<PAGE> 1
SEMIANNUAL REPORT / APRIL 30 2000
AIM GLOBAL AGGRESSIVE GROWTH FUND
[COVER IMAGE]
[AIM LOGO APPEARS HERE]
--Registered Trademark--
<PAGE> 2
FUND ARTWORK
------------------------------------
LAND BY JENNIFER WATES
IN THIS AGE OF WORLDWIDE EXCHANGE, AN OCEAN'S DISTANCE
BETWEEN CONTINENTS IS NO LONGER THE BARRIER TO TRADE THAT
IT ONCE WAS. TODAY, THE EARTH'S MANY LANDS ARE LINKED
THROUGH A GLOBAL ECONOMY THAT IS SHAPING THE FUTURE OF THE
WORLD'S PEOPLE. THE PAINTING ON THE COVER OF THIS REPORT,
RENDERED IN VIBRANT COLORS AND BOLD BRUSH STROKES, PAYS
TRIBUTE TO OUR WORLD AND ITS RICHES.
------------------------------------
AIM Global Aggressive Growth Fund is for shareholders who seek long-term growth
of capital. The fund invests in a portfolio of global equity securities of
small-capitalization companies with above-average earnings momentum.
ABOUT FUND PERFORMANCE AND PORTFOLIO DATA THROUGHOUT THIS REPORT:
o AIM Global Aggressive Growth Fund's performance figures are historical, and
they reflect the reinvestment of distributions and changes in net asset
value.
o When sales charges are included in performance figures, Class A share
performance reflects the maximum 4.75% sales charge, and Class B and Class C
share performance reflects the applicable contingent deferred sales charge
(CDSC) for the period involved. The CDSC on Class B shares declines from 5%
beginning at the time of purchase to 0% at the beginning of the seventh
year. The CDSC on Class C shares is 1% for the first year after purchase.
The performance of the fund's Class B and Class C shares will differ from
that of its Class A shares due to different sales-charge structure and class
expenses.
AVERAGE ANNUAL TOTAL RETURNS
As of 4/30/00, including sales charges
CLASS A SHARES
================================================================================
Inception (9/15/94) 21.46%
5 years 22.49
1 year 62.98*
*71.11 excluding sales charges
================================================================================
CLASS B SHARES
================================================================================
Inception (9/15/94) 21.78%
5 years 22.82
1 year 65.14*
*70.14% excluding CDSC
================================================================================
CLASS C SHARES
================================================================================
Inception (8/4/97) 19.98%
1 year 69.19*
*70.19% excluding CDSC
================================================================================
o Past performance does not guarantee comparable future results. MARKET
VOLATILITY CAN SIGNIFICANTLY IMPACT SHORT-TERM PERFORMANCE. RESULTS OF AN
INVESTMENT MADE TODAY MAY DIFFER SUBSTANTIALLY FROM THE HISTORICAL
PERFORMANCE SHOWN.
o In addition to the 4/30/00 returns, industry regulations require us to
provide average annual total returns, including sales charges, as of
3/31/00, the most recent calendar quarter-end, which were: Class A shares,
one year, 92.59%; five years, 26.53%; inception (9/15/94), 24.62%. Class B
shares, one year, 95.97%; five years, 26.89%; inception (9/15/94), 24.98%.
Class C shares, one year, 99.96%; inception (8/4/97), 26.55%.
o International investing presents certain risks not associated with
investing solely in the United States. These include risks relating to
fluctuations in the value of the U.S. dollar relative to the values of other
currencies, the custody arrangements made for the fund's foreign holdings,
differences in accounting, political risks and the lesser degree of public
information required to be provided by non-U.S. companies.
o Investing in micro-, small and mid-sized companies may involve risks not
associated with more established companies. Also, micro and small companies
may have business risk, significant stock-price fluctuations and
illiquidity.
o The fund's investment return and principal value will fluctuate, so an
investor's shares, when redeemed, may be worth more or less than their
original cost.
ABOUT INDEXES AND OTHER PERFORMANCE BENCHMARKS CITED IN THIS REPORT:
o The unmanaged MSCI All Country (AC) World Index is a group of global
securities tracked by Morgan Stanley Capital International.
o An investment cannot be made in an index. Unless otherwise indicated, index
results include reinvested dividends, and they do not reflect sales charges.
AN INVESTMENT IN THE FUND IS NOT A DEPOSIT OF A BANK AND IS NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENT AGENCY. THERE IS A RISK THAT YOU COULD LOSE SOME OR ALL OF
YOUR MONEY.
This report may be distributed only to current shareholders or to persons
who have received a current prospectus of the fund.
AIM GLOBAL AGGRESSIVE GROWTH FUND
<PAGE> 3
SEMIANNUAL REPORT / CHAIRMAN'S LETTER
Dear Fellow Shareholder:
[PHOTOS OF
Robert H. Graham When we started AIM in 1976, we had only a table, two chairs
and Charles T. and a telephone. At the time, Bob Graham, Gary Crum and I
Bauer, had the idea of creating a mutual fund company that put
Chairman of people first. Our slogan, "people are the product," means
the Board of that people--our employees and our investors--are our
THE FUND company.
APPEAR HERE] Almost a quarter-century later, we've grown to more than
seven million investors, $176 billion in assets under
management and 53 retail funds. Over that time, the industry
as a whole has grown from $51 billion in assets to more than
$7 trillion today. I never dreamed we would see such
phenomenal growth. You are the main reason for our success,
and I want you to know how much I appreciate your loyalty
and trust over the past 24 years.
Usually in this letter I review market activity during
the period covered by the report. This time, I'd just like
to say thank you. I am retiring as chairman of the AIM Funds effective September
30, and as chairman of AIM effective December 31, 2000. Bob Graham, whose
picture appears under mine, will succeed me as AIM's chairman and chairman of
the AIM Funds. Gary Crum will remain president of A I M Capital Management,
Inc., leading our investment division. I am enormously proud to leave AIM in
such capable hands.
I'm also very proud of our team of employees, now more than 2,300 strong.
Because of their collective commitment to excellence and ethical business
practices, AIM has earned the trust of investors and financial advisors alike.
And every employee, from portfolio managers to client services representatives,
is dedicated to serving our shareholders.
Rest assured that nothing at AIM will change because of my retirement. You
can still depend on this company to manage your money responsibly and provide
you with top-notch service. As chairman of AIM and chairman of the AIM Funds,
Bob is committed to preserving the things that have made AIM great in the past
and positioning it to succeed in the future. And Gary is dedicated to
maintaining the quality and long-term performance you've come to expect from
AIM.
In the pages that follow, the managers of your fund comment on recent market
activity, how they have managed your fund over the past six months and their
outlook for the coming months. We trust you will find their comments helpful.
If you have any questions or comments, please contact us through our Web
site, www.aimfunds.com, or call our Client Services department at 800-959-4246
during normal business hours. Information about your account is available at our
Web site and on our automated AIM Investor Line, 800-246-5463.
Thank you again for the support and trust you've shown us. I feel privileged
to have helped you with your financial goals, and I wish you success in all your
endeavors.
Sincerely,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman, A I M Advisors, Inc.
AIM GLOBAL AGGRESSIVE GROWTH FUND
<PAGE> 4
SEMIANNUAL REPORT / MANAGERS' OVERVIEW
FOCUS ON TECH STOCKS FUELS PERFORMANCE
HOW DID AIM GLOBAL AGGRESSIVE GROWTH FUND PERFORM DURING THE REPORTING PERIOD?
The fund produced an excellent performance during the six-month period ended
April 30, 2000. Class A shares reported a total return of 42.19%, Class B shares
41.77% and Class C shares 41.81%. These figures are at net asset value and do
not include sales charges. The fund handily outperformed the MSCI AC World
Index, which produced a total return of 8.07% during the same time frame.
Total net assets in the fund grew to $2.6 billion as of April 30, 2000,
compared to $1.8 billion six months ago.
WHAT WERE THE MAJOR TRENDS IN GLOBAL MARKETS OVER THE REPORTING PERIOD?
World markets reached record highs near the end of 1999 in a rally dominated by
technology, media and telecommunications stocks, commonly dubbed TMTs. This
rally lasted for most of the reporting period, ending in March with a sharp
sell-off in TMT stocks. Investors became worried about the sky-high valuation of
technology stocks, especially those with no earnings. In mid-April, U.S.
technology stocks plunged, and European and Asian markets followed suit. The
rest of the period was marked by intense day-to-day volatility. Sentiment began
to improve in late April as some TMT companies announced stronger-than-expected
earnings.
Throughout the reporting period, small- and mid-cap stocks outperformed
large-cap stocks, contributing to the fund's performance.
WHY DID THE FUND DO SO WELL?
The fund's strategy of focusing on fast-growing global companies produced
excellent results. We invested heavily in TMT stocks that showed exceptional
earnings growth in both developed and emerging markets. Some of our
best-performing holdings included Asian ISPs (Internet service providers), Web
portals and Web-hosting companies. We also saw healthy performance from our
telecommunications holdings, particularly from companies that are takeover
targets because of their market dominance or rapid customer growth.
WHAT CHANGES DID YOU MAKE TO THE PORTFOLIO OVER THE PAST SIX MONTHS?
We pared the fund's Japanese holdings from 9.55% to 6.90% of the portfolio,
while slightly increasing its European, Canadian and Latin American allocations.
The United States continued to be our top country allocation, making up 29.03%
of the portfolio as of April 30, 2000.
