<PAGE>
[LOGO OF AIM APPEARS HERE]
Letter
to Our
Shareholders
March 6, 1995
Dear Shareholder:
Volatility persisted in short-term fixed-income securities
markets over the six months ended February 28, 1995, as interest
rates continued to climb. The Federal Reserve Board maintained
its restrictive monetary policy by raising short-term interest
rates in November and again in February, which positioned the
[PHOTO federal funds rate at approximately 6 percent, and the discount
Charles T. rate at 5.25 percent.
Bauer, With the last interest rate increase, financial markets
Chairman of strengthened as economic indicators, though mixed, suggested a
the Board of slower rate of growth in the economy. Such evidence prompted
the Fund, Federal Reserve Chairman Alan Greenspan to provide encouraging
APPEARS HERE] testimony before Congress in late February that the current
condition of the economy--moderate, constructive growth with low
unemployment and low inflation--was healthier than it had been in
years. In addition, the Chairman told Congress that the central
bank would be ready to loosen credit at the first sign of
recession.
Greenspan's remarks triggered a rally in stocks that drove equity markets to
record highs. Bonds also rallied, but the dollar fell. The dollar's persistent
weakness led some analysts to speculate that inflation remains a near-term
possibility, prompting renewed concerns that interest rates would have to rise
again in the coming months.
YOUR INVESTMENT PORTFOLIO
The Short-Term Investments Co. (STIC) Liquid Assets Portfolio consistently
maintained its strict investment discipline of purchasing securities of superior
credit quality. Liquid Assets Portfolio invests only in securities rated "First
Tier" as defined in Rule 2a-7 under the Investment Company Act of 1940.
Liquid Assets Portfolio took advantage of the rising interest rate
environment. Weighted average maturity was 19 days to capture attractive yields
available in taxable money market instruments such as quality commercial paper
and selected repurchase agreement securities. As a result, the yield on Liquid
Assets Portfolio was able to increase with short-term interest rates and
outperform similar funds tracked by IBC/Donoghue's Money Fund Averages(TM).
As of February 28, 1995, the 30-day average yield of Liquid Assets Portfolio
was 5.99 percent compared to 5.77 percent for similar First-Tier institutional
funds reported in IBC/Donoghue's Money Fund Averages(TM). The seven-day yield
for Liquid Assets Portfolio was 6.02 percent as of February 28, 1995, and net
assets were $1.53 billion.
OUTLOOK FOR THE FUTURE
Leading economic indicators continue to suggest healthy economic conditions and
low inflation, and the economy is widely expected to slow in the second half of
1995. As a result, fixed-income securities have begun to exhibit more stability
across most maturity levels. The direction of the dollar remains a significant
uncertainty that could precipitate renewed inflation concerns and higher short-
term interest rates.
AIM remains committed to the primary objectives of safety, liquidity, and
yield in institutional money fund management. As always, we are ready to respond
to your comments about this report and any questions you may have about your
Fund. Please call us at (800) 659-1005.
Respectfully submitted,
/s/ CHARLES T. BAUER
Charles T. Bauer
Chairman
<PAGE>
<TABLE>
<CAPTION>
AVERAGE MONTHLY
YIELD COMPARISON
(6 months ended 2/28/95)
STIC Liquid Assets Portfolio vs. IBC/Donoghue's Money Fund Averages(TM)/First-Tier
Institutions Only vs. IBC/Donoghue's Money Fund Averages(TM)/Total Institutions Only
[GRAPH APPEARS HERE]
IBC/ IBC/
DONOGHUE'S DONOGHUE'S
MONEY FUND MONEY FUND
STIC AVERAGES(TM)/ AVERAGES(TM)/
LIQUID FIRST-TIER TOTAL
Measurement period ASSETS INSTITUTIONS INSTITUTIONS
(6 months ended 2/28/95) PORTFOLIO ONLY ONLY
- - --------------------- -------- ------------- ------------
(Yield)
<S> <C> <C> <C>
9/94 4.71% 4.48% 4.4 %
10/94 4.86% 4.64% 4.54%
11/94 5.28% 4.93% 4.84%
12/94 5.65% 5.36% 5.24%
1/95 5.7 % 5.52% 5.38%
2/95 5.99% 5.77% 5.65%
Yields are 30-day average yields for the month-ends shown.
