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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file
number 811-7787
-------------------------------------------------------------------------
AIM Series Trust
- --------------------------------------------------------------------------------
(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: 6/30/03
-------------------------
Explanatory Note
The Registrant is filing this Amendment to its Certified Shareholder Report on
Form N-CSR originally filed with the Securities and Exchange Commission on
August 28, 2003 to provide the proper form of Certifications required by Rule
30a-2(a) of the Investment Company Act of 1940, as amended that were required at
the original time of filing. This Form N-CSR/A also updates Item 9 "Controls and
Procedures" and Item 10 "Exhibits" as required. Other than the aforementioned
revisions this Form N-CSR/A does not reflect events occurring after the filing
of the original Form N-CSR, or modify or update the disclosures therein in any
way.
[COVER ART]
AIM GLOBAL TRENDS FUND
June 30, 2003
SEMIANNUAL REPORT TO SHAREHOLDERS
AIM Global Trends Fund seeks to provide long-term growth of capital.
YOUR GOALS. OUR SOLUTIONS.
--Servicemark--
[AIM INVESTMENTS LOGO APPEARS HERE]
--Servicemark--
NOT FDIC INSURED -- MAY LOSE VALUE -- NO BANK GUARANTEE
This report may be distributed only to shareholders or to persons who have
received a current prospectus of the fund.
FUND DATA
================================================================================
PORTFOLIO COMPOSITION BY COUNTRY
[PIE CHART]
NETHERLANDS 4.6%
JAPAN 5.1%
UNITED KINGDOM 6.2%
UNITED STATES 64.2%
CASH & OTHER 3.9%
CANADA 3.4%
IRELAND 3.0%
NORWAY 2.5%
SPAIN 2.4%
FRANCE 2.4%
ITALY 2.3%
TOTAL NUMBER OF HOLDINGS* 97
TOTAL NET ASSETS $140.4 MILLION
================================================================================
================================================================================
AVERAGE ANNUAL TOTAL RETURNS
Including sales charges
CLASS A SHARES
Inception (9/15/97) 3.27%
5 Years 2.12
1 Year -3.76
CLASS B SHARES
Inception (9/15/97) 3.51%
5 Years 2.31
1 Year -4.45
CLASS C SHARES
Inception (1/2/98) 4.42%
5 Years 2.64
1 Year -0.45
================================================================================
================================================================================
FUND VS. INDEXES
Total Returns 12/31/02-6/30/03
excluding sales charges
CLASS A SHARES 13.17%
CLASS B SHARES 12.98
CLASS C SHARES 12.87
MSCI WORLD INDEX 11.12
(Broad Market and Style-Specific Index)
LIPPER GLOBAL FUND INDEX 9.69
(Peer Group Index)
Source: Lipper, Inc.
Past performance cannot guarantee comparable future results. DUE TO SIGNIFICANT
MARKET VOLATILITY, RESULTS OF AN INVESTMENT MADE TODAY MAY DIFFER SUBSTANTIALLY
FROM THE HISTORICAL PERFORMANCE SHOWN. CALL YOUR FINANCIAL ADVISOR FOR MORE
CURRENT PERFORMANCE.
<Table>
<Caption>
===================================================================================================================
TOP 10 EQUITY HOLDINGS* TOP 10 INDUSTRIES*
- -------------------------------------------------------------------------------------------------------------------
1. Statoil A.S.A. (Norway) 2.5% 1. Managed Health Care 8.0%
2. AT&T Corp. 2.5 2. Diversified Commercial Services 5.9
3. Harley-Davidson, Inc. 2.5 3. Thrifts & Mortgage Finance 5.7
4. Banco Santander Central Hispano S.A. (Spain) 2.4 4. Diversified Banks 5.6
5. Altria Group, Inc. 2.4 5. Integrated Oil & Gas 4.6
6. Anthem, Inc. 2.4 6. Life & Health Insurance 4.3
7. Prudential Financial, Inc. 2.4 7. Tobacco 3.2
8. ING Groep N.V. (Netherlands) 2.4 8. Systems Software 2.9
9. Colgate-Palmolive Co. 2.3 9. Specialty Stores 2.6
10. Canon Inc. (Japan) 2.3 10. Integrated Telecommunication Services 2.5
*Excludes money market fund holdings.
The fund's holdings are subject to change, and there is no assurance that the
fund will continue to hold any particular security.
==========================================================================================================================
</Table>
ABOUT INFORMATION THROUGHOUT THIS REPORT:
o Unless otherwise stated, information provided is as of 6/30/03 and is based
on total net assets.
o AIM Global Trends Fund's performance figures are historical, and they
reflect fund expenses, the reinvestment of distributions, and changes in net
asset value
o When sales charges are included in performance figures, Class A share
performance reflects the maximum 4.75% sales charge, and Class B and Class C
share performance reflects the applicable contingent deferred sales charge
(CDSC) for the period involved. The CDSC on Class B shares declines from 5%
beginning at the time of purchase to 0% at the beginning of the seventh
year. The CDSC on Class C shares is 1% for the first year after purchase.
The performance of the fund's share classes will differ due to different
sales charge structures and class expenses.
o The fund may participate in the initial public offering (IPO) market in some
market cycles. A significant portion of the fund's returns during certain
periods was attributable to its investments in IPOs. These investments have
a magnified impact when the fund's asset base is relatively small. As the
fund's assets grow, the impact of IPO investments will decline, which may
reduce the effect of IPO investments on the fund's total return. For
additional information regarding the impact of IPO investments on the fund's
performance, please see the fund's prospectus.
o International investing presents certain risks not associated with investing
solely in the United States. These include risks relating to fluctuations in
the value of the U.S. dollar relative to the values of other currencies, the
custody arrangements made for the fund's foreign holdings, differences in
accounting, political risks and the lesser degree of public information
required to be provided by non-U.S. companies.
o The fund's investment return and principal value will fluctuate, so an
investor's shares, when redeemed, may be worth more or less than their
original cost.
o The unmanaged MSCI World Index tracks the performance of approximately 50
countries covered by Morgan Stanley Capital International that are
considered developed markets.
o The unmanaged Lipper Global Fund Index represents an average of the
performance of the 30 largest global funds tracked by Lipper, Inc., an
independent mutual fund performance monitor.
o The unmanaged Standard & Poor's Composite Index of 500 Stocks (the S&P 500)
is an index of common stocks frequently used as a general measure of U.S.
stock market performance.
o The unmanaged MSCI Europe, Australasia and the Far East Index (the
EAFE--Registered Trademark--) is a group of foreign securities tracked by
Morgan Stanley Capital International.
o A direct investment cannot be made in an index. Unless otherwise indicated,
index results include reinvested dividends, and they do not reflect sales
charges. Performance of an index of funds reflects fund expenses;
performance of a market index does not.
o In this report, industry classifications used are according to the Global
Industry Classification Standard, which was developed by and is the
exclusive property and a service mark of Morgan Stanley Capital
International Inc. and Standard & Poor's.
A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 800-959-4246, or on the AIM Web site,
aiminvestments.com.
FOR MORE INFORMATION, PLEASE VISIT AIMinvestments.com.
To Our Shareholders
Dear Shareholder:
[PHOTO OF This is your report on AIM Global Trends Fund for the six
ROBERT H. months ended June 30, 2003. Important information such as
GRAHAM] top holdings and fund performance as of the close of the
reporting period appears on the opposite page. This letter
DESPITE ECONOMIC will provide an overview of the markets and your fund during
SLUGGISHNESS, the six months covered by this report.
