-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FJHfeFDrXvG6YBnzm+Vm4dInktGAINt6//VU08eLszKweDJ0s0uk4CDdrYYxBxpr ciA+ZbWe0225CtFKuqG3vw== 0000891618-07-000578.txt : 20070928 0000891618-07-000578.hdr.sgml : 20070928 20070928143355 ACCESSION NUMBER: 0000891618-07-000578 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 5 FILED AS OF DATE: 20070928 DATE AS OF CHANGE: 20070928 EFFECTIVENESS DATE: 20070928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM TAX EXEMPT FUNDS CENTRAL INDEX KEY: 0000909466 IRS NUMBER: 766035958 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07890 FILM NUMBER: 071141946 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: STE 100 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: AIM TAX EXEMPT FUNDS INC/NEW DATE OF NAME CHANGE: 19940718 FORMER COMPANY: FORMER CONFORMED NAME: AIM TAX FREE FUNDS INC DATE OF NAME CHANGE: 19930721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AIM TAX EXEMPT FUNDS CENTRAL INDEX KEY: 0000909466 IRS NUMBER: 766035958 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-66242 FILM NUMBER: 071141947 BUSINESS ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: STE 100 CITY: HOUSTON STATE: TX ZIP: 77046 BUSINESS PHONE: 7136261919 MAIL ADDRESS: STREET 1: 11 GREENWAY PLAZA STREET 2: SUITE 100 CITY: HOUSTON STATE: TX ZIP: 77046 FORMER COMPANY: FORMER CONFORMED NAME: AIM TAX EXEMPT FUNDS INC/NEW DATE OF NAME CHANGE: 19940718 FORMER COMPANY: FORMER CONFORMED NAME: AIM TAX FREE FUNDS INC DATE OF NAME CHANGE: 19930721

0000909466 S000000171 AIM Tax-Exempt Cash Fund

C000000393 Class A ACSXX

C000000394 Investor Class TEIXX

485BPOS 1 h49864we485apos.txt POST EFFECTIVE AMENDMENT TO 485(B) As filed with the United States Securities and Exchange Commission on September 28, 2007 1933 Act Registration No. 33-66242 1940 Act Registration No. 811-07890 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X] Pre-Effective Amendment No. _____ Post-Effective Amendment No. 24 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X] Amendment No. 25 [X] (Check appropriate box or boxes.) AIM TAX-EXEMPT FUNDS (Exact Name of Registrant as Specified in Charter) 11 Greenway Plaza, Suite 100, Houston, TX 77046 (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, including Area Code (713) 626-1919 John M. Zerr, Esquire 11 Greenway Plaza, Suite 100, Houston, TX 77046 (Name and Address of Agent for Service) Copy to: Stephen R. Rimes, Esquire Christian A. Szautner, Esquire A I M Advisors, Inc. Ballard Spahr Andrews & Ingersoll, LLP 11 Greenway Plaza, Suite 100 1735 Market Street, 51st Floor Houston, Texas 77046 Philadelphia, Pennsylvania 19103-7599 Approximate Date of Proposed Public As soon as practicable after the effective Offering: date of this Amendment It is proposed that this filing will become effective (check appropriate box) [X] immediately upon filing pursuant to paragraph (b) [ ] on (date) pursuant to paragraph (b) [ ] 60 days after filing pursuant to paragraph (a)(1) [ ] on (date) pursuant to paragraph (a)(1) [ ] 75 days after filing pursuant to paragraph (a)(2) [ ] on (date) pursuant to paragraph (a)(2) of Rule 485. If appropriate, check the following box: [ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment. SIGNATURES Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Houston, Texas on the 28th day of September, 2007. REGISTRANT: AIM TAX-EXEMPT FUNDS By: /s/ Philip A. Taylor ------------------------------------ Philip A. Taylor, President Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

/s/ Sidney M. Dilgren Vice President & Treasurer September 28, 2007 - --------------------------- (Principal Financial and (Sidney M. Dilgren) Accounting Officer) *By /s/ Philip A. Taylor ----------------------- Philip A. Taylor Attorney-in-Fact

* Philip A. Taylor, pursuant to powers of attorney filed in Registrant's Post-Effective Amendment No. 23 on July 25, 2007. The purpose of submitting the tagged exhibit is to test the related format and technology and, as a result, investors should not rely on this exhibit in making investment decisions. Exhibit Index XBRL Instance Document Ex-100.ins XBRL Taxonomy Extension Schema Document Ex-100.sch XBRL Taxonomy Extension Definition Linkbase Ex-100.def XBRL Taxonomy Extension Labels Linkbase Ex-100.lab

