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AIM VARIABLE INSURANCE FUNDS, INC.
AIM V.I. GROWTH AND INCOME FUND
Supplemented dated February 4, 2000
to the Prospectus dated May 3, 1999
as supplemented October 1, 1999 and January 6, 2000
At a meeting held on February 3, 2000, the Board of Directors of AIM Variable
Insurance Funds, Inc. (the company), on behalf of AIM V.I. Growth and Income
Fund (the fund), voted to request shareholders to approve the following items
that will affect the fund:
- - An Agreement and Plan of Reorganization which provides for the
reorganization of the company, which is currently a Maryland
corporation, as a Delaware business trust;
- - A new advisory agreement between the company and A I M Advisors, Inc.
(AIM). The principal changes to the advisory agreement are (i) the
deletion of references to the provision of administrative services, and
(ii) the clarification of provisions relating to delegations of
responsibilities and the non-exclusive nature of AIM's services. The
revised advisory agreement does not change the fees paid by the fund
(except that the agreement permits the fund to pay a fee to AIM in
connection with any new securities lending program implemented in the
future);
- - Changing the fund's fundamental investment restrictions. The proposed
revisions to the fund's fundamental investment restrictions are
described in a supplement to the fund's statement of additional
information; and
- - Changing the fund's investment objective so that it is
non-fundamental. If the investment objective of the fund becomes
non-fundamental, it can be changed in the future by the Board of
Directors of the company without further approval by shareholders.
The Board of Directors of the company has called a meeting of the fund's
shareholders to be held on or about April 10, 2000 to vote on these and other
proposals. Only shareholders of record as of January 20, 2000 are entitled to
vote at the meeting. Proposals that are approved are expected to become
effective on or about April 17, 2000.
At the February 3, 2000 meeting of the company's Board, the Directors also
approved the following investment policy change, which is effective
immediately. The second paragraph under the heading "INVESTMENT OBJECTIVE AND
STRATEGIES" on page 1 of the prospectus is hereby deleted in its entirety, and
is replaced with the following:
"The fund seeks to meet these objectives by investing at least 65% of its
total assets in securities of established companies that have long-term
above-average growth in earnings and dividends, and growth companies that
the portfolio managers believe have the potential for above-average
growth in earnings and dividends. The portfolio managers consider whether
to sell a particular security when they believe the security no longer
has that potential. The fund may also invest up to 20% of its total
assets in foreign securities."
