
4/30/96 $12,213 $13,118
$12,511 $13,131
$12,660 $13,200
$12,100 $12,736
$12,371 $12,885
$12,633 $13,392
$12,458 $13,488
$12,931 $14,246
$13,228 $14,020
$13,724 $14,192
$13,531 $14,357
$13,310 $14,076
$13,182 $14,538
$13,798 $15,438
$14,257 $16,211
$15,130 $16,960
$14,184 $15,828
$14,910 $16,690
$13,559 $15,814
$13,503 $16,097
$13,579 $16,295
$13,292 $16,752
$13,959 $17,888
$14,811 $18,646
4/30/98 $14,613 $18,504
The charts above show performance of the AIM Global Infrastructure Fund Class A
and Class B shares since inception, versus the MSCI World Index. 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 June 1, 1995, would have been worth $14,664 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 LIFE OF FUND 1-YEAR LIFE OF FUND
<S> <C> <C> <C> <C>
CLASS A(3) 13.77 11.30 8.34 9.93
CLASS B(3) 13.14 10.75 8.14 10.17
ADVISOR CLASS(4) 14.29 14.03 N/A N/A
</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 May 31, 1994.
(4) The Fund began offering Advisor Class shares on June 1, 1995. 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 the Fund's shares, which does not
guarantee future results. The investment return and principal value of an
investment in the Fund will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
From time to time, the Fund's Investment advisor may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waiver and
reimbursements are subject to change.
16 - - -
<PAGE>
AIM GLOBAL INFRASTRUCTURE FUND
INTERVIEW WITH THE PORTFOLIO MANAGER
BRIAN NELSON
Q HOW DID THE FUND PERFORM?
A For the six months ended April 30, 1998, the Fund's total return was
10.29% for Class A shares (5.04% including the maximum 4.75% sales charge)
and 9.99% for Class B shares (4.99% including the maximum 5% contingent
deferred sales charge). Over the same period, the Morgan Stanley Capital
International (MSCI) World Index(5) returned a total of 18.86%. The index is
designed to represent the performance of all markets, however, and does not
reflect the Fund's concentration in infrastructure industries.
Q HOW DID VOLATILITY IN EMERGING MARKETS AFFECT FUND PERFORMANCE?
A While the Fund maintained relatively little direct exposure to Asia at
year-end, performance was markedly different in the first three months of the
reporting period, when the Fund was down 1%, compared to the last three months,
which showed a 13% return. The primary explanation for this divergent return was
Asia.
During November, December and the first part of January, Asian stock markets
continued the dramatic declines that began with the currency crises of 1997.
Beginning mid-January, however, as Asian markets stabilized, stock markets of
North America and particularly Europe soared. The Fund's relatively high
weighting in these developed markets lead to a strong rebound in Fund returns
over the last three months of the reporting period.
Q WHAT FACTORS FUELED THE PERFORMANCE OF
INDIVIDUAL HOLDINGS?
A In Europe, positive macroeconomic trends such as lower interest rates,
strengthening economic growth and relatively low valuations compared to the U.S.
provided a very supportive backdrop for strong gains in equity markets. This
environment, combined with favorable industry and company specific developments,
lead to high returns for many of the Fund's European holdings over the period.
Communications, transportation and utility holdings such as Mannesmann AG,
Aeroporti di Roma and Endesa all produced exceptional returns for the Fund. The
trends of privatization and deregulation were predominant in these industries
and in many cases lead to accelerating earnings growth and multiple expansion
for the stocks.
The North American markets also continued their strong performance over the
period. With interest rates remaining low, GDP relatively high and inflation
kept in check, equity markets rose to new highs. This positive economic setting
led to good performance contributions from U.S. stocks such as Enron Corp., AES
Corp. and Cisco Systems. Not all U.S. stocks contributed positively to the
Fund's returns, however. Falling commodity prices and exposure to weak Asian
markets contributed to disappointing performance from NS Group, Caterpillar and
Northwest Pipe(6).
Finally, Asian and Latin American securities remained weak as a group over the
six-month period except for a brief rally in early January. Although we had
significantly reduced the Fund's weighting in
CONTINUED P18
FORTY PERCENT OF THE WORLD IS WITHOUT ELECTRICITY
40% without Electricity
60% with Electricity
Source: AES Corp.
(5) The MSCI World Index is a market value-weighted average of the performance
of 1,578 securities listed on major world stock exchanges--the U.S.,
Europe, Canada, Australia, New Zealand and the Far East. It includes the
effect of reinvested dividends and is measured in U.S. dollars.
(6) These companies were sold prior to the end of the period.
The index is unmanaged, not available for direct investment and does not include
the effects of sales charges and professional management fees.
- - - 17
<PAGE>
INTERVIEW WITH THE PORTFOLIO MANAGER CONTINUED
these markets by the end of the period, the exceptionally poor performance of
stocks such as Tadiran, Hylsamex(6), Tranz Rail and United Engineering(6)
were primary contributors to poor performance during the first three months
of the review period.
Q WHAT ENCOURAGING TRENDS DO YOU SEE IN
DEVELOPED MARKET INFRASTRUCTURE?
A We believe the continued acceleration of infrastructure spending in most
developed countries has been a particularly encouraging trend. These markets
were often thought by many to be mature with little to no growth prospects.
However, in certain developed markets, this assumption is being proven false.
The U.S. Congress, for example, has recently passed a law (Transportation Equity
Act of the 21st Century) to increase highway infrastructure spending by
approximately 35%, to an estimated $203 billion. Significant spending increases
have also been evident in the communications, utility and transportation
industries in the U.S. and Europe. Looking ahead, we believe these trends to be
sustainable and therefore expect to remain overweighted in the developed markets
for the foreseeable future.
Q WHAT ARE YOUR EXPECTATIONS FOR EMERGING MARKET INFRASTRUCTURE-RELATED
INDUSTRIES OVER THE REMAINDER OF THE YEAR?
A Emerging market infrastructure stocks, in our opinion, particularly Asia
and Latin America, are likely to remain lackluster at best in the near term.
Continued currency volatility, high debt levels and social instability are
expected to keep the majority of these governments from investing aggressively
in their infrastructure.
Under these conditions, the Fund will continue to invest in select opportunities
in these regions; however, we expect to maintain a diminutive weighting until we
feel definitive signs of a sustainable uptrend in infrastructure spending have
begun to materialize.
AIM GLOBAL INFRASTRUCTURE FUND
ALLOCATION OF NET ASSETS %
1998 1997
APRIL 30 APRIL 30
ENERGY 36.6 25.6
SERVICES 29.6 26.1
MATERIALS/BASIC INDUSTRY 12.9 16.5
TECHNOLOGY 6.2 2.1
CAPITAL GOODS 3.3 13.1
CONSUMER DURABLES 2.9 1.1
MULTI INDUSTRY/MISC. N/A 4.2
SHORT TERM & OTHER 8.5 11.3
18 - - -
<PAGE>
AIM GLOBAL INFRASTRUCTURE FUND
GEOGRAPHIC ALLOCATION OF NET ASSETS
Asia/Pacific 2.5%
Middle East/Africa 4.3%
Latin America 8.0%
Europe 30.5%
U.S. & Canada 54.7%
Allocations may change based on current market conditions. A complete listing
may be found in the Financial Statements section of this report.
AIM GLOBAL INFRASTRUCTURE FUND
KEY PORTFOLIO HOLDINGS(7)
<TABLE>
% of
Country Net Assets
<S> <C> <C>
ENRON CORP. Owns and manages the non-United States power plant and natural gas U.S. 3.4
pipeline operations of Enron Corporation. The company's interests consist of two
power plants in the Philippines, a power plant in Guatemala and a natural gas
pipeline system in Argentina.
AES CORP. AES Corporation and its subsidiaries provide electricity. They hold U.S. 3.4
an interest in 34 power plants totaling over 11,000 megawatts in the United
States, Argentina, Brazil, Pakistan, Hungary, Kazakstan, China and the United
Kingdom.
COMPAGNIE GENERALE DES EAUX This French industrial service group serves the France 2.9
world market through its subsidiaries in several areas, including water
purification and distribution, energy, waste management, construction, urban
development, communications, health care and community services.
MANNESMANN AG Manufactures plant and machinery equipment, automotive control Germany 2.7
components, and seamless and welded steel pipe. The company also provides
telecommunication services, produces tubes and pipes and engages in trading and
other activities.
MASCO CORP. Manufactures building, home improvement and consumer products U.S. 2.6
including faucets, specialty bath items such as hand-held shower products,
whirlpools, steam units and spas, kitchen and bath cabinetry, cooktops, ranges,
refrigerators, lock sets and other builders' hardware.
LIGHT-SERVICOS DE ELECTRICIDADE S.A. The company generates, transmits, Brazil 2.5
transforms and distributes electric power to the Brazilian State of Rio de
Janeiro, comprising 30 municipalities.
TELECOM ITALIA SPA The financial parent company for companies operating in the Italy 2.3
field of telecommunications, manufacturing, electronics and network
construction.
CANADIAN NATIONAL RAILWAY CO. (CNR) CNR operates one of Canada's principal Canada 2.2
railroads. The company, which serves all of Canada, also has rail connections to
strategic points in North America. CNR also holds real estate, develops oil and
gas holdings in western Canada and markets consulting and technology transfers
worldwide.
MAGYAR TAVKOZLESI RT. This Hungarian telecommunications company is majority Hungary 2.2
owned by Germany's Deutsche Telekom AG and AmeriTech Corp. of the United States.
EVN ENERGIE-VERSORGUNG NIEDEROESTERREICH AG EVN supplies electricity and gas, Austria 2.2
generates thermal energy and manages heating stations.
</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.
19 - - -
<PAGE>
INVESTMENT OBJECTIVE AND STRATEGY
The Fund seeks long-term growth of capital by investing primarily in equity
securities of companies worldwide that own, develop or explore natural
resources, or that supply goods and services to such companies. Natural
resources companies include those that own, explore or develop ferrous and
non-ferrous metals, strategic metals and precious metals, chemicals, forestry
products, foodstuffs, refined products such as steel, and other basic
commodities.
AIM GLOBAL RESOURCES FUND
PERFORMANCE SUMMARY
AIM Global
CLASS A SHARES Resources Fund MSCI World Index
5/31/94 $9,525 $10,000
$9,358 $9,974
$9,658 $10,165
$10,142 $10,473
$10,475 $10,200
$10,342 $10,492
$9,783 $10,039
$9,691 $10,138
$9,098 $9,987
$8,989 $10,135
$9,023 $10,626
$9,441 $10,998
$9,566 $11,094
$9,624 $11,093
$10,142 $11,650
$10,009 $11,393
$9,917 $11,727
$9,558 $11,544
$9,950 $11,947
$10,375 $12,299
$10,878 $12,524
$11,658 $12,602
$12,212 $12,814
4/30/96 $13,235 $13,118
$13,721 $13,131
$13,034 $13,200
$12,581 $12,736
$13,587 $12,885
$14,376 $13,392
$14,627 $13,488
$15,181 $14,246
$15,271 $14,020
$15,376 $14,192
$13,577 $14,357
$12,874 $14,076
$12,370 $14,538
$13,525 $15,438
$13,630 $16,211
$15,124 $16,960
$16,105 $15,828
$17,973 $16,690
$17,938 $15,814
$15,671 $16,097
$15,041 $16,295
$13,068 $16,752
$13,500 $17,888
$13,798 $18,646
4/30/98 $14,014 $18,504
AIM Global
CLASS B SHARES Resources Fund MSCI World Index
5/31/94 $10,000 $10,000
$9,825 $9,974
$10,131 $10,165
$10,630 $10,473
$10,971 $10,200
$10,831 $10,492
$10,245 $10,039
$10,143 $10,138
$9,512 $9,987
$9,407 $10,135
$9,433 $10,626
$9,862 $10,998
$9,994 $11,094
$10,047 $11,093
$10,581 $11,650
$10,441 $11,393
$10,345 $11,727
$9,959 $11,544
$10,371 $11,947
$10,799 $12,299
$11,325 $12,524
$12,132 $12,602
$12,694 $12,814
4/30/96 $13,755 $13,118
$14,264 $13,131
$13,536 $13,200
$13,071 $12,736
$14,106 $12,885
$14,922 $13,392
$15,176 $13,488
$15,738 $14,246
$15,824 $14,020
$15,924 $14,192
$14,060 $14,357
$13,324 $14,076
$12,797 $14,538
$13,988 $15,438
$14,088 $16,211
$15,624 $16,960
$16,632 $15,828
$18,550 $16,690
$18,514 $15,814
$16,169 $16,097
$15,509 $16,295
$13,464 $16,752
$13,907 $17,888
$14,208 $18,646
4/30/98 $14,135 $18,504
The charts above show the performance of the AIM Global Resources Fund Class A
and Class B shares since inception, versus the MSCI World Index. The 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 June 1, 1995, would have been worth $14,786 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 LIFE OF FUND 1-YEAR LIFE OF FUND
<S> <C> <C> <C> <C>
CLASS A(3) 13.29 10.37 7.91 9.00
CLASS B(3) 12.80 9.83 7.80 9.24
ADVISOR CLASS(4) 13.72 14.36 N/A N/A
</TABLE>
(1) Figures assume reinvestment of all dividends and capital gain distributions
at net asset value.
(2) Performance data do not reflect the maximum 4.75% sales charge or the
contingent deferred sale charge for Class A and Class B shares,
respectively, which, if included, would have reduced performance quoted.
(3) The Fund began operations on May 31, 1994.
(4) The Fund began offering Advisor Class shares on June 1, 1995. 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 the Fund's shares, which does not
guarantee future results. The investment return and principal value of an
investment in the Fund will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
From time to time, the Fund's investment advisor may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waivers and
reimbursements are subject to change.
20 - - -
<PAGE>
AIM GLOBAL RESOURCES FUND
INTERVIEW WITH PORTFOLIO MANAGER
DEREK WEBB
Q HOW DID THE FUND PERFORM?
A As the effects of the Asian crisis have taken root, natural resources
companies have had to struggle with declining demand. Against this difficult
background, the Fund returned a disappointing -21.88% for Class A shares
(-25.59% including the maximum 4.75% sales charge) over the six months to April
30, 1998; total return for Class B shares was -22.03% (-25.79% including the
maximum 5% contingent deferred sales charge).
During the same period, the Morgan Stanley Capital International (MSCI) World
Index(5) returned 18.86%. However, because the index is designed to represent
the performance of all markets, it does not reflect the Fund's concentration
in the natural resources industries.
Q SPECIFICALLY, WHAT COMPANIES PERFORMED POORLY?
A Performance suffered from the Fund's heavy concentration in the oil
services sector. Unfortunately, while the oil services story remains
fundamentally unchanged (industry recovery following a prolonged 15-year
recession, with demand for rigs exceeding supply and creating maximum capacity
utilization of equipment) the steep drop in oil prices from $23/barrel six
months ago to approximately $13/barrel at the end of April crushed the share
prices of oil services companies. Many of the Fund's holdings in this area
performed poorly, including Transocean Offshore, Patterson Energy and UTI
Energy(6).
Q HAVE YOU MADE ANY CHANGES IN YOUR INVESTMENT APPROACH OVER THE SIX-MONTH
PERIOD?
A Recent events have precipitated a change in our current approach to
investing in natural resource companies. In the past, we have invested on an
earnings momentum basis. However, share prices of natural resource companies are
predominantly influenced by the price of the commodity, and the earnings
momentum approach generally does not reflect changes in these prices on a timely
basis.
We have therefore undertaken a major realignment of the Fund. Because the
direction of commodity prices cannot be accurately forecast, it has been very
difficult to produce superior returns. We are now focusing on risk control and
seeking to substantially reduce volatility by decreasing our position in any one
company and increasing the number of companies we hold.
We are also introducing greater diversity within the natural resources
industries by increasing our exposure to many commodity groups. Additionally,
greater geographic diversification has been implemented, as we have reduced the
Fund's exposure to Canada and the U.S. in favor of Europe.
Finally, we are purchasing more conservative companies. Instead of owning small,
high-growth oil and gas companies, for example, we are now investing in
companies such as British Petroleum and other larger companies with
significantly lessened price volatility.
CONTINUED P22
DECLINING OIL PRICES
4/4/97 19.13
19.53
19.93
19.83
19.65
20.43
22.13
21.28
20.88
18.78
18.53
18.55
19.48
19.58
19.33
19.28
19.65
20.28
19.53
20.08
19.55
19.63
19.63
19.33
19.38
20.88
22.78
22.10
10/17/97 20.58
20.78
21.08
20.78
21.00
19.43
19.18
18.73
18.23
18.38
18.20
17.53
16.63
16.53
15.63
17.23
16.73
16.03
16.15
15.43
14.93
14.08
14.33
16.78
15.98
15.58
15.48
4/24/98 13.08
OIL PRICES PLUMMETED TO ABOUT $13/BARREL AT THE END OF APRIL FROM APPROXIMATELY
$23/BARREL IN OCTOBER. THE ASIAN ECONOMIC CRISIS, THE WARMEST WINTER ON RECORD
IN THE NORTHERN HEMISPHERE AND IRAQ RESUMING INTERNATIONAL OIL SALES HAVE ALL
BEEN CONTRIBUTING FACTORS.
Source: Datastream, April 1998.
(5) The MSCI World Index is a market value-weighted average of the performance
of 1,578 securities listed on major world stock exchanges--the U.S.,
Europe, Canada, Australia, New Zealand and the Far East. It includes the
effect of reinvested dividends and is measured in U.S. dollars.
(6) UTI Energy was sold prior to the end of the period.
Indices are unmanaged, not available for direct investment and do not incur
sales charges and professional management fees.
21 - - -
<PAGE>
INTERVIEW WITH THE PORTFOLIO MANAGER CONTINUED
Q WHAT ARE YOUR EXPECTATIONS FOR THE REMAINDER OF THE YEAR?
A With continued weak demand in Asia, we believe commodity prices will remain
depressed. While it is difficult to determine when prices may turn around, we
will continue seeking to reduce risk and manage with the intent to lower
volatility while seeking long-term capital growth.
AIM GLOBAL RESOURCES FUND
ALLOCATION OF NET ASSETS %
<TABLE>
<CAPTION>
1998 1997
APRIL 30 APRIL 30
<S> <C> <C>
ENERGY EQUIPMENT & SERVICES 19.5 20.1
OIL 17.3 13.6
CHEMICALS 14.4 6.0
FOREST PRODUCTS 13.7 5.7
MISC. MATERIALS & COMMODITIES 11.8 5.0
CONSTRUCTION 5.3 N/A
METALS-NON-FERROUS 5.0 3.8
GAS PRODUCTION & DISTRIBUTION 5.0 1.8
METALS-STEEL 2.3 5.0
GOLD N/A 7.1
MISC./SHORT TERM & OTHER 5.7 31.9
</TABLE>
22 - - -
<PAGE>
AIM GLOBAL RESOURCES FUND
GEOGRAPHIC ALLOCATION OF NET ASSETS
Asia-Pacific 2.4%
Europe 15.7%
Canada 29.3%
U.S. & Other 52.6%
Allocations may change based on current market conditions. A complete listing
may be found in the Financial Statements section of this report.
AIM GLOBAL RESOURCES FUND
KEY PORTFOLIO HOLDINGS(7)
<TABLE>
<CAPTION>
% of
Country Net Assets
<S> <C> <C>
ALUMAX INC. A producer and marketer of primary aluminum ingots, billets and U.S. 2.6
slabs, Alumax also fabricates value-added aluminum products for the
transportation, distribution, building and construction, packaging and consumer
durables markets.
AMERICAN DISPOSAL SERVICES, INC. The company provides solid waste collection, U.S. 2.5
transfer and disposal services primarily in the Midwest and Northeast. It also
owns 9 solid waste landfills, and owns, operates or has exclusive contracts to
receive waste from 20 transfer stations.
ST. LAURENT PAPERBOARD, INC. St. Laurent supplies, manufactures and converts Canada 2.5
value-added paperboard products throughout North America. They own and operate 4
primary mills, 10 converting plants and 372,000 hectares of forest land.
STOLT COMEX SEAWAY S.A. Stolt provides contract engineering, survey and U.S. 2.5
construction services to the offshore oil and gas industry, as well as
engineering, quality ships and equipment to its partners and suppliers.
ENERFLEX SYSTEMS LTD. Manufactures, services and leases compressor packages for Canada 2.5
the production and processing of natural gas. Enerflex markets its products and
services worldwide.
NOVA CORP. Transports natural gas by pipeline, and produces and markets Canada 2.4
petrochemical and plastic products. They also offer consulting services.
R&B FALCON CORP. Operators of marine-based drilling rigs for the international Australia 2.4
oil and gas industry. The fleet includes 12 drillships, 11 semisubmersible rigs,
a floating production vessel, 26 jackup rigs, 3 submersible rigs, 2 tender rigs,
and 55 barge drilling and workover rigs.
U.S. 2.4
OROGEN MINERALS LTD. This holding company controls stakes in Papua New Guinea
resource companies. Orogen has a portfolio of assets developed by subsidiaries
of major international resources companies.
IPSCO, INC. The company produces tube, hollow structural, hot rolled coil, Canada 2.3
sheet, plate and slab steel for the oil and natural gas, manufacturing,
agricultural and transportation industries.
CIBA SPECIALTY CHEMICALS AG Ciba develops, manufactures and markets chemical Switzerland 2.3
products that provide color, performance and care for plastics, coatings,
fibers, fabrics and other materials.
</TABLE>
Source: Bloomberg, April 1998.
(7) There can be no assurance the Fund will continue to hold these or any other
securities mentioned in this report.
23 - - -
<PAGE>
[PHOTO]
INVESTMENT OBJECTIVE
AND CURRENT STRATEGY
The Fund seeks long-term growth of capital by investing primarily in equity
securities of companies throughout the world engaged in the development,
manufacture or sale of telecommunications services or equipment. The Fund's
strategy is to invest in companies that, in our opinion, are fast growing and
innovative, including equipment providers, wireless services and emerging market
telecommunications companies.
AIM GLOBAL TELECOMMUNICATIONS FUND
PERFORMANCE SUMMARY
<TABLE>
<CAPTION>
CLASS A SHARES AIM Global MSCI World MSCI Salomon Global
Telecom
<S> <C> <C> <C> <C>
1/27/92 $9,525 $10,000 $10,000 $10,000
$9,467 $10,054 $9,906 $9,867
$9,617 $9,882 $9,771 $10,137
$9,533 $9,418 $9,529 $9,870
$9,608 $9,551 $10,159 $10,296
$9,767 $9,933 $10,240 $10,530
$9,342 $9,602 $10,174 $9,879
$9,467 $9,628 $10,519 $10,346
$9,300 $9,864 $10,506 $10,407
$9,050 $9,775 $10,316 $10,070
$9,300 $9,512 $10,082 $10,006
$9,733 $9,684 $10,440 $10,331
$9,987 $9,764 $10,865 $10,715
$10,266 $9,799 $10,936 $10,715
$10,527 $10,033 $11,412 $11,038
$10,696 $10,616 $11,775 $12,082
$10,865 $11,110 $11,559 $12,100
$11,355 $11,368 $12,037 $12,549
$11,827 $11,275 $12,305 $12,584
$12,258 $11,509 $12,425 $12,904
$13,364 $12,038 $13,153 $13,806
$13,583 $11,818 $12,945 $13,581
$14,284 $12,145 $13,511 $14,252
$13,549 $11,460 $12,800 $13,436
$14,746 $12,023 $13,032 $14,315
$15,399 $12,818 $13,624 $15,453
$14,944 $12,654 $12,736 $14,620
$14,025 $12,111 $12,353 $13,826
$14,257 $12,487 $12,774 $13,962
$14,179 $12,521 $12,865 $13,898
$13,819 $12,489 $12,823 $13,770
$14,480 $12,728 $13,225 $14,330
$15,253 $13,114 $13,661 $15,094
$14,892 $12,772 $13,288 $14,658
$15,287 $13,137 $13,601 $14,840
$14,617 $12,570 $12,693 $13,874
$14,097 $12,694 $12,682 $13,618
1/31/95 $13,400 $12,506 $12,991 $13,376
$13,129 $12,690 $13,007 $12,909
$13,074 $13,305 $13,287 $13,509
$13,572 $13,771 $13,484 $13,863
$13,789 $13,891 $13,716 $13,890
$14,594 $13,890 $13,970 $14,126
$15,653 $14,588 $14,330 $14,681
$15,997 $14,265 $14,685 $14,901
$16,024 $14,684 $15,591 $15,306
$14,848 $14,455 $15,439 $14,817
$15,291 $14,960 $15,571 $15,051
$15,307 $15,400 $16,091 $15,386
$16,011 $15,681 $16,405 $15,717
$16,173 $15,780 $16,304 $15,593
$16,202 $16,045 $16,098 $15,565
$17,601 $16,425 $16,651 $16,183
$18,115 $16,442 $16,513 $16,141
$17,449 $16,528 $16,508 $16,259
$15,173 $15,947 $15,437 $15,447
$16,268 $16,134 $15,550 $15,759
$16,497 $16,768 $15,770 $15,958
$15,887 $16,888 $16,121 $16,137
$16,411 $17,838 $17,036 $16,990
$16,108 $17,555 $17,460 $17,544
$17,031 $17,770 $17,672 $18,032
$15,953 $17,977 $17,901 $18,255
$15,538 $17,625 $17,379 $18,139
$15,601 $18,204 $17,610 $18,494
$17,041 $19,331 $18,729 $20,033
$18,285 $20,298 $19,558 $20,942
$20,348 $21,236 $19,948 $21,309
$19,011 $19,818 $18,733 $19,796
$20,877 $20,898 $20,038 $21,124
$18,700 $19,802 $19,782 $20,142
$18,151 $20,155 $21,139 $21,650
$18,232 $20,404 $21,950 $22,553
$18,487 $20,976 $23,256 $23,685
$20,411 $22,398 $24,209 $24,905
$22,134 $23,347 $26,351 $27,563
4/30/98 $22,289 $22,874 $26,110 $27,078
<CAPTION>
CLASS B SHARES
<S> <C> <C> <C> <C>
4/1/93 $10,000 $10,000 $10,000 $10,000
$10,150 $10,377 $9,801 $9,839
$10,599 $10,618 $10,207 $10,204
$11,041 $10,531 $10,434 $10,232
$11,435 $10,750 $10,536 $10,492
$12,461 $11,244 $11,153 $11,226
$12,658 $11,038 $10,976 $11,043
$13,304 $11,344 $11,457 $11,588
$12,618 $10,704 $10,854 $10,925
$13,720 $11,230 $11,050 $11,640
$14,322 $11,972 $11,552 $12,565
$13,897 $11,819 $10,799 $11,888
$13,038 $11,312 $10,475 $11,243
$13,247 $11,663 $10,831 $11,353
$13,167 $11,695 $10,909 $11,301
$12,830 $11,665 $10,873 $11,197
$13,432 $11,889 $11,214 $11,652
$14,154 $12,249 $11,583 $12,273
$13,801 $11,929 $11,267 $11,919
$14,170 $12,271 $11,533 $12,066
$13,544 $11,741 $10,763 $11,281
$13,049 $11,857 $10,754 $11,073
$12,406 $11,681 $11,016 $10,876
$12,144 $11,853 $11,029 $10,497
$12,093 $12,427 $11,267 $10,985
$12,550 $12,863 $11,434 $11,273
$12,744 $12,975 $11,631 $11,294
$13,489 $12,974 $11,846 $11,486
$14,453 $13,625 $12,151 $11,937
$14,766 $13,324 $12,452 $12,116
9/30/95 $14,782 $13,715 $13,220 $12,446
$13,692 $13,502 $13,091 $12,048
$14,097 $13,973 $13,203 $12,238
$14,104 $14,384 $13,644 $12,511
$14,745 $14,647 $13,911 $12,780
$14,887 $14,739 $13,825 $12,679
$14,905 $14,987 $13,650 $12,656
$16,187 $15,342 $14,119 $13,159
$16,650 $15,358 $14,002 $13,124
$16,036 $15,438 $13,997 $13,220
$13,934 $14,895 $13,089 $12,561
$14,940 $15,069 $13,185 $12,814
$15,136 $15,662 $13,372 $12,976
$14,575 $15,774 $13,669 $13,121
$15,056 $16,661 $14,446 $13,815
$14,764 $16,397 $14,805 $14,266
$15,609 $16,598 $14,984 $14,662
$14,608 $16,791 $15,179 $14,844
$14,220 $16,462 $14,736 $14,749
$14,278 $17,003 $14,932 $15,038
$15,589 $18,056 $15,881 $16,289
$16,716 $18,959 $16,584 $17,029
$18,601 $19,835 $16,915 $17,327
$17,367 $18,511 $15,884 $16,097
$19,067 $19,520 $16,991 $17,177
$17,076 $18,495 $16,774 $16,378
$16,571 $18,826 $17,924 $17,605
$16,636 $19,058 $18,612 $18,339
$16,856 $19,592 $19,720 $19,259
$18,609 $20,921 $20,527 $20,251
$20,164 $21,807 $22,344 $22,412
4/30/98 $20,200 $22,024 $22,140 $21,518
</TABLE>
The charts above show the performance of the AIM Global Telecommunications Fund
Class A and Class B shares since inception, versus its various indices. The
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 June 1, 1995, would have been worth $16,256 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 5-YEAR LIFE OF FUND 1-YEAR 5-YEAR LIFE OF FUND
<S> <C> <C> <C> <C> <C> <C>
CLASS A(3) 42.88 15.46 14.55 36.09 14.34 13.67
CLASS B(3) 42.17 14.87 14.96 37.17 14.64 14.85
ADVISOR CLASS(4) 43.70 N/A 18.14 N/A N/A N/A
</TABLE>
HISTORICAL PERFORMANCE(2)
ANNUAL TOTAL RETURNS % (PER CALENDAR YEAR)
<TABLE>
<CAPTION>
1992 1993 1994 1995 1996 1997
<S> <C> <C> <C> <C> <C> <C>
CLASS A 4.85(3) 47.65 -4.40 8.58 5.24 13.18
CLASS B N/A 37.20(3) -4.89 8.08 4.68 12.68
</TABLE>
(1) Figures assume reinvestment of all dividends and capital gain distributions
at net asset value.
