<PAGE>
[AIM LOGO APPEARS HERE] Dear Shareholder:
[PHOTO of For the most part, the six-month period covered
Charles T. Bauer, by this report on the Treasury TaxAdvantage
Chairman of the Portfolio of Short-Term Investments Trust was
LETTER Board of the Fund, marked by relative stability in short-term
TO OUR APPEARS HERE] financial markets. The markets expected that
SHAREHOLDERS Federal Reserve Board policy would be unchanged
because of prevailing evidence of an economy growing at a
sustainable, noninflationary rate.
Only during the last week of February 1997 did short-term rates
move significantly, rising as markets began to anticipate higher
short-term interest rates. That change in market sentiment occurred
primarily in response to statements by Fed Chairman Alan Greenspan.
In his semiannual testimony before Congress, Greenspan spoke of the
Open Market Committee's being on "heightened" alert to the
possibility of future inflation. Greenspan's concern focused on the
continued dramatic rise in equity markets and on evidence that a
strong job market could ignite inflationary wage pressures.
YOUR INVESTMENT PORTFOLIO
Because of its relatively short average maturity, Treasury
TaxAdvantage Portfolio was able to take advantage of these higher
rates to improve the Fund's performance. The weighted average
maturity of the Portfolio was extended slightly, to 52 days at the
close of the reporting period.
The Treasury TaxAdvantage Portfolio continued to practice its
strict investment discipline, purchasing only direct obligations of
the U.S. Treasury. The portfolio seeks to maximize current income to
the extent consistent with preservation of capital and maintenance
of liquidity. This investment strategy is intended to provide
shareholders with dividends exempt from state and local income tax.
Government securities, such as U.S. Treasury bills and bonds,
offer a high degree of safety and are guaranteed as to the timely
payment of principal if held to maturity. As with any money market
fund, an investment in Treasury TaxAdvantage Portfolio is neither
insured nor guaranteed by the U.S. government, the FDIC or a bank,
and there can be no assurance that the Portfolio will be able to
maintain a stable net asset value of $1.00 per share.
As of February 28, 1997, the Private Investment Class of the
Portfolio offered competitive yields: Its average monthly yield was
4.68%, its seven-day yield was 4.69%. Net assets of the Private
Investment Class stood at $51.5 million.
The Portfolio continues to hold the highest credit quality ratings
given by two widely known credit-rating agencies: AAAm-G from
Standard & Poor's Corporation and Aaa from Moody's Investors
Service, Inc. The ratings are historical and are based on an
analysis of the Portfolio's credit quality, composition, management,
and weekly portfolio reviews.
OUTLOOK FOR THE FUTURE
As the reporting period drew to a close, there was uncertainty
concerning the movement of interest rates. As mentioned above, Fed
Chairman Greenspan had told Congress the central bank was vigilant
about "potentially inflationary expansion." On the other hand,
information and data
<PAGE>
prepared in advance of the Open Market Committee's March meeting
reported temperate price pressures in both the retail and
manufacturing sectors, and described the economy as expanding at "a
relatively moderate pace."
While this made an imminent interest rate hike seem unlikely, it
left markets alert to the possibility of a Fed tightening in the
near term. Treasury TaxAdvantage Portfolio management will remain
cautionary and will continue to manage the portfolio to provide the
maximum flexibility possible to respond to changes in the short-term
interest rate environment.
The prudence of that cautionary stance became evident on March 25,
1997, after the close of the reporting period. The Federal Reserve
Board's Open Market Committee raised the target federal funds rate
25 basis points, a step that, by then, had become widely
anticipated.
AIM/INVESCO MERGER FINALIZED
We are pleased to announce that the merger of A I M Management Group
Inc. and INVESCO plc was concluded on February 28, 1997. AIM is now
part of one of the world's largest independent investment management
groups with approximately $160 billion in assets under management.
The merger creates a company with the financial strength necessary
to meet your needs in an increasingly competitive financial services
environment, both in the United States and worldwide. Though now
under one holding company, AIM and INVESCO will continue to operate
as separate entities. Therefore, this merger will not change the
portfolio management, investment style, or name of any of the AIM
funds you own. The merger's completion begins a new and promising
era for AIM, one we believe will yield exciting opportunities.