EX-100.INS 2 r-09282007.xml EX-100 INSTANCE DOCUMENT 0000909466 ici:Registrant_item 2007-09-28 0000909466 filer:S000000171 2007-09-28 0000909466 filer:C000000393 2007-09-28 0000909466 filer:C000000394 2007-09-28 0000909466 filer:AllInstruments 2007-09-28 pure iso4217:USD Risk/Return Summary Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Additionally, the fund's yield will vary as the short-term securities in its portfolio mature or are sold, and the proceeds are reinvested in securities with different interest rates. An investment in the fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Performance Information The bar chart and table shown below provide an indication of the risks of investing in the fund. The fund's past performance is not necessarily an indication of its future performance. ANNUAL TOTAL RETURNS The following bar chart shows changes in the performance of the fund's Class A shares from year to year. Class A shares of the fund are not subject to sales loads. 1997 0.0308 1998 0.0299 1999 0.0287 2000 0.038 2001 0.0238 2002 0.0087 2003 0.0047 2004 0.0054 2005 0.016 2006 0.0252 year-to-date total return 2007-06-30 0.014 highest quarterly return 0.01 2000-12-31 lowest quarterly return 0.0008 2003-09-30 2004-03-31 PERFORMANCE TABLE The following performance table reflects the fund's performance over the periods indicated. Average Annual Total Returns (for the periods ended December31, 2006) 1 Year 5 Years 10 Years Inception Date Class A 0.0252 0.012 0.0211 1982-09-22 Investor Class 1 0.0262 0.0126 0.0214 1982-09-22 1 1 The return shown for the one year period is the historical performance of the fund's Investor Class shares. The returns shown for other periods are the blended returns of the historical performance of the fund's Investor Class shares since their inception and the restated historical performance of the fund's Class A shares (for the periods prior to the inception of the Investor Class shares) at net asset value, which restated performance will reflect the higher Rule 12b-1 fees applicable to the Class A shares. The inception date shown in the table is that of the fund's Class A shares. The inception date of the fund's Investor Class shares is September 30, 2003. seven-day yield December 31, 2006 Class A Investor Class 0.0288 0.0298 For the current seven-day yield, call (800) 959-4246 Fee Table and Expense Example Shareholder Fees (fees paid directly from your investment) Class A Investor Class Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 0.0000 0.0000 Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, whichever is less) 0.0000 0.0000 Annual Fund Operating Expense 1 (expenses that are deducted from fund assets) Class A Investor Class Management Fees 0.0035 0.0035 Distribution and/or Service (12b-1) Fees 0.0025 0.0000 Other Expenses 0.0059 0.0059 Acquired Fund Fees and Expenses 0.0000 0.0000 Total Annual Fund Operating Expenses 0.0119 0.0094 Fee Waiver 2 -0.0015 0.0000 Net Annual Fund Operating Expenses 3 0.0104 0.0094 1 There is no guarantee that actual expenses will be the same as those shown in the table. 2 The distributor has contractually agreed to waive 0.15% of the Class A shares' Rule 12b-1 distribution plan payments. The waiver agreement is in effect through at least June 30, 2008. 3 At the request of the Board of Trustees, INVESCO PLC (as defined herein) has agreed to reimburse the fund for expenses related to market timing matters. As a result of this agreement, the actual Total Operating Expenses for each class were lower by 0.01%. If a financial institution is managing your account, you may also be charged a transaction or other fee by such financial institution. As a result of 12b-1 fees, long-term shareholders in the fund may pay more than the maximum permitted initial sales charge. EXPENSE EXAMPLE This example is intended to help you compare the cost of investing in different classes the fund with the cost of investing in other mutual funds. The expense example assumes you: (i) invest $10,000 in the fund for the time periods indicated; (ii) redeem all of your shares at the end of the periods indicated; (iii) earn a 5% return on your investment before operating expenses each year; and (iv) incur the same amount in operating expenses each year (after giving effect to any applicable contractual fee waivers and/or expense reimbursements). To the extent fees are waived and/or expenses are reimbursed voluntarily, your expenses will be lower. Although your actual returns and costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Class A 106 363 640 1430 Investor Class 96 300 520 1155 OBJECTIVE AND STRATEGIES The fund's investment objective is to provide as high a level of tax-exempt income as is consistent with the preservation of capital and maintenance of liquidity. The fund's investment objective may be changed by the Board of Trustees without shareholder approval. The fund normally invests at least 80% of its assets in debt securities that (1) pay interest that is excluded from gross income for federal income tax purposes, and (2) do not produce income that will be considered to be an item of preference for purposes of the alternative minimum tax. The fund invests in accordance with industry-standard requirements for money market funds for the quality, maturity and diversification of investments. The fund invests only in high-quality U.S. dollar-denominated short term debt obligations, including: (i) municipal securities, which may include tax-exempt commercial paper; and (ii) cash equivalents. These securities may have credit and liquidity enhancements provided by banks, insurance companies or other financial institutions. Municipal securities include debt obligations of states, territories and possessions of the United States and the District of Columbia, their political subdivisions, agencies, and instrumentalities, authorities thereof, and multi-state