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AIM GLOBAL TRENDS FUND
CLASS A, B AND C SHARES
Supplement dated February 11, 2000
to the Prospectus dated August 27, 1999,
as revised December 28, 1999
Advisor Class shares of AIM Global Trends Fund converted to Class A shares of
the fund effective the close of business on February 11, 2000. Advisor Class
shares of the fund are no longer offered for sale or exchange.
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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 11, 2000
to the Statement of Additional Information dated August 27, 1999
as supplemented October 1, 1999
This supplement supersedes and replaces in its entirety the
supplement dated October 1, 1999.
Advisor Class shares of the Fund converted to Class A shares of the
Fund effective the close of business on February 11, 2000. Advisor Class shares
of the Fund are no longer offered for sale or exchange.
The following is added as a new section after the information
appearing under the heading "INVESTMENT STRATEGIES AND RISKS - OTHER INVESTMENT
PRACTICES OF THE FUND - U.S. GOVERNMENT SECURITIES" on page 6 of the Statement
of Additional Information:
"EQUITY-LINKED DERIVATIVES
The Fund may invest in equity-linked derivative products
designed to replicate the composition and performance of particular
indices. Examples of such products include S&P Depositary Receipts
("SPDRs"), World Equity Benchmark Series ("WEBs"), NASDAQ 100
tracking shares ("QQQs"), Dow Jones Industrial Average Instruments
("DIAMONDS") and Optomised Portfolios as Listed Securities
("OPALS"). Investments in equity-linked derivatives involve the same
risks associated with a direct investment in the types of securities
included in the indices such products are designed to track. There
can be no assurance that the trading price of the equity-linked
derivatives will equal the underlying value of the basket of
securities purchased to replicate a particular index or that such
basket will replicate the index. Investments in equity-linked
derivatives may constitute investment in other investment companies.
See "INVESTMENTS IN OTHER INVESTMENT COMPANIES."
The following replaces in its entirety the paragraph appearing under
the heading "INVESTMENT STRATEGIES AND RISKS - OTHER INVESTMENT PRACTICES OF
THE FUND " INVESTMENTS IN OTHER INVESTMENT COMPANIES" on page 6 of the
Statement of Additional Information:
"With respect to certain countries, investments by the Fund
presently may be made only by acquiring shares of other investment
companies (including investment vehicles or companies advised by AIM
or its affiliates) with local governmental approval to invest in
those countries. At such time as direct investment in these
countries is allowed, the Fund anticipates investing directly in
these markets.
The Fund may invest in other investment companies to the
extent permitted by the 1940 Act, and the rules and regulations
thereunder, and if applicable, exemptive orders granted by the SEC.
The following restrictions apply to investments in other investment
companies other than Affiliated Money Market Funds (defined below):
(i) the Fund may not purchase more than 3% of the total outstanding
voting stock of another investment company; (ii) the Fund may not
invest more than 5% of its total assets in securities issued by
another investment company; and (iii) the Fund may not invest more
than 10% of its total assets in securities issued by other
investment companies other than Affiliated Money Market Funds. With
respect to the Fund's purchase of shares of another investment
company, including Affiliated Money Market Funds, the Fund will
indirectly bear its proportionate share of the advisory fees and
other operating expenses of such investment company. The Fund has
obtained an exemptive order from the SEC allowing them to invest in
money market funds that have AIM or an affiliate of AIM as an
investment adviser (the "Affiliated Money Market Funds"), provided
that investments in Affiliated Money Market Funds do not exceed 25%
of the total assets of the Fund."
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The following replaces in its entirety the paragraphs appearing
under the heading "INVESTMENT STRATEGIES AND RISKS - OTHER INVESTMENT PRACTICES
OF THE FUND " TEMPORARY DEFENSIVE STRATEGIES" on page 10 of the Statement of
Additional Information:
"In anticipation of or in response to adverse market
conditions, for cash management purposes, or for defensive purposes,
the Fund may temporarily hold all or a portion of its assets in
cash, (U.S. dollars, foreign currencies or multinational currency
units) money market instruments, or high-quality debt securities.
The Fund may also invest up to 25% of its total assets in Affiliated
Money Market Funds for these purposes. To the extent the Fund
employs a temporary defensive strategy, it will not be invested so
as to achieve directly its investment objectives.
