May 22, 2002 -- AIM Funds plans to merge away two of its international stock funds.
In the reorganization, AIM Euroland Growth Fund/A (GTGEX) will be combined with AIM European Development Fund/A (AEDAX), and AIM Global Infrastructure Fund/A (GIFAX) will be absorbed by AIM Global Utilities Fund/A (AUTLX).
The surviving funds have more assets and have performed better over the long term than the funds being eliminated, AIM said in regulatory filings.
The European Development fund returned 8.9% on average for the three years ended in April, while the Euroland Growth fund lost 9.5%. The Global Utilities fund returned 5.2% on average for the five years ended last month, compared to a loss of 6.6% by the Global Infrastructure fund.
The European Development fund will be renamed the European Growth fund following the reorganizations that are expected to be completed in September, subject to shareholder approval.