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AIM SPECIAL OPPORTUNITIES FUNDS
AIM SMALL CAP OPPORTUNITIES FUND
Supplement dated November 3, 1999
to the Prospectus dated September 27, 1999
AIM Small Cap Opportunities Fund (the "Fund") has reached a size in assets
under management where, due to the limited size of the market of common stocks
of small capitalized companies, it has become increasingly difficult to satisfy
the Fund's investment objective and guidelines. For this reason, effective at
the close of business on November 4, 1999, the Fund will be closed to new
investors. Existing shareholders of the Fund who maintain open accounts will
be permitted to continue to make additional investments in the Fund.
The Fund will accept properly completed Account Applications postmarked by the
close of business on November 4, 1999. IRA transfers or rollovers will be
accepted if a properly completed IRA application and transfer form are
postmarked by the close of business on November 4, 1999. New Account
Applications, IRA applications or IRA transfer forms received by fax will
not be accepted.
During this period that the Fund is closed to new investors, the distribution
and service (12b-1) fee for Class A shares will be reduced from 0.35% to 0.25%
of the average daily net assets of the Fund. The 12b-1 fees for Class B and
Class C shares will not be reduced during this closed period.
The Fund may resume sales of shares to new investors at some future date if the
Board of Trustees determines that it would be in the best interest of the
shareholders.
The third full paragraph under the heading "INVESTMENT OBJECTIVE AND
STRATEGIES" on page 1 of the Prospectus should be deleted in its entirety and
replaced with the following:
"The Fund will invest at least 80% of its total assets in equity
securities, or securities convertible into equity securities, of
companies with market capitalizations, at the time of purchase, within
the range of market capitalizations of companies included in the Russell
2000--Registered Trademark-- Index. The Russell 2000--Registered
Trademark-- Index measures the performance of the smallest 2000
companies in the Russell 3000--Registered Trademark-- Index, which
measures the performance of the 3000 largest U.S. companies based on
the total market capitalization. The Fund may also invest up to 25% of
its total assets in foreign securities."