(2) Performance data do not reflect the maximum 4.75% sales charge and the
contingent deferred sales charge for Class A and Class B shares,
respectively, which, if included, would have reduced performance quoted.
(3) The Fund began operations for Class A shares on Jan. 27, 1992; and for
Class B shares on April 1, 1993.
(4) The Fund began offering Advisor Class shares on June 1, 1995. Advisor Class
shares are not sold directly to the general public 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 the Fund's shares, which does not
guarantee future results. The investment return and principal value of an
investment in the Fund will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
From time to time, the Fund's investment advisor may waive some fees and/or
reimburse some expenses, without which performance would be lower. Waivers and
reimbursements are subject to change.
24 * * *
<PAGE>
AIM GLOBAL TELECOMMUNICATIONS FUND
INTERVIEW WITH PORTFOLIO MANAGER
MICHAEL MAHONEY
Q HOW DID THE FUND PERFORM?
A Since the beginning of 1998, the Fund has benefited largely from the
advances of the share prices of European telecommunications companies. European
share prices have rallied as a result of euphoria over the approach to European
Economic and Monetary Union (EMU), and European telecommunications companies, in
particular, have performed well as a result of the deregulation of the industry
that began in January.
Against this background, the Fund's total returns were 19.19% for Class A shares
(13.53% including the maximum 4.75% sales charge) for the six months ended April
30, 1998, and 18.88% for Class B shares (13.88% including the maximum 5%
contingent deferred sales charge).
Total return over the same period was 31.99% for the MSCI Telecommunications
Index(5) and 18.86% for the MSCI World Index(6). The Salomon Brothers Global
Telecommunications Index(7), which has a small component of emerging market
stocks, returned 34.43% over the period.
The Fund enjoyed strong performance over the year to April 30, outperforming
both telecommunications indices. Over the six-month period under review,
however, the Fund's overall underperformance relative to the indices occurred
during the last two months of 1997, primarily as a result of our holdings in
emerging markets and telecommunications technology companies. Although the
Fund's exposure to Asia had been reduced prior to the period, we held a greater
weighting in emerging markets relative to the telecommunications indices. This
was detrimental to the Fund as many investors continued to avoid these markets
in light of ongoing Asian economic crises.
Additionally, the Fund's performance was hindered by its exposure to telecom
technology companies, which are not represented in the indices. Many of these
companies' stocks were severely impacted in the last two months of the year by
the perception of a slowdown in Asian demand for their products. While their
share prices subsequently rallied in the beginning of 1998, their performance
was not enough for the Fund to match index gains over the six-month period.
Q WHAT FACTORS CONTRIBUTED POSITIVELY TO THE FUND'S PERFORMANCE?
A Very robust European equity markets contributed significantly to Fund
returns, with deregulation at the beginning of the year being the most important
factor for telecommunications stocks. European stock markets were also driven to
new highs on the back of declining interest rates and generally positive
macroeconomic trends.
In the U.S., the last two months of 1997 saw extreme outperformance relative to
other telecommunications sectors by U.S. incumbent telephone stocks, considered
havens during the Asian crisis. This primarily includes Baby Bells and some
long-distance companies. While they continued to perform well, they moderately
underperformed over the first four months of 1998, ending the overall period
slightly ahead of other sectors within the telecommunications indices.
Specific holdings that were significant contributors to performance include,
Nokia, Telecom Italia and Cable & Wireless Communications. Nokia performed well
on the back of continued strength in worldwide wireless equipment and
infrastructure demand. Similarly, Telecom Italia enjoyed healthy gains against a
positive European macroeconomic backdrop and dramatic growth in Italian cellular
CONTINUED P26
(5) The MSCI Telecommunications Index is a market value-weighted average of the
performance of 35 securities listed on 10 major stock exchanges. It
includes the effect of reinvested dividends and is measured in U.S.
dollars.
(6) The MSCI World Index is a market value-weighted average of the performance
of 1,578 securities listed on major world stock exchanges--the U.S.,
Europe, Canada, Australia, New Zealand and the Far East. It includes the
effect of reinvested dividends and is measured in U.S. dollars.
(7) The Salomon Brothers Global Telecommunications Index is a market
value-weighted average of the performance of 168 securities. It consists of
telecommunications companies with total adjusted market capitalizations of
US$100 million or more, including those in emerging markets. It includes
the effect of reinvested dividends and is measured in U.S. dollars.
Indices are unmanaged, not available for direct investment and do not incur the
effects of sales charges and professional management fees.
* * * 25
<PAGE>
INTERVIEW WITH THE PORTFOLIO MANAGER CONTINUED
<TABLE>
<CAPTION>
WORLDWIDE WIRELESS USAGE
PENETRATION RATES
<S> <C>
Germany 9.9
Korea 12.5
UK 14.3
Switzerland 14.7
Italy 20.3
U.S. 20.6
Sweden 36.2
Norway 38.8
Finland 42.1
</TABLE>
SOME FORECASTERS EXPECT MORE THAN 2.5 BILLION WIRELESS HANDSETS TO BE USED
WORLDWIDE BY 2015. AS A POINT OF INTEREST, JUST RECENTLY, THE U.S.
CELLULAR-PHONE INDUSTRY GOT ITS 50 MILLIONTH CUSTOMER, AFTER ONLY 13 YEARS.
TODAY, OVER 30,000 PEOPLE WITHIN THE U.S. SIGN UP FOR CELLULAR SERVICES EVERY
DAY.
Source: Morgan Stanley Dean Witter Research, May 1998.
penetration. Cable & Wireless benefited the strategic merger of cable and
television assets, which allowed for marketing synergies and significant cost
reductions.
Q WERE THERE ANY SIGNIFICANT SHIFTS IN YOUR INVESTMENT STRATEGY OVER THE
PERIOD?
A As a result of our ongoing concerns in Japan, we sold off the few holdings
we had in that market. We also shifted some of our wireless portfolio toward
networking and wireline, selling off Ericsson, a long-term, significant holding.
Ericsson's relative valuation reached a point we found unattractive, and we
became concerned about margin contraction in the wireless handset business. Our
excitement about worldwide growth in wireline and networking equipment led us to
purchase Cisco Systems and Ascend. Both companies have outperformed analysts'
earnings expectations for several quarters.
Q WHAT IS YOUR OUTLOOK FOR SPECIFIC TELECOMMUNICATIONS SECTORS?
A REGIONAL BELL OPERATING COMPANIES (RBOCs)
Our outlook for RBOCs has improved somewhat. Bell Atlantic has made considerable
progress with the New York Public Utilities Commission, and we believe it stands
likely to obtain permission to enter into long-distance services from the State
in September and from the Federal Communications Commission by year-end. As a
result of this and the progress RBOCs continue to make in mergers and cost
reductions, our bias has been in favor of increasing RBOC exposure. We added
moderately to our holdings in this sector over the period.
LONG DISTANCE SERVICES
We reduced our exposure to these companies over the period and continue to feel
cautious. In our opinion, these are two big competitive threats to long
distance, and they particularly affect AT&T. The first is Bell Atlantic's likely
obtaining approval to compete in the long-distance arena. We believe Bell
Atlantic would be a very effective competitor to AT&T. Bell's territory accounts
for at least one-third of AT&Ts long distance profits. Second, several major
fiber networks with the latest fiber optic technology are turning on service
over the next year, which will make substantial capacity available. Many of
these networks will desperately search to fill that capacity and will likely be
willing to cut prices because of the lower variable costs associated with their
newer technology.
We feel increased pressure from new competitors who have established customer
relationships and sales forces, coupled with new capacity becoming available,
is very worrisome for AT&T's business. As a result, we are very cautious on
AT&T and long distance in general. In fact, during the review period, we sold
off our holdings in AT&T. Because of its focus on business customers,
Worldcom continues to be one of the few companies we find attractive in this
area.
CONTINUED P27
26 * * *
<PAGE>
INTERVIEW WITH THE PORTFOLIO MANAGER CONTINUED
WIRELESS SERVICES
We remain very bullish on wireless services in Europe and the rest of the world
outside the U.S. Penetration has reached 42% in Finland, above 35% in Norway and
Sweden, and now exceeds above 20% in Italy. While Europe is the focus of our
excitement, we think growth will gradually pick up in the U.S. as well. The U.S.
has some structural problems that cause it to lag Europe but, over time, we
expect U.S. growth to accelerate.
Within the next decade, we forecast that most, if not all, industrialized
nations will exceed 50% penetration. Mannesmann, which we own as a play on the
extraordinary wireless growth in Europe, is our largest holding in this area.
The company has a controlling stake in the largest digital network in Germany
and also owns interests in the second-largest networks in Italy and France.
WIRELESS EQUIPMENT
While infrastructure development continues to do well for equipment companies,
handset margins have been coming down as a result of new entrants. As the
cellular handset has overtaken the PC and television as the most popular
consumer appliance, volumes have multiplied, attracting more and more
competition. Increased competition has called attention to issues of price
pressure and margin erosion for these companies.
In the meantime, however, substantial growth in Europe and rapid growth in
non-Asian emerging and North American markets have produced continued overall
strong growth in wireless equipment. Currently, we expect selected wireless
equipment companies to remain a component of the Fund.
LANDLINE EQUIPMENT
This area has actually grown a little faster relative to our expectations, on
the back of strong spending by RBOCs. In the first quarter, the RBOC's total
year-on-year equipment spending was up double digits. Additionally, European
spending on networking and electronics to build out the basic network has picked
up substantially. Long-distance spending, however, was significantly less, in
part because of tougher business conditions and in part due to inventory control
issues.
COMPETITIVE LOCAL EXCHANGE CARRIERS (CLECs)
Several CLECs have recently been acquired or agreed to be acquired. Of those
that remain, we hold two U.S. companies--Intermedia Communications and ICG
Communications. We think they are excellent businesses. While they are takeover
candidates, we believe both will be successful on their own if they remain
independent.
Q WHAT ARE YOUR EXPECTATIONS FOR THE FUND OVER THE REMAINDER OF 1998?
A We are particularly enthusiastic about European telecommunications
companies. As a result, we are likely to maintain our current allocations for
the foreseeable future. In the U.S., our intention is to emphasize new
competitors, select wireless service plays and some select equipment stocks.
On the other hand, we believe it is still too early to get back into Asia.
Similarly, we have reduced our exposure to Latin America, where we believe
increased export competition from Asia stands to threaten economic growth. In
Brazil, specifically, we have concerns that the privatization process may take
longer than anticipated.
AIM GLOBAL TELECOMMUNICATIONS FUND
ALLOCATION OF NET ASSETS%
<TABLE>
<CAPTION>
1998 1997
APRIL 30 APRIL 30
<S> <C> <C>
WIRELESS COMMUNICATIONS 24.5 18.0
TELECOM EQUIPMENT 18.8 29.0
TELEPHONE NETWORKS 16.6 24.7
TELEPHONE-REGIONAL/LOCAL 9.5 2.2
TELEPHONE-LONG-DISTANCE 6.8 1.7
CABLE TELEVISION 4.7 1.3
NETWORKING 3.5 N/A
TELECOM TECHNOLOGY 2.9 N/A
TELECOM-OTHER N/A 1.3
BROADCASTING & PUBLISHING 2.6 2.7
AEROSPACE/DEFENSE 1.9 1.9
CONSUMER ELECTRONICS 1.7 1.3
SEMICONDUCTORS 1.3 2.1
MULTI-INDUSTRY/MISC. 1.1 1.5
INSTRUMENTATION & TEST N/A 2.8
MISC./SHORT TERM & OTHER 4.1 9.5
</TABLE>
* * * 27
<PAGE>
AIM GLOBAL TELECOMMUNICATIONS FUND
GEOGRAPHIC ALLOCATION OF NET ASSETS
[CHART]
<TABLE>
<S> <C>
Middle East 4.4%
Latin America 5.0%
Asia-Pacific 5.0%
Europe 34.6%
North America & Other 50.6%
</TABLE>
Allocations may change based on current market conditions. A complete listing
may be found in the Financial Statements section of this report.
AIM GLOBAL TELECOMMUNICATIONS FUND
<TABLE>
<CAPTION>
KEY PORTFOLIO HOLDINGS(8) % of
Country Net Assets
<S> <C> <C>
NOKIA AB The world's second-largest, but fastest-growing, supplier of cellular Finland 5.0
equipment, Nokia manufactures and develops telecommunication systems and
equipment.
MANNESMANN AG A diversified industrial conglomerate, Mannesmann is involved in Germany 4.8
telecommunications, machinery, plant construction, automotive technology, tubes
and pipes. Mannesmann is the majority owner of Germany's largest digital
cellular service and is developing an alternative landline service. It also has
investments in Italian and French cellular.
ECI TELECOMMUNICATIONS LTD. ECI is the worldwide leader in digital circuit Israel 3.9
multiplication equipment (DCME) products that increase carrying capacity when
attached to various telecom transmission cables. The company is also a leader in
the development of products for the SDH fiber optic environment.
TELECOM ITALIA S.p.A. Telecom Italia is the financial parent for various Italy 3.2
companies operating in the field of telecommunications, manufacturing,
electronics and network construction. The company's subsidiaries are also active
in publishing, telematics information and services, and auxiliary services.
SPT TELECOM The monopoly utility in the Czech Republic, SPT is managed by a Czech Rep 3.1
joint venture between the state telephone companies of Switzerland and the
Netherlands.
CABLE & WIRELESS COMMUNICATIONS This is an integrated telecommunications UK 2.9
company operating throughout the United Kingdom. The company provides
telecommunication, television entertainment and information services nationally
in approximately 138 cities and towns.
NEXTEL COMMUNICATIONS, INC. Nextel provides such fully integrated, wireless U.S. 2.7
communications services as digital voice communications with push-to-talk
instant conferencing, messaging and future data transmission capabilities in a
single handset.
MILLICOM INTERNATIONAL CELLULAR S.A. This company develops and operates Luxembourg 2.6
cellular telephone networks through its joint venture companies. Millicom has
interests in 30 cellular telephone systems in 20 countries, primarily emerging
markets in Asia, Latin America, Europe and Africa.
TEL-SAVE HOLDINGS, INC. Tel-Save provides long-distance telecommunication U.S. 2.5
services to small and medium-sized businesses and residential customers and has
an exclusive agreement to provide telecommunications services to subscribers of
America On-Line.
WORLDCOM, INC. A global business telecommunications company, WorldCom provides U.S. 2.5
facilities-based and fully integrated local, long-distance, international and
Internet services. WorldCom has operations in more than 50 countries.
Source: Bloomberg, April 1998.
(8) There is no assurance the Fund will continue to hold these or any other
securities mentioned in this report.
</TABLE>
28 * * *
<PAGE>
AIM GLOBAL
THEME FUNDS
(FORMERLY
GT GLOBAL
THEME FUNDS)
FINANCIAL
STATEMENTS
<PAGE>
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Services (59.0%)
Linens 'N Things, Inc.-/- ................................. US 86,500 $ 5,211,625 2.7
RETAILERS-APPAREL
Fred Meyer, Inc.-/- ....................................... US 111,800 5,017,025 2.6
RETAILERS-FOOD
Lamar Advertising Co.-/- .................................. US 143,100 4,936,950 2.5
BROADCASTING & PUBLISHING
New York Times Co. "A" .................................... US 67,000 4,752,813 2.4
BROADCASTING & PUBLISHING
Brylane, Inc.-/- .......................................... US 77,000 4,523,750 2.3
RETAILERS-APPAREL
Tandy Corp. ............................................... US 90,500 4,502,375 2.3
RETAILERS-OTHER
Safeway, Inc.-/- .......................................... US 115,800 4,429,350 2.3
RETAILERS-FOOD
Telecom Italia Mobile S.p.A. .............................. ITLY 733,500 4,203,738 2.1
WIRELESS COMMUNICATIONS
Airborne Freight Corp. .................................... US 101,200 4,010,050 2.0
TRANSPORTATION - AIRLINES
Outdoor Systems, Inc.-/- .................................. US 126,000 4,000,500 2.0
BROADCASTING & PUBLISHING
Loblaw Cos., Ltd. ......................................... CAN 189,300 3,978,782 2.0
RETAILERS-FOOD
Pier 1 Imports, Inc. ...................................... US 150,400 3,966,800 2.0
RETAILERS-OTHER
CKE Restaurants, Inc. ..................................... US 112,000 3,878,000 2.0
RESTAURANTS
Sears Canada, Inc. ........................................ CAN 203,500 3,807,530 1.9
RETAILERS-OTHER
Dayton Hudson Corp. ....................................... US 42,000 3,667,125 1.9
RETAILERS-APPAREL
Pacific Sunwear of California-/- .......................... US 80,000 3,530,000 1.8
RETAILERS-APPAREL
Family Dollar Stores, Inc. ................................ US 103,000 3,502,000 1.8
RETAILERS-APPAREL
The Neiman Marcus Group, Inc.-/- .......................... US 88,600 3,250,513 1.7
RETAILERS-APPAREL
Ames Department Stores, Inc.-/- ........................... US 132,600 3,248,700 1.7
RETAILERS-OTHER
Cinar Films, Inc. "B"-/- {\/} ............................. CAN 152,000 2,926,000 1.5
BROADCASTING & PUBLISHING
Duane Reade, Inc.-/- ...................................... US 115,700 2,747,875 1.4
RETAILERS-OTHER
Dress Barn, Inc.-/- ....................................... US 90,700 2,641,638 1.3
RETAILERS-APPAREL
Fred's, Inc. .............................................. US 105,500 2,637,500 1.3
RETAILERS-OTHER
Clear Channel Communications, Inc.-/- ..................... US 25,200 2,375,100 1.2
BROADCASTING & PUBLISHING
</TABLE>
The accompanying notes are an integral part of the financial statements.
F1
<PAGE>
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Services (Continued)
Goody's Family Clothing, Inc.-/- .......................... US 45,000 $ 2,227,500 1.1
RETAILERS-APPAREL
Sonic Automotive, Inc.-/- ................................. US 125,300 2,192,750 1.1
RETAILERS-OTHER
Costco Companies, Inc.-/- ................................. US 39,000 2,179,125 1.1
RETAILERS-FOOD
Canadian Tire Corp. "A" ................................... CAN 78,200 1,963,615 1.0
RETAILERS-OTHER
Cavanaughs Hospitality Corp.-/- ........................... US 120,200 1,885,638 1.0
LEISURE & TOURISM
Chancellor Media Corp.-/- ................................. US 39,000 1,850,063 0.9
BROADCASTING & PUBLISHING
Southwest Airlines Co. .................................... US 61,000 1,673,688 0.9
TRANSPORTATION - AIRLINES
Musicland Stores Corp.-/- ................................. US 127,800 1,565,550 0.8
RETAILERS-OTHER
Dollar Tree Stores, Inc.-/- ............................... US 27,900 1,513,575 0.8
RETAILERS-OTHER
Imax Corp.-/- ............................................. CAN 50,000 1,355,179 0.7
BROADCASTING & PUBLISHING
99 Cents Only Stores-/- ................................... US 35,200 1,342,000 0.7
RETAILERS-OTHER
Torstar Corp. "B" ......................................... CAN 39,220 1,330,468 0.7
BROADCASTING & PUBLISHING
General Cable PLC-/- ...................................... UK 420,000 1,278,261 0.7
BROADCASTING & PUBLISHING
Rite Aid Corp. ............................................ US 29,100 934,838 0.5
RETAILERS-OTHER
Southam, Inc. ............................................. CAN 28,000 509,198 0.3
BROADCASTING & PUBLISHING
------------
115,547,187
------------
Consumer Non-Durables (25.5%)
Heineken N.V. ............................................. NETH 22,500 5,220,583 2.7
BEVERAGES - ALCOHOLIC
Saputo Group, Inc. ........................................ CAN 197,800 5,208,904 2.7
FOOD
Nestle S.A. - Registered .................................. SWTZ 2,670 5,180,145 2.6
FOOD
The Dial Corp. ............................................ US 191,400 4,665,375 2.4
HOUSEHOLD PRODUCTS
Clorox Co. ................................................ US 50,000 4,193,750 2.1
HOUSEHOLD PRODUCTS
Procter & Gamble Co. ...................................... US 49,500 4,068,281 2.1
HOUSEHOLD PRODUCTS
Ladbroke Group PLC-/- ..................................... UK 705,000 3,875,732 2.0
RECREATION
Coca-Cola Co. ............................................. US 51,000 3,869,625 2.0
BEVERAGES - NON-ALCOHOLIC
</TABLE>
The accompanying notes are an integral part of the financial statements.
F2
<PAGE>
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Consumer Non-Durables (Continued)
International Home Foods, Inc.-/- ......................... US 123,100 $ 3,693,000 1.9
FOOD
Suiza Foods Corp.-/- ...................................... US 54,520 3,230,310 1.7
FOOD
Mail-Well, Inc.-/- ........................................ US 51,300 2,481,638 1.3
OTHER CONSUMER GOODS
Diageo PLC ................................................ UK 174,500 2,077,659 1.1
BEVERAGES - ALCOHOLIC
HON INDUSTRIES, Inc. ...................................... US 54,000 1,728,000 0.9
OTHER CONSUMER GOODS
------------
49,493,002
------------
Finance (7.7%)
Merita Ltd. "A" ........................................... FIN 738,300 4,953,121 2.5
BANKS-REGIONAL
Fannie Mae ................................................ US 70,000 4,191,250 2.1
OTHER FINANCIAL
Axa - UAP ................................................. FR 18,850 2,214,326 1.1
INSURANCE - MULTI-LINE
H. F. Ahmanson & Co. ...................................... US 25,000 1,906,250 1.0
BANKS-REGIONAL
Green Tree Financial Corp. ................................ US 46,500 1,894,875 1.0
CONSUMER FINANCE
------------
15,159,822
------------
Capital Goods (2.3%)
Alcatel Alsthom Compagnie Generale d'Electricite .......... FR 23,900 4,434,027 2.3
------------
TELECOM EQUIPMENT
Consumer Durables (1.5%)
Budget Group, Inc. "A"-/- ................................. US 48,800 1,634,800 0.8
AUTOMOBILES
Dollar Thrifty Automotive Group, Inc.-/- .................. US 77,000 1,453,375 0.7
AUTOMOBILES
------------
3,088,175
------------
Technology (0.2%)
Aspec Technology, Inc.-/- ................................. US 30,000 416,250 0.2
COMPUTERS & PERIPHERALS
------------ -----
TOTAL EQUITY INVESTMENTS (cost $154,216,164) ................ 188,138,463 96.2
------------ -----
</TABLE>
The accompanying notes are an integral part of the financial statements.
F3
<PAGE>
AIM GLOBAL CONSUMER PRODUCTS AND SERVICES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
REPURCHASE AGREEMENT (NOTE 1) ASSETS
- ------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C> <C>
Dated April 30, 1998, with State Street Bank & Trust Co.,
due May 1, 1998, for an effective yield of 5.44%,
collateralized by $6,460,000 U.S. Treasury Bills, 6.125%
due 8/31/98 (market value of collateral is $6,540,750,
including accrued interest). (cost $6,409,000) ........... $ 6,409,000 3.3
------------ -----
TOTAL INVESTMENTS (cost $160,625,164) * .................... 194,547,463 99.5
Other Assets and Liabilities ................................ 975,779 0.5
------------ -----
NET ASSETS .................................................. $195,523,242 100.0
------------ -----
------------ -----
</TABLE>
- --------------
-/- Non-income producing security.
{\/} U.S. currency denominated.
