N-Q 1 h25742nvq.txt AIM GROWTH SERIES OMB APPROVAL ------------------------- OMB Number: 3235-0578 Expires: Feb. 28, 2006 Estimated average burden hours per response: 20.00 ------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q CERTIFIED SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-2699 -------------------------------------------------------------------------- AIM Growth Series -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 11 Greenway Plaza, Suite 100 Houston, Texas 77046 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Robert H. Graham 11 Greenway Plaza, Suite 100 Houston, Texas 77046 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (713)626-1919 ------------------ Date of fiscal year end: 12/31 -------------------- Date of reporting period: 03/31/05 ------------------- Item 1. Schedule of Investments. AIM AGGRESSIVE ALLOCATION FUND Quarterly Schedule of Portfolio Holdings o March 31, 2005 Effective April 29, 2005, after the close of the reporting period, AIM Aggressive Allocation Fund was renamed AIM Growth Allocation Fund YOUR GOALS. OUR SOLUTIONS. [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com GAL-QTR-1 3/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS March 31, 2005 (Unaudited)
MARKET SHARES VALUE ------------------------------------------------------------------------------------------------------------------------------ MUTUAL FUNDS--100.00% (a) AIM Dynamics Fund-Institutional Class--5.03% (b) 370,169 $ 6,118,896 ------------------------------------------------------------------------------------------------------------------------------ AIM High Yield Fund-Institutional Class--4.86% 1,333,387 5,906,903 ------------------------------------------------------------------------------------------------------------------------------ AIM International Core Equity Fund-Institutional Class--12.74% 1,354,608 15,496,721 ------------------------------------------------------------------------------------------------------------------------------ AIM International Growth Fund-Institutional Class--13.00% (b) 772,010 15,803,036 ------------------------------------------------------------------------------------------------------------------------------ AIM Large Cap Basic Value Fund-Institutional Class--17.33% (b) 1,577,102 21,070,089 ------------------------------------------------------------------------------------------------------------------------------ AIM Large Cap Growth Fund-Institutional Class--19.49% (b) 2,448,785 23,704,234 ------------------------------------------------------------------------------------------------------------------------------ AIM Multi-Sector Fund-Institutional Class--12.67% 706,019 15,412,404 ------------------------------------------------------------------------------------------------------------------------------ AIM Real Estate Fund-Institutional Class--4.97% 251,943 6,041,596 ------------------------------------------------------------------------------------------------------------------------------ AIM Small Cap Growth Fund-Institutional Class--9.91% (b) 444,205 12,055,710 ============================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $117,038,095) $ 121,609,589 ______________________________________________________________________________________________________________________________ ==============================================================================================================================
Notes to Schedule of Investments: (a) The underlying fund and the Fund are affiliated by having the same investment advisor. See Note 2. (b) Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date. See accompanying notes which are an integral part of this schedule. F-1 GAL-QTR-1 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS March 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES The Fund is a "fund of funds", in that it invests in the Institutional Class of other mutual funds advised by AIM Advisors, Inc. A. SECURITY VALUATIONS - Investments in underlying funds are valued at the end of the day net asset value per share. Securities in the underlying funds, including restricted securities, are valued according to the following policy. 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 traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. 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"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. 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. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the underlying fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the underlying funds' Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs, and domestic and foreign index futures. Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the underlying funds' officers following procedures approved by the underlying funds' Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. F-2 GAL-QTR-1 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. Distributions from net realized capital gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund and the mutual funds below have the same investment advisor and therefore, are considered to be affiliated. The table below shows the transactions in and earnings from investments in affiliated mutual funds for the three months ended March 31, 2005. INVESTMENTS IN AFFILIATES:
CHANGE IN MARKET PROCEEDS UNREALIZED MARKET VALUE PURCHASES FROM APPRECIATION VALUE DIVIDEND REALIZED FUND 12/31/04 AT COST SALES (DEPRECIATION) 03/31/05 INCOME GAIN (LOSS) --------------------------------------------------------------------------------------------------------------------------------- AIM Dynamics Fund-Institutional Class $ 3,781,016 $ 2,420,842 $ (13,164) $ (70,891) $ 6,118,896 $ -- $ 1,093 --------------------------------------------------------------------------------------------------------------------------------- AIM High Yield Fund-Institutional Class 3,610,019 2,463,778 (12,824) (154,566) 5,906,903 75,167 496 --------------------------------------------------------------------------------------------------------------------------------- AIM International Core Equity Fund - Institutional Class 9,502,721 6,052,105 (33,369) (29,167) 15,496,721 -- 4,431 --------------------------------------------------------------------------------------------------------------------------------- AIM International Growth Fund-Institutional Class 9,688,825 6,052,105 (34,008) 90,752 15,803,036 -- 5,362 --------------------------------------------------------------------------------------------------------------------------------- AIM Large Cap Basic Value Fund-Institutional Class 12,836,834 8,472,947 (45,088) (196,736) 21,070,089 -- 2,132 --------------------------------------------------------------------------------------------------------------------------------- AIM Large Cap Growth Fund-Institutional Class 14,582,137 9,683,368 (50,721) (513,253) 23,704,234 -- 2,703 --------------------------------------------------------------------------------------------------------------------------------- AIM Multi-Sector Fund-Institutional Class 9,340,168 6,052,105 (33,091) 50,353 15,412,404 -- 2,869 --------------------------------------------------------------------------------------------------------------------------------- AIM Real Estate 3,967,454 2,454,414 (13,242) (369,774) 6,041,596 33,572 2,744 Fund-Institutional Class --------------------------------------------------------------------------------------------------------------------------------- AIM Small Cap 7,438,317 4,841,684 (25,876) (199,778) 12,055,710 -- 1,363 Growth Fund-Institutional Class ================================================================================================================================= TOTAL $ 74,747,491 $ 48,493,348 $ (261,383) $ (1,393,060) $121,609,589 $ 108,739 $ 23,193 _________________________________________________________________________________________________________________________________ =================================================================================================================================
F-2 GAL-QTR-1 NOTE 3 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities) purchased and sold by the Fund during the three months ended March 31, 2005 was $48,493,348 and $261,383, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS Aggregate unrealized appreciation of investment securities $ 4,602,531 ----------------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (35,148) ========================================================================================= Net unrealized appreciation of investment securities $ 4,567,383 _________________________________________________________________________________________ =========================================================================================
Cost of investments for tax purposes is $117,042,206. F-4 GAL-QTR-1 AIM BASIC VALUE FUND Quarterly Schedule of Portfolio Holdings o March 31, 2005 YOUR GOALS. OUR SOLUTIONS. [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com BVA-QTR-1 3/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS March 31, 2005 (Unaudited)
MARKET SHARES VALUE ---------------------------------------------------------------------------------------------------------------------------------- COMMON STOCKS & OTHER EQUITY INTERESTS--91.00% ADVERTISING--4.52% Interpublic Group of Cos., Inc. (The) (a)(b) 12,182,700 $ 149,603,556 ---------------------------------------------------------------------------------------------------------------------------------- Omnicom Group Inc. (b) 2,180,000 192,973,600 ================================================================================================================================== 342,577,156 ================================================================================================================================== AEROSPACE & DEFENSE--1.12% Honeywell International Inc. 2,271,300 84,515,073 ================================================================================================================================== APPAREL RETAIL--1.92% Gap, Inc. (The) (b) 6,647,300 145,177,032 ================================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--2.08% Bank of New York Co., Inc. (The) 5,425,000 157,596,250 ================================================================================================================================== BUILDING PRODUCTS--4.31% American Standard Cos. Inc. 3,982,000 185,083,360 ---------------------------------------------------------------------------------------------------------------------------------- Masco Corp. (b) 4,083,800 141,585,346 ================================================================================================================================== 326,668,706 ================================================================================================================================== COMMUNICATIONS EQUIPMENT--0.73% Motorola, Inc. (b) 3,702,000 55,418,940 ================================================================================================================================== CONSUMER ELECTRONICS--1.25% Koninklijke (Royal) Philips Electronics N.V.-New York Shares (Netherlands) (a) 3,453,098 95,029,257 ================================================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--4.04% Ceridian Corp. (a) 6,071,300 103,515,665 ---------------------------------------------------------------------------------------------------------------------------------- First Data Corp. (b) 5,151,000 202,485,810 ================================================================================================================================== 306,001,475 ================================================================================================================================== DIVERSIFIED COMMERCIAL SERVICES--3.74% Cendant Corp. 7,715,000 158,466,100 ---------------------------------------------------------------------------------------------------------------------------------- H&R Block, Inc. (b) 2,465,400 124,699,932 ================================================================================================================================== 283,166,032 ================================================================================================================================== ENVIRONMENTAL SERVICES--2.61% Waste Management, Inc. 6,857,167 197,829,268 ==================================================================================================================================
BVA-QTR-1 F-1
MARKET SHARES VALUE ---------------------------------------------------------------------------------------------------------------------------------- FOOD RETAIL--2.50% Kroger Co. (The) (a)(b) 7,641,400 $ 122,491,642 ---------------------------------------------------------------------------------------------------------------------------------- Safeway Inc. (a)(b) 3,605,000 66,800,650 ================================================================================================================================== 189,292,292 ================================================================================================================================== GENERAL MERCHANDISE STORES--1.68% Target Corp. 2,539,300 127,015,786 ================================================================================================================================== HEALTH CARE DISTRIBUTORS--6.09% Cardinal Health, Inc. 5,044,000 281,455,200 ---------------------------------------------------------------------------------------------------------------------------------- McKesson Corp. 4,771,900 180,139,225 ================================================================================================================================== 461,594,425 ================================================================================================================================== HEALTH CARE EQUIPMENT--1.47% Waters Corp. (a) 3,122,100 111,739,959 ================================================================================================================================== HEALTH CARE FACILITIES--2.15% HCA Inc. (b) 3,039,000 162,799,230 ================================================================================================================================== HEALTH CARE SERVICES--0.42% IMS Health Inc. (b) 1,295,400 31,594,806 ================================================================================================================================== HOTELS, RESORTS & CRUISE LINES--0.96% Starwood Hotels & Resorts Worldwide, Inc. (b)(c) 1,205,800 72,384,174 ================================================================================================================================== INDUSTRIAL CONGLOMERATES--3.67% Tyco International Ltd. (Bermuda) (b) 8,236,000 278,376,800 ================================================================================================================================== INDUSTRIAL MACHINERY--0.96% Parker Hannifin Corp. 1,199,200 73,055,264 ================================================================================================================================== INVESTMENT BANKING & BROKERAGE--4.22% Merrill Lynch & Co., Inc. (b) 2,612,000 147,839,200 ---------------------------------------------------------------------------------------------------------------------------------- Morgan Stanley 3,001,900 171,858,775 ================================================================================================================================== 319,697,975 ================================================================================================================================== LEISURE PRODUCTS--0.59% Mattel, Inc. (b) 2,091,460 44,652,671 ================================================================================================================================== MANAGED HEALTH CARE--3.02% UnitedHealth Group Inc. 2,399,400 228,854,772 ================================================================================================================================== MOVIES & ENTERTAINMENT--2.40% Walt Disney Co. (The) (b) 6,320,000 181,573,600 ================================================================================================================================== MULTI-LINE INSURANCE--1.74% Genworth Financial Inc.-Class A 4,779,400 131,529,088 ==================================================================================================================================
BVA-QTR-1 F-2