DOMESTIC EQUITY
MARKETS PERFORMED As always, timely information about your fund and the
WELL, markets in general is available at our Web site,
PARTICULARLY aiminvestments.com. From our home page, click on Products
DURING THE SECOND and Performance, then Mutual Funds, then AIM Funds, and then
HALF select the type of information you wish to view.
OF THE REPORTING
PERIOD. MARKET CONDITIONS
ROBERT H. GRAHAM
Economic sluggishness continued in the United States during the reporting
period, particularly in manufacturing. The manufacturing sector contracted
during four of the six months in the reporting period. The overall economy grew
only 1.4%, annualized, during the first quarter of the year. In the second
quarter, the advance estimate indicated that economic growth improved, with the
gross domestic product expanding at a 2.4% annualized rate.
Despite economic sluggishness, domestic equity markets performed well,
particularly during the second half of the reporting period. While virtually all
benchmarks of the U.S. equity market were negative for the first quarter of
2003, virtually all were positive for the second quarter. The S&P 500, for
example, returned -3.15% during the first quarter of 2003, but it was up 15.39%
for the second quarter, bringing its total return for the six months covered by
this report to 11.75%.
The pattern was similar overseas. For example, both the European Central
Bank and the Bank of Japan noted slow growth in a number of overseas economies.
International markets, as measured by the MSCI Europe, Australasia and the Far
East Index (the EAFE--Registered Trademark--), produced negative returns for the
first quarter of 2003. Many foreign markets rallied, however, in April and
continued to produce positive returns each month throughout the second quarter.
On the currency front, the U.S. dollar remained weak compared to many
foreign currencies, particularly the euro. Other currencies that gained ground
on the U.S. dollar during the reporting period included the Australian dollar,
Swiss franc, British pound and Canadian dollar.
YOUR FUND
During the reporting period, AIM Global Trends Fund Class A shares at NAV
outperformed the fund's broad market index, the MSCI World Index. The fund
management team composed of Derek S. Izuel and Eric Thaller describe the fund's
management process as predominantly quantitative. Stock selection is based on a
screening process that considers certain factors such as growth and stability of
earnings, valuation, profitability, financial strength, price momentum and
volatility.
As of June 30, 2003, the fund had significant exposure to the following
sectors: financials, consumer discretionary and information technology. At the
end of the reporting period, the fund's largest regional exposure was to stocks
in North America (primarily the U.S.), Europe, Asia and the South Pacific
(Australia). The fund had 97 holdings at the end of the reporting period
compared to 112 on December 31, 2002.
IN CLOSING
I thank you for your continued participation in AIM Global Trends Fund, and look
forward to reporting to you again in six months. If you have any questions,
please consult your financial advisor for help with your investment choices. And
as always, members of our award-winning Client Services department are ready to
help. They can be reached at 800-959-4246.
Sincerely,
/s/ ROBERT H. GRAHAM
Robert H. Graham
Chairman and President
June 30, 2003
FINANCIALS
SCHEDULE OF INVESTMENTS
June 30, 2003
(Unaudited)
<Table>
<Caption>
MARKET
SHARES VALUE
- -------------------------------------------------------------------------
DOMESTIC COMMON STOCKS-58.99%
AEROSPACE & DEFENSE-0.50%
United Technologies Corp. 9,900 $ 701,217
=========================================================================
APPAREL RETAIL-1.10%
Chico's FAS, Inc.(a) 43,700 919,885
- -------------------------------------------------------------------------
Ross Stores, Inc. 14,600 624,004
=========================================================================
1,543,889
=========================================================================
APPLICATION SOFTWARE-1.13%
FactSet Research Systems Inc. 36,000 1,585,800
=========================================================================
ASSET MANAGEMENT & CUSTODY BANKS-0.50%
Nuveen Investments-Class A 25,600 697,344
=========================================================================
BROADCASTING & CABLE TV-0.48%
EchoStar Communications Corp.-Class A(a) 19,500 675,090
=========================================================================
CONSTRUCTION & ENGINEERING-1.28%
Jacobs Engineering Group Inc.(a) 42,500 1,791,375
=========================================================================
CONSUMER FINANCE-0.42%
Providian Financial Corp.(a) 63,400 587,084
=========================================================================
DATA PROCESSING & OUTSOURCED SERVICES-1.67%
Paychex, Inc. 80,100 2,347,731
=========================================================================
DIVERSIFIED CAPITAL MARKETS-0.79%
J.P. Morgan Chase & Co. 32,600 1,114,268
=========================================================================
DIVERSIFIED COMMERCIAL SERVICES-5.88%
Apollo Group, Inc.-Class A(a) 48,900 3,020,064
- -------------------------------------------------------------------------
Corporate Executive Board Co. (The)(a) 9,900 401,247
- -------------------------------------------------------------------------
Deluxe Corp. 26,800 1,200,640
- -------------------------------------------------------------------------
Dun & Bradstreet Corp. (The)(a) 10,500 431,550
- -------------------------------------------------------------------------
H&R Block, Inc. 44,700 1,933,275
- -------------------------------------------------------------------------
University of Phoenix Online(a) 25,100 1,272,570
=========================================================================
8,259,346
=========================================================================
DIVERSIFIED METALS & MINING-0.88%
Freeport-McMoRan Copper & Gold, Inc.-Class B 50,200 1,229,900
=========================================================================
HEALTH CARE SUPPLIES-0.28%
SurModics, Inc.(a) 12,800 390,400
=========================================================================
HOME ENTERTAINMENT SOFTWARE-0.27%
Take-Two Interactive Software, Inc.(a) 13,600 385,424
=========================================================================
HOMEBUILDING-1.12%
Ryland Group, Inc. (The) 22,600 1,568,440
=========================================================================
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE
- -------------------------------------------------------------------------
HOUSEHOLD APPLIANCES-0.31%
Toro Co. (The) 10,800 $ 429,300
=========================================================================
HOUSEHOLD PRODUCTS-2.29%
Colgate-Palmolive Co. 55,400 3,210,430
=========================================================================
INDUSTRIAL CONGLOMERATES-1.56%
3M Co. 12,000 1,547,760
- -------------------------------------------------------------------------
Textron Inc. 16,600 647,732
=========================================================================
2,195,492
=========================================================================
INDUSTRIAL MACHINERY-1.53%
Briggs & Stratton Corp. 14,400 727,200
- -------------------------------------------------------------------------
Dionex Corp.(a) 35,700 1,419,075
=========================================================================
2,146,275
=========================================================================
INTEGRATED TELECOMMUNICATION SERVICES-2.48%
AT&T Corp. 181,200 3,488,100
=========================================================================
INTERNET RETAIL-1.21%
Amazon.com, Inc.(a) 19,000 693,310
- -------------------------------------------------------------------------
eBay Inc.(a) 9,700 1,010,546
=========================================================================
1,703,856
=========================================================================
INTERNET SOFTWARE & SERVICES-0.80%
Expedia, Inc.(a) 5,800 443,004
- -------------------------------------------------------------------------
Yahoo! Inc.(a) 20,600 674,856
=========================================================================
1,117,860
=========================================================================
IT CONSULTING & OTHER SERVICES-1.28%
CACI International Inc.-Class A(a) 40,500 1,389,150
- -------------------------------------------------------------------------
Cognizant Technology Solutions Corp.(a) 16,500 401,940
=========================================================================