We are pleased to send you this report concerning your investment.
AIM is committed to customer service and to the primary goals of
safety, liquidity and yield in Private Investment 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 if we may be of service.
Respectfully submitted,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman
The annual shareholder meeting of
Short-Term Investments Trust and Treasury
TaxAdvantage Portfolio was held on February 7,
1997. For details of the business transacted at
that meeting, please see Note 2 to the
Financial Statements in this report.
2
<PAGE>
SCHEDULE OF INVESTMENTS
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
MATURITY PAR (000) VALUE
<S> <C> <C> <C>
U.S. TREASURY SECURITIES
U.S. TREASURY BILLS(a) - 80.07%
4.855% 03/27/97 $14,325 $14,274,771
- ---------------------------------------------------------------
4.97% 03/27/97 23,000 22,917,443
- ---------------------------------------------------------------
4.90% 04/03/97 20,000 19,910,167
- ---------------------------------------------------------------
4.945% 04/03/97 7,280 7,247,000
- ---------------------------------------------------------------
4.98% 04/03/97 2,920 2,906,670
- ---------------------------------------------------------------
5.015% 04/03/97 4,900 4,877,474
- ---------------------------------------------------------------
5.025% 04/03/97 3,500 3,483,878
- ---------------------------------------------------------------
4.985% 04/10/97 28,230 28,073,637
- ---------------------------------------------------------------
5.02% 04/10/97 14,465 14,384,318
- ---------------------------------------------------------------
5.15% 04/17/97 30,000 29,806,875
- ---------------------------------------------------------------
4.93% 04/24/97 3,715 3,687,528
- ---------------------------------------------------------------
4.955% 04/24/97 5,050 5,012,466
- ---------------------------------------------------------------
4.96% 04/24/97 13,400 13,300,304
- ---------------------------------------------------------------
4.975% 04/24/97 2,150 2,133,956
- ---------------------------------------------------------------
4.98% 04/24/97 700 694,771
- ---------------------------------------------------------------
5.01% 04/24/97 1,700 1,687,224
- ---------------------------------------------------------------
5.015% 04/24/97 2,780 2,759,087
- ---------------------------------------------------------------
5.02% 04/24/97 3,755 3,726,725
- ---------------------------------------------------------------
4.90% 05/08/97 37,230 36,885,416
- ---------------------------------------------------------------
4.94% 05/22/97 1,270 1,255,710
- ---------------------------------------------------------------
4.96% 05/22/97 7,000 6,920,916
- ---------------------------------------------------------------
5.015% 05/22/97 6,330 6,257,692
- ---------------------------------------------------------------
5.03% 05/22/97 32,000 31,633,368
- ---------------------------------------------------------------
4.95% 05/29/97 4,510 4,454,809
- ---------------------------------------------------------------
4.97% 05/29/97 11,470 11,329,069
- ---------------------------------------------------------------
5.025% 05/29/97 25,000 24,689,427
- ---------------------------------------------------------------
5.05% 06/05/97 9,880 9,746,949
- ---------------------------------------------------------------
314,057,650
- ---------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
MATURITY PAR (000) VALUE
<S> <C> <C> <C>
U.S. TREASURY SECURITIES - (continued)
U.S. TREASURY NOTES - 19.57%
6.50% 04/30/97 $14,500 $ 14,529,167
- ----------------------------------------------------------------------------
6.875% 04/30/97 25,000 25,064,808
- ----------------------------------------------------------------------------
6.50% 05/15/97 12,000 12,030,185
- ----------------------------------------------------------------------------
8.50% 05/15/97 25,000 25,156,344
- ----------------------------------------------------------------------------
76,780,504
- ----------------------------------------------------------------------------
Total U.S. Treasury Securities 390,838,154
- ----------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.64% 390,838,154(b)
- ----------------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES -- 0.36% 1,409,511
- ----------------------------------------------------------------------------
NET ASSETS -- 100.00% $392,247,665
- ----------------------------------------------------------------------------
</TABLE>
(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) Also represents cost for federal income tax purposes.
See Notes to Financial Statements.
