AIM Changes Management Team, Investment Style of Opportunities Funds

Nov. 30, 2004 — AIM Investments said it has changed the portfolio management team of three of its mutual funds — AIM Opportunities I Fund/A (ASCOX), AIM Opportunities II Fund/A (AMCOX) and AIM Opportunities III Fund/A (LCPAX). The three funds’ investment style will also switch to “value” from “growth,” although each will keep its specific market-cap orientation.

Effective November 30, Roger Mortimer, as lead manager, and Glen Hilton, join Robert Leslie as portfolio managers for the three funds. Mortimer and Hilton replace Charles Scavone and Brant DeMuth on the team. AIM said Scavone and DeMuth “will continue to focus on other duties within the company.” Leslie has been co-portfolio manager of all three Opportunities funds since 2000. Mortimer and Hilton also manage the AIM Global Value Fund/A (AWSAX).

Opportunities I Fund will be positioned as a small-cap value fund, Opportunities II Fund as a mid-cap value fund and Opportunities III Fund as a large-cap value fund. The managers will seek to achieve long-term growth of capital and will use traditional hedge fund techniques (short sales, leverage and derivatives) as a risk-management tool.