MARKET SHARES VALUE ---------------------------------------------------------------------------------------------------------------------------------- OIL & GAS DRILLING--4.08% ENSCO International Inc. (b) 2,510,700 $ 94,552,962 ---------------------------------------------------------------------------------------------------------------------------------- Transocean Inc. (Cayman Islands) (a) 4,166,698 214,418,279 ================================================================================================================================== 308,971,241 ================================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--3.88% Halliburton Co. 4,350,000 188,137,500 ---------------------------------------------------------------------------------------------------------------------------------- Weatherford International Ltd. (Bermuda) (a) 1,832,300 106,163,462 ================================================================================================================================== 294,300,962 ================================================================================================================================== OTHER DIVERSIFIED FINANCIAL SERVICES--5.23% Citigroup Inc. 4,119,597 185,134,689 ---------------------------------------------------------------------------------------------------------------------------------- JPMorgan Chase & Co. 6,103,360 211,176,256 ================================================================================================================================== 396,310,945 ================================================================================================================================== PACKAGED FOODS & MEATS--1.50% Unilever N.V. (Netherlands) (d) 1,665,000 113,341,374 ================================================================================================================================== PHARMACEUTICALS--7.50% Pfizer Inc. 6,100,300 160,254,881 ---------------------------------------------------------------------------------------------------------------------------------- Sanofi-Aventis (France) (d) 3,173,760 267,996,937 ---------------------------------------------------------------------------------------------------------------------------------- Wyeth (b) 3,315,000 139,826,700 ================================================================================================================================== 568,078,518 ================================================================================================================================== PROPERTY & CASUALTY INSURANCE--1.98% ACE Ltd. (Cayman Islands) 3,627,000 149,686,290 ================================================================================================================================== SEMICONDUCTOR EQUIPMENT--1.00% Novellus Systems, Inc. (a)(b) 2,834,000 75,752,820 ================================================================================================================================== SYSTEMS SOFTWARE--3.17% Computer Associates International, Inc. (b) 8,848,047 239,782,074 ================================================================================================================================== THRIFTS & MORTGAGE FINANCE--4.47% Fannie Mae (b) 3,340,000 181,863,000 ---------------------------------------------------------------------------------------------------------------------------------- MGIC Investment Corp. (b) 1,279,100 78,882,097 ---------------------------------------------------------------------------------------------------------------------------------- Radian Group Inc. 1,633,856 78,000,285 ================================================================================================================================== 338,745,382 ================================================================================================================================== Total Common Stocks & Other Equity Interests (Cost $5,494,901,500) 6,893,109,637 ================================================================================================================================== MONEY MARKET FUNDS--1.10% Liquid Assets Portfolio-Institutional Class (e) 41,580,188 41,580,188 ---------------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (e) 41,580,188 41,580,188 ================================================================================================================================== Total Money Market Funds (Cost $83,160,376) 83,160,376 ================================================================================================================================== TOTAL INVESTMENTS--92.10% (excluding investments purchased with cash collateral from securities loaned) (Cost $5,578,061,876) 6,976,270,013 ==================================================================================================================================
BVA-QTR-1 F-3
MARKET SHARES VALUE ---------------------------------------------------------------------------------------------------------------------------------- INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--7.90% Liquid Assets Portfolio-Institutional Class (e)(f) 299,319,196 $ 299,319,196 ---------------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (e)(f) 299,319,197 299,319,197 ================================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $598,638,393) 598,638,393 ================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $6,176,700,269) $ 7,574,908,406 __________________________________________________________________________________________________________________________________ ==================================================================================================================================
Notes to Schedule of Investments: (a) Non-income producing security. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at March 31, 2005. (c) Each unit represents one common share and one Class B share. (d) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at March 31, 2005 was $381,338,311, which represented 5.03% of the Fund's Total Investments. See Note 1A. (e) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (f) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. BVA-QTR-1 F-4 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS March 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. 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 traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. 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"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. 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. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. BVA-QTR-1 F-5 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. 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 on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. 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 (net of foreign taxes withheld on disposition) 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 the 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. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from, (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. BVA-QTR-1 F-6 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission, to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended March 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
MARKET UNREALIZED MARKET REALIZED VALUE PURCHASES PROCEEDS APPRECIATION VALUE DIVIDEND GAIN FUND 12/31/04 AT COST FROM SALES (DEPRECIATION) 03/31/05 INCOME (LOSS) ----------------------------------------------------------------------------------------------------------------------------- Liquid Assets Portfolio - Institutional Class $ 49,840,942 $139,227,083 $ (147,487,837) $ -- $ 41,580,188 $353,344 $ -- ----------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio - Institutional Class 49,840,942 139,227,083 (147,487,837) -- 41,580,188 362,202 -- ============================================================================================================================= SUBTOTAL $ 99,681,884 278,454,166 $ (294,975,674) $ -- $ 83,160,376 $715,546 $ -- _____________________________________________________________________________________________________________________________ =============================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
MARKET UNREALIZED MARKET REALIZED VALUE PURCHASES PROCEEDS APPRECIATION VALUE DIVIDEND GAIN FUND 12/31/04 AT COST FROM SALES (DEPRECIATION) 03/31/05 INCOME* (LOSS) ----------------------------------------------------------------------------------------------------------------------------- Liquid Assets Portfolio - Institutional Class $ 312,297,068 $ 149,374,379 $ (162,352,251) $ -- $ 299,319,196 $ 26,035 $ -- ----------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio - Institutional Class 312,297,069 149,374,379 (162,352,251) -- 299,319,197 26,690 -- ============================================================================================================================= SUBTOTAL $ 624,594,137 $ 298,748,758 $ (324,704,502) $ -- $ 598,638,393 $ 52,725 $ -- ============================================================================================================================= TOTAL $ 724,276,021 $ 577,202,924 $ (619,680,176) $ -- $ 681,798,769 $ 768,271 $ -- _____________________________________________________________________________________________________________________________ =============================================================================================================================
* Net of rebates. NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At March 31, 2005, securities with an aggregate value of $587,457,977 were on loan to brokers. The loans were secured by cash collateral of $598,638,393 received by the Fund and subsequently invested in affiliated money market funds. For the three months ended March 31, 2005, the Fund received dividends on cash collateral of $52,725 for securities lending transactions, which are net of rebates. BVA-QTR-1 F-7 NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended March 31, 2005 was $110,227,225 and $252,152,962, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS -------------------------------------------------------------------------------- Aggregate unrealized appreciation of investment securities $ 1,672,798,100 -------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (282,947,280) ================================================================================ Net unrealized appreciation of investment securities $ 1,389,850,820 ________________________________________________________________________________ ================================================================================
Cost of investments for tax purposes is $6,185,057,586. BVA-QTR-1 F-8 AIM CONSERVATIVE ALLOCATION FUND Quarterly Schedule of Portfolio Holdings o March 31, 2005 YOUR GOALS. OUR SOLUTIONS. [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com CAL-QTR-1 3/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS March 31, 2005 (Unaudited)
MARKET SHARES VALUE --------------------------------------------------------------------------------------------------------------------------- MUTUAL FUNDS--90.27% (a) AIM Charter Fund-Institutional Class-5.15% 189,069 $ 2,469,243 --------------------------------------------------------------------------------------------------------------------------- AIM International Core Equity Fund-Institutional Class-2.69% 112,847 1,290,972 --------------------------------------------------------------------------------------------------------------------------- AIM Large Cap Basic Value Fund-Institutional Class-5.19% (b) 186,376 2,489,983 --------------------------------------------------------------------------------------------------------------------------- AIM Large Cap Growth Fund-Institutional Class-5.10% (b) 252,603 2,445,197 --------------------------------------------------------------------------------------------------------------------------- AIM Limited Maturity Treasury Fund-Institutional Class-14.72% 697,508 7,058,785 --------------------------------------------------------------------------------------------------------------------------- AIM Multi-Sector Fund-Institutional Class-2.68% 58,756 1,282,643 --------------------------------------------------------------------------------------------------------------------------- AIM Short Term Bond Fund-Institutional Class-24.69% 1,193,081 11,835,363 --------------------------------------------------------------------------------------------------------------------------- AIM Total Return Bond Fund-Institutional Class-24.76% 1,145,803 11,870,516 --------------------------------------------------------------------------------------------------------------------------- AIM Trimark Endeavor Fund-Institutional Class-5.29% (b) 203,351 2,537,821 =========================================================================================================================== Total Mutual Funds (Cost $42,964,624) 43,280,523 ___________________________________________________________________________________________________________________________ ===========================================================================================================================
PAR (000) REPURCHASE AGREEMENTS--9.73% State Street Bank & Trust 2.70%, 04/01/05 (Cost $4,665,805) (c) $ 4,666 4,665,805 =========================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $47,630,429) $ 47,946,328 ___________________________________________________________________________________________________________________________ ===========================================================================================================================
Notes to Schedule of Investments: (a) The mutual fund and the Fund are affiliated by having the same investment advisor. See Note 2. (b) Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date. (c) Repurchase agreement entered into 03/31/05 with a maturing value of $4,666,155. Collateralized by $4,800,000 U.S. Government obligations, 2.55% due 10/12/06 with a market value at 03/31/05 of $4,759,670. See accompanying notes which are an integral part of this schedule. CAL-QTR-1 F-1 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS March 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES The Fund is a "fund of funds", in that it invests in the Institutional Class of other mutual funds ("underlying funds") advised by A I M Advisors, Inc. A. SECURITY VALUATIONS - Investments in underlying funds are valued at the end of the day net asset value per share. Securities in the underlying funds, including restricted securities, are valued according to the following policy. 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 traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. 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"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. 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. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the underlying funds' net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the underlying funds' Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. CAL-QTR-1 F-2 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the underlying funds' officers following procedures approved by the underlying funds' Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. 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. Distributions from income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from net realized capital gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. Interest income is recorded on the accrual basis from settlement date. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. REPURCHASE AGREEMENTS - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund's pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Eligible securities for collateral are U.S. Government Securities, U.S. Government Agency Securities and/or Investment Grade Debt Securities. Collateral consisting of U.S. Government Securities and U.S. Government Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of Investment Grade Debt Securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to an exemptive order from the Securities and Exchange Commission, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates ("Joint repurchase agreements"). If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the underlying security and loss of income. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund and the mutual funds below have the same investment advisor and therefore, are considered to be affiliated. The table below shows the transactions in and earnings from investments in affiliated mutual funds for the three months ended March 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
