<PAGE> 1
[AIM LOGO APPEARS HERE]
[GRAPHIC COLLAGE APPEARS HERE]
AIM GLOBAL INCOME FUND
SEMIANNUAL REPORT
APRIL 30, 1995
<PAGE> 2
PORTFOLIO DATA
TOP FIVE HOLDINGS
(excluding U.S. Treasury Securities & Repurchase Agreements)
1. Bundesrepublik Deutschland
2. International Bank for
Reconstruction & Development
3. Province of Manitoba
4. Treasury Corp. of Victoria
5. New South Wales Treasury
DOLLAR DENOMINATED HOLDINGS
1. Government 24.86%
2. Corporate Bonds 23.03
NON-DOLLAR DENOMINATED HOLDINGS
1. Government 22.94%
2. Corporate Bonds 21.14
3. Convertible Corporate Bonds 4.52
This table represents a snapshot of the Fund's portfolio as of April 30, 1995.
The Fund's portfolio composition may change and there is no assurance that the
Fund will continue to hold these same securities.
AIM GLOBAL INCOME FUND
seeks to provide a high level of current income by investing in debt securities
issued by U.S. and foreign governments and corporations.
<PAGE> 3
CHAIRMAN'S LETTER
Dear Fellow Shareholder:
Amid the recent turbulence in world investment markets, AIM
Global Income Fund delivered a solid cumulative return of 7.29%
[PHOTO for Class A shares during the six months ended April 30, 1995.
Charles T. AIM Global Income Fund's Class A share cumulative performance
Bauer, includes reinvested distributions of $0.43 per share and
Chairman of excludes the maximum sales charge of 4.75%. Cumulative return
the Board of for the Fund's Class B shares over the same period was 7.05%,
the Fund, including reinvested distributions of $0.41 per share and
APPEARS HERE] excluding the maximum contingent deferred sales charge of 5.00%.
We are pleased to note that your Fund decidedly outperformed
the 6.53% cumulative return for U.S. government securities
(including reinvested dividends) over the six months ended
April 30, 1995 as measured by Lehman Brothers. The Lehman
Brothers Government Bond Index is an unmanaged composite
generally representative of intermediate and long-term U.S.
Treasury and U.S. government agency securities. Of course, you
cannot make an investment in an index.
Salomon Brothers reported that its unmanaged World Government Bond Index of
long-term foreign government debt securities posted a cumulative return of
11.74% (including reinvested dividends) over the six months ended April 30,
1995, reflecting the benefit for foreign securities of a declining U.S. dollar.
AIM Global Income Fund has been well-received by investors. During the six
months ended April 30, 1995, net assets increased from $3 million to $7.6
million. In that same period, net asset value per Class A share increased to
$10.30 from $10.02, and net asset value per Class B share increased to $10.29
from $10.01.
For more detailed discussion of the market environment and the Fund's
investment strategy during the six months ended April 30, 1995, see DISCUSSION
AND ANALYSIS on the following page. However, it's important to keep recent
events in perspective. Current market activity is only mildly useful to
investors who, unlike speculators, have a long-term view toward investing for
their financial futures.
We are pleased with the progress of AIM Global Income Fund, one of our newest
funds. Indeed, the Fund has contributed significantly to our consistent growth.
At the end of March 1995, Lipper reported that A I M Advisors, Inc., was
managing approximately $30 billion in assets and was the 17th largest mutual
fund complex in the U.S. in terms of assets under management.
AIM has also continued its commitment to customer service by expanding our
shareholder service operations. We have improved our automated investor
telephone line so you can have easy access any time to information about your
AIM account as well as performance returns on AIM funds. You can call the AIM
Investor Line at 800-246-5463. Or if you prefer, you can speak to a customer
service representative by calling AIM Client Services at 800-959-4246 during
normal business hours.
We are pleased to send you this shareholder report concerning AIM Global
Income Fund. As always, we welcome any questions or comments you may have
regarding the Fund or your account. Thank you for your continued participation
in AIM Global Income Fund.
Respectfully submitted,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman
<PAGE> 4
DISCUSSION & ANALYSIS
FINDING OPPORTUNITY IN TURBULENT MARKETS
-------------
World markets
took direction
from improving
economic conditions
in the U.S.
-------------
AIM Global Income Fund was designed to participate in promising markets around
the world. In the last six months, the advantage of such a strategy was clearly
apparent.
Bonds in the U.S. staged a dramatic recovery as encouraging reports indicated
that economic growth had slowed to a more sustainable rate while inflation
remained in check.
World markets took direction from improving market conditions in the U.S. With
inflation concerns abated, and economic growth moderated, global interest rates
began to decline. The U.S. dollar-based returns of foreign debt securities also
benefited from the persistent weakness in the U.S. dollar which continued to
test new lows against major world currencies.
Global bond prices responded with strong advances, particularly in Germany,
France, Canada, and the United Kingdom, where more than 33% of the Fund's
portfolio was invested. In the Pacific Rim, Japan, New Zealand, and Australia
also posted strong gains.
YOUR INVESTMENT PORTFOLIO
During the six months ended April 30, 1995, AIM Global Income Fund benefited
from the worldwide decline in interest rates. The Fund had significant
investments in core European markets which experienced both strong market
performance and currency appreciation. The Fund diversified into such markets as
New Zealand and Japan which also realized attractive gains. The Fund avoided
market declines triggered by the debt crisis in Mexico which flagged the
performance of higher-risk emerging markets in Latin America and Asia.
As of April 30, 1995, approximately 47% of the portfolio was invested in
domestic debt securities, with the remaining 53% invested in foreign bonds.
Investment-grade securities represented more than 77% of the portfolio's
assets, and 23% was invested in high-yield securities.
