Report 
 
      
Registrant:   Aim Select Real Estate Income Fund — List all N-SARs

Semi-Annual Report (at mid-year) for the 1st-half period ended:  6/30/05

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      1168786
SEC File #:   811-21048

Telephone #:  713-626-1919
 
 2.
Address:      11 Greenway Plaza, Suite 100
              Houston, TX  77046
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Investment Adviser 
 
 8.1
Name:         A I M Advisors, Inc.
Role:         Adviser
SEC File #:   801-12313
Location:     Houston, TX
 
 8.2
Name:         Invesco Institutional (N.A.), Inc.
Role:         Sub-Adviser
SEC File #:   801-33949
Location:     Dallas, TX
 
Shareholder Servicing/Transfer Agent 
 
12.1
Name:         Equiserve Trust Co., N.A.
SEC File #:   085-11340
Location:     Providence, RI
 
12.2
Name:         Deutsche Bank Trust Co. Americas
SEC File #:   085-05212
Location:     Jersey City, NJ
 
Independent Public Accountant 
 
13.1
Name:         Pricewaterhousecoopers LLP
Location:     Houston, TX
 
Custodian 
 
15.1
Name:         State Street Bank & Trust Co.
Role:         Custodian
Location:     Boston, MA

Type of custody:  Section 17(f)(1) — Bank
 
18.
Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
Family of Investment Companies 
 
19.
Is the Registrant/Series part of a “family” of investment companies?  Yes

Total number of registered management investment companies, Series
and portfolios (excluding any Unit Investment Trusts) in the family:  113

The Identification Code of the family for Form N-SAR Filings:  AIMFUNDSAA
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Legg Mason Wood Walker Inc.
IRS #:        52-0902557
Commissions paid ($000s):  25
 
20.2
Broker:       Wachovia Securities, LLC
IRS #:        34-1542819
Commissions paid ($000s):  25
 
20.3
Broker:       Deutsche Bank Securities Inc.
IRS #:        13-2730828
Commissions paid ($000s):  23
 
20.4
Broker:       Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #:        13-5674085
Commissions paid ($000s):  22
 
20.5
Broker:       Lehman Brothers Inc.
IRS #:        13-2518466
Commissions paid ($000s):  21
 
20.6
Broker:       Weeden & Co. L.P.
IRS #:        13-3364318
Commissions paid ($000s):  19
 
20.7
Broker:       UBS Securities LLC
IRS #:        13-3873456
Commissions paid ($000s):  19
 
20.8
Broker:       National Financial Services LLC
IRS #:        04-3523567
Commissions paid ($000s):  18
 
20.9
Broker:       Green Street Advisors, Inc.
IRS #:        33-0275837
Commissions paid ($000s):  18
 
20.10
Broker:       Jonestrading
IRS #:        51-0484896
Commissions paid ($000s):  17
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  273
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       Merrill Lynch, Pierce, Fenner & Smith Inc.
IRS #:        13-5674085
Registrant’s purchases ($000s):  6,223
 
22.2
Entity:       Citigroup Global Markets Inc.
IRS #:        11-2418191
Registrant’s purchases ($000s):  2,513
 
22.3
Entity:       J.P. Morgan Securities Inc.
IRS #:        13-3379014
Registrant’s purchases ($000s):  1,870
 
22.4
Entity:       A.G. Edwards & Sons, Inc.
IRS #:        43-0895447
Registrant’s purchases ($000s):  1,243
 
22.5
Entity:       McDonald Investments Inc.
IRS #:        34-1391952
Registrant’s purchases ($000s):  756
 
22.6
Entity:       Wachovia Securities, LLC
IRS #:        34-1542819
Registrant’s purchases ($000s):  53
 
22.7
Entity:       RBC Capital Markets Corp.
IRS #:        13-5033225
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  12,658
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.
At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
Considerations which Affected the Participation of Brokers or Dealers 
 
26.
Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  No, Closed-End
 
Advisory Fee 
 
45.
Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.
Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.
Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.
Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.9%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.
Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.
Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.
Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.
Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.
Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  No
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  Yes
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  Yes
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  No
 
Miscellaneous Info 
 
55.
Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.
During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  No
 
57.
Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
Classification and Asset Allocation 
 
58.
Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.
Is the Registrant/Series a management investment company?  Yes
 
60.
Was the Registrant/Series a diversified investment company at any time
during the period?  No

Was the Registrant/Series a diversified investment company at the end of
the period?  No
 
61.
The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $0
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.
Is the Registrant/Series a “balanced” Fund?  No
 
68.
Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.
Is the Registrant/Series an index Fund?  No
 
Investment Practices 
 
70.
Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             No        –
Writing or investing in options on debt securities?      Yes      No
Writing or investing in options on stock indices?        No        –
Writing or investing in interest rate futures?           Yes      No
Writing or investing in stock index futures?             No        –
Writing or investing in options on futures?              Yes      No
Writing or investing in options on stock index futures?  No        –
Writing or investing in other commodity futures?         No        –
Investments in restricted securities?                    Yes to both
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  Yes      No
Margin purchases?                                        No        –
Short selling?                                           No        –
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  79,548
Sales ($000s):      76,511

Monthly average Value of portfolio ($000s):  958,534

Percent turnover (lesser of Purchases or Sales, divided by Value):  8%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
 –
Net dividend income ..............................................
 19,479
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 4,287
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 19
Custodian fees ...................................................
 40
Postage ..........................................................
 –
Printing expenses ................................................
 89
Directors’ fees ..................................................
 20
Registration fees ................................................
 –
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 115
Auditing fees ....................................................
 25
Legal fees .......................................................
 44
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 –
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 326
Total expenses ...................................................
 4,965

Expense reimbursements ($000s):   1,430

Net investment income ($000s):    15,944

Realized capital gains ($000s):   30,455
Realized capital losses ($000s):  961

Net unrealized appreciation during the period ($000s):  0
Net unrealized depreciation during the period ($000s):  15,024

Total income dividends for which the record date passed during the
period ($000s):  24,680

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.6180

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 –
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 246,388
Common stock .....................................................
 753,771
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 7,228
Receivables from portfolio instruments sold ......................
 319
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 4,951
All other assets .................................................
 50
Total assets .....................................................
 1,012,707

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 3,923
Amounts owed to affiliated persons ...............................
 7
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 1,557

Equity  ($000s)
Senior equity ....................................................
 205,000
Net assets of common shareholders ................................
 802,220

Number of shares outstanding (000s):   39,935

Net Asset Value (NAV) per share (to nearest cent):  $20.09

Total number of shareholder accounts:  100

Total value of assets in segregated accounts ($000s):  1,983
 
75.
Monthly average net assets during the period ($000s):  761,269
 
76.
Market price per share at period end:  $17.02
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77C:  Matters Submitted to a Vote of Security Holders?  Yes

EX-99.77E:  Legal Proceeding?  Yes

EX-99.77Q1: Other Disclosure?  Yes
 
Subsidiaries 
 
78.
Does the Registrant have any wholly-owned investment company
subsidiaries whose operating and financial data are consolidated with
that of the Registrant in this Report?  No
 
Sales, Repurchases and Redemptions 
 
86.
Sales, repurchases and redemptions of the Registrant’s securities:
 
Common Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Preferred Stock
Sales:
    Number of shares (000s):   0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Number of shares (000s):   0
    Net consideration paid ($000s):      0

Debt Securities
Sales:
    Principal amount ($000s):  0
    Net consideration received ($000s):  0
Repurchases and redemptions:
    Principal amount ($000s):  0
    Net consideration paid ($000s):      0
 
Securities Outstanding 
 
87.
Securities of the Registrant that are registered on a national
securities exchange or listed on Nasdaq:
 
Title of class:  Common Stock
    CUSIP/CINS:  00888R·10·7
        Symbol:  RRE

Title of class:  Preferred Stock F
    CUSIP/CINS:  00888R·50·3
        Symbol:  RRE

Title of class:  Preferred Stock M, W, R
    CUSIP/CINS:  00888R·20·6
        Symbol:  RRE
 
88.
Did the Registrant have any of the following outstanding which exceeded
1% of aggregate net assets at any time during the period:

Notes or bonds?     No
Uncovered options?  No
Margin loans?       No
Preferred stock?    Yes
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      Sidney Dilgren      
Name:   Sidney Dilgren
Title:  V.P. & Treasurer