Money market instruments in which the Fund may invest include,
but are not limited to, United States government securities;
high-grade commercial paper; bank certificates of deposit; bankers'
acceptances and repurchase agreements related to any of the
foregoing. "High-grade commercial paper" refers to commercial paper
rated A-1 by Standard & Poor's, a division of The McGraw-Hill
Companies, Inc. ("S&P"), or P-1 by Moody's Investors Service, Inc.
("Moody's") or, if not rated, determined by AIM to be of comparable
quality."
The following is added as a new section before the heading
"EXECUTION OF PORTFOLIO TRANSACTIONS - PORTFOLIO TURNOVER" on page 33 of the
Statement of Additional Information:
"ALLOCATION OF INITIAL PUBLIC OFFERING ("IPO") SECURITIES
TRANSACTIONS
From time to time, certain of the mutual funds managed by AIM
or A I M Capital Management, Inc. (collectively, the "AIM Funds")
may become interested in participating in security distributions
that are available in an IPO, and occasions may arise when purchases
of such securities by one AIM Fund may also be considered for
purchase by one or more other AIM Funds. In such cases, it shall be
AIM's practice to specifically combine or otherwise bunch
indications of interest for IPO securities for all AIM Funds
participating in purchase transactions for that security, and to
allocate such transactions in accordance with the following
procedures:
AIM will determine the eligibility of each AIM Fund that seeks
to participate in a particular IPO by reviewing a number of factors,
including suitability of the investment with the AIM Fund's
investment objective, policies and strategies, the liquidity of the
AIM Fund if such investment is purchased, and whether the portfolio
manager intends to hold the security as a long-term investment. The
allocation of limited supply securities issued in IPOs will be made
to eligible AIM Funds in a manner designed to be fair and equitable
for the eligible AIM Funds, and so that there is equal allocation of
IPOs over the longer term. Where multiple funds are eligible,
rotational participation may occur, based on the extent to which an
AIM Fund has participated in previous IPOs as well as the size of
the AIM Fund. Each eligible AIM Fund with an asset level of less
than $500 million will be placed in one of three tiers, depending
upon its asset level. The AIM Funds in the tier containing funds
with the smallest asset levels will participate first, each
receiving a 40 basis point allocation (rounded to the nearest share
round lot that approximates 40 basis points) (the "Allocation"),
based on that AIM Fund's net assets. This process continues until
all of the AIM Funds in the three tiers receive their Allocations,
or until the shares are all allocated. Should securities remain
after this process, eligible AIM Funds will receive their
Allocations on a straight pro rata basis. For the tier of AIM Funds
not receiving a full Allocation, the Allocation may be made only to
certain AIM Funds so that each may receive close to or exactly 40
basis points.
Any AIM Funds with substantially identical investment
objectives and policies will participate in syndicates in amounts
that are substantially proportionate to each other. In these cases,
the net assets of the largest AIM Fund will be used to determine in
which tier, as described in the paragraph above, such group of AIM
Funds will be placed. The price per share of securities purchased in
such syndicate transactions will be the same for each AIM Fund."
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The following is added as a new category of purchaser who will not
pay initial sales charges on purchases of Class A shares, under the heading
"REDUCTIONS IN INITIAL SALES CHARGES -- PURCHASES AT NET ASSET VALUE" on page
48 of the Statement of Additional Information.
"o Shareholders of record of Advisor Class shares of an AIM Fund on
February 11, 2000 who have continuously owned shares of that AIM
Fund, and who purchase additional shares of that AIM Fund."
The following new paragraph is added after the third paragraph under
the section entitled "INVESTMENT RESULTS - PERFORMANCE INFORMATION" on page 63
of the Statement of Additional Information:
"The Fund may participate in the IPO market, and a significant
portion of the Fund's return may be attributable to its investment
in IPOs, which have a magnified impact due to the Fund's small asset
base. There is no guarantee that as the Fund's assets grow, it will
continue to experience substantially similar performance by
investing in IPOs."
