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.

Among other changes, the funds now will have the ability to invest up to 25% of their assets in foreign securities. Formerly, the funds kept minimal assets in non-U.S. securities. The funds will also likely use cash holdings to manage risk and temper volatility. Previously, the fund’s strategy consisted of typically keeping less than a 5% stake in cash.

A spokesman for AIM said the funds’ management fees and expense ratios would not be changed.

Contact Bob Keane with questions or comments at: bkeane@investmentadvisor.com.