<PAGE>
[AIM LOGO APPEARS HERE] Dear Shareholder:
[PHOTO of
Charles T. We are pleased to report that during the six months
LETTER Bauer covered by this report, Short-Term Investments Trust
TO OUR Chairman of (STIT) Treasury Portfolio Cash Management Class
SHAREHOLDERS The Board of continued to capture the attractive yields available
The Fund through a portfolio of U.S. Treasury securities and
APPEARS HERE] repurchase agreements secured by such securities.
As of February 29, 1996, the close of the reporting period, the
30-day average yield for the Cash Management Class of the Treasury
Portfolio was 5.15%, compared to 4.95% for IBC/Donoghue's Money
Fund Averages(TM)-Government Only/Institutions Only and 4.64% for
IBC/Donoghue's Money Fund Averages(TM)-U.S. Treasury & Repurchase
Agreements. The Cash Management Class's seven-day yield was 5.15%.
At the close of the reporting period, net assets of the Cash
Management Class of the Portfolio were $763.1 million.
STIT Treasury Portfolio maintained its strict investment
discipline, concentrating investments in U.S. Treasury securities
and repurchase agreements, with the objective of the maximization
of current income to the extent consistent with the preservation
of capital and the maintenance of liquidity.
We are pleased to note that STIT 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, composition, management, and weekly
portfolio review.
Financial markets were favorable during the first half of the
reporting period. Inflation seemed thoroughly tamed while economic
growth was a robust 3.6% during the third quarter of 1995.
However, late in 1995, signs of economic weakness began to emerge,
including contraction in industrial production and declines in the
index of leading economic indicators. These were sufficient to
prompt the Federal Reserve Board to lower short-term interest
rates twice, first in December 1995 and again at the end of
January 1996.
At the close of the reporting period, the near-term prognosis
was for slow-to-moderate economic growth coupled with low
inflation. Such conditions could put additional downward pressure
on interest rates, and many believe further rate cuts may be
necessary. However, in testimony before Congress late in February,
Federal Reserve Board Chairman Alan Greenspan described the
economy as "basically on track for sustained growth," leaving open
the possibility that rates could remain unchanged. The relatively
short weighted average maturity of STIT Treasury Portfolio enables
it to respond quickly to changes in the interest rate environment.
At the close of the reporting period, the Portfolio's weighted
average maturity was 39 days.
AIM remains committed to service and to the primary objectives
of safety, liquidity, and yield in institutional money fund
management. We are ready to respond to your comments about this
report and to any questions you may have. Please contact one of
our representatives at 800-659-1005.
Respectfully submitted,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman
Government securities, such as U.S. Treasury bills and bonds,
offer a high degree of safety and are guaranteed as to timely
payment of principal and interest. Fund shares are not insured and
their yield will vary with market conditions. There can be no
assurance that the Portfolio will be able to maintain a net asset
value of $1.00 per share.
<PAGE>
SCHEDULE OF INVESTMENTS
February 29, 1996
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR (000) VALUE
<S> <C> <C> <C>
U.S. TREASURY SECURITIES - 29.37%
U.S. TREASURY BILLS(a) - 15.41%
5.27% 03/14/96 $ 25,000 $ 24,952,423
- ----------------------------------------------------------------------------
5.305% 03/14/96 25,000 24,952,108
- ----------------------------------------------------------------------------
5.32% 03/14/96 50,000 49,903,945
- ----------------------------------------------------------------------------
5.30% 03/28/96 50,000 49,801,250
- ----------------------------------------------------------------------------
5.308% 03/28/96 25,000 24,900,484
- ----------------------------------------------------------------------------
5.31% 04/11/96 50,000 49,697,625
- ----------------------------------------------------------------------------
5.19% 05/02/96 50,000 49,553,083
- ----------------------------------------------------------------------------
5.25% 05/16/96 50,000 49,445,834
- ----------------------------------------------------------------------------
5.15% 06/06/96 50,000 49,306,181
- ----------------------------------------------------------------------------
5.055% 06/27/96 25,000 24,585,771
- ----------------------------------------------------------------------------
5.19% 06/27/96 25,000 24,574,709
- ----------------------------------------------------------------------------
5.295% 06/27/96 25,000 24,566,104
- ----------------------------------------------------------------------------
5.40% 06/27/96 25,000 24,557,500
- ----------------------------------------------------------------------------
4.735% 08/22/96 50,000 48,855,708