1,791,090
=========================================================================
LEISURE PRODUCTS-1.97%
Mattel, Inc. 146,400 2,769,888
=========================================================================
LIFE & HEALTH INSURANCE-2.39%
Prudential Financial, Inc. 99,700 3,354,905
=========================================================================
MANAGED HEALTH CARE-7.99%
AMERIGROUP Corp.(a) 20,900 777,480
- -------------------------------------------------------------------------
Anthem, Inc.(a) 43,500 3,356,025
- -------------------------------------------------------------------------
Mid Atlantic Medical Services, Inc.(a) 15,700 821,110
- -------------------------------------------------------------------------
Oxford Health Plans, Inc.(a) 15,300 643,059
- -------------------------------------------------------------------------
UnitedHealth Group Inc. 49,800 2,502,450
- -------------------------------------------------------------------------
</Table>
F-1
<Table>
<Caption>
MARKET
SHARES VALUE
- -------------------------------------------------------------------------
MANAGED HEALTH CARE-(CONTINUED)
WellPoint Health Networks Inc.(a) 37,000 $ 3,119,100
=========================================================================
11,219,224
=========================================================================
MOTORCYCLE MANUFACTURERS-2.45%
Harley-Davidson, Inc. 86,300 3,439,918
=========================================================================
MULTI-UTILITIES & UNREGULATED POWER-0.46%
AES Corp. (The)(a) 101,700 645,795
=========================================================================
OIL & GAS EXPLORATION & PRODUCTION-0.22%
St. Mary Land & Exploration Co. 11,200 305,760
=========================================================================
OIL & GAS REFINING & MARKETING &
TRANSPORTATION-1.01%
Williams Energy Partners L.P. 29,900 1,416,064
=========================================================================
PACKAGED FOODS & MEATS-0.95%
H.J. Heinz Co. 40,400 1,332,392
=========================================================================
PHARMACEUTICALS-0.30%
Merck & Co. Inc. 7,000 423,850
=========================================================================
REGIONAL BANKS-0.19%
SouthTrust Corp. 10,000 272,000
=========================================================================
SPECIALTY STORES-2.55%
Bed Bath & Beyond Inc.(a) 81,000 3,143,610
- -------------------------------------------------------------------------
Claire's Stores, Inc. 17,200 436,192
=========================================================================
3,579,802
=========================================================================
SYSTEMS SOFTWARE-2.12%
Oracle Corp.(a) 247,600 2,976,152
=========================================================================
THRIFTS & MORTGAGE FINANCE-5.72%
Countrywide Financial Corp. 18,800 1,307,916
- -------------------------------------------------------------------------
PMI Group, Inc. (The) 65,300 1,752,652
- -------------------------------------------------------------------------
Radian Group Inc. 50,700 1,858,155
- -------------------------------------------------------------------------
Washington Mutual, Inc. 75,300 3,109,890
=========================================================================
8,028,613
=========================================================================
TOBACCO-2.40%
Altria Group, Inc. 74,200 3,371,648
=========================================================================
WIRELESS TELECOMMUNICATION SERVICES-0.51%
Nextel Communications, Inc.-Class A(a) 39,400 712,352
=========================================================================
Total Domestic Common Stocks (Cost
$74,866,557) 82,808,074
=========================================================================
FOREIGN STOCKS & OTHER EQUITY
INTERESTS-35.83%
AUSTRALIA-1.31%
Australia & New Zealand Banking Group Ltd.
(Diversified Banks) 55,500 695,886
- -------------------------------------------------------------------------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE
- -------------------------------------------------------------------------
AUSTRALIA-(CONTINUED)
Boral Ltd. (Construction Materials) 333,800 $ 1,137,983
=========================================================================
1,833,869
=========================================================================
CANADA-3.40%
Celestica Inc. (Electronic Manufacturing
Services)(a) 87,600 1,373,098
- -------------------------------------------------------------------------
Nortel Networks Corp. (Communications
Equipment) 616,000 1,664,123
- -------------------------------------------------------------------------
Placer Dome Inc. (Gold) 141,900 1,737,680
=========================================================================
4,774,901
=========================================================================
FINLAND-0.29%
Nokia Oyj (Communications Equipment) 24,738 408,486
=========================================================================
FRANCE-2.36%
AXA (Multi-Line Insurance) 111,508 1,734,704
- -------------------------------------------------------------------------
Orange S.A. (Wireless Telecommunication
Services)(a) 130,461 1,161,246
- -------------------------------------------------------------------------
Wanadoo (Internet Software & Services)(a) 62,978 422,787
=========================================================================
3,318,737
=========================================================================
GERMANY-0.63%
SAP A.G. (Application Software) 7,474 883,868
=========================================================================
IRELAND-3.02%
Anglo Irish Bank Corp. PLC (Diversified
Banks) 339,000 3,005,760
- -------------------------------------------------------------------------
Ryanair Holdings PLC-ADR (Airlines)(a) 27,400 1,230,260
=========================================================================
4,236,020
=========================================================================
ISRAEL-0.76%
Check Point Software Technologies Ltd.
(Systems Software)(a) 54,900 1,073,295
=========================================================================
ITALY-2.28%
Eni S.p.A. (Integrated Oil & Gas) 152,200 2,308,152
- -------------------------------------------------------------------------
Riunione Adriatica di Sicurta S.p.A.
(Multi-Line Insurance) 58,653 892,189
=========================================================================
3,200,341
=========================================================================
JAPAN-5.08%
Canon Inc. (Office Electronics) 69,000 3,175,660
- -------------------------------------------------------------------------
Fast Retailing Co. Ltd. (Apparel Retail) 33,900 1,050,526
- -------------------------------------------------------------------------
Nissan Motor Co., Ltd. (Automobile
Manufacturers) 83,600 801,644
- -------------------------------------------------------------------------
Sharp Corp. (Consumer Electronics)(a) 34,000 437,638
- -------------------------------------------------------------------------
Stanley Electric Co., Ltd. (Auto Parts &
Equipment) 87,000 1,243,376
- -------------------------------------------------------------------------
</Table>
F-2
<Table>
<Caption>
MARKET
SHARES VALUE
- -------------------------------------------------------------------------
JAPAN-(CONTINUED)
Yamaha Corp. (Leisure Products)(a) 30,300 $ 416,587
=========================================================================
7,125,431
=========================================================================
NETHERLANDS-4.61%
ABN AMRO Holding N.V. (Diversified Banks) 21,363 409,582
- -------------------------------------------------------------------------
Aegon N.V. (Life & Health Insurance)(a) 273,473 2,745,964
- -------------------------------------------------------------------------
ING Groep N.V. (Other Diversified Financial
Services) 190,603 3,320,723
=========================================================================
6,476,269
=========================================================================
NORWAY-2.52%
Statoil A.S.A. (Integrated Oil & Gas) 413,931 3,532,815
=========================================================================
SINGAPORE-0.94%
Fraser & Neave Ltd. (Brewers) 159,100 777,178
- -------------------------------------------------------------------------
Want Want Holdings Ltd. (Packaged Foods &
Meats) 696,000 542,880
=========================================================================
1,320,058
=========================================================================
SPAIN-2.41%
Banco Santander Central Hispano S.A.