* For Federal income tax purposes, cost is $160,852,352 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 34,939,576
Unrealized depreciation: (1,244,465)
-------------
Net unrealized appreciation: $ 33,695,111
-------------
-------------
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at April 30, 1998, was concentrated in the
following countries:
<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS {D}
------------------------------
SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY & OTHER TOTAL
- -------------------------------------- ------ ------------- -----
<S> <C> <C> <C>
Canada (CAN/CAD) ..................... 10.8 10.8
Finland (FIN/FIM) .................... 2.5 2.5
France (FR/FRF) ...................... 3.4 3.4
Italy (ITLY/ITL) ..................... 2.1 2.1
Netherlands (NETH/NLG) ............... 2.7 2.7
Switzerland (SWTZ/CHF) ............... 2.6 2.6
United Kingdom (UK/GBP) .............. 3.8 3.8
United States (US/USD) ............... 68.3 3.8 72.1
------ --- -----
Total ............................... 96.2 3.8 100.0
------ --- -----
------ --- -----
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $195,523,242.
The accompanying notes are an integral part of the financial statements.
F4
<PAGE>
AIM GLOBAL FINANCIAL SERVICES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL FINANCIAL SERVICES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Banks-Regional (46.7%)
H. F. Ahmanson & Co. ...................................... US 30,000 $ 2,287,500 2.0
NationsBank Corp. ......................................... US 30,000 2,272,500 2.0
City National Corp. ....................................... US 52,550 1,954,203 1.7
Mellon Bank Corp. ......................................... US 26,800 1,929,600 1.7
Royal Bank of Canada ...................................... CAN 30,000 1,791,984 1.6
Lloyds TSB Group PLC ...................................... UK 115,086 1,723,403 1.5
Merita Ltd. "A" ........................................... FIN 247,000 1,657,078 1.4
ABSA Group Ltd. ........................................... SAFR 188,867 1,635,414 1.4
GreenPoint Financial Corp. ................................ US 41,200 1,635,125 1.4
First National Bank Holdings Ltd. ......................... SAFR 115,800 1,512,677 1.3
National Australia Bank Ltd. .............................. AUSL 106,500 1,511,425 1.3
Bank of Nova Scotia ....................................... CAN 54,600 1,498,951 1.3
Canadian Western Bank ..................................... CAN 84,000 1,492,341 1.3
Bank of Ireland ........................................... IRE 70,800 1,435,068 1.2
BankBoston Corp. .......................................... US 13,000 1,403,188 1.2
Allied Irish Bank PLC{V} .................................. IRE 98,797 1,365,480 1.2
Nordbanken Holding AB ..................................... SWDN 182,800 1,346,724 1.2
Anglo-Irish Bank Corp., PLC: .............................. IRE -- -- 1.1
Common{V} ............................................... -- 322,082 853,679 --
Common .................................................. -- 184,026 490,461 --
Crestar Financial Corp. ................................... US 21,800 1,303,913 1.1
Bank Hapoalim Ltd. ........................................ ISRL 483,000 1,297,249 1.1
Banc One Corp. ............................................ US 21,700 1,276,231 1.1
Commonwealth Bancorp, Inc. ................................ US 54,000 1,275,750 1.1
Bayerische Vereinsbank .................................... GER 16,070 1,222,717 1.1
First Union Corp. (N.C.) .................................. US 20,200 1,219,575 1.1
Sovereign Bancorp, Inc. ................................... US 63,840 1,204,980 1.0
Norwest Corp. ............................................. US 30,000 1,190,625 1.0
Christiania Bank Og Kreditkasse ........................... NOR 257,900 1,186,439 1.0
ForeningsSparbanken AB .................................... SWDN 37,500 1,172,935 1.0
Vermont Financial Services Corp. .......................... US 40,000 1,170,000 1.0
Westpac Banking Corp., Ltd. ............................... AUSL 167,000 1,119,784 1.0
Bank Leumi Le - Israel .................................... ISRL 605,700 1,107,468 1.0
St. George Bank Ltd. ...................................... AUSL 186,620 1,106,769 1.0
Jyske Bank ................................................ DEN 9,000 1,045,930 0.9
Demirbank T.A.S.: ......................................... TRKY -- -- 0.9
Common .................................................. -- 37,896,000 834,547 --
New-/- .................................................. -- 11,368,800 202,567 --
Halifax PLC ............................................... UK 76,800 1,025,498 0.9
Cullen/Frost Bankers, Inc. ................................ US 17,500 1,023,750 0.9
Akbank T.A.S. ............................................. TRKY 9,821,967 835,703 0.7
Banco Commercial S.A.: .................................... URGY -- -- 0.7
Reg S GDR{c} {\/} ....................................... -- 15,200 425,600 --
144A GDR(::){\/}{.} ..................................... -- 14,000 392,000 --
BG Bank AS ................................................ DEN 9,500 555,491 0.5
The Daishi Bank Ltd. ...................................... JPN 140,000 439,120 0.4
</TABLE>
The accompanying notes are an integral part of the financial statements.
F5
<PAGE>
AIM GLOBAL FINANCIAL SERVICES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL FINANCIAL SERVICES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Banks-Regional (Continued)
Asahi Bank Ltd. ........................................... JPN 83,000 $ 319,930 0.3
Mandamus AB Share Units-/- ................................ SWDN 75,000 67,856 0.1
------------
53,819,228
------------
Banks-Money Center (14.4%)
BankAmerica Corp. ......................................... US 44,400 3,774,000 3.3
HSBC Holdings PLC ......................................... HK 99,441 2,837,320 2.5
ING Groep N.V. ............................................ NETH 29,500 1,917,880 1.7
Credit Lyonnais CDI-/- .................................... FR 18,900 1,871,131 1.6
Citicorp .................................................. US 9,450 1,422,225 1.2
Chase Manhattan Corp. ..................................... US 9,750 1,350,984 1.2
ABN AMRO Holdings N.V. .................................... NETH 54,864 1,336,556 1.2
Credit Suisse Group ....................................... SWTZ 5,610 1,234,282 1.1
Fuji Bank Ltd. ............................................ JPN 67,000 377,258 0.3
Sumitomo Bank ............................................. JPN 38,000 359,005 0.3
------------
16,480,641
------------
Consumer Finance (11.1%)
The Money Store, Inc. ..................................... US 143,000 4,701,121 4.1
Green Tree Financial Corp. ................................ US 70,000 2,852,500 2.5
Beneficial Corp ........................................... US 15,800 2,059,925 1.8
Doral Financial Corp. ..................................... US 51,200 1,798,400 1.6
Aeon Credit Service ....................................... HK 3,894,000 809,417 0.7
Acom Co., Ltd. ............................................ JPN 9,000 475,474 0.4
------------
12,696,837
------------
Insurance - Multi-Line (9.2%)
Travelers Group, Inc. ..................................... US 37,000 2,263,938 2.0
Axa - UAP ................................................. FR 14,770 1,735,045 1.5
SunAmerica, Inc. .......................................... US 32,800 1,637,950 1.4
Allstate Corp. ............................................ US 15,000 1,443,750 1.3
American International Group, Inc. ........................ US 9,200 1,210,375 1.0
Allianz AG ................................................ GER 3,788 1,165,538 1.0
Fremont General Corp. ..................................... US 20,000 1,115,000 1.0
------------
10,571,596
------------
Other Financial (7.2%)
Newcourt Credit Group, Inc. ............................... CAN 63,200 3,103,196 2.7
Providian Financial Corp. ................................. US 42,000 2,527,875 2.2
Investors Financial Services Corp. ........................ US 25,500 1,373,813 1.2
Heller Financial, Inc.-/- ................................. US 33,500 904,500 0.8
Shohkoh Fund .............................................. JPN 1,200 381,831 0.3
------------
8,291,215
------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F6
<PAGE>
AIM GLOBAL FINANCIAL SERVICES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL FINANCIAL SERVICES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Investment Management (3.0%)
Alliance Capital Management L.P. .......................... US 68,800 $ 1,827,500 1.6
Franklin Resources, Inc. .................................. US 29,500 1,578,250 1.4
------------
3,405,750
------------
Securities Broker (2.5%)
Morgan Stanley, Dean Witter & Co. ......................... US 22,200 1,751,025 1.5
Hambrecht & Quist Group-/- ................................ US 36,000 1,203,750 1.0
Peregrine Investment Holdings Ltd.(::) .................... HK 532,000 -- --
------------
2,954,775
------------
Insurance-Life (1.4%)
AEGON N.V. ................................................ NETH 12,080 1,567,122 1.4
------------
Insurance - Property-Casualty (1.2%)
Mercury General Corp. ..................................... US 22,000 1,424,500 1.2
------------ -----
TOTAL EQUITY INVESTMENTS (cost $86,172,363) ................. 111,211,664 96.7
------------ -----
<CAPTION>
VALUE % OF NET
REPURCHASE AGREEMENT (NOTE 1) ASSETS
- ------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C> <C>
Dated April 30, 1998, with State Street Bank & Trust Co.,
due May 1, 1998, for an effective yield of 5.44%,
collateralized by $4,995,000 U.S. Treasury Bills, 6.125%
due 8/31/98 (market value of collateral is $5,057,438,
including accrued interest). (cost $4,955,000) ........... 4,955,000 4.3
------------ -----
TOTAL INVESTMENTS (cost $91,127,363) * ..................... 116,166,664 101.0
Other Assets and Liabilities ................................ (1,111,733) (1.0)
------------ -----
NET ASSETS .................................................. $115,054,931 100.0
------------ -----
------------ -----
</TABLE>
- --------------
-/- Non-income producing security.
(::) Valued in good faith at fair value using procedures approved by the
Board of Directors (See Note 1 of Notes to Financial Statements).
{V} Security is denominated in GBP.
{.} 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.
{\/} U.S. currency denominated.
* For Federal income tax purposes, cost is $91,609,705 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 26,101,790
Unrealized depreciation: (1,544,831)
-------------
Net unrealized appreciation: $ 24,556,959
-------------
-------------
</TABLE>
Abbreviation:
GDR--Global Depositary Receipt
The accompanying notes are an integral part of the financial statements.
F7
<PAGE>
AIM GLOBAL FINANCIAL SERVICES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL FINANCIAL SERVICES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at April 30, 1998, was concentrated in the
following countries:
<TABLE>
<CAPTION>
PERCENTAGE OF NET
ASSETS {D}
---------------------
SHORT-TERM
&
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY OTHER TOTAL
- -------------------------------------- ------ ----- -----
<S> <C> <C> <C>
Australia (AUSL/AUD) ................. 3.3 3.3
Canada (CAN/CAD) ..................... 6.9 6.9
Denmark (DEN/DKK) .................... 1.4 1.4
Finland (FIN/FIM) .................... 1.4 1.4
France (FR/FRF) ...................... 3.1 3.1
Germany (GER/DEM) .................... 2.1 2.1
Hong Kong (HK/HKD) ................... 3.2 3.2
Ireland (IRE/IEP) .................... 3.5 3.5
Israel (ISRL/ILS) .................... 2.1 2.1
Japan (JPN/JPY) ...................... 2.0 2.0
Netherlands (NETH/NLG) ............... 4.3 4.3
Norway (NOR/NOK) ..................... 1.0 1.0
South Africa (SAFR/ZAR) .............. 2.7 2.7
Sweden (SWDN/SEK) .................... 2.3 2.3
Switzerland (SWTZ/CHF) ............... 1.1 1.1
Turkey (TRKY/TRL) .................... 1.6 1.6
United Kingdom (UK/GBP) .............. 2.4 2.4
United States (US/USD) ............... 51.6 3.3 54.9
Uruguay (URGY/UYP) ................... 0.7 0.7
------ ----- -----
Total ............................... 96.7 3.3 100.0
------ ----- -----
------ ----- -----
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $115,054,931.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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>
Australian Dollars...................... 2,018,779 1.48137 5/26/98 $ 73,876
Australian Dollars...................... 390,731 1.49191 5/26/98 11,437
Canadian Dollars........................ 3,956,610 1.41430 6/24/98 38,299
Canadian Dollars........................ 700,285 1.40700 6/24/98 10,447
Canadian Dollars........................ 420,171 1.41500 6/24/98 3,857
Canadian Dollars........................ 119,048 1.41500 6/24/98 1,093
Japanese Yen............................ 642,431 122.80000 5/12/98 49,752
Japanese Yen............................ 113,370 129.93000 5/12/98 2,077
-------------- --------------
Total Contracts to Sell (Receivable
amount $8,552,263)................... 8,361,425 190,838
-------------- --------------
THE VALUE OF CONTRACTS TO SELL AS A
PERCENTAGE OF NET ASSETS IS 7.27%.
Total Open Forward Foreign Currency
Contracts............................ $ 190,838
--------------
--------------
</TABLE>
- ----------------
See Note 1 to the financial statements.
The accompanying notes are an integral part of the financial statements.
F8
<PAGE>
AIM GLOBAL HEALTH CARE FUND
(FORMERLY GT GLOBAL HEALTH CARE FUND)
PORTFOLIO OF INVESTMENTS
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Medical Technology & Supplies (51.5%)
Guidant Corp. ............................................. US 591,000 $ 39,523,117 7.1
Visx, Inc.{::} -/- ........................................ US 866,200 38,221,075 6.8
ATL Ultrasound, Inc.{::} -/- .............................. US 745,500 36,063,563 6.4
Physio-Control International Corp.{::} -/- ................ US 1,183,800 27,227,400 4.9
Waters Corp.-/- ........................................... US 381,100 20,388,850 3.6
Dexter Corp. .............................................. US 484,000 19,995,250 3.6
Mentor Corp. .............................................. US 621,900 16,907,906 3.0
ESC Medical Systems Ltd.-/- {\/} .......................... ISRL 393,100 12,775,750 2.3
Sunrise Medical, Inc.-/- .................................. US 710,000 10,516,875 1.9
Endosonics Corp.{::} -/- .................................. US 1,509,400 9,811,100 1.8
Cardiac Pathways Corp.-/- ................................. US 929,300 8,828,350 1.6
Baxter International, Inc. ................................ US 126,500 7,012,844 1.3
Kensey Nash Corp.-/- ...................................... US 334,600 6,441,050 1.1
Arterial Vascular Engineering, Inc.-/- .................... US 153,000 5,412,375 1.0
AVECOR Cardiovascular, Inc.{::} -/- ....................... US 580,000 4,060,000 0.7
Becton, Dickinson & Co. ................................... US 56,000 3,899,000 0.7
CONMED Corp.-/- ........................................... US 109,700 2,509,388 0.4
Thoratec Laboratories Corp.-/- ............................ US 299,900 2,436,688 0.4
Micro Therapeutics, Inc.-/- ............................... US 200,000 2,137,500 0.4
CardioGenesis Corp.-/- .................................... US 310,000 1,976,250 0.3
INAMED Corp.-/- ........................................... US 275,000 1,925,000 0.3
Angeion Corp.-/- .......................................... US 670,000 1,842,500 0.3
SonoSight, Inc.-/- ........................................ US 188,500 1,543,344 0.3
Osteotech, Inc.-/- ........................................ US 58,000 1,279,625 0.2
Medtronic, Inc. ........................................... US 22,000 1,157,750 0.2
Instrumentarium Group "A" ................................. FIN 16,000 970,481 0.2
PolyMedica Corp.-/- ....................................... US 74,600 727,350 0.1
Boston Scientific Corp.-/- ................................ US 9,800 708,663 0.1
Innerdyne, Inc.-/- ........................................ US 193,000 579,000 0.1
Conceptus, Inc.-/- ........................................ US 137,000 445,250 0.1
Abaxis, Inc.-/- ........................................... US 160,000 410,000 0.1
Laserscope-/- ............................................. US 150,000 393,750 0.1
Cardiovascular Dynamics, Inc.-/- .......................... US 65,000 390,000 0.1
Photoelectron Corp.-/- .................................... US 22,800 152,475 --
Lifecore Biomedical, Inc.-/- .............................. US 3,000 58,875 --
------------
288,728,394
------------
Pharmaceuticals (20.0%)
Warner-Lambert Co. ........................................ US 135,000 25,540,313 4.6
Pfizer, Inc. .............................................. US 155,000 17,640,938 3.2
TheraTech, Inc.{::} -/- ................................... US 1,935,000 15,721,875 2.8
Zeneca Group PLC - ADR{\/} ................................ UK 324,300 14,228,663 2.5
Bergen Brunswig Corp. "A" ................................. US 100,000 4,537,500 0.8
NABI, Inc.-/- ............................................. US 820,000 3,228,750 0.6
Schering-Plough Corp. ..................................... US 39,700 3,180,963 0.6
</TABLE>
The accompanying notes are an integral part of the financial statements.
F9
<PAGE>
AIM GLOBAL HEALTH CARE FUND
(FORMERLY GT GLOBAL HEALTH CARE FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Pharmaceuticals (Continued)
Roberts Pharmaceutical Corp.-/- ........................... US 178,000 $ 3,026,000 0.5
Bristol Myers Squibb Co. .................................. US 28,000 2,964,500 0.5
American Home Products Corp. .............................. US 28,000 2,607,500 0.5
Abbott Laboratories ....................................... US 28,000 2,047,500 0.4
Catalytica, Inc.-/- ....................................... US 138,866 2,013,557 0.4
Johnson & Johnson ......................................... US 28,000 1,998,500 0.4
SmithKline Beecham PLC - ADR{\/} .......................... UK 29,000 1,727,313 0.3
Glaxo Wellcome PLC - ADR{\/} .............................. UK 29,000 1,640,313 0.3
Merck & Co., Inc. ......................................... US 13,500 1,626,750 0.3
Altana AG ................................................. GER 15,000 1,150,502 0.2
Gedeon Richter-/- ......................................... HGRY 9,350 1,001,849 0.2
Warner Chilcott Laboratories - ADR-/- {\/} ................ IRE 83,800 963,700 0.2
Spiros Development Corporation II, Inc. - Units-/-+X+ ..... US 57,000 947,625 0.2
Novartis AG ............................................... SWTZ 561 927,582 0.2
Elan Corp., PLC - ADR-/- {\/} ............................. IRE 7,000 434,875 0.1
R.P. Scherer Corp.-/- ..................................... US 5,700 416,100 0.1
Alpharma, Inc. "A" ........................................ US 16,700 379,925 0.1
Life Medical Sciences, Inc.-/- ............................ US 200,000 275,000 --
Astra AB - ADR{\/} ........................................ SWDN 12,000 246,750 --
Watson Pharmaceuticals, Inc.-/- ........................... US 5,700 245,100 --
Schein Pharmaceutical, Inc.-/- ............................ US 10,000 245,000 --
Medco Research, Inc. ...................................... US 5,700 116,138 --
Unimed Pharmaceuticals, Inc.-/- ........................... US 9,200 67,275 --
------------
111,148,356
------------
Biotechnology (12.4%)
Agouron Pharmaceuticals, Inc.-/- .......................... US 706,100 24,007,400 4.3
Guilford Pharmaceuticals, Inc.-/- ......................... US 667,000 13,256,625 2.4
COR Therapeutics, Inc.-/- ................................. US 550,000 10,381,250 1.9
Amgen, Inc.-/- ............................................ US 139,800 8,335,575 1.5
Protein Design Labs, Inc.-/- .............................. US 260,000 8,320,000 1.5
Genelabs Technologies, Inc.-/- ............................ US 1,090,000 3,951,250 0.7
PathoGenesis Corp.-/- ..................................... US 16,400 649,850 0.1
Enzon, Inc. Preferred-/- .................................. US 16,000 217,920 --
Human Genome Sciences, Inc.-/- ............................ US 1,000 36,375 --
------------
69,156,245
------------
Health Care Services (5.5%)
Vencor, Inc.-/- ........................................... US 513,000 13,915,125 2.5
Tenet Healthcare Corp.-/- ................................. US 129,500 4,848,156 0.9
Allegiance Corp. .......................................... US 103,000 4,699,375 0.8
Nationwide Health Properties, Inc. ........................ US 68,000 1,598,000 0.3
SteriGenics International, Inc.-/- ........................ US 61,900 1,431,438 0.3
Hanger Orthopedic Group, Inc.-/- .......................... US 59,000 1,102,563 0.2
Grupo Casa Autrey, S.A. de C.V. - ADR{\/} ................. MEX 79,100 1,048,075 0.2
</TABLE>
The accompanying notes are an integral part of the financial statements.
F10
<PAGE>
AIM GLOBAL HEALTH CARE FUND
(FORMERLY GT GLOBAL HEALTH CARE FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Health Care Services (Continued)
Parkway Holdings Ltd. ..................................... SING 300,000 $ 648,751 0.1
Health Management Associates, Inc. "A"-/- ................. US 14,000 441,000 0.1
Quorum Health Group, Inc.-/- .............................. US 12,500 401,563 0.1
Quintiles Transnational Corp.-/- .......................... US 5,000 247,500 --
McKesson Corp. ............................................ US 2,500 176,719 --
United Healthcare Corp. ................................... US 2,500 175,625 --
HEALTHSOUTH Corp.-/- ...................................... US 5,500 166,031 --
Wellpoint Health Networks - New-/- ........................ US 1,000 72,125 --
------------
30,972,046
------------
Paper/Packaging (2.2%)
Kimberly-Clark Corp. ...................................... US 240,618 12,211,364 2.2
------------
Computers & Peripherals (0.4%)
Hewlett-Packard Co. ....................................... US 27,000 2,033,438 0.4
------------
Consumer Services (0.1%)
Service Corporation International ......................... US 11,000 453,750 0.1
------------
Personal Care/Cosmetics (0.0%)
Gillette Co. .............................................. US 2,000 230,875 --
------------ -----
TOTAL EQUITY INVESTMENTS (cost $453,759,253) ................ 514,934,468 92.1
------------ -----
<CAPTION>
NO. OF VALUE % OF NET
WARRANTS COUNTRY WARRANTS (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Rhone-Poulenc Warrants, expire 11/5/01 .................... FR 190,736 920,357 0.2
PHARMACEUTICALS
ALZA Corp. Warrants, expire 12/31/99 ...................... US 100,000 109,375 --
PHARMACEUTICALS
------------ -----
TOTAL WARRANTS (cost $32,137) ............................... 1,029,732 0.2
------------ -----
</TABLE>
The accompanying notes are an integral part of the financial statements.
F11
<PAGE>
AIM GLOBAL HEALTH CARE FUND
(FORMERLY GT GLOBAL HEALTH CARE FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
REPURCHASE AGREEMENT (NOTE 1) ASSETS
- ------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C> <C>
Dated April 30, 1998, with State Street Bank & Trust Co.,
due May 1, 1998, for an effective yield of 5.44%,
collateralized by $29,380,000 U.S. Treasury Bonds, 7.25%
due 5/15/16 (market value of collateral is $34,111,844,
including accrued interest). (cost $33,422,000) .......... $ 33,422,000 6.0
------------ -----
TOTAL INVESTMENTS (cost $487,213,390) * .................... 549,386,200 98.3
Other Assets and Liabilities ................................ 9,348,090 1.7
------------ -----
NET ASSETS .................................................. $558,734,290 100.0
------------ -----
------------ -----
</TABLE>
- --------------
-/- Non-income producing security.
{\/} U.S. currency denominated.
{::} See Note 6 of Notes to Financial Statements.
+X+ Each unit consists of one callable common share of Spiros
Development Corporation II, Inc. and one warrant to purchase .25
shares of Dura Pharmaceuticals, Inc.
* For Federal income tax purposes, cost is $489,315,001 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 90,649,808
Unrealized depreciation: (30,578,609)
-------------
Net unrealized appreciation: $ 60,071,199
-------------
-------------
</TABLE>
Abbreviation:
ADR--American Depositary Receipt
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at April 30, 1998, was concentrated in the
following countries:
<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS {D}
-------------------------------------------
SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY WARRANTS & OTHER TOTAL
- -------------------------------------- ------ ------------- ---------- -----
<S> <C> <C> <C> <C>
Finland (FIN/FIM) .................... 0.2 0.2
France (FR/FRF) ...................... 0.2 0.2
Germany (GER/DEM) .................... 0.2 0.2
Hungary (HGRY/HUF) ................... 0.2 0.2
Ireland (IRE/IEP) .................... 0.3 0.3
Israel (ISRL/ILS) .................... 2.3 2.3
Mexico (MEX/MXN) ..................... 0.2 0.2
Singapore (SING/SGD) ................. 0.1 0.1
Switzerland (SWTZ/CHF) ............... 0.2 0.2
United Kingdom (UK/GBP) .............. 3.1 3.1
United States (US/USD) ............... 85.3 7.7 93.0
------ ----- ----- -----
Total ............................... 92.1 0.2 7.7 100.0
------ ----- ----- -----
------ ----- ----- -----
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $558,734,290.
The accompanying notes are an integral part of the financial statements.
F12
<PAGE>
AIM GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED
(FORMERLY GT GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- -------------------------------------------------------------- -------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Energy (36.6%)
Enron Corp. ................................................ US 62,701 $ 3,084,102 3.4
GAS PRODUCTION & DISTRIBUTION
AES Corp.-/- ............................................... US 55,264 3,049,882 3.4
ELECTRICAL & GAS UTILITIES
Light - Servicos de Electricidade S.A. ..................... BRZL 5,500,000 2,212,505 2.5
ELECTRICAL & GAS UTILITIES
EVN Energie-Versorgung Niederoesterreich AG ................ ASTRI 13,200 1,949,941 2.2
ELECTRICAL & GAS UTILITIES
Endesa S.A. - ADR{\/} ...................................... SPN 80,000 1,940,000 2.2
ELECTRICAL & GAS UTILITIES
Houston Industries, Inc. ................................... US 59,000 1,714,688 1.9
ELECTRICAL & GAS UTILITIES
Viag AG .................................................... GER 3,000 1,520,067 1.7
ELECTRICAL & GAS UTILITIES
Dominion Resources, Inc. ................................... US 38,000 1,503,375 1.7
ELECTRICAL & GAS UTILITIES
Interstate Energy Corp. .................................... US 46,740 1,475,231 1.6
ELECTRICAL & GAS UTILITIES
Pinnacle West Capital Corp. ................................ US 32,000 1,416,000 1.6
ELECTRICAL & GAS UTILITIES
Light - Participacoes S.A. ................................. BRZL 5,410,000 1,324,705 1.5
ELECTRICAL & GAS UTILITIES
VEBA AG .................................................... GER 20,000 1,322,185 1.5
ELECTRICAL & GAS UTILITIES
MCN Energy Group, Inc. ..................................... US 35,000 1,321,250 1.5
ELECTRICAL & GAS UTILITIES
National Grid Group PLC .................................... UK 200,000 1,290,970 1.4
ELECTRICAL & GAS UTILITIES
RWE AG ..................................................... GER 25,000 1,272,297 1.4
ELECTRICAL & GAS UTILITIES
Edison S.p.A. .............................................. ITLY 150,000 1,248,235 1.4
ELECTRICAL & GAS UTILITIES
Companhia Energetica de Minas Gerais (CEMIG) - ADR{\/} ..... BRZL 24,900 1,207,650 1.3
ELECTRICAL & GAS UTILITIES
BSES Ltd. - 144A GDR{.} {\/} ............................... IND 70,000 1,149,750 1.3
ELECTRICAL & GAS UTILITIES
EVI, Inc.-/- ............................................... US 20,000 1,065,000 1.2
ENERGY EQUIPMENT & SERVICES
MetroGas S.A. - ADR{\/} .................................... ARG 96,051 954,507 1.1
ELECTRICAL & GAS UTILITIES
Hub Power Co. .............................................. PAK 700,000 713,507 0.8
ELECTRICAL & GAS UTILITIES
-----------
32,735,847
-----------
Services (29.6%)
Compagnie Generale des Eaux ................................ FR 13,982 2,600,978 2.9
CONSUMER SERVICES
Mannesmann AG .............................................. GER 3,000 2,381,271 2.7
WIRELESS COMMUNICATIONS
</TABLE>
The accompanying notes are an integral part of the financial statements.