</TABLE>
<TABLE>
<CAPTION>
WEIGHTED AVERAGE
MATURITY COMPARISON
(6 months ended 2/28/95)
STIC Liquid Assets Portfolio vs. IBC/Donoghue's Money Fund Averages(TM)/First-Tier
Institutions Only vs. IBC/Donoghue's Money Fund Averages(TM)/Total Institutions Only
[GRAPH APPEARS HERE]
IBC/ IBC/
DONOGHUE'S DONOGHUE'S
MONEY FUND MONEY FUND
STIC AVERAGES(TM)/ AVERAGES(TM)/
LIQUID FIRST-TIER TOTAL
Measurement period ASSETS INSTITUTIONS INSTITUTIONS
(6 months ended 2/28/95) PORTFOLIO ONLY ONLY
- - ------------------------ --------- ------------- ------------
(Days)
<S> <C> <C> <C>
9/94 7 35 36
10/94 4 35 36
11/94 8 33 34
12/94 4 28 31
1/95 16 30 32
2/95 19 35 36
Source: IBC's Money Market Insight(R) of Holliston, MA 01746
</TABLE>
2
<PAGE>
SCHEDULE OF INVESTMENTS
February 28, 1995
(Unaudited)
<TABLE>
<S> <C> <C> <C>
MATURITY PAR (000) VALUE
COMMERCIAL PAPER - 16.07%(a)
CONSUMER DURABLES - 3.04%
AUTOMOBILE - 3.04%
Ford Motor Credit Co.
6.05% 05/22/95 $ 47,000 $ 46,352,314
- - ------------------------------------------------------------------------------
CONSUMER NONDURABLES - 4.34%
BEVERAGES - 4.34%
Seagram (Joseph E.) & Sons, Inc.
6.20% 06/07/95 36,457 35,841,687
- - ------------------------------------------------------------------------------
6.20% 06/08/95 31,000 30,471,450
- - ------------------------------------------------------------------------------
66,313,137
- - ------------------------------------------------------------------------------
FINANCIAL - 5.11%
PERSONAL CREDIT - 3.83%
Associates Corp. of North America
5.97% 03/20/95 34,000 33,892,872
- - ------------------------------------------------------------------------------
Household Finance Corp.
6.05% 05/25/95 25,000 24,642,882
- - ------------------------------------------------------------------------------
MULTIPLE INDUSTRY - 1.28%
General Electric Capital Corp.
6.27% 07/14/95 20,000 19,529,750
- - ------------------------------------------------------------------------------
78,065,504
- - ------------------------------------------------------------------------------
OTHER - 3.58%
DIVERSIFIED - 3.58%
BTR Dunlop Finance Inc.
6.22% 08/14/95 29,794 28,939,475
- - ------------------------------------------------------------------------------
6.30% 08/14/95 26,500 25,730,175
- - ------------------------------------------------------------------------------
54,669,650
- - ------------------------------------------------------------------------------
Total Commercial Paper 245,400,605
- - ------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES - 15.43%
Federal National Mortgage Association - 8.58%
6.18%(b) 06/02/99 131,000 131,000,000
- - ------------------------------------------------------------------------------
Student Loan Marketing Association - 6.85%
6.10%(b) 08/20/98 5,545 5,546,420
- - ------------------------------------------------------------------------------
6.12%(b) 01/13/99 64,000 64,000,000
- - ------------------------------------------------------------------------------
6.12%(b) 02/08/99 25,000 25,006,662
- - ------------------------------------------------------------------------------
6.11%(b) 02/22/99 5,000 5,001,668
- - ------------------------------------------------------------------------------
6.17%(b) 03/07/01 5,000 5,002,208
- - ------------------------------------------------------------------------------
104,556,958
- - ------------------------------------------------------------------------------
Total U.S. Government Agencies 235,556,958
- - ------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<S> <C> <C> <C>
MATURITY PAR (000) VALUE
MASTER NOTE AGREEMENTS - 21.62%
Citicorp Securities, Inc.
