<PAGE> 1
[AIM LOGO]
LETTER
TO OUR
SHAREHOLDERS
March 6, 1995
Dear Shareholder:
Volatility persisted in short-term fixed-income securities
markets over the six months ended February 28, 1995, as interest
rates continued to climb. The Federal Reserve Board maintained
its restrictive monetary policy by raising short-term interest
[PHOTO OF rates in November and again in February, which positioned the
CHARLES T. federal funds rate at approximately 6 percent and the discount
BAUER rate at 5.25 percent.
Chairman Financial markets strengthened as economic indicators, though
of the mixed, suggested a slower rate of growth in the economy. Such
Board of evidence prompted Federal Reserve Chairman Alan Greenspan to
the Fund] provide encouraging testimony before Congress in late February
that the current condition of the economy--moderate growth, low
unemployment, and low inflation--was healthier than it had been
in years. In addition, the Chairman told Congress that the
central bank would be ready to loosen credit at the first sign of
recession.
Greenspan's remarks triggered a rally in both stock and bond markets, but
the dollar fell. The dollar's persistent weakness led some analysts to
speculate that inflation remains a near-term possibility, prompting renewed
concerns that interest rates would have to rise again in coming months.
YOUR INVESTMENT PORTFOLIO
The Short-Term Investments Trust (STIT) Treasury Portfolio managers
consistently pursued the Portfolio's objective of maximizing current income
consistent with the preservation of capital and maintenance of liquidity,
concentrating the Portfolio's investments in repurchase agreements and U.S.
Treasury securities. At the end of the reporting period, Treasury Portfolio's
weighted average maturity was 27 days. A complete listing of the Portfolio's
holdings begins on page 2.
Treasury Portfolio managers took advantage of rising interest rates to
capture attractive yields and outperform similar funds tracked by the
IBC/Donoghue's Money Fund Averages(TM). As of February 28, 1995, the 30-day
average yield of the Cash Management Class of Treasury Portfolio was 5.76
percent compared to 5.56 percent for IBC/Donoghue's Money Fund Averages--
Government Only/Institutional Only and 5.24 percent for IBC/Donoghue's Money
Fund Averages--U.S. Treasury & Repurchase Agreements. Net assets of the Cash
Management Class of Treasury Portfolio were $73.37 million.
Treasury Portfolio maintained its AAAm credit quality rating, the highest
given by Standard & Poor's Corporation, a widely known credit rating agency.
The AAAm rating is historical and is based on annual analysis of the
Portfolio's credit quality and composition, management, and weekly portfolio
review.
OUTLOOK FOR THE FUTURE
Leading economic indicators continue to suggest healthy economic conditions and
low inflation, and the economy is widely expected to slow in the second half of
1995. As a result, fixed-income securities have begun to exhibit more stability
across most maturity levels. The direction of the dollar remains a significant
uncertainty that could precipitate renewed inflation concerns and higher
short-term interest rates.
AIM remains committed to the primary objectives of safety, liquidity, and
yield in institutional money fund management. As always, we are ready to
respond to your comments about this report and any questions you may have about
your Fund. Please call us at (800) 659-1005.