F13
<PAGE>
AIM GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED
(FORMERLY GT GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- -------------------------------------------------------------- -------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Services (Continued)
Telecom Italia SpA - Di Risp-/- ............................ ITLY 400,000 $ 2,109,674 2.3
TELEPHONE NETWORKS
Canadian National Railway Co. .............................. CAN 30,900 2,011,083 2.2
TRANSPORTATION - ROAD & RAIL
Magyar Tavkozlesi Rt. - ADR-/- {\/} ........................ HGRY 66,800 1,970,600 2.2
TELEPHONE NETWORKS
Paging Network, Inc.-/- .................................... US 125,000 1,757,813 2.0
WIRELESS COMMUNICATIONS
Portugal Telecom S.A. - ADR{\/} ............................ PORT 28,000 1,505,000 1.7
TELEPHONE NETWORKS
SPT Telecom-/- ............................................. CZCH 10,000 1,454,783 1.6
TELEPHONE NETWORKS
Tranz Rail Holdings Ltd. - ADR{\/} ......................... NZ 132,000 1,386,000 1.5
TRANSPORTATION - ROAD & RAIL
Alaska Air Group, Inc.-/- .................................. US 24,000 1,347,000 1.5
TRANSPORTATION - AIRLINES
America West Holdings Corp. "B"-/- ......................... US 42,000 1,270,500 1.4
TRANSPORTATION - AIRLINES
Airborne Freight Corp. ..................................... US 32,000 1,268,000 1.4
TRANSPORTATION - AIRLINES
Comair Holdings, Inc. ...................................... US 46,000 1,256,375 1.4
TRANSPORTATION - AIRLINES
Swift Transportation Co., Inc.-/- .......................... US 50,000 1,143,750 1.3
TRANSPORTATION - ROAD & RAIL
Navistar International Corp.-/- ............................ US 30,000 896,250 1.0
TRANSPORTATION - ROAD & RAIL
Brisa-Auto Estradas de Portugal S.A. ....................... PORT 16,000 709,274 0.8
TRANSPORTATION - ROAD & RAIL
Telecom Corporation of New Zealand - Installment
Receipts-/- ............................................... NZ 258,200 693,578 0.8
TELEPHONE NETWORKS
Aeroporti di Roma SpA ...................................... ITLY 48,000 674,255 0.7
TRANSPORTATION - AIRLINES
China Telecom (Hong Kong) Ltd.-/- .......................... HK 80,000 151,830 0.2
WIRELESS COMMUNICATIONS
Illinois Central Corp. ..................................... US 611 24,287 --
TRANSPORTATION - ROAD & RAIL
Hellenic Telecommunications Organization S.A. .............. GREC 100 2,864 --
TELEPHONE NETWORKS
-----------
26,615,165
-----------
Materials/Basic Industry (12.9%)
Masco Corp. ................................................ US 40,000 2,320,000 2.6
BUILDING MATERIALS & COMPONENTS
Lafarge S.A. ............................................... FR 20,000 1,890,183 2.1
CEMENT
Giant Cement Holding, Inc.-/- .............................. US 64,800 1,830,600 2.0
CEMENT
IPSCO, Inc. ................................................ CAN 56,265 1,706,014 1.9
METALS - STEEL
</TABLE>
The accompanying notes are an integral part of the financial statements.
F14
<PAGE>
AIM GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED
(FORMERLY GT GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- -------------------------------------------------------------- -------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Materials/Basic Industry (Continued)
Suez Cement Co. - Reg S GDR{c} {\/} ........................ EGPT 60,000 $ 1,224,000 1.4
CEMENT
La Cementos Nacional, C.A. - 144A GDR{.} {\/} .............. ECDR 7,445 1,191,200 1.3
CEMENT
Martin Marietta Materials, Inc. ............................ US 25,000 1,173,438 1.3
BUILDING MATERIALS & COMPONENTS
Apasco, S.A. de C.V. ....................................... MEX 35,500 241,417 0.3
CEMENT
-----------
11,576,852
-----------
Technology (6.2%)
Cisco Systems, Inc.-/- ..................................... US 21,500 1,574,875 1.8
NETWORKING
Ascend Communications, Inc.-/- ............................. US 30,000 1,306,875 1.5
NETWORKING
Ciena Corp.-/- ............................................. US 20,000 1,115,000 1.2
TELECOM TECHNOLOGY
EMCORE Corp.-/- ............................................ US 58,000 833,750 0.9
SEMICONDUCTORS
Tadiran Telecommunications Ltd.{\/} ........................ ISRL 45,200 740,150 0.8
TELECOM TECHNOLOGY
-----------
5,570,650
-----------
Capital Goods (3.3%)
Doncasters PLC - ADR-/- {\/} ............................... UK 49,600 1,525,200 1.7
AEROSPACE/DEFENSE
Gulfstream Aerospace Corp.-/- .............................. US 35,000 1,467,813 1.6
AEROSPACE/DEFENSE
-----------
2,993,013
-----------
Consumer Durables (2.9%)
Kaufman and Broad Home Corp. ............................... US 53,000 1,540,313 1.7
HOUSING
D.R. Horton, Inc. .......................................... US 60,000 1,110,000 1.2
HOUSING
-----------
2,650,313
----------- -----
TOTAL EQUITY INVESTMENTS (cost $65,337,987) .................. 82,141,840 91.5
----------- -----
</TABLE>
The accompanying notes are an integral part of the financial statements.
F15
<PAGE>
AIM GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED
(FORMERLY GT GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
REPURCHASE AGREEMENT (NOTE 1) ASSETS
- -------------------------------------------------------------- ----------- -------------
<S> <C> <C> <C> <C>
Dated April 30, 1998, with State Street Bank & Trust Co.,
due May 1, 1998, for an effective yield of 5.44%,
collateralized by $7,745,000 U.S. Treasury Bills, 6.125%
due 8/31/98 (market value of collateral is $7,841,813,
including accrued interest). (cost $7,688,000) ............ $ 7,688,000 8.5
----------- -----
TOTAL INVESTMENTS (cost $73,025,987) * ...................... 89,829,840 100.0
Other Assets and Liabilities ................................. (18,680) --
----------- -----
NET ASSETS ................................................... $89,811,160 100.0
----------- -----
----------- -----
</TABLE>
- --------------
{\/} U.S. currency denominated.
-/- Non-income producing security.
{.} 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.
* For Federal income tax purposes, cost is $73,025,987 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 18,343,020
Unrealized depreciation: (1,539,167)
-------------
Net unrealized appreciation: $ 16,803,853
-------------
-------------
</TABLE>
Abbreviations:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
The accompanying notes are an integral part of the financial statements.
F16
<PAGE>
AIM GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED
(FORMERLY GT GLOBAL INFRASTRUCTURE FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at April 30, 1998, was concentrated in the
following countries:
<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS {D}
---------------------------------------
SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY & OTHER TOTAL
- ------------------------------------------------------------------------ ----------- --------------- ---------
<S> <C> <C> <C>
Argentina (ARG/ARS) .................................................... 1.1 1.1
Austria (ASTRI/ATS) .................................................... 2.2 2.2
Brazil (BRZL/BRL) ...................................................... 5.3 5.3
Canada (CAN/CAD) ....................................................... 4.1 4.1
Czech Republic (CZCH/CSK) .............................................. 1.6 1.6
Ecuador (ECDR/ECS) ..................................................... 1.3 1.3
Egypt (EGPT) ........................................................... 1.4 1.4
France (FR/FRF) ........................................................ 5.0 5.0
Germany (GER/DEM) ...................................................... 7.3 7.3
Hong Kong (HK/HKD) ..................................................... 0.2 0.2
Hungary (HGRY/HUF) ..................................................... 2.2 2.2
India (IND/INR) ........................................................ 1.3 1.3
Israel (ISRL/ILS) ...................................................... 0.8 0.8
Italy (ITLY/ITL) ....................................................... 4.4 4.4
Mexico (MEX/MXN) ....................................................... 0.3 0.3
New Zealand (NZ/NZD) ................................................... 2.3 2.3
Pakistan (PAK/PKR) ..................................................... 0.8 0.8
Portugal (PORT/PTE) .................................................... 2.5 2.5
Spain (SPN/ESP) ........................................................ 2.2 2.2
United Kingdom (UK/GBP) ................................................ 3.1 3.1
United States (US/USD) ................................................. 42.1 8.5 50.6
----------- ----- ---------
Total ................................................................. 91.5 8.5 100.0
----------- ----- ---------
----------- ----- ---------
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $89,811,160.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
APRIL 30, 1998
<TABLE>
<CAPTION>
MARKET VALUE UNREALIZED
(U.S. CONTRACT DELIVERY APPRECIATION
CONTRACTS TO SELL: DOLLARS) PRICE DATE (DEPRECIATION)
- ---------------------------------------- ------------ ---------- -------- --------------
<S> <C> <C> <C> <C>
Deutsche Marks.......................... 3,571,432 1.79365 5/26/98 $(3,289)
French Francs........................... 1,996,672 5.99940 5/6/98 3,528
French Francs........................... 332,779 6.03550 5/6/98 (1,406)
Italian Lira............................ 2,573,415 1768.80000 7/21/98 (1,050)
------------ --------------
Total Contracts to Sell (Receivable
amount $8,472,081)................... 8,474,298 (2,217)
------------ --------------
THE VALUE OF CONTRACTS TO SELL AS
PERCENTAGE OF NET ASSETS IS 9.44%.
Total Open Forward Foreign Currency
Contracts............................ $(2,217)
--------------
--------------
</TABLE>
- ----------------
See Note 1 to the financial statements.
The accompanying notes are an integral part of the financial statements.
F17
<PAGE>
AIM GLOBAL RESOURCES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL NATURAL RESOURCES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Energy Equipment & Services (19.5%)
Enerflex Systems Ltd. ..................................... CAN 83,600 $ 2,514,374 2.5
R&B Falcon Corp.-/- ....................................... US 76,900 2,465,606 2.4
J. Ray McDermott S.A.-/- .................................. US 51,400 2,280,875 2.2
Cooper Cameron Corp.-/- ................................... US 29,700 1,973,194 1.9
EVI, Inc.-/- .............................................. US 35,400 1,885,050 1.9
Key Energy Group, Inc.-/- ................................. US 80,050 1,495,934 1.5
Fred Olsen Energy ASA-/- .................................. NOR 74,500 1,328,948 1.3
Core Laboratories N.V.-/- {\/} ............................ NETH 42,500 1,205,938 1.2
Smith International, Inc.-/- .............................. US 18,500 1,086,875 1.1
Bonus Resource Services Corp.-/- .......................... CAN 282,284 977,342 1.0
Transocean Offshore, Inc. ................................. US 15,750 880,031 0.9
Mitcham Industries, Inc.-/- ............................... US 54,500 636,969 0.6
Bayard Drilling Technologies, Inc.-/- ..................... US 33,900 504,263 0.5
Patterson Energy, Inc.-/- ................................. US 33,800 473,200 0.5
------------
19,708,599
------------
Oil (17.3%)
Orogen Minerals Ltd. - 144A ADR{.} {\/} ................... AUSL 111,200 2,396,149 2.4
Total Compagnie Francaise des Petroles S.A. - ADR{\/} ..... FR 38,700 2,273,625 2.2
Suncor Energy, Inc. ....................................... CAN 62,300 2,148,276 2.1
Petro-Canada .............................................. CAN 115,300 1,943,576 1.9
Ultramar Diamond Shamrock Corp. ........................... US 58,000 1,874,125 1.8
Triton Energy Ltd.-/- ..................................... US 43,900 1,761,488 1.7
ERG SpA-/- ................................................ ITLY 373,000 1,610,639 1.6
Ente Nazionale Idrocarburi (ENI) S.p.A. - ADR{\/} ......... ITLY 20,300 1,342,338 1.3
Canadian Fracmaster Ltd. .................................. CAN 188,500 1,219,574 1.2
British Petroleum Co., PLC - ADR{\/} ...................... UK 12,000 1,134,000 1.1
------------
17,703,790
------------
Chemicals (14.4%)
NOVA Corp. ................................................ CAN 219,900 2,476,317 2.4
Ciba Specialty Chemicals AG ............................... SWTZ 19,360 2,342,716 2.3
Potash Corporation of Saskatchewan, Inc.{\/} .............. CAN 25,570 2,283,721 2.2
Henkel KGaA Non-voting Preferred .......................... GER 24,590 1,918,952 1.9
Cabot Corp. ............................................... US 45,500 1,635,156 1.6
Crompton & Knowles Corp. .................................. US 35,900 1,074,756 1.1
E.I. du Pont de Nemours and Co. ........................... US 13,900 1,012,094 1.0
Solutia, Inc. ............................................. US 35,400 1,004,475 1.0
Akzo Nobel N.V. ........................................... NETH 4,690 954,441 0.9
------------
14,702,628
------------
Forest Products (13.7%)
St Laurent Paperboard, Inc.-/- ............................ CAN 190,000 2,584,808 2.5
Stone Container Corp.-/- .................................. US 113,600 1,860,200 1.8
MacMillan Bloedel Ltd. .................................... CAN 112,442 1,600,472 1.6
</TABLE>
The accompanying notes are an integral part of the financial statements.
F18
<PAGE>
AIM GLOBAL RESOURCES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL NATURAL RESOURCES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ------------------------------------------------------------- -------- ----------- ------------ -------------
<S> <C> <C> <C> <C>
Forest Products (Continued)
Doman Industries Ltd. "B"-/- .............................. CAN 246,830 $ 1,234,409 1.2
Noranda, Inc. ............................................. CAN 52,356 1,080,298 1.1
Bowater, Inc. ............................................. US 18,900 1,057,219 1.0
Tembec, Inc. "A"-/- ....................................... CAN 148,900 989,403 1.0
Donohue, Inc. ............................................. CAN 41,151 935,446 0.9
Champion International Corp. .............................. US 17,200 925,575 0.9
Noranda Forest, Inc. ...................................... CAN 136,459 916,281 0.9
Alliance Forest Products, Inc.-/- ......................... CAN 36,400 767,616 0.8
------------
13,951,727
------------
Misc. Materials & Commodities (11.8%)
American Disposal Services, Inc.-/- ....................... US 64,500 2,586,047 2.5
USG Corp. ................................................. US 44,000 2,260,500 2.2
Encore Wire Corp.-/- ...................................... US 56,950 2,206,813 2.2
Valero Energy Corp. ....................................... US 65,000 2,104,375 2.1
Medusa Corp. .............................................. US 32,241 1,982,822 2.0
EdperBrascan Corp. "A" .................................... CAN 37,369 763,219 0.8
------------
11,903,776
------------
Construction (5.3%)
Stolt Comex Seaway S.A.-/- ................................ US 79,000 2,567,500 2.5
Coflexip - ADR{\/} ........................................ FR 27,300 1,945,125 1.9
Global Industries Ltd.-/- ................................. US 40,850 926,784 0.9
------------
5,439,409
------------
Metals - Non-Ferrous (5.0%)
Alumax, Inc. .............................................. US 54,100 2,671,183 2.6
Freeport-McMoRan Copper & Gold, Inc. "B" .................. US 58,000 1,091,125 1.1
Sutton Resources Ltd.-/- .................................. CAN 69,113 536,584 0.5
Western Copper Holdings Ltd.-/- ........................... CAN 89,280 465,228 0.5
Cominco Ltd. .............................................. CAN 18,181 298,206 0.3
------------
5,062,326
------------
Gas Production & Distribution (5.0%)
Comstock Resources, Inc.-/- ............................... US 132,400 1,704,650 1.7
Santa Fe Energy Resources, Inc.-/- ........................ US 163,700 1,688,156 1.7
Poco Petroleums Ltd.-/- ................................... CAN 72,069 821,658 0.8
Berkley Petroleum Corp.-/- ................................ CAN 84,600 810,674 0.8
------------
5,025,138
------------
Metals - Steel (2.3%)
IPSCO, Inc. ............................................... CAN 78,700 2,386,266 2.3
------------ -----
TOTAL EQUITY INVESTMENTS (cost $89,332,125) ................. 95,883,659 94.3
------------ -----
</TABLE>
The accompanying notes are an integral part of the financial statements.
F19
<PAGE>
AIM GLOBAL RESOURCES FUND - CONSOLIDATED
(FORMERLY GT GLOBAL NATURAL RESOURCES FUND - CONSOLIDATED)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
REPURCHASE AGREEMENT (NOTE 1) ASSETS
- ------------------------------------------------------------- ------------ -------------
<S> <C> <C> <C> <C>
Dated April 30, 1998, with State Street Bank & Trust Co.,
due May 1, 1998, for an effective yield of 5.44%,
collateralized by $5,130,000 U.S. Treasury Bills, 6.125%
due 8/31/98 (market value of collateral is $5,194,125,
including accrued interest). (cost $5,088,000) ........... $ 5,088,000 5.0
------------ -----
TOTAL INVESTMENTS (cost $94,420,125) * ..................... 100,971,659 99.3
Other Assets and Liabilities ................................ 668,445 0.7
------------ -----
NET ASSETS .................................................. $101,640,104 100.0
------------ -----
------------ -----
</TABLE>
- --------------
-/- Non-income producing security.
{\/} U.S. currency denominated.
{.} 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.
* For Federal income tax purposes, cost is $95,007,118 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 8,390,497
Unrealized depreciation: (2,425,956)
-------------
Net unrealized appreciation: $ 5,964,541
-------------
-------------
</TABLE>
Abbreviation:
ADR--American Depositary Receipt
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at April 30, 1998, was concentrated in the
following countries:
<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS {D}
------------------------------
SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY & OTHER TOTAL
- -------------------------------------- ------ ------------- -----
<S> <C> <C> <C>
Australia (AUSL/AUD) ................. 2.4 2.4
Canada (CAN/CAD) ..................... 29.3 29.3
France (FR/FRF) ...................... 4.1 4.1
Germany (GER/DEM) .................... 1.9 1.9
Italy (ITLY/ITL) ..................... 2.9 2.9
Netherlands (NETH/NLG) ............... 2.1 2.1
Norway (NOR/NOK) ..................... 1.3 1.3
Switzerland (SWTZ/CHF) ............... 2.3 2.3
United Kingdom (UK/GBP) .............. 1.1 1.1
United States (US/USD) ............... 46.9 5.7 52.6
------ --- -----
Total ............................... 94.3 5.7 100.0
------ --- -----
------ --- -----
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $101,640,104.
The accompanying notes are an integral part of the financial statements.
F20
<PAGE>
AIM GLOBAL TELECOMMUNICATIONS FUND
(FORMERLY GT GLOBAL TELECOMMUNICATIONS FUND)
PORTFOLIO OF INVESTMENTS
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ----------------------------------------------------------- -------- ----------- -------------- -------------
<S> <C> <C> <C> <C>
Wireless Communications (24.5%)
Mannesmann AG ........................................... GER 110,900 $ 88,027,648 4.8
Nextel Communications, Inc. "A"-/- ...................... US 1,695,700 48,645,394 2.7
Millicom International Cellular S.A.-/- {\/} ............ LUX 1,217,000 47,615,125 2.6
Grupo Iusacell S.A. "L" - ADR-/- {\/} ................... MEX 1,663,700 32,234,188 1.8
Paging Network, Inc.-/- ................................. US 2,165,000 30,445,313 1.7
WinStar Communications, Inc.-/- ......................... US 667,700 25,956,838 1.4
Vodafone Group PLC ...................................... UK 1,882,000 20,613,880 1.1
Orange PLC-/- ........................................... UK 2,660,800 19,099,472 1.1
Bell Canada International, Inc.: ........................ CAN -- -- 1.1
Common-/- ............................................. -- 717,300 16,054,837 --
Common - ADR-/- {\/} .................................. -- 132,500 2,981,250 --
Smartone Telecommunications ............................. HK 6,729,000 17,679,317 1.0
Clearnet Communications, Inc. "A"-/- .................... CAN 1,138,100 15,761,614 0.9
Western Wireless Corp. "A"-/- ........................... US 750,300 14,630,850 0.8
Advanced Info. Service - Foreign ........................ THAI 1,993,150 13,941,723 0.8
Vimpel-Communications - ADR-/- {\/} ..................... RUS 250,000 13,500,000 0.7
Champion Technology Holding Ltd.{::} .................... HK 207,801,804 12,072,921 0.7
Powertel, Inc.-/- ....................................... US 365,000 8,349,375 0.5
China Telecom (Hong Kong) Ltd.-/- ....................... HK 4,360,000 8,274,740 0.5
Microcell Telecommunications, Inc. "B"-/- {\/} .......... CAN 596,400 4,696,650 0.3
--------------
440,581,135
--------------
Telecom Equipment (18.8%)
Nokia AB "A" ............................................ FIN 1,348,320 90,456,347 5.0
ECI Telecommunications Ltd.{\/} ......................... ISRL 2,309,500 70,439,750 3.9
P-COM, Inc.-/- .......................................... US 1,790,000 35,240,625 1.9
Tekelec-/- .............................................. US 648,900 32,607,225 1.8
Alcatel Alsthom Compagnie Generale d'Electricite ........ FR 133,000 24,674,709 1.4
Corning, Inc. ........................................... US 600,000 24,000,000 1.3
ANTEC Corp.-/- .......................................... US 1,162,300 22,955,425 1.3
Tellabs, Inc.-/- ........................................ US 240,000 17,010,000 0.9
Tadiran Ltd. - ADR{\/} .................................. ISRL 246,100 9,444,088 0.5
Pairgain Technologies, Inc.-/- .......................... US 428,800 7,906,000 0.4
Netas Telekomunik-/- .................................... TRKY 17,820,000 6,635,676 0.4
Kantone Holding Ltd. .................................... HK 6,256,868 306,967 --
--------------
341,676,812
--------------
Telephone Networks (16.6%)
Telecom Italia S.p.A.: .................................. ITLY -- -- 3.2
Di Risp-/- ............................................ -- 9,326,517 49,189,779 --
Common ................................................ -- 1,263,333 9,521,194 --
SPT Telecom-/- .......................................... CZCH 391,340 56,931,492 3.1
WorldCom, Inc.-/- ....................................... US 1,065,000 45,562,031 2.5
NTL, Inc.-/- {\/} ....................................... UK 700,000 27,300,000 1.5
Carso Global Telecom "A1" ............................... MEX 6,089,982 23,367,700 1.3
Magyar Tavkozlesi Rt. - ADR-/- {\/} ..................... HGRY 625,450 18,450,775 1.0
</TABLE>
The accompanying notes are an integral part of the financial statements.
F21
<PAGE>
AIM GLOBAL TELECOMMUNICATIONS FUND
(FORMERLY GT GLOBAL TELECOMMUNICATIONS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ----------------------------------------------------------- -------- ----------- -------------- -------------
<S> <C> <C> <C> <C>
Telephone Networks (Continued)
Telstra Corp. Ltd. - Installment Receipts ............... AUSL 7,282,000 $ 17,066,076 0.9
Telecommunicacoes Brasileiras S.A. (Telebras) ........... BRZL 139,700,000 13,866,157 0.8
BCE, Inc. ............................................... CAN 226,025 9,627,840 0.5
Telecom Corporation of New Zealand Ltd. - Installment
Receipts-/- ............................................ NZ 3,495,700 9,390,159 0.5
Telefonica del Peru S.A. - ADR{\/} ...................... PERU 318,400 7,044,600 0.4
Russian Telecommunications Development Corp.: ........... RUS -- -- 0.3
Non-Voting(.) -/- {\/} (::) ........................... -- 453,000 3,397,500 --
Voting(.) -/- {\/} (::) ............................... -- 331,000 2,482,500 --
PLD Telekon, Inc.-/- {\/} ............................... RUS 510,000 4,143,750 0.2
Emerging Communications, Inc.-/- ........................ US 468,100 2,984,138 0.2
Atlantic Tele-Network, Inc.-/- .......................... US 200,040 2,450,490 0.1
Ionica Group PLC-/- ..................................... UK 1,456,400 2,094,481 0.1
--------------
304,870,662
--------------
Telephone - Regional/Local (9.5%)
ICG Communications, Inc.-/- ............................. US 1,254,600 43,911,000 2.4
GTE Corp. ............................................... US 675,000 39,445,313 2.2
Intermedia Communications of Florida, Inc.-/- ........... US 454,800 33,193,294 1.8
Teleport Communications Group, Inc. "A"-/- .............. US 400,000 21,550,000 1.2
SBC Communications ...................................... US 488,000 20,221,500 1.1
ING Barings Russian Regional Telecommunications Basket
Bridge Certificates-/- {=} {\/} ........................ RUS 1,749 14,161,443 0.8
--------------
172,482,550
--------------
Telephone - Long Distance (6.8%)
Tel-Save Holdings, Inc.-/- .............................. US 2,000,000 45,625,000 2.5
Rostelecom - ADR-/- {\/} ................................ RUS 1,780,735 38,174,507 2.1
MCI Communications Corp. ................................ US 400,000 20,125,000 1.1
LCI International, Inc.-/- .............................. US 500,000 19,875,000 1.1
--------------
123,799,507
--------------
Cable Television (4.7%)
Cable & Wireless Communications - ADR-/- {\/} ........... UK 1,470,413 53,118,670 2.9
Comcast Corp. "A" ....................................... US 604,300 21,641,494 1.2
United International Holdings, Inc. "A"-/- .............. US 373,000 6,341,000 0.3
Comcast UK Cable Partners Ltd. "A"-/- {\/} .............. UK 415,000 5,317,188 0.3
--------------
86,418,352
--------------
Networking (3.5%)
Cisco Systems, Inc.-/- .................................. US 450,000 32,962,500 1.8
Ascend Communications, Inc.-/- .......................... US 700,000 30,493,750 1.7
--------------
63,456,250
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F22
<PAGE>
AIM GLOBAL TELECOMMUNICATIONS FUND
(FORMERLY GT GLOBAL TELECOMMUNICATIONS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
EQUITY INVESTMENTS COUNTRY SHARES (NOTE 1) ASSETS
- ----------------------------------------------------------- -------- ----------- -------------- -------------
<S> <C> <C> <C> <C>
Telecom Technology (2.9%)
Uniphase Corp.-/- ....................................... US 758,300 $ 41,137,775 2.3
Three-Five Systems, Inc.{::} -/- ........................ US 599,000 11,755,375 0.6
--------------
52,893,150
--------------
Broadcasting & Publishing (2.6%)
Univision Communications, Inc.-/- ....................... US 463,900 17,773,169 1.0
EchoStar Communications Corp. "A"-/- .................... US 609,200 16,029,575 0.9
Seat SpA-/- ............................................. ITLY 16,820,000 8,351,581 0.5
Sistem Televisyen Malaysia Bhd. ......................... MAL 7,436,000 2,793,524 0.2
--------------
44,947,849
--------------
Aerospace/Defense (1.9%)
Orbital Sciences Corp.-/- ............................... US 785,500 34,954,750 1.9
--------------
Consumer Services (1.7%)
Compagnie Generale des Eaux ............................. FR 168,500 31,344,925 1.7
--------------
Semiconductors (1.3%)
VLSI Technology, Inc.-/- ................................ US 572,600 11,809,875 0.7
DSP Communications, Inc.-/- ............................. US 624,000 10,413,000 0.6
--------------
22,222,875
--------------
Multi-Industry (1.1%)
Grupo Carso, S.A. de C.V. "A1" .......................... MEX 2,000,000 12,609,209 0.7
Hutchison Whampoa ....................................... HK 1,302,000 8,051,875 0.4
--------------
20,661,084
-------------- -----
TOTAL EQUITY INVESTMENTS (cost $1,173,173,527) ............ 1,740,309,901 95.9
-------------- -----
<CAPTION>
NO. OF VALUE % OF NET
WARRANTS COUNTRY WARRANTS (NOTE 1) ASSETS
- ----------------------------------------------------------- -------- ----------- -------------- -------------
<S> <C> <C> <C> <C>
American Satellite Network Warrants, expire 1/1/99 (cost
$0)(.) (::) ............................................ US 65,825 -- --
-------------- -----
WIRELESS COMMUNICATIONS
</TABLE>
The accompanying notes are an integral part of the financial statements.