The Fund was structured so that the average quality rating of the securities
in its portfolio, including the high yield securities, was "A" or medium
investment grade as measured by credit rating agencies Standard & Poor's
Corporation and Moody's Investors Service.
During the period, the average duration of the portfolio modestly increased
to 4.35 years, with an average maturity of 6.27 years.
Of course, the portfolio's composition will fluctuate and there can be no
assurance that the Fund will continue to hold securities in any particular
country.
OUTLOOK FOR THE FUTURE
While the direction of the U.S. dollar remains uncertain, inflation is
apparently under control in the U.S., Germany, the United Kingdom, and other
key world economies. In these areas, economic growth is moderate and
sustainable, especially in the U.S., and global interest rates have stabilized
for the near term.
The current global economic climate should continue to favor global bond
markets and generate opportunities for fixed-income investors over the near
term.
Over the long term, the Fund should continue to offer investors the benefits
of diversification into global bond markets and currencies.
2
<PAGE> 5
FINANCIALS
SCHEDULE OF INVESTMENTS
April 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
MATURITY AMOUNT(a) VALUE
<S> <C> <C> <C>
DOLLAR DENOMINATED NON-CONVERTIBLE BONDS & NOTES-27.06%
BUILDING MATERIALS-0.96%
Congoleum Corp., Sr. Notes, 9.00% 02/01/01 $50,000 $48,375
- -----------------------------------------------------------------------------------------------
Triangle Pacific Corp., Sr. Notes, 10.50% 08/01/03 25,000 25,000
- -----------------------------------------------------------------------------------------------
73,375
- -----------------------------------------------------------------------------------------------
CABLE TELEVISION-1.36%
Heartland Wireless Communications, Sr. Notes, 13.00% 04/15/03 40,000 41,100
- -----------------------------------------------------------------------------------------------
Videotron Ltd., Sr. Sub. Notes, 11.125%(b) 07/01/04 100,000 62,250
- -----------------------------------------------------------------------------------------------
103,350
- -----------------------------------------------------------------------------------------------
CONTAINERS-0.81%
Ivex Packaging Inc., Sr. Sub. Notes, 12.50% 12/15/02 10,000 10,650
- -----------------------------------------------------------------------------------------------
Owens-Illinois Inc., Sr. Sub. Notes, 10.50% 06/15/02 50,000 51,250
- -----------------------------------------------------------------------------------------------
61,900
- -----------------------------------------------------------------------------------------------
FINANCE (CONSUMER CREDIT)-4.51%
GPA Delaware Inc., Deb., 8.75% 12/15/98 100,000 80,000
- -----------------------------------------------------------------------------------------------
ITT Financial Corp., Deb., 8.85% 07/15/05 200,000 212,896
- -----------------------------------------------------------------------------------------------
Olympic Financial Ltd., Deb., 13.00% 05/01/00 50,000 50,875
- -----------------------------------------------------------------------------------------------
343,771
- -----------------------------------------------------------------------------------------------
FOOD PROCESSING-0.34%
Fleming Companies Inc., Sr. Notes, 10.625% 12/15/01 25,000 25,688
- -----------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT-4.03%
Province of Manitoba, Yankee Bond, 7.75% 07/17/16 300,000 306,750
- -----------------------------------------------------------------------------------------------
GAMING-3.33%
Aztar Corp., Sr. Sub. Notes, 13.75% 10/01/04 100,000 110,500
- -----------------------------------------------------------------------------------------------
Showboat, Inc., Sr. Sub. Notes, 13.00% 08/01/09 40,000 41,600
- -----------------------------------------------------------------------------------------------
Stratosphere Corp., Gtd. Notes, 14.25% 05/15/02 100,000 101,750
- -----------------------------------------------------------------------------------------------
253,850
- -----------------------------------------------------------------------------------------------
INSURANCE (LIFE & HEALTH)-0.68%
American Life Holding, Sr. Sub. Notes, 11.25% 09/15/04 50,000 51,500
- -----------------------------------------------------------------------------------------------
LEISURE & RECREATION-1.12%
Icon Health & Fitness, Sr. Sub. Notes, 13.00% 07/15/02 80,000 85,600
- -----------------------------------------------------------------------------------------------
MACHINERY (HEAVY)-0.68%
Primeco Inc., Sr. Sub. Notes, 12.75% 03/01/05 50,000 51,563
- -----------------------------------------------------------------------------------------------
MACHINERY (MISCELLANEOUS)-2.03%
AM General Corp., Sr. Notes, 12.875%(c)
(acquired 04/21/95; cost $49,740) 05/01/02 50,000 49,875
- -----------------------------------------------------------------------------------------------
MVE Inc., Sr. Secured Notes, 12.50% 02/15/02 100,000 104,500
- -----------------------------------------------------------------------------------------------
154,375
- -----------------------------------------------------------------------------------------------
OIL & GAS-0.69%
Petroleum Heat & Power, Sub. Deb., 12.25% 02/01/05 50,000 52,500
- -----------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE> 6
FINANCIALS
<TABLE>
<CAPTION>
PRINCIPAL MARKET
MATURITY AMOUNT(a) VALUE
<S> <C> <C> <C>
RETAIL (FOOD & DRUG)-1.87%
Dominick's Finer Foods, Sr. Sub. Notes, 10.875%(c)
(acquired 04/26/95; cost $20,000) 05/01/05 $20,000 $20,200
- -----------------------------------------------------------------------------------------------
Food 4 Less Supermarkets, Sr. Notes, 10.45% 04/15/00 50,000 49,750
- -----------------------------------------------------------------------------------------------
Penn Traffic Co., Sr. Notes, 10.65% 11/01/04 70,000 72,625
- -----------------------------------------------------------------------------------------------
142,575
- -----------------------------------------------------------------------------------------------
RETAIL (STORES)-2.42%
Pamida Inc., Sr. Sub. Notes, 11.75% 03/15/03 50,000 47,000
- -----------------------------------------------------------------------------------------------
Southland Corp., Sr. Sub. Deb., 4.50% 06/15/04 70,000 46,900
- -----------------------------------------------------------------------------------------------
Specialty Retail, Sr. Sub. Notes, 11.00% 08/15/03 75,000 70,500
- -----------------------------------------------------------------------------------------------
United Stationer Supply, Sr. Sub. Notes, 12.75%(c)
(acquired 04/26/95; cost $20,000) 05/01/05 20,000 20,200
- -----------------------------------------------------------------------------------------------
184,600
- -----------------------------------------------------------------------------------------------
STEEL-1.53%
GS Technologies Inc., Sr. Notes, 12.00% 09/01/04 75,000 75,094