CHANGE IN UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 12/31/04 AT COST SALES (DEPRECIATION) 03/31/05 INCOME GAIN (LOSS) -------------------------------------------------------------------------------------------------------------------------------- AIM Charter Fund -Institutional Class $ 2,288,956 $ 634,921 $ (440,415) $ (33,489) $ 2,469,243 $ -- $ 19,270 -------------------------------------------------------------------------------------------------------------------------------- AIM International Core Equity Fund -Institutional Class 1,211,075 317,460 (229,867) (33,426) 1,290,972 -- 25,730 -------------------------------------------------------------------------------------------------------------------------------- AIM Large Cap Basic Value Fund -Institutional Class 2,333,821 634,921 (449,260) (58,905) 2,489,983 -- 29,406 -------------------------------------------------------------------------------------------------------------------------------- AIM Large Cap Growth Fund -Institutional Class 2,321,950 634,921 (441,772) (90,691) 2,445,197 -- 20,789 -------------------------------------------------------------------------------------------------------------------------------- AIM Limited Maturity Treasury Fund - Institutional Class 6,415,786 1,943,303 (1,248,830) (42,409) 7,058,785 38,541 (9,065) -------------------------------------------------------------------------------------------------------------------------------- AIM Multi-Sector Fund -Institutional Class 1,191,575 317,460 (229,733) (16,791) 1,282,643 -- 20,132 -------------------------------------------------------------------------------------------------------------------------------- AIM Short Term Bond Fund -Institutional Class 10,744,498 3,261,301 (2,093,281) (71,361) 11,835,363 86,697 (5,794) -------------------------------------------------------------------------------------------------------------------------------- AIM Total Return Bond Fund -Institutional Class 10,845,845 3,266,685 (2,120,861) (143,960) 11,870,516 92,080 22,807 -------------------------------------------------------------------------------------------------------------------------------- AIM Trimark Endeavor Fund -Institutional Class 2,379,953 634,921 (457,842) (68,966) 2,537,821 -- 49,755 ================================================================================================================================ TOTAL $39,733,459 $11,645,893 $ (7,711,861) $ (559,998) $43,280,523 $217,318 $ 173,030 ________________________________________________________________________________________________________________________________ ================================================================================================================================
CAL-QTR-1 F-3 NOTE 3 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities) purchased and sold by the Fund during the three months ended March 31, 2005 was $11,645,893 and $7,711,861, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ------------------------------------------------------------------------------- Aggregate unrealized appreciation of investment securities $ 706,469 ------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (392,128) =============================================================================== Net unrealized appreciation of investment securities $ 314,341 _______________________________________________________________________________ ===============================================================================
Cost of investments for tax purposes is $47,631,987. CAL-QTR-1 F-4 AIM GLOBAL EQUITY FUND Quarterly Schedule of Portfolio Holdings o March 31, 2005 YOUR GOALS. OUR SOLUTIONS. [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com GEQ-QTR-1 3/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS March 31, 2005 (Unaudited)
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- DOMESTIC COMMON STOCKS--45.73% AEROSPACE & DEFENSE--1.22% Boeing Co. (The) (a) 39,300 $ 2,297,478 ----------------------------------------------------------------------------------------------------------------------------------- United Defense Industries, Inc. 30,200 2,217,284 =================================================================================================================================== 4,514,762 =================================================================================================================================== APPAREL RETAIL--1.64% American Eagle Outfitters, Inc. 124,700 3,684,885 ----------------------------------------------------------------------------------------------------------------------------------- Men's Wearhouse, Inc. (The) (b) 39,000 1,646,190 ----------------------------------------------------------------------------------------------------------------------------------- Too Inc. (b) 29,500 727,765 =================================================================================================================================== 6,058,840 =================================================================================================================================== APPLICATION SOFTWARE--1.39% FactSet Research Systems Inc. 76,650 2,530,216 ----------------------------------------------------------------------------------------------------------------------------------- Synopsys, Inc. (b) 144,600 2,617,260 =================================================================================================================================== 5,147,476 =================================================================================================================================== AUTO PARTS & EQUIPMENT--0.31% Tenneco Automotive Inc. (b) 92,200 1,148,812 =================================================================================================================================== COMMUNICATIONS EQUIPMENT--0.78% QUALCOMM Inc. (a) 78,700 2,884,355 =================================================================================================================================== COMPUTER HARDWARE--3.28% Apple Computer, Inc. (b) 98,600 4,108,662 ----------------------------------------------------------------------------------------------------------------------------------- Dell Inc. (b) 209,300 8,041,306 =================================================================================================================================== 12,149,968 =================================================================================================================================== DEPARTMENT STORES--1.30% J.C. Penney Co., Inc. 92,800 4,818,176 =================================================================================================================================== DIVERSIFIED BANKS--2.27% Bank of America Corp. 32,000 1,411,200 ----------------------------------------------------------------------------------------------------------------------------------- Wachovia Corp. 137,600 7,005,216 =================================================================================================================================== 8,416,416 ===================================================================================================================================
GEQ-QTR-1 F-1
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED COMMERCIAL SERVICES--0.22% Apollo Group, Inc.-Class A (a)(b) 11,093 $ 821,548 =================================================================================================================================== ELECTRIC UTILITIES--0.63% PG&E Corp. 42,600 1,452,660 ----------------------------------------------------------------------------------------------------------------------------------- TXU Corp. 11,000 875,930 =================================================================================================================================== 2,328,590 =================================================================================================================================== ELECTRONIC EQUIPMENT MANUFACTURERS--0.53% Dionex Corp. (b) 35,700 1,945,650 =================================================================================================================================== HEALTH CARE EQUIPMENT--0.15% Waters Corp. (b) 15,000 536,850 =================================================================================================================================== HEALTH CARE SUPPLIES--0.35% Haemonetics Corp. (b) 30,400 1,281,664 =================================================================================================================================== HOME ENTERTAINMENT SOFTWARE--0.40% THQ Inc. (b) 52,100 1,466,094 =================================================================================================================================== HOMEBUILDING--0.42% Meritage Homes Corp. (b) 26,500 1,561,380 =================================================================================================================================== HOUSEHOLD PRODUCTS--1.18% Clorox Co. (The) 69,300 4,365,207 =================================================================================================================================== INDUSTRIAL CONGLOMERATES--2.05% 3M Co. (a) 88,400 7,574,996 =================================================================================================================================== INTEGRATED OIL & GAS--0.97% Exxon Mobil Corp. 60,200 3,587,920 =================================================================================================================================== INTEGRATED TELECOMMUNICATION SERVICES--0.27% CenturyTel, Inc. 30,500 1,001,620 ===================================================================================================================================
GEQ-QTR-1 F-2
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- LIFE & HEALTH INSURANCE--2.26% Prudential Financial, Inc. 145,500 $ 8,351,700 =================================================================================================================================== MANAGED HEALTH CARE--3.51% Aetna Inc. 47,800 3,582,610 ----------------------------------------------------------------------------------------------------------------------------------- UnitedHealth Group Inc. 47,800 4,559,164 ----------------------------------------------------------------------------------------------------------------------------------- WellPoint Inc. (b) 38,800 4,863,580 =================================================================================================================================== 13,005,354 =================================================================================================================================== MULTI-UTILITIES & UNREGULATED POWER--1.22% Energen Corp. 36,200 2,410,920 ----------------------------------------------------------------------------------------------------------------------------------- Questar Corp. 35,200 2,085,600 =================================================================================================================================== 4,496,520 =================================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--0.54% Halliburton Co. 46,600 2,015,450 =================================================================================================================================== OIL & GAS EXPLORATION & PRODUCTION--4.59% Anadarko Petroleum Corp. 32,600 2,480,860 ----------------------------------------------------------------------------------------------------------------------------------- Apache Corp. 40,100 2,455,323 ----------------------------------------------------------------------------------------------------------------------------------- Cimarex Energy Co. (a)(b) 22,100 861,900 ----------------------------------------------------------------------------------------------------------------------------------- Denbury Resources Inc. (b) 40,000 1,409,200 ----------------------------------------------------------------------------------------------------------------------------------- Houston Exploration Co. (The) (b) 120,800 6,879,560 ----------------------------------------------------------------------------------------------------------------------------------- Remington Oil & Gas Corp. (b) 69,900 2,203,248 ----------------------------------------------------------------------------------------------------------------------------------- St. Mary Land & Exploration Co. 14,300 715,715 =================================================================================================================================== 17,005,806 =================================================================================================================================== OIL & GAS REFINING, MARKETING & TRANSPORTATION--0.39% Overseas Shipholding Group, Inc. 22,800 1,434,348 =================================================================================================================================== PAPER PRODUCTS--0.71% Georgia-Pacific Corp. 73,500 2,608,515 =================================================================================================================================== PERSONAL PRODUCTS--0.23% Avon Products, Inc. (a) 20,200 867,388 ===================================================================================================================================
GEQ-QTR-1 F-3
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- PHARMACEUTICALS--2.21% Johnson & Johnson (a) 113,000 $ 7,589,080 ----------------------------------------------------------------------------------------------------------------------------------- Par Pharmaceutical Cos. Inc. (b) 17,600 588,544 =================================================================================================================================== 8,177,624 =================================================================================================================================== SEMICONDUCTOR EQUIPMENT--0.18% Lam Research Corp. (b) 23,600 681,096 =================================================================================================================================== SEMICONDUCTORS--4.30% Intel Corp. 251,000 5,830,730 ----------------------------------------------------------------------------------------------------------------------------------- Linear Technology Corp. (a) 204,400 7,830,564 ----------------------------------------------------------------------------------------------------------------------------------- Maxim Integrated Products, Inc. 55,300 2,260,111 =================================================================================================================================== 15,921,405 =================================================================================================================================== SPECIALIZED FINANCE--2.65% CIT Group Inc. 61,900 2,352,200 ----------------------------------------------------------------------------------------------------------------------------------- Moody's Corp. (a) 92,300 7,463,378 =================================================================================================================================== 9,815,578 =================================================================================================================================== SPECIALTY STORES--0.38% Movie Gallery, Inc. 49,200 1,411,056 =================================================================================================================================== SYSTEMS SOFTWARE--1.28% Adobe Systems Inc. 70,800 4,755,636 =================================================================================================================================== TOBACCO--1.22% Reynolds American Inc. 56,200 4,529,158 =================================================================================================================================== TRUCKING--0.70% Hunt (J.B.) Transport Services, Inc. 59,500 2,604,315 =================================================================================================================================== Total Domestic Common Stocks (Cost $146,867,961) 169,291,273 ===================================================================================================================================
GEQ-QTR-1 F-4
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- FOREIGN STOCKS & OTHER EQUITY INTERESTS--39.69% AUSTRALIA--0.82% Australia & New Zealand Banking Group Ltd. (Diversified Banks) (c) 60,200 $ 957,874 ----------------------------------------------------------------------------------------------------------------------------------- QBE Insurance Group Ltd. (Property & Casualty Insurance) (a)(c) 179,380 2,062,091 =================================================================================================================================== 3,019,965 =================================================================================================================================== BRAZIL--0.25% Banco Itau Holding Financeira S.A.-ADR (Diversified Banks) 11,400 925,110 =================================================================================================================================== CANADA--1.10% Algoma Steel Inc. (Steel) (b) 68,500 1,855,025 ----------------------------------------------------------------------------------------------------------------------------------- Inmet Mining Corporation (Diversified Metals & Mining) (b) 57,900 883,330 ----------------------------------------------------------------------------------------------------------------------------------- Methanex Corp. (Commodity Chemicals) 69,200 1,333,817 =================================================================================================================================== 4,072,172 =================================================================================================================================== CAYMAN ISLANDS--0.59% ACE Ltd. (Property & Casualty Insurance) 53,000 2,187,310 =================================================================================================================================== DENMARK--1.72% Danske Bank A.S. (Diversified Banks) (c) 104,900 3,042,508 ----------------------------------------------------------------------------------------------------------------------------------- William Demant Holding A.S. (Health Care Equipment) (a)(b)(c) 66,547 3,322,300 =================================================================================================================================== 6,364,808 =================================================================================================================================== FINLAND --0.46% Nokia Oyj (Communications Equipment) (c) 110,600 1,705,550 =================================================================================================================================== FRANCE--3.20% AXA (Multi-Line Insurance) (c) 89,751 2,391,262 ----------------------------------------------------------------------------------------------------------------------------------- PagesJaunes S.A. (Publishing) (a) 313,714 7,700,202 ----------------------------------------------------------------------------------------------------------------------------------- Societe Generale (Diversified Banks) (c) 16,715 1,737,729 =================================================================================================================================== 11,829,193 ===================================================================================================================================
