<PAGE> 1
AIM VARIABLE INSURANCE FUNDS, INC.
AIM V.I. CAPITAL APPRECIATION FUND
Supplement dated December 28, 1995
to the Statement of Additional Information dated May 1, 1995,
as supplemented August 28, 1995
Effective January 2, 1996, the net asset value per share (or share price) of the
Fund will be determined as of the close of regular trading of the New York Stock
Exchange (generally 4:00 p.m. Eastern Time) on each business day of the Fund.
For purposes of determining net asset value per share, futures and options
contracts generally will be valued 15 minutes after the close of trading of the
New York Stock Exchange.