In terms of sectors, we decreased our allocations in the retail,
manufacturing, banking and financial sectors--areas that showed weak performance
throughout the reporting period. At the same time, we increased our holdings in
semiconductor manufacturers, electronics companies, electrical equipment makers
and telephone companies--firms that demonstrated accelerating earnings.
WHY DID YOU REDUCE THE FUND'S JAPANESE HOLDINGS?
Japanese stocks suffered a major correction in spring 2000 after a huge rally in
1999. We mitigated the effects on the fund by reducing our Japanese holdings by
roughly one-fourth. In addition, the Japanese economic recovery remains
questionable, with the country officially in recession. However, we found growth
in some Japanese telecommunications and technology companies, and we continued
to focus on those sectors. Japanese stocks we liked included Yahoo Japan, a Web
portal company, and Softbank, a major investor in Internet companies and Japan's
leading hardware and software distributor.
WHY DID THE FUND FAVOR EUROPE?
European stocks made up 25.06% of the fund, mostly consisting of major TMT
companies. We're bullish on the region for a number of reasons:
o European economic growth is accelerating. Last year's GDP growth rate was
about 2%, and economists predict a 3% rate for
------------------------------------
THE LONG-TERM PROSPECTS FOR GLOBAL
EQUITY INVESTING SHOULD REMAIN
STRONG, ESPECIALLY IN THE TECHNOLOGY
AND TELECOMMUNICATIONS SECTORS
------------------------------------
FUND PERFORMANCE
As of 4/30/00
GROWTH OF TOTAL NET ASSETS
================================================================================
BAR CHART
$1.8 $2.6
BILLION BILLION
10/31/99 4/30/00
================================================================================
AIM GLOBAL AGGRESSIVE GROWTH FUND VS. BENCHMARK INDEX
Six-month total returns, excluding sales charges
================================================================================
BAR CHART
42.19% 41.77% 41.81% 8.07%
FUND FUND FUND MSCI
CLASS A CLASS B CLASS C ALL COUNTRY
SHARES SHARES SHARES WORLD INDEX
================================================================================
See important fund and index disclosures inside front cover.
AIM GLOBAL AGGRESSIVE GROWTH FUND
2
<PAGE> 5
SEMIANNUAL REPORT / MANAGERS' OVERVIEW
2000. Inflation is low and employment remains high. While the euro has dipped
in value, the currency's weakness against the dollar has benefited European
exporters.
o European equity markets are growing at record levels, and a number of new
stock exchanges have emerged in recent years, including Germany's Neuer
Markt, Italy's Nuovo Mercato and France's Nouveau Marche. These markets
broaden the investment opportunities for the fund.
IN WHAT OTHER COUNTRIES DID THE FUND HAVE INVESTMENTS?
The fund's Asian holdings included companies in Hong Kong, Singapore, Thailand
and Taiwan--markets where technology and telecommunications sectors were strong.
Our favorite emerging economy outside Asia and Europe was Mexico. The country
has benefited from lowered trade barriers and growing demand from U.S.
consumers. We found attractive opportunities in the Mexican banking,
telecommunications and retail sectors. We also invested in several Brazilian
Internet and cellular stocks.
WHAT STOCKS PERFORMED PARTICULARLY WELL?
JDS Uniphase remained our top holding over the reporting period, and this stock
exemplifies our strategy of letting our winners run. As a stock appreciates in
price, market capitalization will follow. Over time, successful small-cap stocks
will become large- or super-cap stocks. These stocks can remain in the fund
regardless of their size as long as they continue to demonstrate good growth
prospects and positive earnings momentum.
JDS Uniphase, the world's largest supplier of parts for fiber-optic
equipment, has continued to perform. It reported better-than-expected earnings
in the most recent quarter, and sales more than doubled over the past year. When
the fund purchased JDS FITEL, a Canadian company, in 1997, it had a market
capitalization of $490 million. JDS merged with U.S.-based Uniphase in 1999, and
the merged company now has a market capitalization of about $45 billion.
Other fund holdings that performed well included
o Sage Group, a British software developer specializing in accounting
software,
o Harmonic, a California company that makes fiber-optic transmission equipment
for cable, satellite and wireless networks and
o Altran, a French technology and engineering consulting firm.
WHAT'S YOUR OUTLOOK FOR THE REST OF THE YEAR?
Markets could be volatile for some time because of rising interest rates.
However, the long-term prospects for global equity investing should remain
strong, especially in the technology and telecommunications sectors.
In the United States, technology and telecommunications companies are
producing new products and infrastructure that could result in years of
above-average growth. While the Federal Reserve Board's rate hikes could put
pressure on more traditional sectors of the economy, many TMT companies have
little debt, making them largely immune to the effects of rising interest rates.
Meanwhile, the outlook for Europe remains bright. In the future, we can
probably expect Europe to resemble the United States more closely in terms of
Internet usage, connectivity and broadband access.
The Japanese economy is still struggling, although technology is gaining
momentum. In Japan, as elsewhere, we search for individual stocks that may
perform well regardless of the country's economic situation.
In general, the fund will continue to focus on discovering future global
powerhouses. We believe that internationally, small company stocks are an
exciting and emerging asset class.
PORTFOLIO COMPOSITION
As of 4/30/00, based on total net assets
<TABLE>
<CAPTION>
===================================================================================================================================
TOP 10 HOLDINGS TOP 10 INDUSTRIES
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
1. JDS Uniphase Corp. (U.S.) 4.69% 1. Computers (Software & Services) 14.00%
2. Yahoo Japan Corp. (Japan) 2.13 2. Electronics (Semiconductors) 10.37
3. Powerwave Technologies, Inc. (U.S.) 1.78 3. Communications Equipment 10.07
4. Sage Group PLC (The) (U.K.) 1.55 4. Telecommunications (Cellular/Wireless) 5.97
5. Harmonic, Inc. (U.S.) 1.40 5. Electronics (Component Distributors) 4.69
6. Altran Technologies S.A. (France) 1.28 6. Electrical Equipment 4.16
7. Softbank Corp.-Bonus Shares (Japan) 1.28 7. Broadcasting (Television, Radio & Cable) 3.79
8. Vishay Intertechnology, Inc. (U.S.) 1.27 8. Services (Commercial & Consumer) 3.32
9. C-MAC Industries, Inc. (Canada) 1.19 9. Telephone 2.78
10. SDL, Inc. (U.S.) 1.18 10. Retail (Food Chains) 1.72
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================================================================================
TOP 10 COUNTRIES
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
1. United States 29.03%
2. Japan 6.90
3. United Kingdom 6.61
4. France 5.96
5. Mexico 5.61
6. Canada 5.35
7. Germany 4.24
8. Brazil 3.36
9. Sweden 3.25
10. Hong Kong 2.50
The fund's portfolio is subject to change, and there is no assurance that the
fund will continue to hold any particular security.
===================================================================================================================================
</TABLE>
See important fund and index disclosures inside front cover.
AIM GLOBAL AGGRESSIVE GROWTH FUND
3
<PAGE> 6
SEMIANNUAL REPORT / FOR CONSIDERATION
TIME FOR A FINANCIAL TUNE-UP?
GET HELP FROM YOUR FINANCIAL ADVISOR
Keeping track of your investment may require more than just glancing at its
total value. If you haven't checked the asset allocation of your portfolio in a
while, you should. It may look different now.
OUT OF BALANCE
Say you invested $50,000 in equity funds and $50,000 in fixed-income funds on
December 31, 1994, and simply reinvested your income and capital-gains
distributions for five years, making no new investments or withdrawals. (For
this example, we're using the S&P 500 Index and the Lehman Aggregate Bond Index
as indicators of stock and bond performance.*) During those five years, stocks
produced an average annual total return of 28.56%, while bonds grew only 7.73%
per year on average. As a result, you'd have $175,570 in stock funds and $72,553
in bond funds (a 71/29 allocation) on December 31, 1999. If you wanted to bring
your allocation back into balance, you'd need to shift $51,508 from stock to
fixed-income funds.
TAX CONSEQUENCES
One way to rebalance is to shift your assets among different funds: selling
equity shares and moving the proceeds into your fixed-income funds. But keep in
mind that this step may trigger tax consequences, since the movement of shares
from one fund to another represents the sale of a security.
Alternatively, you can let your asset allocation change gradually by
altering the proportions of your new investments. Simply raise the amount you
invest in fixed-income funds and lower the amount going into equity funds.
TAX-SHELTERED PLANS
Rebalancing within a tax-sheltered plan, such as a 401(k) or an IRA, makes even
more sense, since there are no tax consequences for selling and buying new
shares.
PERIODIC CHECK-UPS
The key allocation to watch is your overall stock and fixed-income mix. It's
that mix that will have the biggest influence on your risk and return. However,
rebalancing doesn't mean fiddling constantly with your account or attempting to
time the market by moving money around to chase the hottest sectors. It simply
means revisiting your portfolio periodically to make sure it's still right for
you. Your financial advisor should be able to help you determine if your current
portfolio composition is meeting your short- and long-term financial goals.
That's why we recommend regular visits with your advisor as a way to keep an eye
on your nest egg.
YOU AND YOUR FINANCIAL ADVISOR
Once a year, you and your financial advisor should meet to look ahead, review
investments and take another look at your goals, according to the Forum for
Investor Advice, a nonprofit association that educates investors about the role
and value of professional financial advisors.
TIME AND MARKETS SHIFT BALANCE
Market performance can affect the allocation of a portfolio. This example
illustrates an initial investment of $50,000 in equity funds and $50,000 in bond
funds. Five years later, the assets have shifted to $175,570 in stock funds and
$72,553 in bond funds, due to the strong performance of the stock market.
================================================================================
PIE CHART PIE CHART
50% 29%
STOCK FUNDS BOND FUNDS
50% 71%
BOND FUNDS STOCK FUNDS
12/31/94 12/31/99
================================================================================
Source: Wiesenberger
*The Lehman Aggregate Bond Index is an unmanaged index generally considered
representative of corporate debt securities. The Standard & Poor's Composite
Index of 500 Stocks (the S&P 500) is a group of unmanaged securities widely
regarded by investors to be representative of the stock market in general.
Results shown assume the reinvestment of dividends. An investment cannot be made
in any index listed. Unless otherwise indicated, index results include
reinvested dividends and do not reflect sales charges.
AIM GLOBAL AGGRESSIVE GROWTH FUND
4
<PAGE> 7
SEMIANNUAL REPORT / FOR CONSIDERATION
A financial advisor can help you with every kind of financial goal, whether
that's saving up for a house, eliminating debt or saving for a comfortable
retirement. An advisor who knows you well and understands your needs can make
all the difference in your financial future. He or she can
o evaluate your total financial situation and help you formulate a
comprehensive financial plan;
o explain different types of investments, as well as their potential risks and
benefits;
o suggest an investment portfolio that can handle changing market conditions;
and
o help you make clear-headed decisions during market volatility.
GETTING THE MOST FROM YOUR
PLANNING SESSION
Your advisor needs a complete picture of your financial status to prepare a work
able plan. Come prepared to talk about your financial situation, your goals and
your feelings about risk. And don't be afraid to ask lots of questions. Good
financial advisors take investor education seriously, so take advantage of their
store of knowledge and materials.
The Forum for Investor Advice suggests that you discuss the following with
your financial advisor:
o changes in the financial markets
o changes in your goals and current situation
o retirement plans
o estate planning
o outlook for the markets
Take along our checklist (right) to get you started on the path to good
planning. And don't forget to stay in touch. Maintaining regular contact with
your financial advisor can keep you moving toward your goals, especially when
your life circumstances or financial needs change.
CONSULTATION CHECKLIST
WHAT TO BRING:
o A list of all your assets, including real estate, life insurance, stocks and
bonds, and mutual funds
o A list of all your expenses, including likely future expenses
o A timetable of your financial goals, including an estimate of when you want
to retire
WHAT TO ASK:
o How can I estimate what my goals will cost?
o How much money do I need to invest, and how often?
o How many different kinds of investments do I need?
o How do I determine my risk tolerance?
o What are the possible risks of the investments you've suggested?
o What effect will these investments have on my taxes? What forms will I need
to file?
o How often do I need to revise my plan?
o How will I know how my investments are doing?
o How can I make changes to my plan?
o What kinds of communication will I get from you?
o Where can I get more information on what we've talked about?
o What do I need to do after this meeting?
[PICTURE OF ADVISOR AND CLIENT]
AIM GLOBAL AGGRESSIVE GROWTH FUND
5
<PAGE> 8
SCHEDULE OF INVESTMENTS
April 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
DOMESTIC COMMON STOCKS-29.03%
BROADCASTING (TELEVISION, RADIO &
CABLE)-1.57%
Hispanic Broadcasting Corp.(a) 245,200 $ 24,780,525
---------------------------------------------------------------
UnitedGlobalCom Inc.-Class A(a) 314,200 16,691,875
---------------------------------------------------------------
41,472,400
---------------------------------------------------------------
COMMUNICATIONS EQUIPMENT-7.58%
Comverse Technology, Inc.(a) 255,800 22,814,162
---------------------------------------------------------------
Dycom Industries, Inc.(a) 316,200 16,442,400
---------------------------------------------------------------
Harmonic, Inc.(a) 500,000 36,906,250
---------------------------------------------------------------
JDS Uniphase Corp.(a) 1,190,776 123,468,586
---------------------------------------------------------------
199,631,398
---------------------------------------------------------------
COMPUTERS (PERIPHERALS)-0.76%
QLogic Corp.(a) 200,000 20,062,500
---------------------------------------------------------------
COMPUTERS (SOFTWARE &
SERVICES)-0.46%
Affiliated Computer Services,
Inc.-Class A(a) 149,100 4,938,937
---------------------------------------------------------------
Starmedia Network, Inc.(a) 325,100 7,111,562
---------------------------------------------------------------
12,050,499
---------------------------------------------------------------
ELECTRICAL EQUIPMENT-3.59%
CommScope, Inc.(a) 400,000 19,000,000
---------------------------------------------------------------
Cree Research, Inc.(a) 131,700 19,162,350
---------------------------------------------------------------
Sanmina Corp.(a) 273,400 16,421,087
---------------------------------------------------------------
Sawtek, Inc.(a) 138,000 6,598,125
---------------------------------------------------------------
Vishay Intertechnology, Inc.(a) 400,000 33,550,000
---------------------------------------------------------------
94,731,562
---------------------------------------------------------------
ELECTRONICS (COMPONENT
DISTRIBUTORS)-1.67%
C-COR.net Corp.(a) 600,000 23,475,000
---------------------------------------------------------------
Power-One, Inc.(a) 300,000 20,475,000
---------------------------------------------------------------
43,950,000
---------------------------------------------------------------
ELECTRONICS (INSTRUMENTATION)-0.99%
Alpha Industries, Inc. 500,000 26,000,000
---------------------------------------------------------------
ELECTRONICS (SEMICONDUCTORS)-5.90%
ANADIGICS, Inc.(a) 412,500 31,040,625
---------------------------------------------------------------
Dallas Semiconductor Corp. 300,000 12,881,250
---------------------------------------------------------------
Integrated Device Technology,
Inc.(a) 300,000 14,418,750
---------------------------------------------------------------
Micrel, Inc.(a) 195,800 16,936,700
---------------------------------------------------------------
Microchip Technology, Inc.(a) 487,500 30,255,469
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
ELECTRONICS (SEMICONDUCTORS)-(CONTINUED)
SDL, Inc.(a) 160,000 $ 31,200,000
---------------------------------------------------------------
Semtech Corp.(a) 275,000 18,751,563
---------------------------------------------------------------
155,484,357
---------------------------------------------------------------
HEALTH CARE (DRUGS-GENERIC &
OTHER)-0.63%
Alpharma, Inc.-Class A 250,000 9,656,250
---------------------------------------------------------------
Medicis Pharmaceutical
Corp.-Class A(a) 160,100 7,004,375
---------------------------------------------------------------
16,660,625
---------------------------------------------------------------
HEALTH CARE (HOSPITAL
MANAGEMENT)-0.55%
Province Healthcare Co.(a) 501,800 14,489,475
---------------------------------------------------------------
HEALTH CARE (MEDICAL PRODUCTS &
SUPPLIES)-0.21%
ResMed, Inc. 160,000 5,440,000
---------------------------------------------------------------
PHOTOGRAPHY/IMAGING-0.20%
Creo Products Inc.(a) 144,900 5,252,625
---------------------------------------------------------------
RESTAURANTS-0.51%
CEC Entertainment, Inc.(a) 450,000 13,500,000
---------------------------------------------------------------
RETAIL (SPECIALTY)-0.45%
Michaels Stores, Inc.(a) 300,000 11,831,250
---------------------------------------------------------------
RETAIL (SPECIALTY-APPAREL)-1.38%
Men's Wearhouse, Inc. (The)(a) 410,000 8,789,375
---------------------------------------------------------------
Pacific Sunwear of California(a) 367,450 12,516,266
---------------------------------------------------------------
Too Inc.(a) 500,000 14,968,750
---------------------------------------------------------------
36,274,391
---------------------------------------------------------------
SERVICES (DATA PROCESSING)-0.28%
Concord EFS, Inc.(a) 333,807 7,468,932
---------------------------------------------------------------
TELECOMMUNICATIONS
(CELLULAR/WIRELESS)-1.78%
Powerwave Technologies, Inc.(a) 225,000 46,814,063
---------------------------------------------------------------
TELECOMMUNICATIONS (LONG
DISTANCE)-0.23%
Viatel, Inc.(a) 156,000 5,967,000
---------------------------------------------------------------
TEXTILES (APPAREL)-0.29%
Quicksilver, Inc.(a) 400,000 7,550,000
---------------------------------------------------------------
Total Domestic Common Stocks
(Cost $325,559,630) 764,631,077
---------------------------------------------------------------
</TABLE>
6
<PAGE> 9
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
FOREIGN STOCKS & OTHER EQUITY
INTERESTS-60.72%
ARGENTINA-0.08%
El Sitio, Inc. (Computers-Software &
Services)(a) 200,000 $ 2,150,000
---------------------------------------------------------------
AUSTRALIA-0.98%
Brambles Industries Ltd. (Air
Freight) 235,000 6,614,968
---------------------------------------------------------------
ERG Ltd. (Electrical Equipment) 3,098,000 14,745,241
---------------------------------------------------------------
TABCORP Holdings Ltd. (Leisure
Time Products) 828,000 4,432,238
---------------------------------------------------------------
25,792,447
---------------------------------------------------------------
BRAZIL-3.36
Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar-Pfd. GDR (Retail-Food
Chains) 277,419 7,906,441
---------------------------------------------------------------
Embratel Participacoes S.A.-ADR
(Telephone) 285,200 6,417,000
---------------------------------------------------------------
Petroleo Brasileiro
S.A.-Petrobras-Pfd. (Oil &
Gas-Exploration & Production) 70,200 16,713,546
---------------------------------------------------------------
Tele Celular Sul Participacoes
S.A.-ADR (Telecommunications-
Cellular/Wireless) 170,000 6,566,250
---------------------------------------------------------------
Tele Centro Oeste Celular
Participacoes S.A. ADR
(Telecommunication-Cellular/
Wireless) . 696,000 8,004,000
---------------------------------------------------------------
Tele Centro Sul Participacoes
S.A.-ADR (Telephone) 133,700 8,523,375
---------------------------------------------------------------
Tele Nordeste Celular
Participacoes S.A.-ADR
(Telecommunications-Cellular/
Wireless) . 115,000 5,980,000
---------------------------------------------------------------
Tele Norte Leste Participacoes
S.A.-ADR (Telephone) 843,182 15,019,176
---------------------------------------------------------------
Telemig Celular S.A.-ADR
(Telecommunications-Cellular/
Wireless) 155,000 9,067,500
---------------------------------------------------------------
Telesp-Telecomunicacoes de Sao
Paulo S.A.-ADR (Telephone) 170,800 4,312,700
---------------------------------------------------------------
88,509,988
---------------------------------------------------------------
CANADA-5.35%
BCE Emergis, Inc.
(Services-Computer Systems)(a) 127,300 6,165,086
---------------------------------------------------------------
Biovail Corp. (Health
Care-Drugs-Generic & Other)(a) 228,600 10,901,362
---------------------------------------------------------------
Celestica Inc.
(Electronics-Semiconductors)(a) 268,000 14,622,750
---------------------------------------------------------------
Certicom Corp. (Computers-Software
& Services)(a) 153,200 7,812,631
---------------------------------------------------------------
C-MAC Industries, Inc.
(Electronics-Component
Distributors)(a) 618,400 31,327,254
---------------------------------------------------------------
Four Seasons Hotels, Inc.
(Lodging-Hotels) 239,300 13,400,800
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
CANADA-(CONTINUED)
Microcell Telecommunications,
Inc. (Telecommunications-
Cellular/Wireless)(a) 234,800 $ 8,188,650
---------------------------------------------------------------
Mosaic Group Inc.
(Services-Advertising/
Marketing)(a) 672,000 7,580,142
---------------------------------------------------------------
Onex Corp. (Investments) 288,500 8,671,564
---------------------------------------------------------------
Research in Motion Ltd.
(Electronics-Component
Distributors) 37,900 1,610,206
---------------------------------------------------------------
Sears Canada, Inc.
(Retail-Department Stores) 323,000 7,854,103
---------------------------------------------------------------
Shaw Communications Inc.-Class B
(Broadcasting-Television, Radio
& Cable) 446,000 10,438,298
---------------------------------------------------------------
Sierra Wireless (Communications
Equipment)(a) 139,000 7,506,282
---------------------------------------------------------------
Tundra Semiconductor Corp.
(Electronics-Semiconductors) 146,000 4,782,844
---------------------------------------------------------------
140,861,972
---------------------------------------------------------------
CHILE-0.04%
Madeco S.A.-ADR (Metal
Fabricators) 129,000 1,161,000
---------------------------------------------------------------
DENMARK-1.44%
Navision Software A/S
(Computers-Software &
Services)(a) 94,200 6,895,206
---------------------------------------------------------------
Vestas Wind Systems A/S
(Manufacturing-Specialized) 92,500 30,919,849
---------------------------------------------------------------
37,815,055
---------------------------------------------------------------
FINLAND-0.80%
Comptel Oyj (Computers-Software &
Services) 134,750 3,047,725
---------------------------------------------------------------
Perlos Oyj
(Electronics-Semiconductors) 286,000 10,603,264
---------------------------------------------------------------
Sonera Oyj
(Telecommunications-Cellular/
Wireless) 133,300 7,337,219
---------------------------------------------------------------
20,988,208
---------------------------------------------------------------
FRANCE-5.96%
Altran Technologies S.A.
(Services-Commercial &
Consumer) 164,700 33,684,945
---------------------------------------------------------------
Avenir Telecom
(Telecommunications-Cellular/
Wireless)(a) 25,800 6,541,881
---------------------------------------------------------------
Business Objects S.A.-ADR
(Computers-Software &
Services)(a) 200,000 19,575,000
---------------------------------------------------------------
Galeries Lafayette
(Retail-Department Stores) 70,000 11,915,651
---------------------------------------------------------------
GFI Informatique
(Computers-Software & Services) 67,000 9,814,013
---------------------------------------------------------------
Havas Advertising S.A.
(Services-Advertising/
Marketing) 44,000 21,977,129
---------------------------------------------------------------
M6 Metropole Television
(Broadcasting-Television, Radio
& Cable) 22,000 12,599,820
---------------------------------------------------------------
</TABLE>
7
<PAGE> 10
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
FRANCE-(CONTINUED)
NRJ S.A. (Broadcasting-Television,
Radio & Cable) 11,000 $ 7,125,554
---------------------------------------------------------------
Societe Television Francaise 1
(Broadcasting-Television, Radio
& Cable) 41,000 28,088,255
---------------------------------------------------------------
Transiciel S.A.
(Computers-Software & Services) 42,500 5,676,242
---------------------------------------------------------------
156,998,490
---------------------------------------------------------------
GERMANY-4.24%
ADVA A.G. Optical Networking
(Communications Equipment)(a) 28,800 15,826,153
---------------------------------------------------------------
Brokat Infosystems A.G.
(Computers-Software &
Services)(a) 55,300 6,741,800
---------------------------------------------------------------
Consumer Electronic A.G.
(Electronics-Component
Distributors) 30,000 5,049,390
---------------------------------------------------------------
Infineon Technologies A.G.
(Electronics-Semiconductors)(a) 76,600 5,279,069
---------------------------------------------------------------
Intershop Communications A.G.
(Computers-Software &
Services)(a) 47,000 20,888,553
---------------------------------------------------------------
Kamps A.G. (Retail-Food Chains) 140,000 4,579,023
---------------------------------------------------------------
Marschollek, Lautenschlaeger und
Partner A.G. (Services-Commercial &
Consumer) 30,000 15,885,108
---------------------------------------------------------------
Medion A.G. (Electronics-Component
Distributors) 85,500 7,506,532
---------------------------------------------------------------
Porsche A.G.-Pfd. (Automobiles) 6,270 15,573,138
---------------------------------------------------------------
Software A.G. (Computers-Software
& Services)(a) 57,300 6,620,706
---------------------------------------------------------------
Telegate A.G. (Telephone)(a) 61,500 7,777,425
---------------------------------------------------------------
111,726,897
---------------------------------------------------------------
HONG KONG-2.50%
China Telecom Ltd.
(Telecommunications-
Cellular/Wireless)(a) 3,428,000 24,535,382
---------------------------------------------------------------
Dao Heng Bank Group Ltd.
(Banks-Regional) 3,047,000 14,082,576
---------------------------------------------------------------
Esprit Holdings Ltd.
(Retail-Specialty Apparel) 3,506,000 3,735,916
---------------------------------------------------------------
Hutchison Whampoa Ltd.
(Retail-Food Chains) 1,615,000 23,429,235
---------------------------------------------------------------
65,783,109
---------------------------------------------------------------
HUNGARY-0.42%
Magyar Tavkozlesi Rt-ADR
(Telecommunications-Long
Distance) 320,000 11,140,000
---------------------------------------------------------------
INDONESIA-0.40%
Gulf Indonesia Resources Ltd.
(Oil-International
Integrated)(a) 606,600 4,246,200
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
INDONESIA-(CONTINUED)
PT Indofood Sukses Makmur Tbk
(Foods)(a) 9,247,000 $ 6,320,734
---------------------------------------------------------------
10,566,934
---------------------------------------------------------------
IRELAND-0.66%
Ryanair Holdings PLC-ADR
(Airlines)(a) 263,400 10,733,550
---------------------------------------------------------------
Trintech Group PLC-ADR
(Computers-Software &
Services)(a) 244,000 6,588,000
---------------------------------------------------------------
17,321,550
---------------------------------------------------------------
ISRAEL-1.04%
NICE Systems Ltd.- ADR
(Communications Equipment)(a) 117,000 7,656,187
---------------------------------------------------------------
Orbotech, Ltd. (Computers-
Software & Services)(a) 232,700 19,837,675
---------------------------------------------------------------
27,493,862
---------------------------------------------------------------
ITALY-1.63%
Bipop (Banks-Regional) 150,600 13,701,588
---------------------------------------------------------------
Gruppo Editoriale L'Espresso
(Publishing) 2,080,000 29,331,952
---------------------------------------------------------------
43,033,540
---------------------------------------------------------------
JAPAN-6.90%
Bellsystem 24, Inc. (Services-
Commercial & Consumer) 42,000 29,054,035
---------------------------------------------------------------
Circle K Japan Co. Ltd.
(Retail-Food Chains) 244,200 9,520,600
---------------------------------------------------------------
Hokuto Corp. (Agricultural
Products) 288,900 10,380,442
---------------------------------------------------------------
Sanix Inc. (Services-Commercial &
Consumer) 103,500 6,134,185
---------------------------------------------------------------
Sanix Inc.-Bonus Shares
(Services-Commercial &
Consumer)(a) 51,750 3,067,093
---------------------------------------------------------------
Softbank Corp. (Computers-
Software & Services)(a) 68,000 16,750,475
---------------------------------------------------------------
Softbank Corp.-Bonus Shares
(Computers-Software & Services) 136,000 33,626,893
---------------------------------------------------------------
Trend Micro Inc.