GEQ-QTR-1 F-5
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- GERMANY--4.41% Adidas-Salomon A.G. (Apparel, Accessories & Luxury Goods) (c) 18,595 $ 2,948,941 ----------------------------------------------------------------------------------------------------------------------------------- Schering A.G. (Pharmaceuticals) (c) 92,935 6,173,485 ----------------------------------------------------------------------------------------------------------------------------------- ThyssenKrupp A.G. (Steel) (c) 350,790 7,216,821 =================================================================================================================================== 16,339,247 =================================================================================================================================== GREECE--1.12% OPAP S.A. (Casinos & Gaming) (Acquired 08/16/04- 11/19/04; Cost $3,172,651) (c)(d) 142,452 4,145,561 =================================================================================================================================== ISRAEL--0.33% Check Point Software Technologies Ltd. (Systems Software) (b) 56,800 1,234,832 =================================================================================================================================== ITALY--0.43% Milano Assicurazioni S.p.A (Multi-Line Insurance) (c) 270,700 1,587,381 =================================================================================================================================== JAPAN--9.01% Chugoku Electric Power Co., Inc. (The) (Electric Utilities) (c) 46,400 879,957 ----------------------------------------------------------------------------------------------------------------------------------- Fuji Fire and Marine Insurance Co., Ltd. (The) (Property & Casualty Insurance) (c) 351,000 1,204,963 ----------------------------------------------------------------------------------------------------------------------------------- Hokuriku Electric Power Co. (Electric Utilities) (c) 181,700 3,308,217 ----------------------------------------------------------------------------------------------------------------------------------- Japan Tobacco Inc. (Tobacco) (c) 100 1,108,585 ----------------------------------------------------------------------------------------------------------------------------------- Nikko Cordial Corp. (The) (Investment Banking & Brokerage) (c) 209,000 1,041,333 ----------------------------------------------------------------------------------------------------------------------------------- Nissin Co., Ltd. (Consumer Finance) (a)(c) 392,280 912,416 ----------------------------------------------------------------------------------------------------------------------------------- NTT DoCoMo, Inc. (Wireless Telecommunication Services) (c) 4,300 7,184,167 ----------------------------------------------------------------------------------------------------------------------------------- Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) (c) 44,900 2,134,654 ----------------------------------------------------------------------------------------------------------------------------------- Tohoku Electric Power Co., Inc. (Electric Utilities) (c) 365,000 6,758,965 ----------------------------------------------------------------------------------------------------------------------------------- Tokai Tokyo Securities Co., Ltd. (Investment Banking & Brokerage) (c) 340,000 1,118,368 ----------------------------------------------------------------------------------------------------------------------------------- Tokyo Electric Power Co., Inc. (The) (Electric Utilities) (c) 254,600 6,165,992 ----------------------------------------------------------------------------------------------------------------------------------- Yamato Kogyo Co., Ltd. (Steel) (c) 127,000 1,539,181 =================================================================================================================================== 33,356,798 =================================================================================================================================== NETHERLANDS--4.88% ABN AMRO Holding N.V. (Diversified Banks) (c) 172,044 4,265,810 ----------------------------------------------------------------------------------------------------------------------------------- DSM N.V. (Specialty Chemicals) (c) 81,193 5,717,919 ----------------------------------------------------------------------------------------------------------------------------------- ING Groep N.V.-Dutch Ctfs. (Other Diversified Financial Services) (c) 267,957 8,093,291 =================================================================================================================================== 18,077,020 ===================================================================================================================================
GEQ-QTR-1 F-6
MARKET SHARES VALUE ----------------------------------------------------------------------------------------------------------------------------------- NORWAY--0.41% Norsk Hydro A.S.A. (Oil & Gas Exploration & Production) (c) 8,342 $ 688,566 ----------------------------------------------------------------------------------------------------------------------------------- Orkla A.S.A. (Packaged Foods & Meats) (c) 22,550 826,382 =================================================================================================================================== 1,514,948 =================================================================================================================================== SOUTH KOREA--0.48% POSCO (Steel) (c) 8,990 1,776,620 =================================================================================================================================== TAIWAN--1.10% China Steel Corp. (Steel) (c) 3,675,310 4,090,120 =================================================================================================================================== UNITED KINGDOM--9.38% Aviva PLC (Multi-Line Insurance) (c) 217,590 2,610,090 ----------------------------------------------------------------------------------------------------------------------------------- Carpetright PLC (Home Improvement Retail) (c) 78,240 1,467,701 ----------------------------------------------------------------------------------------------------------------------------------- Friends Provident PLC (Life & Health Insurance) (c) 1,014,040 3,396,965 ----------------------------------------------------------------------------------------------------------------------------------- Legal & General Group PLC (Life & Health Insurance) (c) 1,748,598 3,741,806 ----------------------------------------------------------------------------------------------------------------------------------- Lloyds TSB Group PLC (Diversified Banks) (c) 870,938 7,837,625 ----------------------------------------------------------------------------------------------------------------------------------- Old Mutual PLC (Life & Health Insurance) (c) 750,814 1,908,378 ----------------------------------------------------------------------------------------------------------------------------------- Reckitt Benckiser PLC (Household Products) (c) 58,580 1,860,176 ----------------------------------------------------------------------------------------------------------------------------------- Singer & Friedlander Group PLC (Diversified Capital Markets) (c) 407,220 2,166,265 ----------------------------------------------------------------------------------------------------------------------------------- Tesco PLC (Food Retail) (c) 1,420,846 8,498,069 ----------------------------------------------------------------------------------------------------------------------------------- Wolverhampton & Dudley Breweries PLC (Brewers) (c) 58,830 1,251,383 =================================================================================================================================== 34,738,458 =================================================================================================================================== Total Foreign Stocks & Other Equity Interests (Cost $133,435,470) 146,965,093 =================================================================================================================================== MONEY MARKET FUNDS--5.08% Liquid Assets Portfolio-Institutional Class (e) 9,409,282 9,409,282 ----------------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (e) 9,409,282 9,409,282 =================================================================================================================================== Total Money Market Funds (Cost $18,818,564) 18,818,564 =================================================================================================================================== TOTAL INVESTMENTS--90.50% (excluding investments purchased with cash collateral from securities loaned) (Cost $299,121,995) 335,074,930 =================================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--9.50% Liquid Assets Portfolio-Institutional Class (e)(f) 17,582,059 17,582,059 ----------------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (e)(f) 17,582,060 17,582,059 =================================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $35,164,118) 35,164,118 =================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $334,286,113) $ 370,239,048 ___________________________________________________________________________________________________________________________________ ===================================================================================================================================
GEQ-QTR-1 F-7 Investment Abbreviations: ADR American Depositary Receipt Ctfs. Certificates Notes to Schedule of Investments: (a) All or a portion of this security has been pledged as collateral for securities lending transactions at March 31, 2005. (b) Non-income producing security. (c) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at March 31, 2005 was $130,845,467, which represented 35.34% of the Fund's Total Investments. See Note 1A. (d) Security not registered under the Securities Act of 1933, as amended (e.g., the security was purchased in a Rule 144A transaction or a Regulation D transaction). The security may be resold only pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The Fund has no rights to demand registration of this security. The market value of this security at March 31, 2005 represented 1.12% of the Fund's Total Investments. This security is not considered to be illiquid. (e) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (f) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. GEQ-QTR-1 F-8 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS March 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. 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 traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. 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"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. 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. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. GEQ-QTR-1 F-9 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. 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 on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. 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 (net of foreign taxes withheld on disposition) 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 the 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. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. GEQ-QTR-1 F-10 E. FUTURES CONTRACTS - The Fund may purchase or sell futures contracts as a hedge against changes in market conditions. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If the Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission, to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended March 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 12/31/04 AT COST SALES (DEPRECIATION) 03/31/05 INCOME GAIN (LOSS) ---------------------------------------------------------------------------------------------------------------------------------- Liquid Assets Portfolio - Institutional Class $ 7,135,683 $ 26,049,609 $ (23,776,010) $ -- $ 9,409,282 $ 47,790 $ -- ---------------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio - Institutional Class 7,135,683 26,049,609 (23,776,010) -- 9,409,282 48,988 -- ================================================================================================================================== SUBTOTAL $ 14,271,366 $ 52,099,218 $ (47,552,020) $ -- $ 18,818,564 $ 96,778 $ -- __________________________________________________________________________________________________________________________________ ==================================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS:
UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 12/31/04 AT COST SALES (DEPRECIATION) 03/31/05 INCOME* GAIN (LOSS) ---------------------------------------------------------------------------------------------------------------------------------- Liquid Assets Portfolio - Institutional Class $ 12,166,970 $ 33,078,869 $ (27,663,780) $ -- $ 17,582,059 $ 7,185 $ -- ---------------------------------------------------------------------------------------------------------------------------------- STIC Prime Portfolio - Institutional Class 12,166,971 33,078,869 (27,663,781) -- 17,582,059 7,371 -- ================================================================================================================================== SUBTOTAL $ 24,333,941 $ 66,157,738 $ (55,327,561) $ -- $ 35,164,118 $ 14,556 $ -- ================================================================================================================================== TOTAL $ 38,605,307 $ 118,256,956 $ (102,879,581) $ -- $ 53,982,682 $ 111,334 $ -- __________________________________________________________________________________________________________________________________ ==================================================================================================================================
* Dividend income is net of income rebate paid to securities lending counterparties. GEQ-QTR-1 F-11 NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At March 31, 2005, securities with an aggregate value of $34,202,402 were on loan to brokers. The loans were secured by cash collateral of $35,164,118 received by the Fund and subsequently invested in affiliated money market funds. For the three months ended March 31, 2005, the Fund received dividends on cash collateral net of income rebate paid to counterparties of $14,556 for securities lending transactions. NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended March 31, 2005 was $138,779,772 and $102,145,185, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end. UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ------------------------------------------------------------------------------ Aggregate unrealized appreciation of investment securities $ 40,716,468 ------------------------------------------------------------------------------ Aggregate unrealized (depreciation) of investment securities (4,760,440) ============================================================================== Net unrealized appreciation of investment securities $ 35,956,028 ______________________________________________________________________________ ============================================================================== Cost of investments for tax purposes is $334,283,020.
