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CLASS A, CLASS B AND CLASS C SHARES OF
AIM GLOBAL TRENDS FUND
(A SERIES PORTFOLIO OF AIM SERIES TRUST)
Supplement dated February 5, 1999
to the Prospectus dated September 8, 1998,
as supplemented October 16, 1998
All of the following changes will be effective June 1, 1999:
The Board of Trustees of AIM Global Telecommunications Fund
("Telecommunications Fund") has approved a change to certain investment
strategies to permit investments in securities of companies in technology
industries, in addition to investments in securities of companies in
telecommunications industries. Since AIM Global Trends Fund ("Fund") invests in
the Telecommunications Fund, such changes will affect the Fund.
The change to the Telecommunications Fund will not affect its investment
objective, but will require that it invest at least 65% of its total assets in
equity securities of domestic and foreign telecommunications and/or technology
companies. Such companies include those that develop, manufacture, or sell
computer and electronic components and equipment, software, semiconductors,
Internet technology, communications services and equipment, mobile
communications, and broadcasting. In addition, the Telecommunications Fund will
be permitted to invest up to 35% of its assets in debt securities issued by
domestic and foreign telecommunications and/or technology companies, or equity
and debt securities of other companies the portfolio managers believe will
benefit from developments in either the telecommunications and/or technology
industries.
As a result of its increased exposure to the technology sector, the
Telecommunications Fund may be subject to additional investment risks.
Technology companies are subject to risks of rapid obsolescence of products and
services, competitive pressures, and dependency upon consumer and business
acceptance as new technologies evolve. These companies are increasingly
sensitive to short product cycles and aggressive pricing. Technology companies
may be subject to greater governmental regulation than other industries,
necessitating governmental approval of their products. Technology companies
often are small and at an earlier stage of development and thus may be
especially subject to risks such as those arising out of limited product lines,
markets, and financial or managerial resources. Securities of these companies
may be subject to large and rapid price movements.