(Diversified Banks) 384,502 3,378,213
=========================================================================
UNITED KINGDOM-6.22%
Allied Domecq PLC (Distillers & Vintners) 118,920 657,493
- -------------------------------------------------------------------------
Barratt Developments PLC (Homebuilding) 55,240 395,027
- -------------------------------------------------------------------------
Bellway PLC (Homebuilding) 39,940 377,184
- -------------------------------------------------------------------------
British American Tobacco PLC (Tobacco) 101,690 1,157,286
- -------------------------------------------------------------------------
HBOS PLC (Diversified Banks)(a) 32,110 416,988
- -------------------------------------------------------------------------
Lonmin PLC (Precious Metals & Minerals) 72,430 913,615
- -------------------------------------------------------------------------
Next PLC (Department Stores) 123,780 2,103,291
- -------------------------------------------------------------------------
Scottish & Newcastle PLC (Brewers)(a) 67,150 407,389
- -------------------------------------------------------------------------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE
- -------------------------------------------------------------------------
UNITED KINGDOM-(CONTINUED)
Shell Transport & Trading Co. PLC (Integrated
Oil & Gas) 101,070 $ 669,225
- -------------------------------------------------------------------------
Tate & Lyle PLC (Packaged Foods & Meats) 76,750 435,140
- -------------------------------------------------------------------------
Travis Perkins PLC (Home Improvement Retail) 44,700 870,171
- -------------------------------------------------------------------------
Vodafone Group PLC (Wireless
Telecommunication Services) 169,660 332,803
=========================================================================
8,735,612
=========================================================================
Total Foreign Stocks & Other Equity
Interests (Cost $44,457,404) 50,297,915
=========================================================================
MONEY MARKET FUNDS-2.03%
STIC Liquid Assets Portfolio(b) 1,425,692 1,425,692
- -------------------------------------------------------------------------
STIC Prime Portfolio(b) 1,425,692 1,425,692
=========================================================================
Total Money Market Funds (Cost
$2,851,384) 2,851,384
=========================================================================
TOTAL INVESTMENTS-96.85% (excluding
investments purchased with cash collateral
from securities loaned) (Cost $122,175,345) 135,957,373
=========================================================================
INVESTMENTS PURCHASED WITH CASH COLLATERAL
FROM SECURITIES LOANED
MONEY MARKET FUNDS-7.94%
STIC Liquid Assets Portfolio(b)(c) 5,575,538 5,575,538
- -------------------------------------------------------------------------
STIC Prime Portfolio(b)(c) 5,575,538 5,575,538
=========================================================================
Total Money Market Funds (purchased with
cash collateral from securities loaned)
(Cost $11,151,076) 11,151,076
=========================================================================
TOTAL INVESTMENTS-104.79% (Cost $133,326,421) 147,108,449
=========================================================================
OTHER ASSETS LESS LIABILITIES-(4.79%) (6,717,763)
=========================================================================
NET ASSETS-100.00% $140,390,686
_________________________________________________________________________
=========================================================================
</Table>
Investment Abbreviations:
<Table>
<Caption>
ADR - American Depositary Receipt
</Table>
Notes to Schedule of Investments:
(a) Non-income producing security.
(b) The money market fund and the Fund are affiliated by having the same
investment advisor.
(c) 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 Notes to Financial Statements.
F-3
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2003
(Unaudited)
<Table>
ASSETS:
Investments, at market value (cost
$133,326,421)* $147,108,449
- -----------------------------------------------------------
Foreign currencies, at value (cost
$3,787,932) 3,817,153
- -----------------------------------------------------------
Receivables for:
Fund shares sold 721,589
- -----------------------------------------------------------
Dividends 387,343
- -----------------------------------------------------------
Investment for deferred compensation plan 5,169
- -----------------------------------------------------------
Other assets 41,911
===========================================================
Total assets 152,081,614
___________________________________________________________
===========================================================
LIABILITIES:
Payables for:
Fund shares reacquired 199,421
- -----------------------------------------------------------
Deferred compensation plan 5,169
- -----------------------------------------------------------
Collateral upon return of securities loaned 11,151,076
- -----------------------------------------------------------
Accrued distribution fees 204,753
- -----------------------------------------------------------
Accrued transfer agent fees 82,732
- -----------------------------------------------------------
Accrued operating expenses 47,777
===========================================================
Total liabilities 11,690,928
===========================================================
Net assets applicable to shares outstanding $140,390,686
___________________________________________________________
===========================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $143,058,821
- -----------------------------------------------------------
Undistributed net investment income (loss) (323,101)
- -----------------------------------------------------------
Undistributed net realized gain (loss) from
investment securities and foreign
currencies (16,188,771)
- -----------------------------------------------------------
Unrealized appreciation of investment
securities and foreign currencies 13,843,737
===========================================================
$140,390,686
___________________________________________________________
===========================================================
NET ASSETS:
Class A $ 81,366,572
___________________________________________________________
===========================================================
Class B $ 53,128,236
___________________________________________________________
===========================================================
Class C $ 5,895,878
___________________________________________________________
===========================================================
SHARES OUTSTANDING, $0.01 PAR VALUE PER
SHARE:
Class A 7,224,912
___________________________________________________________
===========================================================
Class B 4,843,332
___________________________________________________________
===========================================================
Class C 537,960
___________________________________________________________
===========================================================
Class A:
Net asset value per share $ 11.26
- -----------------------------------------------------------
Offering price per share:
(Net asset value of $11.26 divided by
95.25%) $ 11.82
___________________________________________________________
===========================================================
Class B:
Net asset value and offering price per
share $ 10.97
___________________________________________________________
===========================================================
Class C:
Net asset value and offering price per
share $ 10.96
___________________________________________________________
===========================================================
</Table>
* At June 30, 2003, securities with an aggregate market value of $10,818,204
were on loan to brokers.
See Notes to Financial Statements.
F-4
STATEMENT OF OPERATIONS
For the six months ended June 30, 2003
(Unaudited)
<Table>
INVESTMENT INCOME:
Dividends (net of foreign withholding tax of $106,602) $ 1,010,457
- -------------------------------------------------------------------------
Dividends from affiliated money market funds 28,283
- -------------------------------------------------------------------------
Security lending income 37,294
=========================================================================
Total investment income 1,076,034
=========================================================================
EXPENSES:
Advisory fees 612,096
- -------------------------------------------------------------------------
Administrative services fees 24,795
- -------------------------------------------------------------------------
Custodian fees 33,350
- -------------------------------------------------------------------------
Distribution fees -- Class A 175,967
- -------------------------------------------------------------------------
Distribution fees -- Class B 253,149
- -------------------------------------------------------------------------
Distribution fees -- Class C 22,709
- -------------------------------------------------------------------------
Transfer agent fees 266,228
- -------------------------------------------------------------------------
Trustees' fees 4,846
- -------------------------------------------------------------------------
Other 90,533
=========================================================================
Total expenses 1,483,673
=========================================================================
Less: Fees waived and expenses paid indirectly (90,453)
=========================================================================
Net expenses 1,393,220
=========================================================================
Net investment income (loss) (317,186)
=========================================================================
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENT
SECURITIES AND FOREIGN CURRENCIES:
Net realized gain (loss) from:
Investment securities 3,123,145
- -------------------------------------------------------------------------
Foreign currencies (220,936)
=========================================================================
2,902,209
=========================================================================
Change in net unrealized appreciation of:
Investment securities 12,948,489
- -------------------------------------------------------------------------
Foreign currencies 50,712
=========================================================================
12,999,201
=========================================================================
Net gain from investment securities and foreign currencies 15,901,410
=========================================================================
Net increase in net assets resulting from operations $15,584,224
_________________________________________________________________________
=========================================================================
</Table>
See Notes to Financial Statements.
F-5
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended June 30, 2003 and the year ended December 31, 2002
(Unaudited)
<Table>
<Caption>
JUNE 30, DECEMBER 31,
2003 2002
- ------------------------------------------------------------------------------------------
OPERATIONS:
Net investment income (loss) $ (317,186) $ (627,555)
- ------------------------------------------------------------------------------------------
Net realized gain (loss) from investment securities,
foreign currencies and options contracts 2,902,209 (2,829,930)
- ------------------------------------------------------------------------------------------
Change in net unrealized appreciation (depreciation) of
investment securities and foreign currencies 12,999,201 (12,197,022)
==========================================================================================
Net increase (decrease) in net assets resulting from
operations 15,584,224 (15,654,507)
==========================================================================================
Share transactions-net:
Class A 3,965,929 (4,031,844)
- ------------------------------------------------------------------------------------------
Class B (6,856,649) (20,504,241)
- ------------------------------------------------------------------------------------------
Class C 781,665 418,162
==========================================================================================
Net increase (decrease) in net assets resulting from
share transactions (2,109,055) (24,117,923)
==========================================================================================
Net increase (decrease) in net assets 13,475,169 (39,772,430)
==========================================================================================
NET ASSETS:
Beginning of period 126,915,517 166,687,947
==========================================================================================
End of period $140,390,686 $126,915,517
__________________________________________________________________________________________
==========================================================================================
</Table>
See Notes to Financial Statements.