Respectfully submitted,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman
<PAGE> 2
SCHEDULE OF INVESTMENTS
February 28, 1995
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR (000) VALUE
<S> <C> <C> <C>
U.S. TREASURY SECURITIES-28.22%
U.S. TREASURY BILLS(a)
4.985% 03/16/95 $ 40,000 $ 39,916,917
----------------------------------------------------------------------------------------
4.99% 03/16/95 15,750 15,717,254
----------------------------------------------------------------------------------------
5.57% 03/30/95 25,000 24,887,827
----------------------------------------------------------------------------------------
5.515% 05/04/95 50,000 49,509,778
----------------------------------------------------------------------------------------
5.54% 05/04/95 30,000 29,704,534
----------------------------------------------------------------------------------------
5.80% 06/29/95 50,000 49,033,333
----------------------------------------------------------------------------------------
6.075% 06/29/95 35,000 34,291,250
----------------------------------------------------------------------------------------
6.165% 07/06/95 35,000 34,238,794
----------------------------------------------------------------------------------------
6.025% 08/24/95 50,000 48,527,222
----------------------------------------------------------------------------------------
6.065% 08/24/95 50,000 48,517,444
----------------------------------------------------------------------------------------
5.925% 08/31/95 30,000 29,096,438
----------------------------------------------------------------------------------------
5.935% 08/31/95 20,000 19,396,608
----------------------------------------------------------------------------------------
5.99% 08/31/95 50,000 48,485,861
----------------------------------------------------------------------------------------
471,323,260
----------------------------------------------------------------------------------------
U.S. TREASURY NOTES
3.875% 03/31/95 50,000 49,946,095
----------------------------------------------------------------------------------------
3.875% 04/30/95 156,798 156,244,753
----------------------------------------------------------------------------------------
5.875% 05/15/95 150,000 149,929,950
----------------------------------------------------------------------------------------
356,120,798
----------------------------------------------------------------------------------------
Total U.S. Treasury Securities 827,444,058
----------------------------------------------------------------------------------------
TOTAL INVESTMENTS (excluding
repurchase agreements) 827,444,058
========================================================================================
</TABLE>
2
<PAGE> 3
SCHEDULE OF INVESTMENTS
February 28, 1995
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR(000) VALUE
<S> <C> <C> <C>
REPURCHASE AGREEMENTS(b)-75.32%
BT Securities Corp.
6.05%(c) -- $130,000 $ 130,000,000
-----------------------------------------------------------------------------------------
6.10%(d) -- 46,000 46,000,000
-----------------------------------------------------------------------------------------
Barclays de Zoete Wedd Government
Securities, Inc.
6.10%(e) 03/01/95 140,000 140,000,000
-----------------------------------------------------------------------------------------
Bear, Stearns & Co. Inc.
6.10%(f) -- 130,000 130,000,000
-----------------------------------------------------------------------------------------
Citicorp Securities, Inc.
6.10%(g) 03/01/95 140,000 140,000,000
-----------------------------------------------------------------------------------------
Daiwa Securities America Inc.
6.10%(h) 03/01/95 130,000 130,000,000
-----------------------------------------------------------------------------------------
Deutsche Bank Government Securities,
Inc.
6.10%(i) -- 160,000 160,000,000
-----------------------------------------------------------------------------------------
6.10%(j) -- 111,000 111,000,000
-----------------------------------------------------------------------------------------
6.125%(k) 03/01/95 100,000 100,000,000
-----------------------------------------------------------------------------------------
Fuji Securities Inc.
6.11%(l) -- 100,000 100,000,000
-----------------------------------------------------------------------------------------
Goldman, Sachs & Co.
6.10%(m) 03/01/95 205,459 205,458,871
-----------------------------------------------------------------------------------------
Morgan (J.P.) Securities, Inc.
6.10%(n) 03/01/95 140,000 140,000,000
-----------------------------------------------------------------------------------------
Morgan Stanley Group, Inc.
6.10%(o) 03/01/95 200,000 200,000,000
-----------------------------------------------------------------------------------------
Nikko Securities Co., Ltd.
6.10%(p) -- 56,000 56,000,000
-----------------------------------------------------------------------------------------
SBC Government Securities, Inc.
6.10%(q) 03/01/95 140,000 140,000,000
-----------------------------------------------------------------------------------------
Smith Barney Inc.
6.09%(r) -- 140,000 140,000,000
-----------------------------------------------------------------------------------------
State Street Bank & Trust Co.
6.08%(s) 03/01/95 140,000 140,000,000
-----------------------------------------------------------------------------------------
Total Repurchase Agreements 2,208,458,871
-----------------------------------------------------------------------------------------
TOTAL INVESTMENTS-103.54% 3,035,902,929(t)
-----------------------------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES-(3.54%) (103,855,285)
-----------------------------------------------------------------------------------------
NET ASSETS-100.00% $2,932,047,644
=========================================================================================
</TABLE>
3
<PAGE> 4
NOTES TO SCHEDULE OF INVESTMENTS:
<TABLE>
<S> <C>
(a) U.S. Treasury Bills are traded on a discount basis. In such cases the
interest rate shown represents the rate of discount paid or received
at the time of purchase by the Portfolio.