agencies, issued to obtain funds for various public purposes. Synthetic municipal securities, which include variable rate instruments that are created when fixed rate bonds are coupled with a third party tender feature and variable tender fees are treated as municipal securities. Other securities held by the fund may be structured with demand features which have the effect of shortening the security's maturity. The fund invests only in municipal securities that are: (1) rated in the highest rating category by two nationally recognized statistical rating organizations (NRSRO); (2) rated by only one NRSRO, if they are rated in the highest category by that NRSRO; and (3) unrated but deemed to be of comparable quality by the advisors. Some of the fund's investments, although U.S. dollar-denominated, may be subject to foreign credit exposure. The fund may invest up to 20% of its net assets in money market instruments that may be subject to federal taxes, including Treasury securities, repurchase agreements, bankers' acceptances, commercial paper, U.S. dollar-denominated foreign securities and master notes. The fund's investments in the types of securities described in this prospectus vary from time to time, and, at any time, the fund may not be invested in all types of securities described in this prospectus. Any percentage limitations with respect to assets of the fund are applied at the time of purchase. In selecting securities for the fund's portfolio, the portfolio managers focus on safety, liquidity, and yield that is exempt from federal income taxes. The portfolio structure is driven to some extent by the supply and availability of municipal obligations. The portfolio managers manage liquidity with daily and weekly variable-rate demand notes. The portfolio managers consider selling a security: (i) if the issuer's credit quality declines, (ii) if a geographic region in which the issuer's in which the fund invests are located undergoes a negative change, (iii) as a result of interest rate changes, or (iv) to enhance yield. The fund may maintain a portion of its assets in cash pending investment or to handle its daily cash needs, including payment of fund expenses, redemption requests and securities transactions. Depending upon the then-current investment environment, holding a relatively larger percentage of portfolio assets in cash may either assist or hinder the fund's relative performance. RISKS The principal risks of investing in the fund are: - Market Risk?The prices of and the income generated by securities held by the fund may decline in response to certain events, including those directly involving the issuers, or in the case of industrial development revenue bonds, the company for whose benefit the bonds are being issued; general economic and market conditions; regional or global economic instability; and interest rate fluctuations. - Money Market Fund Risk?The fund is a money market fund and an investment in the fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in the fund. Additionally, the fund's yield will vary as the short-term securities in its portfolio mature and the proceeds are reinvested in other securities. - Interest Rate Risk?Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Specific bonds differ in their sensitivity to changes in interest rates depending on specific characteristics of each bond. - Credit Risk?There is a possibility that the issuers of instruments in which the fund invests will be unable to meet interest payments or repay principal. Changes in the financial strength of an issuer may reduce the credit rating of its securities and may decrease their value. Changes in the credit quality of financial institutions providing liquidity and credit enhancements could cause the fund to experience a loss and may effect its share price. - Municipal Securities Risk?The value of, payment of interest and repayment of principal with respect to, and the ability of the fund to sell, a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations and voter initiatives as well as the economics of the regions in which the issuers in which the fund invests are located. Revenue bonds are generally not backed by the taxing power of the issuing municipality. To the extent that a municipal security in which the fund invests is not heavily followed by the investment community or such security issue is relatively small, the security may be difficult to value or sell at a fair price. - Concentration Risk?Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the fund. Moreover, sizeable investments in securities issued to finance similar projects could involve an increased risk to the fund if economic or other factors adversely affect the viability of these projects. - Foreign Credit Exposure Risk?U.S. dollar-denominated securities which carry foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect the repayment of principal or the payment of interest. - Synthetic Municipal Securities Risk?The tax-exempt character of the interest paid on synthetic municipal securities is based on the tax-exempt income stream from the collateral. The Internal Revenue Service has not ruled on this issue and could deem income derived from synthetic municipal securities to be taxable. - Management Risk?There is no guarantee that the investment techniques and risk analyses used by the fund's portfolio manager(s) will produce the desired results. 2007-09-28 2007-09-28 The purpose of submitting the tagged exhibit is to test the related format and technology and, as a result, investors should not rely on this exhibit in making investment decisions. EX-100.SCH 3 reg.xsd EX-100 SCHEMA DOCUMENT EX-100.DEF 4 reg_def.xml EX-100 DEFINITION LINKBASE EX-100.LAB 5 reg_lab.xml EX-100 LABELS LINKBASE AIM Tax-Exempt Funds AllInstruments AIM Tax-Exempt Cash Fund Class A Investor Class ~~-----END PRIVACY-ENHANCED MESSAGE-----~~