Bruce L. Crockett
Independent Chair
AIM Funds Board

Dear Fellow Shareholders:

By all accounts, 2009 was a challenging year for all of us. Although the economy and financial markets whipsawed us through much of last year, the final months of the decade concluded with many of us feeling somewhat more optimistic about 2010 as we began to see the markets and economy evidence the first green shoots of recovery.

Perhaps the most valuable takeaway from 2009 is the manner in which it underscored the importance of adopting the long-term, appropriately diversified investment strategy I’ve mentioned in my previous letters. If anything, last year was the litmus test for this approach.

Please be assured that your Board continues to oversee the AIM Funds with a strong sense of responsibility for your savings and a deep appreciation for your trust. We have already begun the annual review and management contract renewal process and will continue to seek to manage costs and reward performance in ways that put your interests first. (It might also interest you to know that the Board currently has five committees — Compliance, Audit, Governance, Investments, and Valuation Distribution and Proxy Voting — whose members exercise oversight to maintain the AIM Funds “Investor First” orientation.)

To that end, some of you may have seen it reported in October 2009 that Invesco will assume the management of the Van Kampen family of mutual funds as well as the Morgan Stanley retail funds. The closing will be later this year and we view this addition as an excellent opportunity to provide you, our shareholders, access to an even broader range of well-diversified mutual funds under the Invesco umbrella. I’ll keep you updated on the work we’re doing to deliver the value of this acquisition to our shareholders in my upcoming letters.

As always, you are welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming year.

Sincerely,

Bruce L. Crockett
Independent Chair
AIM Funds Board of Trustees
February 28, 2010