The following replaces in its entirety the table appearing under the heading
"MANAGEMENT - TRUSTEES AND EXECUTIVE OFFICERS" on page 34 of the Statement of
Additional Information:
<TABLE>
<CAPTION>
========================== ======================== ===========================================================
POSITIONS HELD PRINCIPAL OCCUPATION DURING AT LEAST THE
"NAME, ADDRESS AND AGE WITH REGISTRANT PAST 5 YEARS
========================== ======================== ===========================================================
<S> <C> <C>
*ROBERT H. GRAHAM (53) Trustee, Chairman and Director, President and Chief Executive Officer, A I M
President Management Group Inc.; Director and President, A I M
Advisors, Inc.; Director and Senior Vice President, A I M
Capital Management, Inc., A I M Distributors, Inc., A I M
Fund Services, Inc. and Fund Management Company; and
Director and Chief Executive Officer, Managed Products,
AMVESCAP PLC.
- -------------------------- ------------------------ -----------------------------------------------------------
C. DEREK ANDERSON (58) Trustee Senior Managing Partner, Plantagenet Capital Management,
220 Sansome Street LLC (an investment partnership); Chief Executive Officer,
Suite 400 Plantagenet Holdings, Ltd. (an investment banking firm);
San Francisco, CA 94104 and Director, Premium Wear, Inc. (formerly Munsingwear,
Inc.) (a casual apparel company), 'R' Homes, Inc., Big
Online, Inc., Champagne Albert Le Brun and various other
privately owned companies.
- -------------------------- ------------------------ -----------------------------------------------------------
FRANK S. BAYLEY (60) Trustee Partner, law firm of Baker & McKenzie; Trustee, The
Two Embarcadero Center Badgley Funds; and Director and Chairman, C. D. Stimson
Suite 2400 Company (a private investment company) and Stimson Marina,
San Francisco, CA 94111 Inc., (a subsidiary of C. D. Stimson Co.)
========================== ======================== ===========================================================
</TABLE>
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* A trustee who is an "interested person" of the Trust and AIM as defined in
the 1940 Act.
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<TABLE>
<CAPTION>
========================== ======================== ===========================================================
POSITIONS HELD PRINCIPAL OCCUPATION DURING AT LEAST THE
NAME, ADDRESS AND AGE WITH REGISTRANT PAST 5 YEARS
========================== ======================== ===========================================================
<S> <C> <C>
RUTH H. QUIGLEY (64) Trustee Private investor; and President, Quigley Friedlander &
1055 California Street Co., Inc.(a financial advisory services firm) from 1984
San Francisco, CA 94108 to 1986.
- -------------------------- ------------------------ -----------------------------------------------------------
MELVILLE B. COX (56) Vice President Vice President and Chief Compliance Officer, A I M
Advisors, Inc., A I M Capital Management, Inc., A I M
Distributors, Inc., A I M Fund Services, Inc. and Fund
Management Company.
- -------------------------- ------------------------ -----------------------------------------------------------
GARY T. CRUM (52) Vice President Director and President, A I M Capital Management, Inc.;
Director and Executive Vice President, A I M Management
Group Inc.; Director and Senior Vice President, A I M
Advisors, Inc.; and Director, A I M Distributors, Inc.
and AMVESCAP PLC.
- -------------------------- ------------------------ -----------------------------------------------------------
CAROL F. RELIHAN (45) Vice President Director, Senior Vice President, General Counsel and
Secretary, A I M Advisors, Inc.; Senior Vice President,
General Counsel and Secretary, A I M Management Group
Inc.; Director, Vice President and General Counsel, Fund
Management Company; Vice President and General Counsel,
A I M Fund Services, Inc.; and Vice President, A I M
Capital Management, Inc. and A I M Distributors, Inc.
- -------------------------- ------------------------ -----------------------------------------------------------
SAMUEL D. SIRKO (40) Vice President and Assistant General Counsel and Assistant Secretary of A I
Secretary M Management Group, Inc., A I M Capital Management, Inc.,
A I M Distributors, Inc., A I M Fund Services, Inc., and
Fund Management Company; and Vice President, Assistant
General Counsel and Assistant Secretary of A I M
Advisors, Inc.
- -------------------------- ------------------------ -----------------------------------------------------------
DANA R. SUTTON (41) Vice President and Vice President and Fund Controller, A I M Advisors, Inc.;
Treasurer and Assistant Vice President and Assistant Treasurer,
Fund Management Company."
========================== ======================== ===========================================================
</TABLE>
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