- -----------------------------------------------------------------------------------------------
Gulf States Steel, Sr. Notes, 13.50% 04/15/03 40,000 41,000
- -----------------------------------------------------------------------------------------------
116,094
- -----------------------------------------------------------------------------------------------
TELECOMMUNICATIONS-0.70%
Mobile Telecomm Technology, Sr. Notes, 13.50% 12/15/02 50,000 53,500
- -----------------------------------------------------------------------------------------------
Total Dollar Denominated Non-Convertible
Bonds & Notes 2,060,991
- -----------------------------------------------------------------------------------------------
NON-DOLLAR DENOMINATED NON-CONVERTIBLE BONDS & NOTES(d)-21.14%
CANADA-6.41%
Bell Canada (Telecommunications)
Deb., 13.875% 05/01/00 C$55,000 43,184
- -----------------------------------------------------------------------------------------------
Deb., 10.875% 10/11/04 150,000 122,738
- -----------------------------------------------------------------------------------------------
Canadian Oil Debco Inc. (Oil & Gas), Deb., 11.00% 10/31/00 45,000 35,994
- -----------------------------------------------------------------------------------------------
Ford Motor Credit (Finance-Consumer Credit),
Mtn., 10.375% 09/17/96 125,000 94,430
- -----------------------------------------------------------------------------------------------
IPL Energy Inc., Deb. Series A, 9.67%
(Oil Equipment & Supplies) 02/23/00 250,000 191,784
- -----------------------------------------------------------------------------------------------
Total Canada 488,130
- -----------------------------------------------------------------------------------------------
FRANCE-2.01%
Credit Local de France (Finance-Consumer Credit)
Sr. Unsub. Deb., 6.00% 11/15/01 Fr250,000 46,393
- -----------------------------------------------------------------------------------------------
IBM International Finance N.V. (Computer Mainframes)
Sr. Unsub. Deb., 10.00% 08/29/97 500,000 106,543
- -----------------------------------------------------------------------------------------------
Total France 152,936
- -----------------------------------------------------------------------------------------------
GERMANY-6.36%
Ford Credit Europe PLC (Finance-Consumer Credit)
Deb., 6.00% 03/30/99 DM200,000 141,744
- -----------------------------------------------------------------------------------------------
International Bank for Reconstruction & Development
(Supranational Organization), Unsub. Global
Bonds, 7.125% 04/12/05 475,000 342,741
- -----------------------------------------------------------------------------------------------
Total Germany 484,485
- -----------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE> 7
FINANCIALS
<TABLE>
<CAPTION>
PRINCIPAL MARKET
MATURITY AMOUNT(a) VALUE
<S> <C> <C> <C>
ITALY-0.54%
KFW International Finance (Finance-Consumer Credit),
Gtd. Notes, 11.625% 11/27/98 L70,000,000 $41,286
- -----------------------------------------------------------------------------------------------
Total Italy 41,286
- -----------------------------------------------------------------------------------------------
SWEDEN-1.16%
Credit Foncier de France (Finance-Consumer Credit)
Sr. Unsub. Deb., 6.50% 02/22/99 Kr750,000 88,458
- -----------------------------------------------------------------------------------------------
Total Sweden 88,458
- -----------------------------------------------------------------------------------------------
UNITED KINGDOM-4.66%
European Investment Bank (Supranational Organization) Pound Sterling
Sr. Unsub. Deb., 6.00% 08/10/99 125,000 183,296
- -----------------------------------------------------------------------------------------------
KFW International Finance (Finance-Consumer Credit),
Gtd. Notes, 10.625% 09/03/01 100,000 171,693
- -----------------------------------------------------------------------------------------------
Total United Kingdom 354,989
- -----------------------------------------------------------------------------------------------
Total Non-Dollar Denominated
Non-Convertible Bonds & Notes 1,610,284
- -----------------------------------------------------------------------------------------------
NON-DOLLAR DENOMINATED CONVERTIBLE BONDS & NOTES(d)-4.52%
CANADA-2.65%
Repap Enterprise (Paper & Forest Products),
Conv. Deb., 9.00% 06/30/98 C$300,000 201,898
- -----------------------------------------------------------------------------------------------
Total Canada 201,898
- -----------------------------------------------------------------------------------------------
FRANCE-0.63%
Societe Generale (Banking), Conv. Deb., 3.50% 01/01/00 Fr231,000 48,259
- -----------------------------------------------------------------------------------------------
Total France 48,259
- -----------------------------------------------------------------------------------------------
JAPAN-0.62%
Glaxo Holdings PLC (Medical/Drugs), Conv. Deb., 4.30% 09/02/98 yen4,000,000 47,361
- -----------------------------------------------------------------------------------------------
Total Japan 47,361
- -----------------------------------------------------------------------------------------------
UNITED KINGDOM-0.62%
ELF Enterprise Finance PLC (Finance-Consumer Credit), Pound Sterling
Gtd. Conv. Bonds, 8.75% 06/27/06 30,000 47,011
- -----------------------------------------------------------------------------------------------
Total United Kingdom 47,011
- -----------------------------------------------------------------------------------------------
Total Non-Dollar Denominated
Convertible Bonds & Notes 344,529
- -----------------------------------------------------------------------------------------------
NON-DOLLAR DENOMINATED GOVERNMENT BONDS & NOTES(d)-22.94%
AUSTRALIA-9.11%
New South Wales Treasury, Gtd. Notes, 7.00% 02/01/00 A$400,000 263,609
- -----------------------------------------------------------------------------------------------
Queensland Treasury Corp., Gtd. Notes, 8.875% 11/08/96 180,000 131,259
- -----------------------------------------------------------------------------------------------
Treasury Corp. of Victoria, Gtd. Notes, 10.25% 09/15/99 400,000 299,181
- -----------------------------------------------------------------------------------------------
Total Australia 694,049
- -----------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE> 8
FINANCIALS
<TABLE>
<CAPTION>
PRINCIPAL MARKET
MATURITY AMOUNT(a) VALUE
<S> <C> <C> <C>
CANADA-2.11%
Province of British Columbia, Deb., 9.00%(b) 06/21/04 C$150,000 $ 50,530
- -------------------------------------------------------------------------------------------------
New Brunswick (Province of), Deb., 8.94% 01/15/05 150,000 110,547
- -------------------------------------------------------------------------------------------------
Total Canada 161,077
- -------------------------------------------------------------------------------------------------
GERMANY-7.19%
Bundesrepublik Deutschland, Deb., 6.375% 08/14/98 DM750,000 547,933