(b) Collateral on repurchase agreements including the Portfolio's pro-rata
interest in joint repurchase agreements is taken into possession by
the Portfolio upon entering into the repurchase agreement. The
collateral is marked to market daily to ensure its market value as
being 102% of the sales price of the repurchase agreement. The
investments in some repurchase agreements are through participation in
joint accounts with other funds managed by the investment advisor.
(c) Open repurchase agreement entered into 02/27/95; however, either party
may terminate the agreement upon demand. Interest rates are
redetermined daily. Collateralized by $106,510,000 U.S. Treasury
obligations, 10.75% due 08/15/05.
(d) Open joint repurchase agreement entered into 02/27/95; however, either
party may terminate the agreement upon demand. Interest rates are
redetermined daily. Collateralized by $88,155,000 U.S. Treasury
obligations, 0% due 05/15/97 to 05/15/06.
(e) Entered into 02/28/95 with a maturing value of $140,023,722.
Collateralized by $140,058,000 U.S. Treasury obligations, 0% to
12.375% due 03/31/95 to 11/15/24.
(f) Open repurchase agreement entered into 12/08/94; however, either party
may terminate the agreement upon demand. Interest rates are
redetermined daily. Collateralized by $245,835,000 U.S. Treasury
obligations, 0% due 05/15/97 to 11/15/07.
(g) Entered into 02/28/95 with a maturing value of $140,023,722.
Collateralized by $142,400,000 U.S. Treasury obligations, 5.50% to
6.75% due 04/30/96 to 05/31/99.
(h) Entered into 02/28/95 with a maturing value of $130,022,028.
Collateralized by $130,486,000 U.S. Treasury obligations, 5.875% to
8.00% due 08/15/99 to 02/15/25.
(i) Open repurchase agreement entered into 04/13/94; however, either party
may terminate the agreement upon demand. Interest rates are
redetermined daily. Collateralized by $161,216,000 U.S. Treasury
obligations, 0% to 13.75% due 04/15/95 to 02/15/23.
(j) Open joint repurchase agreement entered into 12/09/94; however, either
party may terminate the agreement upon demand. Interest rates are
redetermined daily. Collateralized by $404,388,000 U.S. Treasury
obligations, 0% to 11.875% due 04/15/95 to 02/15/25.
(k) Entered into 02/28/95 with a maturing value of $100,017,014.
Collateralized by $104,265,000 U.S. Treasury obligations, 0% to 6.50%
due 04/20/95 to 08/15/97.
(l) Open joint repurchase agreement entered into 01/11/95; however, either
party may terminate the agreement upon demand. Interest rates are
redetermined daily. Collateralized by $309,970,000 U.S. Treasury
obligations, 0% due 11/15/00 to 05/15/14.
(m) Joint repurchase agreement entered into 02/28/95 with a maturing value
of $206,787,131. Collateralized by $204,407,000 U.S. Treasury
obligations, 0% to 8.875% due 08/15/95 to 11/15/98.
(n) Entered into 02/28/95 with a maturing value of $140,023,722.
Collateralized by $294,822,000 U.S. Treasury obligations, 0% to 12.00%
due 05/15/03 to 02/15/21.
(o) Entered into 02/28/95 with a maturing value of $200,033,889.
Collateralized by $202,540,000 U.S. Treasury obligations, 7.50% due
01/31/97.
(p) Open joint repurchase agreement entered into 12/12/94; however, either
party may terminate the agreement upon demand. Interest rates are
redetermined daily. Collateralized by $124,828,000 U.S. Treasury
obligations, 0% to 11.875% due 10/19/95 to 11/15/03.
</TABLE>
4
<PAGE> 5
<TABLE>
<S> <C>
(q) Entered into 02/28/95 with a maturing value of $140,023,722.
Collateralized by $141,914,000 U.S. Treasury obligations, 0% to 9.375%
due 03/02/95 to 11/15/01.
(r) Open repurchase agreement entered into 12/12/94; however, either party
may terminate the agreement upon demand. Interest rates are
redetermined daily. Collateralized by $136,935,000 U.S. Treasury
obligations, 0% to 10.75% due 05/15/95 to 02/15/16.
(s) Entered into 02/28/95 with a maturing value of $140,923,644.
Collateralized by $143,885,000 U.S. Treasury obligations, 6.25% due
08/31/96.
