<PAGE> 1
AIM INVESTMENT
SECURITIES FUNDS
LIMITED MATURITY
TREASURY PORTFOLIO
INSTITUTIONAL SHARES
SEMI-ANNUAL
REPORT
JANUARY 31, 1995
[AIM LOGO]
Fund Management Company
<PAGE> 2
[AIM LOGO]
Letter to Our Shareholders
March 1, 1995
Dear Shareholder:
I am pleased to send you this semiannual report on the
Institutional Shares of the Limited Maturity Treasury Portfolio
[PHOTO for the six-month period ended January 31, 1995.
Charles T. The Institutional Shares closed the period with a total
Bauer, return of 1.63 percent, including reinvested dividends of 25.9
Chairman cents per share. This compares favorably with the Lipper Short
of the U.S. Treasury Fund Category, the average performance of short-term
Board of U.S. Treasury mutual funds tracked by Lipper Analytical Services,
the Fund] Inc., an independent mutual fund performance monitor. The Lipper
Category delivered total return of 1.34 percent during the same
six months. Total return assumes reinvestment of all dividends.
The Fund's SEC 30-day yield as of January 31, 1995, was 7.24 percent.
The SEC 30-day yield calculation reflects the yield to maturity of the
securities in the portfolio, and includes both interest and amortization of any
discount or premium to the face value of the securities. The 30-day
distribution rate as of January 31, 1995, was 5.82 percent. The distribution
rate reflects the fund's most recent monthly dividend distribution multiplied
by 12 and divided by the most recent month-end maximum offering price. Net
assets of the Limited Maturity Treasury Portfolio Institutional Shares were
$121.2 million as of January 31, 1995. The Fund's net asset value was $9.86,
down slightly from $9.96 as of July 31, 1994.
Given recent volatility in financial markets, it is worth noting that
the Fund continues to receive the highest possible credit quality rating of AAAf
from Standard & Poor's Corporation (S&P) a widely known independent credit
rating agency. S&P ratings are based upon an annual analysis of the Portfolio's
credit quality, composition, and management, and weekly portfolio review.
The U.S. economy expanded rapidly throughout 1994. Gross Domestic
Product advanced at a 4.6 percent annual rate in the year's fourth quarter. The
Federal Reserve Board has taken the position that economic growth in excess of
2.5 percent is inflationary. Therefore, it continued its restrictive monetary
policy. By January 31, the Federal Funds Rate stood at 5.50 percent, up from
4.25 percent as of July 31, 1994. Rising short-term interest rates considerably
flattened the yield curve as investors anticipated further tightening by the
Fed. Two-year U.S. Treasury notes started the period at 6.00 percent and traded
as high as 7.73 percent. By the end of the reporting period, two-year Treasury
notes were at 7.24 percent, reflecting a calming of investors' fears.
In January 1995 evidence began to surface that the Fed's policy was
succeeding in slowing the economy. Retail sales advanced only 0.2 percent in
January, building permits fell by 8.6 percent, and the Fed's index of
industrial production rose only 0.4 percent, less than half the gain during
December 1994.
Despite rising interest rates and resulting market volatility, the Fund
followed its highly disciplined investment strategy, maintaining a laddered
schedule of maturities between 13 and 24 months. Fund management continues to
buy newly auctioned two-year U.S. Treasury Notes and hold them until they have
one year to maturity. Since this leads to a weighted average maturity of 1.5
years, the impact on the portfolio from interest rate fluctuations is often
tempered. Historically, the strategy has served the Fund well. The rolling
12-month net asset value of a Fund share has never deviated more than 1.74
percent.
It is possible, based on January's economic performance, that the Fed
has succeeded in engineering a "soft landing" to slower growth for the U.S.
economy, but it is still too early to tell. On January 31, the close of this
reporting period, the Fed began a two-day meeting during which most analysts
expected it to increase short-term rates once more. Fund management remains
confident in its use of a laddered schedule of maturities to moderate the
influence of any forthcoming rate rise.
As always, we are ready to respond to your questions or comments about
this report. Please call one of our representatives at (800) 659-1005.
