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[AIM LOGO APPEARS HERE]


   MEMORANDUM

   To:       All Employees

   From:     C.T. Bauer

   Date:     January 8, 1997

   Subject:  1997 Shareholder Meetings

   Beginning December 26, 1996, proxy materials for the AIM Funds were mailed to
   the Funds' shareholders of record on December 3, 1996.  As you know, A I M
   Management Group Inc. ("AIM") has entered into an agreement to merge with a
   subsidiary of INVESCO plc.  As a condition to the merger, it is necessary for
   the shareholders of each of the AIM Funds to approve a new investment
   advisory agreement (and in some cases, a new sub-advisory agreement).
   Shareholders are also being asked to elect Directors/Trustees, to approve
   certain proposed changes in fundamental investment policies and to ratify the
   selection of independent accountants.  AIM has retained a proxy solicitation
   firm to assist with this solicitation.

   Since many AIM employees are shareholders of the Funds, we encourage each of
   you to promptly vote by signing and returning the proxy card or cards in the
   envelope provided with the proxy materials.  By doing so will enable AIM to
   focus its resources on the solicitation of non-employee accounts.  Please
   remember that regardless of the size of your account, every vote received
   counts towards the meeting quorum and every "FOR" vote helps to approve the
   proposals. 

   Thank you for your prompt attention and continued support.




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