<PAGE>   1


                         CLASS A AND CLASS B SHARES OF

                              AIM BASIC VALUE FUND
                           AIM SMALL CAP GROWTH FUND
                    (SERIES PORTFOLIOS OF AIM GROWTH SERIES)

                    Supplement dated October 16, 1998 to the
          Statement of Additional Information dated September 8, 1998



The first sentence in the second paragraph under the heading "NET ASSET VALUE
DETERMINATION" on page 25 of the Statement of Additional Information should be
deleted in its entirety and replaced with the following:

"Each equity security held is valued at its last sales price on the exchange
where the security is principally traded or, lacking any sales on a particular
day, the security is valued at the last available bid."



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission