<PAGE>
[AIM LOGO APPEARS HERE] Dear Shareholder:
[PHOTO of As the Portfolio's fiscal year end approached,
Charles T. Bauer, the U.S. economy was starting to display the
Chairman of the negative effects of spreading worldwide economic
LETTER Board of the Fund turmoil. What began as an isolated currency
TO OUR APPEARS HERE] devaluation in Thailand in July 1997 eventually
SHAREHOLDERS spread to most of Asia and then to Russia and
Latin America, but until this summer, the
European and U.S. economies had appeared immune to "Asian contagion." As it
became apparent that domestic banks and corporations could suffer significantly
from their overseas exposure, a sharp sell-off in global equities began. The
uncertainty and turmoil could lead to deteriorating consumer confidence and
negatively affect economic growth for the foreseeable future. The extent of the
slowdown is still unknown, but many forecasters are looking at the possibility
of a recession for the first time in eight years.
U.S. gross domestic product grew at an annualized rate of 1.8% in the second
quarter of 1998, the slowest rate since the first quarter of 1995. While this
was attributed to special factors like the strike at General Motors, growth is
not expected to rebound much because of ongoing world economic crises. As the
stock market dropped and the political crisis in Washington continued to unfold,
markets began to look to the Federal Reserve Board (the Fed) to provide some
calm by lowering interest rates. The Fed had kept the federal funds rate target
at 5.50% since March of 1997. As concern over foreign economies grew, more
capital sought the safety and stability of the U.S. Treasury markets, pushing
interest rates lower across the yield curve. This flight to quality drove yields
of all Treasuries across the maturity spectrum below the 5.50% federal funds
target. Yields on one-year Treasury bills dropped dramatically, to 4.62% from
almost 5.50% in March 1998.
For most of the fiscal year, the Fed was focused on the strength of the
domestic economy and hence was more apt to raise rates to counteract incipient
inflationary pressures. As it became clear that world economic crises would be
more serious than originally thought, the Fed shifted its focus to providing
liquidity and supporting markets by considering lowering rates. Fixed income
markets anticipated several easings. It appeared to be only a matter of time
before the Fed endorsed the markets' movements by lowering the federal funds
target. After the close of the fiscal year, the Fed did so twice, first at its
regular meeting on September 29 and then in an unusual inter-meeting move on
October 15, placing the short-term target at 5.00%.
YOUR INVESTMENT PORTFOLIO
Although the Treasury bill yield curve remained expensive relative to the
federal funds rate target for most of the year, the Portfolio held to its
consistent investment discipline, maintaining a relatively short laddered
portfolio structure. This structure is used to help ensure the Portfolio's yield
is not unduly influenced by reinvestment rates on any particular maturity date.
As Treasury bill rates plunged, the portfolio managers looked to take advantage
of the relatively cheaper coupon securities to help add value. The weighted
average maturity was held between 35 and 60 days during the fiscal year to take
advantage of higher rates available on longer maturities. At the close of the
fiscal year, the weighted average maturity was 57 days.
(continued)
<PAGE>
This strategy produced competitive yields. As of August 31, 1998, the
average monthly yield of the Private Investment Class of the Portfolio was
4.73%; the seven-day yield was 4.74%.
The Portfolio continues to hold the highest credit quality ratings given by
two widely known credit-rating agencies: AAAm 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.
Net assets of the Private Investment Class stood at $31.14 million at the
close of the fiscal year.
The Treasury TaxAdvantage Portfolio seeks to maximize current income to the
extent consistent with preservation of capital and maintenance of liquidity. It
purchases only direct obligations of the U.S. Treasury, which provides
shareholders with dividends exempt from state and local income taxation in
certain jurisdictions. 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 and interest 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 the
Portfolio will be able to maintain a stable net asset value of $1.00 per share.
OUTLOOK FOR THE FUTURE
As the fiscal year ended, the economy was expected to slow considerably as
foreign economic turmoil and slower consumer spending could push the annualized
economic growth rate into the 1% to 2% range. Interest rates had dropped
notably, and fixed income markets expected the Fed to lower short-term rates.
The Portfolio will continue to maintain its relatively short maturity structure,
remaining flexible to take advantage of any sudden shifts in market yields from
the increased market volatility.
We are pleased to send you this annual report on your investment. AIM is
committed to the primary goals of safety, liquidity and yield in institutional
fund management. We are also committed to customer service and are ready to
respond to your comments about this report. If you have any questions, please
contact one of our representatives at 800-659-1005. We are happy to be of
service.