Respectfully submitted,
/s/ Charles T Bauer
Charles T. Bauer
Chairman
U.S. Treasury securities, such as bills, notes and bonds, are guaranteed as
to the timely payments of principal and interest. Fund shares are not insured
and their value will vary with market conditions.
<PAGE> 3
SCHEDULE OF INVESTMENTS
January 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
MATURITY (000S) VALUE
<S> <C> <C> <C>
U. S. TREASURY SECURITIES
U. S. TREASURY NOTES-98.75%
4.625% 02/29/96 $ 32,245 $ 31,489,177
-----------------------------------------------------------------------------------------
5.125% 03/31/96 32,125 31,469,329
-----------------------------------------------------------------------------------------
5.50% 04/30/96 32,115 31,534,682
-----------------------------------------------------------------------------------------
5.875% 05/31/96 31,910 31,750,450
-----------------------------------------------------------------------------------------
6.00% 06/30/96 32,250 31,786,890
-----------------------------------------------------------------------------------------
6.125% 07/31/96 31,850 31,412,700
-----------------------------------------------------------------------------------------
6.25% 08/31/96 31,610 31,189,587
-----------------------------------------------------------------------------------------
6.50% 09/30/96 32,150 31,814,033
-----------------------------------------------------------------------------------------
6.875% 10/31/96 32,150 31,981,534
-----------------------------------------------------------------------------------------
7.25% 11/30/96 32,285 32,305,017
-----------------------------------------------------------------------------------------
7.50% 12/31/96 32,400 32,562,324
-----------------------------------------------------------------------------------------
7.50% 01/31/97 32,500 32,657,625
-----------------------------------------------------------------------------------------
Total U.S. Treasury Securities 381,953,347
-----------------------------------------------------------------------------------------
TOTAL INVESTMENTS-98.75% 381,953,347
-----------------------------------------------------------------------------------------
OTHER ASSETS LESS
LIABILITIES-1.25% 4,823,871
-----------------------------------------------------------------------------------------
NET ASSETS-100.00% $386,777,218
=========================================================================================
</TABLE>
See Notes to Financial Statements.
2
<PAGE> 4
STATEMENT OF ASSETS AND LIABILITIES
January 31, 1995
(Unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, at market value (cost $385,348,023) $381,953,347
---------------------------------------------------------------------------------
Cash 979,432
---------------------------------------------------------------------------------
Receivables for:
Investments sold
---------------------------------------------------------------------------------
Fund shares sold 873,362
---------------------------------------------------------------------------------
Interest 4,876,697
---------------------------------------------------------------------------------
Investment in deferred compensation plan 1,543
---------------------------------------------------------------------------------
Other assets 178,372
---------------------------------------------------------------------------------
Total assets 388,862,753
---------------------------------------------------------------------------------
LIABILITIES:
Payables for:
Fund shares reacquired 1,062,826
---------------------------------------------------------------------------------
Dividends 885,450
---------------------------------------------------------------------------------
Deferred compensation 1,543
---------------------------------------------------------------------------------
Accrued advisory fees 65,723
---------------------------------------------------------------------------------
Accrued administrative service fees 4,370
---------------------------------------------------------------------------------
Accrued distribution fees 49,133
---------------------------------------------------------------------------------
Accrued transfer agent fees 7,970
---------------------------------------------------------------------------------
Accrued operating expenses 8,520
---------------------------------------------------------------------------------
Total liabilities 2,085,535
---------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO SHARES OUTSTANDING $386,777,218
=================================================================================
</TABLE>
<TABLE>
<CAPTION>
INSTITUTIONAL AIM
SHARES SHARES FUND
<S> <C> <C> <C>
NET ASSETS: $121,173,340 $265,603,878 $386,777,218
=====================================================================================
Shares outstanding, $0.01 par value
per share 12,289,825 26,938,475 39,228,300
=====================================================================================
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE $9.86
=====================================================================================
OFFERING PRICE PER SHARE:
(Net asset value of $9.86 divided by 99.00%)* $9.96
=====================================================================================
</TABLE>
* There is no sales charge or 12b-1 fee on sales of
Institutional Shares.
See Notes to Financial Statements.
