AIM Investments Announces Changes to Management Team of AIM Small Cap Equity Fund

Business Wire, Sept 1, 2004

HOUSTON -- AIM Investments announced today changes to the management team of AIM Small Cap Equity Fund.

Effective Sept. 1, 2004, the management team of the fund becomes Juliet S. Ellis (lead) and Juan R. Hartsfield, assisted by AIM's Small Cap Core/Growth Team. The team replaces Paul Rasplicka and Michael Chapman, who will continue to manage AIM Capital Development Fund, INVESCO Dynamics Fund, and INVESCO Mid-Cap Growth Fund.

The change in management team will not significantly impact the way AIM Small Cap Equity Fund is managed.

Ms. Ellis and Mr. Hartsfield joined AIM Investments in August 2004 after leaving JPMorgan Fleming Asset Management, where they teamed to manage two small-cap mutual funds.

Ms. Ellis was Managing Director of JPMorgan Fleming Asset Management and served as Senior Portfolio Manager responsible for over $2 billion in assets under management for a small-cap growth and small-cap core portfolio.

Ms. Ellis began her investment career in 1981 as a financial consultant with Merrill Lynch and joined J.P Morgan in 1987 as a senior equity analyst. Ms. Ellis is a Cum Laude and Phi Beta Kappa graduate of Indiana University with a B.A. in economics and political science. She is a CFA charterholder.

Mr. Hartsfield joined JPMorgan Fleming Asset Management in 2000 as an equity analyst and most recently served as a portfolio manager. Mr. Hartsfield earned a B.S. in petroleum engineering from the University of Texas and his M.B.A. from the University of Michigan.

AIM Small Cap Equity Fund closed to most new investors Dec. 19, 2003. For more information about who may continue to invest in the fund, please contact your financial advisor.

AIM Small Cap Equity Fund can invest up to 25% of its assets in foreign securities that involves risks not associated with investing solely in the United States. Investing in micro and small companies, as does AIM Small Cap Equity Fund, involves greater risks not associated with investing in more established companies such as business risk, significant stock price fluctuations and illiquidity.

Investing in small and mid-sized companies, as does AIM Capital Development Fund, INVESCO Dynamics Fund and INVESCO Mid-Cap Growth Fund, involves greater risks not associated with investing in more established companies such as business risk, significant stock price fluctuations and illiquidity. At any given time, both INVESCO Dynamics Fund and INVESCO Mid-Cap Growth Fund may be subject to sector risk, which means a certain sector may underperform other sectors or the market as a whole. The funds are not limited with respect to the sectors in which they can invest.

AIM Capital Development Fund and INVESCO Dynamics Fund may also invest up to 25% of their total assets in securities of non-U.S. issuers that involve risks not associated with investing solely in the United States. Securities of Canadian issuers and American Depository Receipts are not subject to this 25% limitation with the INVESCO Dynamics Fund.

INVESCO Mid-Cap Growth Fund can invest up to 100% of its assets in foreign securities. International investing presents certain risks not associated with investing solely in the United States. These include, for instance, risks relating to fluctuations in the value of the U.S. dollar relative to the value of other currencies, custody arrangements made for the fund's foreign holdings, political risks, differences in accounting procedures and the lesser degree of public information required to be provided by non-U.S. companies.

About AIM Investments

Houston-based AIM Investments represents one of the nation's leading investment management companies. It is dedicated to building solutions for its clients with exceptional products and services through multiple investment management styles and a broad range of investment portfolios under the AIM and INVESCO brand names -- mutual funds, retirement products, separately managed accounts for high-net-worth and institutional investors, annuities, cash management, college savings plans, alternative investments and offshore products. Founded in 1976, AIM Investments had $139 billion in assets under management as of June 30, 2004. For more information, visit www.aiminvestments.com. AIM Investments is a service mark of A I M Management Group Inc. and is the subject of a pending application for trademark registration. A I M Advisors, Inc., A I M Capital Management, Inc., AIM Private Asset Management, Inc., and AIM Alternative Asset Management Company, Inc. are the investment advisors for the products and services represented by AIM Investments. A I M Distributors, Inc. is the distributor for the retail mutual funds and Fund Management Company is the distributor for the institutional money market funds represented by AIM Investments.

About AMVESCAP

A I M Management Group Inc. is a subsidiary of AMVESCAP PLC (NYSE:AVZ), a leading independent global investment manager dedicated to helping people worldwide build their financial security through a comprehensive array of retail and institutional products for clients in more than 100 countries. AMVESCAP had $372 billion in assets under management as of June 30, 2004. Additional information is available at www.amvescap.com.