GEQ-QTR-1 F-12 AIM MID CAP CORE EQUITY FUND Quarterly Schedule of Portfolio Holdings o March 31, 2005 AIMinvestments.com MCCE-QTR-1 3/05 A I M Advisors, Inc. YOUR GOALS. OUR SOLUTIONS. [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- SCHEDULE OF INVESTMENTS March 31, 2005 (Unaudited)
MARKET SHARES VALUE ---------------------------------------------------------------------------------------------------------- COMMON STOCKS & OTHER EQUITY INTERESTS--83.19% ADVERTISING--1.26% Valassis Communications, Inc. (a) 1,338,700 $ 46,800,952 ========================================================================================================== APPAREL, ACCESSORIES & LUXURY GOODS--1.07% V. F. Corp. 674,300 39,878,102 ========================================================================================================== APPLICATION SOFTWARE--1.96% Fair Issac Corp. 1,000,000 34,440,000 ---------------------------------------------------------------------------------------------------------- Reynolds & Reynolds Co. (The)-Class A 1,421,400 38,463,084 ========================================================================================================== 72,903,084 ========================================================================================================== BIOTECHNOLOGY--0.76% Techne Corp. (a) 705,900 28,363,062 ========================================================================================================== BREWERS--1.32% Heineken N.V. (Netherlands) (b) 1,418,268 49,157,297 ========================================================================================================== CASINOS & GAMING--0.83% GTECH Holdings Corp. 1,313,900 30,916,067 ========================================================================================================== COMPUTER HARDWARE--1.37% Diebold, Inc. 930,000 51,010,500 ========================================================================================================== CONSUMER FINANCE--0.54% MoneyGram International, Inc. 1,072,800 20,265,192 ========================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--1.28% Ceridian Corp. (a) 2,801,550 47,766,427 ========================================================================================================== DISTRIBUTORS--1.20% Genuine Parts Co. 1,030,000 44,794,700 ========================================================================================================== DIVERSIFIED CHEMICALS--0.99% Engelhard Corp. 1,225,000 36,786,750 ========================================================================================================== DIVERSIFIED COMMERCIAL SERVICES--1.88% H&R Block, Inc. 538,100 27,217,098 ---------------------------------------------------------------------------------------------------------- Rentokil Initial PLC (United Kingdom) (b) 14,000,000 42,845,403 ========================================================================================================== 70,062,501 ==========================================================================================================
MCCE-QTR-1 F-1
MARKET SHARES VALUE ---------------------------------------------------------------------------------------------------------- ELECTRIC UTILITIES--3.13% FPL Group, Inc. 1,122,400 $ 45,064,360 ---------------------------------------------------------------------------------------------------------- Wisconsin Energy Corp. 2,020,000 71,710,000 ========================================================================================================== 116,774,360 ========================================================================================================== ELECTRONIC EQUIPMENT MANUFACTURERS--3.28% Agilent Technologies, Inc. (a) 1,733,400 38,481,480 ---------------------------------------------------------------------------------------------------------- Amphenol Corp.-Class A 1,020,000 37,780,800 ---------------------------------------------------------------------------------------------------------- Mettler-Toledo International Inc. (a) 968,000 45,980,000 ========================================================================================================== 122,242,280 ========================================================================================================== ENVIRONMENTAL SERVICES--2.24% Republic Services, Inc. 2,489,600 83,351,808 ========================================================================================================== FERTILIZERS & AGRICULTURAL CHEMICALS--1.36% Scotts Miracle-Gro Co. (The)-Class A (a) 724,200 50,860,566 ========================================================================================================== FOOD RETAIL--1.62% Kroger Co. (The) (a) 3,770,000 60,433,100 ========================================================================================================== GENERAL MERCHANDISE STORES--0.78% Family Dollar Stores, Inc. 952,000 28,902,720 ========================================================================================================== HEALTH CARE SERVICES--1.61% IMS Health Inc. 1,613,200 39,345,948 ---------------------------------------------------------------------------------------------------------- Medco Health Solutions, Inc. (a) 419,100 20,774,787 ========================================================================================================== 60,120,735 ========================================================================================================== HOME FURNISHINGS--1.68% Mohawk Industries, Inc. (a) 740,700 62,441,010 ========================================================================================================== INDUSTRIAL MACHINERY--2.63% Dover Corp. 1,202,600 45,446,254 ---------------------------------------------------------------------------------------------------------- ITT Industries, Inc. 583,000 52,609,920 ========================================================================================================== 98,056,174 ========================================================================================================== INTEGRATED OIL & GAS--2.38% Amerada Hess Corp. 530,000 50,991,300 ---------------------------------------------------------------------------------------------------------- Murphy Oil Corp. 380,950 37,611,193 ========================================================================================================== 88,602,493 ========================================================================================================== LEISURE PRODUCTS--1.56% Mattel, Inc. 2,725,550 58,190,493 ========================================================================================================== METAL & GLASS CONTAINERS--1.99% Ball Corp. 854,800 35,457,104 ---------------------------------------------------------------------------------------------------------- Pactiv Corp. (a) 1,650,000 38,527,500 ========================================================================================================== 73,984,604 ==========================================================================================================
MCCE-QTR-1 F-2
MARKET SHARES VALUE ---------------------------------------------------------------------------------------------------------- OFFICE ELECTRONICS--1.62% Xerox Corp. (a) 3,993,800 $ 60,506,070 ========================================================================================================== OFFICE SERVICES & SUPPLIES--0.97% Pitney Bowes Inc. 800,000 36,096,000 ========================================================================================================== OIL & GAS DRILLING--2.55% Nabors Industries, Ltd. (Bermuda) (a) 725,420 42,901,339 ---------------------------------------------------------------------------------------------------------- Noble Corp. (Cayman Islands) 927,000 52,106,670 ========================================================================================================== 95,008,009 ========================================================================================================== OIL & GAS EQUIPMENT & SERVICES--3.58% BJ Services Co. 1,086,000 56,341,680 ---------------------------------------------------------------------------------------------------------- FMC Technologies, Inc. (a) 1,146,000 38,024,280 ---------------------------------------------------------------------------------------------------------- Smith International, Inc. 621,550 38,989,832 ========================================================================================================== 133,355,792 ========================================================================================================== OIL & GAS EXPLORATION & PRODUCTION--4.99% Apache Corp. 739,000 45,248,970 ---------------------------------------------------------------------------------------------------------- Newfield Exploration Co. (a) 600,000 44,556,000 ---------------------------------------------------------------------------------------------------------- Pioneer Natural Resources Co. 1,095,800 46,812,576 ---------------------------------------------------------------------------------------------------------- Plains Exploration & Production Co. (a) 1,415,000 49,383,500 ========================================================================================================== 186,001,046 ========================================================================================================== OIL & GAS REFINING, MARKETING & TRANSPORTATION--2.37% Williams Cos., Inc. (The) 4,691,500 88,247,115 ========================================================================================================== PACKAGED FOODS & MEATS--3.00% Campbell Soup Co. 1,741,500 50,538,330 ---------------------------------------------------------------------------------------------------------- Tate & Lyle PLC (United Kingdom) (b) 6,100,000 61,213,676 ========================================================================================================== 111,752,006 ========================================================================================================== PAPER PRODUCTS--1.33% Georgia-Pacific Corp. 1,396,000 49,544,040 ========================================================================================================== PHARMACEUTICALS--3.27% Forest Laboratories, Inc. (a) 1,700,000 62,815,000 ---------------------------------------------------------------------------------------------------------- Teva Pharmaceutical Industries Ltd.-ADR (Israel) 1,900,000 58,900,000 ========================================================================================================== 121,715,000 ========================================================================================================== PROPERTY & CASUALTY INSURANCE--2.14% ACE Ltd. (Cayman Islands) 1,272,000 52,495,440 ---------------------------------------------------------------------------------------------------------- Axis Capital Holding Ltd. (Bermuda) 1,006,700 27,221,168 ========================================================================================================== 79,716,608 ========================================================================================================== PUBLISHING--1.89% Belo Corp.-Class A 1,496,200 36,118,268 ---------------------------------------------------------------------------------------------------------- Knight-Ridder, Inc. 509,000 34,230,250 ========================================================================================================== 70,348,518 ==========================================================================================================
MCCE-QTR-1 F-3
MARKET SHARES VALUE ---------------------------------------------------------------------------------------------------------- REGIONAL BANKS--3.17% City National Corp. 425,700 $ 29,722,374 ---------------------------------------------------------------------------------------------------------- Compass Bancshares, Inc. 613,000 27,830,200 ---------------------------------------------------------------------------------------------------------- Marshall & Ilsley Corp. 690,000 28,807,500 ---------------------------------------------------------------------------------------------------------- TCF Financial Corp. 1,168,000 31,711,200 ========================================================================================================== 118,071,274 ========================================================================================================== REINSURANCE--1.69% Montpelier Re Holdings Ltd. (Bermuda) 807,400 28,380,110 ---------------------------------------------------------------------------------------------------------- RenaissanceRe Holdings Ltd. (Bermuda) 742,000 34,651,400 ========================================================================================================== 63,031,510 ========================================================================================================== RESTAURANTS--1.64% Outback Steakhouse, Inc. 826,000 37,822,540 ---------------------------------------------------------------------------------------------------------- Wendy's International, Inc. 600,100 23,427,904 ========================================================================================================== 61,250,444 ========================================================================================================== SEMICONDUCTORS--3.37% International Rectifier Corp. (a) 841,000 38,265,500 ---------------------------------------------------------------------------------------------------------- National Semiconductor Corp. 2,457,000 50,638,770 ---------------------------------------------------------------------------------------------------------- Xilinx, Inc. 1,259,000 36,800,570 ========================================================================================================== 125,704,840 ========================================================================================================== SPECIALTY CHEMICALS--4.84% International Flavors & Fragrances Inc. 2,220,000 87,690,000 ---------------------------------------------------------------------------------------------------------- Rohm & Haas Co. 850,000 40,800,000 ---------------------------------------------------------------------------------------------------------- Sigma-Aldrich Corp. 850,000 52,062,500 ========================================================================================================== 180,552,500 ========================================================================================================== SYSTEMS SOFTWARE--1.26% Computer Associates International, Inc. 1,739,600 47,143,160 ========================================================================================================== THRIFTS & MORTGAGE FINANCE--0.79% New York Community Bancorp, Inc. 1,630,000 29,600,800 ========================================================================================================== Total Common Stocks & Other Equity Interests (Cost $2,546,854,889) 3,100,309,709 ========================================================================================================== MONEY MARKET FUNDS--16.81% Liquid Assets Portfolio-Institutional Class (c) 313,308,271 313,308,271 ---------------------------------------------------------------------------------------------------------- STIC Prime Portfolio-Institutional Class (c) 313,308,272 313,308,272 ========================================================================================================== Total Money Market Funds (Cost $626,616,543) 626,616,543 ========================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $3,173,471,432) $ 3,726,926,252 __________________________________________________________________________________________________________ ==========================================================================================================
MCCE-QTR-1 F-4 Investment Abbreviations: ADR American Depositary Receipt Notes to Schedule of Investments: (a) Non-income producing security. (b) In accordance with the procedures established by the Board of Trustees, the foreign security is fair valued using adjusted closing market prices. The aggregate market value of these securities at March 31, 2005 was $153,216,376, which represented 4.11% of the Fund's Total Investments. See Note 1A. (c) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. See accompanying notes which are an integral part of this schedule. MCCE-QTR-1 F-5 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS March 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. 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 traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. 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"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. 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. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. MCCE-QTR-1 F-6 A. SECURITY VALUATIONS - (CONTINUED) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. 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 on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. C. FOREIGN CURRENCY TRANSLATIONS - Foreign currency is valued at the close of the NYSE based on quotations posted by banks and major currency dealers. 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 (net of foreign taxes withheld on disposition) 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 the 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. The combined results of changes in foreign exchange rates and the fluctuation of market prices on investments (net of estimated foreign tax withholding) are included with the net realized and unrealized gain or loss from investments in the Statement of Operations. Reported net realized foreign currency gains or losses arise from, (i) sales of foreign currencies, (ii) currency gains or losses realized between the trade and settlement dates on securities transactions, and (iii) the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. D. FOREIGN CURRENCY CONTRACTS - A foreign currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund may enter into a foreign currency contract to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. The Fund may also enter into a foreign currency contract for the purchase or sale of a security denominated in a foreign currency in order to "lock in" the U.S. dollar price of that security. The Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. MCCE-QTR-1 F-7 NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission , to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended March 31, 2005. INVESTMENTS OF DAILY AVAILABLE CASH BALANCES:
MARKET UNREALIZED MARKET VALUE PURCHASES PROCEEDS APPRECIATION VALUE DIVIDEND REALIZED FUND 12/31/04 AT COST FROM SALES (DEPRECIATION) 03/31/05 INCOME GAIN (LOSS) ------------------------------------------------------------------------------------------------------------------------------ Liquid Assets Portfolio- Institutional Class $ 173,231,587 $ 178,430,641 $ (38,353,957) $ -- $ 313,308,27 $ 1,460,914 $ -- ------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio- Institutional Class 173,231,588 178,430,641 (38,353,957) -- 313,308,272 1,497,174 -- ============================================================================================================================== TOTAL $ 346,463,175 $ 356,861,282 $ (76,707,914) $ -- $ 626,616,54 $ 2,958,088 $ -- ______________________________________________________________________________________________________________________________ ==============================================================================================================================
NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At March 31, 2005, there where no securities out loan to brokers. For the three months ended March 31, 2005, the Fund received income of $3,381 for securities lending. NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended March 31, 2005 was $233,692,164 and $499,546,094, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS ----------------------------------------------------------------------------------- Aggregate unrealized appreciation of investment securities $ 575,257,952 ----------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (25,063,072) =================================================================================== Net unrealized appreciation of investment securities $ 550,194,880 ___________________________________________________________________________________ ===================================================================================
Cost of investments for tax purposes is $3,176,731,372. MCCE-QTR-1 F-8 AIM MODERATE ALLOCATION FUND Quarterly Schedule of Portfolio Holdings o March 31, 2005 Your goals. Our Solutions. [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com MAL-QTR-1 3/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS March 31, 2005 (Unaudited)
MARKET SHARES VALUE ==================================================================================================================================== MUTUAL FUNDS--100.00% (a) AIM High Yield Fund-Institutional Class-9.85% 5,039,149 $ 22,323,430 ------------------------------------------------------------------------------------------------------------------------------------ AIM International Core Equity Fund-Institutional Class-10.31% 2,042,608 23,367,431 ------------------------------------------------------------------------------------------------------------------------------------ AIM International Growth Fund-Institutional Class-7.90% (b) 874,273 17,896,378 ------------------------------------------------------------------------------------------------------------------------------------ AIM Large Cap Basic Value Fund-Institutional Class-10.00% (b) 1,695,421 22,650,823 ------------------------------------------------------------------------------------------------------------------------------------ AIM Large Cap Growth Fund-Institutional Class-12.29% (b) 2,876,768 27,847,114 ------------------------------------------------------------------------------------------------------------------------------------ AIM Mid Cap Basic Value Fund-Institutional Class-5.04% (b) 882,250 11,425,134 ------------------------------------------------------------------------------------------------------------------------------------ AIM Mid Cap Stock Fund-Institutional Class-5.07% 648,302 11,481,429 ------------------------------------------------------------------------------------------------------------------------------------ AIM Multi-Sector Fund-Intstitutional Class-5.12% 531,627 11,605,409 ------------------------------------------------------------------------------------------------------------------------------------ AIM Short Term Bond Fund-Institutional Class-4.85% 1,106,618 10,977,650 ------------------------------------------------------------------------------------------------------------------------------------ AIM Total Return Bond Fund-Institutional Class-24.26% 5,305,207 54,961,946 ------------------------------------------------------------------------------------------------------------------------------------ AIM Trimark Small Companies Fund-Institutional Class-5.31% 914,019 12,028,487 ==================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $220,251,819) $ 226,565,231 ====================================================================================================================================
Notes to Schedule of Investments: (a) The mutual funds and the Funds are affiliated by having the same investment advisor. See Note 2. (b) Non-income producing security. A security is determined to be non-income producing if the security has not declared a distribution in more than one year from the report date. See accompanying notes which are an integral part of this schedule. NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS March 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES The Fund is a "fund of funds", in that it invests in the Institutional Class of other mutual funds ("underlying funds") advised by AIM Advisors, Inc. A. SECURITY VALUATIONS - Investments in underlying funds are valued at the end of the day net asset value per share. Securities in the underlying funds, including restricted securities, are valued according to the following policy. 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 traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. 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"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. 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. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the underlying funds' net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the underlying funds' Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not F-2 A. SECURITY VALUATIONS-(CONTINUED) reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the underlying funds' officers following procedures approved by the underlying funds' Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. 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. Distributions from income from underlying funds, if any, are recorded as dividend income on ex-dividend date. Distributions from net realized capital gains from underlying funds, if any, are recorded as realized gains on the ex-dividend date. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. F-3 NOTE 2 - INVESTMENTS OF DAILY AVAILABLE CASH BALANCES: The Fund and the mutual funds below have the same investment advisor and therefore, are considered to be affiliated. The table below shows the transactions in and earnings from investments in affiliated mutual funds for the three months ended March 31, 2005.