F-6
NOTES TO FINANCIAL STATEMENTS
June 30, 2003
(Unaudited)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
AIM Global Trends Fund (the "Fund") is a separate series of AIM Series Trust
(the "Trust"). The Trust is organized as a Delaware statutory trust and is
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as an open-end management investment company having an unlimited number
of shares of beneficial interest. The Fund currently offers multiple classes of
shares. Matters affecting each class will be voted on exclusively by the
shareholders of such class.
The Fund's investment objective is long-term growth of capital. Each company
listed in the Schedule of Investments is organized in the United States unless
otherwise noted.
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates. The following is a summary of the significant
accounting policies followed by the Fund in the preparation of its financial
statements.
A. SECURITY VALUATIONS -- 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 at the basis of prices furnished
by independent pricing services 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. Debt obligations
(including convertible bonds) are valued on the basis of prices provided by
an independent pricing service. Prices provided by the pricing service may
be determined without exclusive reliance on quoted prices, and may reflect
appropriate factors such as institution-size trading in similar groups of
securities, developments related to special securities, dividend rate,
yield, quality, type of issue, coupon rate, maturity, individual trading
characteristics and other market data. Securities for which market prices
are not provided by any of the above methods are valued based upon quotes
furnished by independent sources and are valued at the last bid price in
the case of equity securities and in the case of debt obligations, the mean
between the last bid and asked prices. Securities for which market
quotations are not readily available or are questionable are valued at fair
value as determined in good faith by or under the supervision of the
Trust's officers in a manner specifically authorized by the Board of
Trustees. Short-term obligations having 60 days or less to maturity and
commercial paper are valued at amortized cost which approximates market
value. For purposes of determining net asset value per share, futures and
option contracts generally will be valued 15 minutes after the close of the
customary trading session of the New York Stock Exchange ("NYSE").
Foreign securities are converted into U.S. dollar amounts using 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 be
reflected in the computation of the Fund's net asset value. If a
development/event is so significant that there is a reasonably high degree
of certainty as to both the effect and the degree of effect that the
development/event has actually caused that closing price to no longer
reflect actual value, the closing prices, as determined at the close of the
applicable foreign market, may be adjusted to reflect the fair value of the
affected foreign securities as of the close of the NYSE as determined in
good faith by or under the supervision of the Board of Trustees.
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.
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. DISTRIBUTIONS -- Distributions from income and net realized capital gain,
if any, are generally paid annually and recorded on ex-dividend date. The
Fund may elect to use a portion of the proceeds from redemptions as
distributions for federal income tax purposes.
D. FEDERAL INCOME TAXES -- The Fund intends to comply with the requirements of
the Internal Revenue Code necessary to qualify as a regulated investment
company and, as such, will not be subject to federal income taxes on
otherwise taxable income (including net realized capital gain) which is
distributed to shareholders. Therefore, no provision for federal income
taxes is recorded in the financial statements.
E. FOREIGN CURRENCY TRANSLATIONS -- Portfolio securities and other assets and
liabilities denominated in foreign currencies are translated into U.S.
dollar amounts at date of valuation. Purchases and sales of portfolio
securities and income items denominated in foreign currencies are
translated into U.S. dollar amounts on the respective dates of such
transactions. The Fund does not separately account for 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
F-7
and the fluctuation of market prices on investments are included with the
net realized and unrealized gain or loss from investments in the Statement
of Operations.
F. FOREIGN CURRENCY CONTRACTS -- A foreign currency contract is an obligation
to purchase or sell a specific currency for an agreed-upon price at a
future date. The Fund may enter into a foreign currency contract to attempt
to minimize the risk to the Fund from adverse changes in the relationship
between currencies. The Fund may also enter into a foreign currency
contract for the purchase or sale of a security denominated in a foreign
currency in order to "lock in" the U.S. dollar price of that security. The
Fund could be exposed to risk if counterparties to the contracts are unable
to meet the terms of their contracts or if the value of the foreign
currency changes unfavorably.
G. COVERED CALL OPTIONS -- The Fund may write call options, on a covered
basis; that is, the Fund will own the underlying security. When the Fund
writes a covered call option, an amount equal to the premium received by
the Fund is recorded as an asset and an equivalent liability. The amount of
the liability is subsequently "marked-to-market" to reflect the current
market value of the option written. The current market value of a written
option is the mean between the last bid and asked prices on that day. If a
written call option expires on the stipulated expiration date, or if the
Fund enters into a closing purchase transaction, the Fund realizes a gain
(or a loss if the closing purchase transaction exceeds the premium received
when the option was written) without regard to any unrealized gain or loss
on the underlying security, and the liability related to such option is
extinguished. If a written option is exercised, the Fund realizes a gain or
a loss from the sale of the underlying security and the proceeds of the
sale are increased by the premium originally received. A risk in writing a
call option is that the Fund gives up the opportunity for profit if the
market price of the security increases and the option is exercised.
H. EXPENSES -- Fees provided for under the Rule 12b-1 plan of a particular
class of the Fund and which are directly attributable to that class are
charged to the operations of such class. Transfer agency fees and expenses
and other shareholder recordkeeping fees and expenses are charged to each
class pursuant to a transfer agency and service agreement adopted by the
Fund with respect to such class. All other expenses are allocated among the
classes based on relative net assets.
NOTE 2--ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has entered into a master investment advisory agreement with A I M
Advisors, Inc. ("AIM"). Under the terms of the investment advisory agreement,
the Fund pays an advisory fee to AIM at the annual rate of 0.975% on the first
$500 million of the Fund's average daily net assets, plus 0.95% on the next $500
million of the Fund's average daily net assets, plus 0.925% on the next $500
million of the Fund's average daily net assets, plus 0.90% on the Fund's average
daily net assets exceeding $1.5 billion. AIM has contractually agreed to limit
total annual operating expenses (excluding interest, taxes, dividends on short
sales, extraordinary items and increases in expenses due to expense offset
arrangements, if any) for Class A, Class B and Class C shares to 2.00%, 2.50%
and 2.50%, respectively. To the extent that the annualized expense ratio does
not exceed the contractual expense limitation, AIM will retain the ability to be
reimbursed for such fee waivers or reimbursements prior to the end of the
committed period. Further, AIM has voluntarily agreed to waive advisory fees of
the Fund in the amount of 25% of the advisory fee AIM receives from the
affiliated money market funds in which the Fund has invested (excluding
investments made in affiliated money market funds with cash collateral from
securities loaned by the Fund, if any). For the six months ended June 30, 2003,
AIM waived fees of $88,464.
The Fund, pursuant to a master administrative services agreement with AIM,
has agreed to pay AIM for certain administrative costs incurred in providing
accounting services to the Fund. For the six months ended June 30, 2003, AIM was
paid $24,795 for such services.
The Fund, pursuant to a transfer agency and service agreement, has agreed to
pay A I M Fund Services, Inc. ("AFS") a fee for providing transfer agency and
shareholder services to the Fund. During the six months ended June 30, 2003, AFS
retained $121,341 for such services.