F23
<PAGE>
AIM GLOBAL TELECOMMUNICATIONS FUND
(FORMERLY GT GLOBAL TELECOMMUNICATIONS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE % OF NET
REPURCHASE AGREEMENTS (NOTE 1) ASSETS
- ----------------------------------------------------------- -------------- -------------
<S> <C> <C> <C> <C>
Dated April 30, 1998, with State Street Bank & Trust Co.,
due May 1, 1998, for an effective yield of 5.44%,
collateralized by $61,530,000 U.S. Treasury Bonds, 7.25%
due 5/15/16 (market value of collateral is $71,439,899,
including accrued interest) ........................... $ 70,000,000 3.8
Dated April 30, 1998, with State Street Bank & Trust Co.,
due May 1, 1998, for an effective yield of 5.44%,
collateralized by $950,000 U.S. Treasury Bonds, 8.125%
due 8/15/19 (market value of collateral is $1,192,591,
including accrued interest) ........................... 1,165,000 0.1
-------------- -----
TOTAL REPURCHASE AGREEMENTS (cost $71,165,000) ............ 71,165,000 3.9
-------------- -----
TOTAL INVESTMENTS (cost $1,244,338,527) * ................ 1,811,474,901 99.8
Other Assets and Liabilities .............................. 4,309,365 0.2
-------------- -----
NET ASSETS ................................................ $1,815,784,266 100.0
-------------- -----
-------------- -----
</TABLE>
- --------------
-/- Non-income producing security.
{\/} U.S. currency denominated.
{=} Issued by ING Barings, the value of which is linked to the
underlying value of a basket of shares issued by Russian regional
telephone companies.
{::} See Note 6 of Notes to Financial Statements.
(::) Valued in good faith at fair value using procedures approved by the
Board of Directors (See Note 1 of Notes to Financial Statements).
(.) Restricted Securities: At April 30, 1998 the Fund owned the
following restricted securities constituting .3% of net assets
which may not be publicly sold without registration under the
Securities Act of 1933 (Note 1). Additional information on the
securities is as follows:
<TABLE>
<CAPTION>
VALUE
PER
SHARE
(NOTE
DESCRIPTION ACQUISITION DATE SHARES COST 1)
----------------------------------------------- ----------------- ------ ----------- ------
<S> <C> <C> <C> <C>
American Satellite Network Warrants, Expire
1/1/99........................................ 12/31/93 65,825 $ -- $--
Russian Telecommunications Development Corp.:
Non-voting................................... 12/22/93 453,000 4,530,000 7.50
Voting....................................... 12/22/93 331,000 3,310,000 7.50
</TABLE>
* For Federal income tax purposes, cost is $1,244,874,015 and
appreciation (depreciation) is as follows:
<TABLE>
<S> <C>
Unrealized appreciation: $ 612,812,855
Unrealized depreciation: (46,211,969)
-------------
Net unrealized appreciation: $ 566,600,886
-------------
-------------
</TABLE>
Abbreviation:
ADR--American Depositary Receipt
The accompanying notes are an integral part of the financial statements.
F24
<PAGE>
AIM GLOBAL TELECOMMUNICATIONS FUND
(FORMERLY GT GLOBAL TELECOMMUNICATIONS FUND)
PORTFOLIO OF INVESTMENTS (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
The Fund's Portfolio of Investments at April 30, 1998, was concentrated in the
following countries:
<TABLE>
<CAPTION>
PERCENTAGE OF NET ASSETS
{D}
---------------------------
SHORT-TERM
COUNTRY (COUNTRY CODE/CURRENCY CODE) EQUITY & OTHER TOTAL
- -------------------------------------- ------ ---------- -----
<S> <C> <C> <C>
Australia (AUSL/AUD) ................. 0.9 0.9
Brazil (BRZL/BRL) .................... 0.8 0.8
Canada (CAN/CAD) ..................... 2.8 2.8
Czech Republic (CZCH/CSK) ............ 3.1 3.1
Finland (FIN/FIM) .................... 5.0 5.0
France (FR/FRF) ...................... 3.1 3.1
Germany (GER/DEM) .................... 4.8 4.8
Hong Kong (HK/HKD) ................... 2.6 2.6
Hungary (HGRY/HUF) ................... 1.0 1.0
Israel (ISRL/ILS) .................... 4.4 4.4
Italy (ITLY/ITL) ..................... 3.7 3.7
Luxembourg (LUX/LUF) ................. 2.6 2.6
Malaysia (MAL/MYR) ................... 0.2 0.2
Mexico (MEX/MXN) ..................... 3.8 3.8
New Zealand (NZ/NZD) ................. 0.5 0.5
Peru (PERU/PES) ...................... 0.4 0.4
Russia (RUS/SUR) ..................... 4.1 4.1
Thailand (THAI/THB) .................. 0.8 0.8
Turkey (TRKY/TRL) .................... 0.4 0.4
United Kingdom (UK/GBP) .............. 7.0 7.0
United States (US/USD) ............... 43.9 4.1 48.0
------ ----- -----
Total ............................... 95.9 4.1 100.0
------ ----- -----
------ ----- -----
</TABLE>
- --------------
{d} Percentages indicated are based on net assets of $1,815,784,266.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
APRIL 30, 1998
<TABLE>
<CAPTION>
UNREALIZED
MARKET VALUE CONTRACT DELIVERY APPRECIATION
CONTRACTS TO BUY: (U.S. DOLLARS) PRICE DATE (DEPRECIATION)
- ---------------------------------------- -------------- ----------- -------- --------------
<S> <C> <C> <C> <C>
Deutsche Marks.......................... 12,834,836 1.8461 5/26/98 $ 376,139
Italian Liras........................... 10,859,243 1763.55 7/21/98 (27,888)
-------------- --------------
Total Contracts to Buy (Payable amount
$23,345,828)......................... 23,694,079 348,251
-------------- --------------
THE VALUE OF CONTRACTS TO BUY AS A
PERCENTAGE OF NET ASSETS IS 1.30%.
</TABLE>
<TABLE>
<CAPTION>
CONTRACTS TO SELL:
- ----------------------------------------
<S> <C> <C> <C> <C>
British Pounds.......................... 41,362,104 0.59400 7/20/98 725,396
Deutsche Marks.......................... 18,520,501 1.81400 5/26/98 (224,635)
Deutsche Marks.......................... 15,066,981 1.81500 5/26/98 (190,948)
Deutsche Marks.......................... 12,729,534 7.79365 5/26/98 (11,724)
Finnish Markka.......................... 24,746,112 5.46000 7/21/98 (203,988)
Italian Liras........................... 40,071,738 1784.71000 7/21/98 (373,412)
Italian Liras........................... 8,116,153 1774.85000 7/21/98 (30,963)
-------------- --------------
Total Contracts to Sell (Receivable
amount $160,302,849)................. 160,613,123 (310,274)
-------------- --------------
THE VALUE OF CONTRACTS TO SELL AS A
PERCENTAGE OF NET ASSETS IS 8.85%.
Total Open Forward Foreign Currency
Contracts, Net....................... $ 37,977
--------------
--------------
</TABLE>
- ----------------
See Note 1 to the financial statements.
The accompanying notes are an integral part of the financial statements.
F25
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
STATEMENT OF ASSETS
AND LIABILITIES
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AIM GLOBAL{/\}
-----------------------------------------------------------------------------
CONSUMER
PRODUCTS AND FINANCIAL INFRASTRUCTURE RESOURCES
SERVICES FUND- SERVICES FUND- HEALTH FUND- FUND-
CONSOLIDATED CONSOLIDATED CARE CONSOLIDATED CONSOLIDATED
(NOTE 1) (NOTE 1) FUND (NOTE 1) (NOTE 1)
-------------- -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments in securities: (Note 1)
At identified cost............... $160,625,164 $91,127,363 $487,213,390 $73,025,987 $ 94,420,125
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
At value......................... $194,547,463 $116,166,664 $549,386,200 $89,829,840 $100,971,659
U.S. currency...................... 957 148 625 944 923
Foreign currencies (cost
$3,262,600, $6,666, $116,
$4,084,175, $574,226, and
$38,012,099, respectively)........ 3,264,957 6,699 120 4,084,175 574,161
Dividends and dividend withholding
tax reclaims receivable........... 213,234 293,292 233,561 103,025 44,335
Interest receivable................ 968 749 5,050 1,162 769
Receivable for forward foreign
currency contracts -- closed, net
(Note 1).......................... -- -- -- 92,468 --
Receivable for Fund shares sold.... 215,386 1,042,626 5,213,987 140,038 1,292,050
Receivable for open forward foreign
currency contracts, net (Note
1)................................ -- 190,838 -- -- --
Receivable for securities sold..... 805,431 1,328,983 11,760,191 99,627 1,964,959
Receivable from Chancellor LGT
Asset Management, Inc. (Note 2)... -- 13,505 -- 62,569 74,218
Unamortized organizational costs
(Note 1).......................... 17,156 13,685 -- 11,172 11,117
-------------- -------------- ------------ -------------- ------------
Total assets..................... 199,065,552 119,057,189 566,599,734 94,425,020 104,934,191
-------------- -------------- ------------ -------------- ------------
Liabilities:
Payable for custodian fees......... 4,311 5,076 8,079 6,473 9,760
Payable for Directors' and
Trustees' fees and expenses (Note
2)................................ 7,748 1,867 1,704 2,516 652
Payable for fund accounting fees
(Note 2).......................... 4,281 2,494 11,428 1,971 2,068
Payable for Fund shares
repurchased....................... 450,326 136,340 1,204,094 222,025 394,335
Payable for investment management
and administration fees (Note
2)................................ 158,974 104,848 435,270 110,495 126,214
Payable for open forward foreign
currency contracts (Note 1)....... -- -- -- 2,217 --
Payable for printing and postage
expenses.......................... 20,439 17,511 56,469 44,305 37,005
Payable for professional fees...... 17,379 13,698 27,249 18,478 18,472
Payable for registration and filing
fees.............................. 5,980 3,204 8,448 9,720 7,417
Payable for securities purchased... 2,666,126 3,630,414 5,701,866 4,084,175 2,586,961
Payable for service and
distribution expenses (Note 2).... 118,493 69,098 270,724 54,114 60,200
Payable for transfer agent fees
(Note 2).......................... 55,395 9,673 133,832 50,128 42,561
Other accrued expenses............. 32,758 7,935 6,281 7,143 8,342
-------------- -------------- ------------ -------------- ------------
Total liabilities................ 3,542,210 4,002,158 7,865,444 4,613,760 3,293,987
Minority interest (Notes 1 & 2).... 100 100 -- 100 100
-------------- -------------- ------------ -------------- ------------
Net assets........................... $195,523,242 $115,054,931 $558,734,290 $89,811,160 $101,640,104
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
<CAPTION>
TELECOM-
MUNICATIONS
FUND
---------------
<S> <C>
Assets:
Investments in securities: (Note 1)
At identified cost............... $ 1,244,338,527
---------------
---------------
At value......................... $ 1,811,474,901
U.S. currency...................... 481,143
Foreign currencies (cost
$3,262,600, $6,666, $116,
$4,084,175, $574,226, and
$38,012,099, respectively)........ 37,989,074
Dividends and dividend withholding
tax reclaims receivable........... 1,461,730
Interest receivable................ 10,754
Receivable for forward foreign
currency contracts -- closed, net
(Note 1).......................... 169,870
Receivable for Fund shares sold.... 3,519,217
Receivable for open forward foreign
currency contracts, net (Note
1)................................ 37,977
Receivable for securities sold..... 38,128,097
Receivable from Chancellor LGT
Asset Management, Inc. (Note 2)... --
Unamortized organizational costs
(Note 1).......................... --
---------------
Total assets..................... 1,893,272,763
---------------
Liabilities:
Payable for custodian fees......... 196,883
Payable for Directors' and
Trustees' fees and expenses (Note
2)................................ 3,634
Payable for fund accounting fees
(Note 2).......................... 39,086
Payable for Fund shares
repurchased....................... 6,626,277
Payable for investment management
and administration fees (Note
2)................................ 1,400,357
Payable for open forward foreign
currency contracts (Note 1)....... --
Payable for printing and postage
expenses.......................... 126,767
Payable for professional fees...... 39,759
Payable for registration and filing
fees.............................. 24,933
Payable for securities purchased... 67,011,318
Payable for service and
distribution expenses (Note 2).... 1,091,628
Payable for transfer agent fees
(Note 2).......................... 894,937
Other accrued expenses............. 32,918
---------------
Total liabilities................ 77,488,497
Minority interest (Notes 1 & 2).... --
---------------
Net assets........................... $ 1,815,784,266
---------------
---------------
</TABLE>
- ----------------
{/\} See Notes 1 and 7 of Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
F26
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
STATEMENT OF ASSETS
AND LIABILITIES (cont'd)
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AIM GLOBAL{/\}
-----------------------------------------------------------------------------
CONSUMER
PRODUCTS AND FINANCIAL INFRASTRUCTURE RESOURCES
SERVICES FUND- SERVICES FUND- HEALTH FUND- FUND-
CONSOLIDATED CONSOLIDATED CARE CONSOLIDATED CONSOLIDATED
Class A: (NOTE 1) (NOTE 1) FUND (NOTE 1) (NOTE 1)
-------------- -------------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
Net assets......................... $ 70,546,554 $38,146,311 $427,300,000 $33,286,992 $ 42,092,882
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
Shares outstanding................. 2,824,537 1,891,058 19,783,338 2,026,023 2,704,501
Net asset value and redemption
price per share................... $ 24.98 $ 20.17 $ 21.60 $ 16.43 $ 15.56
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
Maximum offering price per share
(100/95.25 of Class A net asset
value) *.......................... $ 26.23 $ 21.18 $ 22.68 $ 17.25 $ 16.34
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
Class B:+
Net assets......................... $106,835,715 $64,747,167 $121,735,496 $47,177,150 $ 52,210,289
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
Shares outstanding................. 4,357,974 3,268,753 5,848,019 2,929,766 3,411,115
Net asset value and offering price
per share......................... $ 24.51 $ 19.81 $ 20.82 $ 16.10 $ 15.31
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
Advisor Class:
Net assets......................... $ 18,140,973 $12,161,453 $ 9,698,794 $ 9,347,018 $ 7,336,933
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
Shares outstanding................. 713,803 595,404 440,494 559,425 467,314
Net asset value, offering price per
share, and redemption price per
share............................. $ 25.41 $ 20.43 $ 22.02 $ 16.71 $ 15.70
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
Net assets consist of:
Paid in capital (Note 4)........... $151,024,282 $88,920,854 $487,685,110 $62,623,203 $103,332,054
Undistributed/Accumulated net
investment income (loss).......... (1,114,025) 8,925 (3,241,309) 126,439 (795,676)
Accumulated net realized gain
(loss) on investments and foreign
currency transactions............. 11,687,365 889,661 12,117,688 10,339,065 (7,454,066)
Net unrealized appreciation
(depreciation) on translation of
assets and liabilities in foreign
currencies........................ 3,321 196,190 (9) (81,400) 6,258
Net unrealized appreciation of
investments....................... 33,922,299 25,039,301 62,172,810 16,803,853 6,551,534
-------------- -------------- ------------ -------------- ------------
Total -- representing net assets
applicable to capital shares
outstanding......................... $195,523,242 $115,054,931 $558,734,290 $89,811,160 $101,640,104
-------------- -------------- ------------ -------------- ------------
-------------- -------------- ------------ -------------- ------------
<CAPTION>
TELECOM-
MUNICATIONS
Class A: FUND
---------------
<S> <C>
Net assets......................... $ 969,856,693
---------------
---------------
Shares outstanding................. 48,380,775
Net asset value and redemption
price per share................... $ 20.05
---------------
---------------
Maximum offering price per share
(100/95.25 of Class A net asset
value) *.......................... $ 21.05
---------------
---------------
Class B:+
Net assets......................... $ 837,576,106
---------------
---------------
Shares outstanding................. 43,066,637
Net asset value and offering price
per share......................... $ 19.45
---------------
---------------
Advisor Class:
Net assets......................... $ 8,351,467
---------------
---------------
Shares outstanding................. 409,477
Net asset value, offering price per
share, and redemption price per
share............................. $ 20.40
---------------
---------------
Net assets consist of:
Paid in capital (Note 4)........... $ 1,192,624,877
Undistributed/Accumulated net
investment income (loss).......... (11,031,674)
Accumulated net realized gain
(loss) on investments and foreign
currency transactions............. 67,631,904
Net unrealized appreciation
(depreciation) on translation of
assets and liabilities in foreign
currencies........................ (577,215)
Net unrealized appreciation of
investments....................... 567,136,374
---------------
Total -- representing net assets
applicable to capital shares
outstanding......................... $ 1,815,784,266
---------------
---------------
<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.
{/\} See Notes 1 and 7 of Notes to Financial Statements.
</TABLE>
The accompanying notes are an integral part of the financial statements.
F27
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
STATEMENT OF OPERATIONS
Six months ended April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AIM GLOBAL{/\}
-------------------------------------------------------------------------
CONSUMER
PRODUCTS
AND FINANCIAL
SERVICES SERVICES HEALTH INFRASTRUCTURE RESOURCES TELECOM-
FUND- FUND- CARE FUND- FUND- MUNICATIONS
CONSOLIDATED CONSOLIDATED FUND CONSOLIDATED CONSOLIDATED FUND
----------- ----------- --------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Investment income:
Dividend income (net of foreign withholding tax
of $58,439, $89,413, $2,069, $67,669, $37,565,
and $182,685, respectively)..................... $ 631,492 $ 930,225 $ 738,020 $ 903,398 $ 335,385 $3,963,693
Interest income.................................. 173,161 113,943 1,275,652 227,045 142,904 2,012,264
Securities lending income........................ 17,942 34,910 55,507 18,515 11,469 609,824
----------- ----------- --------- ----------- ----------- ----------
Total investment income........................ 822,595 1,079,078 2,069,179 1,148,958 489,758 6,585,781
----------- ----------- --------- ----------- ----------- ----------
Expenses:
Investment management and administration fees
(Note 2)........................................ 873,213 470,304 2,709,564 447,907 566,986 7,889,067
Amortization of organization costs (Note 1)...... 5,108 6,259 -- 5,108 5,108 --
Custodian Fees................................... 19,189 14,299 7,625 19,729 19,910 318,017
Directors' and Trustees' fees and expenses (Note
2).............................................. 11,510 8,964 6,074 6,878 7,240 11,100
Fund accounting fees (Note 2).................... 22,980 12,779 73,483 12,109 15,269 221,052
Printing and postage expenses.................... 20,996 8,869 100,150 16,470 16,652 332,859
Professional fees................................ 52,434 54,449 62,182 43,983 41,087 155,725
Registration and filing fees..................... 36,924 44,693 36,200 43,598 50,331 52,671
Service and distribution expenses: (Note 2)
Class A........................................ 166,991 82,697 1,060,797 86,552 120,076 2,209,459
Class B........................................ 493,846 273,191 631,046 252,743 303,610 3,905,123
Transfer agent fees (Note 2)..................... 244,554 112,625 650,700 171,226 217,743 2,523,864
Other expenses................................... 7,413 5,886 11,305 3,195 28,231 43,951
----------- ----------- --------- ----------- ----------- ----------
Total expenses before reductions............... 1,955,158 1,095,015 5,349,126 1,109,498 1,392,243 17,662,888
----------- ----------- --------- ----------- ----------- ----------
Expenses reimbursed by Chancellor LGT Asset
Management, Inc. (Note 2)................... -- (13,505) -- (82,569) (74,218) --
Expense reductions (Notes 5)................. (18,538) (11,357) (38,638) (4,410) (32,591) (39,899)
----------- ----------- --------- ----------- ----------- ----------
Total net expenses............................. 1,936,620 1,070,153 5,310,488 1,022,519 1,285,434 17,622,989
----------- ----------- --------- ----------- ----------- ----------
Net investment income (loss)....................... (1,114,025) 8,925 (3,241,309) 126,439 (795,676) (11,037,208)
----------- ----------- --------- ----------- ----------- ----------
Net realized and unrealized gain (loss) on
investments and foreign currencies: (Note 1)
Net realized gain (loss) on investments.......... 12,037,902 1,624,816 14,637,996 10,174,908 (6,823,307) 59,731,742
Net realized gain (loss) on foreign currency
transactions.................................... (59,417) (171,425) (374,206) 200,616 (45,557) 8,663,014
----------- ----------- --------- ----------- ----------- ----------
Net realized gain (loss) during the period..... 11,978,485 1,453,391 14,263,790 10,375,524 (6,868,864) 68,394,756
----------- ----------- --------- ----------- ----------- ----------
Net change in unrealized appreciation
(depreciation) on translation of assets and
liabilities in foreign currencies............... (1,738) 130,285 257,003 (36,699) 115,162 2,170,571
Net change in unrealized appreciation
(depreciation) of investments................... 25,373,856 17,197,803 (1,277,554) (1,970,941) (27,822,535) 241,184,397
----------- ----------- --------- ----------- ----------- ----------
Net unrealized appreciation (depreciation)
during the period............................. 25,372,118 17,328,088 (1,020,551) (2,007,640) (27,707,373) 243,354,968
----------- ----------- --------- ----------- ----------- ----------
Net realized and unrealized gain (loss) on
investments and foreign currencies................ 37,350,603 18,781,479 13,243,239 8,367,884 (34,576,237) 311,749,724
----------- ----------- --------- ----------- ----------- ----------
Net increase (decrease) in net assets resulting
from operations................................... 3$6,236,578 1$8,790,404 $10,001,930 $8,494,323 ($35,371,913) $300,712,516
----------- ----------- --------- ----------- ----------- ----------
----------- ----------- --------- ----------- ----------- ----------
<FN>
- ----------------
{/\} See Notes 1 and 7 of Notes to Financial Statements.
</TABLE>
The accompanying notes are an integral part of the financial statements.