- ----------------------------------------------------------------------------
5.27% 08/22/96 20,000 19,490,567
- ----------------------------------------------------------------------------
5.54% 08/22/96 20,000 19,464,424
- ----------------------------------------------------------------------------
5.55% 08/22/96 12,600 12,261,986
- ----------------------------------------------------------------------------
5.28% 09/19/96 20,000 19,407,466
- ----------------------------------------------------------------------------
590,277,168
- ----------------------------------------------------------------------------
U.S. TREASURY NOTES - 13.96%
7.75% 03/31/96 45,000 45,071,156
- ----------------------------------------------------------------------------
9.375% 04/15/96 55,000 55,259,212
- ----------------------------------------------------------------------------
5.50% 04/30/96 50,000 50,002,051
- ----------------------------------------------------------------------------
7.625% 04/30/96 50,000 50,190,805
- ----------------------------------------------------------------------------
7.375% 05/15/96 24,000 24,079,459
- ----------------------------------------------------------------------------
7.875% 07/15/96 5,600 5,653,519
- ----------------------------------------------------------------------------
6.50% 09/30/96 50,000 50,389,032
- ----------------------------------------------------------------------------
7.00% 09/30/96 75,000 75,768,605
- ----------------------------------------------------------------------------
8.00% 10/15/96 25,000 25,413,276
- ----------------------------------------------------------------------------
7.50% 12/31/96 100,000 101,980,497
- ----------------------------------------------------------------------------
8.00% 01/15/97 50,000 51,201,029
- ----------------------------------------------------------------------------
535,008,641
- ----------------------------------------------------------------------------
Total U.S. Treasury Securities 1,125,285,809
- ----------------------------------------------------------------------------
Total Investments, excluding Repurchase
Agreements 1,125,285,809
- ----------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
MATURITY PAR (000) VALUE
<S> <C> <C> <C>
REPURCHASE AGREEMENTS(b) - 69.80%
BA Securities, Inc. 5.42%(c) 03/01/96 $140,000 $ 140,000,000
- -------------------------------------------------------------------------------
BT Securities Corp.
5.40%(d) -- 130,000 130,000,000
5.45%(e) -- 50,000 50,000,000
- -------------------------------------------------------------------------------
Bear, Stearns & Co. 5.41%(f) -- 140,000 140,000,000
- -------------------------------------------------------------------------------
Citicorp Securities, Inc. 5.42%(g) 03/01/96 140,000 140,000,000
- -------------------------------------------------------------------------------
Daiwa Securities America Inc. 5.44%(h) 03/01/96 261,980 261,980,380
- -------------------------------------------------------------------------------
Deutsche Bank Government Securities, Inc.
5.44%(i) -- 560,000 560,000,000
- -------------------------------------------------------------------------------
Goldman, Sachs & Co.
5.42%(j) 03/01/96 221,000 221,000,000
6.00%(k) 03/01/96 156,494 156,493,696
- -------------------------------------------------------------------------------
Morgan (J.P.) Securities, Inc. 5.40%(l) 03/01/96 140,000 140,000,000
- -------------------------------------------------------------------------------
Nesbitt Burns Securities Inc. 5.45%(m) -- 85,000 85,000,000
- -------------------------------------------------------------------------------
Nikko Securities Co., Ltd. 5.43%(n) -- 130,000 130,000,000
- -------------------------------------------------------------------------------
Nomura Securities International, Inc.
5.41%(o) -- 140,000 140,000,000
- -------------------------------------------------------------------------------
SBC Capital Markets Inc. 5.50%(p) 03/01/96 100,000 100,000,000
- -------------------------------------------------------------------------------
Smith Barney Inc. 5.40%(q) 03/01/96 140,000 140,000,000
- -------------------------------------------------------------------------------
UBS Securities Inc. 5.43%(r) -- 140,000 140,000,000
- -------------------------------------------------------------------------------
Total Repurchase Agreements 2,674,474,076
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS - 99.17% 3,799,759,885(s)
- -------------------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES - 0.83% 31,675,623
- -------------------------------------------------------------------------------
NET ASSETS - 100.00% $3,831,435,508
===============================================================================
</TABLE>
NOTES TO SCHEDULE OF INVESTMENTS:
(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 repurchase agreement. The investments in some repurchase
agreements are through participation in joint accounts with other mutual
funds managed by the investment advisor.