6.375%(c) 03/17/95 $100,000 $ 100,000,000
- - -------------------------------------------------------------------------------
Morgan (J.P.) Securities Inc.
6.35%(d) 06/27/95 115,100 115,100,000
- - -------------------------------------------------------------------------------
Morgan Stanley Group, Inc.
6.275%(e) 08/01/95 115,100 115,100,000
- - -------------------------------------------------------------------------------
Total Master Note Agreements 330,200,000
- - -------------------------------------------------------------------------------
Total Investments, excluding Repurchase
Agreements 811,157,563
- - -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 47.04%(f)
Deutsche Bank Government Securities, Inc.
6.10%(g) -- 22,000 22,000,000
- - -------------------------------------------------------------------------------
Fuji Securities Inc.
6.13%(h) -- 200,000 200,000,000
- - -------------------------------------------------------------------------------
Goldman Sachs Group, L.P. (The)
6.10%(i) 03/01/95 483 483,148
- - -------------------------------------------------------------------------------
6.20%(j) 03/01/95 200,000 200,000,000
- - -------------------------------------------------------------------------------
Nikko Securities Co. International, Inc.
(The)
6.10%(k) -- 74,000 74,000,000
- - -------------------------------------------------------------------------------
Prudential Securities, Inc.
6.13%(l) -- 74,000 74,000,000
- - -------------------------------------------------------------------------------
Sanwa-BGK Securities Co. L.P.
6.13%(m) 03/01/95 74,000 74,000,000
- - -------------------------------------------------------------------------------
Smith Barney, Inc.
6.12%(n) -- 74,000 74,000,000
- - -------------------------------------------------------------------------------
Total Repurchase Agreements 718,483,148
===============================================================================
TOTAL INVESTMENTS - 100.16% 1,529,640,711(o)
- - -------------------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES - (0.16%) (2,387,464)
===============================================================================
NET ASSETS - 100.00% $1,527,253,247
===============================================================================
</TABLE>
NOTES TO SCHEDULE OF INVESTMENTS:
(a) Some commercial paper is 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) Interest rates are redetermined weekly. Rates shown are the rates in effect
on February 28, 1995.
(c) The Portfolio may demand prepayment of notes purchased under the Master
Note Purchase Agreement upon notice to the issuer. Interest rates on master
notes are redetermined periodically. Rate shown is the rate in effect on
February 28, 1995.
(d) The Portfolio may demand prepayment of notes purchased under the Master
Note Purchase Agreement upon seven calendar days' notice. Interest rates on
master notes are redetermined periodically. Rate shown is the rate in
effect on February 28, 1995.
4
<PAGE>
NOTES TO SCHEDULE OF INVESTMENTS--(CONTINUED)
(e) Master Note Purchase Agreement may be terminated by either party as of any
business day upon not less than three business days' notice, at which time
all amounts outstanding under the notes purchased under the Master Note
Purchase Agreement will become payable. Interest rates on master notes are
redetermined periodically. Rate shown is the rate in effect on February 28,
1995.
(f) Collateral on repurchase agreements, including the Portfolio's pro-rate
interest in joint repurchase agreements, is taken into possession by the
Fund upon entering into the repurchase agreement. The collateral is marked
to market daily to ensure its market value as being 102 percent of the
sales price of the repurchase agreement. The investments in some repurchase
agreements are through participation in joint accounts with other funds
managed by the investment advisor.
(g) Open joint repurchase agreement entered into on 12/09/94; however, either
party may terminate the agreement upon demand. Collateralized by
$404,388,000 U.S. Treasury obligations, 0.00% to 11.875% due 04/15/95 to
02/15/25.
(h) Open joint repurchase agreement entered into on 12/12/94; however, either
party may terminate the agreement upon demand. Collateralized by
$205,763,000 U.S. Treasury obligations, 0.00% to 7.375% due 04/06/95 to
02/28/97.