(Computers-Software &
Services)(a) 115,550 17,334,908
---------------------------------------------------------------
Yahoo Japan Corp. (Computers-
Software & Services)(a) 112 56,007,779
---------------------------------------------------------------
181,876,410
---------------------------------------------------------------
MEXICO-5.61%
Cemex S.A. de C.V. Wts.-ADR
(Cement & Aggregates), expiring
12/13/02(a) 16,212 44,583
---------------------------------------------------------------
Cemex S.A. de C.V.-ADR
(Construction-Cement &
Aggregates)(a) 259,400 5,674,375
---------------------------------------------------------------
Coca-Cola Femsa S.A.-ADR
(Beverages-Non-Alcoholic) 566,300 10,511,944
---------------------------------------------------------------
Controladora Comercial Mexicana
S.A. de C.V. (Retail-General
Merchandise) 2,579,000 2,712,718
---------------------------------------------------------------
</TABLE>
8
<PAGE> 11
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
MEXICO-(CONTINUED)
Corporacion Interamericana de
Entretenimiento S.A.
(Entertainment)(a) 3,288,144 $ 13,485,163
---------------------------------------------------------------
Fomento Economico Mexicano, S.A.
de C.V.-ADR (Beverages-
Alcoholic) 446,880 18,433,800
---------------------------------------------------------------
Grupo Financiero Banamex Accival,
S.A. de C.V. (Banacci)
(Financial-Diversified)(a) 2,368,000 8,554,186
---------------------------------------------------------------
Grupo Financiero Bancomer, S.A.
de C.V.-Class O
(Banks-Regional)(a) 11,940,000 5,328,092
---------------------------------------------------------------
Grupo Modelo S.A. de C.V.-
Series C (Beverages-Alcoholic) 3,161,000 6,716,957
---------------------------------------------------------------
Grupo Televisa S.A.-GDR
(Entertainment)(a) 323,000 20,490,313
---------------------------------------------------------------
Kimberly-Clark de Mexico, S.A. de
C.V.-Class A (Paper & Forest
Products) 2,014,000 6,483,659
---------------------------------------------------------------
Organizacion Soriana S.A. de C.V.
(Retail-Department Stores) 1,776,000 7,076,073
---------------------------------------------------------------
Telefonos de Mexico S.A.-
Class L-ADR (Telephone) 389,200 22,889,825
---------------------------------------------------------------
Tubos de Acero de Mexico S.A.-ADR
(Oil & Gas-Drilling &
Equipment) 541,800 8,093,138
---------------------------------------------------------------
Wal-Mart de Mexico S.A. de
C.V.-Series C (Retail-General
Merchandise)(a) 5,300,000 11,290,374
---------------------------------------------------------------
147,785,200
---------------------------------------------------------------
NETHERLANDS-0.65%
CMG PLC (Computers-Software &
Services) 267,000 17,125,620
---------------------------------------------------------------
PHILIPPINES-0.16%
SM Prime Holdings, Inc. (Land
Development) 32,000,000 4,185,540
---------------------------------------------------------------
PORTUGAL-0.16%
PT MULTIMEDIA-Servicos de
Telecomunicacoes e Multimedia
SGPS S.A. (Broadcasting-
Television, Radio & Cable)(a) 61,800 4,315,318
---------------------------------------------------------------
SINGAPORE-1.61%
Datacraft Asia Ltd.
(Communications Equipment) 834,500 6,258,750
---------------------------------------------------------------
DBS Group Holdings Ltd.
(Banks-Money Center)(a) 640,813 8,823,522
---------------------------------------------------------------
Keppel Corp. Ltd. (Engineering &
Construction) 1,939,000 4,498,998
---------------------------------------------------------------
Keppel Land Ltd. (Land
Development) 3,413,000 4,079,522
---------------------------------------------------------------
NatSteel Ltd. (Iron & Steel) 3,946,000 9,664,428
---------------------------------------------------------------
Singapore Press Holdings Ltd.
(Publishing-Newspapers) 459,000 8,982,598
---------------------------------------------------------------
42,307,818
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
SOUTH AFRICA-0.38%
Dimension Data Holdings Ltd.
(Computers-Software &
Services)(a) 1,536,126 $ 10,081,499
---------------------------------------------------------------
SOUTH KOREA-1.75%
Hyundai Motor Co. Ltd.
(Automobiles) 430,344 4,052,349
---------------------------------------------------------------
Korea Telecom Corp.-ADR
(Telephone) 274,500 9,470,250
---------------------------------------------------------------
L.G. Chemical Ltd.
(Chemicals-Diversified) 357,000 8,203,199
---------------------------------------------------------------
Pohang Iron & Steel Co. Ltd.-ADR
(Iron & Steel) 511,600 10,743,600
---------------------------------------------------------------
Samsung Electronics N.V.
(Electronics-Component
Distributors)(a) 50,000 13,516,558
---------------------------------------------------------------
45,985,956
---------------------------------------------------------------
SPAIN-0.55%
NH Hoteles, S.A. (Investment
Management)(a) 1,287,000 14,460,771
---------------------------------------------------------------
SWEDEN-3.25%
Assa Abloy A.B.-Class B (Metal
Fabricators) 920,000 18,689,586
---------------------------------------------------------------
Enea Data A.B. (Computers-
Software & Services) 54,300 9,570,231
---------------------------------------------------------------
Europolitan Holdings A.B.
(Telecommunications-
Cellular/Wireless) 792,000 12,111,173
---------------------------------------------------------------
NetCom A.B.-Class B
(Telecommunications-
Cellular/Wireless)(a) 402,600 28,625,539
---------------------------------------------------------------
OM Grupppen A.B. (Investment
Banking/Brokerage) 402,000 16,692,042
---------------------------------------------------------------
85,688,571
---------------------------------------------------------------
SWITZERLAND-2.24%
Charles Voegele Holding A.G.
(Retail-Department Stores)(a) 35,350 6,875,036
---------------------------------------------------------------
Kudelski S.A. (Electronics-
Component Distributors)(a) 1,220 12,564,761
---------------------------------------------------------------
Micronas Semiconductor Holding
A.G. (Electronics-
Semiconductors)(a) 15,100 8,021,190
---------------------------------------------------------------
Mikron Holding A.G.
(Machinery-Diversified) 16,600 11,998,258
---------------------------------------------------------------
Straumann A.G. (Health
Care-Specialized Services)(a) 8,100 8,727,779
---------------------------------------------------------------
Tecan A.G. (Health Care-Medical
Products & Supplies) 12,400 10,697,475
---------------------------------------------------------------
58,884,499
---------------------------------------------------------------
TAIWAN-1.54%
Compal Electronics, Inc.
(Computers-Hardware) 3,641,300 9,342,770
---------------------------------------------------------------
Far Eastern Textile Ltd.
(Chemicals-Diversified) 5,641,040 8,665,758
---------------------------------------------------------------
</TABLE>
9
<PAGE> 12
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
TAIWAN-(CONTINUED)
Taiwan Semiconductor
Manufacturing Co. Ltd.
(Computers-Hardware)(a) 2,021,000 $ 13,013,139
---------------------------------------------------------------
United Microelectronics Corp.
Ltd. (Electronics-Component
Distributors)(a) 2,817,000 9,529,645
---------------------------------------------------------------
40,551,312
---------------------------------------------------------------
THAILAND-0.41%
Advanced Info Service Public Co.
Ltd. (Telephone)(a) 569,000 6,666,859
---------------------------------------------------------------
Siam Commercial Bank Public Co.
Ltd.- $1.365 Conv. Pfd.
(Banks-Regional)(a) 5,189,000 4,157,743
---------------------------------------------------------------
10,824,602
---------------------------------------------------------------
UNITED KINGDOM-6.61%
ARM Holdings PLC
(Electronics-Semiconductors)(a) 2,192,750 22,371,768
---------------------------------------------------------------
Autonomy Corp. PLC
(Computers-Software &
Services)(a) 83,000 11,039,000
---------------------------------------------------------------
Bookham Technology PLC
(Communications Equipment)(a) 141,300 6,437,806
---------------------------------------------------------------
Dialog Semiconductor PLC
(Electronics-Semiconductors)(a) 66,000 7,265,663
---------------------------------------------------------------
J.D. Wetherspoon PLC (Leisure
Time-Products) 1,000,000 6,487,612
---------------------------------------------------------------
Jazztel PLC-ADR (Telephone)(a) 82,800 4,305,600
---------------------------------------------------------------
JJB Sports PLC (Retail-General
Merchandise) 949,000 8,613,654
---------------------------------------------------------------
Kewill Systems PLC
(Computers-Software &
Services)(a) 253,000 5,331,976
---------------------------------------------------------------
Kingston Communication (Hull) PLC
(Telecommunications-Long
Distance)(a) 988,000 12,357,834
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
<S> <C> <C>
UNITED KINGDOM-(CONTINUED)
Logica PLC (Computers-Software &
Services) 775,000 $ 23,358,909
---------------------------------------------------------------
Matalan PLC (Retail-Discounters) 800,000 5,669,846
---------------------------------------------------------------
Pace Micro Technology PLC
(Communications Equipment) 1,360,000 15,888,030
---------------------------------------------------------------
Sage Group PLC (The)
(Computers-Software & Services) 3,691,500 40,882,962
---------------------------------------------------------------
Shire Pharmaceuticals Group PLC
(Health Care-Drugs-Generic &
Other)(a) 289,836 4,112,828
---------------------------------------------------------------
174,123,488
---------------------------------------------------------------
Total Foreign Stocks & Other
Equity Interests (Cost
$1,012,145,441) 1,599,539,656
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
<S> <C> <C>
U.S. DOLLAR DENOMINATED
CONVERTIBLE BONDS-0.20%
MANUFACTURING (DIVERSIFIED)-0.20%
Shanghai Industrial Investment
Trust Co. (United Kingdom),
Conv. Gtd. Bonds, 1.00%,
02/24/03 (Cost $5,218,750)(b) $ 5,000,000 5,312,500
---------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
<S> <C> <C>
MONEY MARKET FUNDS-8.15%
STIC Liquid Assets Portfolio(c) 107,292,216 107,292,216
---------------------------------------------------------------
STIC Prime Portfolio(c) 107,292,216 107,292,216
---------------------------------------------------------------
Total Money Market Funds
(Cost $214,584,432) 214,584,432
---------------------------------------------------------------
TOTAL INVESTMENTS-98.10%
(Cost $1,557,508,253) 2,584,067,665
---------------------------------------------------------------
OTHER ASSETS LESS
LIABILITIES-1.90% 49,930,851
---------------------------------------------------------------
NET ASSETS-100.00% $2,633,998,516
===============================================================
</TABLE>
Investment Abbreviations:
ADR - American Depositary Receipt
Conv. - Convertible
GDR - Global Depositary Receipt
Gtd. - Guaranteed
Pfd. - Preferred
Wts. - Warrants
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) Represents a security sold under Rule 144A, which is exempt from
registration and may be resold to qualified institutional buyers in
accordance with the provisions of Rule 144A under the Securities Act of
1933, as amended.