(c) Entered into 02/29/96 with a maturing value of $140,021,078. Collateralized
by $143,130,000 U.S. Treasury obligations, 0% to 7.125% due 09/19/96 to
02/29/00.
(d) Open repurchase agreement entered into 02/27/95; however, either party may
terminate the agreement upon demand. Interest rates, par and collateral are
redetermined daily. Collateralized by $118,292,000 U.S. Treasury
obligations, 6.25% to 8.75% due 11/15/97 to 08/15/23.
(e) Open repurchase agreement entered into 02/27/95; however, either party may
terminate the agreement upon demand. Interest rates, par and collateral are
redetermined daily. Collateralized by $82,755,000 U.S. Treasury
obligations, 0% to 6.25% due 05/15/02 to 08/15/23.
(f) Open repurchase agreement entered into 07/06/95; however, either party may
terminate the agreement upon demand. Interest rates, par and collateral are
redetermined daily. Collateralized by $257,575,000 U.S. Treasury STRIPS due
05/15/97 to 02/15/09.
(g) Joint repurchase agreement entered into 02/29/96 with a maturing value of
$140,021,078. Collateralized by $133,020,000 U.S. Treasury obligations,
6.50% to 11.75% due 04/30/97 to 11/15/14.
(h) Joint repurchase agreement entered into 02/29/96 with a maturing value of
$311,474,334. Collateralized by $290,042,000 U.S. Treasury obligations, 0%
to 8.875% due 05/31/96 to 08/15/17.
3
<PAGE>
(i) Open joint repurchase agreement entered into 10/13/95; however, either
party may terminate the agreement upon demand. Interest rates, par and
collateral are redetermined daily. Collateralized by $578,194,000 U.S.
Treasury obligations, 0% to 5.25% due 05/30/96 to 07/31/98.
(j) Joint repurchase agreement entered into 02/29/96 with a maturing value of
$221,033,273. Collateralized by $206,274,000 U.S. Treasury obligations,
5.25% to 7.625% due 12/31/97 to 11/15/22.
(k) Joint repurchase agreement entered into 02/29/96 with a maturing value of
$195,032,500. Collateralized by $190,359,000 U.S. Treasury obligations,
5.25% to 8.75% due 08/31/97 to 11/15/08.
(l) Joint repurchase agreement entered into 02/29/96 with a maturing value of
$140,021,000. Collateralized by $96,887,000 U.S. Treasury obligations,
12.00% due 08/15/13.
(m) Open joint repurchase agreement entered into 12/07/95; however, either
party may terminate the agreement upon demand. Interest rates, par and
collateral are redetermined daily. Collateralized by $409,113,000 U.S.
Treasury obligations, 0% to 6.25% due 05/16/96 to 02/15/25.
(n) Open joint repurchase agreement entered into 12/12/94; however, either
party may terminate the agreement upon demand. Interest rates, par and
collateral are redetermined daily. Collateralized by $124,449,000 U.S.
Treasury obligations, 0% to 9.125% due 03/21/96 to 08/15/22.
(o) Open joint repurchase agreement entered into 11/08/95; however, either
party may terminate the agreement upon demand. Interest rates, par and
collateral are redetermined daily. Collateralized by $139,203,000 U.S.
Treasury obligations, 5.625% to 7.125% due 08/31/97 to 02/15/06.
(p) Joint repurchase agreement entered into 02/29/96 with a maturing value of
$100,015,278. Collateralized by $189,099,000 U.S. Treasury obligations, 0%
due 05/09/96 to 02/15/07.
(q) Joint repurchase agreement entered into 02/29/96 with a maturing value of
$140,021,000. Collateralized by $139,845,000 U.S. Treasury obligations, 0%
to 7.75% due 03/07/96 to 11/15/16.