F28
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AIM GLOBAL{/\}
-----------------------------------------------------------------------------
CONSUMER PRODUCTS
AND SERVICES FINANCIAL SERVICES HEALTH CARE
FUND-CONSOLIDATED FUND-CONSOLIDATED FUND
------------------------ ------------------------ -------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED
1998 OCTOBER 31, 1998 OCTOBER 31, 1998 OCTOBER 31,
(UNAUDITED) 1997 (UNAUDITED) 1997 (UNAUDITED) 1997
----------- ----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income (loss).......... ($1,114,025) $(1,662,851) $ 8,925 $ (31,012) $(3,241,309) $ (6,665,748)
Net realized gain (loss) on
investments and foreign currency
transactions......................... 11,978,485 16,167,449 1,453,391 2,628,562 14,263,790 153,599,307
Net change in unrealized appreciation
(depreciation) on translation of
assets and liabilities in foreign
currencies........................... (1,738) 5,172 130,285 58,275 257,003 (569,426)
Net change in unrealized appreciation
(depreciation) of investments........ 25,373,856 (714,518) 17,197,803 6,449,986 (1,277,554) 1,308,779
----------- ----------- ----------- ----------- ----------- ------------
Net increase (decrease) in net
assets resulting from operations... 36,236,578 13,795,252 18,790,404 9,105,811 10,001,930 147,672,912
----------- ----------- ----------- ----------- ----------- ------------
Class A:
Distributions to shareholders: (Note 1)
From net realized gain on
investments.......................... (5,574,484) (3,424,902) (1,110,662) (580,522) (111,031,908) (34,613,411)
Class B:
Distributions to shareholders: (Note 1)
From net realized gain on
investments.......................... (8,128,583) (4,055,905) (1,697,929) (823,692) (34,132,136) (8,701,491)
Advisor Class:
Distributions to shareholders: (Note 1)
From net realized gain on
investments.......................... (962,619) (308,573) (225,074) (5,018) (1,791,803) (57,488)
----------- ----------- ----------- ----------- ----------- ------------
Total distributions................. (14,665,686) (7,789,380) (3,033,665) (1,409,232) (146,955,847) (43,372,390)
----------- ----------- ----------- ----------- ----------- ------------
Capital share transactions: (Note 4)
Increase from capital shares sold and
reinvested........................... 67,898,330 136,239,369 78,300,144 130,520,030 466,202,619 1,007,452,632
Decrease from capital shares
repurchased.......................... (56,608,293) (151,833,735) (59,963,586) (74,514,633) (396,856,529) (1,062,045,275)
----------- ----------- ----------- ----------- ----------- ------------
Net increase (decrease) from capital
share transactions................. 11,290,037 (15,594,366) 18,336,558 56,005,397 69,346,090 (54,592,643)
----------- ----------- ----------- ----------- ----------- ------------
Total increase (decrease) in net
assets................................. 32,860,929 (9,588,494) 34,093,297 63,701,976 (67,607,827) 49,707,879
Net assets:
Beginning of period................... 162,662,313 172,250,807 80,961,634 17,259,658 626,342,117 576,634,238
----------- ----------- ----------- ----------- ----------- ------------
End of period *....................... 1$95,523,242 $162,662,313 1$15,054,931 $80,961,634 $558,734,290 $626,342,117
----------- ----------- ----------- ----------- ----------- ------------
----------- ----------- ----------- ----------- ----------- ------------
* Includes undistributed/accumulated
net investment income (loss)......... ($1,114,025) $ -- $ 8,925 $ -- $(3,241,309) $ --
----------- ----------- ----------- ----------- ----------- ------------
----------- ----------- ----------- ----------- ----------- ------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
F29
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
STATEMENTS OF CHANGES IN NET ASSETS (cont'd)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AIM GLOBAL{/\}
-----------------------------------------------------------------------------
INFRASTRUCTURE RESOURCES TELECOMMUNICATIONS
FUND-CONSOLIDATED FUND-CONSOLIDATED FUND
----------------------- ------------------------ --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED ENDED
APRIL 30, OCTOBER APRIL 30, YEAR ENDED APRIL 30, YEAR ENDED
1998 31, 1998 OCTOBER 31, 1998 OCTOBER 31,
(UNAUDITED) 1997 (UNAUDITED) 1997 (UNAUDITED) 1997
----------- ---------- ----------- ----------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
Operations:
Net investment income (loss).......... $ 126,439 $ (405,469) $ (795,676) $(2,255,658) $(11,037,208) $(23,856,621)
Net realized gain (loss) on
investments and foreign currency
transactions......................... 10,375,524 778,612 (6,868,864) 7,540,578 68,394,756 120,426,746
Net change in unrealized appreciation
(depreciation) on translation of
assets and liabilities in foreign
currencies........................... (36,699) (116,926) 115,162 (125,779) 2,170,571 (7,132,389)
Net change in unrealized appreciation
(depreciation) of investments........ (1,970,941) 8,647,635 (27,822,535) 18,607,939 241,184,397 217,773,979
----------- ---------- ----------- ----------- ------------ ------------
Net increase (decrease) in net
assets resulting from operations... 8,494,323 8,903,852 (35,371,913) 23,767,080 300,712,516 307,211,715
----------- ---------- ----------- ----------- ------------ ------------
Class A:
Distributions to shareholders: (Note 1)
From net realized gain on
investments.......................... (275,162) (1,943,050) (2,006,260) (1,915,988) (59,979,475) (95,676,425)
Class B:
Distributions to shareholders: (Note 1)
From net realized gain on
investments.......................... (454,424) (2,733,339) (2,974,905) (2,369,395) (54,057,207) (83,596,023)
Advisor Class:
Distributions to shareholders: (Note 1)
From net realized gain on
investments.......................... (39,877) (17,129) (210,222) (134,145) (238,558) (176,806)
----------- ---------- ----------- ----------- ------------ ------------
Total distributions................. (769,463) (4,693,518) (5,191,387) (4,419,528) (114,275,240) (179,449,254)
----------- ---------- ----------- ----------- ------------ ------------
Capital share transactions: (Note 4)
Increase from capital shares sold and
reinvested........................... 13,758,704 44,324,471 133,328,246 377,334,346 991,606,632 1,783,734,946
Decrease from capital shares
repurchased.......................... (29,691,463) (42,934,337) (162,798,415) (336,987,548) (1,083,378,701) (2,403,405,013)
----------- ---------- ----------- ----------- ------------ ------------
Net increase (decrease) from capital
share transactions................. (15,932,759) 1,390,134 (29,470,169) 40,346,798 (91,772,069) (619,670,067)
----------- ---------- ----------- ----------- ------------ ------------
Total increase (decrease) in net
assets................................. (8,207,899) 5,600,468 (70,033,469) 59,694,350 94,665,207 (491,907,606)
Net assets:
Beginning of period................... 98,019,059 92,418,591 171,673,573 111,979,223 1,721,119,059 2,213,026,665
----------- ---------- ----------- ----------- ------------ ------------
End of period *....................... 8$9,811,160 $98,019,059 $101,640,104 $171,673,573 $1,815,784,266 $1,721,119,059
----------- ---------- ----------- ----------- ------------ ------------
----------- ---------- ----------- ----------- ------------ ------------
* Includes undistributed/accumulated
net investment income (loss)......... $ 126,439 $ -- $ (795,676) $ -- $(11,031,674) $ 5,534
----------- ---------- ----------- ----------- ------------ ------------
----------- ---------- ----------- ----------- ------------ ------------
</TABLE>
- ----------------
{/\} See Notes 1 and 7 of Notes to Financial Statements.
F30
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
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>
CONSUMER PRODUCTS AND SERVICES FUND
---------------------------------------------------------
CLASS A
---------------------------------------------------------
SIX MONTHS DECEMBER 30, 1994
ENDED YEAR ENDED (COMMENCEMENT OF
APRIL 30, OCTOBER 31, OPERATIONS) TO
1998 ---------------------- OCTOBER 31,
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 (D)
------------- ---------- ---------- ------------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 22.19 $ 20.98 $ 14.59 $ 11.43
------------- ---------- ---------- ----------
Income from investment operations:
Net investment income (loss).......... (0.12) (0.15) (0.22) 0.02*
Net realized and unrealized gain on
investments.......................... 4.80 2.27 7.13 3.14
------------- ---------- ---------- ----------
Net increase from investment
operations......................... 4.68 2.12 6.91 3.16
------------- ---------- ---------- ----------
Distributions to shareholders:
From net realized gain on
investments.......................... (1.89) (0.91) (0.52) --
------------- ---------- ---------- ----------
Total distributions................. (1.89) (0.91) (0.52) --
------------- ---------- ---------- ----------
Net asset value, end of period.......... $ 24.98 $ 22.19 $ 20.98 $ 14.59
------------- ---------- ---------- ----------
------------- ---------- ---------- ----------
Total investment return (c)............. 22.48%(b) 10.55% 48.82% 27.65 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 70,547 $ 62,637 $ 76,900 $ 4,082
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... (1.00)%(a) (0.72)% (1.14)% 0.20 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... (1.02)%(a) (0.87)% (1.24)% (11.11)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.92%(a) 1.84% 2.24% 2.32 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 1.94%(a) 1.99% 2.34% 13.63 % (a)
Portfolio turnover rate++............... 169%(a) 392% 169% 240 % (a)
Average commission rate per share paid
on portfolio transactions++............ $ 0.0423 $ 0.0319 $ 0.0545 N/A
</TABLE>
- ----------------
(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) These selected per share operating data were calculated based upon
average shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., net
investment income per share would have been reduced by $1.12, $1.04
and $0.61 for Class A, Class B and Advisor Class, respectively.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F31
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
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>
CONSUMER PRODUCTS AND SERVICES FUND
---------------------------------------------------------
CLASS B
---------------------------------------------------------
SIX MONTHS DECEMBER 30, 1994
ENDED YEAR ENDED (COMMENCEMENT OF
APRIL 30, OCTOBER 31, OPERATIONS)
1998 ---------------------- OCTOBER 31,
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 (D)
------------- ---------- ---------- ------------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 21.86 $ 20.79 $ 14.53 $ 11.43
------------- ---------- ---------- ----------
Income from investment operations:
Net investment income (loss).......... (0.17) (0.24) (0.31) (0.04) *
Net realized and unrealized gain on
investments.......................... 4.71 2.22 7.09 3.14
------------- ---------- ---------- ----------
Net increase from investment
operations......................... 4.54 1.98 6.78 3.10
------------- ---------- ---------- ----------
Distributions to shareholders:
From net realized gain on
investments.......................... (1.89) (0.91) (0.52) --
------------- ---------- ---------- ----------
Total distributions................. (1.89) (0.91) (0.52) --
------------- ---------- ---------- ----------
Net asset value, end of period.......... $ 24.51 $ 21.86 $ 20.79 $ 14.53
------------- ---------- ---------- ----------
------------- ---------- ---------- ----------
Total investment return (c)............. 22.21%(b) 9.95% 48.11% 27.12 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 106,836 $ 93,978 $ 87,904 $ 2,959
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... (1.50)%(a) (1.22)% (1.64)% (0.30)% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... (1.52)%(a) (1.37)% (1.74)% (11.61)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 2.42%(a) 2.34% 2.74% 2.82 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.44%(a) 2.49% 2.84% 14.13 % (a)
Portfolio turnover rate++............... 169%(a) 392% 169% 240 % (a)
Average commission rate per share paid
on portfolio transactions++............ $ 0.0423 $ 0.0319 $ 0.0545 N/A
</TABLE>
- ----------------
(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) These selected per share operating data were calculated based upon
average shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., net
investment income per share would have been reduced by $1.12, $1.04
and $0.61 for Class A, Class B and Advisor Class, respectively.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F32
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
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>
CONSUMER PRODUCTS AND SERVICES FUND
---------------------------------------------------------
ADVISOR CLASS+
---------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 1, 1995
APRIL 30, OCTOBER 31, TO
1998 ---------------------- OCTOBER 31,
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 (D)
------------- ---------- ---------- ------------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 22.50 $ 21.15 $ 14.64 $ 11.84
------------- ---------- ---------- ----------
Income from investment operations:
Net investment income (loss).......... (0.06) (0.04) (0.13) 0.04*
Net realized and unrealized gain on
investments.......................... 4.86 2.30 7.16 2.76
------------- ---------- ---------- ----------
Net increase from investment
operations......................... 4.80 2.26 7.03 2.80
------------- ---------- ---------- ----------
Distributions to shareholders:
From net realized gain on
investments.......................... (1.89) (0.91) (0.52) --
------------- ---------- ---------- ----------
Total distributions................. (1.89) (0.91) (0.52) --
------------- ---------- ---------- ----------
Net asset value, end of period.......... $ 25.41 $ 22.50 $ 21.15 $ 14.64
------------- ---------- ---------- ----------
------------- ---------- ---------- ----------
Total investment return (c)............. 22.77%(b) 11.15% 49.50% 23.65 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 18,141 $ 6,047 $ 7,446 $ 164
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... (0.50)%(a) (0.22)% (0.64)% 0.70 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... (0.52)%(a) (0.37)% (0.74)% (10.61)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.42%(a) 1.34% 1.74% 1.82 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 1.44%(a) 1.49% 1.84% 13.13 % (a)
Portfolio turnover rate++............... 169%(a) 392% 169% 240 % (a)
Average commission rate per share paid
on portfolio transactions++............ $ 0.0423 $ 0.0319 $ 0.0545 N/A
</TABLE>
- ----------------
(a) Annualized
(b) Not annualized
(c) Total investment return does not include sales charges.
(d) These selected per share operating data were calculated based upon
average shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., net
investment income per share would have been reduced by $1.12, $1.04
and $0.61 for Class A, Class B and Advisor Class, respectively.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F33
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding,
total investment return, ratios and supplemental data. This information has been
derived from information provided in the financial statements.
<TABLE>
<CAPTION>
FINANCIAL SERVICES FUND
----------------------------------------------------------------------
CLASS A
----------------------------------------------------------------------
SIX MONTHS
ENDED MAY 31, 1994
APRIL 30, YEAR ENDED OCTOBER 31, (COMMENCEMENT OF
1998 ----------------------------------- OPERATIONS) TO
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 (D) OCTOBER 31, 1994
------------- ---------- ---------- ----------- ------------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 17.22 $ 14.20 $ 11.92 $ 11.62 $ 11.43
------------- ---------- ---------- ----------- --------
Income from investment operations:
Net investment income (loss).......... 0.02 0.04 0.05* 0.17* * 0.02* * *
Net realized and unrealized gain on
investments.......................... 3.54 3.97 2.36 0.13 0.17
------------- ---------- ---------- ----------- --------
Net increase from investment
operations......................... 3.56 4.01 2.41 0.30 0.19
------------- ---------- ---------- ----------- --------
Distributions to shareholders:
From net investment income............ -- -- (0.12) -- --
From net realized gain on
investments.......................... (0.61) (0.99) (0.01) -- --
------------- ---------- ---------- ----------- --------
Total distributions................. (0.61) (0.99) (0.13) -- --
------------- ---------- ---------- ----------- --------
Net asset value, end of period.......... $ 20.17 $ 17.22 $ 14.20 $ 11.92 $ 11.62
------------- ---------- ---------- ----------- --------
------------- ---------- ---------- ----------- --------
Total investment return (c)............. 21.29%(b) 29.91% 20.21% 2.58% 1.66 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 38,146 $ 29,639 $ 7,302 $ 5,687 $ 3,175
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 0.25%(a) 0.23% 0.41% 1.46% 0.66 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 0.20%(a) 0.16% (0.66)% (5.34)% (7.26)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.98%(a) 2.29% 2.32% 2.34% 2.40 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.03%(a) 2.36% 3.39% 9.14% 10.32 % (a)
Portfolio turnover rate++............... 106%(a) 91% 103% 170% 53 % (a)
Average commission rate per share paid
on portfolio transactions++............ $ 0.0015 $ 0.0014 $ 0.0080 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 average
shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.13 for each
of the three classes.
* * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.59, $0.59
and $0.30 for Class A, Class B and Advisor Class, respectively.
* * * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.23 for Class
A and Class B.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F34
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding,
total investment return, ratios and supplemental data. This information has been
derived from information provided in the financial statements.
<TABLE>
<CAPTION>
FINANCIAL SERVICES FUND
---------------------------------------------------------------------
CLASS B
---------------------------------------------------------------------
SIX MONTHS
ENDED MAY 31, 1994
APRIL 30, YEAR ENDED OCTOBER 31, (COMMENCEMENT OF
1998 ----------------------------------- OPERATIONS) TO
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 (D) OCTOBER 31, 1994
------------- ---------- ---------- ----------- -----------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 16.97 $ 14.06 $ 11.83 $ 11.60 $ 11.43
------------- ---------- ---------- ----------- -----------------
Income from investment operations:
Net investment income (loss).......... (0.02) (0.04) (0.01) * 0.11* * 0.00* * *
Net realized and unrealized gain on
investments.......................... 3.47 3.94 2.34 0.12 0.17
------------- ---------- ---------- ----------- -----------------
Net increase from investment
operations......................... 3.45 3.90 2.33 0.23 0.17
------------- ---------- ---------- ----------- -----------------
Distributions to shareholders:
From net investment income............ -- -- (0.09) -- --
From net realized gain on
investments.......................... (0.61) (0.99) (0.01) -- --
------------- ---------- ---------- ----------- -----------------
Total distributions................. (0.61) (0.99) (0.10) -- --
------------- ---------- ---------- ----------- -----------------
Net asset value, end of period.......... $ 19.81 $ 16.97 $ 14.06 $ 11.83 $ 11.60
------------- ---------- ---------- ----------- -----------------
------------- ---------- ---------- ----------- -----------------
Total investment return (c)............. 21.02%(b) 29.13% 19.81% 1.98% 1.49% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 64,747 $ 47,585 $ 9,886 $ 4,548 $ 2,235
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... (0.25)%(a) (0.27)% (0.09)% 0.96% 0.16% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... (0.30)%(a) (0.34)% (1.16)% (5.84)% (7.76)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 2.48%(a) 2.79% 2.82% 2.84% 2.90% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.53%(a) 2.86% 3.89% 9.64% 10.82% (a)
Portfolio turnover rate++............... 106%(a) 91% 103% 170% 53% (a)
Average commission rate per share paid
on portfolio transactions++............ $ 0.0015 $ 0.0014 $ 0.0080 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 average
shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.13 for each
of the three classes.
* * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.59, $0.59
and $0.30 for Class A, Class B and Advisor Class, respectively.
* * * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.23 for Class
A and Class B.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F35
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding,
total investment return, ratios and supplemental data. This information has been
derived from information provided in the financial statements.
<TABLE>
<CAPTION>
FINANCIAL SERVICES FUND
---------------------------------------------------------
ADVISOR CLASS+
---------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31, JUNE 1, 1995
APRIL 30, TO
1998 ---------------------- OCTOBER 31,
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 (D)
------------- ---------- ---------- ------------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 17.40 $ 14.26 $ 11.95 $ 11.09
------------- ---------- ---------- --------
Income from investment operations:
Net investment income (loss).......... 0.07 0.12 0.12* 0.09* *
Net realized and unrealized gain on
investments.......................... 3.57 4.01 2.36 0.77
------------- ---------- ---------- --------
Net increase from investment
operations......................... 3.64 4.13 2.48 0.86
------------- ---------- ---------- --------
Distributions to shareholders:
From net investment income............ -- -- (0.16) --
From net realized gain on
investments.......................... (0.61) (0.99) (0.01) --
------------- ---------- ---------- --------
Total distributions................. (0.61) (0.99) (0.17) --
------------- ---------- ---------- --------
Net asset value, end of period.......... $ 20.43 $ 17.40 $ 14.26 $ 11.95
------------- ---------- ---------- --------
------------- ---------- ---------- --------
Total investment return (c)............. 21.55%(b) 30.52% 20.87% 7.75 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 12,161 $ 3,738 $ 72 $ 31
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 0.75%(a) 0.73% 0.91% 1.96 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 0.70%(a) 0.66% (0.16)% (4.84)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.48%(a) 1.79% 1.82% 1.84 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 1.53%(a) 1.86% 2.89% 8.64 % (a)
Portfolio turnover rate++............... 106%(a) 91% 103% 170 %
Average commission rate per share paid
on portfolio transactions++............ $ 0.0015 $ 0.0014 $ 0.0080 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 average
shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.13 for each
of the three classes.
* * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.59, $0.59
and $0.30 for Class A, Class B and Advisor Class, respectively.
* * * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.23 for Class
A and Class B.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F36
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding,
total investment return, ratios and supplemental data. This information has been
derived from information provided in the financial statements.
<TABLE>
<CAPTION>
HEALTH CARE FUND
-------------------------------------------------------------------------
CLASS A+
-------------------------------------------------------------------------
SIX MONTHS
ENDED
APRIL 30, YEAR ENDED OCTOBER 31,
1998 ----------------------------------------------------------
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 1994 (D) 1993 (D)
------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 27.98 $ 23.60 $ 21.84 $ 19.60 $ 17.86 $ 17.44
------------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment loss................... (0.11) (0.25) (0.17) (0.15) (0.22) (0.15)
Net realized and unrealized gain on
investments.......................... 0.44 6.48 4.79 3.73 2.02 0.57
------------- ---------- ---------- ---------- ---------- ----------
Net increase from investment
operations......................... 0.33 6.23 4.62 3.58 1.80 0.42
------------- ---------- ---------- ---------- ---------- ----------
Distributions to shareholders:
From net realized gain on
investments.......................... (6.71) (1.85) (2.86) (1.34) -- --
In excess of net realized gain on
investments.......................... -- -- -- -- (0.06) --
------------- ---------- ---------- ---------- ---------- ----------
Total distributions................. (6.71) (1.85) (2.86) (1.34) (0.06) --
------------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period.......... $ 21.60 $ 27.98 $ 23.60 $ 21.84 $ 19.60 $ 17.86
------------- ---------- ---------- ---------- ---------- ----------
------------- ---------- ---------- ---------- ---------- ----------
Total investment return (c)............. 2.15%(b) 28.36% 23.14% 19.79% 10.11% 2.4%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 427,300 $ 472,083 $ 467,861 $ 426,380 $ 438,940 $ 461,113
Ratio of net investment loss to average
net assets:
With expense reductions (Notes 1 &
5)................................... (1.06)%(a) (1.00)% (0.71)% (0.72)% (1.23)% (0.9)%
Without expense reductions............ (1.07)%(a) (1.03)% (0.75)% (0.78)% N/A N/A
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 1.80%(a) 1.77% 1.80% 1.85% 1.98% 2.0%
Without expense reductions............ 1.81%(a) 1.80% 1.84% 1.91% N/A N/A
Portfolio turnover rate++++............. 156%(a) 149% 157% 99% 64% 61%
Average commission rate per share paid
on portfolio transactions++++.......... $ 0.0561 $ 0.0490 $ 0.0548 N/A 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 average
shares outstanding during the period.
+ All capital shares issued and outstanding as of March 31, 1993 were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover and average commission rates are calculated on the
basis of the Fund as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F37
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding,
total investment return, ratios and supplemental data. This information has been
derived from information provided in the financial statements.
<TABLE>
<CAPTION>
HEALTH CARE FUND
--------------------------------------------------------------------------------
CLASS B++
--------------------------------------------------------------------------------
SIX MONTHS
ENDED APRIL 1, 1993
APRIL 30, YEAR ENDED OCTOBER 31, TO
1998 ---------------------------------------------- OCTOBER 31,
(UNAUDITED) 1997 (D) 1996 (D) 1995 1994 (D) 1993 (D)
------------ ---------- ---------- ---------- ---------- ------------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 27.27 $ 23.15 $ 21.56 $ 19.46 $ 17.80 $ 15.59
------------ ---------- ---------- ---------- ---------- --------
Income from investment operations:
Net investment loss................... (0.16) (0.37) (0.27) (0.25) (0.32) (0.14)
Net realized and unrealized gain on
investments.......................... 0.42 6.34 4.72 3.69 2.02 2.35
------------ ---------- ---------- ---------- ---------- --------
Net increase from investment
operations......................... 0.26 5.97 4.45 3.44 1.70 2.21
------------ ---------- ---------- ---------- ---------- --------
Distributions to shareholders:
From net realized gain on
investments.......................... (6.71) (1.85) (2.86) (1.34) -- --
In excess of net realized gain on
investments.......................... -- -- -- -- (0.04) --
------------ ---------- ---------- ---------- ---------- --------
Total distributions................. (6.71) (1.85) (2.86) (1.34) (0.04) --
------------ ---------- ---------- ---------- ---------- --------
Net asset value, end of period.......... $ 20.82 $ 27.27 $ 23.15 $ 21.56 $ 19.46 $ 17.80
------------ ---------- ---------- ---------- ---------- --------
------------ ---------- ---------- ---------- ---------- --------
Total investment return (c)............. 1.89 %(b) 27.75% 22.59% 19.17% 9.55% 14.2 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 121,735 $ 147,440 $ 107,622 $ 70,740 $ 39,100 $ 8,604
Ratio of net investment loss to average
net assets:
With expense reductions (Notes 1 &
5)................................... (1.56)%(a) (1.50)% (1.21)% (1.22)% (1.73)% (1.4)% (a)
Without expense reductions............ (1.57)%(a) (1.53)% (1.25)% (1.28)% N/A N/A
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 2.30 %(a) 2.27% 2.30% 2.35% 2.48% 2.50 % (a)
Without expense reductions............ 2.31 %(a) 2.30% 2.34% 2.41% N/A N/A
Portfolio turnover rate++++............. 156 %(a) 149% 157% 99% 64% 61 %
Average commission rate per share paid
on portfolio transactions++++.......... $ 0.0561 $ 0.0490 $ 0.0548 N/A 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 average
shares outstanding during the period.
+ All capital shares issued and outstanding as of March 31, 1993 were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover and average commission rates are calculated on the
basis of the Fund as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F38
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding,
total investment return, ratios and supplemental data. This information has been
derived from information provided in the financial statements.
<TABLE>
<CAPTION>
HEALTH CARE FUND
-------------------------------------------------------
ADVISOR CLASS+++
-------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, OCTOBER 31, JUNE 1, 1995
1998 ---------------------- TO
(UNAUDITED) (D) 1997 (D) 1996 (D) OCTOBER 31, 1995
------------- ---------- ---------- ----------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 28.34 $ 23.77 $ 21.88 $ 18.66
------------- ---------- ---------- --------
Income from investment operations:
Net investment loss................... (0.05) (0.12) (0.05) (0.02)
Net realized and unrealized gain on
investments.......................... 0.44 6.54 4.80 3.24
------------- ---------- ---------- --------
Net increase from investment
operations......................... 0.39 6.42 4.75 3.22
------------- ---------- ---------- --------
Distributions to shareholders:
From net realized gain on
investments.......................... (6.71) (1.85) (2.86) --
In excess of net realized gain on
investments.......................... -- -- -- --
------------- ---------- ---------- --------
Total distributions................. (6.71) (1.85) (2.86) --
------------- ---------- ---------- --------
Net asset value, end of period.......... $ 22.02 $ 28.34 $ 23.77 $ 21.88
------------- ---------- ---------- --------
------------- ---------- ---------- --------
Total investment return (c)............. 2.37%(b) 29.00% 23.82% 17.10 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 9,699 $ 6,819 $ 1,152 $ 539
Ratio of net investment loss to average
net assets:
With expense reductions (Notes 1 &
5)................................... (0.56)%(a) (0.50)% (0.21)% (0.22)% (a)
Without expense reductions............ (0.57)%(a) (0.53)% (0.25)% (0.28)% (a)
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 1.30%(a) 1.27% 1.30% 1.35 % (a)
Without expense reductions............ 1.31%(a) 1.30% 1.34% 1.41 % (a)
Portfolio turnover rate++++............. 156%(a) 149% 157% 99 % (a)
Average commission rate per share paid
on portfolio transactions++++.......... $ 0.0561 $ 0.0490 $ 0.0548 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 average
shares outstanding during the period.
+ All capital shares issued and outstanding as of March 31, 1993 were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover and average commission rates are calculated on the
basis of the Fund as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F39
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
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>
INFRASTRUCTURE FUND
--------------------------------------------------------------------
CLASS A
--------------------------------------------------------------------
SIX MONTHS
ENDED MAY 31, 1994
APRIL 30, YEAR ENDED OCTOBER 31, (COMMENCEMENT OF
1998 ---------------------------------- OPERATIONS) TO
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 OCTOBER 31, 1994
------------- ---------- ---------- ---------- -----------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 15.01 $ 14.42 $ 12.11 $ 12.47 $ 11.43
------------- ---------- ---------- ---------- -----------------
Income from investment operations:
Net investment income (loss).......... 0.03* (0.01) (0.03) (0.03) ** 0.01* * *
Net realized and unrealized gain
(loss) on investments................ 1.50 1.32 2.34 (0.33) 1.03
------------- ---------- ---------- ---------- -----------------
Net increase (decrease) from
investment operations.............. 1.53 1.31 2.31 (0.36) 1.04
------------- ---------- ---------- ---------- -----------------
Distributions to shareholders:
From net realized gain on
investments.......................... (0.11) (0.72) -- -- --
------------- ---------- ---------- ---------- -----------------
Total distributions................. (0.11) (0.72) -- -- --
------------- ---------- ---------- ---------- -----------------
Net asset value, end of period.......... $ 16.43 $ 15.01 $ 14.42 $ 12.11 $ 12.47
------------- ---------- ---------- ---------- -----------------
------------- ---------- ---------- ---------- -----------------
Total investment return (c)............. 10.29%(b) 9.38% 19.08% (2.89)% 9.10% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 33,287 $ 38,281 $ 38,397 $ 36,241 $ 23,615
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 0.51%(a) (0.09)% (0.19)% (0.32)% 0.41% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 0.32%(a) (0.17)% (0.30)% (0.58)% (0.47)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.99%(a) 2.00% 2.14% 2.36% 2.40% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.18%(a) 2.08% 2.25% 2.62% 3.28% (a)
Portfolio turnover rate++............... 95%(a) 41% 41% 45% 18%
Average commission rate per share paid
on portfolio transactions.............. $ 0.0148 $ 0.0046 $ 0.0109 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 average
shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.01 for each
of the three classes.
* * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.03 for Class
A shares, $0.03 for Class B shares, and $0.02 for Advisor Class
shares.
* * * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.02 for Class
A and Class B from May 31, 1994 to October 31, 1994.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F40
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
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>
INFRASTRUCTURE FUND
--------------------------------------------------------------------
CLASS B
--------------------------------------------------------------------
SIX MONTHS
ENDED MAY 31, 1994
APRIL 30, YEAR ENDED OCTOBER 31, (COMMENCEMENT OF
1998 ---------------------------------- OPERATIONS) TO
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 OCTOBER 31, 1994
------------- ---------- ---------- ---------- -----------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 14.75 $ 14.24 $ 12.03 $ 12.45 $ 11.43
------------- ---------- ---------- ---------- -----------------
Income from investment operations:
Net investment income (loss).......... --* (0.09) (0.09) (0.09) ** (0.01) * * *
Net realized and unrealized gain
(loss) on investments................ 1.46 1.32 2.30 (0.33) 1.03
------------- ---------- ---------- ---------- -----------------
Net increase (decrease) from
investment operations.............. 1.46 1.23 2.21 (0.42) 1.02
------------- ---------- ---------- ---------- -----------------
Distributions to shareholders:
From net realized gain on
investments.......................... (0.11) (0.72) -- -- --
------------- ---------- ---------- ---------- -----------------
Total distributions................. (0.11) (0.72) -- -- --
------------- ---------- ---------- ---------- -----------------
Net asset value, end of period.......... $ 16.10 $ 14.75 $ 14.24 $ 12.03 $ 12.45
------------- ---------- ---------- ---------- -----------------
------------- ---------- ---------- ---------- -----------------
Total investment return (c)............. 9.99%(b) 8.83% 18.37% (3.37)% 8.92% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 47,177 $ 57,199 $ 53,678 $ 50,181 $ 30,954
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 0.01%(a) (0.59)% (0.69)% (0.82)% (0.09)% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... (0.18)%(a) (0.67)% (0.80)% (1.08)% (0.97)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 2.49%(a) 2.50% 2.64% 2.86% 2.90% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.68%(a) 2.58% 2.75% 3.12% 3.78% (a)
Portfolio turnover rate++............... 95%(a) 41% 41% 45% 18%
Average commission rate per share paid
on portfolio transactions.............. $ 0.0148 $ 0.0046 $ 0.0109 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 average
shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.01 for each
of the three classes.
* * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.03 for Class
A shares, $0.03 for Class B shares, and $0.02 for Advisor Class
shares.
* * * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.02 for Class
A and Class B from May 31, 1994 to October 31, 1994.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F41
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
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>
INFRASTRUCTURE FUND
-------------------------------------------------------
ADVISOR CLASS+
-------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, JUNE 1, 1995
1998 ---------------------- TO
(UNAUDITED) (D) 1997 (D) 1996 (D) OCTOBER 31, 1995
------------- ---------- ---------- ----------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 15.23 $ 14.52 $ 12.14 $ 12.00
------------- ---------- ---------- --------
Income from investment operations:
Net investment income (loss).......... 0.08* 0.05 0.04 0.02* *
Net realized and unrealized gain
(loss) on investments................ 1.51 1.38 2.34 0.12
------------- ---------- ---------- --------
Net increase (decrease) from
investment operations.............. 1.59 1.43 2.38 0.14
------------- ---------- ---------- --------
Distributions to shareholders:
From net realized gain on
investments.......................... (0.11) (0.72) -- --
------------- ---------- ---------- --------
Total distributions................. (0.11) (0.72) -- --
------------- ---------- ---------- --------
Net asset value, end of period.......... $ 16.71 $ 15.23 $ 14.52 $ 12.14
------------- ---------- ---------- --------
------------- ---------- ---------- --------
Total investment return (c)............. 10.53%(b) 10.10% 19.60% 1.17 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 9,347 $ 2,539 $ 344 $ 216
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.01%(a) 0.41% 0.31% 0.18 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 0.82%(a) 0.33% 0.20% (0.08)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.49%(a) 1.50% 1.64% 1.86 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 1.68%(a) 1.58% 1.75% 2.12 % (a)
Portfolio turnover rate++............... 95%(a) 41% 41% 45 %
Average commission rate per share paid
on portfolio transactions.............. $ 0.0148 $ 0.0046 $ 0.0109 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 average
shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.01 for each
of the three classes.
* * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.03 for Class
A shares, $0.03 for Class B shares, and $0.02 for Advisor Class
shares.
* * * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.02 for Class
A and Class B from May 31, 1994 to October 31, 1994.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F42
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
RESOURCES FUND
--------------------------------------------------------------------
CLASS A
--------------------------------------------------------------------
SIX MONTHS
ENDED MAY 31, 1994
APRIL 30, YEAR ENDED OCTOBER 31, (COMMENCEMENT OF
1998 ---------------------------------- OPERATIONS) TO
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 OCTOBER 31, 1994
------------- ---------- ---------- ---------- -----------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 20.65 $ 17.43 $ 11.44 $ 12.41 $ 11.43
------------- ---------- ---------- ---------- -----------------
Income from investment operations:
Net investment income (loss).......... (0.10) * (0.25) (0.24) 0.04* * 0.06* * *
Net realized and unrealized gain
(loss) on investments................ (4.31) 4.08 6.28 (0.98) 0.92
------------- ---------- ---------- ---------- -----------------
Net increase (decrease) from
investment operations.............. (4.41) 3.83 6.04 (0.94) 0.98
------------- ---------- ---------- ---------- -----------------
Distributions to shareholders:
From net investment income............ -- -- (0.04) (0.03) --
From net realized gain on
investments.......................... (0.68) (0.61) (0.01) -- --
------------- ---------- ---------- ---------- -----------------
Total distributions................. (0.68) (0.61) (0.05) (0.03) --
------------- ---------- ---------- ---------- -----------------
Net asset value, end of period.......... $ 15.56 $ 20.65 $ 17.43 $ 11.44 $ 12.41
------------- ---------- ---------- ---------- -----------------
------------- ---------- ---------- ---------- -----------------
Total investment return (c)............. (21.88)%(b) 22.64% 53.04% (7.58)% 8.57% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 42,093 $ 69,975 $ 48,729 $ 12,598 $ 14,797
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... (1.14)%(a) (1.41)% (1.55)% 0.41% 2.63% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... (1.32)%(a) (1.51)% (1.65)% (0.69)% 0.65% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.99%(a) 2.03% 2.20% 2.37% 2.40% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.17%(a) 2.13% 2.30% 3.47% 4.38% (a)
Portfolio turnover rate++............... 197%(a) 321% 94% 87% 137%
Average commission rate per share paid
on portfolio transactions++............ $ 0.0245 $ 0.0112 $ 0.0243 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 average
shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.01 for each
of the three classes.
* * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income (loss) per share would have been reduced (increased)
by $0.14, $0.13, and $0.12 for Class A, Class B, and Advisor Class,
respectively.
* * * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.04 for Class
A and Class B.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F43
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
RESOURCES FUND
--------------------------------------------------------------------
CLASS B
--------------------------------------------------------------------
SIX MONTHS
ENDED MAY 31, 1994
APRIL 30, YEAR ENDED OCTOBER 31, (COMMENCEMENT OF
1998 ---------------------------------- OPERATIONS) TO
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 OCTOBER 31, 1994
------------- ---------- ---------- ---------- -----------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 20.37 $ 17.29 $ 11.36 $ 12.38 $ 11.43
------------- ---------- ---------- ---------- -----------------
Income from investment operations:
Net investment income (loss).......... (0.14) * (0.33) (0.31) (0.02) ** 0.03* * *
Net realized and unrealized gain
(loss) on investments................ (4.24) 4.02 6.25 (0.98) 0.92
------------- ---------- ---------- ---------- -----------------
Net increase (decrease) from
investment operations.............. (4.38) 3.69 5.94 (1.00) 0.95
------------- ---------- ---------- ---------- -----------------
Distributions to shareholders:
From net investment income............ -- -- -- (0.02) --
From net realized gain on
investments.......................... (0.68) (0.61) (0.01) -- --
------------- ---------- ---------- ---------- -----------------
Total distributions................. (0.68) (0.61) (0.01) (0.02) --
------------- ---------- ---------- ---------- -----------------
Net asset value, end of period.......... $ 15.31 $ 20.37 $ 17.29 $ 11.36 $ 12.38
------------- ---------- ---------- ---------- -----------------
------------- ---------- ---------- ---------- -----------------
Total investment return (c)............. (22.03)%(b) 21.99% 52.39% (8.05)% 8.31% (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 52,210 $ 86,812 $ 57,749 $ 13,978 $ 13,404
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... (1.64)%(a) (1.91)% (2.05)% (0.09)% 2.13% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... (1.82)%(a) (2.01)% (2.15)% (1.19)% 0.15% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 2.49%(a) 2.53% 2.70% 2.87% 2.90% (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 2.67%(a) 2.63% 2.80% 3.97% 4.88% (a)
Portfolio turnover rate++............... 197%(a) 321% 94% 87% 137%
Average commission rate per share paid
on portfolio transactions++............ $ 0.0245 $ 0.0112 $ 0.0243 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 average
shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.01 for each
of the three classes.
* * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income (loss) per share would have been reduced (increased)
by $0.14, $0.13, and $0.12 for Class A, Class B, and Advisor Class,
respectively.
* * * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.04 for Class
A and Class B.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F44
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
Contained below is per share operating performance data for a share outstanding
throughout the period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
RESOURCES FUND
-------------------------------------------------------
ADVISOR CLASS+
-------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, JUNE 1, 1995
1998 ---------------------- TO
(UNAUDITED) (D) 1997 (D) 1996 (D) OCTOBER 31, 1995
------------- ---------- ---------- ----------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 20.80 $ 17.47 $ 11.47 $ 11.45
------------- ---------- ---------- --------
Income from investment operations:
Net investment income (loss).......... (0.06) * (0.14) (0.17) 0.11* *
Net realized and unrealized gain
(loss) on investments................ (4.36) 4.08 6.28 (0.09)
------------- ---------- ---------- --------
Net increase (decrease) from
investment operations.............. (4.42) 3.94 6.11 0.02
------------- ---------- ---------- --------
Distributions to shareholders:
From net investment income............ -- -- (0.10) --
From net realized gain on
investments.......................... (0.68) (0.61) (0.01) --
------------- ---------- ---------- --------
Total distributions................. (0.68) (0.61) (0.11) --
------------- ---------- ---------- --------
Net asset value, end of period.......... $ 15.70 $ 20.80 $ 17.47 $ 11.47
------------- ---------- ---------- --------
------------- ---------- ---------- --------
Total investment return (c)............. (21.76)%(b) 23.23% 53.76% 0.17 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 7,337 $ 14,886 $ 5,502 $ 95
Ratio of net investment income (loss) to
average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... (0.64)%(a) (0.91)% (1.05)% 0.91 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... (0.82)%(a) (1.01)% (1.15)% (0.19)% (a)
Ratio of expenses to average net assets:
With expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc. (Notes 1 & 5)....... 1.49%(a) 1.53% 1.70% 1.87 % (a)
Without expense reductions and
reimbursement by Chancellor LGT Asset
Management, Inc...................... 1.67%(a) 1.63% 1.80% 2.97 % (a)
Portfolio turnover rate++............... 197%(a) 321% 94% 87 %
Average commission rate per share paid
on portfolio transactions++............ $ 0.0245 $ 0.0112 $ 0.0243 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 average
shares outstanding during the period.
* Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.01 for each
of the three classes.
* * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income (loss) per share would have been reduced (increased)
by $0.14, $0.13, and $0.12 for Class A, Class B, and Advisor Class,
respectively.
* * * Before reimbursement by Chancellor LGT Asset Management, Inc., the net
investment income per share would have been reduced by $0.04 for Class
A and Class B.
+ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++ Portfolio turnover and average commission rates are calculated on the
basis of the Portfolio as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F45
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
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>
TELECOMMUNICATIONS FUND
-------------------------------------------------------------------------
CLASS A+
-------------------------------------------------------------------------
SIX MONTHS
ENDED
APRIL 30, YEAR ENDED OCTOBER 31,
1998 ----------------------------------------------------------
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 1994 (D) 1993
------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 18.04 $ 16.69 $ 16.42 $ 17.80 $ 16.92 $ 11.16
------------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income (loss).......... (0.09) (0.17) (0.13) (0.09) (0.01) 0.08
Net realized and unrealized gain
(loss) on investments................ 3.30 2.93 1.22 (0.43) 1.17 5.83
------------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) from
investment operations.............. 3.21 2.76 1.09 (0.52) 1.16 5.91
------------- ---------- ---------- ---------- ---------- ----------
Distributions to shareholders:
From net investment income............ -- -- -- -- (0.01) (0.15)
From net realized gain on
investments.......................... (1.20) (1.41) (0.82) (0.86) (0.27) --
------------- ---------- ---------- ---------- ---------- ----------
Total distributions................. (1.20) (1.41) (0.82) (0.86) (0.28) (0.15)
------------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period.......... $ 20.05 $ 18.04 $ 16.69 $ 16.42 $ 17.80 $ 16.92
------------- ---------- ---------- ---------- ---------- ----------
------------- ---------- ---------- ---------- ---------- ----------
Total investment return (c)............. 19.19%(b) 17.70% 7.00% (2.88)% 7.02% 53.60%
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 969,857 $ 910,801 $1,204,428 $1,353,722 $1,644,402 $1,223,340
Ratio of net investment income (loss) to
average net assets:
With expense reductions (Notes 1 &
5)................................... (1.08)%(a) (1.01)% (0.84)% (0.49)% (0.02)% 0.80%
Without expense reductions............ (1.09)%(a) (1.06)% (0.89)% (0.55)% N/A N/A
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 1.87%(a) 1.79% 1.74% 1.77% 1.80% 2.0%
Without expense reductions............ 1.88%(a) 1.84% 1.79% 1.83% N/A N/A
Portfolio turnover rate++++............. 56%(a) 35% 37% 62% 57% 41%
Average commission rate per share paid
on portfolio transactions++++.......... $ 0.0045 $ 0.0085 $ 0.0165 N/A N/A N/A
</TABLE>
- ----------------
(a) Annualized
(b) Not Annualized
(c) Total investment return does not include sales charge.
(d) These selected per share data were calculated based upon the average
shares outstanding during the period.
+ All capital shares issued and outstanding March 31, 1993 were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover and average commission rates are calculated on the
basis of the Fund as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F46
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
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>
TELECOMMUNICATIONS FUND
-----------------------------------------------------------------------------
CLASS B++
-----------------------------------------------------------------------------
SIX MONTHS
ENDED APRIL 1, 1993
APRIL 30, YEAR ENDED OCTOBER 31, TO
1998 ---------------------------------------------- OCTOBER 31,
(UNAUDITED) (D) 1997 (D) 1996 (D) 1995 1994 (D) 1993
------------- ---------- ---------- ---------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 17.58 $ 16.37 $ 16.20 $ 17.66 $ 16.87 $ 12.68
------------- ---------- ---------- ---------- ---------- --------------
Income from investment operations:
Net investment income (loss).......... (0.13) (0.25) (0.23) (0.17) (0.10) 0.01
Net realized and unrealized gain
(loss) on investments................ 3.20 2.87 1.22 (0.43) 1.17 4.18
------------- ---------- ---------- ---------- ---------- --------------
Net increase (decrease) from
investment operations.............. 3.07 2.62 0.99 (0.60) 1.07 4.19
------------- ---------- ---------- ---------- ---------- --------------
Distributions to shareholders:
From net investment income............ -- -- -- -- (0.01) --
From net realized gain on
investments.......................... (1.20) (1.41) (0.82) (0.86) (0.27) --
------------- ---------- ---------- ---------- ---------- --------------
Total distributions................. (1.20) (1.41) (0.82) (0.86) (0.28) --
------------- ---------- ---------- ---------- ---------- --------------
Net asset value, end of period.......... $ 19.45 $ 17.58 $ 16.37 $ 16.20 $ 17.66 $ 16.87
------------- ---------- ---------- ---------- ---------- --------------
------------- ---------- ---------- ---------- ---------- --------------
Total investment return (c)............. 18.88%(b) 17.15% 6.46% (3.37)% 6.50% 33.0 %(b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 837,576 $ 805,535 $1,007,654 $1,111,520 $1,184,081 $ 455,335
Ratio of net investment income (loss) to
average net assets:
With expense reductions (Notes 1 &
5)................................... (1.58)%(a) (1.51)% (1.34)% (0.99)% (0.52)% 0.3 %(a)
Without expense reductions............ (1.59)%(a) (1.56)% (1.39)% (1.05)% N/A N/A
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 2.37%(a) 2.29% 2.24% 2.27% 2.30% 2.50 %(a)
Without expense reductions............ 2.38%(a) 2.34% 2.29% 2.33% N/A N/A
Portfolio turnover rate++++............. 56%(a) 35% 37% 62% 57% 41 %
Average commission rate per share paid
on portfolio transactions++++.......... $ 0.0045 $ 0.0085 $ 0.0165 N/A N/A N/A
</TABLE>
- ----------------
(a) Annualized
(b) Not Annualized
(c) Total investment return does not include sales charge.
(d) These selected per share data were calculated based upon the average
shares outstanding during the period.
+ All capital shares issued and outstanding March 31, 1993 were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover and average commission rates are calculated on the
basis of the Fund as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F47
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
FINANCIAL HIGHLIGHTS (cont'd)
- --------------------------------------------------------------------------------
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>
TELECOMMUNICATIONS FUND
-------------------------------------------------------
ADVISOR CLASS+++
-------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED OCTOBER 31,
APRIL 30, JUNE 1, 1995
1998 ---------------------- TO
(UNAUDITED) (D) 1997 (D) 1996 (D) OCTOBER 31, 1995
------------- ---------- ---------- ----------------
<S> <C> <C> <C> <C>
Per Share Operating Performance:
Net asset value, beginning of period.... $ 18.28 $ 16.81 $ 16.46 $ 15.24
------------- ---------- ---------- --------
Income from investment operations:
Net investment income (loss).......... (0.04) (0.09) (0.05) --
Net realized and unrealized gain
(loss) on investments................ 3.36 2.97 1.22 1.22
------------- ---------- ---------- --------
Net increase (decrease) from
investment operations.............. 3.32 2.88 1.17 1.22
------------- ---------- ---------- --------
Distributions to shareholders:
From net investment income............ -- -- -- --
From net realized gain on
investments.......................... (1.20) (1.41) (0.82) --
------------- ---------- ---------- --------
Total distributions................. (1.20) (1.41) (0.82) --
------------- ---------- ---------- --------
Net asset value, end of period.......... $ 20.40 $ 18.28 $ 16.81 $ 16.46
------------- ---------- ---------- --------
------------- ---------- ---------- --------
Total investment return (c)............. 19.56%(b) 18.33% 7.49% 7.94 % (b)
Ratios and supplemental data:
Net assets, end of period (in 000's).... $ 8,351 $ 4,783 $ 945 $ 681
Ratio of net investment income (loss) to
average net assets:
With expense reductions (Notes 1 &
5)................................... (0.58)%(a) (0.51)% (0.34)% 0.01 % (a)
Without expense reductions............ (0.59)%(a) (0.56)% (0.39)% 0.07 % (a)
Ratio of expenses to average net assets:
With expense reductions (Notes 1 &
5)................................... 1.37%(a) 1.29% 1.24% 1.27 % (a)
Without expense reductions............ 1.38%(a) 1.34% 1.29% 1.33 % (a)
Portfolio turnover rate++++............. 56%(a) 35% 37% 62 %
Average commission rate per share paid
on portfolio transactions++++.......... $ 0.0045 $ 0.0085 $ 0.0165 N/A
</TABLE>
- ----------------
(a) Annualized
(b) Not Annualized
(c) Total investment return does not include sales charge.
(d) These selected per share data were calculated based upon the average
shares outstanding during the period.
+ All capital shares issued and outstanding March 31, 1993 were
reclassified as Class A shares.
++ Commencing April 1, 1993, the Fund began offering Class B shares.
+++ Commencing June 1, 1995, the Fund began offering Advisor Class shares.
++++ Portfolio turnover and average commission rates are calculated on the
basis of the Fund as a whole without distinguishing between the
classes of shares issued.
N/A Not Applicable.
The accompanying notes are an integral part of the financial statements.
F48
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
NOTES TO
FINANCIAL STATEMENTS
April 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
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 7 -- Subsequent Events" for a discussion of certain changes which took
place after April 30, 1998.
1. SIGNIFICANT ACCOUNTING POLICIES (SEE ALSO NOTE 7)
GT Global Consumer Products and Services Fund, GT Global Financial Services
Fund, GT Global Health Care Fund, GT Global Infrastructure Fund, GT Global
Natural Resources Fund and GT Global Telecommunications Fund ("Funds") are
separate series of G.T. Investment Funds, Inc. ("Company"). Effective June 1,
1998, the Company was renamed AIM Investment Funds, Inc. and these six separate
series were renamed as follows: AIM Global Consumer Products and Services Fund,
AIM Global Financial Services Fund, AIM Global Health Care Fund, AIM Global
Infrastructure Fund, AIM Global Resources Fund and AIM Global Telecommunications
Fund, respectively. Collectively, these Funds are now known as the "AIM Global
Theme Funds." 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.
The GT Global Consumer Products and Services Fund, GT Global Financial Services
Fund, GT Global Infrastructure Fund, and GT Global Natural Resources Fund each
invests substantially all of its investable assets in Global Consumer Products
and Services Portfolio, Global Financial Services Portfolio, Global
Infrastructure Portfolio, and Global Natural Resources Portfolio ("Portfolios"),
respectively. Each Portfolio is organized as a subtrust of a New York common law
trust ("Trust") and is registered under the 1940 Act as an open-end management
investment company.
The Portfolios have investment objectives, policies, and limitations
substantially identical to those of their corresponding Funds. Therefore, the
financial statements of the aformentioned Funds and their respective Portfolios
have been presented on a consolidated basis, and represent all activities of
both the respective Funds and Portfolios. Through April 30, 1998, all of the
shares of beneficial interest of each Portfolio were owned by either its
respective Fund or Chancellor LGT Asset Management, Inc. (the "Manager"), which
has a nominal ($100) investment in each Portfolio.
The Funds 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 each 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 Funds in the preparation of the
financial statements.
(A) PORTFOLIO VALUATION
The Funds calculate the net asset value of and complete 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 the Manager to be the
primary market.
Fixed income investments are valued at the mean of representative quoted bid and
ask prices for such investments or, if such prices are not available, at prices
for investments of comparative maturity, quality and type; however, when the
Manager deems it appropriate, prices obtained for the day of valuation from a
bond pricing service will be used. Short-term investments 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
Company's Board of Directors or the Trust's Board of Trustees.
Portfolio securities which are primarily traded on foreign exchanges are
generally valued at the preceding closing values of such securities on their
respective exchanges, and those values are then translated into U.S. dollars at
the current exchange rates, except that when an occurrence subsequent to the
time a value was so established is likely to have materially changed such value,
then the fair value of those securities will be determined by consideration of
other factors by or under the direction of the Company's Board of Directors or
the Trusts's Board of Trustees.
F49
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
(B) FOREIGN CURRENCY TRANSLATION
The accounting records of each Fund and Portfolio are maintained in U.S.
dollars. The market values of foreign securities, currency holdings, and other
assets and liabilities are recorded in the books and records of the Funds or
Portfolios (the phrase "Fund or Portfolio" hereinafter includes the GT Global
Health Care Fund, The GT Global Telecommunications Fund, and the four
Portfolios) 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.
A Fund or Portfolio does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss from
investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, forward foreign currency contracts, sales
of foreign currencies, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's or Portfolio's books and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized foreign exchange gains or losses arise
from changes in the value of assets and liabilities other than investments in
securities at year end, resulting from changes in exchange rates.
(C) REPURCHASE AGREEMENTS
With respect to repurchase agreements entered into by a Fund or Portfolio, it is
the Fund's or Portfolio'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 or Portfolio 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 or Portfolio as an unrealized gain or loss.
When the Forward Contract is closed, the Fund or Portfolio 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. Forward Contracts involve market risk
in excess of the amount shown in the Fund's or Portfolio's "Statement of Assets
and Liabilities". A Fund or Portfolio could be exposed to risk if a counterparty
is unable to meet the terms of the contract or if the value of the currency
changes unfavorably. A Fund or Portfolio 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 a Fund or Portfolio writes a call or put option, an amount equal to the
premium received is included in the Fund's or Portfolio'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 or Portfolio 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 or Portfolio can write options only on a covered basis,
which, for a call, requires that the Fund or Portfolio hold the underlying
security and, for a put, requires the Fund or Portfolio 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 or Portfolio may use options to manage its
exposure to the stock market and to fluctuations in currency values or interest
rates.
The premium paid by the Fund or Portfolio for the purchase of a call or put
option is included in the Fund's or Portfolio'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 or Portfolio has
purchased expires on the stipulated expiration date, the Fund or Portfolio
realizes a loss in the amount of the cost of the option. If the Fund or
Portfolio enters into a closing sale transaction, the Fund or Portfolio 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 or Portfolio
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 or Portfolio
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 or Portfolio 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 or Portfolio 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 or Portfolio may not be able to enter into a closing
transaction because of an illiquid secondary market.
F50
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
(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 a
Fund or Portfolio 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 or Portfolio
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 or Portfolio as unrealized gains
or losses. When the contract is closed, the Fund or Portfolio 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 or Portfolio is that the change in value of the underlying
securities may not correlate to the change in value of the contracts. A Fund or
Portfolio may use futures contracts to manage its exposure to the stock market
and to fluctuations in currency values or interest rates.
(G) SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME
Security transactions are accounted for on the trade date (date the order to buy
or sell is executed). The cost of securities sold is determined on a first-in,
first-out-basis, unless otherwise specified. Dividends are recorded on the
ex-dividend date. Interest income is recorded on the accrual basis. Where a high
level of uncertainty exists as to its collection, income is recorded net of all
withholding tax with any rebate recorded when received. A Fund or Portfolio may
trade securities on other than normal settlement terms. This may increase the
risk if the other party to the transaction fails to deliver and causes the Fund
or Portfolio to subsequently invest at less advantageous prices.
