AIM SMALL CAP EQUITY FUND

                          Class A, B, C and R Shares

                      Supplement dated December 10, 2003
                   to the Prospectus dated May 1, 2003, as
                         supplemented June 12, 2003,
            August 14, 2003, September 30, 2003, November 10, 2003
                             and December 5, 2003


AIM Small Cap Equity Fund (the "Fund") has reached a size in assets under
management where, due to the limited size of the market for common stocks of
small capitalized companies, it has become increasingly difficult to satisfy the
Fund's investment objective and guidelines. For this reason effective at the
close of business on December 19, 2003, the Fund will be closed to new
investors. As described under the heading "Other Information - FUTURE FUND
CLOSURE" on page 5 of the prospectus, certain types of investors may continue to
invest in the fund and certain types of investors may open new accounts in the
fund, if approved by A I M Distributors, Inc."

During the period the Fund is closed to new investors, the distribution and
service (12b-1) fee for Class A shares will be reduced from 0.35% to 0.25% of
the Fund's average daily net assets attributable to the Class A shares. The
12b-1 fees for Class B, Class C and Class R shares will not be reduced during
this closed period.

The Fund may resume sales of shares to new investors at some future date if the
Board of Trustees determines that it would be in the best interest of the Fund's
shareholders.