SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934
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[ ] Confidential, for use of the
Commission Only (as permitted by
Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Section 240.14a-12
AIM TREASURER'S SERIES TRUST
SHORT-TERM INVESTMENTS TRUST
TAX-FREE INVESTMENTS TRUST
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AIM INVESTMENTS--Registered Trademark-- PROXY UPDATE
NEWS ABOUT PROXIES FOR THE AIM INSTITUTIONAL FUNDS--Registered Trademark-- JANUARY 2008
Your clients have begun receiving fund proxies for each AIM institutional fund
in which they own shares. Please note that all AIM institutional funds are
covered by this proxy undertaking.
Proxies were mailed the week of December 24, 2007, to registered shareholders
(of record on November 30, 2007) of all AIM institutional funds. If shareholders
approve the proposed changes to the respective funds, in most cases, the changes
would become effective on or about May 1, 2008.
Shareholders who own multiple funds may have received multiple proxies. Though
they look very similar, these are not duplicates. It is important that
shareholders vote every proxy they receive. If we do not receive sufficient
votes to obtain a quorum, it may be necessary to send a second mailing and
postpone the shareholder meeting.
This Proxy Update describes the rationale for the proposed changes and is
intended to help you answer questions from your clients.
PROPOSED CHANGES:
ALL AIM INSTITUTIONAL FUNDS
o Elect 13 trustees
o Approve amendment to the Declaration of Trust to eliminate current
shareholder approval requirement prior to terminating a portfolio or
class.
o Approve new investment subadvisory agreement between A I M Advisors,
Inc. and affiliated subadvisors.
Proposals in addition to the trustee elections for certain funds, as outlined
below, are being included in the shareholder proxy as management believes it is
more cost-effective and efficient to seek shareholder approval of such proposals
at this time. The general goals of these additional proposals are to increase
operational efficiency and decrease costs.
CHANGE INVESTMENT OBJECTIVES FROM FUNDAMENTAL TO NON-FUNDAMENTAL; CHANGE CERTAIN
FUNDAMENTAL INVESTMENT RESTRICTIONS
o Premier Portfolio
o Premier U.S. Government Money Portfolio
o Premier Tax-Exempt Portfolio
CHANGE REGISTRANT FROM A SINGLE STANDALONE REGISTRANT TO A REGISTRANT WITH OTHER
PORTFOLIOS
o Tax-Free Cash Reserve Portfolio
A I M Distributors, Inc. AIMinvestments.com Page 1 of 4 IPXY 01/08
QUESTIONS AND ANSWERS
Information regarding the additional proposals, including the potential benefits
of reasons for the additional proposals, is outlined in the following questions
and answers.
WHY ARE SHAREHOLDERS BEING ASKED TO APPROVE A NEW SUBADVISORY AGREEMENT?
AIM and the funds' Boards of Trustees (the "Boards") believe that the proposed
subadvisory agreement will benefit the funds and their shareholders by
permitting AIM to use the additional resources and talent of the nine proposed
subadvisors in managing the funds. AIM and the Boards believe that the proposed
subadvisory agreement, if approved by shareholders, will provide AIM with the
increased flexibility in assigning portfolio managers to the funds and will give
the funds access to portfolio managers and investment personnel located in other
offices, including those outside the United States, who may have more
specialized expertise on local companies, markets and economies or on various
types of investments and investment techniques. Because AIM will pay all of the
subadvisory fees of the affiliated subadvisors, the proposed subadvisory
agreement will not affect the fees the funds pay to AIM pursuant to their
advisory agreements.
WHY ARE SHAREHOLDERS BEING ASKED TO APPROVE A NEW ADVISORY AND SUBADVISORY
AGREEMENTS?
The AIM Board determined that shareholders would benefit if AIM was
the advisor, and if the affiliated subadvisors were to perform the subadvisory
services for the Invesco Family of Funds and the AIM Family of Funds.
WHY ARE SHAREHOLDERS BEING ASKED TO APPROVE CHANGING CERTAIN FUNDAMENTAL
INVESTMENT RESTRICTIONS OF CERTAIN FUNDS?
The proposed changes will conform the restrictions for the affected funds to a
set of uniform model restrictions under which most AIM funds operate. AIM and
the Boards expect that shareholders will benefit from a set of uniform model
restrictions in a number of ways. The proposed uniform restrictions will provide
the funds with as much investment flexibility as is possible under the 1940 Act.
AIM and the Boards believe that eliminating the disparities among the various
AIM funds' fundamental restrictions will enhance AIM's ability to manage the
funds' assets efficiently and effectively in changing regulatory and investment
environments.
WHY ARE SHAREHOLDERS BEING ASKED TO APPROVE AN AMENDMENT TO THE DECLARATION OF
TRUST?
The proposed amendment would eliminate the shareholder approval requirement to
terminate a trust, a fund or a share class of a fund. This change gives each
Board the flexibility to terminate a trust, a fund or a share class of a fund if
circumstances warrant without the commensurate expense of seeking a shareholder
vote. The Boards would terminate a trust, a fund or a share class only if they
found that doing so was in the best interests of the shareholders of such trust,
fund or share class, as applicable. In the event the Board were to terminate a
trust, a fund or share class, shareholders would receive notice prior to such
termination.