(r) Open joint repurchase agreement entered into 11/29/95; however, either
party may terminate the agreement upon demand. Interest rates, par and
collateral are redetermined daily. Collateralized by $144,802,000 U.S.
Treasury obligations, 0% due 03/14/96 to 07/25/96.
(s) Also represents cost for federal income tax purposes.
See Notes to Financial Statements.
4
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
February 29, 1996
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, excluding repurchase agreements, at value
(amortized cost) $1,125,285,809
- ------------------------------------------------------------------------
Repurchase agreements 2,674,474,076
- ------------------------------------------------------------------------
Receivables:
Interest receivable 12,963,859
- ------------------------------------------------------------------------
Investments sold 35,091,721
- ------------------------------------------------------------------------
Investment for deferred compensation plan 39,621
- ------------------------------------------------------------------------
Other assets 205,151
- ------------------------------------------------------------------------
Total assets 3,848,060,237
- ------------------------------------------------------------------------
LIABILITIES:
Payables for:
Dividends 15,383,590
- ------------------------------------------------------------------------
Deferred compensation 39,621
- ------------------------------------------------------------------------
Amount due to custodian bank 550,000
- ------------------------------------------------------------------------
Accrued advisory fees 179,382
- ------------------------------------------------------------------------
Accrued distribution fees 216,085
- ------------------------------------------------------------------------
Accrued transfer agent fees 48,748
- ------------------------------------------------------------------------
Accrued trustees' fees 3,224
- ------------------------------------------------------------------------
Accrued administrative services fees 8,428
- ------------------------------------------------------------------------
Accrued operating expenses 195,651
- ------------------------------------------------------------------------
Total liabilities 16,624,729
- ------------------------------------------------------------------------
NET ASSETS $3,831,435,508
========================================================================
NET ASSETS:
Institutional Class $2,387,209,694
========================================================================
Private Investment Class $ 534,534,437
========================================================================
Personal Investment Class $ 146,630,169
========================================================================
Cash Management Class $ 763,061,198
========================================================================
Resource Class $ 10
========================================================================
SHARES OF BENEFICIAL INTEREST, $.01 PAR VALUE PER SHARE:
Institutional Class 2,386,887,854
========================================================================
Private Investment Class 534,463,798
========================================================================
Personal Investment Class 146,610,155
========================================================================
Cash Management Class 762,958,252
========================================================================
Resource Class 10
========================================================================
NET ASSET VALUE PER SHARE:
Net asset value, offering and redemption price per share $ 1.00
========================================================================
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
STATEMENT OF OPERATIONS
For the six months ended February 29, 1996
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest income $97,035,383
- ------------------------------------------------------------------
EXPENSES:
Advisory fees 1,057,634
- ------------------------------------------------------------------
Custodian fees 85,031
- ------------------------------------------------------------------
Administrative services fees 40,783
- ------------------------------------------------------------------
Trustees' fees and expenses 12,524
- ------------------------------------------------------------------
Transfer agent fees 126,484
- ------------------------------------------------------------------
Distribution fees (Note 2) 1,102,257
- ------------------------------------------------------------------
Other 276,780
- ------------------------------------------------------------------
Total expenses 2,701,493
- ------------------------------------------------------------------
Less expenses assumed by advisor (48,000)
- ------------------------------------------------------------------
Net expenses 2,653,493
- ------------------------------------------------------------------
Net investment income 94,381,890
- ------------------------------------------------------------------
Net realized gain on sales of investments 357,245
- ------------------------------------------------------------------
Net increase in net assets resulting from operations $94,739,135
==================================================================
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended February 29, 1996 and the year ended August 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
FEBRUARY 29, AUGUST 31,
1996 1995
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 94,381,890 $ 164,659,385
- -----------------------------------------------------------------------------
Net realized gain on sales of investments 357,245 67,230
- -----------------------------------------------------------------------------
Net increase in net assets resulting from
operations 94,739,135 164,726,615
- -----------------------------------------------------------------------------
Distributions to shareholders from net
investment income (94,381,890) (164,659,385)
- -----------------------------------------------------------------------------
Distributions to shareholders from net
realized gain on investments -- (63,547)
- -----------------------------------------------------------------------------
Share transactions-net 571,109,591 232,658,749
- -----------------------------------------------------------------------------
Net increase in net assets 571,466,836 232,662,432
- -----------------------------------------------------------------------------
NET ASSETS:
Beginning of period 3,259,968,672 3,027,306,240
- -----------------------------------------------------------------------------
End of period $3,831,435,508 $3,259,968,672
=============================================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $3,830,920,069 $3,259,810,478
- -----------------------------------------------------------------------------
Undistributed net realized gain on sales of
investments 515,439 158,194
- -----------------------------------------------------------------------------
$3,831,435,508 $3,259,968,672
=============================================================================
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
February 29, 1996
(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
five different classes of shares: the Institutional Class, the Private
Investment Class, the Personal Investment Class, the Cash Management Class and
the Resource Class. Matters affecting each class are voted on exclusively by
the shareholders of each class. As of February 29, 1996, the Resource Class had
not commenced operations. The Portfolio's objective is the maximization of
current income to the extent consistent with the preservation of capital and
the maintenance of liquidity.
