AIM SPECIAL OPPORTUNITIES FUNDS
497, 2000-02-25
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<PAGE>   1



                        AIM LARGE CAP OPPORTUNITIES FUND

                       Supplement dated February 25, 2000
                    to the Prospectus dated December 30, 1999
                        as supplemented December 30, 1999
                              and February 1, 2000

This supplement supersedes and replaces in its entirety the supplements dated
December 30, 1999 and February 1, 2000.

Currently, only Class A shares of AIM Large Cap Opportunities Fund (the "Fund")
are available to investors.

Class B shares and Class C shares of the Fund are not currently available.

Investors may purchase Class A shares of the Fund through exchanges from other
AIM Funds, as well as through automatic dividend reinvestment from another AIM
Fund.

The following replaces in its entirety the information appearing under the
heading "FUND MANAGEMENT - PORTFOLIO MANAGERS" on page 4 of the prospectus:

     "The advisor uses a team approach to investment management. The individual
     members of the team who are primarily responsible for the day-to-day
     management of the fund's portfolio, all of whom are officers of A I M
     Capital Management, Inc., a wholly owned subsidiary of the advisor, are

     o   Steven A. Brase, Portfolio Manager, who has been responsible for the
         fund since 2000 and has been associated with the advisor and/or its
         affiliates since 1998. From 1995 to 1998, he was Associate Portfolio
         Manager and Partner for Bricoleur Capital Management, Inc.

     o   Brant H. DeMuth, Senior Portfolio Manager, who has been responsible for
         the fund since 1999 and has been associated with the advisor and/or its
         affiliates since 1996. From 1992 to 1996, he was Portfolio Manager for
         Colorado Public Employee's Retirement Association.

     o   Robert C. Leslie, Portfolio Manager, who has been responsible for the
         fund since 2000 and has been associated with the advisor and/or its
         affiliates since 1998. From 1995 to 1996, he ran his own investment
         firm, Gamma Investment Management until it merged with Darien Capital
         Management where he served as Portfolio Manager and Partner until 1998.

     o   Christopher P. Perras, Portfolio Manager, who has been responsible for
         the fund since 1999 and has been associated with the advisor and/or its
         affiliates since 1999. From 1997 to 1999, he was an equity analyst for
         Van Wagoner Capital Management. From 1995 to 1997, he was Associate
         Portfolio Manager at Van Kampen American Capital Asset Management, Inc.
         From 1993 to 1995, he was Assistant Portfolio Manager with Hellman,
         Jordan Management Company.

     o   Charles D. Scavone, Senior Portfolio Manager, who has been responsible
         for the fund since 1999 and has been associated with the advisor and/or
         its affiliates since 1996. From 1994 to 1996, he was Associate
         Portfolio Manager for Van Kampen American Capital Asset Management,
         Inc.

     o   Kenneth A. Zschappel, Senior Portfolio Manager, who has been
         responsible for the fund since 1999 and has been associated with the
         advisor and/or its affiliates since 1990."
<PAGE>   2
                         AIM MID CAP OPPORTUNITIES FUND

                       Supplement dated February 25, 2000
                     to the Prospectus dated January 1, 2000


The following replaces in its entirety the information appearing under the
heading "FUND MANAGEMENT - PORTFOLIO MANAGERS" on page 4 of the prospectus:

       "The advisor uses a team approach to investment management. The
       individual members of the team who are primarily responsible for the
       day-to-day management of the fund's portfolio, all of whom are officers
       of A I M Capital Management, Inc., a wholly owned subsidiary of the
       advisor, are

       o      Steven A. Brase, Portfolio Manager, who has been responsible for
              the fund since 2000 and has been associated with the advisor
              and/or its affiliates since 1998. From 1995 to 1998, he was
              Associate Portfolio Manager and Partner for Bricoleur Capital
              Management, Inc.

