<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES ACT OF 1934
AMERICAN INSURED MORTGAGE INVESTORS
- -------------------------------------
(NAME OF ISSUER)
COMMON STOCK
- -------------------------------------
(TITLE CLASS OF SECURITIES)
026862102
- -------------------------------------
(CUSIP NUMBER)
MAY 27, 1999
- -------------------------------------
(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO WHICH THIS SCHEDULE
IS FILED:
{X} RULE 13D-1(b)
{ } RULE 13D-1(c)
{ } RULE 13D-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the notes)
PAGE 1 OF 4
<PAGE>
CUSIP NO. 026862101 SCHEDULE 13G PAGE 2 OF 4
(1) NAME AND IRS NUMBER OF REPORTING PERSONS
FINANCIAL & INVESTMENT MANAGEMENT GROUP, LTD. (#38-2562340)
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
A.........{ }
B.........{ }
(3) SEC USE ONLY
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
MICHIGAN
NUMBER OF SHARES OF:
(5) SOLE VOTING POWER
NONE
(6) SHARED VOTING POWER
774,997
(7) SOLE DISPOSITIVE POWER
NONE
(8) SHARED DISPOSITIVE POWER
774,997
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
774,997 * NOTE 1*
(10) CHECK IF AGGREGATE AMOUNT EXCEEDS CERTAIN SHARES
{ }
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.75
(12) TYPE OF PERSON REPORTING
IA
(14) CHECK THE APPROPRIATE BOX TO DESIGNATE THE RULE PURSUANT TO FILING
{X} RULE 13D-1(b)
{ } RULE 13D-1(c)
{ } RULE 13D-1(d)
<PAGE>
CUSIP 026862102 SCHEDULE 13G PAGE 3 OF 4
ITEM 1(a) NAME OF ISSUER
AMERICAN INSURED MORTGAGE INVESTORS
ITEM 1(b) ADDRESS OF ISSUER
11200 ROCKVILLE PIKE
ROCKVILLE, MD 20852
ITEM 2(a) NAME OF PERSON FILING
FINANCIAL & INVESTMENT MANAGEMENT GROUP, LTD
ITEM 2(b) ADDRESS OF PERSON FILING
417 ST JOSEPH ST.
PO BOX 40
SUTTONS BAY, MI 49682
ITEM 2(c) CITIZENSHIP
MICHIGAN
ITEM 2(d) TITLE OF CLASS OF SECURITIES
COMMON STOCK
ITEM 2(e) CUSIP NO.
026862102
ITEM 3 THIS STATEMENT IS BEING FILED BY AN INVESTMENT ADVISOR IN
ACCORDANCE WITH RULE 13D-1(b)(1)(ii)(e).
<PAGE>
CUSIP 026862102 SCHEDULE 13G PAGE 4 OF 4
OWNERSHIP
ITEM 4(a) AMOUNT BENEFICIALLY OWNED
774,997 * SEE NOTE 1 *
ITEM 4(b) PERCENT OF CLASS
7.75
ITEM 4(c) NUMBER OF SHARES
(i) SOLE POWER TO VOTE
NONE
(ii) SHARED POWER TO VOTE
774,997
(iii) SOLE POWER TO DISPOSE
NONE
(iv) SHARED POWER TO DISPOSE
774,997
* NOTE 1
Financial & Investment Management Group, Ltd is a registered investment
advisor , managing individual client accounts. All shares represented
in this report are held in accounts owned by clients of Financial &
Investment Management Group, Ltd. Because of this, Financial &
Investment Management Group, Ltd disclaims beneficial ownership.
ITEM (5) OWNERSHIP OF LESS THAN FIVE PERCENT
CHECK THE FOLLOWING BOX IF THE STATEMENT IS BEING FILED TO
NOTIFY THAT THE OWNERSHIP IS NOW LESS THAN FIVE PERCENT
{ }
ITEM (6) OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
ALL SHARES REPRESENTED IN THIS REPORT ARE OWNED BY ADVISORY
CLIENTS OF FINANCIAL & INVESTMENT MANAGEMENT GROUP, LTD, NONE
OF WHICH, TO OUR KNOWLEDGE, OWNS FIVE PERCENT OR MORE OF THE
CLASS.
ITEM (7) IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY:
NOT APLICABLE
ITEM (8) IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
NOT APPLICABLE
ITEM (9) NOTICE OF DISSOLUTION OF THE GROUP
NOT APPLICABLE
ITEM (10) CERTIFICATION
By signing below, I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in
the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were not acquired in the connection with or as a participant
in
any transaction having such purposes or effect.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete, and correct.
June 3, 1999
Paul H. Sutherland
President