- -------------------------------------------------------------------------------------------------
Total Germany 547,933
- -------------------------------------------------------------------------------------------------
NEW ZEALAND-3.86%
New Zealand Government
Government Gtd. Deb., 9.00% 11/15/96 NZ$305,000 206,740
- -------------------------------------------------------------------------------------------------
Government Gtd. Deb., 10.00% 07/15/97 125,000 87,020
- -------------------------------------------------------------------------------------------------
Total New Zealand 293,760
- -------------------------------------------------------------------------------------------------
UNITED KINGDOM-0.67%
Pound Sterling
Ontario Province, Sr. Unsub., 6.875% 09/15/00 35,000 50,630
- -------------------------------------------------------------------------------------------------
Total United Kingdom 50,630
- -------------------------------------------------------------------------------------------------
Total Non-Dollar Denominated
Government Bonds & Notes 1,747,449
- -------------------------------------------------------------------------------------------------
U.S. TREASURY SECURITIES-20.83%
U.S. Treasury Notes, 7.50% 10/31/99 $400,000 409,436
- -------------------------------------------------------------------------------------------------
U.S. Treasury Notes, 7.125% 02/29/00 400,000 403,812
- -------------------------------------------------------------------------------------------------
U.S. Treasury Bonds, 7.50% 02/15/05 750,000 773,085
- -------------------------------------------------------------------------------------------------
Total U.S. Treasury Securities 1,586,333
- -------------------------------------------------------------------------------------------------
Total Investments 7,349,586
=================================================================================================
TOTAL INVESTMENTS-96.49% 7,349,586
- -------------------------------------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES-3.51% 267,115
- -------------------------------------------------------------------------------------------------
NET ASSETS-100.00% $7,616,701
=================================================================================================
</TABLE>
NOTES TO SCHEDULE OF INVESTMENTS
(a) Principal amount is in U.S. Dollars, except as indicated by note (d).
(b) Discounted bond at purchase. Interest rate represents coupon rate at
which the bond will accrue at a specified future date.
(c) Restricted securities. May be resold to qualified institutional buyers
in accordance with the provisions of Rule 144A under the Securities Act of
1933, as amended. The valuation of these securities has been determined in
accordance with procedures established by the Board of Directors.
The aggregate market value of these securities at April 30, 1995 was
$90,275, which represented 1.19% of the Fund's net assets.
(d) Foreign denominated securities. Par value and coupon are denominated in
currency of country indicated.
ABBREVIATIONS
Conv. Convertible Mtn. Medium term note
Deb. Debentures Sr. Senior
Disc. Discounted Sub. Subordinated
Gtd. Guaranteed Unsub. Unsubordinated
6
<PAGE> 9
FINANCIALS
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1995
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, at market value (cost $7,130,235) $7,349,586
- -----------------------------------------------------------------------------------------------
Foreign currencies, at market value (cost $1,290) 1,350
- -----------------------------------------------------------------------------------------------
Receivables for:
Investments sold 142,726
- -----------------------------------------------------------------------------------------------
Capital stock sold 49,570
- -----------------------------------------------------------------------------------------------
Foreign currency contracts, at value 283,003
- -----------------------------------------------------------------------------------------------
Dividends and interest 190,749
- -----------------------------------------------------------------------------------------------
Reimbursement from advisor 9,500
- -----------------------------------------------------------------------------------------------
Other assets 18,700
- -----------------------------------------------------------------------------------------------
Total assets 8,045,184
- -----------------------------------------------------------------------------------------------
LIABILITIES:
Payables for:
Investments purchased 90,450
- -----------------------------------------------------------------------------------------------
Foreign currency purchased 289,189
- -----------------------------------------------------------------------------------------------
Amount due to custodian bank 1,636
- -----------------------------------------------------------------------------------------------
Dividends 15,680
- -----------------------------------------------------------------------------------------------
Accrued administrative service fees 1,138
- -----------------------------------------------------------------------------------------------
Accrued distribution fees 3,595
- -----------------------------------------------------------------------------------------------
Accrued operating expenses 26,795
- -----------------------------------------------------------------------------------------------
Total liabilities 428,483
- -----------------------------------------------------------------------------------------------
Net assets applicable to shares outstanding $7,616,701
===============================================================================================
NET ASSETS:
Class A $5,818,833
- -----------------------------------------------------------------------------------------------
Class B $1,797,868
===============================================================================================
CAPITAL STOCK, $.001 PAR VALUE PER SHARE:
CLASS A:
Authorized 200,000,000
- -----------------------------------------------------------------------------------------------
Outstanding 564,805
===============================================================================================
CLASS B:
Authorized 200,000,000
- -----------------------------------------------------------------------------------------------
Outstanding 174,705
===============================================================================================
CLASS A:
Net asset value and redemption price per share $10.30
===============================================================================================
Offering price per share:
(Net asset value of $10.30 divided by 95.25%) $10.81
===============================================================================================
CLASS B:
Net asset value and offering price per share $10.29
===============================================================================================
</TABLE>
See Notes to Financial Statements.