(i) Joint repurchase agreement entered into on 02/28/95 with a maturing value
of $206,787,131. Collateralized by $204,407,000 U.S. Treasury obligations,
0.00% to 8.875% due 08/15/95 to 11/15/98.
(j) Entered into on 02/28/95 with a maturing value of $200,034,444.
Collateralized by $204,746,000 U.S. Government agency obligations, 0.00% to
6.86% due 03/06/95 to 03/07/01.
(k) Open joint repurchase agreement entered into on 12/12/94; however, either
party may terminate the agreement upon demand. Collateralized by
$124,828,000 U.S. Treasury obligations, 0.00% to 11.875% due 10/19/95 to
11/15/03.
(l) Open joint repurchase agreement entered into on 01/23/95; however, either
party may terminate the agreement upon demand. Collateralized by
$353,153,000 U.S. Government agency obligations, 0.00% to 9.95% due
03/01/95 to 04/15/30.
(m) Joint repurchase agreement entered into on 02/28/95. Collateralized by
$153,857,000 U.S. Government agency obligations, 0.00% due 04/03/95.
(n) Open joint repurchase agreement entered into on 02/16/95; however, either
party may terminate the agreement upon demand. Collateralized by
$252,438,000 U.S. Government agency obligations, 0.00% to 8.65% due
03/03/95 to 07/15/28.
(o) Also represents cost for federal income tax purposes.
See Notes to Financial Statements.
5
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
February 28, 1995
(Unaudited)
<TABLE>
<S> <C> <C>
ASSETS:
Investments, excluding repurchase agreements, at
value (amortized cost) $ 811,157,563
- - ------------------------------------------------------------------------------
Repurchase agreements 718,483,148
- - ------------------------------------------------------------------------------
Interest receivable 4,483,782
- - ------------------------------------------------------------------------------
Investment for deferred compensation plan 9,576
- - ------------------------------------------------------------------------------
Other assets 113,316
- - ------------------------------------------------------------------------------
Total assets 1,534,247,385
- - ------------------------------------------------------------------------------
LIABILITIES:
Payables for:
Dividends 6,763,009
- - ------------------------------------------------------------------------------
Deferred compensation 9,576
- - ------------------------------------------------------------------------------
Accrued advisory fees 147,840
- - ------------------------------------------------------------------------------
Accrued directors' fees 4,475
- - ------------------------------------------------------------------------------
Accrued administrative service fees 6,186
- - ------------------------------------------------------------------------------
Accrued transfer agent fees 12,910
- - ------------------------------------------------------------------------------
Accrued operating expenses 50,142
- - ------------------------------------------------------------------------------
Total liabilities 6,994,138
- - ------------------------------------------------------------------------------
NET ASSETS $1,527,253,247
==============================================================================
NET ASSET VALUE PER SHARE:
Capital stock, $.001 par value per share 1,527,238,770
==============================================================================
Net asset value, offering and redemption price
per share $1.00
==============================================================================
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
STATEMENT OF OPERATIONS
For the six months ended February 28, 1995
(Unaudited)
<TABLE>
<S> <C> <C>
INVESTMENT INCOME:
Interest income $45,329,753
- - ----------------------------------------------------------------------------
EXPENSES:
Advisory fees 827,794
- - ----------------------------------------------------------------------------
Custodian fees 39,356
- - ----------------------------------------------------------------------------
Administrative service fees 25,597
- - ----------------------------------------------------------------------------
Directors' fees and expenses 5,860
- - ----------------------------------------------------------------------------
Filing fees 107,310
- - ----------------------------------------------------------------------------
Transfer agent fees 35,560
- - ----------------------------------------------------------------------------
Other 38,291
- - ----------------------------------------------------------------------------
Total expenses 1,079,768
- - ----------------------------------------------------------------------------
Net investment income 44,249,985
- - ----------------------------------------------------------------------------
Net realized gain on sales of investments 76,673
- - ----------------------------------------------------------------------------
Net increase in net assets resulting from operations $44,326,658