(c) The money market fund has the same investment advisor as the Fund.
See Notes to Financial Statements.
10
<PAGE> 13
STATEMENT OF ASSETS AND LIABILITIES
April 30, 2000
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, at market value (cost
$1,557,508,253) $2,584,067,665
-------------------------------------------------------------
Foreign currencies, at market value (cost
$33,811,967) 33,408,585
-------------------------------------------------------------
Receivables for:
Investments sold 27,308,348
-------------------------------------------------------------
Capital stock sold 7,604,541
-------------------------------------------------------------
Dividends and interest 3,131,653
-------------------------------------------------------------
Investment for deferred compensation plan 44,245
-------------------------------------------------------------
Other assets 47,624
-------------------------------------------------------------
Total assets 2,655,612,661
-------------------------------------------------------------
LIABILITIES:
Payables for:
Investments purchased 13,199,706
-------------------------------------------------------------
Capital stock reacquired 3,340,665
-------------------------------------------------------------
Deferred compensation plan 44,245
-------------------------------------------------------------
Accrued advisory fees 1,876,003
-------------------------------------------------------------
Accrued administrative services fees 15,065
-------------------------------------------------------------
Accrued distribution fees 2,071,684
-------------------------------------------------------------
Accrued transfer agent fees 472,201
-------------------------------------------------------------
Accrued directors' fees 1,218
-------------------------------------------------------------
Accrued operating expenses 593,358
-------------------------------------------------------------
Total liabilities 21,614,145
-------------------------------------------------------------
Net assets applicable to shares outstanding $2,633,998,516
=============================================================
NET ASSETS:
Class A $1,248,584,381
=============================================================
Class B $1,338,954,739
=============================================================
Class C $ 46,459,396
=============================================================
CAPITAL STOCK, $0.001 PAR VALUE PER SHARE:
Class A:
Authorized 200,000,000
-------------------------------------------------------------
Outstanding 42,183,521
=============================================================
Class B:
Authorized 200,000,000
-------------------------------------------------------------
Outstanding 46,720,771
=============================================================
Class C:
Authorized 200,000,000
-------------------------------------------------------------
Outstanding 1,620,590
=============================================================
Class A:
Net asset value and redemption price per
share $ 29.60
-------------------------------------------------------------
Offering price per share:
(Net asset value of $29.60 / 95.25%) $ 31.08
=============================================================
Class B:
Net asset value and offering price per
share $ 28.66
=============================================================
Class C:
Net asset value and offering price per
share $ 28.67
=============================================================
</TABLE>
STATEMENT OF OPERATIONS
For the six months ended April 30, 2000
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividends (net of foreign withholding tax
$474,132) $ 7,090,500
------------------------------------------------------------
Interest 52,710
------------------------------------------------------------
Total investment income 7,143,210
------------------------------------------------------------
EXPENSES:
Advisory fees 11,157,914
------------------------------------------------------------
Administrative services fees 90,941
------------------------------------------------------------
Custodian fees 883,415
------------------------------------------------------------
Distribution fees -- Class A 3,038,647
------------------------------------------------------------
Distribution fees -- Class B 6,582,164
------------------------------------------------------------
Distribution fees -- Class C 164,663
------------------------------------------------------------
Transfer agent fees -- Class A 980,931
------------------------------------------------------------
Transfer agent fees -- Class B 1,385,068
------------------------------------------------------------
Transfer agent fees -- Class C 34,649
------------------------------------------------------------
Directors' fees 4,354
------------------------------------------------------------
Other 342,412
------------------------------------------------------------
Total expenses 24,665,158
------------------------------------------------------------
Less: Expenses paid indirectly (24,135)
------------------------------------------------------------
Net expenses 24,641,023
------------------------------------------------------------
Net investment income (loss) (17,497,813)
------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENT SECURITIES AND FOREIGN
CURRENCIES:
Net realized gain (loss) from:
Investment securities 430,375,643
------------------------------------------------------------
Foreign currencies (2,676,884)
------------------------------------------------------------
427,698,759
------------------------------------------------------------
Change in net unrealized appreciation
(depreciation) of:
Investment securities 321,882,439
------------------------------------------------------------
Foreign currencies (528,374)
------------------------------------------------------------
321,354,065
------------------------------------------------------------
Net gain on investment securities and foreign
currencies 749,052,824
------------------------------------------------------------
Net increase in net assets resulting from
operations $731,555,011
============================================================
</TABLE>
See Notes to Financial Statements.
11
<PAGE> 14
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended April 30, 2000 and the year ended October 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
APRIL 30, OCTOBER 31,
2000 1999
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income (loss) $ (17,497,813) $ (21,800,341)
----------------------------------------------------------------------------------------------
Net realized gain from investment securities and foreign
currencies 427,698,759 195,571,025
----------------------------------------------------------------------------------------------
Change in net unrealized appreciation of investment
securities and foreign currencies 321,354,065 394,291,022
----------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 731,555,011 568,061,706
----------------------------------------------------------------------------------------------
Distributions to shareholders from net realized gains:
Class A (51,990,137) --
----------------------------------------------------------------------------------------------
Class B (58,426,812) --
----------------------------------------------------------------------------------------------
Class C (1,135,421) --
----------------------------------------------------------------------------------------------
Share transactions-net:
Class A 98,848,430 (361,902,444)
----------------------------------------------------------------------------------------------
Class B 92,729,245 (307,272,112)
----------------------------------------------------------------------------------------------
Class C 26,923,143 (1,457,883)
----------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 838,503,459 (102,570,733)
----------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 1,795,495,057 1,898,065,790
----------------------------------------------------------------------------------------------
End of period $2,633,998,516 $1,795,495,057
==============================================================================================
NET ASSETS CONSIST OF:
Capital (par value and additional paid-in) $1,211,184,028 $ 992,683,210
----------------------------------------------------------------------------------------------
Undistributed net investment income (loss) (30,855,577) (13,357,764)
----------------------------------------------------------------------------------------------
Undistributed net realized gain from investment securities
and foreign currencies 427,697,493 111,551,104
----------------------------------------------------------------------------------------------
Unrealized appreciation of investment securities and
foreign currencies 1,025,972,572 704,618,507
----------------------------------------------------------------------------------------------
$2,633,998,516 $1,795,495,057
==============================================================================================
</TABLE>
See Notes to Financial Statements.
12
<PAGE> 15
NOTES TO FINANCIAL STATEMENTS
April 30, 2000
(Unaudited)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES
AIM Global Aggressive Growth Fund (the "Fund") is a series 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 series management investment company consisting of six
separate portfolios. The Fund currently offers three different classes of
shares: Class A shares, Class B shares and Class C shares. Class A shares are
sold with a front-end sales charge. Class B shares and Class C shares are sold
with a contingent deferred sales charge. Matters affecting each portfolio or
class will be 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 Fund's investment objective is above-average long-term
growth of capital.
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 at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates. The
following is a summary of the significant accounting policies followed by the
Fund in the preparation of its financial statements.
A. Security Valuations -- A security listed or traded on an exchange (except
convertible bonds) is valued at its last sales price as of the close of the
customary trading session on the exchange where the security is principally
traded, or lacking any sales on a particular day, the security is valued at
the closing bid price on that day. Each security reported on the NASDAQ
National Market System is valued at the last sales price on the valuation
date or absent a last sales price, at the closing bid price. Debt
obligations (including convertible bonds) 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 prices, and
may reflect appropriate factors such as yield, type of issue, coupon rate
and maturity date. Securities for which market prices are not provided by
any of the above methods are valued based upon quotes furnished by
independent sources and are valued at the last bid price in the case of
equity securities and in the case of debt obligations, the mean between the
last bid and asked prices. Securities for which market quotations are not
readily available or are questionable are valued at fair value as
determined in good faith by or under the supervision of the Company's
officers in a manner specifically authorized by the Board of Directors of
the Company. Short-term obligations having 60 days or less to maturity are
valued at amortized cost which approximates market value. For purposes of
determining net asset value per share, futures and option contracts
generally will be valued 15 minutes after the close of the customary
trading session of the New York Stock Exchange ("NYSE").
