KPMG of New York resigned as independent auditor for AIM Funds of Houston last December after the accounting firm discovered it was in violation of auditor independence rules, according to a Security and Exchange Commission filing submitted March 27 by AIM.

KPMG resigned due to an "inadvertent" investment in a fund managed by AIM, according to the filing. SEC rules prohibit direct investments by auditors in their audit clients because such investments may jeopardize auditor independence.

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