       o      Brant H. DeMuth, Senior Portfolio Manager, who has been
              responsible for the fund since 1998 and has been associated with
              the advisor and/or its affiliates since 1996. From 1992 to 1996,
              he was Portfolio Manager for Colorado Public Employee's Retirement
              Association.

       o      Robert C. Leslie, Portfolio Manager, who has been responsible for
              the fund since 2000 and has been associated with the advisor
              and/or its affiliates since 1998. From 1995 to 1996, he ran his
              own investment firm, Gamma Investment Management until it merged
              with Darien Capital Management where he served as Portfolio
              Manager and Partner until 1998.

       o      Christopher P. Perras, Portfolio Manager, who has been responsible
              for the fund since 1999 and has been associated with the advisor
              and/or its affiliates since 1999. From 1997 to 1999, he was an
              equity analyst for Van Wagoner Capital Management. From 1995 to
              1997, he was Associate Portfolio Manager at Van Kampen American
              Capital Asset Management, Inc. From 1993 to 1995, he was Assistant
              Portfolio Manager with Hellman, Jordan Management Company.

       o      Charles D. Scavone, Senior Portfolio Manager, who has been
              responsible for the fund since 1998 and has been associated with
              the advisor and/or its affiliates since 1996. From 1994 to 1996,
              he was Associate Portfolio Manager for Van Kampen American
              Capital Asset Management, Inc.

       o      Kenneth A. Zschappel, Senior Portfolio Manager, who has been
              responsible for the fund since 1998 and has been associated with
              the advisor and/or its affiliates since 1990."

<PAGE>   3
                        AIM SMALL CAP OPPORTUNITIES FUND

                       Supplement dated February 25, 2000
                     to the Prospectus dated January 1, 2000


The following replaces in its entirety the information appearing under the
heading "FUND MANAGEMENT - PORTFOLIO MANAGERS" on page 4 of the prospectus:

         "The advisor uses a team approach to investment management. The
         individual members of the team who are primarily responsible for the
         day-to-day management of the fund's portfolio, all of whom are officers
         of A I M Capital Management, Inc., a wholly owned subsidiary of the
         advisor, are

         o        Steven A. Brase, Portfolio Manager, who has been responsible
                  for the fund since 2000 and has been associated with the
                  advisor and/or its affiliates since 1998. From 1995 to 1998,
                  he was Associate Portfolio Manager and Partner for Bricoleur
                  Capital Management, Inc.

         o        Brant H. DeMuth, Senior Portfolio Manager, who has been
                  responsible for the fund since 1998 and has been associated
                  with the advisor and/or its affiliates since 1996. From 1992
                  to 1996, he was Portfolio Manager for Colorado Public
                  Employee's Retirement Association.

         o        Robert C. Leslie, Portfolio Manager, who has been responsible
                  for the fund since 2000 and has been associated with the
                  advisor and/or its affiliates since 1998. From 1995 to 1996,
                  he ran his own investment firm, Gamma Investment Management
                  until it merged with Darien Capital Management where he served
                  as Portfolio Manager and Partner until 1998.

         o        Christopher P. Perras, Portfolio Manager, who has been
                  responsible for the fund since 1999 and has been associated
                  with the advisor and/or its affiliates since 1999. From 1997
                  to 1999, he was an equity analyst for Van Wagoner Capital
                  Management. From 1995 to 1997, he was Associate Portfolio
                  Manager at Van Kampen American Capital Asset Management, Inc.
                  From 1993 to 1995, he was Assistant Portfolio Manager with
                  Hellman, Jordan Management Company.

         o        Charles D. Scavone, Senior Portfolio Manager, who has been
                  responsible for the fund since 1998 and has been associated
                  with the advisor and/or its affiliates since 1996. From 1994
                  to 1996, he was Associate Portfolio Manager for Van Kampen
                  American Capital Asset Management, Inc.

         o        Kenneth A. Zschappel, Senior Portfolio Manager, who has been
                  responsible for the fund since 1998 and has been associated
                  with the advisor and/or its affiliates since 1990."


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