The Trust has entered into master distribution agreements with A I M
Distributors, Inc. ("AIM Distributors") to serve as the distributor for the
Class A, Class B and Class C shares of the Fund. The Trust has adopted plans
pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund's Class A,
Class B and Class C shares (collectively the "Plans"). The Fund, pursuant to the
Plans, pays AIM Distributors compensation at the annual rate of 0.50% of the
Fund's average daily net assets of Class A shares and 1.00% of the average daily
net assets of Class B and Class C shares. Of these amounts, the Fund may pay a
service fee of 0.25% of the average daily net assets of the Class A, Class B or
Class C shares to selected dealers and financial institutions who furnish
continuing personal shareholder services to their customers who purchase and own
the appropriate class of shares of the Fund. Any amounts not paid as a service
fee under the Plans would constitute an asset-based sales charge. NASD Rules
also impose a cap on the total sales charges, including asset-based sales
charges that may be paid by any class of shares of the Fund. Pursuant to the
Plans, for the six months ended June 30, 2003, the Class A, Class B and Class C
shares paid $175,967, $253,149 and $22,709, respectively.
Front-end sales commissions and contingent deferred sales charges
(collectively the "sales charges") are not recorded as expenses of the Fund.
Front-end sales commissions are deducted from proceeds from the sales of Fund
shares prior to investment in Class A shares of the Fund. Contingent deferred
sales charges ("CDSCs") are deducted from redemption proceeds prior to
remittance to the shareholder. During the six months ended June 30, 2003, AIM
Distributors retained $10,240 in front-end sales commissions from the sale of
Class A shares and $0, $0 and $217 in Class A, Class B and Class C shares,
respectively, for CDSCs imposed upon redemptions by shareholders.
Certain officers and trustees of the Trust are officers and directors of
AIM, AFS and/or AIM Distributors.
During the six months ended June 30, 2003, the Fund paid legal fees of
$1,421 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel
to the Board of Trustees. A member of that firm is a trustee of the Trust.
NOTE 3--INDIRECT EXPENSES
For the six months ended June 30, 2003, the Fund received reductions in transfer
agency fees from AFS (an affiliate of AIM) of $1,870 and
F-8
reductions in custodian fees of $119 under expense offset arrangements which
resulted in a reduction of the Fund's total expenses of $1,989.
NOTE 4--TRUSTEES' FEES
Trustees' fees represent remuneration paid to each trustee who is not an
"interested person" of AIM. Trustees have the option to defer compensation
payable by the Trust. The Trustees deferring compensation have the option to
select various AIM Funds in which all or part of their deferral accounts shall
be deemed to be invested.
NOTE 5--BORROWINGS
AIM has established an interfund lending facility for temporary borrowings by
the AIM Funds. An interfund loan will be made under this facility only if the
loan rate (an average of the rate available on bank loans and the rate available
on investments in overnight repurchase agreements) is favorable to both the
lending fund and the borrowing fund.
Effective June 26, 2003, the Fund became a participant in an uncommitted
unsecured revolving line of credit facility with State Street Bank and Trust
Company ("SSB"). The Fund may borrow up to the lesser of (i) $125,000,000 or
(ii) the limits set by its prospectus for borrowings. The Fund and other funds
advised by AIM which are parties to the line of credit can borrow on a first
come, first served basis. Principal on each loan outstanding shall bear interest
at the bid rate quoted by SSB at the time of the request for the loan.
During the reporting period, the Fund was a participant in a committed line
of credit facility with a syndicate administered by Citibank, N.A. The Fund
could borrow up to the lesser of (i) $500,000,000 or (ii) the limits set by its
prospectus for borrowings. The Fund and other funds advised by AIM which were
parties to the line of credit could borrow on a first come, first served basis.
The funds which were party to the line of credit were charged a commitment fee
of 0.09% on the unused balance of the committed line. The commitment fee was
allocated among the funds based on their respective average net assets for the
period. The committed line of credit facility expired May 20, 2003.
During the six months ended June 30, 2003, the Fund did not borrow or lend
under the interfund lending facility or borrow under either the committed line
of credit facility or the uncommitted unsecured revolving line of credit
facility.
NOTE 6--PORTFOLIO SECURITIES LOANED
The Fund may lend portfolio securities to the extent of 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 pursuant to these loans is invested in short-term
money market instruments or affiliated money market funds. 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. 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.
At June 30, 2003, securities with an aggregate value of $10,818,204 were on
loan to brokers. The loans were secured by cash collateral of $11,151,076
received by the Fund and subsequently invested in affiliated money market funds.
For the six months ended June 30, 2003, the Fund received fees of $37,294 for
securities lending.
NOTE 7--TAX INFORMATION
The amount and character of income and gains to be distributed are determined in
accordance with income tax regulations, which may differ from generally accepted
accounting principles. Reclassifications are made to the Fund's capital accounts
to reflect income and gains available for distribution (or available capital
loss carryforward) under income tax regulations. The tax character of
distributions paid during the year and the tax components of distributable
earnings will be updated at the Fund's fiscal year-end.
The Fund has a capital loss carryforward for tax purposes which expires as
follows:
<Table>
<Caption>
CAPITAL LOSS
EXPIRATION CARRYFORWARD
- ----------------------------------------------------------
December 31, 2008 $10,412,542
- ----------------------------------------------------------
December 31, 2009 5,422,021
- ----------------------------------------------------------
December 31, 2010 2,253,894
==========================================================
Total capital loss carryforward $18,088,457
__________________________________________________________
==========================================================
</Table>
NOTE 8--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 six months
ended June 30, 2003 was $102,491,341 and $107,609,259, respectively.
The amount of unrealized appreciation (depreciation) of investment
securities, for tax purposes, as of June 30, 2003 is as follows:
<Table>
Aggregate unrealized appreciation of
investment securities $15,901,827
- -----------------------------------------------------------
Aggregate unrealized (depreciation) of
investment securities (2,119,799)
===========================================================
Net unrealized appreciation of investment
securities $13,782,028
___________________________________________________________
===========================================================
Cost of investments is the same for financial reporting and
tax purposes.
</Table>
F-9
NOTE 9--SHARE INFORMATION
The Fund currently offers three different classes of shares: Class A shares,
Class B shares and Class C shares. Class A shares are sold with front-end sales
charge. Class B shares and Class C are sold with a CDSC. Under some
circumstances, Class A shares are subject to CDSCs. Generally, Class B shares
will automatically convert to Class A shares eight years after the end of the
calendar month of purchase. Changes in shares outstanding during the six months
ended June 30, 2003 and the year ended December 31, 2002 were as follows:
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2003 DECEMBER 31, 2002
--------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
- -----------------------------------------------------------------------------------------------------------------------
Sold:
Class A 1,616,777 $ 16,748,807 2,266,381 $ 24,253,742
- -----------------------------------------------------------------------------------------------------------------------
Class B 535,196 5,463,730 936,078 9,711,743
- -----------------------------------------------------------------------------------------------------------------------
Class C 157,580 1,645,990 564,146 5,848,635
=======================================================================================================================
Conversion of Class B shares to Class A shares:
Class A 401,917 4,098,982 861,814 9,217,406
- -----------------------------------------------------------------------------------------------------------------------
Class B (412,277) (4,098,982) (878,858) (9,217,406)
=======================================================================================================================
Reacquired:
Class A (1,662,099) (16,881,860) (3,589,667) (37,502,992)
- -----------------------------------------------------------------------------------------------------------------------
Class B (841,099) (8,221,397) (2,041,108) (20,998,578)
- -----------------------------------------------------------------------------------------------------------------------
Class C (88,513) (864,325) (521,726) (5,430,473)
=======================================================================================================================
(292,518) $ (2,109,055) (2,402,940) $(24,117,923)
_______________________________________________________________________________________________________________________
=======================================================================================================================
</Table>
F-10
NOTE 10--FINANCIAL HIGHLIGHTS
The following schedule presents financial highlights for a share of the Fund
outstanding throughout the periods indicated.