============================================================================
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended February 28, 1995 and the period November 4, 1993
(date operations commenced) through August 31, 1994
(Unaudited)
<TABLE>
<S> <C> <C>
FEBRUARY 28, AUGUST 31,
1995 1994
- - ---------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 44,249,985 $ 44,215,233
- - ---------------------------------------------------------------------------
Net realized gain (loss) on sales of
investments 76,673 (62,196)
- - ---------------------------------------------------------------------------
Net increase in net assets resulting from
operations 44,326,658 44,153,037
- - ---------------------------------------------------------------------------
Distributions to shareholders from net
investment income (44,249,985) (44,215,233)
- - ---------------------------------------------------------------------------
Share transactions -- net 498,826,767 1,028,412,003
- - ---------------------------------------------------------------------------
Net increase in net assets 498,903,440 1,028,349,807
- - ---------------------------------------------------------------------------
NET ASSETS:
Beginning of period 1,028,349,807 --
- - ---------------------------------------------------------------------------
End of period $1,527,253,247 $1,028,349,807
===========================================================================
NET ASSETS CONSIST OF:
Capital (par value and additional paid-in) $1,527,238,770 $1,028,412,003
- - ---------------------------------------------------------------------------
Undistributed net realized gain (loss) on
sales of investment securities 14,477 (62,196)
- - ---------------------------------------------------------------------------
$1,527,253,247 $1,028,349,807
===========================================================================
</TABLE>
See Notes to Financial Statements.
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS
February 28, 1995
(Unaudited)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Short-Term Investments Co. (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 Maryland corporation consisting
of two different portfolios, each of which offers separate series of shares:
the Liquid Assets Portfolio and the Prime Portfolio, with the assets,
liabilities and operations of each portfolio accounted for separately.
Information presented in these financial statements pertains only to the Liquid
Assets Portfolio (the "Portfolio").
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 invests only in securities which have
maturities of 397 days or less. The 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 - Expenses of the Fund which are not directly attributable to a
specific portfolio are prorated among the portfolios to which the expense
relates based on the relative net assets of each portfolio.
9
<PAGE>
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 advisory agreement, AIM
receives a fee, paid monthly, with respect to the Portfolio at the annual rate
of 0.15% of the average daily net assets of the Portfolio.
AIM will, if necessary, reduce its fee for any fiscal year to the extent
required so that the amount of ordinary expenses of the Portfolio (excluding
interest, taxes, brokerage commissions and extraordinary expenses) paid or
incurred by the Portfolio for such fiscal year does not exceed the applicable
expense limitations imposed by the state securities regulations in any state in
which the Portfolio's shares are qualified for sale. During the six months
ended February 28, 1995, AIM voluntarily waived fees of $405,551.
The Portfolio, 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 Portfolio. During the six months
ended February 28, 1995, the Portfolio reimbursed AIM $25,597 for such
services. Effective September 16, 1994, A I M Institutional Fund Services, Inc.
("AIFS") became a transfer agent for the Portfolio and was reimbursed $24,426
for such services during the period ending February 28, 1995. Certain officers
and directors of the Fund are officers and directors of AIM, AIFS and Fund
Management Company, the Portfolio's distributor.
The Portfolio paid legal fees of $1,317 for services rendered by Reid & Priest
as counsel to the Fund's directors. Effective September 1994, the firm of
Kramer, Levin, Naftalis, Nesser, Kamin & Frankel was appointed as counsel to
the Board of Directors. The Portfolio paid legal fees of $1,291 for services
rendered by that firm as counsel. A member of that firm is a director of the
Fund and, prior to September 1994, was a member of Reid & Priest.
NOTE 3 - DIRECTORS' FEES
Directors' fees represent remuneration paid or accrued to each director who is
not an "interested person" of the Fund. The Fund invests directors' fees, if so
elected by a director, in mutual fund shares in accordance with a deferred
compensation plan.