4
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
February 28, 1997
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, at value (amortized cost) $390,838,154
- ----------------------------------------------------------------------
Cash 1,022
- ----------------------------------------------------------------------
Receivables for:
Interest 1,726,158
- ----------------------------------------------------------------------
Investments sold 31,089,227
- ----------------------------------------------------------------------
Investment for deferred compensation plan 16,470
- ----------------------------------------------------------------------
Other assets 19,158
- ----------------------------------------------------------------------
Total assets 423,690,189
- ----------------------------------------------------------------------
LIABILITIES:
PAYABLES FOR:
Investments purchased 29,806,875
- ----------------------------------------------------------------------
Dividends 1,493,788
- ----------------------------------------------------------------------
Deferred compensation 16,470
- ----------------------------------------------------------------------
Accrued advisory fees 49,219
- ----------------------------------------------------------------------
Accrued distribution fees 10,845
- ----------------------------------------------------------------------
Accrued transfer agent fees 3,038
- ----------------------------------------------------------------------
Accrued trustees' fees 3,767
- ----------------------------------------------------------------------
Accrued administrative services fees 4,801
- ----------------------------------------------------------------------
Accrued operating expenses 53,721
- ----------------------------------------------------------------------
Total liabilities 31,442,524
- ----------------------------------------------------------------------
NET ASSETS $392,247,665
======================================================================
NET ASSETS:
Institutional Class $340,737,295
======================================================================
Private Investment Class $ 51,510,370
======================================================================
SHARES OF BENEFICIAL INTEREST, $.01 PAR VALUE PER SHARE:
Institutional Class 340,598,771
======================================================================
Private Investment Class 51,489,620
======================================================================
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 28, 1997
(Unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest income $10,956,325
- ------------------------------------------------------------------
EXPENSES:
Advisory fees 385,791
- ------------------------------------------------------------------
Custodian fees 19,933
- ------------------------------------------------------------------
Administrative services fees 29,067
- ------------------------------------------------------------------
Trustees' fees and expenses 5,240
- ------------------------------------------------------------------
Transfer agent fees 19,335
- ------------------------------------------------------------------
Distribution fees (Note 2) 137,604
- ------------------------------------------------------------------
Other 29,216
- ------------------------------------------------------------------
Total expenses 626,186
- ------------------------------------------------------------------
Less fee waivers and expense reimbursements (133,374)
- ------------------------------------------------------------------
Net expenses 492,812
- ------------------------------------------------------------------
Net investment income 10,463,513
- ------------------------------------------------------------------
Net realized gain on sales of investments 35,341
- ------------------------------------------------------------------
Net increase in net assets resulting from operations $10,498,854
==================================================================
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended February 28, 1997 and the year ended August 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
FEBRUARY 28, AUGUST 31,
1997 1996
------------ ------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 10,463,513 $ 22,487,304
- ------------------------------------------------------------------------------
Net realized gain on sales of investments 35,341 55,902
- ------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 10,498,854 22,543,206
- ------------------------------------------------------------------------------
Distributions to shareholders from net investment
income (10,463,513) (22,487,304)
- ------------------------------------------------------------------------------
Share transactions-net (64,983,826) 57,341,150
- ------------------------------------------------------------------------------
Net increase (decrease) in net assets (64,948,485) 57,397,052
- ------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 457,196,150 399,799,098
- ------------------------------------------------------------------------------
End of period $392,247,665 $457,196,150
==============================================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $392,088,391 $457,072,217
- ------------------------------------------------------------------------------
Undistributed net realized gain on sales of
investments 159,274 123,933
- ------------------------------------------------------------------------------
$392,247,665 $457,196,150
==============================================================================
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS
February 28, 1997
(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, with
the assets, liabilities and operations of each portfolio accounted for
separately. Information presented in these financial statements pertains only
to the Treasury TaxAdvantage Portfolio (the "Portfolio"). The Portfolio
consists of two different classes of shares: the Institutional Class and the
Private Investment Class. Matters affecting each class are voted on exclusively
by such shareholders. The Portfolio is a money market fund whose investment
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 the 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 these financial
statements and the reported amount 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 - Distribution and transfer agency expenses directly attributable
to a class of shares are charged to that class' operations. All other
expenses are allocated between the classes.