(t) Also represents cost for federal income tax purposes.
</TABLE>
See Notes to Financial Statements.
5
<PAGE> 6
STATEMENT OF ASSETS AND LIABILITIES
February 28, 1995
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, excluding repurchase agreements, at value (amortized
cost) $ 827,444,058
----------------------------------------------------------------------------------
Repurchase agreements 2,208,458,871
----------------------------------------------------------------------------------
Interest receivable 6,187,694
----------------------------------------------------------------------------------
Investment for deferred compensation plan 24,221
----------------------------------------------------------------------------------
Other assets 131,502
----------------------------------------------------------------------------------
Total assets 3,042,246,346
----------------------------------------------------------------------------------
LIABILITIES:
Payable for investments purchased 96,978,907
----------------------------------------------------------------------------------
Deferred compensation payable 24,221
----------------------------------------------------------------------------------
Dividends payable 12,834,198
----------------------------------------------------------------------------------
Accrued advisory fees 143,732
----------------------------------------------------------------------------------
Accrued distribution fees 142,184
----------------------------------------------------------------------------------
Accrued transfer agent fees 12,939
----------------------------------------------------------------------------------
Accrued trustees' fees 6,273
----------------------------------------------------------------------------------
Accrued administrative service fees 2,393
----------------------------------------------------------------------------------
Accrued custodian fees 25,002
----------------------------------------------------------------------------------
Accrued operating expenses 28,853
----------------------------------------------------------------------------------
Total liabilities 110,198,702
----------------------------------------------------------------------------------
NET ASSETS $2,932,047,644
==================================================================================
NET ASSETS:
Institutional Class $2,301,161,094
----------------------------------------------------------------------------------
Private Investment Class $ 468,472,728
----------------------------------------------------------------------------------
Personal Investment Class $ 89,047,935
----------------------------------------------------------------------------------
Cash Management Class $ 73,365,887
==================================================================================
NET ASSET VALUE PER SHARE:
SHARES OF BENEFICIAL INTEREST, $.01 PAR VALUE PER SHARE:
Institutional Class 2,301,011,703
----------------------------------------------------------------------------------
Private Investment Class 468,440,763
----------------------------------------------------------------------------------
Personal Investment Class 89,041,928
----------------------------------------------------------------------------------
Cash Management Class 73,361,123
==================================================================================
Net asset value, offering and redemption price per share $1.00
==================================================================================
</TABLE>
See Notes to Financial Statements.
6
<PAGE> 7
STATEMENT OF OPERATIONS
For the six months ended February 28, 1995
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest income $75,184,158
---------------------------------------------------------------------------------
EXPENSES:
Advisory fees 926,686
---------------------------------------------------------------------------------
Custodian fees 161,147
---------------------------------------------------------------------------------
Administrative service fees 95,203
---------------------------------------------------------------------------------
Trustees' fees and expenses 15,935
---------------------------------------------------------------------------------
Transfer agent fees 30,299
---------------------------------------------------------------------------------
Professional fees 56,894
---------------------------------------------------------------------------------
Distribution fees (Note 2) 853,156
---------------------------------------------------------------------------------
Other 124,074
---------------------------------------------------------------------------------
Total expenses 2,263,394
---------------------------------------------------------------------------------
Less expenses assumed by advisor (27,000)
---------------------------------------------------------------------------------
Net expenses 2,236,394
---------------------------------------------------------------------------------
Net investment income 72,947,764
---------------------------------------------------------------------------------
Net realized gain on sales of investments 37,616
---------------------------------------------------------------------------------
Net increase in net assets resulting from operations $72,985,380
=================================================================================
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended February 28, 1995 and the year
ended August 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
--------------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 72,947,764 $ 129,450,854
--------------------------------------------------------------------------------------
Net realized gain on sales of investments 37,616 63,526
--------------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 72,985,380 129,514,380
--------------------------------------------------------------------------------------
Distributions to shareholders from net investment
income (72,947,764) (129,450,854)
--------------------------------------------------------------------------------------
Share transactions -- net (95,296,212) (908,258,039)
--------------------------------------------------------------------------------------
Net increase (decrease) in net assets (95,258,596) (908,194,513)
--------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 3,027,306,240 3,935,500,753
--------------------------------------------------------------------------------------
End of period $2,932,047,644 $3,027,306,240
======================================================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $2,931,855,517 $3,027,151,729
--------------------------------------------------------------------------------------
Undistributed net realized gain on sales of
investments 192,127 154,511
--------------------------------------------------------------------------------------
$2,932,047,644 $3,027,306,240
======================================================================================
</TABLE>
See Notes to Financial Statements.