7
<PAGE> 10
FINANCIALS
STATEMENT OF OPERATIONS
For the six months ended April 30, 1995
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest $228,830
- -----------------------------------------------------------------------------------------
Total investment income 228,830
- -----------------------------------------------------------------------------------------
EXPENSES:
Advisory fees 18,150
- -----------------------------------------------------------------------------------------
Administrative service fees 4,654
- -----------------------------------------------------------------------------------------
Directors' fees 2,470
- -----------------------------------------------------------------------------------------
Distribution fees-Class A 10,313
- -----------------------------------------------------------------------------------------
Distribution fees-Class B 5,302
- -----------------------------------------------------------------------------------------
Custodian fees 16,273
- -----------------------------------------------------------------------------------------
Transfer agent fees-Class A 2,721
- -----------------------------------------------------------------------------------------
Transfer agent fees-Class B 1,932
- -----------------------------------------------------------------------------------------
Other 48,448
- -----------------------------------------------------------------------------------------
Total expenses 110,263
- -----------------------------------------------------------------------------------------
Less expenses assumed by advisor (75,250)
- -----------------------------------------------------------------------------------------
Net expenses 35,013
- -----------------------------------------------------------------------------------------
Net investment income 193,817
- -----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENT SECURITIES AND FOREIGN CURRENCIES:
Net realized gain on sales of:
Investment securities 32,779
- -----------------------------------------------------------------------------------------
Foreign currencies 6,139
- -----------------------------------------------------------------------------------------
38,918
- -----------------------------------------------------------------------------------------
Unrealized appreciation (depreciation) of:
Investment securities 214,617
- -----------------------------------------------------------------------------------------
Foreign currencies (2,791)
- -----------------------------------------------------------------------------------------
211,826
- -----------------------------------------------------------------------------------------
Net gain on investment securities and foreign currencies 250,744
- -----------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $444,561
=========================================================================================
</TABLE>
See Notes to Financial Statements.
8
<PAGE> 11
FINANCIALS
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended April 30, 1995 and the period September 15, 1994 (date
operations commenced) through October 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
APRIL 30, OCTOBER 31,
1995 1994
<S> <C> <C>
OPERATIONS:
Net investment income $ 193,817 $ 17,716
- -----------------------------------------------------------------------------------------------
Net realized gain (loss) on sales of investment
securities and foreign currencies 38,918 (680)
- -----------------------------------------------------------------------------------------------
Unrealized appreciation of investment securities and foreign
currencies 211,826 4,707
- -----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 444,561 21,743
- -----------------------------------------------------------------------------------------------
Dividends to shareholders from net investment income (218,786) (15,845)
- -----------------------------------------------------------------------------------------------
Share transactions-net:
Class A 2,985,393 655,059
- -----------------------------------------------------------------------------------------------
Class B 1,382,543 362,023
- -----------------------------------------------------------------------------------------------
Net increase in net assets 4,593,711 1,022,980
- -----------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 3,022,990 2,000,010
- -----------------------------------------------------------------------------------------------
End of period $7,616,701 $3,022,990
===============================================================================================
NET ASSETS CONSIST OF:
Capital (par value and additional paid-in) $7,385,028 $3,017,092
- -----------------------------------------------------------------------------------------------
Undistributed net investment income (loss) (23,098) 1,871
- -----------------------------------------------------------------------------------------------
Undistributed net realized gain (loss) on sales of investment
securities and foreign currencies 38,238 (680)
- -----------------------------------------------------------------------------------------------
Unrealized appreciation of investment securities and
foreign currencies 216,533 4,707
- -----------------------------------------------------------------------------------------------
$7,616,701 $3,022,990
===============================================================================================
</TABLE>
See Notes to Financial Statements.
9
<PAGE> 12
FINANCIALS
NOTES TO FINANCIAL STATEMENTS
April 30, 1995
(Unaudited)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES
AIM Global Income Fund (the "Fund") is an investment portfolio of AIM
International Funds, Inc. (the "Company"). The Company is a Maryland
corporation registered under the Investment Company Act of 1940, as amended
(the "1940 Act"), as an open-end management investment company consisting of
four separate series portfolios: AIM Global Income Fund, AIM Global Aggressive
Growth Fund, AIM Global Growth Fund, and AIM International Equity Fund. The Fund
currently offers two different classes of shares: Class A shares and
Class B shares. Class A shares are sold with a front-end sales charge. Class B
shares are sold with a contingent deferred sales charge. Matters affecting each
portfolio or class are voted on exclusively by the shareholders of such
portfolio or class. The assets, liabilities and operations of each portfolio
are accounted for separately. Information presented in these financial
statements pertains only to the Fund. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements.