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 $250 million 0.20%
- ----------------------------------------
Over $250 million to $500 million 0.15%
- ----------------------------------------
Over $500 million 0.10%
- ----------------------------------------
</TABLE>
During the six months ended February 28, 1997, AIM voluntarily waived advisory
fees of $59,772 on the Portfolio and assumed expenses of $4,800.
The Fund has entered into a master distribution agreement with Fund Management
Company ("FMC") for the distribution of shares of the Institutional Class and
the Private Investment Class. The Company has also adopted a distribution plan
(the "Plan") pursuant to Rule 12b-1 under the 1940 Act with respect to the
Private Investment Class. The Plan provides that the Private Investment Class
may pay up to a 0.50% maximum annual rate of the Private Investment Class'
average daily net assets. Of this amount, the Fund may pay an asset-based sales
charge to FMC and the Portfolio may pay a service fee of 0.25%
8
<PAGE>
of the average daily net assets of the Private Investment 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. Any amounts not paid as a service fee under such
Plan would constitute an asset-based sales charge. The Plan also imposes a cap
on the total amount of sales charges, including asset-based sales charges, that
may be paid by the Portfolio with respect to the Private Investment Class.
During the six months ended February 28, 1997, the Private Investment Class
paid $68,802 as compensation under the Plan. FMC also waived fees of $68,802
for the same period.
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 28,
1997, the Portfolio reimbursed AIM $29,067 for such services.
The Portfolio, pursuant to a transfer agency and service agreement, has agreed
to pay AIM Institutional Fund Services, Inc. ("AIFS") a fee for providing
transfer agent and shareholder services to the Portfolio. During the six months
ended February 28, 1997, the Portfolio paid $19,335 for such services.
Certain officers and trustees of the Fund are officers and directors of AIM,
FMC and AIFS.
The Portfolio paid legal fees of $3,192 for services rendered by Kramer,
Levin, Naftalis & Frankel as counsel to the Board of Trustees. A member of that
firm is a trustee of the Fund.
Shareholders' Meeting
An annual meeting of shareholders of the Fund was held on February 7, 1997 (the
"Meeting"). The following four items were approved by the 3,503,994,903 shares
of the Fund represented at the Meeting, with the following vote totals cast
with respect to each item:
(1) ELECTION OF TRUSTEES. At the Meeting, Messrs. Charles T. Bauer, Bruce L.
Crockett, Owen Daly II, Carl Frischling, Robert H. Graham, John F. Kroeger,
Lewis F. Pennock, Ian W. Robinson, and Louis S. Sklar were reelected to the
Board of Trustees of the Fund. 3,503,994,903 shares of the Fund voted for
each of the trustees, respectively, and no shares of the Fund withheld
authority, respectively.
(2) RATIFICATION OF INDEPENDENT ACCOUNTANTS. 3,503,994,903 shares of the
Fund voted for the ratification of the appointment of KPMG Peat Marwick LLP
as independent accountants for the Fund for the Fund's fiscal year ending
August 31, 1997. No shares of the Fund voted against the ratification of the
accountants and no shares of the Fund abstained.
(3) APPROVAL OF THE NEW INVESTMENT ADVISORY AGREEMENT. At the Meeting,
shareholders of the Portfolio were asked to approve a new Investment
Advisory Agreement (the "Agreement") between the Fund and A I M Advisors,
Inc. 260,840,561 shares of the Portfolio voted to approve the Agreement. No
shares of the Portfolio voted against the Agreement and no shares of the
Portfolio abstained.
(4) ELIMINATION OF THE FUNDAMENTAL INVESTMENT POLICY PROHIBITING OR
RESTRICTING INVESTMENTS IN OTHER INVESTMENT COMPANIES. 260,840,561 shares of
the Portfolio voted for the elimination of the fundamental investment
policy. No shares of the Portfolio voted against the elimination of the
fundamental investment policy and no shares of the Portfolio abstained.
NOTE 3-TRUSTEES' FEES
Trustees' fees represent remuneration paid or accrued to each trustee who is
not an "interested person" of AIM. The Fund may invest trustees' fees, if so
elected by a trustee, in mutual fund shares in accordance with a deferred
compensation plan.