INVESTMENTS OF AFFILIATES: CHANGE IN MARKET PROCEEDS UNREALIZED MARKET REALIZED VALUE PURCHASES FROM APPRECIATION VALUE DIVIDEND GAIN FUND 12/31/04 AT COST SALES (DEPRECIATION) 03/31/05 INCOME (LOSS) ------------------------------------------------------------------------------------------------------------------------------------ AIM High Yield $ 14,516,008 $8,426,814 $ (41,746) $ (579,583) $ 22,323,430 $285,115 $ 1,937 Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM International Core 15,314,403 8,141,699 (43,548) (52,792) 23,367,431 -- 7,669 Equity Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM International Growth 11,715,748 6,106,275 (33,333) 101,763 17,896,378 -- 5,925 Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM Large Cap Basic Value 14,773,178 8,141,696 (41,972) (224,830) 22,650,823 -- 2,751 Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM Large Cap Growth 18,348,807 10,177,121 (51,616) (630,262) 27,847,114 -- 3,064 Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM Mid Cap Basic Value 7,516,013 4,070,850 (21,233) (142,613) 11,425,134 -- 2,117 Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM Mid Cap Stock 7,585,673 4,070,849 (21,433) (155,571) 11,481,429 -- 1,911 Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM Multi-Sector 7,521,090 4,070,849 (21,554) 33,010 11,605,409 -- 2,014 Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM Short Term Bond 6,920,670 4,139,748 (20,001) (62,681) 10,977,650 68,897 (86) Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM Total Return Bond 34,924,433 20,719,506 (100,802) (582,164) 54,961,946 365,258 973 Fund-Institutional Class ------------------------------------------------------------------------------------------------------------------------------------ AIM Trimark Small 7,789,461 4,070,849 (22,358) 186,037 12,028,487 -- 4,498 Companies Fund-Institutional Class ==================================================================================================================================== TOTAL $146,925,484 $82,136,256 $(419,596) $(2,109,686) $226,565,231 $719,270 $32,773 ____________________________________________________________________________________________________________________________________ ====================================================================================================================================
F-4 NOTE 3 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities) purchased and sold by the Fund during the three months ended March 31, 2005 was $82,136,256 and $419,596, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS -------------------------------------------------------------------------------- Aggregate unrealized appreciation of investment securities $7,183,588 -------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (874,843) -------------------------------------------------------------------------------- Net unrealized appreciation of investment securities $6,308,745 ================================================================================ Cost of investments for tax purposes is $220,256,486.
F-5 AIM SMALL CAP GROWTH FUND Quarterly Schedule of Portfolio Holdings o March 31, 2005 Your goals. Our Solutions. [AIM INVESTMENTS LOGO APPEARS HERE] --Registered Trademark-- --Registered Trademark-- AIMinvestments.com SCG-QTR-1 3/05 A I M Advisors, Inc. SCHEDULE OF INVESTMENTS March 31, 2005 (Unaudited)
MARKET SHARES VALUE ==================================================================================================================================== COMMON STOCKS & OTHER EQUITY INTERESTS--77.02% AEROSPACE & DEFENSE--1.23% Mercury Computer Systems, Inc. (a) 484,800 $ 13,370,784 ------------------------------------------------------------------------------------------------------------------------------------ United Industrial Corp. 426,200 12,624,044 ==================================================================================================================================== 25,994,828 ==================================================================================================================================== AIR FREIGHT & LOGISTICS--1.16% Forward Air Corp. 297,600 12,671,808 ------------------------------------------------------------------------------------------------------------------------------------ UTi Worldwide, Inc. (United Kingdom) 170,000 11,806,500 ==================================================================================================================================== 24,478,308 ==================================================================================================================================== APPAREL RETAIL--3.49% Aeropostale, Inc. (a)(b) 625,700 20,491,675 ------------------------------------------------------------------------------------------------------------------------------------ bebe stores, inc. (b) 549,675 18,661,466 ------------------------------------------------------------------------------------------------------------------------------------ Children's Place Retail Stores, Inc. (The) (a) 240,791 11,497,770 ------------------------------------------------------------------------------------------------------------------------------------ Jos. A. Bank Clothiers, Inc. (a) 480,174 14,069,098 ------------------------------------------------------------------------------------------------------------------------------------ Pacific Sunwear of California, Inc. (a)(b) 317,000 8,869,660 ==================================================================================================================================== 73,589,669 ==================================================================================================================================== APPAREL, ACCESSORIES & LUXURY GOODS--1.74% Fossil, Inc. (a) 349,750 9,067,269 ------------------------------------------------------------------------------------------------------------------------------------ Quiksilver, Inc. (a) 454,800 13,202,844 ------------------------------------------------------------------------------------------------------------------------------------ Warnaco Group, Inc. (The) (a) 599,700 14,416,788 ==================================================================================================================================== 36,686,901 ==================================================================================================================================== APPLICATION SOFTWARE--2.46% Catapult Communications Corp. (a) 344,700 7,359,345 ------------------------------------------------------------------------------------------------------------------------------------ Epicor Software Corp. (a) 887,700 11,628,870 ------------------------------------------------------------------------------------------------------------------------------------ Macromedia, Inc. (a)(b) 587,200 19,671,200 ------------------------------------------------------------------------------------------------------------------------------------ MicroStrategy Inc.-Class A (a) 241,800 13,122,486 ==================================================================================================================================== 51,781,901 ==================================================================================================================================== ASSET MANAGEMENT & CUSTODY BANKS--0.52% Affiliated Managers Group, Inc. (a)(b) 176,500 10,948,295 ==================================================================================================================================== BIOTECHNOLOGY--2.27% Affymetrix, Inc. (a)(b) 363,700 15,580,908 ------------------------------------------------------------------------------------------------------------------------------------ Amylin Pharmaceuticals, Inc. (a)(b) 414,700 7,253,103 ------------------------------------------------------------------------------------------------------------------------------------ Eyetech Pharmaceuticals Inc. (a)(b) 328,000 9,020,000 ------------------------------------------------------------------------------------------------------------------------------------ Myriad Genetics, Inc. (a)(b) 353,000 6,491,670 ------------------------------------------------------------------------------------------------------------------------------------ United Therapeutics Corp. (a) 205,500 9,390,323 ==================================================================================================================================== 47,736,004 ====================================================================================================================================
F-1
MARKET SHARES VALUE ==================================================================================================================================== BROADCASTING & CABLE TV--0.53% Radio One, Inc.-Class A (a) 273,800 $ 4,019,384 ------------------------------------------------------------------------------------------------------------------------------------ Radio One, Inc.-Class D (a)(b) 480,100 7,081,475 ==================================================================================================================================== 11,100,859 ==================================================================================================================================== BUILDING PRODUCTS--0.48% Trex Co., Inc. (a)(b) 227,400 10,098,834 ==================================================================================================================================== CASINOS & GAMING--1.21% Penn National Gaming, Inc. (a) 387,600 11,387,688 ------------------------------------------------------------------------------------------------------------------------------------ Shuffle Master, Inc. (a)(b) 485,100 14,048,496 ==================================================================================================================================== 25,436,184 ==================================================================================================================================== COMMUNICATIONS EQUIPMENT--1.41% Plantronics, Inc. (b) 241,500 9,196,320 ------------------------------------------------------------------------------------------------------------------------------------ Polycom, Inc. (a) 660,300 11,192,085 ------------------------------------------------------------------------------------------------------------------------------------ SafeNet, Inc. (a)(b) 313,600 9,191,616 ==================================================================================================================================== 29,580,021 ==================================================================================================================================== COMPUTER & ELECTRONICS RETAIL--0.70% GameStop Corp.-Class A (a) 662,900 14,689,864 ==================================================================================================================================== COMPUTER HARDWARE--0.96% Avid Technology, Inc. (a)(b) 212,200 11,484,264 ------------------------------------------------------------------------------------------------------------------------------------ Intergraph Corp. (a) 303,200 8,735,192 ==================================================================================================================================== 20,219,456 ==================================================================================================================================== CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS--0.52% Toro Co. (The) 124,500 11,018,250 ==================================================================================================================================== CONSTRUCTION MATERIALS--0.73% Eagle Materials Inc. (b) 189,700 15,354,318 ==================================================================================================================================== DATA PROCESSING & OUTSOURCED SERVICES--1.40% Euronet Worldwide, Inc. (a) 531,400 15,171,470 ------------------------------------------------------------------------------------------------------------------------------------ Global Payments Inc. (b) 222,300 14,336,127 ==================================================================================================================================== 29,507,597 ==================================================================================================================================== DIVERSIFIED CHEMICALS--0.64% FMC Corp. (a) 252,400 13,490,780 ==================================================================================================================================== DIVERSIFIED COMMERCIAL SERVICES--1.82% Charles River Associates Inc. (a)(b) 224,400 11,074,140 ------------------------------------------------------------------------------------------------------------------------------------ Corporate Executive Board Co. (The) (b) 208,000 13,301,600 ------------------------------------------------------------------------------------------------------------------------------------ CoStar Group Inc. (a)(b) 379,000 13,966,150 ==================================================================================================================================== 38,341,890 ====================================================================================================================================
F-2
MARKET SHARES VALUE ==================================================================================================================================== ELECTRICAL COMPONENTS & EQUIPMENT--0.92% II-VI Inc. (a)(b) 387,400 $ 6,756,256 ------------------------------------------------------------------------------------------------------------------------------------ Thomas & Betts Corp. (a) 392,100 12,664,830 ==================================================================================================================================== 19,421,086 ==================================================================================================================================== ELECTRONIC EQUIPMENT MANUFACTURERS--1.08% Daktronics, Inc. (a)(b) 303,200 6,564,280 ------------------------------------------------------------------------------------------------------------------------------------ FLIR Systems, Inc. (a)(b) 536,600 16,258,980 ==================================================================================================================================== 22,823,260 ==================================================================================================================================== ELECTRONIC MANUFACTURING SERVICES--0.58% Trimble Navigation Ltd. (a)(b) 361,000 12,205,410 ==================================================================================================================================== ENVIRONMENTAL SERVICES--0.61% Stericycle, Inc. (a)(b) 291,600 12,888,720 ==================================================================================================================================== FERTILIZERS & AGRICULTURAL CHEMICALS--0.69% Scotts Co. (The)-Class A (a)(b) 207,100 14,544,633 ==================================================================================================================================== FOOD DISTRIBUTORS--0.69% United Natural Foods, Inc. (a)(b) 505,300 14,466,739 ==================================================================================================================================== FOOTWEAR--0.44% Wolverine World Wide, Inc. 435,600 9,334,908 ==================================================================================================================================== HEALTH CARE EQUIPMENT--5.16% American Medical Systems Holdings, Inc. (a) 724,600 12,448,628 ------------------------------------------------------------------------------------------------------------------------------------ Integra LifeSciences Holdings (a) 400,300 14,098,566 ------------------------------------------------------------------------------------------------------------------------------------ Intuitive Surgical, Inc. (a) 291,900 13,272,693 ------------------------------------------------------------------------------------------------------------------------------------ Mentor