Respectfully submitted,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman
2
<PAGE>
SCHEDULE OF INVESTMENTS
August 31, 1998
<TABLE>
<CAPTION>
PAR
MATURITY (000) VALUE
<S> <C> <C> <C>
U.S. TREASURY SECURITIES - 98.98%
U.S. TREASURY BILLS(a) - 42.76%
5.38% 09/15/98 $17,000 $ 16,964,432
- ------------------------------------------------------------------------
4.91% 10/08/98 1,500 1,492,430
- ------------------------------------------------------------------------
4.92% 10/08/98 1,500 1,492,415
- ------------------------------------------------------------------------
4.94% 10/22/98 6,200 6,156,610
- ------------------------------------------------------------------------
4.95% 10/22/98 6,000 5,957,925
- ------------------------------------------------------------------------
4.90% 10/29/98 1,700 1,686,580
- ------------------------------------------------------------------------
4.94% 10/29/98 4,500 4,464,185
- ------------------------------------------------------------------------
4.96% 10/29/98 3,000 2,976,027
- ------------------------------------------------------------------------
4.88% 11/12/98 3,000 2,970,720
- ------------------------------------------------------------------------
4.89% 11/12/98 3,500 3,465,770
- ------------------------------------------------------------------------
4.92% 11/12/98 3,900 3,861,624
- ------------------------------------------------------------------------
4.925% 11/12/98 4,000 3,960,600
- ------------------------------------------------------------------------
4.83% 11/27/98 6,300 6,226,463
- ------------------------------------------------------------------------
61,675,781
- ------------------------------------------------------------------------
U.S. TREASURY NOTES - 56.22%
6.00% 09/30/98 20,000 20,011,434
- ------------------------------------------------------------------------
5.875% 10/31/98 30,000 30,015,678
- ------------------------------------------------------------------------
5.50% 11/15/98 10,000 10,002,191
- ------------------------------------------------------------------------
8.875% 11/15/98 6,000 6,041,836
- ------------------------------------------------------------------------
5.625% 11/30/98 15,000 15,014,104
- ------------------------------------------------------------------------
81,085,243
- ------------------------------------------------------------------------
Total U.S. Treasury Securities
(Cost $142,761,024) 142,761,024
- ------------------------------------------------------------------------
TOTAL INVESTMENTS -- 98.98% 142,761,024(b)
- ------------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES -- 1.02% 1,466,178
- ------------------------------------------------------------------------
NET ASSETS -- 100.00% $144,227,202
========================================================================
</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.
3
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
August 31, 1998
<TABLE>
<S> <C>
ASSETS:
Investments, at value (amortized cost) $142,761,024
- ----------------------------------------------------------------------
Cash 535,982
- ----------------------------------------------------------------------
Interest receivable 1,633,831
- ----------------------------------------------------------------------
Investment for deferred compensation plan 25,086
- ----------------------------------------------------------------------
Other assets 1,534
- ----------------------------------------------------------------------
Total assets 144,957,457
- ----------------------------------------------------------------------
LIABILITIES:
Payables for:
Dividends 636,264
- ----------------------------------------------------------------------
Deferred compensation 25,086
- ----------------------------------------------------------------------
Accrued administrative services fees 3,987
- ----------------------------------------------------------------------
Accrued advisory fees 12,942
- ----------------------------------------------------------------------
Accrued distribution fees 7,410
- ----------------------------------------------------------------------
Accrued transfer agent fees 6,199
- ----------------------------------------------------------------------
Accrued trustees' fees 2,195
- ----------------------------------------------------------------------
Accrued operating expenses 36,172
- ----------------------------------------------------------------------
Total liabilities 730,255
- ----------------------------------------------------------------------
NET ASSETS $144,227,202
======================================================================
NET ASSETS:
Institutional Class $113,084,306
======================================================================
Private Investment Class $ 31,142,896
======================================================================
SHARES OF BENEFICIAL INTEREST, $.01 PAR VALUE PER SHARE:
Institutional Class 113,050,692
======================================================================
Private Investment Class 31,133,639
======================================================================
NET ASSET VALUE PER SHARE:
Net asset value, offering and redemption price per share $ 1.00
======================================================================
</TABLE>
See Notes to Financial Statements.