7
<PAGE> 8
NOTES TO FINANCIAL STATEMENTS
February 28, 1995
(Unaudited)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES
Short-Term Investments Trust (the "Fund") is
registered under the Investment Company Act of 1940,
as amended, as an open-end series diversified
management investment company. The Fund is organized
as a Delaware business trust consisting of two
different portfolios, each of which offers separate
series of shares: the Treasury Portfolio and the
Treasury TaxAdvantage Portfolio. Information
presented in these financial statements pertains
only to the Treasury Portfolio (the "Portfolio"),
with assets, liabilities and operations of each
portfolio being accounted for separately. The
Portfolio consists of four different classes of
shares: the Institutional Class, the Private
Investment Class, the Personal Investment Class, and
the Cash Management Class.
The following is a summary of the significant
accounting policies followed by the Portfolio in the
preparation of its financial statements.
A. Security Valuations - The Portfolio invests only
in securities which have maturities of 397 days
or less. The securities are valued on the basis
of amortized cost which approximates market
value. This method values a security at its cost
on the date of purchase and thereafter assumes a
constant amortization to maturity of any discount
or premium.
B. Securities Transactions, Investment Income and
Distributions - Securities transactions are
accounted for on a trade date basis. Realized
gains or losses are computed on the basis of
specific identification of the securities sold.
Interest income, adjusted for amortization of
premiums and discounts on investments, is accrued
daily. Dividends to shareholders are declared
daily and are paid on the first business day of
the following month.
C. Federal Income Taxes - The Portfolio intends to
comply with the requirements of the Internal
Revenue Code necessary to qualify as a regulated
investment company and, as such, will not be
subject to federal income taxes on otherwise
taxable income (including net realized capital
gains) which is distributed to shareholders.
Therefore, no provision for federal income taxes
is recorded in the financial statements.
D. Expenses - Operating expenses directly
attributable to a class of shares are charged to
that class' operations. Expenses which are
applicable to more than one class, e.g., advisory
fees, are allocated among them.
8
<PAGE> 9
NOTE 2-ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Fund has entered into a master investment
advisory agreement with A I M Advisors, Inc.
("AIM"). Under the terms of the master advisory
agreement, AIM receives a monthly fee with respect
to the Portfolio calculated by applying a monthly
rate, based upon the following annual rates, to the
average daily net assets of the Portfolio:
<TABLE>
<CAPTION>
Net Assets Rate
<S> <C>
---------------------------------------------------------------------------
First $300 million 0.15%
---------------------------------------------------------------------------
Over $300 million to $1.5 billion 0.06%
---------------------------------------------------------------------------
Over $1.5 billion 0.05%
===========================================================================
</TABLE>
AIM will, if necessary, reduce its fee for any
fiscal year to the extent required so that the
amount of ordinary expenses of the Portfolio
(excluding interest, taxes, brokerage commissions
and extraordinary expenses) paid or incurred by the
Portfolio for such fiscal year does not exceed the
applicable expense limitations imposed by the state
securities regulations in any state in which the
Portfolio's shares are qualified for sale. AIM
voluntarily reimbursed expenses of $27,000 on the
Treasury Portfolio Personal Investment Class during
the six months ended February 28, 1995.
The Portfolio, pursuant to a master administrative
services agreement with AIM, has agreed to reimburse
AIM for certain costs incurred in providing
accounting and shareholder services to the
Portfolio. During the six months ended February 28,
1995, the Portfolio reimbursed AIM $95,203 for such
services. Effective September 16, 1994, A I M
Institutional Fund Services ("AIFS") became a
transfer agent to the Fund.