<Table>
<Caption>
CLASS A(a)
--------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, ---------------------------------------------------------------
2003 2002 2001 2000 1999 1998
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 9.95 $ 11.00 $ 13.33 $ 15.78 $ 11.46 $ 10.63
- -------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (0.01)(b) (0.02)(b) (0.10)(b) (0.19)(b) (0.06)(b) (0.02)(b)
- -------------------------------------------------------------------------------------------------------------------------------
Net gains (losses) on securities (both
realized and unrealized) 1.32 (1.03) (2.17) (1.11) 5.86 1.01
===============================================================================================================================
Total from investment operations 1.31 (1.05) (2.27) (1.30) 5.80 0.99
===============================================================================================================================
Less distributions:
Dividends from net investment income -- -- (0.06) -- -- (0.02)
- -------------------------------------------------------------------------------------------------------------------------------
Distributions from net realized gains -- -- -- (1.15) (1.48) (0.14)
===============================================================================================================================
Total distributions -- -- (0.06) (1.15) (1.48) (0.16)
===============================================================================================================================
Net asset value, end of period $ 11.26 $ 9.95 $ 11.00 $ 13.33 $ 15.78 $ 11.46
_______________________________________________________________________________________________________________________________
===============================================================================================================================
Total return(c) 13.17% (9.55)% (17.03)% (7.90)% 51.93% 9.37%
_______________________________________________________________________________________________________________________________
===============================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $81,367 $68,335 $80,630 $20,751 $20,595 $17,822
_______________________________________________________________________________________________________________________________
===============================================================================================================================
Ratio of expenses to average net assets:
With fee waivers 2.00%(d) 2.00% 2.00% 2.00% 1.03% 0.50%
- -------------------------------------------------------------------------------------------------------------------------------
Without fee waivers 2.14%(d) 2.05% 2.25% 2.14% 1.16% 0.50%
===============================================================================================================================
Ratio of net investment income (loss) to
average net assets (0.29)%(d) (0.18)% (0.94)% (1.27)% (0.50)% (0.21)%
_______________________________________________________________________________________________________________________________
===============================================================================================================================
Portfolio turnover rate(e) 83% 80% 154% 260% 147% 28%
_______________________________________________________________________________________________________________________________
===============================================================================================================================
</Table>
(a) Effective August 27, 1999, the Fund was restructured to directly invest
primarily in equity securities of U.S. and foreign issuers. Prior to the
Fund restructuring, the Fund operated as a "fund of funds" investing in
AIM theme mutual funds.
(b) Calculated using average shares outstanding.
(c) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America, does not include sales charges
and is not annualized for periods less than one year.
(d) Ratios are annualized and based on average daily net assets of
$70,970,064.
(e) Not annualized for periods less than one year.
F-11
NOTE 10--FINANCIAL HIGHLIGHTS (CONTINUED)
<Table>
<Caption>
CLASS B(a)
--------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, ---------------------------------------------------------------
2003 2002 2001 2000 1999 1998
- -------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $ 9.71 $ 10.80 $ 13.12 $ 15.62 $ 11.41 $ 10.62
- -------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (0.04)(b) (0.07)(b) (0.15)(b) (0.26)(b) (0.13)(b) (0.07)(b)
- -------------------------------------------------------------------------------------------------------------------------------
Net gains (losses) on securities (both
realized and unrealized) 1.30 (1.02) (2.13) (1.09) 5.82 1.00
===============================================================================================================================
Total from investment operations 1.26 (1.09) (2.28) (1.35) 5.69 0.93
===============================================================================================================================
Less distributions:
Dividends from net investment income -- -- (0.04) -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Distributions from net realized gains -- -- -- (1.15) (1.48) (0.14)
===============================================================================================================================
Total distributions -- -- (0.04) (1.15) (1.48) (0.14)
===============================================================================================================================
Net asset value, end of period $ 10.97 $ 9.71 $ 10.80 $ 13.12 $ 15.62 $ 11.41
_______________________________________________________________________________________________________________________________
===============================================================================================================================
Total return(c) 12.98% (10.09)% (17.36)% (8.30)% 51.18% 8.83%
_______________________________________________________________________________________________________________________________
===============================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s omitted) $53,128 $54,029 $81,459 $22,279 $29,118 $25,555
_______________________________________________________________________________________________________________________________
===============================================================================================================================
Ratio of expenses to average net assets:
With fee waivers 2.50%(d) 2.50% 2.50% 2.50% 1.53% 1.00%
- -------------------------------------------------------------------------------------------------------------------------------
Without fee waivers 2.64%(d) 2.55% 2.75% 2.64% 1.66% 1.00%
===============================================================================================================================
Ratio of net investment income (loss) to
average net assets (0.79)%(d) (0.68)% (1.44)% (1.77)% (1.00)% (0.71)%
_______________________________________________________________________________________________________________________________
===============================================================================================================================
Portfolio turnover rate(e) 83% 80% 154% 260% 147% 28%
_______________________________________________________________________________________________________________________________
===============================================================================================================================
</Table>
(a) Effective August 27, 1999, the Fund was restructured to directly invest
primarily in equity securities of U.S. and foreign issuers. Prior to the
Fund restructuring, the Fund operated as a "fund of funds" investing in
AIM theme mutual funds.
(b) Calculated using average shares outstanding.
(c) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America, does not include sales charges
and is not annualized for periods less than one year.
(d) Ratios are annualized and based on average daily net assets of
$51,049,346.
(e) Not annualized for periods less than one year.
F-12
NOTE 10--FINANCIAL HIGHLIGHTS (CONTINUED)
<Table>
<Caption>
CLASS C(a)
---------------------------------------------------------------------------------------------
SIX MONTHS JANUARY 2, 1998
ENDED YEAR ENDED DECEMBER 31, (DATE SALES COMMENCED)
JUNE 30, ----------------------------------------------- TO DECEMBER 31,
2003 2002 2001 2000 1999 1998
- ---------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of
period $ 9.71 $ 10.79 $ 13.11 $15.62 $11.40 $10.62
- ---------------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (loss) (0.04)(b) (0.07)(b) (0.16)(b) (0.26)(b) (0.13)(b) (0.08)(b)
- ---------------------------------------------------------------------------------------------------------------------------------
Net gains (losses) on securities
(both realized and unrealized) 1.29 (1.01) (2.12) (1.10) 5.83 1.00
=================================================================================================================================
Total from investment
operations 1.25 (1.08) (2.28) (1.36) 5.70 0.92
=================================================================================================================================
Less distributions:
Dividends from net investment
income -- -- (0.04) -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Distributions from net realized
gains -- -- -- (1.15) (1.48) (0.14)
=================================================================================================================================
Total distributions -- -- (0.04) (1.15) (1.48) (0.14)
=================================================================================================================================
Net asset value, end of period $10.96 $ 9.71 $ 10.79 $13.11 $15.62 $11.40
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Total return(c) 12.87% (10.01)% (17.37)% (8.37)% 51.33% 8.94%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratios/supplemental data:
Net assets, end of period (000s
omitted) $5,896 $ 4,551 $ 4,600 $1,789 $ 500 $ 249
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Ratio of expenses to average net
assets:
With fee waivers 2.50%(d) 2.50% 2.50% 2.50% 1.53% 1.00%(e)
- ---------------------------------------------------------------------------------------------------------------------------------
Without fee waivers 2.64%(d) 2.55% 2.75% 2.64% 1.66% 1.00%(e)
=================================================================================================================================
Ratio of net investment income
(loss) to average net assets (0.79)%(d) (0.68)% (1.44)% (1.77)% (1.00)% (0.71)%(e)
_________________________________________________________________________________________________________________________________
=================================================================================================================================
Portfolio turnover rate(f) 83% 80% 154% 260% 147% 28%
_________________________________________________________________________________________________________________________________
=================================================================================================================================
</Table>
(a) Effective August 27, 1999, the Fund was restructured to directly invest
primarily in equity securities of U.S. and foreign issuers. Prior to the
Fund restructuring, the Fund operated as a "fund of funds" investing in
AIM theme mutual funds.