3
<PAGE> 5
STATEMENT OF OPERATIONS
For the six months ended January 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
INSTITUTIONAL AIM
SHARES SHARES FUND
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 3,436,205 $ 8,060,976 $ 11,497,181
--------------------------------------------------------------------------------------------
EXPENSES:
Advisory fees 125,860 295,478 421,338
--------------------------------------------------------------------------------------------
Administrative service fees 8,038 36,734 44,772
--------------------------------------------------------------------------------------------
Custodian fees 1,299 3,476 4,775
--------------------------------------------------------------------------------------------
Transfer agent fees 2,002 81,842 83,844
--------------------------------------------------------------------------------------------
Trustees' fees and expenses 1,286 3,164 4,450
--------------------------------------------------------------------------------------------
Distribution fees -- 221,572 221,572
--------------------------------------------------------------------------------------------
Other 24,281 85,950 110,231
--------------------------------------------------------------------------------------------
Total expenses 162,766 728,216 890,982
--------------------------------------------------------------------------------------------
Net investment income $ 3,273,439 $ 7,332,760 10,606,199
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss) on sales of investment securities (6,442,357)
--------------------------------------------------------------------------------------------
Unrealized appreciation of investment securities 1,978,608
--------------------------------------------------------------------------------------------
Net gain (loss) on investment securities (4,463,749)
--------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 6,142,450
============================================================================================
</TABLE>
See Notes to Financial Statements.
4
<PAGE> 6
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended January 31, 1995 and
the eleven months ended July 31, 1994
(Unaudited)
<TABLE>
<CAPTION>
JANUARY 31, JULY 31,
1995 1994
<S> <C> <C>
OPERATIONS:
Net investment income $ 10,606,199 $ 18,105,773
-------------------------------------------------------------------------------------
Net realized gain (loss) on sales of investment
securities (6,442,357) (2,745,439)
-------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of
investment securities 1,978,608 (8,181,235)
-------------------------------------------------------------------------------------
Net increase in net assets resulting from
operations 6,142,450 7,179,099
-------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT
INCOME:
Institutional Shares (3,273,444) (6,248,089)
-------------------------------------------------------------------------------------
AIM Shares (7,332,755) (11,857,684)
-------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET REALIZED GAINS
ON INVESTMENT SECURITIES -- (4,076,018)
-------------------------------------------------------------------------------------
SHARE TRANSACTIONS-NET:
Institutional Shares (12,524,366) 9,581,280
-------------------------------------------------------------------------------------
AIM Shares (61,148,570) (9,292,096)
-------------------------------------------------------------------------------------
Net increase (decrease) in net assets (78,136,685) (14,713,508)
-------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 464,913,903 479,627,411
-------------------------------------------------------------------------------------
End of period $386,777,218 $464,913,903
=====================================================================================
NET ASSETS CONSIST OF:
Shares of beneficial interest $399,401,341 $473,074,277
-------------------------------------------------------------------------------------
Undistributed realized gain (loss) on sales of
investment securities (9,229,447) (2,787,090)
-------------------------------------------------------------------------------------
Unrealized appreciation (depreciation) of investment
securities (3,394,676) (5,373,284)
-------------------------------------------------------------------------------------
$386,777,218 $464,913,903
=====================================================================================
</TABLE>
See Notes to Financial Statements.
5
<PAGE> 7
NOTES TO FINANCIAL STATEMENTS
January 31, 1995
(Unaudited)
NOTE 1-SIGNIFICANT ACCOUNTING POLICIES
AIM Investment Securities Funds (the "Trust") is
registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as an open-end series
management investment company. The Trust is
organized as a Delaware business trust consisting of
one portfolio, the Limited Maturity Treasury
Portfolio (the "Fund"). The Fund currently offers
two different classes of shares: the AIM Limited
Maturity Treasury Shares (the "AIM Shares") and the
Institutional Shares. Matters affecting each class
are voted on exclusively by such shareholders.
The following is a summary of the significant
accounting policies followed by the Fund in the
preparation of its financial statements.
A. Security Valuations--Debt obligations that are
issued or guaranteed by the U.S. Treasury are
valued on the basis of prices provided by an
independent pricing service. Prices provided by
the pricing service may be determined without
exclusive reliance on quoted prices, and may
reflect appropriate factors such as yield, type
of issue, coupon rate and maturity date.