4
<PAGE>
STATEMENT OF OPERATIONS
For the year ended August 31, 1998
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest income $10,833,975
- ------------------------------------------------------------------
EXPENSES:
Advisory fees 412,610
- ------------------------------------------------------------------
Custodian fees 10,804
- ------------------------------------------------------------------
Administrative services fees 46,759
- ------------------------------------------------------------------
Trustees' fees and expenses 10,704
- ------------------------------------------------------------------
Transfer agent fees 34,933
- ------------------------------------------------------------------
Distribution fees (Note 2) 181,938
- ------------------------------------------------------------------
Other 66,389
- ------------------------------------------------------------------
Total expenses 764,137
- ------------------------------------------------------------------
Less: Fee waivers (258,591)
- ------------------------------------------------------------------
Net expenses 505,546
- ------------------------------------------------------------------
Net investment income 10,328,429
- ------------------------------------------------------------------
Net realized gain on sales of investments 42,871
- ------------------------------------------------------------------
Net increase in net assets resulting from operations $10,371,300
==================================================================
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
For the years ended August 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
------------ -------------
<S> <C> <C>
OPERATIONS:
Net investment income $ 10,328,429 $ 19,242,512
- --------------------------------------------------------------------------
Net realized gain on sales of investments 42,871 77,371
- --------------------------------------------------------------------------
Net increase in net assets resulting from
operations 10,371,300 19,319,883
- --------------------------------------------------------------------------
Distributions to shareholders from net
investment income:
Institutional Class (8,586,021) (16,879,485)
- --------------------------------------------------------------------------
Private Class (1,742,408) (2,363,027)
- --------------------------------------------------------------------------
Distributions to shareholders from capital
gains:
Institutional Class (154,304) --
- --------------------------------------------------------------------------
Private Class (47,000) --
- --------------------------------------------------------------------------
Share transactions-net (See Note 4) (153,177,145) (159,710,741)
- --------------------------------------------------------------------------
Net increase (decrease) in net assets (153,335,578) (159,633,370)
- --------------------------------------------------------------------------
NET ASSETS:
Beginning of period 297,562,780 457,196,150
- --------------------------------------------------------------------------
End of period $144,227,202 $ 297,562,780
==========================================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $144,184,331 $ 297,361,476
- --------------------------------------------------------------------------
Undistributed net realized gain on sales of
investments 42,871 201,304
- --------------------------------------------------------------------------
$144,227,202 $ 297,562,780
==========================================================================
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
August 31, 1998
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 three different portfolios, each of which offers separate series
of shares: the Treasury TaxAdvantage Portfolio, the Government & Agency
Portfolio and the Treasury Portfolio. The Government & Agency Portfolio
commenced operations on September 1, 1998. Information presented in these
financial statements pertains only to the Treasury TaxAdvantage Portfolio (the
"Portfolio") with the assets, liabilities and operations of each portfolio
accounted for separately. 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 the shareholders of each
class. 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 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. 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's 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 expenses directly attributable to a class of shares
are charged to that class' operations. All other expenses which are
attributable to more than one class 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 investment 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 year ended August 31, 1998, AIM voluntarily waived advisory fees of
$167,622.
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 year ended August 31, 1998,
the Portfolio reimbursed AIM $46,759 for such services.
The Portfolio, pursuant to a transfer agency and service agreement, has agreed
to pay A I M Fund Services, Inc. ("AFS") a fee for providing transfer agent and
shareholder services to the Portfolio. On September 20, 1997, the Board of
Trustees
7
<PAGE>
approved the appointment of AFS as transfer agent of the Fund effective
December 29, 1997. During the year ended August 31, 1998, the Portfolio paid
AFS $19,384 for such services. Prior to the effective date of this agreement
with AFS, the Portfolio paid A I M Institutional Fund Services, Inc. $8,009
pursuant to a transfer agency and shareholder services agreement for the period
September 1, 1997 through December 28, 1997.
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 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 Fund may pay a service fee of 0.25% 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 year ended
August 31, 1998, the Private Investment Class paid $90,969 as compensation
under the Plan. FMC waived fees of $90,969 for the same period. Certain
officers and trustees of the Trust are officers of AIM, FMC and AFS.
During the year ended August 31, 1998, the Portfolio paid legal fees of $4,488
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.
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.
NOTE 4-SHARE INFORMATION
Changes in shares outstanding during the years ended August 31, 1998 and 1997
were as follows:
<TABLE>
<CAPTION>
1998 1997
--------------------------- ------------------------------
SHARES AMOUNT SHARES AMOUNT
------------ ------------- -------------- --------------
<S> <C> <C> <C> <C>
Sold:
Institutional Class 758,084,286 $ 758,084,286 1,249,698,433 $1,249,698,433
- -----------------------------------------------------------------------------------
Private Investment
Class 314,695,955 314,695,955 274,981,089 274,981,089
- -----------------------------------------------------------------------------------
Issued as reinvestment
of dividends:
Institutional Class 368,100 368,100 425,111 425,111
- -----------------------------------------------------------------------------------
Private Investment
Class 774,188 774,188 479,712 479,712
- -----------------------------------------------------------------------------------
Reacquired:
Institutional Class (903,477,854) (903,477,854) (1,399,155,040) (1,399,155,040)
- -----------------------------------------------------------------------------------
Private Investment
Class (323,621,820) (323,621,820) (286,140,046) (286,140,046)
- -----------------------------------------------------------------------------------
Net increase
(decrease) (153,177,145) $(153,177,145) (159,710,741) $ (159,710,741)
- -----------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
NOTE 5-FINANCIAL HIGHLIGHTS
Shown below are the financial highlights for a share of the Private Investment
Class outstanding during each of the years in the three-year period ended
August 31, 1998 and the period December 21, 1994 (date sales commenced) through
August 31, 1995.