10
<PAGE>
NOTE 4 - CAPITAL STOCK
Changes in capital stock during the six months ended February 28, 1995 and the
period November 4, 1993 (date operations commenced) through August 31, 1994
were as follows:
<TABLE>
<CAPTION>
FEBRUARY 28, 1995 AUGUST 31, 1994
--------------------------------- --------------------------------
SHARES AMOUNT SHARES VALUE
--------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C>
Sold 18,091,692,223 $ 18,091,692,223 20,765,848,248 $20,765,848,248
- - --------------------------------------------------------------------------------------------
Issued as reinvestment
of dividends 1,561,075 1,561,075 587,397 587,397
- - --------------------------------------------------------------------------------------------
Reacquired (17,594,426,531) (17,594,426,531) (19,738,023,642) (19,738,023,642)
- - --------------------------------------------------------------------------------------------
Net increase 498,826,767 $ 498,826,767 1,028,412,003 $ 1,028,412,003
============================================================================================
</TABLE>
NOTE 5 - FINANCIAL HIGHLIGHTS
Shown below are the condensed financial highlights for a share of capital stock
of the Portfolio outstanding during the six months ended February 28, 1995 and
the period November 4, 1993 (date operations commenced) through August 31,
1994.
<TABLE>
<CAPTION>
FEBRUARY 28, AUGUST 31,
1995 1994
------------ ----------
<S> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00
- - --------------------------------------------- ---------- ----------
Income from investment operations:
Net investment income 0.03 0.03
- - --------------------------------------------- ---------- ----------
Less distributions:
Dividends from net investment income (0.03) (0.03)
- - --------------------------------------------- ---------- ----------
Net asset value, end of period $ 1.00 $ 1.00
============================================= ========== ==========
Total return(a) 5.42% 3.83%
============================================= ========== ==========
Ratios/supplemental data:
Net assets, end of period (000s omitted) $1,527,253 $1,028,350
============================================= ========== ==========
Ratio of expenses to average net assets(b) 0.13%(b) 0.05%(c)
============================================= ========== ==========
Ratio of net investment income to average net
assets(b) 5.38%(b) 3.85%(c)
============================================= ========== ==========
</TABLE>
(a) Annualized.
(b) After waiver of advisory fees. Ratios are annualized and based on average
net assets of $1,658,088,721. Annualized ratios of expenses and net
investment income prior to waiver of advisory fees are 0.18% and 5.33%,
respectively.
(c) After waiver of advisory fees. Ratios are annualized and based on average
net assets of $1,393,106,329. Annualized ratios of expenses and net
investment income prior to waiver of advisory fees are 0.18% and 3.72%,
respectively.
11
<PAGE>
DIRECTORS
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 Chairman
Robert H. Graham President
John J. Arthur Sr. Vice President & Treasurer
William H. Kleh Sr. Vice President
Gary T. Crum Sr. Vice President
Polly A. Ahrendts Vice President
Melville B. Cox Vice President
Karen Dunn Kelley Vice President
J. Abbott Sprague Vice President
Carol F. Relihan Vice President & Secretary
Dana R. Sutton Vice President & Assistant Treasurer
Joseph A. Dichiara Assistant Vice President
Dineen Hughes Assistant Vice President
Nancy L. Martin 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.
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
New York, NY 10286
LEGAL COUNSEL TO FUND
Ballard Spahr Andrews & Ingersoll
1735 Market Street, 51st Floor
Philadelphia, PA 19103-7599
LEGAL COUNSEL TO DIRECTORS
Kramer, Levin, Naftalis, Nessen, Kamin & Frankel
919 Third Avenue
New York, NY 10022
TRANSFER AGENT
State Street Bank & Trust Co.
225 Franklin Street
Boston, MA 02110
and
A I M Institutional Fund Services, Inc.
11 Greenway Plaza, Suite 1919
Houston, TX 77046
This report may be distributed only to current shareholders or to persons who
have received a current prospectus.
Short-Term
Investments Co.
(STIC)
Liquid Assets
Portfolio
Semi-Annual Report
February 28, 1995
[LOGO OF FUND MANAGEMENT
COMPANY APPEARS HERE]