Securities for which market prices are not
provided by the pricing service are valued at the
mean between last bid and asked prices based upon
quotes furnished by independent sources.
Securities for which market quotations are not
readily available are valued at fair value as
determined in good faith by or under the
supervision of the Trust's officers in a manner
specifically authorized by the Board of Trustees.
Securities with a remaining maturity of 60 days
or less are valued at amortized cost which
approximates market value.
B. Securities Transactions and Investment
Income--Securities transactions are accounted for
on a trade date basis. Interest income, adjusted
for amortization of discounts on investments, is
earned from settlement date and is recorded on
the accrual basis. It is the policy of the Fund
not to amortize bond premiums for financial
reporting purposes. Interest income is allocated
to each class daily, based upon each class'
pro-rata share of the total shares of the Fund
outstanding. Realized gains and losses from
securities transactions are recorded on the
identified cost basis.
C. Dividends and Distributions to Shareholders--It
is the policy of the Fund to declare daily
dividends from net investment income. Such
dividends are paid monthly. Net realized
short-term capital gains, if any, are distributed
quarterly. Net realized long-term capital gains,
if any, are distributed annually.
D. Federal Income Taxes--The Fund 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.
E. 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 between them.
6
<PAGE> 8
NOTE 2-ADVISORY FEES AND OTHER TRANSACTIONS WITH
AFFILIATES
The Trust has entered into a master investment
advisory agreement with A I M Advisors, Inc. ("AIM")
with respect to the Fund. Under the terms of the
master investment advisory agreement, the Fund pays
AIM an advisory fee at the annual rate of 0.20% of
the first $500 million of the Fund's average daily
net assets plus 0.175% of the Fund's average daily
net assets in excess of $500 million. This agreement
requires AIM to reduce its fee or, if necessary,
make payments to the extent required to satisfy any
expense limitations imposed by the securities laws
or regulations thereunder of any state in which the
Fund shares are qualified for sale.
The Fund, pursuant to a master administrative
services agreement with AIM, has agreed to reimburse
AIM for certain costs incurred in providing
accounting and shareholder services to the Fund.
During the six months ended January 31, 1995, the
Fund reimbursed AIM $47,231 for such services.
Effective September 16, 1994, A I M Institutional
Fund Services, Inc. ("AIFS") became a transfer agent
to the Fund and was reimbursed $617 for such
services during the period ended January 31, 1995.
Effective November 1, 1994, A I M Fund Services,
Inc. ("AFS") became the transfer agent for the AIM
Shares and was paid $15,383 for such services for
the three months ended January 31, 1995.
The Trust has entered into a master distribution
agreement with A I M Distributors, Inc. ("AIM
Distributors") to serve as the distributor for the
AIM Shares and a master distribution agreement with
Fund Management Company ("FMC") to serve as the
distributor for the Institutional Shares. The Trust
has adopted a Plan pursuant to Rule 12b-1 under the
1940 Act (the "Plan") with respect to the AIM
Shares. The Fund pays AIM Distributors compensation
at an annual rate of 0.15% of the average net assets
attributable to the AIM Shares. The Plan is designed
to compensate AIM Distributors for certain
promotional and other sales related costs, and to
implement a program which provides periodic payments
to selected dealers and financial institutions who
furnish continuing personal shareholder services to
their customers who purchase and own AIM Shares of
the Fund. 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 Fund. During
the six months ended January 31, 1995, the AIM
Shares paid AIM Distributors $221,572 as
compensation under the Plan.
AIM Distributors received commissions of $30,277
during the six months ended January 31, 1995 from
sales of AIM Shares. Such commissions are not an
expense of the Fund. They are deducted from, and are
not included in, proceeds from sales of shares.
Certain officers and trustees of the Trust are
officers and directors of AIM, AIM Distributors,
FMC, AFS and AIFS.
During the six months ended January 31, 1995, the
Fund paid legal fees of $2,245 for services rendered
by Reid & Priest as counsel to the Board of
Trustees. In September 1994, the firm Kramer, Levin,
Naftalis, Nessen, Kamin & Frankel was appointed as
counsel to the Board of Trustees. The Fund paid
legal fees of $650 for services rendered by that
firm as counsel. A member of that firm is a trustee
of the Trust.