<TABLE>
<CAPTION>
1998 1997 1996 1995
------- ------- ------- ------
<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 0.05 0.05 0.05 0.04
- -------------------------------------- ------- ------- ------- ------
Total from investment operations 0.05 0.05 0.05 0.04
- -------------------------------------- ------- ------- ------- ------
Less distributions:
Dividends from net investment income (0.05) (0.05) (0.05) (0.04)
- -------------------------------------- ------- ------- ------- ------
Total distributions (0.05) (0.05) (0.05) (0.04)
- -------------------------------------- ------- ------- ------- ------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
====================================== ======= ======= ======= ======
Total return 5.04% 4.87% 4.93% 5.32%(a)
====================================== ======= ======= ======= ======
Ratios/supplemental data:
Net assets, end of period (000s
omitted) $31,143 $39,312 $49,978 $5,423
====================================== ======= ======= ======= ======
Ratio of expenses to average net
assets(b) 0.45%(c) 0.45% 0.45% 0.45%(a)
====================================== ======= ======= ======= ======
Ratio of net investment income to
average net assets(d) 4.80%(c) 4.75% 4.72% 5.21%(a)
====================================== ======= ======= ======= ======
</TABLE>
(a) Annualized.
(b) After fee waivers and/or expense reimbursements. Ratios of expenses to
average net assets prior to fee waivers and/or expense reimbursements were
0.78%, 0.74%, 0.85% and 1.02% (annualized) for the periods 1998-1995,
respectively.
(c) Ratios are based on average net assets of $36,387,542.
(d) After fee waivers and/or expense reimbursements. Ratios of net investment
income to average net assets prior to fee waivers and/or expense
reimbursements were 4.47%, 4.46%, 4.32% and 4.64% (annualized) for the
periods 1998-1995, respectively.
9
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders
Short-Term Investments Trust:
We have audited the accompanying statement of assets and liabilities of the
Treasury TaxAdvantage Portfolio (a series portfolio of Short-Term Investments
Trust), including the schedule of investments, as of August 31, 1998, and the
related statement of operations for the year then ended, the statements of
changes in net assets for each of the years in the two-year period then ended,
and the financial highlights for each of the years in the three-year period
then ended and the period December 21, 1994 (date sales commenced for the
Private Investment Class) through August 31, 1995. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
August 31, 1998, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Treasury TaxAdvantage Portfolio as of August 31, 1998, the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the three-year period then ended and the period December
21, 1994 (date sales commenced for the Private Investment Class) through August
31, 1995, in conformity with generally accepted accounting principles.
KPMG Peat Marwick LLP
Houston, Texas
October 2, 1998
10
<PAGE>
THIS PAGE INTENTIONALLY LEFT BLANK.
<PAGE>
<TABLE>
<CAPTION>
TRUSTEES
<S> <C>
Charles T. Bauer Carl Frischling
Bruce L. Crockett Robert H. Graham Short-Term
Owen Daly II Lewis F. Pennock Investments Trust
Edward K. Dunn, Jr. Ian W. Robinson (STIT)
Jack M. Fields Louis S. Sklar
OFFICERS
Charles T. Bauer Chairman
Robert H. Graham President
John J. Arthur Sr. Vice President & Treasurer
Gary T. Crum Sr. Vice President
Carol F. Relihan Sr. Vice President & Secretary Treasury
Dana R. Sutton Vice President & Assistant Treasurer TaxAdvantage
Melville B. Cox Vice President Portfolio
Karen Dunn Kelley Vice President ----------------------------------------
J. Abbott Sprague Vice President Private ANNUAL
Renee A. Friedli Assistant Secretary Investment REPORT
P. Michelle Grace Assistant Secretary Class
Jeffrey H. Kupor Assistant Secretary
Nancy L. Martin Assistant Secretary
Ofelia M. Mayo Assistant Secretary AUGUST 31, 1998
Lisa A. Moss 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. [LOGO APPEARS HERE]
11 Greenway Plaza, Suite 100 Fund Management Company
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, LLP
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 Fund Services, Inc.
11 Greenway Plaza, Suite 100
Houston, TX 77046-1173
AUDITORS
KPMG Peat Marwick LLP
700 Louisiana
NationsBank Building
Houston, TX 77002
This report may be distributed only to current shareholders or
to persons who have received a current prospectus.
</TABLE>