A. Security Valuations -- Non-convertible bonds and notes are valued on the
basis of prices provided by an independent pricing service. Prices provided
by the pricing service may be determined without exclusive reliance on
quoted price, and may reflect appropriate factors such as institution-size
trading in similar groups of securities, developments related to special
securities, yield, quality, coupon rate, maturity, type of issue, individual
trading characteristics and other market data. Investment securities
for which prices are not provided by the pricing service and which are
listed or traded on an exchange are valued at the last sales price
on the exchange where the security is principally traded or, lacking any
sales on a particular day, at the mean between the closing bid and asked
priced on that day unless the Board of Directors, or persons designated
by the Board of Directors, determines that the over-the counter quotations
more closely reflect the current market value of the security. Securities
traded in the over-the-counter market, except (i) securities priced by the
pricing service, (ii) securities for which representative exchange prices are
available, and (iii) securities reported in the NASDAQ National Market
System, are valued at the mean between representative last bid and
asked prices obtained from an electronic quotation reporting system, if
such prices are available, or from established market makers. Each
security reported in the NASDAQ National Market System is valued at the
last sales price on the valuation date. Securities for which market
quotations are not readily available and "restricted securities"
are valued at fair value as determined in good faith by or under the
supervision of the Fund's officers in accordance with methods which are
specifically authorized the Board of Directors. Short-term obligations
having 60 days or less to maturity are valued at amortized cost which
approximates market value. Generally, trading in foreign securities, as well
as corporate bonds and U.S. Government securities, is substantially
completed each day at various times prior to the close of the New York Stock
Exchange. The values of such securities used in computing the net asset
value of a Fund's shares are determined as of such times. Foreign currency
exchange rates are also generally determined prior to the close of the New
York Stock Exchange. Occasionally, events affecting the values of such
securities and such exchange rates may occur between the times at which they
are determined and the close of the New York Stock Exchange which will not
be reflected in the computation of a Fund's net asset value. If events
materially affecting the value of such securities and exchange rates occur
during such period, then these securities and exchange rates will be valued
at their fair value as determined in good faith by or under the supervision
of the Board of Directors.
B. Foreign Currency Translations -- Portfolio securities and other assets
and liabilities denominated in foreign currencies are translated into U.S.
dollar amounts at date of valuation. Purchases and sales of portfolio
securities and income items denominated in foreign currencies are translated
into U.S. dollar amounts on the respective dates of such transactions.
C. Foreign Currency Contracts -- A foreign currency contract is an
obligation to purchase or sell a specific currency for an agreed-upon price
at a future date. The Fund may enter into a foreign currency contract to
attempt to minimize the risk to the Fund from adverse changes in the
relationship between currencies. The Fund may also enter into a foreign
currency contract for the purchase or sale of a security denominated in a
foreign currency in order to "lock in" the U.S. dollar price of that
security. The Fund could be exposed to risk if counterparties to the
contracts are unable to meet the terms of their contracts or if the value of
the foreign currency changes unfavorably.
D. Securities Transactions, Investment Income and Distributions -- Securities
transactions are accounted for on a trade date basis. Realized gains
or losses are computed on the basis of specific identification of the
securities sold. Interest income is recorded as earned from settlement date
and is recorded on an accrual basis. Dividend income and distributions to
shareholders are recorded on the ex-dividend date.
E. Federal Income Taxes -- The Fund intends to comply with the requirements
of the Internal Revenue Code necessary to qualify as a regulated investment
company and, as such, will not be subject to federal income
10
<PAGE> 13
FINANCIALS
taxes on otherwise taxable income (including net realized capital gains)
which is distributed to shareholders. Therefore, no provision for federal
income taxes is recorded in the financial statements.
F. Expenses -- Operating expenses directly attributable to a class of shares
are charged to that class' operations. Expenses which are applicable to
both classes, e.g. advisory fees, are allocated between them.
NOTE 2-ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Company has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the master investment advisory
agreement, the Fund pays an advisory fee to AIM at the annual rate of 0.70% of
the first $1 billion of the Fund's average daily net assets, plus 0.65% of the
Fund's average daily net assets in excess of $1 billion. During the six months
ended April 30, 1995, AIM waived fees of $18,150 and assumed expenses of
$48,100 and $9,000 for the Class A shares and Class B shares, respectively.
Under the terms of the master investment advisory agreement, AIM will, if
necessary, reduce its fee or make payments to the Fund to the extent necessary
to satisfy any expense limitations imposed by the securities laws or
regulations thereunder of any state in which the Fund's shares are qualified
for sale.
The Company has entered into a master administrative services agreement
with AIM with respect to the Fund. This agreement provides that AIM may
perform, or arrange for the performance of, certain accounting, shareholder
servicing and other administrative services to the Fund which are not required
to be performed by AIM under the master investment advisory agreement. For such
services, AIM is entitled to receive from the Fund reimbursement of AIM's cost
or such reasonable compensation as is approved by the Company's Board of
Directors. During the six months ended April 30, 1995, AIM was reimbursed
$4,654 for such services.
The Fund, pursuant to a transfer agency and service agreement, has agreed
to reimburse A I M Fund Services, Inc. ("AFS") for certain costs incurred in
providing transfer agency services to the Fund. During the six months ended
April 30, 1995, the Fund reimbursed AFS $2,387 for such services.