NOTE 3-INVESTMENT SECURITIES
The aggregate amount of investment securities (other
than short-term securities) purchased and sold by
the Fund during the six months ended January 31,
1995 was $248,285,099 and $365,555,187,
respectively.
7
<PAGE> 9
NOTE 3-(continued)
The amount of unrealized appreciation
(depreciation) of investment securities on a tax
basis as of January 31, 1995 is as follows:
<TABLE>
<S> <C>
Aggregate unrealized appreciation of investment securities $ 295,289
------------------------------------------------------------------------------
Aggregate unrealized (depreciation) of investment securities (3,945,402)
------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investment
securities $(3,650,113)
==============================================================================
</TABLE>
Cost of investments for tax purposes is
$385,603,460.
NOTE 4-TRUSTEES' FEES
Trustees' fees represent remuneration paid or
accrued to each trustee who is not an "interested
person" of the Trust. The Trust may invest trustees'
fees, if so elected by a trustee, in mutual fund
shares in accordance with a deferred compensation
plan.
NOTE 5-SHARE INFORMATION
Changes in the Institutional Shares outstanding
during the six months ended July 31, 1995 and the
eleven months ended July 31, 1994 were as follows:
<TABLE>
<CAPTION>
January 31, 1995 July 31, 1994
-------------------------- ----------------------------
Shares Amount Shares Amount
---------- ------------ ----------- -------------
<S> <C> <C> <C> <C>
Sold 247,139 $ 2,435,164 19,308,147 $ 196,223,146
------------------------------------------------------- ----------------------------
Issued as reinvestment of
dividends 49,187 484,998 66,081 664,163
------------------------------------------------------- ----------------------------
Reacquired (1,560,389) (15,444,528) (18,584,169) (187,306,029)
------------------------------------------------------- ----------------------------
(1,264,063) $(12,524,366) 790,059 $ 9,581,280
======================================================= ============================
</TABLE>
8
<PAGE> 10
NOTE 6-FINANCIAL HIGHLIGHTS
Shown below are the condensed financial highlights for a share of Institutional
Shares outstanding during the six months ended January 31,
1995, the eleven months ended July 31, 1994, each of the years in the six-year
period ended August 31, 1993 and the period July 13, 1987 (date operations
commenced) through August 31, 1987.
<TABLE>
<CAPTION>
August 31,
January 31, July 31, --------------------------------------------------------------------------
1995 1994 1993 1992 1991 1990 1989 1988 1987
----------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period $ 9.96 $ 10.24 $ 10.21 $ 10.01 $ 9.79 $ 9.78 $ 9.80 $ 9.92 $ 10.00
-------------------------- ---------- -------- -------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income 0.26 0.37 0.44 0.60 0.73 0.79 0.85 0.73 0.09
-------------------------- --------- -------- -------- -------- -------- -------- -------- -------- --------
Net gains (losses) on
securities (both
realized and
unrealized) (0.10) (0.20) 0.05 0.29 0.22 0.01 (0.02) (0.12) (0.08)
-------------------------- ---------- -------- -------- -------- -------- -------- -------- -------- --------
Total from investment
operations 0.16 0.17 0.49 0.89 0.95 0.80 0.83 0.61 0.01
-------------------------- ---------- -------- -------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net
investment income (0.26) (0.37) (0.44) (0.60) (0.73) (0.79) (0.85) (0.73) (0.09)
-------------------------- ---------- -------- -------- -------- -------- -------- -------- -------- --------
Distributions from net
realized
capital gains -- (0.08) (0.02) (0.09) -- -- -- -- --
-------------------------- ---------- -------- -------- -------- -------- -------- -------- -------- --------
Total distributions (0.26) (0.45) (0.46) (0.69) (0.73) (0.79) (0.85) (0.73) (0.09)
-------------------------- --------- -------- -------- -------- -------- -------- -------- -------- --------