Generally, trading in foreign securities is substantially completed each
day at various times prior to the close of the NYSE. The values of such
securities used in computing the net asset value of the Fund's shares are
determined as of such times. Foreign currency exchange rates are also
generally determined prior to the close of the NYSE. 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
customary trading session of the NYSE which would not be reflected in the
computation of the Fund's net asset value. If events materially affecting
the value of such securities occur during such period, then these
securities will be valued at their fair value as determined in good faith
by or under the supervision of the Board of Directors.
B. Securities Transactions and Investment Income -- Securities transactions
are accounted for on a trade date basis. Realized gains or losses on sales
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 the accrual basis. Dividend income is recorded on the
ex-dividend date.
C. Distributions -- Distributions from income and net realized capital gains,
if any, are generally paid annually and recorded on ex-dividend date. The
Fund may elect to use a portion of the proceeds from redemptions as
distributions for federal income tax purposes.
D. 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 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.
E. 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. The Fund does not separately account for that portion of the
results of operations resulting from changes in foreign exchange rates on
investments and 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.
F. 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
13
<PAGE> 16
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.
G. Bond Premiums -- It is the policy of the Fund not to amortize market premiums
on bonds for financial reporting purposes.
H. Expenses -- Distribution expenses and certain transfer agency expenses
directly attributable to a class of shares are charged to those classes'
operations. All other expenses which are attributable to more than one class
are allocated among the classes.
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 investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.90% of the first $1
billion of the Fund's average daily net assets, plus 0.85% of the Fund's average
daily net assets in excess of $1 billion.
The Fund, pursuant to a master administrative services agreement with AIM, has
agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. During the six months ended April 30, 2000, AIM
was paid $90,941 for such services.
The Fund, pursuant to a transfer agency and service agreement, has agreed to
pay A I M Fund Services, Inc. ("AFS") a fee for providing transfer agency and
shareholder services to the Fund. During the six months ended April 30, 2000,
AFS was paid $1,711,215 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, Class B and Class C 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, Class B shares and Class C shares (collectively the "Plans"). The Fund,
pursuant to the Plans, pays AIM Distributors compensation at the annual rate of
0.50% of the Fund's average daily net assets of Class A shares and 1.00% of the
average daily net assets of Class B and C shares. Of these amounts, the Fund may
pay a service fee of 0.25% of the average daily net assets of the Class A, Class
B or Class C shares to selected dealers and financial institutions who furnish
continuing personal shareholder services to their customers who purchase and own
the appropriate class of shares of the Fund. Any amounts not paid as a service
fee under the 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, 2000, the Class A, Class B and Class C shares paid AIM Distributors
$3,038,647, $6,582,164 and $164,663, respectively, as compensation under the
Plans.
AIM Distributors received commissions of $394,428 from sales of the Class A
shares of the Fund during the six months ended April 30, 2000. 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,
2000, AIM Distributors received $15,438 in contingent deferred sales charges
imposed on redemptions of Fund 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, 2000, the Fund paid legal fees of $2,541
for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the
Company's directors. A member of that firm is a director of the Company.
NOTE 3-INDIRECT EXPENSES
During the six months ended April 30, 2000, the Fund received reductions in
transfer agency fees from AFS (an affiliate of AIM) and reductions in custodian
fees of $15,760 and $8,375, respectively, under expense offset arrangements. The
effect of the above arrangements resulted in a reduction of the Fund's total
expenses of $24,135 during the six months ended April 30, 2000.
NOTE 4-DIRECTORS' FEES
Directors' fees represent remuneration paid to directors who are not an
"interested person" of AIM. The Company invests directors' fees, if so elected
by a director, in mutual fund shares in accordance with a deferred compensation
plan.
NOTE 5-BANK BORROWINGS
The Fund is a participant in a committed line of credit facility with a
syndicate administered by The Chase Manhattan Bank. The Fund may borrow up to
the lesser of (i) $1,000,000,000 or (ii) the limits set by its prospectus for
borrowings. The Fund and other funds advised by AIM which are parties to the
line of credit may borrow on a first come, first served basis. During the six
months ended April 30, 2000, the Fund did not borrow under the line of credit
agreement. The funds which are party to the line of credit are charged a
commitment fee of 0.09% on the unused balance of the committed line. The
commitment fee is allocated among the funds based on their respective average
net assets for the period.
NOTE 6-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,
2000 was $769,897,258 and $881,736,484, respectively.
The amount of unrealized appreciation (depreciation) of investment securities,
for tax purposes, as of April 30, 2000 is as follows:
<TABLE>
<S> <C>
Aggregate unrealized appreciation of
investment securities $1,108,699,624
----------------------------------------------------------
Aggregate unrealized (depreciation) of
investment securities (82,140,212)
----------------------------------------------------------
Net unrealized appreciation of investment
securities $1,026,559,412
==========================================================
Cost of investments is the same for tax
and financial reporting purposes.
</TABLE>
14
<PAGE> 17
NOTE 7-CAPITAL STOCK
Changes in capital stock outstanding during the six months ended April 30,
2000 and the year ended October 31, 1999 were as follows:
<TABLE>
<CAPTION>
APRIL 30, 2000 OCTOBER 31, 1999
--------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
Sold:
Class A 10,127,240 $ 313,899,377 44,392,973 $ 788,784,876
----------------------------------------------------------------------------------------------------------------------------
Class B 4,014,054 124,877,443 2,884,425 50,807,802
----------------------------------------------------------------------------------------------------------------------------
Class C 1,036,815 32,628,230 812,924 14,207,396
----------------------------------------------------------------------------------------------------------------------------
Issued as reinvestment of dividends:
Class A 1,995,497 49,765,872 -- --
----------------------------------------------------------------------------------------------------------------------------
Class B 2,238,777 54,178,416 -- --
----------------------------------------------------------------------------------------------------------------------------
Class C 42,784 1,038,256 -- --
----------------------------------------------------------------------------------------------------------------------------
Reacquired:
Class A (8,767,005) (264,816,819) (64,640,003) (1,150,687,320)
----------------------------------------------------------------------------------------------------------------------------
Class B (2,959,865) (86,326,614) (20,494,580) (358,079,914)
----------------------------------------------------------------------------------------------------------------------------
Class C (223,723) (6,743,343) (897,630) (15,665,279)
----------------------------------------------------------------------------------------------------------------------------
7,504,574 $ 218,500,818 (37,941,891) $ (670,632,439)
============================================================================================================================
</TABLE>
NOTE 8-FINANCIAL HIGHLIGHTS
Contained below is per share operating performance data for a share outstanding
throughout each period, total investment return, ratios and supplemental data.
This information has been derived from information provided in the financial
statements.
<TABLE>
<CAPTION>
CLASS A
---------------- ----------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, ----------------------------------------------------------
2000(a) 1999(a) 1998(a) 1997(a) 1996(a) 1995(a)
---------------- -------- -------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 21.95 $ 15.87 $ 17.28 $ 15.76 $ 13.09 $ 10.22
----------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (0.16) (0.17) (0.10) (0.15) (0.09) (0.09)
----------------------------------------------------------------------------------------------------------------------------------
Net gains (losses) on securities (both realized
and unrealized) 9.17 6.25 (1.31) 1.67 2.81 2.96
----------------------------------------------------------------------------------------------------------------------------------
Total from investment operations 9.01 6.08 (1.41) 1.52 2.72 2.87
----------------------------------------------------------------------------------------------------------------------------------
Less distributions from net realized gains (1.36) -- -- -- (0.05) --
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 29.60 $ 21.95 $ 15.87 $ 17.28 $ 15.76 $ 13.09
==================================================================================================================================
Total return(b) 42.19% 38.31% 8.16% 9.65% 20.83% 28.08%
==================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $1,248,584 $852,198 $937,587 $1,242,505 $919,319 $186,029
==================================================================================================================================
Ratio of expenses to average net assets 1.63%(c) 1.80% 1.75% 1.75% 1.83% 2.11%
==================================================================================================================================
Ratio of net investment income (loss) to average
net assets (1.07)%(c) (0.95)% (0.55)% (0.88)% (0.62)% (0.68)%
==================================================================================================================================
Portfolio turnover rate 32% 60% 50% 57% 44% 64%
==================================================================================================================================
</TABLE>
(a) Calculated using average shares outstanding.
(b) Does not deduct sales charges and is not annualized for periods less than
one year.
(c) Ratios are annualized and based on average net assets of $1,222,136,980.