Under the terms of a master distribution agreement
between Fund Management Company ("FMC") and the
Fund, FMC acts as the exclusive distributor of the
Fund's shares. The Fund has adopted a master
distribution plan (the "Plan") pursuant to Rule
12b-1 under the 1940 Act with respect to the Private
Investment Class, Personal Investment Class and the
Cash Management Class of the Portfolio. The Plan
provides that the Treasury Portfolio's Private
Investment Class, Personal Investment Class and Cash
Management Class may pay up to a 0.50%, 0.75% and
0.10%, respectively, maximum annual rate of the
average daily net assets attributable to such class.
Of this amount, the Fund may pay an asset-based
sales charge to FMC and the Fund may pay a service
fee of (a) 0.25% of the average daily net assets of
each of the Private Investment Class and the
Personal Investment Class and (b) 0.10% of the
average daily net assets of the Cash Management
Class, to selected banks, broker-dealers and other
financial institutions who offer continuing personal
shareholder services to their customers who purchase
and own shares of the Private Investment Class, the
Personal Investment Class or the Cash Management
Class. Any amounts not paid as a service fee under
such Plan would constitute an asset-based sales
charge. During the six months ended February 28,
1995, the Treasury Portfolio Private Investment
Class, the Treasury Portfolio Personal Investment
Class and the Treasury Portfolio Cash Management
Class accrued for compensation to FMC amounts of
$613,717, $210,098 and $29,341, respectively, under
the Plan. Certain officers and trustees of the Trust
are officers of AIM, FMC and AIFS.
The Portfolio paid legal fees of $1,646 for the
year ended February 28, 1995 for services rendered
by Reid & Priest as counsel to the Board of
Trustees. In September 1994, Kramer, Levin,
Naftalis, Nessen, Kamin & Frankel was appointed as
counsel to the Board of Trustees and the Portfolio
paid legal fees of $10,966 for services rendered by
that firm as counsel to the Board of Trustees. A
trustee of the Trust was a member of the firm of
Reid & Priest until September 1994, when be became a
member of Kramer, Levin, Naftalis, Nessen, Kamin &
Frankel.
9
<PAGE> 10
NOTE 3-TRUSTEES' FEES
Trustees' fees represent remuneration paid or
accrued to each trustee who is not an "interested
person" of the Fund. The Fund invests trustees'
fees, if so elected by a trustee, in mutual fund
shares in accordance with a deferred compensation
plan.
NOTE 4-SHARE INFORMATION
Changes in shares outstanding during the six months
ended February 28, 1995 and the year ended August
31, 1994 were as follows:
<TABLE>
<CAPTION>
February 28, 1995 August 31, 1994
---------------------------------- ----------------------------------
Shares Amount Shares Amount
<S> <C> <C> <C> <C>
---------------------------------- ----------------------------------
Sold:
Institutional Class 6,228,515,661 $ 6,228,515,661 26,026,026,543 $26,026,026,543
------------------------ ---------------------------------- ----------------------------------
Private Investment
Class 745,680,082 745,680,082 827,921,059 827,921,059
------------------------ ---------------------------------- ----------------------------------
Personal Investment
Class 244,087,733 244,087,733 343,375,963 343,375,963
------------------------ ---------------------------------- ----------------------------------
Cash Management Class 36,566,601 36,566,601 142,326,763 142,326,763
------------------------ ---------------------------------- ----------------------------------
Issued as reinvestment
of dividends:
Institutional Class 5,230,168 5,230,168 11,688,081 11,688,081
------------------------ ---------------------------------- ----------------------------------
Private Investment
Class 1,129,339 1,129,339 361,516 361,516
------------------------ ---------------------------------- ----------------------------------
Personal Investment
Class 1,003,959 1,003,959 1,153,701 1,153,701
------------------------ ---------------------------------- ----------------------------------
Cash Management Class 1,224,623 1,224,623 1,883,744 1,883,744
------------------------ ---------------------------------- ----------------------------------
Reacquired:
Institutional Class (6,384,997,730) (6,384,997,730) (27,238,038,910) (27,238,038,910)
------------------------ ---------------------------------- ----------------------------------
Private Investment
Class (691,063,841) (691,063,841) (619,863,560) (619,863,560)
------------------------ ---------------------------------- ----------------------------------
Personal Investment
Class (244,627,552) (244,627,552) (325,817,071) (325,817,071)
------------------------ ---------------------------------- ----------------------------------
Cash Management Class (38,045,255) (38,045,255) (79,275,868) (79,275,868)
------------------------ ---------------------------------- ----------------------------------
Net increase (decrease) (95,296,212) $ (95,296,212) (908,258,039) $ (908,258,039)
======================== ================================== ==================================
</TABLE>
10
<PAGE> 11
NOTE 5-FINANCIAL HIGHLIGHTS
Shown below are the condensed financial highlights
for a share outstanding of the Treasury Portfolio
Cash Management Class during the six months ended
February 28, 1995, the year ended August 31, 1994
and the period August 17, 1993 (date operations
commenced) through August 31, 1993.