The Company has entered into master distribution agreements with A I M
Distributors, Inc. ("AIM Distributors") to serve as the distributor for the
Class A shares and the Class B shares of the Fund. The Company has adopted
Plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's
Class A shares (the "Class A Plan") and with respect to the Fund's Class B
shares (the "Class B Plan") (collectively the "Plans"). The Fund, pursuant to
the Class A Plan, will pay AIM Distributors an annual rate of 0.50% of the
average daily net assets attributable to the Class A shares. The Class A Plan
is designed to compensate AIM Distributors for certain promotional and other
sales related costs and to implement a program which provides periodic payments
to selected dealers and financial institutions, in amounts of up to 0.25% of
the average net assets of the Class A shares attributable to the customers of
such dealers or financial institutions, who furnish continuing personal
shareholder services to their customers who purchase and own Class A shares of
the Fund. The Fund, pursuant to the Class B Plan, will pay AIM Distributors at
an annual rate of 1.00% of the average daily net assets attributable to the
Class B shares. Of this amount, the Fund may pay a service fee of 0.25% of the
average daily net assets of the Class B shares to selected dealers and
financial institutions who furnish continuing personal shareholder services to
their customers who purchase and own Class B shares of the Fund. Any amounts
not paid as a service fee under such Plans would constitute an asset-based
sales charge. The Plans also impose a cap on the total sales charges, including
asset-based sales charges, that may be paid by the respective classes. During
the six months ended April 30, 1995, the Class A shares and the Class B shares
paid AIM Distributors $10,313 and $5,302, respectively, as compensation under
the Plans.
AIM Distributors received commissions of $11,324 from the sales of
the Class A shares of the Fund during the six months ended April 30, 1995. Such
commissions are not an expense of the Fund. They are deducted from, and are not
included in, the proceeds from sales of Class A shares. During the six months
ended April 30, 1995, AIM Distributors received commissions of $1,509 in
contingent deferred sales charges imposed on redemptions of Class B shares.
Certain officers and directors of the Company are officers and directors of
AIM, AFS, and AIM Distributors.
During the six months ended April 30, 1995, the Fund incurred legal fees
of $508 for services rendered by the law firm of Kramer, Levin, Naftalis,
Nessen, Kamin & Frankel as counsel to the Company's directors. A member of that
firm is a director of the Company.
NOTE 3-DIRECTORS' FEES
Directors' fees represent remuneration paid or accrued to each director who is
not an "interested person" of the Company. The Company may invest directors'
fees, if so elected by a director, in mutual fund shares in accordance with a
deferred compensation plan.
NOTE 4-INVESTMENT SECURITIES
The aggregate amount of investment securities (other than short-term
securities) purchased and sold by the Fund during the six months ended April
30, 1995 was $10,017,841 and $5,350,700, respectively.
11
<PAGE> 14
FINANCIALS
The amount of unrealized appreciation (depreciation) of investment securities
as of April 30, 1995 is as follows:
<TABLE>
<S> <C>
Aggregate unrealized appreciation of investment securities $249,017
- ---------------------------------------------------------------------------------------------------------------
Aggregate unrealized (depreciation) of investment securities (29,666)
- ---------------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investment securities $219,351
===============================================================================================================
</TABLE>
Investments have the same cost for tax and financial statement purposes.
NOTE 5-CAPITAL STOCK
Changes in the Fund's capital stock outstanding during the six months ended
April 30, 1995 and the period September 15, 1994 (date operations commenced)
through October 31, 1994 were as follows:
<TABLE>
<CAPTION>
APRIL 30, 1995 OCTOBER 31, 1994
------------------------ --------------------------
SHARES AMOUNT SHARES AMOUNT
--------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Sold:
Class A 306,386 $3,056,190 65,461 $655,027
- ---------------------------------------------------------------------------------------------------------------
Class B 144,089 1,437,505 36,863 368,895
- ---------------------------------------------------------------------------------------------------------------
Issued as reinvestment of dividends:
Class A 7,833 78,945 3 32
- ---------------------------------------------------------------------------------------------------------------
Class B 3,795 38,171 2 25
- ---------------------------------------------------------------------------------------------------------------
Reacquired:
Class A (14,877) (149,742) -- --
- ---------------------------------------------------------------------------------------------------------------
Class B (9,356) (93,133) (689) (6,897)
- ---------------------------------------------------------------------------------------------------------------
437,870 $4,367,936 101,640 $1,017,082
===============================================================================================================
</TABLE>
NOTE 6-FINANCIAL HIGHLIGHTS
Shown below are the condensed financial highlights for a Class A share and
Class B share outstanding during the six months ended April 30, 1995 and the
period September 15, 1994 (dates operations commenced) through October 31,
1994.
<TABLE>
<CAPTION>
CLASS A CLASS B
APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31,
1995 1994 1995 1994
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $10.02 $10.00 $10.01 $10.00
- ------------------------------------------------------ ----------- ----------- ----------- -----------
Income from investment operations:
Net investment income 0.39 0.08 0.38 0.07
- ------------------------------------------------------ ----------- ----------- ----------- -----------
Net gains on securities (both realized and unrealized) 0.32 0.01 0.31 0.01
- ------------------------------------------------------ ----------- ----------- ----------- -----------
Total from investment operations 0.71 0.09 0.69 0.08
- ------------------------------------------------------ ----------- ----------- ----------- -----------
Less distributions:
Dividends from net investment income (0.43) (0.07) (0.41) (0.07)
- ------------------------------------------------------ ----------- ----------- ----------- -----------
Total distributions (0.43) (0.07) (0.41) (0.07)
- ------------------------------------------------------ ----------- ----------- ----------- -----------
Net asset value, end of period $10.30 $10.02 $10.29 $10.01
====================================================== =========== =========== =========== ===========
Total return (a) 7.29% 0.93% 7.05% 7.79%
====================================================== =========== =========== =========== ===========
Ratios/supplemental data:
- ------------------------------------------------------ ----------- ----------- ----------- -----------
Net assets, end of period (000s omitted) $5,819 $2,661 $1,798 $362
====================================================== =========== =========== =========== ===========
Ratio of expenses to average net assets 1.25%(b) 1.25%(d) 1.75%(c) 1.73%(d)
====================================================== =========== =========== =========== ===========
Ratio of net investment income to average net assets 7.61%(b) 6.01%(d) 6.94%(c) 3.59%(d)
====================================================== =========== =========== =========== ===========
Portfolio turnover rate 115% 6% 115% 6%
====================================================== =========== =========== =========== ===========
</TABLE>
(a) Does not deduct sales charges and for periods less than one year, total
returns are not annualized.