15
<PAGE> 18
NOTE 8-FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
CLASS B
-------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 31,
ENDED ----------------------------------------------------------
APRIL 30, 2000(a) 1999(a) 1998(a) 1997(a) 1996(a) 1995(a)
----------------- -------- -------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 21.35 $ 15.52 $ 17.00 $ 15.58 $ 13.02 $ 10.21
---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (0.24) (0.27) (0.19) (0.24) (0.17) (0.14)
---------------------------------------------------------------------------------------------------------------------------------
Net gains (losses) on securities (both
realized and unrealized) 8.91 6.10 (1.29) 1.66 2.78 2.95
---------------------------------------------------------------------------------------------------------------------------------
Total from investment operations 8.67 5.83 (1.48) 1.42 2.61 2.81
---------------------------------------------------------------------------------------------------------------------------------
Less distributions from net realized gains (1.36) -- -- -- (0.05) --
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 28.66 $ 21.35 $ 15.52 $ 17.00 $ 15.58 $ 13.02
=================================================================================================================================
Total return(b) 41.77% 37.56% 8.71% 9.11% 20.09% 27.52%
=================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $1,338,955 $926,972 $947,293 $1,241,999 $807,215 $118,199
=================================================================================================================================
Ratio of expenses to average net assets 2.18%(c) 2.37% 2.32% 2.30% 2.37% 2.62%
=================================================================================================================================
Ratio of net investment income (loss) to average
net assets (1.62)%(c) (1.52)% (1.11)% (1.44)% (1.16)% (1.19)%
=================================================================================================================================
Portfolio turnover rate 32% 60% 50% 57% 44% 64%
=================================================================================================================================
</TABLE>
(a) Calculated using average shares outstanding.
(b) Does not deduct contingent deferred sales charges and is not annualized for
periods less than one year.
(c) Ratios are annualized and based on average net assets of $1,323,665,929.
<TABLE>
<CAPTION>
CLASS C
--------------------------------------------------------------
YEAR ENDED AUGUST 4, 1997
SIX MONTHS OCTOBER 31, (DATE SALES
ENDED ------------------ COMMENCED) TO
APRIL 30, 2000(a) 1999(a) 1998(a) OCTOBER 31, 1997(a)
----------------- ------- ------- -------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 21.35 $ 15.52 $ 17.00 $18.39
----------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (0.24) (0.27) (0.19) (0.04)
----------------------------------------------------------------------------------------------------------------------------
Net gains (losses) on securities (both realized and
unrealized) 8.92 6.10 (1.29) (1.35)
----------------------------------------------------------------------------------------------------------------------------
Total from investment operations 8.68 5.83 (1.48) (1.39)
----------------------------------------------------------------------------------------------------------------------------
Less distributions from net realized gains (1.36) -- -- --
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 28.67 $ 21.35 $ 15.52 $17.00
============================================================================================================================
Total return(b) 41.81% 37.56% 8.71% 7.56%
============================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $46,459 $16,325 $13,186 $4,676
============================================================================================================================
Ratio of expenses to average net assets: 2.18%(c) 2.37% 2.34% 2.36%(d)
============================================================================================================================
Ratio of net investment income (loss) to average net assets (1.62)%(c) (1.52)% (1.13)% (1.50)%(d)
============================================================================================================================
Portfolio turnover rate 32% 60% 50% 57%
============================================================================================================================
</TABLE>
(a) Calculated using average shares outstanding.
(b) Does not deduct contingent deferred sales charges and is not annualized for
periods less than one year.
(c) Ratios are annualized and based on average net assets of $33,113,490.
(d) Annualized.
16
<PAGE> 19
<TABLE>
<CAPTION>
BOARD OF DIRECTORS OFFICERS OFFICE OF THE FUND
<S> <C> <C>
Charles T. Bauer Charles T. Bauer 11 Greenway Plaza
Chairman Chairman Suite 100
A I M Management Group Inc. Houston, TX 77046
Robert H. Graham
Bruce L. Crockett President INVESTMENT ADVISOR
Director
ACE Limited; Carol F. Relihan A I M Advisors, Inc.
Formerly Director, President, and Senior Vice President and Secretary 11 Greenway Plaza
Chief Executive Officer Suite 100
COMSAT Corporation Gary T. Crum Houston, TX 77046
Senior Vice President
Owen Daly II TRANSFER AGENT
Director Edgar M. Larsen
Cortland Trust Inc. Senior Vice President A I M Fund Services, Inc.
P.O. Box 4739
Edward K. Dunn Jr. Dana R. Sutton Houston, TX 77210-4739
Chairman, Mercantile Mortgage Corp.; Vice President and Treasurer
Formerly Vice Chairman and President, CUSTODIAN
Mercantile-Safe Deposit & Trust Co.; and Robert G. Alley
President, Mercantile Bankshares Vice President State Street Bank and Trust Company
225 Franklin Street
Jack Fields Melville B. Cox Boston, MA 02110
Chief Executive Officer Vice President
Texana Global, Inc.; COUNSEL TO THE FUND
Formerly Member Mary J. Benson
of the U.S. House of Representatives Assistant Vice President and Ballard Spahr
Assistant Treasurer Andrews & Ingersoll, LLP
Carl Frischling 1735 Market Street
Partner Sheri Morris Philadelphia, PA 19103
Kramer, Levin, Naftalis & Frankel LLP Assistant Vice President and
Assistant Treasurer COUNSEL TO THE DIRECTORS
Robert H. Graham
President and Chief Executive Officer Renee A. Friedli Kramer, Levin, Naftalis & Frankel LLP
A I M Management Group Inc. Assistant Secretary 919 Third Avenue
New York, NY 10022
Prema Mathai-Davis P. Michelle Grace
Chief Executive Officer, YWCA of the U.S.A. Assistant Secretary DISTRIBUTOR
Lewis F. Pennock Nancy L. Martin A I M Distributors, Inc.
Attorney Assistant Secretary 11 Greenway Plaza
Suite 100
Louis S. Sklar Ofelia M. Mayo Houston, TX 77046
Executive Vice President Assistant Secretary
Hines Interests
Limited Partnership Lisa A. Moss
Assistant Secretary
Kathleen J. Pflueger
Assistant Secretary
Samuel D. Sirko
Assistant Secretary
</TABLE>
<PAGE> 20
THE AIM FAMILY OF FUNDS--Registered Trademark--
<TABLE>
<S> <C> <C>
GROWTH FUNDS INTERNATIONAL GROWTH FUNDS A I M Management Group Inc. has provided
AIM Aggressive Growth Fund AIM Advisor International Value Fund leadership in the mutual fund industry
AIM Blue Chip Fund AIM Asian Growth Fund since 1976 and managed approximately $176
AIM Capital Development Fund AIM Developing Markets Fund billion in assets for more than 7.4 million
AIM Constellation Fund(1) AIM Euroland Growth Fund(5) shareholders, including individual investors,
AIM Dent Demographic Trends Fund AIM European Development Fund corporate clients and financial institutions,
AIM Emerging Growth Fund AIM International Equity Fund as of March 31, 2000.
AIM Large Cap Growth Fund AIM Japan Growth Fund The AIM Family of Funds--Registered Trademark--
AIM Large Cap Opportunities Fund AIM Latin American Growth Fund is distributed nationwide, and AIM today is the
AIM Mid Cap Equity Fund eighth-largest mutual fund complex in the United
AIM Mid Cap Growth Fund GLOBAL GROWTH FUNDS States in assets under management, according to
AIM Mid Cap Opportunities Fund(2) AIM Global Aggressive Growth Fund Strategic Insight, an independent mutual fund
AIM Select Growth Fund AIM Global Growth Fund monitor.
AIM Small Cap Growth Fund(3) AIM Global Trends Fund(6)
AIM Small Cap Opportunities Fund(4)
AIM Value Fund GLOBAL GROWTH & INCOME FUNDS
AIM Weingarten Fund AIM Global Utilities Fund
GROWTH & INCOME FUNDS GLOBAL INCOME FUNDS
AIM Advisor Flex Fund AIM Global Income Fund
AIM Advisor Real Estate Fund AIM Strategic Income Fund
AIM Balanced Fund
AIM Basic Value Fund THEME FUNDS
AIM Charter Fund AIM Global Consumer Products and Services Fund
AIM Global Financial Services Fund
INCOME FUNDS AIM Global Health Care Fund
AIM Floating Rate Fund AIM Global Infrastructure Fund
AIM High Yield Fund AIM Global Resources Fund
AIM High Yield Fund II AIM Global Telecommunications and Technology Fund
AIM Income Fund
AIM Intermediate Government Fund
AIM Limited Maturity Treasury Fund
TAX-FREE INCOME FUNDS
AIM High Income Municipal Fund
AIM Municipal Bond Fund
AIM Tax-Exempt Bond Fund of Connecticut
AIM Tax-Free Intermediate Fund
MONEY MARKET FUNDS
AIM Money Market Fund
AIM Tax-Exempt Cash Fund
</TABLE>
(1) Effective December 1, 1999, AIM Constellation Fund's investment strategy
broadened to allow investments across all market capitalizations. (2) AIM Mid
Cap Opportunities Fund closed to new investors on March 21, 2000. (3) AIM Small
Cap Growth Fund closed to new investors on November 8, 1999. (4) AIM Small Cap
Opportunities Fund closed to new investors on November 4, 1999. (5) On September
1, 1999, AIM Europe Growth Fund was renamed AIM Euroland Growth Fund. Previously
the fund invested in all size companies in most areas of Europe. The fund now
seeks to invest at least 65% of its assets in large-cap companies within
countries using the euro as their currency (EMU-member countries). (6) Effective
August 27, 1999, AIM Global Trends Fund was restructured to operate as a
traditional mutual fund. Before that date, the fund operated as a fund of funds.
For more complete information about any AIM fund(s), including sales charges and
expenses, ask your financial advisor or securities dealer for a free
prospectus(es). Please read the prospectus(es) carefully before you invest or
send money. If used as sales material after July 20, 2000, this report must be
accompanied by a current Quarterly Review of Performance for AIM Funds.
[AIM LOGO APPEARS HERE]
INVEST WITH DISCIPLINE
--Registered Trademark--
[DALBAR LOGO]
A I M Distributors, Inc. GAG-SAR-1