WHY ARE SHAREHOLDERS BEING ASKED TO APPROVE A CHANGE IN THE REGISTRANT FOR THE
TAX-FREE CASH RESERVE PORTFOLIO FROM A SINGLE STANDALONE REGISTRANT (TAX-FREE
INVESTMENTS TRUST) TO A REGISTRANT WITH OTHER PORTFOLIOS (SHORT-TERM INVESTMENTS
TRUST)?
The proposed change simplifies the fund's organizational structure and reduces
costs for maintaining the Fund (e.g., consolidates record-keeping, accounting,
financial reporting and securities law compliance into a single company); all of
which maximizes operating efficiency. For federal income tax purposes, there is
no gain or loss to the Fund; however, shareholders should consult their tax
advisers regarding any applicable tax consequences.
A I M Distributors, Inc. AIMinvestments.com Page 2 of 4 IPXY 01/08
SOLICITATION PROCESS
AIM offers your clients a variety of ways to vote. The Shareholder Meeting will
be held in Houston at 3:00 p.m. Central Time February 29, 2008. AIM has retained
Computershare Fund Services (CFS), a professional proxy solicitor, to assist
with the solicitation. CFS may begin calling your clients who have not voted to
remind them to vote. To avoid such phone calls, we suggest you urge your clients
to vote early, as each vote is important.
HOW TO VOTE
AIM REGISTERED SHAREHOLDERS
By Phone: (with a customer service representative)
Registered shareholders can vote by calling 866-438-4810. Note that your clients
cannot vote by calling AIM Investment Services. Please be aware that
shareholders voting by telephone will be asked several questions for
identification purposes, including their current address and zip code.
By Phone: (using the 24-hour automated system)
Registered shareholders can vote through an automated touch-tone voting system
by calling 888-221-0697. Your clients will be prompted to enter the control
number printed on their proxy card(s). By Mail: Registered shareholders can vote
through the mail by returning their proxy card(s) in the postage-paid envelope
provided in the proxy mailing.
By Internet: Registered shareholders can vote via AIMinvestments.com, where they
will be directed to a voting area. Shareholders will then be prompted to enter
the control number printed on their proxy card(s) and will be able to review the
proxy statement and immediately cast their vote for each proposal.
BROKERS' CLIENTS WHOSE MAILINGS ARE DISTRIBUTED BY ADP
(Example: Networking Level 3 Accounts)
By Phone: (with a customer service representative)
Nonobjecting beneficial owners (NOBOs) can vote by calling
866-438-4810. Note that your clients cannot vote by calling AIM Investment
Services. Please be aware that shareholders voting by telephone will be asked
several questions for identification purposes, including their current address
and zip code.
By Phone: (using the 24-hour automated system)
NOBOs can vote by calling 800-454-8683. Your clients will be prompted to enter
the control number printed on their proxy card(s). By Mail: Registered
shareholders can vote through the mail by returning their proxy card(s) in the
postage-paid envelope provided in the proxy mailing.
By Internet: Shareholders can vote on proxyvote.com by following the
instructions provided in the proxy mailing.
A I M Distributors, Inc. AIMinvestments.com Page 3 of 4 IPXY 01/08
ADDITIONAL INFORMATION
For more detailed information on the proposed proxy, you and your clients may
visit our Web site at AIMinvestments.com. Your clients are encouraged to vote
via our Web site. Please contact your internal wholesaler if you have any
additional questions.
AIM CASH MANAGEMENT SALES DESK 800-659-1005, OPTION 2
AN INVESTMENT IN THE FUNDS IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE FUNDS SEEK TO
PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUNDS.
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AIM Investments--Registered Trademark-- is a registered service mark of A I M
Management Group Inc. A I M Distributors, Inc. is the distributor for the retail
mutual funds, U.S. institutional money market funds and exchange-traded funds
represented by AIM Investments. AIM Investment Services, Inc. is the transfer
agent for the products and services represented by AIM Investments. AIM Cash
Management is a brand name encompassing products and services provided by one or
more subsidiaries of Invesco Ltd. All of these entities are indirect wholly
owned subsidiaries of Invesco Ltd.
FOR INSTITUTIONAL INVESTOR USE ONLY
[NOT FDIC INSURED] [MAY LOSE VALUE] [NO BANK GUARANTEE]
THIS MATERIAL IS PREPARED FOR INSTITUTIONAL INVESTOR USE ONLY AND MAY NOT BE
QUOTED, REPRODUCED OR SHOWN TO MEMBERS OF THE PUBLIC, NOR USED IN WRITTEN FORM
AS SALES LITERATURE FOR PUBLIC USE.
PLEASE CONSIDER THE INVESTMENT OBJECTIVES, RISKS, FEES AND EXPENSES CAREFULLY
BEFORE INVESTING. FOR THIS AND OTHER IMPORTANT INFORMATION ABOUT THE FUND(s),
PLEASE OBTAIN A PROSPECTUS BY CONTACTING AIM INVESTMENTS AT 800--659--1005 OR
YOUR FINANCIAL ADVISOR. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
[AIM INVESTMENTS LOGO APPEARS HERE]--Registered Trademark--
A I M Distributors, Inc. AIMinvestments.com Page 4 of 4 IPXY 01/08