9
<PAGE>
NOTE 4-SHARE INFORMATION
Changes in shares outstanding for the six months ended February 28, 1997, and
the year ended August 31, 1996 were as follows:
<TABLE>
<CAPTION>
FEBRUARY 28, 1997 AUGUST 31, 1996
--------------------------- -------------------------------
SHARES AMOUNT SHARES AMOUNT
------------ ------------- -------------- ---------------
<S> <C> <C> <C> <C>
Sold:
Institutional Class 756,166,788 $ 756,166,788 1,931,081,349 $ 1,931,081,349
- ------------------------------------------------------------------------------------
Private Investment
Class 121,491,972 121,491,972 173,175,235 173,175,235
- ------------------------------------------------------------------------------------
Issued as reinvestment
of dividends:
Institutional Class 277,688 277,688 279,901 279,901
- ------------------------------------------------------------------------------------
Private Investment
Class 178,919 178,919 215,983 215,983
- ------------------------------------------------------------------------------------
Reacquired:
Institutional Class (822,953,361) (822,953,361) (1,918,562,346) (1,918,562,346)
- ------------------------------------------------------------------------------------
Private Investment
Class (120,145,832) (120,145,832) (128,848,972) (128,848,972)
- ------------------------------------------------------------------------------------
Net increase
(decrease) (64,983,826) $ (64,983,826) 57,341,150 $ 57,341,150
====================================================================================
</TABLE>
NOTE 5-FINANCIAL HIGHLIGHTS
Shown below are the financial highlights for a share outstanding of the Private
Investment Class for the six months ended February 28, 1997, the year ended
August 31, 1996 and the period December 21, 1994 (date operations commenced)
through August 31, 1995.
<TABLE>
<CAPTION>
AUGUST 31,
FEBRUARY 28, ---------------
1997 1996 1995
------------ ------- ------
<S> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------ ------- ------- ------
Income from investment operations:
Net investment income 0.02 0.05 0.04
- ------------------------------------------ ------- ------- ------
Less distributions:
Dividends from net investment income (0.02) (0.05) (0.04)
- ------------------------------------------ ------- ------- ------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00
========================================== ======= ======= ======
Total return 4.77%(a) 4.93% 5.32%(a)
========================================== ======= ======= ======
Ratios/supplemental data:
Net assets, end of period (000s omitted) $51,510 $49,978 $5,423
========================================== ======= ======= ======
Ratio of expenses to average net assets(b) 0.45%(c) 0.45% 0.45%(a)
========================================== ======= ======= ======
Ratio of net investment income to average
net assets(d) 4.73%(c) 4.72% 5.21%(a)
========================================== ======= ======= ======
</TABLE>
(a) Annualized.
(b) After waiver of fees and/or expense reimbursements. Ratios of expenses to
average net assets prior to waiver of fees and/or expense reimbursements
were 0.74%, 0.85% and 1.02% for the periods 1997-1995, respectively. Ratios
are annualized for periods less than one year.
(c) Ratios are annualized and based on average net assets of $55,497,826.
(d) After waiver of fees and/or expense reimbursements. Ratios of net
investment income to average net assets prior to waiver of fees and/or
expense reimbursements were 4.43%, 4.32% and 4.64% for the periods 1997-
1995, respectively. Ratios are annualized for periods less than one year.
10
<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 Treasury
John J. Arthur Sr. Vice President & Treasurer TaxAdvantage
Gary T. Crum Sr. Vice President Portfolio
Carol F. Relihan Sr. Vice President & Secretary ----------------------------------------
Dana R. Sutton Vice President & Assistant Treasurer Private SEMI-
Melville B. Cox Vice President Investment ANNUAL
Karen Dunn Kelley Vice President Class REPORT
J. Abbott Sprague Vice President
P. Michelle Grace Assistant Secretary
David L. Kite Assistant Secretary FEBRUARY 28, 1997
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 100
Houston, TX 77046
(800) 347-1919
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza, Suite 100
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 & Frankel
919 Third Avenue
New York, NY 10022
TRANSFER AGENT
A I M Institutional Fund Services, Inc.
11 Greenway Plaza, Suite 100
Houston, TX 77046-1173
This report may be distributed only to current shareholders or [LOGO APPEARS HERE]
to persons who have received a current prospectus. FUND MANAGEMENT COMPANY
</TABLE>
