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AIM SPECIAL OPPORTUNITIES FUNDS
AIM MID CAP OPPORTUNITIES FUND
Supplement dated July 14, 1999
to the Prospectus dated December 30, 1998,
as supplemented July 1, 1999 and December 30, 1998
This supplement supersedes and replaces in its entirety the supplement
dated July 1, 1999.
Currently, Class A Shares of AIM Mid Cap Opportunities Fund (the "Fund")
are only available to employees of A I M Management Group Inc., AMVESCAP
PLC and their affiliates, to any current or retired officer, director or
trustee of The AIM Family of Funds--Registered Trademark-- (including any member
of such person's immediate family including spouse, children, parents and
parents of spouse) and to residents of Texas. During this period, exchanges into
the Fund will not be permitted and A I M Distributors, Inc. will not reallow any
sales charges.
Class B Shares and Class C Shares of the Fund are not currently available.
Effective July 1, 1999, the following replaces in its entirety the
information appearing under the heading "MANAGEMENT - PORTFOLIO MANAGERS"
on page 11 of the prospectus:
"AIM uses a team approach and a disciplined investment process in
providing investment advisory services to all of its accounts,
including the Fund. AIM's investment staff consists of
approximately 135 individuals. While individual members of AIM's
investment staff are assigned primary responsibility for the
day-to-day management of each of AIM's accounts, all accounts are
reviewed on a regular basis by AIM's Investment Policy Committee
to ensure that they are being invested in accordance with the
accounts' and AIM's investment policies. The individuals who are
primarily responsible for the day-to-day management of the Fund
and their titles, if any, with AIM or its affiliates and the Fund,
the length of time they have been responsible for the management,
and their years of investment experience and prior experience (if
they have been with AIM for less than five years) are shown below.
Brant H. DeMuth, Robert M. Kippes, Christopher P. Perras, Charles
D. Scavone and Kenneth A. Zschappel are primarily responsible for
the day-to-day management of the Fund. Mr. DeMuth, Mr. Kippes, Mr.
Scavone and Mr. Zschappel have been responsible for the Fund since
its inception. Mr. Perras has been responsible for the Fund since
1999. Mr. DeMuth is a portfolio manager of A I M Capital
Management, Inc. ("AIM Capital"), a wholly owned subsidiary of
AIM. He has been associated with AIM and/or its subsidiaries since
1996 and became an investment professional in 1987. Prior to 1996,
he was a portfolio manager for the Colorado Public Employee
Retirement Association. Mr. Kippes is Vice President of AIM
Capital. He has been associated with AIM and/or its subsidiaries
since he began working as an investment professional in 1989. Mr.
Perras is a portfolio manager of AIM Capital and has been
associated with AIM and/or its subsidiaries since 1999. He became
an investment professional in 1988. From 1997 to 1999, he was an
equity analyst at Van Wagoner Capital Management. From 1995 to
1997, he was Associate Portfolio Manager for Van Kampen American
Capital Asset Management, Inc. Mr. Scavone is Vice President of
AIM Capital and has been associated with AIM and/or its
subsidiaries since 1996. He became an investment professional in
1990. From 1994 to 1996, he was Associate Portfolio Manager for
Van Kampen American Capital Asset Management, Inc. Mr. Zschappel
is Assistant Vice President of AIM Capital. He has been associated
with AIM and/or its subsidiaries since he began working as an
investment professional in 1990."
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Effective June 7, 1999, the following replaces in its entirety the fourth
paragraph appearing under the heading "EXCHANGE PRIVILEGE - TERMS AND
CONDITIONS OF EXCHANGES" on page A-11 of the prospectus:
"An exchange is permitted in the following circumstances: (a) if
the funds offer more than one class of shares, the exchange must
be between the same class of shares (e.g., Class A, Class B and
Class C shares of a Multiple Class Fund cannot be exchanged for
each other) except that AIM Cash Reserve Shares of AIM Money
Market Fund may be exchanged for Class A shares of another
Multiple Class Fund; (b) the dollar amount of the exchange must be
at least equal to the minimum investment applicable to the shares
of the fund acquired through such exchange; (c) the shares of the
fund acquired through exchange must be available for sale in the
state in which the shareholder resides; (d) the exchange must be
made between accounts having identical registrations and
addresses; (e) the account from which shares have been exchanged
must be coded as having a certified taxpayer identification number
on file or, in the alternative, an appropriate Internal Revenue
Service ("IRS") Form W-8 (certificate of foreign status) or Form
W-9 (certifying exempt status) must have been received by the
fund; (f) shares must have been held for at least one day prior to
the exchange; and (g) certificates representing shares must be
returned before shares can be exchanged. There is no fee for
exchanges among the AIM Funds.
Beginning September 15, 1999, the following exchange condition
will apply:
Because excessive short-term trading or market-timing activity can
hurt fund performance, you are limited to a maximum of 10
exchanges per calendar year. If you exceed that limit, or if an
AIM Fund or the distributor determines, in its sole discretion,
that your short-term trading is excessive or that you are engaging
in market-timing activity, it may reject any additional exchange
orders. An exchange is the movement out of (redemption) one AIM
Fund and into (purchase) another AIM Fund."