(b) Calculated using average shares outstanding.
(c) Includes adjustments in accordance with accounting principles generally
accepted in the United States of America, does not include sales charges
and is not annualized for periods less than one year.
(d) Ratios are annualized and based on average daily net assets of
$4,579,360.
(e) Annualized.
(f) Not annualized for periods less than one year.
F-13
OTHER INFORMATION
TRUSTEES AND OFFICERS
<Table>
BOARD OF TRUSTEES OFFICERS OFFICE OF THE FUND
Frank S. Bayley Robert H. Graham 11 Greenway Plaza
Bruce L. Crockett Chairman and President Suite 100
Albert R. Dowden Houston, TX 77046
Edward K. Dunn Jr. Mark H. Williamson
Jack M. Fields Executive Vice President INVESTMENT ADVISOR
Carl Frischling A I M Advisors, Inc.
Robert H. Graham Kevin M. Carome 11 Greenway Plaza
Prema Mathai-Davis Senior Vice President Suite 100
Lewis F. Pennock Houston, TX 77046
Ruth H. Quigley Gary T. Crum
Louis S. Sklar Senior Vice President TRANSFER AGENT
Mark H. Williamson A I M Fund Services, Inc.
Dana R. Sutton P.O. Box 4739
Vice President and Treasurer Houston, TX 77210-4739
Stuart W. Coco CUSTODIAN
Vice President State Street Bank and Trust Company
225 Franklin Street
Melville B. Cox Boston, MA 02110
Vice President
COUNSEL TO THE FUND
Edgar M. Larsen Ballard Spahr
Vice President Andrews & Ingersoll, LLP
1735 Market Street
Nancy L. Martin Philadelphia, PA 19103
Secretary
COUNSEL TO THE TRUSTEES
Kramer, Levin, Naftalis & Frankel LLP
919 Third Avenue
New York, NY 10022
DISTRIBUTOR
A I M Distributors, Inc.
11 Greenway Plaza
Suite 100
Houston, TX 77046
</Table>
THE AIM FAMILY OF FUNDS--Registered Trademark--
<Table>
DOMESTIC EQUITY INTERNATIONAL/GLOBAL EQUITY FIXED INCOME
AIM Asia Pacific Growth Fund TAXABLE
AIM Developing Markets Fund
AIM Aggressive Growth Fund AIM European Growth Fund AIM Floating Rate Fund
AIM Balanced Fund* AIM European Small Company Fund AIM High Yield Fund
AIM Basic Balanced Fund* AIM Global Aggressive Growth Fund AIM Income Fund
AIM Basic Value Fund AIM Global Growth Fund AIM Intermediate Government Fund
AIM Blue Chip Fund AIM Global Trends Fund AIM Limited Maturity Treasury Fund(5,6)
AIM Capital Development Fund AIM Global Value Fund(4) AIM Money Market Fund
AIM Charter Fund AIM International Core Equity Fund AIM Short-Term Bond Fund
AIM Constellation Fund AIM International Emerging Growth Fund AIM Total Return Bond Fund
AIM Dent Demographic Trends Fund AIM International Growth Fund
AIM Diversified Dividend Fund(1) TAX-FREE
AIM Emerging Growth Fund SECTOR EQUITY
AIM Large Cap Basic Value Fund AIM High Income Municipal Fund
AIM Large Cap Growth Fund AIM Global Energy Fund AIM Municipal Bond Fund
AIM Libra Fund AIM Global Financial Services Fund AIM Tax-Exempt Cash Fund
AIM Mid Cap Basic Value Fund AIM Global Health Care Fund AIM Tax-Free Intermediate Fund(5,6)
AIM Mid Cap Core Equity Fund AIM Global Science and Technology Fund
AIM Mid Cap Growth Fund AIM Global Utilities Fund
AIM Opportunities I Fund(2) AIM New Technology Fund
AIM Opportunities II Fund(2) AIM Real Estate Fund
AIM Opportunities III Fund(2)
AIM Premier Equity Fund
AIM Premier Equity II Fund
AIM Select Equity Fund
AIM Small Cap Equity Fund
AIM Small Cap Growth Fund(3)
AIM Weingarten Fund
*Domestic equity and income fund
</Table>
(1) Effective May 2, 2003, AIM Large Cap Core Equity Fund was renamed AIM
Diversified Dividend Fund. (2) Effective October 1, 2002, the fund was reopened
to new investors. (3) AIM Small Cap Growth Fund was closed to most investors on
March 18, 2002. For information on who may continue to invest in AIM Small Cap
Growth Fund, please contact your financial advisor. (4) Effective April 30,
2003, AIM Worldwide Spectrum Fund was renamed AIM Global Value Fund. (5) Class A
shares closed to new investors on October 30, 2002. (6) Class A3 shares were
first offered on October 31, 2002.
For more complete information about any AIM fund, including sales charges
and expenses, ask your financial advisor for a prospectus. Please read it
carefully before investing. If used after October 20, 2003, this brochure must
be accompanied by a fund Performance & Commentary or by an AIM Quarterly
Performance Review for the most recent quarter-end. Mutual Funds distributed by
A I M Distributors, Inc.
A I M Management Group Inc. has provided leadership in the investment management
industry since 1976 and manages $147 billion in assets for approximately 11
million shareholders, including individual investors, corporate clients and
financial institutions. The AIM Family of Funds--Registered Trademark-- is
distributed nationwide. AIM is a subsidiary of AMVESCAP PLC, one of the world's
largest independent financial services companies with $348 billion in assets
under management. As of June 30, 2003.
<Table>
Mutual Retirement Annuities College Separately Offshore Alternative Cash
Funds Products Savings Managed Products Investments Management
Plans Accounts
</Table>
[AIM INVESTMENTS LOGO APPEARS HERE]
--Servicemark--
YOUR GOALS. OUR SOLUTIONS.
--Servicemark--
AIMinvestments.com GTR-SAR-1
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. [RESERVED]
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) As of June 18, 2004, an evaluation was performed under the supervision and
with the participation of the officers of the Registrant, including the
Principal Executive Officer ("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 (the "Act"), as amended. Based on that
evaluation, the Registrant's officers, including the PEO and PFO,
concluded that, as of June 18, 2004, 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-CSR/A 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 period covered by the report on Form N-CSR/A that has
materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
ITEM 10. EXHIBITS
10(a)(1) Not applicable.
10(a)(2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act
of 1940.
10(a)(3) Not applicable.
10(b) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(b) 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 Series Trust
By: /s/ ROBERT H. GRAHAM
-------------------------------------------
Robert H. Graham
Principal Executive Officer
Date: August 3, 2004
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the
Investments 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: August 3, 2004
By: /s/ SIDNEY M. DILGREN
-------------------------------------------
Sidney M. Dilgren
Principal Financial Officer
Date: August 3, 2004
EXHIBIT INDEX
10(a)(1) Not applicable.
10(a)(2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act
of 1940.
10(a)(3) Not applicable.
10(b) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(b) under the Investment Company Act
of 1940.