Corp. (b) 437,200 14,034,120 ------------------------------------------------------------------------------------------------------------------------------------ NuVasive, Inc. (a) 687,500 8,882,500 ------------------------------------------------------------------------------------------------------------------------------------ ResMed Inc. (a)(b) 191,100 10,778,040 ------------------------------------------------------------------------------------------------------------------------------------ Syneron Medical Ltd. (Israel) (a)(b) 354,700 11,300,742 ------------------------------------------------------------------------------------------------------------------------------------ Varian Inc. (a) 305,200 11,564,028 ------------------------------------------------------------------------------------------------------------------------------------ Wright Medical Group, Inc. (a) 511,500 12,276,000 ==================================================================================================================================== 108,655,317 ==================================================================================================================================== HEALTH CARE FACILITIES--1.85% AmSurg Corp. (a)(b) 355,450 8,992,885 ------------------------------------------------------------------------------------------------------------------------------------ LifePoint Hospitals, Inc. (a)(b) 398,500 17,470,240 ------------------------------------------------------------------------------------------------------------------------------------ VCA Antech, Inc. (a)(b) 617,600 12,494,048 ==================================================================================================================================== 38,957,173 ==================================================================================================================================== HEALTH CARE SERVICES--3.40% Accredo Health, Inc. (a) 521,500 23,159,815 ------------------------------------------------------------------------------------------------------------------------------------ Advisory Board Co. (The) (a) 200,000 8,740,000 ------------------------------------------------------------------------------------------------------------------------------------ Cerner Corp. (a)(b) 305,600 16,047,056 ------------------------------------------------------------------------------------------------------------------------------------ Pediatrix Medical Group, Inc. (a) 194,600 13,347,614 ------------------------------------------------------------------------------------------------------------------------------------ Renal Care Group, Inc. (a)(b) 273,600 10,380,384 ==================================================================================================================================== 71,674,869 ====================================================================================================================================
F-3
MARKET SHARES VALUE ==================================================================================================================================== HEALTH CARE SUPPLIES--1.63% Gen-Probe Inc. (a) 337,000 $ 15,016,720 ------------------------------------------------------------------------------------------------------------------------------------ Immucor, Inc. (a)(b) 642,844 19,407,460 ==================================================================================================================================== 34,424,180 ==================================================================================================================================== HOME FURNISHINGS--0.44% Tempur-Pedic International Inc. (a) 492,500 9,190,050 ==================================================================================================================================== HOMEBUILDING--0.76% Beazer Homes USA, Inc. (b) 318,900 15,900,354 ==================================================================================================================================== HOTELS, RESORTS & CRUISE LINES--1.22% Choice Hotels International, Inc. 238,400 14,768,880 ------------------------------------------------------------------------------------------------------------------------------------ Kerzner International Ltd. (Bahamas) (a) 179,400 10,984,662 ==================================================================================================================================== 25,753,542 ==================================================================================================================================== INDUSTRIAL MACHINERY--2.22% Actuant Corp.-Class A (a) 219,100 9,841,972 ------------------------------------------------------------------------------------------------------------------------------------ Graco Inc. 267,600 10,800,336 ------------------------------------------------------------------------------------------------------------------------------------ IDEX Corp. (b) 263,500 10,632,225 ------------------------------------------------------------------------------------------------------------------------------------ JLG Industries, Inc. 721,200 15,541,860 ==================================================================================================================================== 46,816,393 ==================================================================================================================================== INTERNET SOFTWARE & SERVICES--1.74% Digital River, Inc. (a) 388,100 12,093,196 ------------------------------------------------------------------------------------------------------------------------------------ ValueClick, Inc. (a) 1,026,900 10,895,409 ------------------------------------------------------------------------------------------------------------------------------------ Websense, Inc. (a)(b) 254,300 13,681,340 ==================================================================================================================================== 36,669,945 ==================================================================================================================================== INVESTMENT BANKING & BROKERAGE--0.43% Jefferies Group, Inc. (b) 241,500 9,099,720 ==================================================================================================================================== INVESTMENT COMPANIES - EXCHANGE TRADED FUNDS--0.74% iShares Nasdaq Biotechnology Index Fund (a)(b) 244,700 15,592,284 ==================================================================================================================================== IT CONSULTING & OTHER SERVICES--1.04% MPS Group, Inc. (a) 974,900 10,246,199 ------------------------------------------------------------------------------------------------------------------------------------ Sapient Corp. (a) 1,574,000 11,561,030 ==================================================================================================================================== 21,807,229 ==================================================================================================================================== LEISURE PRODUCTS--1.81% Marvel Enterprises, Inc. (a) 681,500 13,630,000 ------------------------------------------------------------------------------------------------------------------------------------ Nautilus Inc. (b) 615,500 14,624,280 ------------------------------------------------------------------------------------------------------------------------------------ RC2 Corp. (a) 288,300 9,802,200 ==================================================================================================================================== 38,056,480 ====================================================================================================================================
F-4
MARKET SHARES VALUE ==================================================================================================================================== MARINE--0.34% Kirby Corp. (a) 172,200 $ 7,237,566 ==================================================================================================================================== MOVIES & ENTERTAINMENT--1.19% Imax Corp. (Canada) (a)(b) 1,017,100 9,398,004 ------------------------------------------------------------------------------------------------------------------------------------ Lions Gate Entertainment Corp. (Canada) (a)(b) 1,414,900 15,634,645 ==================================================================================================================================== 25,032,649 ==================================================================================================================================== MULTI-LINE INSURANCE--0.48% HCC Insurance Holdings, Inc. 280,400 10,139,264 ==================================================================================================================================== OIL & GAS DRILLING--1.33% Patterson-UTI Energy, Inc. 475,400 11,894,508 ------------------------------------------------------------------------------------------------------------------------------------ Unit Corp. (a) 355,100 16,039,867 ==================================================================================================================================== 27,934,375 ==================================================================================================================================== OIL & GAS EQUIPMENT & SERVICES--1.89% Cal Dive International, Inc. (a)(b) 340,800 15,438,240 ------------------------------------------------------------------------------------------------------------------------------------ Core Laboratories N.V. (Netherlands) (a) 432,700 11,107,409 ------------------------------------------------------------------------------------------------------------------------------------ FMC Technologies, Inc. (a)(b) 402,500 13,354,950 ==================================================================================================================================== 39,900,599 ==================================================================================================================================== OIL & GAS EXPLORATION & PRODUCTION--1.21% Encore Acquisition Co. (a) 249,900 10,320,870 ------------------------------------------------------------------------------------------------------------------------------------ Quicksilver Resources Inc. (a)(b) 96,900 4,721,937 ------------------------------------------------------------------------------------------------------------------------------------ Range Resources Corp. 448,200 10,469,952 ==================================================================================================================================== 25,512,759 ==================================================================================================================================== PHARMACEUTICALS--1.01% First Horizon Pharmaceutical Corp. (a) 563,800 9,516,944 ------------------------------------------------------------------------------------------------------------------------------------ MGI Pharma, Inc. (a)(b) 463,700 11,717,699 ==================================================================================================================================== 21,234,643 ==================================================================================================================================== PROPERTY & CASUALTY INSURANCE--0.46% ProAssurance Corp. (a)(b) 245,800 9,709,100 ==================================================================================================================================== REGIONAL BANKS--3.14% Amegy Bancorp., Inc. 564,800 10,364,080 ------------------------------------------------------------------------------------------------------------------------------------ East West Bancorp, Inc. (b) 228,700 8,443,604 ------------------------------------------------------------------------------------------------------------------------------------ PrivateBancorp, Inc. (b) 316,800 9,950,688 ------------------------------------------------------------------------------------------------------------------------------------ Silicon Valley Bancshares (a)(b) 329,100 14,500,146 ------------------------------------------------------------------------------------------------------------------------------------ Texas Capital Bancshares, Inc. (a) 204,700 4,298,700 ------------------------------------------------------------------------------------------------------------------------------------ Texas Regional Bancshares, Inc.-Class A 276,200 8,316,382 ------------------------------------------------------------------------------------------------------------------------------------ UCBH Holdings, Inc. 259,000 10,334,100 ==================================================================================================================================== 66,207,700 ====================================================================================================================================
F-5
MARKET SHARES VALUE ==================================================================================================================================== RESTAURANTS--3.94% Jack in the Box Inc. (a)(b) 387,900 $ 14,391,090 ------------------------------------------------------------------------------------------------------------------------------------ P.F. Chang's China Bistro, Inc. (a)(b) 294,900 17,635,020 ------------------------------------------------------------------------------------------------------------------------------------ Panera Bread Co.-Class A (a)(b) 339,300 19,180,629 ------------------------------------------------------------------------------------------------------------------------------------ RARE Hospitality International, Inc. (a)(b) 470,400 14,525,952 ------------------------------------------------------------------------------------------------------------------------------------ Sonic Corp. (a)(b) 519,800 17,361,320 ==================================================================================================================================== 83,094,011 ==================================================================================================================================== SEMICONDUCTOR EQUIPMENT--1.14% Cymer, Inc. (a)(b) 466,200 12,480,174 ------------------------------------------------------------------------------------------------------------------------------------ FormFactor Inc. (a) 511,000 11,569,040 ==================================================================================================================================== 24,049,214 ==================================================================================================================================== SEMICONDUCTORS--2.22% ARM Holdings PLC-ADR (United Kingdom) (b) 2,247,845 13,487,070 ------------------------------------------------------------------------------------------------------------------------------------ Microsemi Corp. (a) 1,028,452 16,753,483 ------------------------------------------------------------------------------------------------------------------------------------ Power Integrations, Inc. (a)(b) 233,200 4,871,548 ------------------------------------------------------------------------------------------------------------------------------------ Semtech Corp. (a)(b) 656,700 11,735,229 ==================================================================================================================================== 46,847,330 ==================================================================================================================================== SPECIALTY STORES--1.79% Guitar Center, Inc. (a) 280,400 15,374,332 ------------------------------------------------------------------------------------------------------------------------------------ Regis Corp. 303,600 12,426,348 ------------------------------------------------------------------------------------------------------------------------------------ Steiner Leisure Ltd. (Bahamas) (a) 303,200 9,911,608 ==================================================================================================================================== 37,712,288 ==================================================================================================================================== STEEL--0.55% Cleveland-Cliffs Inc. (b) 159,300 11,608,191 ==================================================================================================================================== SYSTEMS SOFTWARE--1.61% Internet Security Systems, Inc. (a)(b) 647,050 11,841,015 ------------------------------------------------------------------------------------------------------------------------------------ Macrovision Corp. (a) 522,500 11,907,775 ------------------------------------------------------------------------------------------------------------------------------------ RSA Security Inc. (a)(b) 641,476 10,167,395 ==================================================================================================================================== 33,916,185 ==================================================================================================================================== TECHNOLOGY DISTRIBUTORS--0.47% ScanSource, Inc. (a) 192,000 9,951,360 ==================================================================================================================================== TRADING COMPANIES & DISTRIBUTORS--1.24% Hughes Supply, Inc. 411,900 12,254,025 ------------------------------------------------------------------------------------------------------------------------------------ MSC Industrial Direct Co., Inc.