(H) PORTFOLIO SECURITIES LOANED
At April 30, 1998, stocks with an aggregate value listed below were on loan to
brokers. The loans were secured by cash collateral received by the Funds or
Portfolios:
<TABLE>
<CAPTION>
APRIL 30, 1998 PERIOD ENDED
-------------------------------- APRIL 30, 1998
AGGREGATE VALUE CASH --------------
ON LOAN COLLATERAL FEES RECEIVED
--------------- -------------- --------------
<S> <C> <C> <C>
Global Consumer Products and Services
Portfolio.............................. $ 13,868,204 $ 14,143,909 $ 17,942
Global Financial Services Portfolio..... 5,524,535 5,830,915 34,910
GT Global Health Care Fund.............. 42,191,546 43,020,709 55,507
Global Infrastructure Portfolio......... 2,588,399 2,614,825 18,515
Global Natural Resources Portfolio...... 4,703,950 4,758,300 11,469
GT Global Telecommunications Fund....... 252,579,366 258,744,228 609,824
</TABLE>
For international securities, cash collateral is received by a Fund or Portfolio
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 a Fund or Portfolio against loaned securities in the
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 the loan.
The cash collateral is invested in a securities lending trust which consists of
a portfolio of high quality short duration securities whose average effective
duration is restricted to 120 days or less.
(I) TAXES
It is the intended policy of the Funds and Portfolios 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 Funds 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, unrealized appreciation of securities held, or exise tax
on income and capital gains.
(J) DISTRIBUTIONS TO SHAREHOLDERS
Distributions to shareholders are recorded by each 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 Funds or Portfolios and timing
differences.
(K) DEFERRED ORGANIZATIONAL EXPENSES
Expenses incurred by the GT Global Consumer Products and Services Fund, GT
Global Financial Services Fund, GT Global Infrastructure Fund, and GT Global
Natural Resources Fund in connection with their organizations, their initial
registration with the Securities and Exchange Commission and with various states
and the initial public offering of its shares aggregated $51,500, $63,100,
$51,500, and $51,500, respectively. 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 or Portfolio's investment in emerging
market countries may involve greater risks than investments in more developed
markets and the price of such investments may be volatile. These risks of
investing in foreign and
F51
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
emerging markets may include foreign currency exchange rate fluctuations,
perceived credit risk, adverse political and economic developments and possible
adverse foreign government intervention.
In addition, each Fund or Portfolio may focus its investments in certain related
consumer products and services, financial services, health care, infrastructure,
natural resources, or telecommunications industries, subjecting the Fund or
Portfolio to greater risk than a fund that is more diversified.
(M) INDEXED SECURITIES
A Fund or Portfolio 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
A Fund or Portfolio 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. At the end of the period,
restricted securities (excluding 144A issues) are shown at the end of the Fund's
or Portfolio's Portfolio of Investments.
(O) LINE OF CREDIT
Each of the Funds, along with certain other funds ("GT Funds") advised and/or
administered by the Manager, has a line of credit with each of BankBoston and
State Street Bank & Trust Company. The arrangements with the banks allow the GT
Funds to borrow an aggregate maximum amount of $250,000,000. Each of these funds
is limited to borrowing up to 33 1/3% of the value of each Fund's total assets.
On April 30, 1998, there were no outstanding loans.
For the period ended April 30, 1998, the weighted average outstanding daily
balance of bank loans (based on the number of days the loans were outstanding)
for GT Global Consumer Products Fund, GT Global Financial Services Fund, GT
Global Health Care Fund, GT Global Natural Resources Fund and GT Global
Telecommunications Fund was $1,170,000, $1,290,000, $746,750, $2,468,082, and
$7,805,222 respectively, with a weighted average interest rate of 6.31%, 6.19%,
6.45%, 6.29%, and 6.22%, respectively. Interest expense for the GT Global
Consumer Products Fund, GT Global Financial Services Fund, GT Global Health Care
Fund, GT Global Natural Resources Fund and GT Global Telecommunications Fund for
the period ended April 30, 1998 was $7,383, $2,214, $536, $21,125 and $24,291,
respectively, and is included in "Other Expenses" on the Statement of
Operations.
2. RELATED PARTIES (SEE ALSO NOTE 7)
For the period ended April 30, 1998, Chancellor LGT Asset Management, Inc. was
the Funds' and Portfolios' investment manager and administrator. GT Global
Consumer Products and Services Fund, GT Global Financial Services Fund, GT
Global Infrastructure Fund, and GT Global Natural Resources Fund each pays the
Manager administration fees at the annualized rate of 0.25% of such Fund's
average daily net assets. Each of the Portfolios pays investment management and
administration fees to the Manager at the annualized rate of 0.725% on the first
$500 million of average daily net assets of the Portfolio; 0.70% on the next
$500 million; 0.675% on the next $500 million; and 0.65% on amounts thereafter.
GT Global Health Care Fund and GT Global Telecommunications Fund each pays
investment management and administration fees to the Manager at the annualized
rate of 0.975% on the first $500 million of average daily net assets of the
Fund; 0.95% on the next $500 million; 0.925% on the next $500 million and 0.90%
on amounts thereafter. These fees are computed daily and paid monthly.
For the period ended April 30, 1998, GT Global, Inc. ("GT Global"), an affiliate
of the Manager, serves as the Funds' distributor. The Funds offer 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 Funds' 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 period ended April 30, 1998, GT Global retained the
following sales charges: $10,253 for the GT Global Consumer Products and
Services Fund, $7,958 for the GT Global Financial Services Fund, $13,964 for the
GT Global Health Care Fund, $3,173 for the GT Global Infrastructure Fund,
$12,051 for the GT Global Natural Resources Fund, and $38,922 for the GT Global
Telecommunications Fund. Purchases of Class A shares exceeding $500,000 may be
subject to a contingent deferred sales charge ("CDSC") upon redemption, in
accordance with the Funds' current prospectus. GT Global collected CDSCs for the
period ended April 30, 1998, as follows: $207 for the GT Global Health Care
Fund, $1,704 for the GT Global Natural Resources Fund, and $28,868 for the GT
Global Telecommunications Fund. 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 Funds' current
prospectus. For the period ended April 30, 1998, GT Global collected CDSCs in
the amount of: $219,642 for the GT Global Consumer Products and Services Fund,
$114,176 for the GT Global Financial Services Fund, $297,817 for the GT Global
Health Care Fund, $227,499 for the GT Global Infrastructure Fund, $205,833 for
the GT Global Natural Resources Fund, and $1,825,382 for the GT Global
Telecommunications Fund. 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
F52
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
respect to the Funds' Class A shares ("Class A Plan") and Class B shares ("Class
B Plan"), a Fund reimbursed GT Global for a portion of its shareholder servicing
and distributions expenses. Under that Class A Plan, a 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, a 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 each Fund's expenses
(exclusive of brokerage commissions, taxes, interest, and extraordinary expense)
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 waivers by the Manager of
investment management 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 Funds. 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
Funds 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 Funds and Portfolios.
The monthly fee for these services to the Manager is a percentage, not to exceed
0.03% annually, of a Fund or Portfolio'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 each Fund's average daily
net assets.
The Company pays each Director who is not an employee, officer or director of
the Manager, or any other affiliated company $5,000 per year plus $300 for each
meeting of the board or any committee thereof attended by the Director. Each
Portfolio pays each of its Trustees who is not an employee, officer, or director
of the Manager, GT Global or GT Services $500 per year plus $150 for each
meeting of the board or any committee thereof attended by the Trustee.
3. PURCHASES AND SALES OF SECURITIES
The following summarizes purchases and sales of investment securities, other
than short-term investments, by each Fund or Portfolio for the period ended
April 30, 1998:
PURCHASES AND SALES OF SECURITIES
<TABLE>
<CAPTION>
PURCHASES
------------------------------
PORTFOLIO U.S. GOVERNMENT OTHER ISSUES
- -------------------------------------------------------------------------------- --------------- ------------
<S> <C> <C>
Global Consumer Products and Services Portfolio................................. $ 4,199,510 $155,523,280
Global Financial Services Portfolio............................................. -- 63,728,759
GT Global Health Care Fund...................................................... -- 399,958,793
Global Infrastructure Portfolio................................................. -- 39,969,524
Global Natural Resources Portfolio.............................................. -- 110,713,591
GT Global Telecommunications Fund............................................... -- 448,227,983
</TABLE>
<TABLE>
<CAPTION>
SALES
------------------------------
PORTFOLIO U.S. GOVERNMENT OTHER ISSUES
- -------------------------------------------------------------------------------- --------------- ------------
<S> <C> <C>
Global Consumer Products and Services Portfolio................................. $ -- $141,592,098
Global Financial Services Portfolio............................................. -- 48,272,178
GT Global Health Care Fund...................................................... -- 444,982,304
Global Infrastructure Portfolio................................................. -- 60,993,159
Global Natural Resources Portfolio.............................................. -- 151,337,444
GT Global Telecommunications Fund............................................... -- 610,121,125
</TABLE>
F53
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
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, 400,000,000 were classified as
shares of the GT Global Telecommunications 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 Developing Markets 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 (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; 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; 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
GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
-------------------------- ----------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------- ----------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Shares sold....................................... 1,112,259 $ 25,614,280 3,438,964 $ 69,880,587
Shares issued in connection with reinvestment of
distributions................................... 232,566 5,000,187 143,274 2,884,089
----------- ------------- ----------- ---------------
1,344,825 30,614,467 3,582,238 72,764,676
Shares repurchased................................ (1,343,578) (30,694,267) (4,424,828) (88,957,730)
----------- ------------- ----------- ---------------
Net increase (decrease)........................... 1,247 $ (79,800) (842,590) $ (16,193,054)
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
CLASS B
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 723,496 $ 16,399,597 2,703,434 $ 53,329,784
Shares issued in connection with reinvestment of
distributions................................... 327,557 6,925,053 168,859 3,364,713
----------- ------------- ----------- ---------------
1,051,053 23,324,650 2,872,293 56,694,497
Shares repurchased................................ (991,653) (22,264,517) (2,802,820) (55,171,454)
----------- ------------- ----------- ---------------
Net increase...................................... 59,400 $ 1,060,133 69,473 $ 1,523,043
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
ADVISOR CLASS
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 566,015 $ 12,996,998 287,832 $ 6,471,623
Shares issued in connection with reinvestment of
distributions................................... 44,078 962,215 15,186 308,573
----------- ------------- ----------- ---------------
610,093 13,959,213 303,018 6,780,196
Shares repurchased................................ (165,014) (3,649,509) (386,341) (7,704,551)
----------- ------------- ----------- ---------------
Net increase (decrease)........................... 445,079 $ 10,309,704 (83,323) $ (924,355)
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
</TABLE>
F54
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
GT GLOBAL FINANCIAL SERVICES FUND
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
-------------------------- ----------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------- ----------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Shares sold....................................... 2,072,253 $ 37,752,666 3,783,353 $ 60,418,186
Shares issued in connection with reinvestment of
distributions................................... 54,738 960,105 35,121 488,531
----------- ------------- ----------- ---------------
2,126,991 38,712,771 3,818,474 60,906,717
Shares repurchased................................ (1,956,651) (35,515,655) (2,611,893) (41,931,634)
----------- ------------- ----------- ---------------
Net increase...................................... 170,340 $ 3,197,116 1,206,581 $ 18,975,083
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
CLASS B
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 1,623,641 $ 28,918,053 4,102,099 $ 64,968,183
Shares issued in connection with reinvestment of
distributions................................... 76,614 1,322,358 44,922 618,563
----------- ------------- ----------- ---------------
1,700,255 30,240,411 4,147,021 65,586,746
Shares repurchased................................ (1,235,482) (21,955,270) (2,045,933) (32,384,709)
----------- ------------- ----------- ---------------
Net increase...................................... 464,773 $ 8,285,141 2,101,088 $ 33,202,037
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
ADVISOR CLASS
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 511,558 $ 9,122,009 220,956 $ 4,021,549
Shares issued in connection with reinvestment of
distributions................................... 12,688 224,953 359 5,018
----------- ------------- ----------- ---------------
524,246 9,346,962 221,315 4,026,567
Shares repurchased................................ (143,620) (2,492,661) (11,568) (198,290)
----------- ------------- ----------- ---------------
Net increase...................................... 380,626 $ 6,854,301 209,747 $ 3,828,277
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
</TABLE>
GT GLOBAL HEALTH CARE FUND
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
-------------------------- ----------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------- ----------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Shares sold....................................... 12,159,063 $ 262,335,545 31,631,342 $ 772,292,073
Shares issued in connection with reinvestment of
distributions................................... 4,211,990 87,483,074 1,208,813 27,043,227
----------- ------------- ----------- ---------------
16,371,053 349,818,619 32,840,155 799,335,300
Shares repurchased................................ (13,457,648) (291,455,802) (35,792,763) (876,621,319)
----------- ------------- ----------- ---------------
Net increase (decrease)........................... 2,913,405 $ 58,362,817 (2,952,608) $ (77,286,019)
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
CLASS B
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 2,458,046 $ 52,390,051 6,206,431 $ 152,327,079
Shares issued in connection with reinvestment of
distributions................................... 1,393,867 27,960,984 321,688 7,045,104
----------- ------------- ----------- ---------------
3,851,913 80,351,035 6,528,119 159,372,183
Shares repurchased................................ (3,410,161) (73,670,320) (5,770,947) (142,017,878)
----------- ------------- ----------- ---------------
Net increase...................................... 441,752 $ 6,680,715 757,172 $ 17,354,305
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
ADVISOR CLASS
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 1,545,283 $ 34,253,905 1,865,809 $ 48,687,774
Shares issued in connection with reinvestment of
distributions................................... 84,156 1,779,060 2,543 57,375
----------- ------------- ----------- ---------------
1,629,439 36,032,965 1,868,352 48,745,149
Shares repurchased................................ (1,429,554) (31,730,407) (1,676,189) (43,406,078)
----------- ------------- ----------- ---------------
Net increase...................................... 199,885 $ 4,302,558 192,163 $ 5,339,071
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
</TABLE>
F55
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
GT GLOBAL INFRASTRUCTURE FUND
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
-------------------------- ----------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------- ----------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Shares sold....................................... 104,931 $ 1,616,314 1,282,535 $ 19,272,428
Shares issued in connection with reinvestment of
distributions................................... 16,842 254,490 123,795 1,776,449
----------- ------------- ----------- ---------------
121,773 1,870,804 1,406,330 21,048,877
Shares repurchased................................ (646,612) (9,883,646) (1,518,962) (23,157,570)
----------- ------------- ----------- ---------------
Net decrease...................................... (524,839) $ (8,012,842) (112,632) $ (2,108,693)
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
CLASS B
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 349,600 $ 5,216,141 1,233,796 $ 18,394,879
Shares issued in connection with reinvestment of
distributions................................... 24,609 365,217 164,966 2,337,575
----------- ------------- ----------- ---------------
374,209 5,581,358 1,398,762 20,732,454
Shares repurchased................................ (1,323,411) (19,560,006) (1,288,192) (19,574,097)
----------- ------------- ----------- ---------------
Net increase (decrease)........................... (949,202) $ (13,978,648) 110,570 $ 1,158,357
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
ADVISOR CLASS
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 406,514 $ 6,266,773 154,643 $ 2,526,548
Shares issued in connection with reinvestment of
distributions................................... 2,592 39,769 1,147 16,592
----------- ------------- ----------- ---------------
409,106 6,306,542 155,790 2,543,140
Shares repurchased................................ (16,383) (247,811) (12,773) (202,670)
----------- ------------- ----------- ---------------
Net increase...................................... 392,723 $ 6,058,731 143,017 $ 2,340,470
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
</TABLE>
GT GLOBAL NATURAL RESOURCES FUND
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
-------------------------- ----------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------- ----------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Shares sold....................................... 5,934,812 $ 94,206,870 14,008,426 $ 250,536,207
Shares issued in connection with reinvestment of
distributions................................... 107,234 1,988,098 97,424 1,671,792
----------- ------------- ----------- ---------------
6,042,046 96,194,968 14,105,850 252,207,999
Shares repurchased................................ (6,725,769) (107,268,558) (13,512,928) (239,425,288)
----------- ------------- ----------- ---------------
Net increase (decrease)........................... (683,723) $ (11,073,590) 592,922 $ 12,782,711
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
CLASS B
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 1,115,632 $ 18,339,082 5,227,207 $ 91,103,073
Shares issued in connection with reinvestment of
distributions................................... 132,618 2,421,604 120,229 2,044,194
----------- ------------- ----------- ---------------
1,248,250 20,760,686 5,347,436 93,147,267
Shares repurchased................................ (2,099,147) (33,861,073) (4,425,914) (75,084,090)
----------- ------------- ----------- ---------------
Net increase (decrease)........................... (850,897) $ (13,100,387) 921,522 $ 18,063,177
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
ADVISOR CLASS
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 964,441 $ 16,163,437 1,573,656 $ 31,848,691
Shares issued in connection with reinvestment of
distributions................................... 11,197 209,155 7,576 130,389
----------- ------------- ----------- ---------------
975,638 16,372,592 1,581,232 31,979,080
Shares repurchased................................ (1,223,931) (21,668,784) (1,180,622) (22,478,170)
----------- ------------- ----------- ---------------
Net increase (decrease)........................... (248,293) $ (5,296,192) 400,610 $ 9,500,910
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
</TABLE>
F56
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
GT GLOBAL TELECOMMUNICATIONS FUND
<TABLE>
<CAPTION>
SIX MONTHS ENDED
APRIL 30, 1998 YEAR ENDED
(UNAUDITED) OCTOBER 31, 1997
-------------------------- ----------------------------
CLASS A SHARES AMOUNT SHARES AMOUNT
- -------------------------------------------------- ----------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
Shares sold....................................... 42,237,756 $ 761,922,475 86,491,272 $ 1,449,735,933
Shares issued in connection with reinvestment of
distributions................................... 3,004,037 49,839,444 4,872,560 77,134,577
----------- ------------- ----------- ---------------
45,241,793 811,761,919 91,363,832 1,526,870,510
Shares repurchased................................ (47,343,286) (854,782,831) (113,032,156) (1,893,258,359)
----------- ------------- ----------- ---------------
Net decrease...................................... (2,101,493) $ (43,020,912) (21,668,324) $ (366,387,849)
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
CLASS B
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 5,605,682 $ 97,608,327 9,249,969 $ 152,245,081
Shares issued in connection with reinvestment of
distributions................................... 2,786,130 44,943,239 4,413,826 68,371,781
----------- ------------- ----------- ---------------
8,391,812 142,551,566 13,663,795 220,616,862
Shares repurchased................................ (11,156,504) (193,567,924) (29,383,147) (477,593,385)
----------- ------------- ----------- ---------------
Net decrease...................................... (2,764,692) $ (51,016,358) (15,719,352) $ (256,976,523)
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
<CAPTION>
ADVISOR CLASS
- --------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold....................................... 2,089,008 $ 37,055,709 2,029,510 $ 36,070,768
Shares issued in connection with reinvestment of
distributions................................... 14,099 237,438 11,071 176,806
----------- ------------- ----------- ---------------
2,103,107 37,293,147 2,040,581 36,247,574
Shares repurchased................................ (1,955,252) (35,027,946) (1,835,151) (32,553,269)
----------- ------------- ----------- ---------------
Net increase...................................... 147,855 $ 2,265,201 205,430 $ 3,694,305
----------- ------------- ----------- ---------------
----------- ------------- ----------- ---------------
</TABLE>
5. EXPENSE REDUCTIONS
The Manager has directed certain portfolio trades to brokers who then paid a
portion of a Fund's or Portfolio's expenses. For the period ended April 30,
1998, the Funds' or Portfolios' expenses were reduced by the following amounts
under these arrangements:
<TABLE>
<CAPTION>
EXPENSE
REDUCTION
------------
<S> <C>
Global Consumer Products and Services
Portfolio.............................. $ 18,538
Global Financial Services Portfolio..... 11,357
GT Global Health Care Fund.............. 38,638
Global Infrastructure Portfolio......... 4,410
Global Natural Resources Portfolio...... 32,591
GT Global Telecommunications Fund....... 39,899
</TABLE>
F57
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
6. HOLDINGS OF 5% VOTING SECURITIES OF PORTFOLIO COMPANIES
Investments of 5% or more of an issuer's outstanding voting securities by a Fund
or Portfolio are defined in the Investment Company Act of 1940 as an affiliated
company. Investments in affiliated companies by GT Global Health Care Fund and
GT Global Telecommunications Fund at April 30, 1998 amounted to $131,105,013 and
$23,828,296, respectively, at value.
Transactions with affiliated companies are as follows:
GT GLOBAL CONSUMER PRODUCTS PORTFOLIO:
<TABLE>
<CAPTION>
NET REALIZED DIVIDEND
PURCHASES COST SALES PROCEEDS GAIN (LOSS) INCOME
-------------- --------------- --------------- -----------
<S> <C> <C> <C> <C>
O & Y Properties, Inc. Sp Wts..................... $ 1,996,065 $ 2,376,836 $ 380,771 $ --
</TABLE>
GT GLOBAL HEALTH CARE FUND:
<TABLE>
<CAPTION>
NET REALIZED DIVIDEND
PURCHASES COST SALES PROCEEDS GAIN (LOSS) INCOME
-------------- --------------- --------------- -----------
<S> <C> <C> <C> <C>
ATL Ultrasound, Inc............................... $ 606,750 $ 1,099,963 $ 371,288 $ --
AVECOR Cardiovascular, Inc........................ 250,716 749,318 (458,188) --
Endosonics Corp................................... -- 337,211 (127,186) --
Physio Control Holding Corp....................... 3,336,633 1,489,734 551,699 --
TheraTech, Inc.................................... -- 1,941,548 (1,140,909) --
Visx, Inc......................................... 1,134,100 9,215,798 2,010,019 --
</TABLE>
GT GLOBAL TELECOMMUNICATIONS FUND:
<TABLE>
<CAPTION>
NET REALIZED DIVIDEND
PURCHASES COST SALES PROCEEDS GAIN (LOSS) INCOME
-------------- --------------- --------------- -----------
<S> <C> <C> <C> <C>
Champion Technology Holding Ltd................... $ 3,431,305 $ -- $ -- $ 55,129
Echostar Communications Corp. "A"................. -- -- -- --
Millicom International Cellular S.A............... 5,887,008 -- -- --
Orbital Sciences Corp............................. -- 33,829,243 16,094,363 --
Three-Five Systems, Inc........................... -- -- -- --
</TABLE>
7. 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 Funds and INVESCO (NY), Inc. became the
sub-adviser and sub-administrator of the Funds. In addition, A I M Distributors,
Inc. replaced GT Global, Inc. as the Funds' principal underwriter, and the Funds
became subject to compensation-type Rule 12b-1 plans of distribution, which
replaced the Funds' 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.
F58
<PAGE>
AIM GLOBAL THEME FUNDS
(FORMERLY GT GLOBAL THEME FUNDS)
NOTES
- --------------------------------------------------------------------------------
<PAGE>
GT GLOBAL THEME FUNDS
GT GLOBAL FUNDS
GT GLOBAL OFFERS A BROAD RANGE OF FUNDS TO COMPLEMENT MANY INVESTORS'
PORTFOLIOS. FOR MORE INFORMATION AND A PROSPECTUS ON ANY OF THE GT GLOBAL
FUNDS, PLEASE CONTACT YOUR INVESTMENT ADVISER OR CALL GT GLOBAL DIRECTLY AT
1-800-824-1580. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION, INCLUDING
CHARGES, EXPENSES AND THE RISKS OF GLOBAL AND EMERGING MARKET INVESTING.
INVESTORS SHOULD READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
GROWTH FUNDS
/ / GLOBALLY DIVERSIFIED FUNDS
GT GLOBAL NEW DIMENSION FUND
Captures global growth opportunities by investing directly in the six GT Global
Theme Funds
GT GLOBAL WORLDWIDE GROWTH FUND
Invests around the world, including the U.S.
GT GLOBAL INTERNATIONAL GROWTH FUND
Provides portfolio diversity by investing outside the U.S.
GT GLOBAL EMERGING MARKETS FUND
Gives access to the growth potential of developing economies
GT GLOBAL DEVELOPING MARKETS FUND
Invests in debt and equity securities of developing market issuers
/ / GLOBAL THEME FUNDS
GT GLOBAL CONSUMER PRODUCTS AND SERVICES FUND
Focuses on worldwide opportunities from the demand for consumer products and
services
GT GLOBAL FINANCIAL SERVICES FUND
Focuses on the worldwide opportunities from the demand for financial services
and products
GT GLOBAL HEALTH CARE FUND
Invests in growing health care industries worldwide
GT GLOBAL INFRASTRUCTURE FUND
Seeks companies that build, improve or maintain infrastructure
GT GLOBAL NATURAL RESOURCES FUND
Concentrates on companies that own, explore or develop natural resources
GT GLOBAL TELECOMMUNICATIONS FUND
Invests in companies worldwide that develop, manufacture or sell
telecommunications services or equipment
/ / REGIONALLY DIVERSIFIED FUNDS
GT GLOBAL NEW PACIFIC GROWTH FUND
Offers access to the emerging and established markets of the Pacific Rim,
excluding Japan
GT GLOBAL EUROPE GROWTH FUND
Focuses on investment opportunities in the new, unified Europe
GT GLOBAL LATIN AMERICA GROWTH FUND
Invests in the emerging markets of Latin America
/ / SINGLE COUNTRY FUNDS
GT GLOBAL AMERICA SMALL CAP GROWTH FUND
Invests in equity securities of small U.S. companies
GT GLOBAL AMERICA MID CAP GROWTH FUND
Concentrates on medium-sized companies in the U.S.
GT GLOBAL AMERICA VALUE FUND
Focuses on equity securities of large cap U.S. companies believed to be
undervalued
GT GLOBAL JAPAN GROWTH FUND
Provides U.S. investors with direct access to the Japanese market
GROWTH AND INCOME FUND
GT GLOBAL GROWTH & INCOME FUND
Invests in blue-chip stocks and government securities
INCOME FUNDS
GT GLOBAL GOVERNMENT INCOME FUND
Earns monthly income from global government securities
GT GLOBAL STRATEGIC INCOME FUND
Allocates its assets among debt securities from the U.S., developed foreign
countries and emerging markets
GT GLOBAL HIGH INCOME FUND
Invests in debt securities in emerging markets
GT GLOBAL FLOATING RATE FUND
Invests primarily in senior secured floating rate loans with the potential to
achieve a high level of current income
MONEY MARKET FUND
GT GLOBAL DOLLAR FUND
Invests in high-quality, U.S. dollar-denominated money market securities
worldwide for stability and preservation of capital
[LOGO]
THIS REPORT MUST BE ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS.