(b) Ratios are annualized and based on average net assets of $4,159,227.
Annualized ratios of expenses and net investment income to average
net assets before fee waivers and expense reimbursements are 4.28% and
4.58%, respectively.
(c) Ratios are annualized and based on average net assets of $1,069,279.
Annualized ratios of expenses and net investment income to average
net assets before fee waivers and expense reimbursements are 4.14% and
4.55%, respectively.
(d) Annualized.
12
<PAGE> 15
DIRECTORS & OFFICERS
<TABLE>
<CAPTION>
BOARD OF DIRECTORS OFFICERS OFFICE OF THE FUND
<S> <C> <C>
Charles T. Bauer Charles T. Bauer 11 Greenway Plaza
Chairman and Chairman Suite 1919
Chief Executive Officer Houston, TX 77046
A I M Management Group Inc. Robert H. Graham 800-347-1919
President
Bruce L. Crockett INVESTMENT ADVISER
President and John J. Arthur
Chief Executive Officer Senior Vice President A I M Advisors, Inc.
COMSAT Corporation and Treasurer 11 Greenway Plaza
Suite 1919
Owen Daly II Gary T. Crum Houston, TX 77046
Director Senior Vice President
Cortland Trust Inc. TRANSFER AGENT
Carol F. Relihan
Carl Frischling Vice President and A I M Fund Services, Inc.
Partner Secretary P.O. Box 4739
Kramer, Levin, Naftalis, Houston, TX 77210-4739
Nessen, Kamin & Frankel Dana R. Sutton
Vice President CUSTODIAN
Robert H. Graham and Assistant Treasurer
President State Street Bank & Trust Company
A I M Management Group Inc. Robert G. Alley 225 Franklin Street
Vice President Boston, MA 02110
John F. Kroeger
Formerly, Consultant Melville B. Cox COUNSEL TO THE FUND
Wendell & Stockel Vice President
Associates, Inc. Ballard Spahr Andrews & Ingersoll
Jonathan C. Schoolar 1735 Market Street
Lewis F. Pennock Vice President Philadelphia, PA 19103
Attorney
P. Michelle Grace COUNSEL TO THE DIRECTORS
Ian W. Robinson Assistant Secretary
Consultant, Former Executive Kramer, Levin, Naftalis, Nessen,
Vice President and Chief Nancy L. Martin Kamin & Frankel
Financial Officer Assistant Secretary 919 Third Avenue
Bell Atlantic Management New York, NY 10022
Services, Inc. Ofelia M. Mayo
Assistant Secretary DISTRIBUTOR
Louis S. Sklar
Executive Vice President Kathleen J. Pflueger A I M Distributors, Inc.
Hines Interests Assistant Secretary 11 Greenway Plaza
Limited Partnership Suite 1919
Samuel D. Sirko Houston, TX 77046
Assistant Secretary
Stephen I. Winer
Assistant Secretary
Mary J. Benson
Assistant Treasurer
</TABLE>
This report may be distributed only to current shareholders or to persons who
have received a current prospectus of the Fund.
13
<PAGE> 16
A I M Distributors, Inc. ---------------
[AIM LOGO 11 Greenway Plaza, Suite 1919 BULK RATE
APPEARS HERE] Houston, Texas 77046 U.S. POSTAGE
PAID
Houston, TX
THE AIM FAMILY OF FUNDS(R) Permit No. 2332
---------------
AGGRESSIVE GROWTH
AIM Aggressive Growth Fund*
AIM Constellation Fund
AIM Global Aggressive Growth Fund
GROWTH
AIM Global Growth Fund
AIM Growth Fund
AIM International Equity Fund
AIM Value Fund
AIM Weingarten Fund
GROWTH AND INCOME
AIM Balanced Fund
AIM Charter Fund
INCOME AND GROWTH [FULL PAGE PHOTO OF
AIM Global Utilities Fund AIM MANAGEMENT GROUP
HIGH CURRENT INCOME OFFICE BUILDING]
AIM High Yield Fund
CURRENT INCOME
AIM Global Income Fund
AIM Income Fund
CURRENT TAX-FREE INCOME
AIM Municipal Bond Fund
AIM Tax-Exempt Bond Fund of Conn.
AIM Tax-Free Intermediate Shares
CURRENT INCOME AND HIGH DEGREE OF SAFETY
AIM Government Securities Fund
HIGH DEGREE OF SAFETY AND CURRENT INCOME
AIM Limited Maturity Treasury Shares
STABILITY, LIQUIDITY, AND CURRENT INCOME
AIM Money Market Fund
STABILITY, LIQUIDITY, AND CURRENT TAX-FREE INCOME
AIM Tax-Exempt Cash Fund
*AIM Aggressive Growth Fund was closed to new investors on
May 2, 1994. For more complete information about any AIM Fund,
including sales charges and expenses, ask your investment broker
or securities dealer for a free prospectus(es). Please read the
prospectus(es) carefully before you invest or send money.