The following is a summary of significant accounting policies followed by the
Portfolio in the preparation of its financial statements. The preparation of
financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
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.
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 $48,000 on the Personal Investment Class during the six months
ended February 29, 1996.
7
<PAGE>
The Portfolio, pursuant to a master administrative services agreement with
AIM, has agreed to reimburse AIM for certain costs incurred in providing
accounting services to the Portfolio. During the six months ended February 29,
1996, the Portfolio reimbursed AIM $40,783 for such services.
The Portfolio, pursuant to a transfer agent and service agreement, has agreed
to pay A I M Institutional Fund Services, Inc. ("AIFS") a fee for providing
transfer agent and shareholder services to the Portfolio. During the six months
ended February 29, 1996, the Portfolio paid AIFS $126,484 for such services.
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, the Personal Investment Class, the Cash Management Class and
the Resource Class of the Portfolio. The Plan provides that the Private
Investment Class, the Personal Investment Class, the Cash Management Class and
the Resource Class pay up to a 0.50%, 0.75%, 0.10%, and 0.20%, 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, (b) 0.10% of
the average daily net assets of the Cash Management Class and (c) 0.20% of the
average daily net assets of the Resource 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, the Cash Management
Class or the Resource 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 29, 1996, the Private Investment Class, the Personal Investment Class,
the Cash Management Class and the Resource Class accrued for compensation to
FMC amounts of $635,378, $329,835, $137,045 and $0, respectively, under the
Plan. Certain officers and trustees of the Trust are officers of AIM, FMC and
AIFS.
During the six months ended February 29, 1996, the Portfolio paid legal fees
of $7,272 for services provided by Kramer, Levin, Naftalis, Nessen, Kamin &
Frankel. A member of that firm is a trustee of the Fund.
NOTE 3-TRUSTEES' FEES
Trustees' fees represent remuneration paid or accrued to each trustee who is
not an "interested person" of AIM. The Fund invests trustees' fees, if so
elected by a trustee, in mutual fund shares in accordance with a deferred
compensation plan.