-Class A (b) 454,800 13,898,688 ==================================================================================================================================== 26,152,713 ==================================================================================================================================== TRUCKING--1.94% Heartland Express, Inc. 458,400 8,778,360 ------------------------------------------------------------------------------------------------------------------------------------ Knight Transportation, Inc. 377,200 9,305,524 ------------------------------------------------------------------------------------------------------------------------------------ Old Dominion Freight Line, Inc. (a) 302,800 9,432,220 ------------------------------------------------------------------------------------------------------------------------------------ Swift Transportation Co., Inc. (a) 604,300 13,379,202 ==================================================================================================================================== 40,895,306 ====================================================================================================================================
F-6
MARKET SHARES VALUE ==================================================================================================================================== WIRELESS TELECOMMUNICATION SERVICES--0.35% Alamosa Holdings, Inc. (a) 624,200 $ 7,284,414 ==================================================================================================================================== Total Common Stocks & Other Equity Interests (Cost $1,249,876,969) 1,622,755,918 ==================================================================================================================================== MONEY MARKET FUNDS--1.83% Liquid Assets Portfolio-Institutional Class (c) 19,282,201 19,282,201 ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (c) 19,282,201 19,282,201 ==================================================================================================================================== Total Money Market Funds (Cost $38,564,402) 38,564,402 ==================================================================================================================================== TOTAL INVESTMENTS--78.85% (excluding investments purchased with cash collateral from securities loaned) (Cost $1,288,441,371) 1,661,320,320 ==================================================================================================================================== INVESTMENTS PURCHASED WITH CASH COLLATERAL FROM SECURITIES LOANED MONEY MARKET FUNDS--21.15% Liquid Assets Portfolio-Institutional Class (c)(d) 222,798,321 222,798,321 ------------------------------------------------------------------------------------------------------------------------------------ STIC Prime Portfolio-Institutional Class (c)(d) 222,798,322 222,798,322 ==================================================================================================================================== Total Money Market Funds (purchased with cash collateral from securities loaned) (Cost $445,596,643) 445,596,643 ==================================================================================================================================== TOTAL INVESTMENTS--100.00% (Cost $1,734,038,014) $ 2,106,916,963 ____________________________________________________________________________________________________________________________________ ====================================================================================================================================
Investment Abbreviations: ADR American Depositary Receipt Notes to Schedule of Investments: (a) Non-income producing security. (b) All or a portion of this security has been pledged as collateral for securities lending transactions at March 31, 2005. (c) The money market fund and the Fund are affiliated by having the same investment advisor. See Note 2. (d) The security has been segregated to satisfy the forward commitment to return the cash collateral received in securities lending transactions upon the borrower's return of the securities loaned. See Note 3. See accompanying notes which are an integral part of this schedule. F-7 NOTES TO QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS March 31, 2005 (Unaudited) NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Each company listed in the Schedule of Investments is organized in the United States of America unless otherwise noted. A. SECURITY VALUATIONS - Securities, including restricted securities, are valued according to the following policy. 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 traded in the over-the-counter market (but not securities reported on the NASDAQ National Market System) is valued on the basis of prices furnished by independent pricing services, which may be considered fair valued, or market makers. Each security reported on the NASDAQ National Market System is valued at the NASDAQ Official Closing Price ("NOCP") as of the close of the customary trading session on the valuation date or absent a NOCP, at the closing bid price. Futures contracts are valued at the final settlement price set by an exchange on which they are principally traded. Listed options are valued at the mean between the last bid and the ask prices from the exchange on which they are principally traded. Options not listed on an exchange are valued by an independent source at the mean between the last bid and ask prices. 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"). Investments in open-end registered investment companies and closed-end registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in closed-end registered investment companies that trade on an exchange are valued at the last sales price as of the close of the customary trading session on the exchange where the security is principally traded. Debt obligations (including convertible bonds) are fair valued using an evaluated quote provided by an independent pricing service. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate, yield, quality, type of issue, coupon rate, maturity, individual trading characteristics and other market data. Short-term obligations having 60 days or less to maturity and commercial paper are valued at amortized cost which approximates market value. 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. Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts using the applicable exchange rates as of the close of the 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 the close of the respective markets. Events affecting the values of such foreign securities may occur between the times at which the particular foreign market closes and the close of the customary trading session of the NYSE which would not ordinarily be reflected in the computation of the Fund's net asset value. If the event is likely to have affected the closing price of the security, the security will be valued at fair value in good faith using procedures approved by the Board of Trustees. Adjustments to closing prices to reflect fair value may also be based on a screening process of an independent pricing service to indicate the degree of certainty, based on historical data, that the closing price in the principal market where a foreign security trades is not the current market value as of the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price is not reflective of current market value will be priced at the indication of fair value from the independent pricing service. Multiple factors may be considered by the independent pricing service in determining adjustments to reflect fair value and may include information relating to sector indices, ADRs and domestic and foreign index futures. F-8 A. SECURITY VALUATIONS - (continued) Securities for which market quotations are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value. 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 on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund's net asset value and, accordingly, they reduce the Fund's total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor. The Fund allocates income and realized and unrealized capital gains and losses to a class based on the relative net assets of each class. NOTE 2 - INVESTMENTS IN AFFILIATES The Fund is permitted, pursuant to an exemptive order from the Securities and Exchange Commission to invest daily available cash balances and cash collateral from securities lending transactions in affiliated money market funds. The Fund and the money market funds below have the same investment advisor and therefore, are considered to be affiliated. The tables below show the transactions in and earnings from investments in affiliated money market funds for the three months ended March 31, 2005.
INVESTMENTS OF DAILY AVAILABLE CASH BALANCES: UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 12/31/04 AT COST SALES (DEPRECIATION) 03/31/05 INCOME GAIN (LOSS) ========================================================================================================================= Liquid Assets $12,837,129 $ 70,016,239 $ (63,571,167) $ -- $ 19,282,201 $ 84,191 $ -- Portfolio -Institutional Class ------------------------------------------------------------------------------------------------------------------------ STIC Prime 12,837,129 70,016,239 (63,571,167) -- 19,282,201 86,280 -- Portfolio -Institutional Class ========================================================================================================================= SUBTOTAL $25,674,258 $140,032,478 $(127,142,334) $ -- $ 38,564,402 $170,471 $ -- _________________________________________________________________________________________________________________________ =========================================================================================================================
INVESTMENTS OF CASH COLLATERAL FROM SECURITIES LENDING TRANSACTIONS: UNREALIZED MARKET VALUE PURCHASES PROCEEDS FROM APPRECIATION MARKET VALUE DIVIDEND REALIZED FUND 12/31/04 AT COST SALES (DEPRECIATION) 03/31/05 INCOME* GAIN (LOSS) ========================================================================================================================= Liquid Assets $ 205,833,934 $ 138,545,054 $(121,580,667) $ -- $ 222,798,321 $342,034 $ -- Portfolio -Institutional Class ------------------------------------------------------------------------------------------------------------------------- STIC Prime 205,833,935 138,545,054 (121,580,667) -- 222,798,322 350,633 -- Portfolio -Institutional Class ========================================================================================================================= SUBTOTAL $ 411,667,869 $ 277,090,108 $(243,161,334) $ -- $ 445,596,643 $692,667 $ -- ========================================================================================================================= TOTAL $ 437,342,127 $ 417,122,586 $(370,303,668) $ -- $ 484,161,045 $863,138 $ -- _________________________________________________________________________________________________________________________ =========================================================================================================================
* Dividend income is net of income rebate paid to securities lending counterparties. F-9 NOTE 3 - PORTFOLIO SECURITIES LOANED The Fund may lend portfolio securities having a market value up to one-third of the Fund's total assets. Such loans are secured by collateral equal to no less than the market value of the loaned securities determined daily. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any of its agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments or affiliated money market funds. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. The Fund could also experience delays and costs in gaining access to the collateral. The Fund bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to a loss on the collateral invested. At March 31, 2005, securities with an aggregate value of $435,838,099 were on loan to brokers. The loans were secured by cash collateral of $445,596,643 received by the Fund and subsequently invested in affiliated money market funds. For the three months ended March 31, 2005, the Fund received dividends on cash collateral net of income rebate paid to counterparties of $692,667 for securities lending transactions. NOTE 4 - INVESTMENT SECURITIES The aggregate amount of investment securities (other than short-term securities and money market funds) purchased and sold by the Fund during the three months ended March 31, 2005 was $198,078,064 and $314,099,357, respectively. For interim reporting periods, the cost of investments for tax purposes includes reversals of certain tax items, such as, wash sales that have occurred since the prior fiscal year-end.
UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENT SECURITIES ON A TAX BASIS -------------------------------------------------------------------------------- Aggregate unrealized appreciation of investment securities $ 417,247,193 -------------------------------------------------------------------------------- Aggregate unrealized (depreciation) of investment securities (44,653,806) ================================================================================ Net unrealized appreciation of investment securities $ 372,593,387 ================================================================================ Cost of investments for tax purposes is $1,734,323,576.
F-10 Item 2. Controls and Procedures. (a) As of March 16, 2005, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officers ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 ("Act"), as amended. Based on that evaluation, the Registrant's officers, including the PFO and PEO, concluded that, as of March 16, 2005, the Registrant's disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. (b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. Item 3. Exhibits. Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant: AIM Growth Series By: /s/ ROBERT H. GRAHAM ------------------------------------------------ Robert H. Graham Principal Executive Officer Date: May 27, 2005 Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. By: /s/ ROBERT H. GRAHAM ------------------------------------------------ Robert H. Graham Principal Executive Officer Date: May 27, 2005 By: /s/ SIDNEY M. DILGREN ------------------------------------------------ Sidney M. Dilgren Principal Financial Officer Date: May 27, 2005 EXHIBIT INDEX Certifications of Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO") as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.