<TABLE>
<CAPTION>
AUGUST 31,
FEBRUARY 28, -------------------
1995 1994 1993
------ ------ ------
<S> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
----------------------------------------------- ------- ------- ------
Income from investment operations:
Net investment income 0.03 0.03 0.001
----------------------------------------------- ------- ------- ------
Less distributions:
Dividends from net investment income (0.03) (0.03) (0.001)
----------------------------------------------- ------- ------- ------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
=============================================== ======= ======= ======
Total return 5.10%(a) 3.44% 2.91%(a)
=============================================== ======= ======= ======
Ratios/supplemental data:
Net assets, end of period (000s omitted) $73,366 $73,619 $8,681
=============================================== ======= ======= ======
Ratio of expenses to average net assets 0.18%(b) 0.16%(c) 0.16%(a)
=============================================== ======= ======= ======
Ratio of net investment income to average net
assets 5.04%(b) 3.48%(c) 3.00%(a)
=============================================== ======= ======= ======
</TABLE>
(a) Annualized.
(b) Ratios are annualized and based on average net
assets of $73,959,485.
(c) Had there been no expense reimbursements, the
ratios of expenses and net investment income to
average net assets would have been 0.19% and
3.45%.
11
<PAGE> 12
TRUSTEES
Charles T. Bauer John F. Kroeger
Bruce L. Crockett Lewis F. Pennock
Owen Daly II Ian W. Robinson
Carl Frischling Louis S. Sklar
Robert H. Graham
OFFICERS
Charles T. Bauer Chairman
Robert H. Graham President
John J. Arthur Sr. Vice President & Treasurer
Gary T. Crum Sr. Vice President
William H. Kleh Sr. Vice President
Carol F. Relihan Vice President & Secretary
Dana R. Sutton Vice President & Assistant Treasurer
Polly A. Ahrendts Vice President
Gary V. Beauchamp Vice President
Melville B. Cox Vice President
Karen Dunn Kelley Vice President
J. Abbott Sprague Vice President
Joseph A. Dichiara Assistant Vice President
Dineen Hughes Assistant Vice President
Nancy L. Martin Assistant Secretary
Kathleen J. Pflueger Assistant Secretary
Samuel D. Sirko Assistant Secretary
Stephen I. Winer Assistant Secretary
Mary J. Benson Assistant Treasurer
INVESTMENT ADVISOR
A I M Advisors, Inc.
11 Greenway Plaza, Suite 1919
Houston, TX 77046
(800) 347-1919
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza, Suite 1919
Houston, TX 77046
(800) 659-1005
CUSTODIAN
The Bank of New York
110 Washington Street
New York, NY 10286
LEGAL COUNSEL TO FUND
Ballard Spahr Andrews & Ingersoll
1735 Market Street, 51st Floor
Philadelphia, PA 19103-7599
LEGAL COUNSEL TO TRUSTEES
Kramer, Levin, Naftalis, Nessen, Kamin & Frankel
919 Third Avenue
New York, NY 10022
TRANSFER AGENTS
State Street Bank & Trust Co.
225 Franklin Street
Boston, MA 02110
and
A I M Institutional Fund Services, Inc.
11 Greenway Plaza, Suite 1919
Houston, TX 77046
This report may be distributed only to current shareholders or to persons who
have received a current prospectus.
Short-Term
Investments Trust
(STIT)
Treasury Portfolio
Cash Management
Class
Semi-
Annual
Report
February 28, 1995
[LOGO OF FUND MANAGEMENT COMPANY]