8
<PAGE>
NOTE 4-SHARE INFORMATION
Changes in shares outstanding during the six months ended February 29, 1996 and
the year ended August 31, 1995 were as follows:
<TABLE>
<CAPTION>
FEBRUARY 29, AUGUST 31,
1996 1995
------------------------------- ---------------------------------
SHARES AMOUNT SHARES AMOUNT
-------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
Sold:
Institutional Class 7,300,815,732 $ 7,300,815,732 13,265,129,336 $ 13,265,129,336
- ------------------------------------------------------------------------------------------
Private Investment
Class 1,763,283,441 1,763,283,441 3,483,722,415 3,483,722,415
- ------------------------------------------------------------------------------------------
Personal Investment
Class 478,130,342 478,130,342 628,065,796 628,065,796
- ------------------------------------------------------------------------------------------
Cash Management Class 1,936,631,238 1,936,631,238 97,195,296 97,195,296
- ------------------------------------------------------------------------------------------
Resource Class* 10 10 -- --
- ------------------------------------------------------------------------------------------
Issued as reinvestment
of dividends:
Institutional Class 5,625,423 5,625,423 11,558,277 11,558,277
- ------------------------------------------------------------------------------------------
Private Investment
Class 1,130,900 1,130,900 2,167,906 2,167,906
- ------------------------------------------------------------------------------------------
Personal Investment
Class 2,344,038 2,344,038 2,719,512 2,719,512
- ------------------------------------------------------------------------------------------
Cash Management Class 2,294,121 2,294,121 2,671,137 2,671,137
- ------------------------------------------------------------------------------------------
Resource Class* -- -- -- --
- ------------------------------------------------------------------------------------------
Reacquired:
Institutional Class (7,589,060,727) (7,589,060,727) (13,059,443,790) (13,059,443,790)
- ------------------------------------------------------------------------------------------
Private Investment
Class (1,624,516,813) (1,624,516,813) (3,504,019,234) (3,504,019,234)
- ------------------------------------------------------------------------------------------
Personal Investment
Class (448,386,113) (448,386,113) (604,841,208) (604,841,208)
- ------------------------------------------------------------------------------------------
Cash Management Class (1,257,182,001) (1,257,182,001) (92,266,694) (92,266,694)
- ------------------------------------------------------------------------------------------
Resource Class* -- -- -- --
- ------------------------------------------------------------------------------------------
Net increase 571,109,591 $ 571,109,591 232,658,749 $ 232,658,749
==========================================================================================
</TABLE>
* As of February 29, 1996, the Resource Class of the Portfolio had not
commenced operations.
9
<PAGE>
NOTE 5-FINANCIAL HIGHLIGHTS
Shown below are the condensed financial highlights for a share outstanding of
the Cash Management Class during the six months ended February 29, 1996, each
of the years in the two-year period ended August 31, 1995 and the period August
17, 1993 (date operations commenced) through August 31, 1993.
<TABLE>
<CAPTION>
AUGUST 31,
FEBRUARY 29, ---------------------------
1996 1995 1994 1993
------------ ------- ------- ------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ------------------------------- -------- ------- ------- ------
Income from investment
operations:
Net investment income 0.03 0.05 0.03 0.001
- ------------------------------- -------- ------- ------- ------
Less distributions:
Dividends from net investment
income (0.03) (0.05) (0.03) (0.001)
- ------------------------------- -------- ------- ------- ------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
=============================== ======== ======= ======= ======
Total return 5.58%(a) 5.57% 3.44% 2.91%(a)
=============================== ======== ======= ======= ======
Ratios/supplemental data:
Net assets, end of period (000s
omitted) $763,061 $81,219 $73,619 $8,681
=============================== ======== ======= ======= ======
Ratio of expenses to average
net assets 0.17%(b) 0.18% 0.16%(c) 0.16%(a)
=============================== ======== ======= ======= ======
Ratio of net investment income
to average net assets 5.42%(b) 5.42% 3.48%(c) 3.00%(a)
=============================== ======== ======= ======= ======
</TABLE>
(a) Annualized.
(b) Ratios are annualized and based on average net assets of $343,553,627.
(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%,
respectively.
10
<PAGE>
This page intentionally left blank.
11
<PAGE>
<TABLE>
<S> <C>
TRUSTEES
Charles T. Bauer John F. Kroeger Short-Term
Bruce L. Crockett Lewis F. Pennock Investments Trust
Owen Daly II Ian W. Robinson (STIT)
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 Treasury Portfolio
Carol F. Relihan Sr. Vice President & Secretary -----------------------------------------------------
Melville B. Cox Vice President Cash SEMI-
Karen Dunn Kelley Vice President Management ANNUAL
J. Abbott Sprague Vice President Class REPORT
Dana R. Sutton Vice President & Assistant Treasurer
P. Michelle Grace Assistant Secretary
David L. Kite Assistant Secretary FEBRUARY 29, 1996
Nancy L. Martin Assistant Secretary
Ofelia M. Mayo 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
90 Washington Street, 11th Floor
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 AGENT
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 [LOGO APPEARS HERE]
to persons who have received a current Fund prospectus. FUND MANAGEMENT COMPANY
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