Net asset value, end of
period $ 9.86 $ 9.96 $ 10.24 $ 10.21 $ 10.01 $ 9.79 $ 9.78 $ 9.80 $ 9.92
========================= ========= ======== ======== ======== ======== ======== ======== ======== =======
Total return(a) 1.63% 1.72% 4.88% 9.14% 10.08% 8.52% 8.87% 6.34% 0.14%
========================= ========= ======== ======== ======== ======== ======== ======== ======== =======
Ratios/supplemental data:
Net assets, end of period
(000s omitted) $ 121,173 $134,971 $130,690 $ 89,352 $ 25,528 $ 10,378 $ 16,065 $ 35,310 $ 4,202
========================= ========= ======== ======== ======== ======== ======== ======== ======== =======
Ratio of expenses to
average net assets 0.26%(b) 0.25%(c) 0.24% 0.28% 0.41%(d) 0.31%(e) 0.31%(f) 0.31%(f) 0.25%(c)(f)
========================= ========= ======== ======== ======== ======== ======== ======== ======== =======
Ratio of net investment
income to average net
assets 5.20%(b) 3.98%(c) 4.30% 5.76% 7.36%(d 8.12%(e) 8.69%(f) 7.46%(f) 6.89%(c)(f)
========================= ========= ======== ======== ======== ======== ======== ======== ======== =======
Portfolio turnover rate 59.12% 120.40% 122.99% 119.62% 214.74% 192.46% 219.53% 140.83% 28.29%
========================= ========= ======== ======== ======== ======== ======== ======== ======== =======
Borrowings for the period:
Amount of debt
outstanding at
end of period (000s
omitted) -- -- -- -- -- -- $ 2,257 $ 10,892 --
-------------------------- ---------- -------- -------- -------- -------- -------- -------- -------- --------
Average amount of debt
outstanding during the
period (000s
omitted)(g) -- -- -- -- -- $ 834 $ 3,562 $ 3,754 --
-------------------------- ---------- -------- -------- -------- -------- -------- -------- -------- --------
Average number of shares
outstanding during the
period (000s
omitted)(g) 14,816 16,864 9,785 6,097 1,477 1,208 1,817 2,218 390
-------------------------- ---------- -------- -------- -------- -------- -------- -------- -------- --------
Average amount of debt
per share during the
period -- -- -- -- -- $ 0.69 $ 1.96 $ 1.69 --
-------------------------- ---------- -------- -------- -------- -------- -------- -------- -------- --------
</TABLE>
(a) For periods less than one year, the total return is not annualized.
(b) Ratios are based on average net assets of $124,833,674.
(c) Annualized.
(d) After expense reimbursements.
(e) After waiver of advisory fees and expense reimbursements.
(f) After waiver of advisory fees.
(g) Averages computed on a daily basis.
9
<PAGE> 11
[This Page Intentionally Left Blank]
<PAGE> 12
[This Page Intentionally Left Blank]
<PAGE> 13
TRUSTEES
Charles T. Bauer John F. Kroeger
Bruce L. Crockett Lewis F. Pennock
Owen Daly II Ian W. Robinson
Carl Frischling Louis S. Sklar
Robert H. Graham
OFFICERS
Charles T. Bauer, CFA Chairman
Robert H. Graham President
John J. Arthur, CPA Sr. Vice President & Treasurer
Gary T. Crum Sr. Vice President
William H. Kleh Sr. Vice President
Carol F. Relihan Vice President & Secretary
Gary Beauchamp Vice President
Melville B. Cox Vice President
Karen Dunn Kelley Vice President
Dana R. Sutton, CPA Vice President & Ass't. Treasurer
Meggan M. Walsh Vice President
Nancy L. Martin, CPA Assistant Secretary
Kathleen J. Pflueger Assistant Secretary
Samuel D. Sirko Assistant Secretary
Stephen I. Winer Assistant Secretary
Mary J. Benson, CPA Assistant Treasurer
INVESTMENT ADVISOR
A I M Advisors, Inc.
11 Greenway Plaza, Suite 1919
Houston, TX 77046
(800) 347-1919
DISTRIBUTOR
Fund Management Company
11 Greenway Plaza, Suite 1919
Houston, TX 77046
(800) 659-1005
CUSTODIAN
The Bank of New York
110 Washington Street, 8th 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 AGENTS
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02100
and
A I M Institutional Fund Services, Inc.
11 Greenway Plaza
Suite 1919
Houston, TX 77046-1173
This report may be distributed only to current shareholders or
to persons who have received a current prospectus.
